MIRA
INFORM REPORT
|
Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DROGSAN ILACLARI SANAYI VE
TICARET A.S. |
|
|
|
|
Registered Office : |
Oguzlar Mah. 56.Sokak No:7/3 Balgat Ankara |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
18.03.1975 |
|
|
|
|
Com. Reg. No.: |
29800 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of medicine |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
DROGSAN ILACLARI SANAYI VE
TICARET A.S. |
|
ADDRESS |
: |
Head Office: Oguzlar Mah. 56.Sokak No:7/3
Balgat Ankara/Turkey Factory: Guldarbi Koyu Yumuk mevkii 30. Km.
Cubuk Ankara/Turkey |
|
PHONE NUMBER |
: |
90-312-287 74 10 (2 lines) 90-312-287 74 50-51 |
|
FAX NUMBER |
: |
90-312-287 61 15 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE/NUMBER |
: |
Baskent / 3130025020 |
|
|
|
REGISTRATION NUMBER |
: |
29800 |
|
|
|
REGISTERED OFFICE |
: |
Ankara Chamber of Commerce Ankara Chamber of Industry |
|
|
|
DATE ESTABLISHED |
: |
18.03.1975 |
|
|
|
LEGAL FORM |
: |
Joint Stock Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 5,800,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 5,800,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
: Drogsan Doga
Kaynakli Ilac Hammaddeleri Sanayi ve Ticaret A.S. |
|
|
|
|
Name Changed On |
: 19.08.2002 (Commercial Registry Gazette Date/No:
22.08.2002 / 5619) |
|
|
|
|
Previous
Registered Capital |
: YTL 750,000 |
|
|
|
|
Regist. Capital Changed on |
: 20.06.2005 (Commercial Registry Gazette
Date/No: 23.06.2005/6331) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mustafa Karpuzcu Nevzat Karpuzcu Faika Uslu Emin Karpuzcu Others |
|
|
SISTER COMPANIES |
: |
-Nevzat Ecza Deposu Ticaret ve Sanayi A.S (Trade of medicine) -Prestij Ecza Deposu Ticaret ve Sanayi
A.S. (Trade of medicine) |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Nevzat Karpuzcu Mustafa Karpuzcu Emin Karpuzcu Faika Uslu |
Chairman Vice-chairman Member Member |
|
DIRECTORS |
: |
Mustafa Karpuzcu Faika Uslu |
General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of medicine |
||
|
TRADEMARK(S) |
: |
“Kloroben”, “Oledro” "Klorhex”,
“Zefan”, "Minafen”, "Polyod”… |
||
|
NUMBER OF
EMPLOYEES |
: |
310 |
||
|
NET SALES |
: |
YTL 1,309
Thousand YTL 1,934 Thousand
YTL 3,605 Thousand YTL 7,545 Thousand YTL 13,245 Thousand YTL 17,445 Thousand YTL 22,623
Thousand YTL 24,396
Thousand YTL 27,657
Thousand |
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
|
|
CAPACITY |
: |
(Lt/Yr) 1,725,000 1,725,000 1,725,000 |
(2005) |
|
|
IMPORT VALUE |
: |
USD 1.3 million USD 1,071,000 USD 2,645,000 USD 2,907,000 USD 810,000 |
(2003) (2004) (2005) (2006) (1.1.-31.03.2007) |
|
|
IMPORT COUNTRIES |
: |
Finland, Italy, Switzerland, China, India,
Germany |
||
|
MERCHANDISE
IMPORTED |
: |
Intermediary goods, raw materials |
||
|
EXPORT VALUE |
: |
USD 61,796 USD 16,257 YTL 109,350 YTL 314,573 YTL 228,097 YTL 311,783 USD 302,000 USD 295,000 YTL 1,024,960 |
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
|
|
EXPORT COUNTRIES |
: |
Jordan, Nigeria |
||
|
MERCHANDISE
EXPORTED |
: |
Medical other antibiotics, retail drugs … |
||
|
PREMISES |
: |
Head office: “Oguzlar Mah. 56.Sokak No:7/3
Balgat Ankara”. (owned) Factory: “Guldarni Koyu Yumuk mevkii 30.
Km.Cubuk Ankara”. (2,968 sqm closed area over a land of 13,455 sqm) (owned) Liaison offices: Izmir (1), Istanbul (2),
Adana (1), Samsun (1), Bursa (1), Erzurum (1), Malatya (1), Antalya (1), Adapazari
(1), Ankara (1) |
||
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
||
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Cankaya branch in Ankara T. Is Bankasi Yenisehir branch in Ankara Denizbank Kurumsal branch in Ankara Turk Ekonomi Bankasi Kurumsal branch in Ankara T.C.Ziraat Bankasi Bulvar branch in Ankara Akbank Kurumsal branch in Ankara Yapi Kredi Bankasi Mesrutiyet branch in
Ankara HSBC Kizilay branch in Ankara Finansbank Ankara branch in Ankara |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities. |
|
PAYMENT BEHAVIOR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries
between 01.01.2000-15.10.2007, there are no protested bills and non-paid
cheques registered in the former name (Drogsan Doga) or the current name
(Drogsan Ilaclari) of the subject company. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Fair |
As of 31.12.2006 |
|
|
LIQUIDITY |
||
|
Liquidity ratios were in order as of 31.12.2006 but there was an
unfavorable gap between the collection and payment periods adversely
affecting liquidity. |
||
|
PROFITABILITY |
||
|
Fair |
In 2006 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
In 2006 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Fair |
||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of EUR 600,000 may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-31.10.2007) |
4.84 % |
1.3308 |
1.7999 |
2.6527 |
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
13.339 |
|
0,72 |
|
13.744 |
|
0,67 |
|
18.534 |
|
0,66 |
|
|
|
Cash and
Banks |
17 |
|
0,00 |
|
402 |
|
0,02 |
|
409 |
|
0,01 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
11.319 |
|
0,61 |
|
9.779 |
|
0,48 |
|
13.797 |
|
0,49 |
|
|
|
Other
Receivable |
16 |
|
0,00 |
|
113 |
|
0,01 |
|
53 |
|
0,00 |
|
|
|
Inventories |
1.366 |
|
0,07 |
|
2.447 |
|
0,12 |
|
2.929 |
|
0,10 |
|
|
|
Advances
Given |
530 |
|
0,03 |
|
153 |
|
0,01 |
|
204 |
|
0,01 |
|
|
|
Other
Current Assets |
91 |
|
0,00 |
|
850 |
|
0,04 |
|
1.142 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
5.307 |
|
0,28 |
|
6.656 |
|
0,33 |
|
9.376 |
|
0,34 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
1.471 |
|
0,08 |
|
2.333 |
|
0,11 |
|
2.333 |
|
0,08 |
|
|
|
Tangible
Fixed Assets (net) |
2.326 |
|
0,12 |
|
2.848 |
|
0,14 |
|
4.909 |
|
0,18 |
|
|
|
Intangible Assets |
1.510 |
|
0,08 |
|
1.475 |
|
0,07 |
|
2.134 |
|
0,08 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
18.646 |
|
1,00 |
|
20.400 |
|
1,00 |
|
27.910 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
11.018 |
|
0,59 |
|
10.692 |
|
0,52 |
|
17.776 |
|
0,64 |
|
|
|
Financial
Loans |
8.085 |
|
0,43 |
|
8.419 |
|
0,41 |
|
13.301 |
|
0,48 |
|
|
|
Accounts
Payable |
2.238 |
|
0,12 |
|
1.677 |
|
0,08 |
|
2.819 |
|
0,10 |
|
|
|
Loans
from Shareholders |
75 |
|
0,00 |
|
250 |
|
0,01 |
|
480 |
|
0,02 |
|
|
|
Other
Short-term Payable |
62 |
|
0,00 |
|
37 |
|
0,00 |
|
80 |
|
0,00 |
|
|
|
Advances
from Customers |
143 |
|
0,01 |
|
9 |
|
0,00 |
|
473 |
|
0,02 |
|
|
|
Taxes
Payable |
409 |
|
0,02 |
|
300 |
|
0,01 |
|
623 |
|
0,02 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
6 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
7.628 |
|
0,41 |
|
9.708 |
|
0,48 |
|
10.134 |
|
0,36 |
|
|
|
Paid-in
Capital |
725 |
|
0,04 |
|
5.800 |
|
0,28 |
|
5.800 |
|
0,21 |
|
|
|
Inflation
Adjustment of Capital |
4.829 |
|
0,26 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Reserves |
1.509 |
|
0,08 |
|
1.828 |
|
0,09 |
|
3.046 |
|
0,11 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
863 |
|
0,04 |
|
863 |
|
0,03 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
565 |
|
0,03 |
|
1.217 |
|
0,06 |
|
425 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
18.646 |
|
1,00 |
|
20.400 |
|
1,00 |
|
27.910 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
22.623 |
|
1,00 |
|
24.396 |
|
1,00 |
|
27.657 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
9.204 |
|
0,41 |
|
9.447 |
|
0,39 |
|
10.704 |
|
0,39 |
|
|
|
Gross Profit |
13.419 |
|
0,59 |
|
14.949 |
|
0,61 |
|
16.953 |
|
0,61 |
|
|
|
Operating
Expenses |
11.041 |
|
0,49 |
|
12.225 |
|
0,50 |
|
14.436 |
|
0,52 |
|
|
|
Operating Profit |
2.378 |
|
0,11 |
|
2.724 |
|
0,11 |
|
2.517 |
|
0,09 |
|
|
|
Other
Income |
448 |
|
0,02 |
|
809 |
|
0,03 |
|
550 |
|
0,02 |
|
|
|
Other
Expenses |
419 |
|
0,02 |
|
173 |
|
0,01 |
|
302 |
|
0,01 |
|
|
|
Financial
Expenses |
1.486 |
|
0,07 |
|
1.592 |
|
0,07 |
|
2.195 |
|
0,08 |
|
|
|
Profit (loss) Before Tax |
921 |
|
0,04 |
|
1.768 |
|
0,07 |
|
570 |
|
0,02 |
|
|
|
Tax
Payable |
356 |
|
0,02 |
|
551 |
|
0,02 |
|
145 |
|
0,01 |
|
|
|
Net Profit (loss) |
565 |
|
0,02 |
|
1.217 |
|
0,05 |
|
425 |
|
0,02 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,21 |
|
|
|
1,29 |
|
|
|
1,04 |
|
|
|
|
|
Acid-Test Ratio |
1,03 |
|
|
|
0,96 |
|
|
|
0,80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,07 |
|
|
|
0,12 |
|
|
|
0,10 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,61 |
|
|
|
0,48 |
|
|
|
0,50 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,12 |
|
|
|
0,14 |
|
|
|
0,18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
6,74 |
|
|
|
3,86 |
|
|
|
3,65 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,97 |
|
|
|
2,51 |
|
|
|
2,73 |
|
|
|
|
|
Asset Turnover |
1,21 |
|
|
|
1,20 |
|
|
|
0,99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,41 |
|
|
|
0,48 |
|
|
|
0,36 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,59 |
|
|
|
0,52 |
|
|
|
0,64 |
|
|
|
|
|
Financial Leverage |
0,59 |
|
|
|
0,52 |
|
|
|
0,64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,07 |
|
|
|
0,13 |
|
|
|
0,04 |
|
|
|
|
|
Operating Profit Margin |
0,11 |
|
|
|
0,11 |
|
|
|
0,09 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,05 |
|
|
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
180,12 |
|
|
|
144,30 |
|
|
|
179,59 |
|
|
|
|
|
Average Payable Period (days) |
87,54 |
|
|
|
63,91 |
|
|
|
94,81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)