MIRA INFORM REPORT
|
Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TOPKIM-TOPKAPI ILAC PREMIKS SANAYII VE TICARET A.S |
|
|
|
|
Registered Office : |
Ruzgarlibahce Mah. Yeni Parseller
Mevkii Yesa Is Merkezi Blok 1 Kat:4 Beykoz- Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.07.2008 |
|
|
|
|
Date of Incorporation : |
09.05.1975 |
|
|
|
|
Com. Reg. No.: |
132707 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of veterinary
medicine and fodder premixes |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
EUR 2 million |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
TOPKIM-TOPKAPI ILAC PREMIKS SANAYII VE
TICARET A.S. |
|
ADDRESS |
: |
Head Office: Ruzgarlibahce Mah. Yeni Parseller Mevkii Yesa Is Merkezi Blok
1 Kat:4 Beykoz- Istanbul/ Turkey |
|
PHONE NUMBER |
: |
90-216-680 49 00 |
|
FAX NUMBER |
: |
90-216-680 49 09 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Bogazici Kurumlar / 8540007944 |
|
|
|
REGISTRATION NUMBER |
: |
132707
|
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
|
|
DATE ESTABLISHED |
: |
09.05.1975 |
|
|
|
LEGAL FORM |
: |
Joint Stock Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 1.000.000 |
|
|
|
PAID- IN CAPITAL |
: |
YTL 1.000.000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
: YTL 200.000 |
|
|
|
|
Regist. Capital
Changed on |
: 16.05.2003 (Commercial Registry Gazette
Date/No: 22.05.2003/5803) |
|
|
|
|
Previous Address |
: Davutpasa Cad. No:14 Topkapi-Istanbul |
|
|
|
|
Address Changed
On |
: 06.03.2008 (Commercial Registry Gazette Date/No:
12.03.2008/7018) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Seyfettin Ugur Ozdal Ugur Can Ugur Efdal Ugur Hannelore Ugur |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Seyfettin Ugur Ozdal Ugur Can Ugur Efdal Ugur Hannelore Ugur |
Chairman Vice-Chairman Member Member Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of veterinary
medicine and fodder premixes |
|
|
SECTOR |
: |
Chemicals |
|
|
TRADEMARKS OWNED |
: |
“Topkim” |
|
|
NUMBER OF
EMPLOYEES |
: |
110 |
|
|
NET SALES |
: |
(YTL Thousand) 16.341 18.359 16.697 13.061 6.859 |
(2004) (2005) (2006) (2007) (01.01-31.07.2008) |
|
IMPORT VALUE |
: |
(USD) 3.600.900 4.182.000 2.571.381 2.257.400 773.600 |
(2004) (2005) (2006) (2007) (01.01-31.03.2008) |
|
IMPORT COUNTRIES |
: |
China, Germany, U.S.A… |
|
|
MERCHANDISE
IMPORTED |
: |
Raw materials of medicine |
|
|
EXPORT VALUE |
: |
(YTL Thousand) 233 |
(01.01-30.09.2007) |
|
EXPORT COUNTRIES |
: |
Northern Cyprus Turkish Republic, France,
Azerbaijan, Moldavia… |
|
|
MERCHANDISE
EXPORTED |
: |
Veterinary medicine and fodder premixes |
|
|
PREMISES |
: |
Head Office: Ruzgarlibahce Mah. Yeni Parseller Mevkii Yesa Is Merkezi Blok
1 Kat:4 Beykoz- Istanbul (rented) Factory: Davutpasa Cad. No:14
Topkapi-Istanbul (rented) Factory: Bomonti Firin Sok. No:57-59
Sisli-Istanbul (2,800 sqm) (owned) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
There was decline at sales volume in
nominal terms in the last years. |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Galata branch in Istanbul Yapi ve Kredi Bankasi Karakoy branch in
Istanbul Halk Bankasi Salipazari Ticari branch in
Istanbul T. Is Bankasi Karakoy branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Good |
As of 31.07.2008 |
|
LIQUIDITY |
|
|
High |
As of 31.07.2008 |
|
PROFITABILITY |
|
|
Fair |
Between 01.01.-31.07.2008 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
|
Unfavorable |
Between 01.01.-31.07.2008 |
|
GENERAL
FINANCIAL POSITION |
|
|
Good |
|
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of
EUR 2 million may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.07.2008) |
15.18 % |
1.2161 |
1.8679 |
2.4151 |
|
(1.1.-30.11.2008) |
12.08 % |
1.2682 |
1.8727 |
2.3877 |
BALANCE
SHEETS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.07 |
|
|
|
31.07.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
24.514 |
|
0,99 |
|
24.882 |
|
0,87 |
|
|
|
Cash and Banks |
7.302 |
|
0,29 |
|
5.591 |
|
0,19 |
|
|
|
Marketable Securities |
1.082 |
|
0,04 |
|
419 |
|
0,01 |
|
|
|
Account
Receivable |
7.464 |
|
0,30 |
|
8.932 |
|
0,31 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
439 |
|
0,02 |
|
|
|
Inventories |
2.203 |
|
0,09 |
|
2.738 |
|
0,10 |
|
|
|
Other
Current Assets |
6.463 |
|
0,26 |
|
6.763 |
|
0,24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
280 |
|
0,01 |
|
3.881 |
|
0,13 |
|
|
|
Long-term
Receivable |
18 |
|
0,00 |
|
12 |
|
0,00 |
|
|
|
Financial
Assets |
27 |
|
0,00 |
|
27 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
165 |
|
0,01 |
|
3.548 |
|
0,12 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
130 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
70 |
|
0,00 |
|
164 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
24.794 |
|
1,00 |
|
28.763 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
2.040 |
|
0,08 |
|
1.731 |
|
0,06 |
|
|
|
Financial
Loans |
62 |
|
0,00 |
|
83 |
|
0,00 |
|
|
|
Accounts
Payable |
1.079 |
|
0,04 |
|
997 |
|
0,03 |
|
|
|
Other
Short-term Payable |
33 |
|
0,00 |
|
31 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
252 |
|
0,01 |
|
97 |
|
0,00 |
|
|
|
Provisions |
614 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
523 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
5.823 |
|
0,23 |
|
10.345 |
|
0,36 |
|
|
|
Financial
Loans |
5.823 |
|
0,23 |
|
4.283 |
|
0,15 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
3.451 |
|
0,12 |
|
|
|
Provisions |
0 |
|
0,00 |
|
2.611 |
|
0,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
16.931 |
|
0,68 |
|
16.687 |
|
0,58 |
|
|
|
Paid-in
Capital |
1.000 |
|
0,04 |
|
1.000 |
|
0,03 |
|
|
|
Reserves |
14.571 |
|
0,59 |
|
15.462 |
|
0,54 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
1.360 |
|
0,05 |
|
225 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
24.794 |
|
1,00 |
|
28.763 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007 |
|
|
|
01.01-31.07.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
13.061 |
|
1,00 |
|
6.859 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
5.711 |
|
0,44 |
|
2.827 |
|
0,41 |
|
|
|
Gross Profit |
7.350 |
|
0,56 |
|
4.032 |
|
0,59 |
|
|
|
Operating
Expenses |
6.851 |
|
0,52 |
|
3.367 |
|
0,49 |
|
|
|
Operating Profit |
499 |
|
0,04 |
|
665 |
|
0,10 |
|
|
|
Other
Income |
4.049 |
|
0,31 |
|
1.590 |
|
0,23 |
|
|
|
Other
Expenses |
2.894 |
|
0,22 |
|
2.030 |
|
0,30 |
|
|
|
Financial
Expenses |
36 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
1.618 |
|
0,12 |
|
225 |
|
0,03 |
|
|
|
Tax
Payable |
258 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.360 |
|
0,10 |
|
225 |
|
0,03 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007 |
|
|
|
01.01-31.07.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
12,02 |
|
|
|
14,37 |
|
|
|
|
|
Acid-Test Ratio |
7,77 |
|
|
|
8,89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,09 |
|
|
|
0,10 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,30 |
|
|
|
0,33 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,01 |
|
|
|
0,12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,59 |
|
|
|
1,03 |
|
|
|
|
|
Stockholders' Equity Turnover |
0,77 |
|
|
|
0,41 |
|
|
|
|
|
Asset Turnover |
0,53 |
|
|
|
0,24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,68 |
|
|
|
0,58 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,08 |
|
|
|
0,06 |
|
|
|
|
|
Financial Leverage |
0,32 |
|
|
|
0,42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,08 |
|
|
|
0,01 |
|
|
|
|
|
Operating Profit Margin |
0,04 |
|
|
|
0,10 |
|
|
|
|
|
Net Profit Margin |
0,10 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
206,23 |
|
|
|
469,43 |
|
|
|
|
|
Average Payable Period (days) |
68,02 |
|
|
|
126,96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.82 |
|
UK Pound |
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.65.56 |
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%)