MIRA
INFORM REPORT
|
Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EKIN MEDIKAL DIS TICARET A.S. |
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Registered Office : |
Inonu Mah Cimen Sok No:74/1 Harbiye- Istanbul/ |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25.03.2004 (Commercial Registry Gazette Date/No: 30.03.2004/6018 ) |
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Com. Reg. No.: |
519179 |
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Legal Form : |
Private Limited |
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Line of Business : |
Trade of medical materials |
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 |
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|
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
EKIN MEDIKAL DIS TICARET A.S. |
|
ADDRESS |
: |
Head Office: Inonu Mah Cimen Sok No:74/1 Harbiye- Istanbul/ Turkey |
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PHONE NUMBER |
: |
90-212-291 55 95 (pbx) |
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FAX NUMBER |
: |
90-212-291 42 74 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Beyoglu / 3280309752 |
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REGISTRATION NUMBER |
: |
519179 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
25.03.2004 (Commercial Registry Gazette Date/No: 30.03.2004/6018 ) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 500,000 |
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PAID-IN CAPITAL |
: |
YTL 500,000 |
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HISTORY |
: |
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Previous Registered Capital |
: YTL 50,000 |
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Regist. Capital Changed on |
: 07.11.2005 (Commercial Registry Gazette Date/No: 10.11.2005/6428) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Aziz Kaya Duygu Kaya Ekin Kaya Ismet Sen Sema Demirtas |
65 % 10 % 10 % 10 % 5 % |
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SISTER COMPANIES |
: |
Kultur Saglik Hizmetleri ve Dis Ticaret Ltd Sti. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Aziz Kaya Ekin Kaya Ismet Sen |
Chairman Member Member |
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DIRECTORS |
: |
Aziz Kaya |
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OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of medical materials The firm declared that, it is the distributor of the following
companies: -Diasys Europe (UK) -Isogen (Netherlands) -Ivagen (France) -Ultimed (Germany) -Oxford Immunotec (UK) -Invernes Medical (USA) -Anilab Systems (Finland) |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
4 |
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|
NET SALES |
: |
(YTL) 635,081 1,239,917 |
(2005) (2006) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
(EUR) 200,000 |
(2006) |
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IMPORT COUNTRIES |
: |
UK, France… |
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MERCHANDISE IMPORTED |
: |
Medical materials |
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PREMISES |
: |
Head Office: Inonu Mah Cimen Sok No:74/1 Harbiye-Istanbul (400 sqm)
(owned) |
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FIXED CAPITAL INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
Upwards in 2006 |
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SIZE OF BUSINESS |
: |
Lower- moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
T.Halk Bankasi Kucukkoy branch in Istanbul Kuveyt Turk Katilim Bankasi Taksim branch in Istanbul Yapi ve Kredi Bankasi Harbiye branch in Istanbul Turk Ekonomi Bankasi Cihangir branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
We are informed about a few payment delays in the last years but most
of them were resolved later on. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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In order |
As of 31.12.2006 |
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LIQUIDITY |
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In order |
As of 31.12.2006 |
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PROFITABILITY |
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High |
In 2006 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2006 |
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GENERAL FINANCIAL POSITION |
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In order |
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CREDIT OPINION
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 175,000 may be
granted to the subject company. |
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|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
BALANCE SHEETS
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|
YTL |
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YTL |
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|
31.12.05 |
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|
31.12.06 |
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CURRENT ASSETS |
822.070 |
|
0,93 |
|
1.093.654 |
|
0,74 |
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Cash and
Banks |
637.094 |
|
0,72 |
|
355.918 |
|
0,24 |
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
43.789 |
|
0,05 |
|
144.981 |
|
0,10 |
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Other
Receivable |
0 |
|
0,00 |
|
1.984 |
|
0,00 |
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Inventories |
83.519 |
|
0,09 |
|
488.483 |
|
0,33 |
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Advances
Given |
51.760 |
|
0,06 |
|
96.212 |
|
0,07 |
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Other
Current Assets |
5.908 |
|
0,01 |
|
6.076 |
|
0,00 |
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NON-CURRENT ASSETS |
60.823 |
|
0,07 |
|
377.263 |
|
0,26 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
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0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
58.568 |
|
0,07 |
|
375.023 |
|
0,25 |
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Intangible Assets |
0 |
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0,00 |
|
2.240 |
|
0,00 |
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Other
Non-Current Assets |
2.255 |
|
0,00 |
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0 |
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0,00 |
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TOTAL ASSETS |
882.893 |
|
1,00 |
|
1.470.917 |
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1,00 |
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CURRENT LIABILITIES |
348.091 |
|
0,39 |
|
669.137 |
|
0,45 |
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Financial
Loans |
81.458 |
|
0,09 |
|
382.729 |
|
0,26 |
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Accounts
Payable |
204.471 |
|
0,23 |
|
249.109 |
|
0,17 |
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Loans
from Shareholders |
0 |
|
0,00 |
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0 |
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0,00 |
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Other
Short-term Payable |
44.984 |
|
0,05 |
|
9.212 |
|
0,01 |
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Advances
from Customers |
0 |
|
0,00 |
|
364 |
|
0,00 |
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Taxes
Payable |
7.994 |
|
0,01 |
|
27.723 |
|
0,02 |
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Provisions |
9.184 |
|
0,01 |
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0 |
|
0,00 |
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Other
Current Liabilities |
0 |
|
0,00 |
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0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
100.043 |
|
0,07 |
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Financial
Loans |
0 |
|
0,00 |
|
100.043 |
|
0,07 |
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Securities Issued |
0 |
|
0,00 |
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0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
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0 |
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0,00 |
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Loans
from Shareholders |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
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0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
534.802 |
|
0,61 |
|
701.737 |
|
0,48 |
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Paid-in
Capital |
500.000 |
|
0,57 |
|
500.000 |
|
0,34 |
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Reserves |
9.667 |
|
0,01 |
|
32.732 |
|
0,02 |
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Revaluation Fund |
2.070 |
|
0,00 |
|
2.070 |
|
0,00 |
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Accumulated
Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net
Profit (loss) |
23.065 |
|
0,03 |
|
166.935 |
|
0,11 |
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TOTAL LIABILITIES AND EQUITY |
882.893 |
|
1,00 |
|
1.470.917 |
|
1,00 |
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INCOME
STATEMENTS
|
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|
YTL |
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YTL |
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|
2005 |
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|
2006 |
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Net Sales |
635.081 |
|
1,00 |
|
1.239.917 |
|
1,00 |
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Cost of
Goods Sold |
392.889 |
|
0,62 |
|
721.691 |
|
0,58 |
|
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Gross Profit |
242.192 |
|
0,38 |
|
518.226 |
|
0,42 |
|
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Operating
Expenses |
197.658 |
|
0,31 |
|
273.125 |
|
0,22 |
|
|
|
Operating Profit |
44.534 |
|
0,07 |
|
245.101 |
|
0,20 |
|
|
|
Other
Income |
1.556 |
|
0,00 |
|
12.876 |
|
0,01 |
|
|
|
Other
Expenses |
478 |
|
0,00 |
|
6.972 |
|
0,01 |
|
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|
Financial
Expenses |
12.662 |
|
0,02 |
|
84.070 |
|
0,07 |
|
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Profit (loss) Before Tax |
32.950 |
|
0,05 |
|
166.935 |
|
0,13 |
|
|
|
Tax
Payable |
9.885 |
|
0,02 |
|
0 |
|
0,00 |
|
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|
Net Profit (loss) |
23.065 |
|
0,04 |
|
166.935 |
|
0,13 |
|
FINANCIAL
RATIOS
|
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2005 |
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2006 |
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LIQUIDITY RATIOS |
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Current Ratio |
2,36 |
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|
1,63 |
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Acid-Test Ratio |
1,96 |
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|
0,75 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,09 |
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|
0,33 |
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Short-term Receivable/Total Assets |
0,05 |
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|
0,10 |
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Tangible Assets/Total Assets |
0,07 |
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|
0,25 |
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TURNOVER RATIOS |
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Inventory Turnover |
4,70 |
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|
1,48 |
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Stockholders' Equity Turnover |
1,19 |
|
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|
1,77 |
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Asset Turnover |
0,72 |
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|
0,84 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,61 |
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|
0,48 |
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Current Liabilities/Total Assets |
0,39 |
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|
0,45 |
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Financial Leverage |
0,39 |
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|
0,52 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,04 |
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|
0,24 |
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Operating Profit Margin |
0,07 |
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|
0,20 |
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Net Profit Margin |
0,04 |
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|
0,13 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
24,82 |
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|
42,09 |
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Average Payable Period (days) |
187,35 |
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|
124,26 |
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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%)