MIRA
INFORM REPORT
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Report Date : |
21.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLAXOSMITHKLINE ILACLARI SANAYI VE TICARET A.S. |
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Formerly Known As : |
GLAXO SAGLIK URUNLERI SANAYI VE TICARET A.S” |
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Registered Office : |
Buyukdere Caddesi No: 173 1. Levent Plaza B Blok 80620 1.
Levent-Istanbu |
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Country : |
Turkey |
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Date of Incorporation : |
09.07.1984 |
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Com. Reg. No.: |
204394 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and Trade of Medicine. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 15,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
GLAXOSMITHKLINE ILACLARI
SANAYI VE TICARET A.S. |
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ADDRESS |
: |
Head Office: Buyukdere Caddesi No: 173 1.
Levent Plaza B Blok 80620 1. Levent-Istanbul/Turkey Factory & Warehouse: Tatlikuyu Mah.
1319/1 Sok. No:1 Gebze Kocaeli/Turkey |
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PHONE NUMBER |
: |
90-212-339 44 00 |
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FAX NUMBER |
: |
90-212-339 45 00 |
LEGAL STATUS AND HISTORY
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TAX NO |
: |
3960050129 |
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REGISTRATION NUMBER |
: |
204394 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
09.07.1984 (Commercial Registry Gazette
Date/No:16.07.1984/1053) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 316,211,256 |
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HISTORY |
: |
The registered name of the subject was changed from “Glaxo Saglik
Urunleri Sanayi ve Ticaret A.S” to “Glaxo Wellcome Ilaclari Sanayi A.S” on 27.06.1995 (Commercial Registry
Gazette Date/No:30.06.1995/3818) The subject moved from “Yildiz Posta Cad. Dedeman Ticaret Merkezi No:
52/8 Esetepe Istanbul” to “Buyukdere Caddesi No: 173 1. Levent Plaza B Blok
80620 1. Levent Istanbul” in 18.10.1999 (Commercial Registry Gazette
Date/No:21.10.1999/4903) On 31.10.2001, “Glaxo Wellcome Ilaclari Sanayi A.S.” has taken over
and merged with “Smithkline Beacham Ilac Ticaret A.S.” which was registered
at Istanbul Commercial Registry with registration no: 334763-282345. At the
same date, the name of “Glaxo Wellcome Ilaclari Sanayi A.S.” was changed
as “Glaxosmithkline Ilaclari Sanayi ve Ticaret A.S.”
(Commercial Registry Gazette Date/No:05.11.2001/5429) The registered capital was increase from YTL 181,508,256 to YTL
316,211,256 on 01.12.2006 (Commercial Registry Gazette Date/No:06.12.2006/6698) |
OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Wellcome Limited Glaxo Group Limited Edinburgh Pharmaceutical Industries Limited The Wellcome Foundation Limited Smithkline Beecham Nominees Ltd. |
99,9 % |
|
BOARD OF DIRECTORS |
: |
Ahmet Yigit Gurcay Ilim Guner Ipek Yurekoglu Omer Faruk Aslan Senay Pircivanoglu Adile Sedef Senyener Arif Serkan Yagcioglu Fouad Benghalem Nilufer Gunduz |
Chairman Vice Chairman Member Member Member Member Member Member Member |
OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacture and trade of medicine. |
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TRADEMARK(S) |
: |
“Augmentin”,
“Avandia”, “Bactroban”, “Calpol”, “Duact”, “Engerix”, “Imigran”, “Infanrix”,
“Panadol”, “Paxil”, “Priorix”, “Pritor”, “Pylorid”, “Relifex”, “Semprex”, “Septrin”,
“Seretide”, “Serevent”, “Sudafed”, “Ventolin”, “Zantac”, “Zeffix”, “Zinnat”,
“Zovirax”, “Zyban”… |
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NUMBER OF
EMPLOYEES |
: |
789 |
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NET SALES |
: |
(YTL) 416,050,314 |
(2005) |
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In Turkey, there is no public registry on companies’ financial and
detailed general data. So, to collect a firm’s data, an information agency
has to contact the company and get its authorization. However the company strictly declines to give us an authorization to
gather its fresh financial data. As the firm’s shares are not open to public
it is not obliged to announce its data. |
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IMPORT COUNTRIES |
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Switzerland, UK… |
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MERCHANDISE
IMPORTED |
: |
Raw materials of medicine |
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EXPORT COUNTRIES |
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Spain, Ireland |
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MERCHANDISE
EXPORTED |
: |
Medicine |
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PREMISES |
: |
Head Office: Buyukdere Caddesi No: 173 1.
Levent Plaza B Blok 80620 1. Levent-Istanbul Factory & Warehouse: Tatlikuyu Mah.
1319/1 Sok. No:1 Gebze Kocaeli The firm has also regional directories in
Adana, Ankara, Bursa, Diyarbakir, Samsun, Izmir, Konya and Trabzon. |
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FINANCE
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MAIN DEALING BANKERS |
: |
T. Is Bankasi in
Istanbul |
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PAYMENT BEHAVIOR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
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Net Sales Profit (Loss) Before Tax Stockholders’ Equity Total Assets |
2005 (YTL) 416,050,314 10,831,202 187,460,739 289,060,446 |
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COMMENT ON FINANCIAL POSITION
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GENERAL
FINANCIAL POSITION |
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The firm had high capitalization but low
profitability in 2005. The registered capital was increase from YTL
181,508,256 to YTL 316,211,256 on 01.12.2006 and this increase is decided to
be financed by cash. At the General Assembly Meeting dated
07.06.2007 the subject is stated to
be profitable in 2006 and at the General Assembly Meeting dated 03.04.2008
the subject is stated to be profitable in 2007. At the General Assembly
Meetings the profit of 2006 and 2007
is decided to be distributed. However the firm declines to give us an authorization to gather its
fresh detailed financial data. As
the shares of the firm are not open to public, it is not obliged to announce
its data. |
CREDIT OPINION
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PROPOSED CREDIT AMOUNT |
: |
USD 15,000,000 |
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, the proposed
amount of credit is admissible. |
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
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(1.1.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)