MIRA
INFORM REPORT
|
Report Date : |
23.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ETKIN ILAC SANAYI VE TICARET LTD STI |
|
|
|
|
Registered Office : |
Orta Mah. Ankara Asfalti Kenari Yan Yol Cad. No:32 Pendik Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
18.11.1999 |
|
|
|
|
Com. Reg. No.: |
429111 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Import and Domestic Trade of Veterinary 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 |
|
Maximum Credit Limit : |
USD 730,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ETKIN ILAC SANAYI VE TICARET LTD STI |
|
ADDRESS |
: |
Head Office: Orta Mah. Ankara Asfalti Kenari
Yan Yol Cad. No:32 Pendik Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-216-379 75 00 |
|
FAX NUMBER |
: |
90-216-379 05 00 |
LEGAL STATUS AND HISTORY
|
TAX NO |
: |
Pendik / 3810129570 |
|
|
|
REGISTRATION NUMBER |
: |
429111 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
|
|
DATE ESTABLISHED |
: |
18.11.1999 (Commercial Registry Gazette
Date/No: 25.11.1999 / 4927) |
|
|
|
LEGAL FORM |
: |
Limited Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 125,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 125,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
:YTL 5,000 |
|
|
|
|
Regist. Capital
Changed on |
: 23.11.2006 (Commercial Registry Gazette Date/No:
29.11.2006/6693) |
|
|
|
|
Previous Address |
: Dogu Mah. Fethibey Sok. N 4/D Pendik
Istanbul |
|
|
|
|
Address Changed On |
: 17.06.2003 (Commercial Registry Gazette
Date/No: 24.06.2003 / 5826) |
|
|
|
|
Other Historical Events |
: Mehmet Yazar sold 7 % shares to Aysegul Yazar on 24.09.2003
(Commercial Registry Gazette Date/No: 01.10.2003 / 5897) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Hasan Yazar Mehmet Yazar Yusuf Gurcan Iyisan Ayse Ipek Parkinson Aysegul Yazar Unsal Sami Aktas |
29 % 25 % 24 % 10 % 7
% 5
% |
|
SISTER COMPANIES |
: |
Polimed Ilac ve Tavukculuk Ticaret ve
Sanayi Ltd Sti |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Mehmet Yazar Hasan Yazar Yusuf Gurkan Iyisan |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Import and domestic trade of veterinary
medicine The subject orders veterinary medicine to
be manufactured in the name of the subject company to contract manufacturers. The subject has declared that, it is the
distributor of the following: -Noorbook (India) |
|
|
|
SECTOR |
: |
Commerce |
|
|
|
NUMBER OF
EMPLOYEES |
: |
27 |
||
|
NET SALES |
: |
(YTL Thousand) 6,527 7,569 9,482 8,340 |
(2004) (2005) (2006) (2007) |
|
|
CAPACITY |
: |
None |
|
|
|
PRODUCTION |
: |
None |
|
|
|
IMPORT VALUE |
: |
USD 2,650,000 USD 3 million USD 2,904,432 USD
2,132,708
|
(2004) (2005) (2006) |
|
IMPORT COUNTRIES |
: |
Belgium, Germany, India, France, Belgium,
Germany, UK… |
|
|
MERCHANDISE
IMPORTED |
: |
Veterinary medicine and raw materials. |
|
|
EXPORT |
: |
None |
|
|
PREMISES |
: |
Head Office: Orta Mah. Ankara Asfalti
Kenari Yan Yol Cad. No:32 Pendik Istanbul (500 sqm) (rented) Liaison Office: Ovecler 81.Sok 2. Cad
No:12 Cankaya-Ankara (rented) Warehouse: Sahilyolu Cad Mine Sok Guzelyali Mah No: 3 Istanbul
(rented) |
|
|
TREND OF BUSINESS |
: |
There
was upwards at sales volume in 2005 and 2006, but there was a decline at
sales volume in nominal terms in 2007. |
|
SIZE
OF BUSINESS |
: |
Upper-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Pendik Ticari branch in Istanbul Oyakbank Pendik E-5 branch in Istanbul Garanti Bankasi Pendik E-5 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) |
||
|
Satisfactory |
As of 31.12.2007 |
|
|
LIQUIDITY |
||
|
High |
As of 31.12.2007 |
|
|
PROFITABILITY |
||
|
High |
In 2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
In 2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Satisfactory |
||
CREDIT OPINION
|
CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 730,000 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.-30.04.2008) |
11.04 % |
1.2193 |
1.8541 |
2.4257 |
BALANCE
SHEETS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
4.275 |
|
0,95 |
|
5.553 |
|
0,95 |
|
7.284 |
|
0,97 |
|
|
|
Cash and
Banks |
57 |
|
0,01 |
|
26 |
|
0,00 |
|
24 |
|
0,00 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
2.692 |
|
0,60 |
|
3.926 |
|
0,67 |
|
5.485 |
|
0,73 |
|
|
|
Other
Receivable |
26 |
|
0,01 |
|
11 |
|
0,00 |
|
6 |
|
0,00 |
|
|
|
Inventories |
1.088 |
|
0,24 |
|
1.398 |
|
0,24 |
|
1.645 |
|
0,22 |
|
|
|
Advances
Given |
276 |
|
0,06 |
|
33 |
|
0,01 |
|
51 |
|
0,01 |
|
|
|
Other
Current Assets |
136 |
|
0,03 |
|
159 |
|
0,03 |
|
73 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0,00 |
|
|
|
NON-CURRENT ASSETS |
234 |
|
0,05 |
|
300 |
|
0,05 |
|
199 |
|
0,03 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
2 |
|
0,00 |
|
2 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
230 |
|
0,05 |
|
295 |
|
0,05 |
|
197 |
|
0,03 |
|
|
|
Intangible Assets |
4 |
|
0,00 |
|
3 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
4.509 |
|
1,00 |
|
5.853 |
|
1,00 |
|
7.483 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
2.560 |
|
0,57 |
|
3.127 |
|
0,53 |
|
4.198 |
|
0,56 |
|
|
|
Financial
Loans |
709 |
|
0,16 |
|
970 |
|
0,17 |
|
1.836 |
|
0,25 |
|
|
|
Accounts
Payable |
1.341 |
|
0,30 |
|
1.864 |
|
0,32 |
|
1.717 |
|
0,23 |
|
|
|
Loans
from Shareholders |
382 |
|
0,08 |
|
172 |
|
0,03 |
|
24 |
|
0,00 |
|
|
|
Other
Short-term Payable |
3 |
|
0,00 |
|
4 |
|
0,00 |
|
2 |
|
0,00 |
|
|
|
Advances
from Customers |
4 |
|
0,00 |
|
4 |
|
0,00 |
|
551 |
|
0,07 |
|
|
|
Taxes
Payable |
89 |
|
0,02 |
|
76 |
|
0,01 |
|
32 |
|
0,00 |
|
|
|
Provisions |
2 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
30 |
|
0,01 |
|
37 |
|
0,01 |
|
36 |
|
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 |
|
|
|
Securities
Issued |
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 |
1.949 |
|
0,43 |
|
2.726 |
|
0,47 |
|
3.285 |
|
0,44 |
|
|
|
Paid-in
Capital |
5 |
|
0,00 |
|
125 |
|
0,02 |
|
125 |
|
0,02 |
|
|
|
Inflation
Adjustment of Capital |
18 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Reserves |
1.041 |
|
0,23 |
|
1.811 |
|
0,31 |
|
2.601 |
|
0,35 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
885 |
|
0,20 |
|
790 |
|
0,13 |
|
559 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
4.509 |
|
1,00 |
|
5.853 |
|
1,00 |
|
7.483 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
7.569 |
|
1,00 |
|
9.482 |
|
1,00 |
|
8.340 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
4.312 |
|
0,57 |
|
5.587 |
|
0,59 |
|
5.180 |
|
0,62 |
|
|
|
Gross Profit |
3.257 |
|
0,43 |
|
3.895 |
|
0,41 |
|
3.160 |
|
0,38 |
|
|
|
Operating
Expenses |
1.917 |
|
0,25 |
|
2.732 |
|
0,29 |
|
2.495 |
|
0,30 |
|
|
|
Operating Profit |
1.340 |
|
0,18 |
|
1.163 |
|
0,12 |
|
665 |
|
0,08 |
|
|
|
Other
Income |
220 |
|
0,03 |
|
591 |
|
0,06 |
|
545 |
|
0,07 |
|
|
|
Other
Expenses |
212 |
|
0,03 |
|
634 |
|
0,07 |
|
329 |
|
0,04 |
|
|
|
Financial
Expenses |
74 |
|
0,01 |
|
122 |
|
0,01 |
|
175 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
1.274 |
|
0,17 |
|
998 |
|
0,11 |
|
706 |
|
0,08 |
|
|
|
Tax
Payable |
389 |
|
0,05 |
|
208 |
|
0,02 |
|
147 |
|
0,02 |
|
|
|
Net Profit (loss) |
885 |
|
0,12 |
|
790 |
|
0,08 |
|
559 |
|
0,07 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,67 |
|
|
|
1,78 |
|
|
|
1,74 |
|
|
|
|
|
Acid-Test Ratio |
1,08 |
|
|
|
1,27 |
|
|
|
1,31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,24 |
|
|
|
0,24 |
|
|
|
0,22 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,60 |
|
|
|
0,67 |
|
|
|
0,73 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,05 |
|
|
|
0,05 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
3,96 |
|
|
|
4,00 |
|
|
|
3,15 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,88 |
|
|
|
3,48 |
|
|
|
2,54 |
|
|
|
|
|
Asset Turnover |
1,68 |
|
|
|
1,62 |
|
|
|
1,11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,43 |
|
|
|
0,47 |
|
|
|
0,44 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,57 |
|
|
|
0,53 |
|
|
|
0,56 |
|
|
|
|
|
Financial Leverage |
0,57 |
|
|
|
0,53 |
|
|
|
0,56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,45 |
|
|
|
0,29 |
|
|
|
0,17 |
|
|
|
|
|
Operating Profit Margin |
0,18 |
|
|
|
0,12 |
|
|
|
0,08 |
|
|
|
|
|
Net Profit Margin |
0,12 |
|
|
|
0,08 |
|
|
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
128,04 |
|
|
|
149,13 |
|
|
|
236,85 |
|
|
|
|
|
Average Payable Period (days) |
111,96 |
|
|
|
120,11 |
|
|
|
119,33 |
|
|
|
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%)