MIRA INFORM REPORT

 

 

Report Date :           

14.12.2011

 

IDENTIFICATION DETAILS

 

Name :

BAVET ILAC SANAYI VE TICARET A.S. 

 

 

Registered Office :

Tuzla Organize Sanayi Bolgesi 12. Cad. No:8 Tuzla Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

13.06.2000

 

 

Com. Reg. No.:

439859

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of veterinary medicine and environmental health medicine

 

 

No. of Employees :

35 persons

 

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 :

1.840.000 USD

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

BAVET ILAC SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Tuzla Organize Sanayi Bolgesi 12. Cad. No:8 Tuzla Istanbul / Turkey

PHONE NUMBER

:

90-216-593 37 40

 

FAX NUMBER

:

90-216-593 37 41

 

WEB-ADDRESS

:

www.bavet.com.tr

E-MAIL

:

info@bavet.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Tuzla

TAX NO

:

1500179694

REGISTRATION NUMBER

:

439859

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

13.06.2000

ESTABLISHMENT GAZETTE DATE /NO

:

20.06.2000/5070

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.000.000

HISTORY

:

Previous Registered Capital

:

TL 3.500.000

Changed On

:

10.08.2010 (Commercial Gazette Date /Number 16.08.2010/ 7629)

Previous Registered Capital

:

TL 4.760.000

Changed On

:

02.05.2011 (Commercial Gazette Date /Number 06.05.2011/ 7810)

Previous Address

:

Feyzullah Mh S. K. Basaran Sk Karakullukcu Deniz Sitesi D Blok K:2 D:6 Maltepe- Istanbul

Changed On

:

14.09.2004 (Commercial Gazette Date /Number 20.09.2004/ 6139)

Previous Address

:

Atalar Mah. Atalar Cad. Aydin Sok. No: 30/A-B-C Kartal Istanbul

Changed On

:

27.05.2010 (Commercial Gazette Date /Number 02.06.2010/ 7576)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Zekeriya Nergiz

92,40 %

Guluzar Nergiz

4,99 %

Bengu Nergiz

2,50 %

Mine Nergiz Suzer

0,10 %

Yusuf Altan Zararsiz

0,01 %

 

 

SISTER COMPANIES

:

ARION BINICILIK URUNLERI VE ILAC SANAYI TICARET A.S.

 

IPM ILAC SOSYAL HIZMETLER TANITIM VE KIMYA SANAYI TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Zekeriya Nergiz

Chairman

Mine Nergiz Suzer

Vice-Chairman

Guluzar Nergiz

Member

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

BUSINESS ACTIVITIES

:

Trade of veterinary medicine and environmental health medicine. 

 

The subject orders products to be manufactured in the name of the subject company to contract manufacturers. 

 

NACE CODE

:

G .51.46

 

SECTOR

:

Commerce

 

DISTRIBUTOR OF

:

Animedica   (Germany)

Cipla   (India)

India   (Italy)

 

NUMBER OF EMPLOYEES

:

35

 

NET SALES

:

6.890.632 TL

(2009) 

9.086.163 TL

(2010) 

10.675.300 TL

(01.01-30.09.2011) 

 

 

PRODUCTION

:

None

 

IMPORT VALUE

:

16.092 USD + 442.562 EUR + 1.813 GBP

(2003)

260.564 USD + 552.979 EUR + 2.257 GBP

(2004)

1.873.285 TL

(2005)

2.031.348 TL

(2006)

94.340 TL

(2007)

1.812.736 TL

(2008)

1.943.108 TL

(2009)

3.708.150 TL

(2010)

 

 

IMPORT COUNTRIES

:

Belgium

Italy

Germany

India

China

Ireland

Switzerland

 

MERCHANDISE IMPORTED

:

Bottle

Raw materials

 

EXPORT VALUE

:

81.570 TL

(2009)

72.355 TL

(2010)

239.157 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Egypt

 

MERCHANDISE  EXPORTED

:

Medical vitamins

Medicine

 

HEAD OFFICE ADDRESS

:

Tuzla Organize Sanayi Bolgesi 12. Cad. No:8 Tuzla Istanbul / Turkey (owned)

 

BRANCHES

:

Head Office/Warehouse  :  Tuzla Organize Sanayi Bölgesi 12. Cad. No:8 Tuzla Istanbul/Turkey (owned)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kartal Branch

Alternatif Bank Altunizade Branch

Anadolubank Kozyatagi Branch

Finansbank Kozyatagi Branch

HSBC Kartal Branch

Kuveyt Turk Katilim Bankasi Kaynarca Branch

Sekerbank Maltepe Branch

T. Is Bankasi Maltepe Branch

T.C. Ziraat Bankasi Tuzla Branch

Turk Ekonomi Bankasi Kartal Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

 

Net Sales

6.890.632

9.086.163

10.675.300

 

 

Profit (Loss) Before Tax

1.194.447

1.434.137

518.097

 

 

Stockholders' Equity

4.825.297

5.874.883

 

 

 

Total Assets

9.417.820

16.405.349

 

 

 

Current Assets

9.373.263

13.868.442

 

 

 

Non-Current Assets

44.557

2.536.907

 

 

 

Current Liabilities

4.530.618

8.706.251

 

 

 

Long-Term Liabilities

61.905

1.824.215

 

 

 

Gross Profit (loss)

3.646.604

5.531.439

6.375.360

 

 

Operating Profit (loss)

1.744.619

2.596.616

3.236.458

 

 

Net Profit (loss)

928.920

1.049.586

518.097

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:242.893,45 TL

Equity Part

:997.106,55 TL

Payment Due Date

:02.05.2011

 

Capitalization

Satisfactory

 

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase is expected to have a slight positive effect on equity total since the last balance sheet date.

 

Liquidity

High

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date.

Profitability

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

Good Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

In Order

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.840.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

9.373.263

1,00

13.868.442

0,85

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

3.104.379

0,33

5.625.428

0,34

Marketable Securities

0

0,00

0

0,00

Account Receivable

6.046.860

0,64

4.847.892

0,30

Other Receivable

34.818

0,00

2.049.803

0,12

Inventories

162.188

0,02

1.277.109

0,08

Advances Given

419

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

24.599

0,00

68.210

0,00

NON-CURRENT ASSETS

44.557

0,00

2.536.907

0,15

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

305

0,00

4.259

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

44.252

0,00

2.532.648

0,15

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

9.417.820

1,00

16.405.349

1,00

CURRENT LIABILITIES

4.530.618

0,48

8.706.251

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

1.788.495

0,19

3.920.830

0,24

Accounts Payable

1.410.468

0,15

2.085.100

0,13

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

11.529

0,00

Advances from Customers

1.061.866

0,11

2.369.240

0,14

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

146.403

0,02

120.408

0,01

Provisions

123.386

0,01

186.013

0,01

Other Current Liabilities

0

0,00

13.131

0,00

LONG-TERM LIABILITIES

61.905

0,01

1.824.215

0,11

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

61.905

0,01

1.824.215

0,11

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

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

4.825.297

0,51

5.874.883

0,36

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

3.500.000

0,37

4.760.000

0,29

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

396.377

0,04

65.297

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

928.920

0,10

1.049.586

0,06

TOTAL LIABILITIES AND EQUITY

9.417.820

1,00

16.405.349

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

6.890.632

1,00

9.086.163

1,00

10.675.300

1,00

Cost of Goods Sold

3.244.028

0,47

3.554.724

0,39

4.299.940

0,40

Gross Profit

3.646.604

0,53

5.531.439

0,61

6.375.360

0,60

Operating Expenses

1.901.985

0,28

2.934.823

0,32

3.138.902

0,29

Operating Profit

1.744.619

0,25

2.596.616

0,29

3.236.458

0,30

Other Income

60.583

0,01

333.840

0,04

572.482

0,05

Other Expenses

159.891

0,02

960.785

0,11

2.615.315

0,24

Financial Expenses

450.864

0,07

535.534

0,06

675.528

0,06

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

1.194.447

0,17

1.434.137

0,16

518.097

0,05

Tax Payable

265.527

0,04

384.551

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

928.920

0,13

1.049.586

0,12

518.097

0,05

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

2,07

1,59

Acid-Test Ratio

2,03

1,44

Cash Ratio

0,69

0,65

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,02

0,08

Short-term Receivable/Total Assets

0,65

0,42

Tangible Assets/Total Assets

0,00

0,15

TURNOVER RATIOS

 

 

Inventory Turnover

20,00

2,78

Stockholders' Equity Turnover

1,43

1,55

Asset Turnover

0,73

0,55

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,51

0,36

Current Liabilities/Total Assets

0,48

0,53

Financial Leverage

0,49

0,64

Gearing Percentage

0,95

1,79

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,19

0,18

Operating Profit Margin

0,25

0,29

Net Profit Margin

0,13

0,12

Interest Cover

3,65

3,68

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

315,93

192,25

Average Payable Period (days)

156,52

211,17

WORKING CAPITAL

4842645,00

5162191,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.40

UK Pound

1

Rs.83.32

Euro

1

Rs.70.44

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.