MIRA INFORM REPORT

 

 

Report Date :

18.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

ABDI IBRAHIM ILAC SANAYI VE TICARET A.S.

 

 

Registered Office :

Resitpasa Mah. Eski Buyukdere Cad. No:4 Maslak Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

20.12.1974

 

 

Com. Reg. No.:

130296

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of 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 :

78.800.000 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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 
COMPANY IDENTIFICATION

 

NAME

:

ABDI IBRAHIM ILAC SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Resitpasa Mah. Eski Buyukdere Cad. No:4 Maslak Istanbul / Turkey

PHONE NUMBER

:

90-212-366 84 00

 

FAX NUMBER

:

90-212-286 91 77

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler 

TAX NO

:

0010052149

REGISTRATION NUMBER

:

130296

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.12.1974

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   137.300.000

HISTORY

:

Previous Registered Capital

:

TL 1.500.000

Changed On

:

04.12.2002 (Commercial Gazette Date /Number 12.12.2002/ 5695)

Previous Registered Capital

:

TL 84.000.000

Changed On

:

10.07.2006 (Commercial Gazette Date /Number 13.07.2006/ 6598)

Previous Registered Capital

:

TL 105.000.000

Changed On

:

03.07.2009 (Commercial Gazette Date /Number 09.07.2009/ 7350)

Previous Registered Capital

:

TL 134.000.000

Changed On

:

15.03.2010 (Commercial Gazette Date /Number 19.03.2010/ 7525)

Previous Address

:

Kore Sehitleri Caddesi No: 19 Zincirlikuyu- Istanbul

Changed On

:

10.09.2007 (Commercial Gazette Date /Number 13.09.2007/ 6894)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Abdi Ibrahim Holding A.S.

38,23 %

Nezih Barut

30,88 %

Nesrin Esirtgen

21,61 %

Ahmet Kamil Esirtgen

 

Ahmet Cenan Esirtgen

 

 

 

GROUP PARENT COMPANY

:

ABDI IBRAHIM HOLDING A.S.

 

SISTER COMPANIES

:

ABDI IBRAHIM GAYRIMENKUL YATIRIM TICARET VE SANAYI A.S.

 

ABDI IBRAHIM HOLDING A.S.

 

ABDI IBRAHIM ILAC PAZARLAMA A.S.

 

ABDICA ILAC SANAYI VE TICARET A.S.

 

AKTIVITA SAGLIK HIZMETLERI SANAYI VE TICARET A.S.

 

BARUT ILAC SANAYI VE TICARET A.S.

 

MECOFARM ILAC VE KOZMETIK TANITIM HIZMETLERI TICARET A.S.

 

MECOM SAGLIK URUNLERI SANAYI VE TICARET A.S.

 

TRIPHARMA ILAC SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

ABDI IBRAHIM HOLDING A.S.

 

ABDI IBRAHIM ILAC PAZARLAMA A.S.

 

ABDI IBRAHIM SP. ZOO (Poland-Warsaw)

 

AKTIVITA SAGLIK HIZMETLERI SANAYI VE TICARET A.S.

 

BARUT ILAC SANAYI VE TICARET A.S.

 

MECOFARM ILAC VE KOZMETIK TANITIM HIZMETLERI TICARET A.S.

 

MECOM SAGLIK URUNLERI SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Nezih Barut

Chairman

Nesrin Esirtgen

Vice-Chairman

Ahmet Kamil Esirtgen

Member

Erman Atasoy

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of medicine. 

 

NUMBER OF EMPLOYEES

:

1.360

 

NET SALES

:

7.429.443 TL

(1996) 

14.896.572 TL

(1997) 

32.146.151 TL

(1998) 

55.880.736 TL

(1999) 

89.735.890 TL

(2000) 

150.952.892 TL

(2001) 

245.053.936 TL

(2002) 

360.461.836 TL

(2003) 

361.436.309 TL

(2004) 

424.215.258 TL

(2005) 

477.197.464 TL

(2006) 

507.652.466 TL

(2007) 

558.094.893 TL

(2008) 

487.703.518 TL

(2009) 

 

 

CAPACITY

:

BOTTLES  ( units/yr)

BOXES  ( units/yr)

TUBES  ( units/yr)

 

57.456.000

42.112.000

18.144.000

(2006)

57.456.000

42.112.000

18.144.000

(2007)

57.456.000

42.112.000

18.144.000

(2008)

 

IMPORT VALUE

:

59.694.842 USD

(2001)

89.600.894 USD

(2002)

92.070.975 USD

(2003)

142.646.712 USD

(2004)

133.158.480 USD

(2005)

208.651.367 USD

(2006)

191.190.107 USD

(2007)

22.300.000 TL

(01.01-31.03.2008)

 

 

IMPORT COUNTRIES

:

Switzerland

France

U.K.

Germany

 

MERCHANDISE IMPORTED

:

Medicine

Raw materials of medicine

 

EXPORT VALUE

:

125.499 USD

(1996)

240.934 USD

(1997)

556.389 USD

(1998)

667.689 TL

(1999)

540.637 TL

(2000)

4.647.292 TL

(2001)

7.015.320 TL

(2002)

11.406.659 TL

(2003)

17.198.013 TL

(2004)

21.479.103 TL

(2005)

17.107.424 TL

(2006)

23.538.042 TL

(2007)

44.860.587 TL

(2008)

36.333.585 TL

(2009)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Libya

Algeria

Serbia

Uzbekistan

Kazakhstan

Russia

Ukraine

Switzerland

Denmark

Indonesia

Afghanistan

Czech Republic

Netherlands

MERCHANDISE  EXPORTED

:

Medicine

 

HEAD OFFICE ADDRESS

:

Resitpasa Mah. Eski Buyukdere Cad. No:4 Maslak  Istanbul / Turkey  (owned)

 

BRANCHES

:

Factory  :  Hadimkoy Yolu Hosdere Mevkii Tunc Cad. No:3 Buyukcekmece Istanbul/Turkey (owned) (18.000 sqm)

 

Branch Office/Warehouse  :  Omerli Koyu Maltepe Mevkii Hadimkoy Istanbul/Turkey (rented)

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2009.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Istanbul Kurumsal Branch

HSBC Bank Merkez Branch

T. Is Bankasi Maslak Branch

Turk Ekonomi Bankasi Gayrettepe Branch

Yapi ve Kredi Bankasi Levent Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2006) TL

(2007) TL

(2008) TL

(2009) TL

 

Net Sales

477.197.464

507.652.466

558.094.893

487.703.518

 

Profit (Loss) Before Tax

38.931.067

95.644.395

108.376.056

60.023.786

 

Stockholders' Equity

282.947.666

359.320.992

447.075.463

440.656.941

 

Total Assets

378.874.574

485.880.716

511.079.893

497.180.696

 

Current Assets

275.423.311

356.358.880

364.366.348

377.846.936

 

Non-Current Assets

103.451.263

129.521.836

146.713.545

119.333.760

 

Current Liabilities

87.360.544

115.812.348

50.993.483

41.252.899

 

Long-Term Liabilities

8.566.364

10.747.376

13.010.947

15.270.856

 

Gross Profit (loss)

262.028.298

284.769.800

314.360.235

270.749.116

 

Operating Profit (loss)

50.207.202

111.974.875

104.186.291

60.116.393

 

Net Profit (loss)

30.708.752

76.373.326

87.754.471

51.106.535

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:3.300.000 TL

 

 

Capitalization

High As of 31.12.2009

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

Liquidity

High As of 31.12.2009

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2006

High Net Profitability  in 2006

High Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 78.800.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 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

 ( 01.01-31.07.2010)

4,77 %

1,5249

2,0246

2,3462

 

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

275.423.311

0,73

356.358.880

0,73

364.366.348

0,71

377.846.936

0,76

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

19.251

0,00

89.162.173

0,18

27.555.392

0,05

50.823.278

0,10

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

206.079.383

0,54

212.717.621

0,44

284.641.317

0,56

235.381.607

0,47

Other Receivable

8.031.790

0,02

6.136.287

0,01

8.462.876

0,02

5.865.532

0,01

Inventories

46.619.401

0,12

36.568.770

0,08

34.071.152

0,07

72.534.753

0,15

Advances Given

133.612

0,00

775.888

0,00

499.495

0,00

725.973

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

14.539.874

0,04

10.998.141

0,02

9.136.116

0,02

12.515.793

0,03

NON-CURRENT ASSETS

103.451.263

0,27

129.521.836

0,27

146.713.545

0,29

119.333.760

0,24

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

50.011

0,00

39.548

0,00

85.836

0,00

55.282

0,00

Financial Assets

389.920

0,00

809.872

0,00

888.663

0,00

194.062

0,00

Tangible Fixed Assets (net)

94.514.509

0,25

119.298.805

0,25

137.422.614

0,27

99.094.141

0,20

Intangible Assets

8.181.492

0,02

9.047.660

0,02

8.011.865

0,02

19.853.203

0,04

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

315.331

0,00

325.951

0,00

304.567

0,00

137.072

0,00

TOTAL ASSETS

378.874.574

1,00

485.880.716

1,00

511.079.893

1,00

497.180.696

1,00

CURRENT LIABILITIES

87.360.544

0,23

115.812.348

0,24

50.993.483

0,10

41.252.899

0,08

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

38.271.030

0,10

81.195.193

0,17

1.323.606

0,00

1.478.189

0,00

Accounts Payable

35.894.335

0,09

15.849.323

0,03

27.967.740

0,05

29.578.934

0,06

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

2.687.970

0,01

3.840.114

0,01

2.985.028

0,01

4.564

0,00

Advances from Customers

0

0,00

0

0,00

544.538

0,00

291.026

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

9.379.525

0,02

13.935.172

0,03

17.262.191

0,03

4.531.904

0,01

Provisions

-132.880

0,00

-292.439

0,00

0

0,00

3.580.523

0,01

Other Current Liabilities

1.260.564

0,00

1.284.985

0,00

910.380

0,00

1.787.759

0,00

LONG-TERM LIABILITIES

8.566.364

0,02

10.747.376

0,02

13.010.947

0,03

15.270.856

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

8.566.364

0,02

10.747.376

0,02

13.010.947

0,03

15.270.856

0,03

STOCKHOLDERS' EQUITY

282.947.666

0,75

359.320.992

0,74

447.075.463

0,87

440.656.941

0,89

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

105.000.000

0,28

105.000.000

0,22

105.000.000

0,21

134.000.000

0,27

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

147.238.914

0,39

177.947.666

0,37

254.320.992

0,50

255.550.406

0,51

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

30.708.752

0,08

76.373.326

0,16

87.754.471

0,17

51.106.535

0,10

TOTAL LIABILITIES AND EQUITY

378.874.574

1,00

485.880.716

1,00

511.079.893

1,00

497.180.696

1,00

 

INCOME STATEMENTS

 

 

(2006) TL

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

477.197.464

1,00

507.652.466

1,00

558.094.893

1,00

487.703.518

1,00

Cost of Goods Sold

215.169.166

0,45

222.882.666

0,44

243.734.658

0,44

216.954.402

0,44

Gross Profit

262.028.298

0,55

284.769.800

0,56

314.360.235

0,56

270.749.116

0,56

Operating Expenses

211.821.096

0,44

172.794.925

0,34

210.173.944

0,38

210.632.723

0,43

Operating Profit

50.207.202

0,11

111.974.875

0,22

104.186.291

0,19

60.116.393

0,12

Other Income

15.131.627

0,03

10.538.794

0,02

22.817.633

0,04

15.970.342

0,03

Other Expenses

19.344.448

0,04

24.575.927

0,05

17.543.853

0,03

15.814.628

0,03

Financial Expenses

7.063.314

0,01

2.293.347

0,00

1.084.015

0,00

248.321

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

38.931.067

0,08

95.644.395

0,19

108.376.056

0,19

60.023.786

0,12

Tax Payable

8.222.315

0,02

19.271.069

0,04

20.621.585

0,04

8.917.251

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

30.708.752

0,06

76.373.326

0,15

87.754.471

0,16

51.106.535

0,10

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

3,15

3,08

7,15

9,16

Acid-Test Ratio

2,45

2,66

6,29

7,08

Cash Ratio

0,00

0,77

0,54

1,23

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,12

0,08

0,07

0,15

Short-term Receivable/Total Assets

0,57

0,45

0,57

0,49

Tangible Assets/Total Assets

0,25

0,25

0,27

0,20

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

4,62

6,09

7,15

2,99

Stockholders' Equity Turnover

1,69

1,41

1,25

1,11

Asset Turnover

1,26

1,04

1,09

0,98

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,75

0,74

0,87

0,89

Current Liabilities/Total Assets

0,23

0,24

0,10

0,08

Financial Leverage

0,25

0,26

0,13

0,11

Gearing Percentage

0,34

0,35

0,14

0,13

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,11

0,21

0,20

0,12

Operating Profit Margin

0,11

0,22

0,19

0,12

Net Profit Margin

0,06

0,15

0,16

0,10

Interest Cover

6,51

42,71

100,98

242,72

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

155,50

150,88

183,66

173,79

Average Payable Period (days)

60,05

25,60

41,31

49,08

WORKING CAPITAL

188062767,00

240546532,00

313372865,00

336594037,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.59

UK Pound

1

Rs.72.31

Euro

1

Rs.60.73

 

 

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

 

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.