MIRA INFORM REPORT

 

 

Report Date :           

14.05.2011

 

 

 

Tel. No.:

90 216 680 49 00

Fax No.:

90 216 680 49 09

 

IDENTIFICATION DETAILS

 

Name :

TOPKIM-TOPKAPI ILAC PREMIKS SANAYII VE TICARET A.S.

 

 

Registered Office :

Ruzgarlibahce Mah.  Yeni Parseller Mevkii Yesa Is Merkezi Blok 1 Kat:4 Beykoz Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

09.05.1975

 

 

Com. Reg. No.:

132707

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of veterinary medicine and fodder premixes

 

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 :

2.560.000 USD

 

 

Status :

Good

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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

:

TOPKIM-TOPKAPI ILAC PREMIKS SANAYII VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ruzgarlibahce Mah.  Yeni Parseller Mevkii Yesa Is Merkezi Blok 1 Kat:4 Beykoz Istanbul / Turkey

PHONE NUMBER

:

90-216-680 49 00

 

FAX NUMBER

:

90-216-680 49 09

 

WEB-ADDRESS

:

www.topkim.com.tr

E-MAIL

:

topkim@topkim.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

8540007944

REGISTRATION NUMBER

:

132707

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

09.05.1975

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Registered Capital

:

TL 200.000

Changed On

:

16.05.2003 (Commercial Gazette Date /Number 22.05.2003/ 5803)

Previous Address

:

Davutpasa Cad. No:14 Topkapi-Istanbul

Changed On

:

06.03.2008 (Commercial Gazette Date /Number 12.03.2008/ 7018)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Seyfettin Ugur

44 %

Can Ugur

25 %

Hannelore Ugur

 

Efdal Ugur

 

Ozdal Ugur

 

 

 

BOARD OF DIRECTORS

:

Seyfettin Ugur

Chairman

Ozdal Ugur

Vice-Chairman

Can Ugur

Member

Efdal Ugur

Member

Hannelore Ugur

Member

 

 

DIRECTORS

:

Can Ugur

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of veterinary medicine and fodder premixes. 

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Topkim

 

NUMBER OF EMPLOYEES

:

110

 

NET SALES

:

16.341 TL Thousand

(2004) 

18.359 TL Thousand

(2005) 

16.697 TL Thousand

(2006) 

13.061 TL Thousand

(2007) 

11.502 TL Thousand

(2008) 

12.804 TL Thousand

(2009) 

15.339 TL Thousand

(2010) 

 

CAPACITY

:

Fodder premixes and medicated fodder additives  ( tons/yr)

 

Medicine (powder) 

( tons/yr)

Medicine (Solution) 

( liter/yr)

 

4.800

922

921.600

(2010)

4.800

922

921.600

(2011)

 

 

 

 

Medicine (sterile injectible solution) 

( liter/yr)

 

Medicine (Sterile powder ) 

( kgs/yr)

 

Medicine (Tablet) 

( tons/yr)

 

230.000

23.500

300

(2010)

230.000

 

300

(2011)

 

 

 

 

Medicine (Sterile powder) 

( kgs/yr)

 

 

 

 

23.500

 

 

(2011)

 

 

 

 

IMPORT VALUE

:

3.600.900 USD

(2004)

4.182.000 USD

(2005)

2.571.381 USD

(2006)

2.257.400 USD

(2007)

2.413.000 USD

(2008)

2.089.800 USD

(2009)

2.800.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

China

Germany

U.S.A.

 

MERCHANDISE IMPORTED

:

Raw materials of medicine

 

EXPORT VALUE

:

359.324 TL

(2010)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Azerbaijan

Turkmenistan

Iraq

Moldova

 

MERCHANDISE  EXPORTED

:

Fodder premixes

Veterinary medicines

 

 

HEAD OFFICE ADDRESS

:

Ruzgarlibahce Mah.  Yeni Parseller Mevkii Yesa Is Merkezi Blok 1 Kat:4 Beykoz  Istanbul / Turkey  (rented)

 

BRANCHES

:

Factory  :  Davutpasa Cad. No:137 Topkapi Istanbul/Turkey (rented)

 

Factory  :  Bomonti Firin Sok. No:57-59 Sisli Istanbul/Turkey (owned)

(2.800 sqm)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Galata Branch

Halk Bankasi Salipazari Ticari Branch

T. Is Bankasi Karakoy Branch

Yapi ve Kredi Bankasi Karakoy 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 Thousand

(2007) TL Thousand

(2008) TL Thousand

(2009) TL Thousand

(2010) TL Thousand

Net Sales

16.697

13.061

11.502

12.804

15.339

Profit (Loss) Before Tax

3.912

1.618

874

665

2.383

Stockholders' Equity

15.345

16.931

14.547

13.963

11.921

Total Assets

17.813

24.794

22.760

21.655

18.220

Current Assets

17.524

24.514

22.444

21.370

17.686

Non-Current Assets

289

280

316

285

534

Current Liabilities

2.468

2.040

2.820

2.428

3.980

Long-Term Liabilities

0

5.823

5.393

5.264

2.319

Gross Profit (loss)

10.204

7.350

6.577

7.352

8.678

Operating Profit (loss)

3.400

499

945

1.411

1.904

Net Profit (loss)

3.063

1.360

693

526

1.901

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Liquidity

High As of 31.12.2010

Remarks On Liquidity

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

Profitability

In Order Operating Profitability  in 2007

High Net Profitability  in 2007

Good Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

Good Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.560.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.04.2011)

6,04 %

1,5645

2,1852

2,5128

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL Thousand

 

 ( 31.12.2008 )  TL Thousand

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL Thousand

 

CURRENT ASSETS

24.514

0,99

22.444

0,99

21.370

0,99

17.686

0,97

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

7.302

0,29

4.703

0,21

2.910

0,13

2.075

0,11

Marketable Securities

1.082

0,04

1.845

0,08

596

0,03

892

0,05

Account Receivable

7.464

0,30

7.986

0,35

10.729

0,50

9.600

0,53

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

2.144

0,09

1.835

0,08

1.547

0,07

1.880

0,10

Advances Given

59

0,00

151

0,01

101

0,00

87

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

6.463

0,26

5.924

0,26

5.487

0,25

3.152

0,17

NON-CURRENT ASSETS

280

0,01

316

0,01

285

0,01

534

0,03

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

18

0,00

12

0,00

12

0,00

12

0,00

Financial Assets

27

0,00

27

0,00

27

0,00

27

0,00

Tangible Fixed Assets (net)

165

0,01

137

0,01

101

0,00

347

0,02

Intangible Assets

0

0,00

132

0,01

136

0,01

139

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

70

0,00

8

0,00

9

0,00

9

0,00

TOTAL ASSETS

24.794

1,00

22.760

1,00

21.655

1,00

18.220

1,00

CURRENT LIABILITIES

2.040

0,08

2.820

0,12

2.428

0,11

3.980

0,22

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

62

0,00

0

0,00

56

0,00

70

0,00

Accounts Payable

1.079

0,04

999

0,04

1.783

0,08

1.992

0,11

Loans from Shareholders

33

0,00

335

0,01

281

0,01

0

0,00

Other Short-term Payable

0

0,00

44

0,00

0

0,00

71

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

252

0,01

537

0,02

137

0,01

161

0,01

Provisions

614

0,02

905

0,04

171

0,01

533

0,03

Other Current Liabilities

0

0,00

0

0,00

0

0,00

1.153

0,06

LONG-TERM LIABILITIES

5.823

0,23

5.393

0,24

5.264

0,24

2.319

0,13

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.823

0,23

5.393

0,24

5.264

0,24

2.319

0,13

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

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

16.931

0,68

14.547

0,64

13.963

0,64

11.921

0,65

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000

0,04

1.000

0,04

1.000

0,05

1.000

0,05

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

14.571

0,59

12.854

0,56

12.437

0,57

9.020

0,50

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)

1.360

0,05

693

0,03

526

0,02

1.901

0,10

TOTAL LIABILITIES AND EQUITY

24.794

1,00

22.760

1,00

21.655

1,00

18.220

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL Thousand

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(2010) TL Thousand

 

Net Sales

13.061

1,00

11.502

1,00

12.804

1,00

15.339

1,00

Cost of Goods Sold

5.711

0,44

4.925

0,43

5.452

0,43

6.661

0,43

Gross Profit

7.350

0,56

6.577

0,57

7.352

0,57

8.678

0,57

Operating Expenses

6.851

0,52

5.632

0,49

5.941

0,46

6.774

0,44

Operating Profit

499

0,04

945

0,08

1.411

0,11

1.904

0,12

Other Income

4.049

0,31

4.159

0,36

4.114

0,32

3.959

0,26

Other Expenses

2.894

0,22

4.194

0,36

4.778

0,37

3.380

0,22

Financial Expenses

36

0,00

36

0,00

82

0,01

100

0,01

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

1.618

0,12

874

0,08

665

0,05

2.383

0,16

Tax Payable

258

0,02

181

0,02

139

0,01

482

0,03

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.360

0,10

693

0,06

526

0,04

1.901

0,12

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

12,02

7,96

8,80

4,44

Acid-Test Ratio

7,77

5,15

5,86

3,16

Cash Ratio

4,11

2,32

1,44

0,75

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,09

0,08

0,07

0,10

Short-term Receivable/Total Assets

0,30

0,35

0,50

0,53

Tangible Assets/Total Assets

0,01

0,01

0,00

0,02

TURNOVER RATIOS

 

Inventory Turnover

2,66

2,68

3,52

3,54

Stockholders' Equity Turnover

0,77

0,79

0,92

1,29

Asset Turnover

0,53

0,51

0,59

0,84

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,68

0,64

0,64

0,65

Current Liabilities/Total Assets

0,08

0,12

0,11

0,22

Financial Leverage

0,32

0,36

0,36

0,35

Gearing Percentage

0,46

0,56

0,55

0,53

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,08

0,05

0,04

0,16

Operating Profit Margin

0,04

0,08

0,11

0,12

Net Profit Margin

0,10

0,06

0,04

0,12

Interest Cover

45,94

25,28

9,11

24,83

COLLECTION-PAYMENT

 

Average Collection Period (days)

206,23

250,33

302,00

225,59

Average Payable Period (days)

68,02

73,02

117,73

107,66

WORKING CAPITAL

22474,00

19624,00

18942,00

13706,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.91

UK Pound

1

Rs.73.06

Euro

1

Rs.64.03

 

 

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.