MIRA INFORM REPORT

 

 

Report Date :           

05.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ALKE ILAC SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Cinardere Mah. Petek Sok. No:18/1 Pendik Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.05.1995

 

 

Com. Reg. No.:

18507-8

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of veterinary pharmaceuticals. 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

:

ALKE ILAC SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Cinardere Mah. Petek Sok. No:18/1 Pendik Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The street name was changed from "Kume Sok." to "Petek Sok." by the Municipality.

PHONE NUMBER

:

90-216-379 81 00

 

FAX NUMBER

:

90-216-379 55 95-96

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Yakacik

TAX NO

:

0540033879

REGISTRATION NUMBER

:

18507-8

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

24.05.1995

ESTABLISHMENT GAZETTE DATE/NO

:

30.05.1995/3795

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.500.000

PAID-IN CAPITAL

:

TL   7.500.000

 

HISTORY

:

Previous Registered Capital

:

TL 60.000

Changed On

:

19.11.2001 (Commercial Gazette Date /Number 27.11.2001/ 5433)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

07.06.2010 (Commercial Gazette Date /Number 11.06.2010/ 7583)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Sinan Keskin

61,46 %

Istanbul Ecza Deposu Ilac Sanayi ve Ticaret Ltd. Sti.

34,80 %

Gulcin Keskin

3,73 %

 

 

SISTER COMPANIES

:

HAN OTO KIRALAMA NAKLIYECILIK VE TICARET LTD. STI.

 

ISTANBUL ECZA DEPOSU ILAC SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Sinan Keskin                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of veterinary pharmaceuticals.  

 

NACE CODE

:

DG.24.42

 

NUMBER OF EMPLOYEES

:

70

 

NET SALES

:

406.113 TL

(1999) 

721.057 TL

(2000) 

1.066.293 TL

(2001) 

1.226.411 TL

(2002) 

1.664.627 TL

(2003) 

2.945.624 TL

(2004) 

3.241.197 TL

(2005) 

3.972.214 TL

(2006) 

3.958.102 TL

(2007) 

10.572.672 TL

(2008) 

7.376.629 TL

(2009) 

10.995.422 TL

(2010) 

3.896.211 TL

(01.01-30.06.2011) 

 

 

 

 

IMPORT VALUE

:

940.977 TL

(2007)

193.441 EUR + 1.821.933 USD

(2008)

174.979 EUR + 1.263.238 USD

(2009)

2.059.330 USD + 234.087 EUR + 1.800.000 JPY

(2010)

438.469 USD + 414.232 EUR

(01.01-30.06.2011)

 

 

IMPORT COUNTRIES

:

India

Germany

China

Korea

Belgium

Ireland

Spain

France

Mexico

Taiwan

 

MERCHANDISE IMPORTED

:

Raw materials of pharmaceuticals

 

EXPORT VALUE

:

0 TL

(2006)

0 TL

(2007)

188.493 TL

(2008)

35.404 TL

(2009)

194.276 TL

(2010)

10.494 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

South Korea

Egypt

Bulgaria

Pakistan

 

MERCHANDISE  EXPORTED

:

Veterinary pharmaceuticals

 

HEAD OFFICE ADDRESS

:

Cinardere Mah. Petek Sok. No:18/1 Pendik  Istanbul / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Production Plant  :   Tokat/Turkey

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Pendik Ticari Branch

Garanti Bankasi E-5 Pendik Branch

T. Is Bankasi Dolayoba Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

Net Sales

3.958.102

10.572.672

7.376.629

10.995.422

3.896.211

Profit (Loss) Before Tax

526.963

883.321

1.610.176

1.421.187

310.502

Stockholders' Equity

2.792.970

3.494.987

5.480.291

8.820.349

 

Total Assets

6.104.245

15.364.164

16.813.391

22.262.274

 

Current Assets

5.845.990

15.052.917

15.802.895

17.688.819

 

Non-Current Assets

258.255

311.247

1.010.496

4.573.455

 

Current Liabilities

2.598.411

6.219.083

10.620.237

12.646.734

 

Long-Term Liabilities

712.864

5.650.094

712.863

795.191

 

Gross Profit (loss)

1.974.568

5.757.199

4.214.343

6.209.893

1.785.897

Operating Profit (loss)

465.487

2.714.869

859.686

1.994.256

-718.778

Net Profit (loss)

417.037

702.017

1.357.259

1.118.846

310.502

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

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

High Operating Profitability  in 2010

High Net Profitability  in 2010

Operating Loss (01.01-30.06.2011)

High Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

5.845.990

0,96

15.052.917

0,98

15.802.895

0,94

17.688.819

0,79

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

81.748

0,01

2.409.759

0,16

4.105.886

0,24

2.544.723

0,11

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.464.711

0,57

9.465.818

0,62

9.217.164

0,55

12.757.214

0,57

Other Receivable

612.185

0,10

1.526.678

0,10

0

0,00

0

0,00

Inventories

673.447

0,11

482.526

0,03

1.631.322

0,10

352.668

0,02

Advances Given

679.463

0,11

627.511

0,04

149.293

0,01

1.167.674

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

334.436

0,05

540.625

0,04

699.230

0,04

866.540

0,04

NON-CURRENT ASSETS

258.255

0,04

311.247

0,02

1.010.496

0,06

4.573.455

0,21

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

773

0,00

773

0,00

773

0,00

773

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

255.382

0,04

278.797

0,02

896.723

0,05

4.434.761

0,20

Intangible Assets

0

0,00

30.524

0,00

110.424

0,01

118.607

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

2.100

0,00

1.153

0,00

2.576

0,00

19.314

0,00

TOTAL ASSETS

6.104.245

1,00

15.364.164

1,00

16.813.391

1,00

22.262.274

1,00

CURRENT LIABILITIES

2.598.411

0,43

6.219.083

0,40

10.620.237

0,63

12.646.734

0,57

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

13.808

0,00

102.549

0,01

228.989

0,01

364.035

0,02

Accounts Payable

2.327.103

0,38

5.872.565

0,38

10.079.561

0,60

12.033.638

0,54

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

110.319

0,02

92.666

0,01

199.820

0,01

50.622

0,00

Advances from Customers

98.334

0,02

120.134

0,01

0

0,00

24.546

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

46.003

0,01

31.169

0,00

111.867

0,01

169.657

0,01

Provisions

2.844

0,00

0

0,00

0

0,00

4.236

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

712.864

0,12

5.650.094

0,37

712.863

0,04

795.191

0,04

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

82.328

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

712.864

0,12

5.650.094

0,37

712.863

0,04

712.863

0,03

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

2.792.970

0,46

3.494.987

0,23

5.480.291

0,33

8.820.349

0,40

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

8.820.349

0,40

Paid-in Capital

1.000.000

0,16

1.000.000

0,07

1.000.000

0,06

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

545.149

0,09

545.149

0,04

545.149

0,03

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

830.784

0,14

1.247.821

0,08

2.577.883

0,15

0

0,00

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)

417.037

0,07

702.017

0,05

1.357.259

0,08

0

0,00

TOTAL LIABILITIES AND EQUITY

6.104.245

1,00

15.364.164

1,00

16.813.391

1,00

22.262.274

1,00

 

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

3.958.102

1,00

10.572.672

1,00

7.376.629

1,00

10.995.422

1,00

3.896.211

1,00

Cost of Goods Sold

1.983.534

0,50

4.815.473

0,46

3.162.286

0,43

4.785.529

0,44

2.110.314

0,54

Gross Profit

1.974.568

0,50

5.757.199

0,54

4.214.343

0,57

6.209.893

0,56

1.785.897

0,46

Operating Expenses

1.509.081

0,38

3.042.330

0,29

3.354.657

0,45

4.215.637

0,38

2.504.675

0,64

Operating Profit

465.487

0,12

2.714.869

0,26

859.686

0,12

1.994.256

0,18

-718.778

-0,18

Other Income

2.184.447

0,55

4.572.890

0,43

4.883.409

0,66

3.882.878

0,35

2.592.503

0,67

Other Expenses

2.118.022

0,54

6.346.869

0,60

4.128.090

0,56

4.423.066

0,40

1.553.073

0,40

Financial Expenses

4.949

0,00

57.569

0,01

4.829

0,00

32.881

0,00

10.150

0,00

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

526.963

0,13

883.321

0,08

1.610.176

0,22

1.421.187

0,13

310.502

0,08

Tax Payable

109.926

0,03

181.304

0,02

252.917

0,03

302.341

0,03

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

417.037

0,11

702.017

0,07

1.357.259

0,18

1.118.846

0,10

310.502

0,08

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,25

2,42

1,49

1,40

 

Acid-Test Ratio

1,60

2,16

1,25

1,21

 

Cash Ratio

0,03

0,39

0,39

0,20

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,11

0,03

0,10

0,02

 

Short-term Receivable/Total Assets

0,67

0,72

0,55

0,57

 

Tangible Assets/Total Assets

0,04

0,02

0,05

0,20

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,95

9,98

1,94

13,57

 

Stockholders' Equity Turnover

1,42

3,03

1,35

1,25

 

Asset Turnover

0,65

0,69

0,44

0,49

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,46

0,23

0,33

0,40

 

Current Liabilities/Total Assets

0,43

0,40

0,63

0,57

 

Financial Leverage

0,54

0,77

0,67

0,60

 

Gearing Percentage

1,19

3,40

2,07

1,52

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,15

0,20

0,25

0,13

 

Operating Profit Margin

0,12

0,26

0,12

0,18

 

Net Profit Margin

0,11

0,07

0,18

0,10

 

Interest Cover

107,48

16,34

334,44

44,22

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

315,20

322,34

449,86

417,71

 

Average Payable Period (days)

422,36

439,03

1147,47

905,25

 

WORKING CAPITAL

3247579,00

8833834,00

5182658,00

5042085,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.23

UK Pound

1

Rs.76.07

Euro

1

Rs.65.06

 

 

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.