MIRA INFORM REPORT

 

 

Report Date :

27.09.2011

 

IDENTIFICATION DETAILS

 

Name :

TUM-EKIP ILAC A.S.

 

 

Formerly Known As :

EKIP ILAC A.S.

 

 

Registered Office :

Tuzla Kimya Organize Sanayi Bolgesi Melek Aras Bulvari Aromatik Cad. No:55 Tuzla Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

04.12.2000

 

 

Com. Reg. No.:

449190

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of human pharmaceuticals such as antibiotics, ampicilin, gentomicin, penicillin

 

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 :

2.650.000 EUR

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 – 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

:

TUM-EKIP ILAC A.S.

HEAD OFFICE ADDRESS

:

Tuzla Kimya Organize Sanayi Bolgesi Melek Aras Bulvari Aromatik Cad. No:55 Tuzla Istanbul / Turkey

PHONE NUMBER

:

90-216-593 24 25

 

FAX NUMBER

:

90-216-593 31 41

 

WEB-ADDRESS

:

www.tum.com.tr

E-MAIL

:

info@tumekip.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Tuzla

TAX NO

:

3290209627

REGISTRATION NUMBER

:

449190

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

04.12.2000

ESTABLISHMENT GAZETTE DATE/NO

:

08.12.2000/5192

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   15.000.000

PAID-IN CAPITAL

:

TL   15.000.000

HISTORY

:

Previous Name

:

Ekip Ilac A.S.

Changed On

:

24.01.2001 (Commercial Gazette Date /Number 29.01.2001/ 5224)

Previous Registered Capital

:

TL 8.000.000

Changed On

:

20.04.2009 (Commercial Gazette Date /Number 24.04.2009/ 7298)

Previous Registered Capital

:

TL 12.000.000

Changed On

:

11.06.2010 (Commercial Gazette Date /Number 18.06.2010/ 7588)

Previous Address

:

Serifali Mevkii Elalmis Cad. Cumhur Sok. No:28/1 Yukari Dudullu-Umraniye-Istanbul

Changed On

:

20.01.2009 (Commercial Gazette Date /Number 23.01.2009/ 7234)

Previous Address

:

Tuzla Kimya Sanayicileri Organize Sanayi Bolgesi Melek Aras Bulvari Aromatik Cad. No:49 (B 29 Parsel) Tuzla-Istanbul

Changed On

:

02.03.2009 (Commercial Gazette Date /Number 06.03.2009/ 7264)

Previous Address

:

Elalmis Cad. Cumhur Sk. No:26 Yukari Dudullu - Istanbul

Changed On

:

13.03.2009 (Commercial Gazette Date /Number 18.03.2009/ 7272)

Merger

:

The firm took over and merged with “A Tum Ekip Ilac A.S.”

Changed On

:

09.05.2006 (Commercial Gazette Date /Number 12.05.2006/ 6555)

Merger

:

The firm took over and merged with “Tum Ilac Sanayii A.S.”.

Changed On

:

10.07.2008 (Commercial Gazette Date /Number 15.07.2008/ 7105)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Hamza Oguz

63,51 %

Yuksel Oguz

23,77 %

Tulin Mumcu

6,36 %

Ahmet Altug Oguz

6,34 %

Sebnem Oguz

0,02 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

 

BOARD OF DIRECTORS

:

Hamza Oguz

Chairman

Gonul Ustun

Vice-Chairman

Selahattin Kececi

Member

Mehmet Yuksel

Member

Ahmet Altug Oguz

Member

Tulin Mumcu

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of human pharmaceuticals such as antibiotics, ampicilin, gentomicin, penicillin.  The firm has started its manufacturing activity at the end of January 2009.

 

NACE CODE

:

DG.24.42

 

NUMBER OF EMPLOYEES

:

121

 

NET SALES

:

9.752.000 TL

(2008) 

16.858.074 TL

(2009) 

22.242.171 TL

(2010) 

6.207.206 TL

(01.01-31.03.2011) 

 

 

IMPORT VALUE

:

4.625.122 USD

(2009)

3.635.936 USD + 2.605.405 EUR

(2010)

 

 

IMPORT COUNTRIES

:

Austria

Switzerland

France

China

India

Germany

 

MERCHANDISE IMPORTED

:

Bottle

Damper

Raw materials of human pharmaceuticals

 

EXPORT VALUE

:

9.741 TL

(2007)

0 TL

(2008)

1.322.374 TL

(2009)

552.069 TL

(2010)

0 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

Pharmaceuticals

 

HEAD OFFICE ADDRESS

:

Tuzla Kimya Organize Sanayi Bolgesi Melek Aras Bulvari Aromatik Cad. No:55 Tuzla  Istanbul / Turkey  (owned)

 

BRANCHES

:

Warehouse  :  Tuzla Kimya Sanayicileri Organize Sanayi Bolgesi Melek Aras Bulvari Aromatik Cad. No:49 Tuzla Istanbul/Turkey (rented)

 

Head Office/Production Plant  :  Tuzla Kimya Organize Sanayi Bolgesi Melek Aras Bulvari Aromatik Cad. No:55 Tuzla Istanbul/Turkey (owned)

 

INVESTMENTS

:

Investments are going on.

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Ihlamirkuyu Branch

Anadolubank Umraniye Branch

Finansbank Bahcelievler Branch

ING Bank Hasanpasa Branch

T. Is Bankasi Zincirlikuyu 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

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

 

Net Sales

9.752.000

16.858.074

22.242.171

6.207.206

 

Profit (Loss) Before Tax

501.910

706.888

1.018.678

302.866

 

Stockholders' Equity

9.415.650

14.042.053

16.796.469

 

 

Total Assets

19.685.341

30.908.073

37.346.259

 

 

Current Assets

7.717.346

13.571.692

13.254.693

 

 

Non-Current Assets

11.967.995

17.336.381

24.091.566

 

 

Current Liabilities

7.266.644

11.111.990

5.780.802

 

 

Long-Term Liabilities

3.003.047

5.754.030

14.768.988

 

 

Gross Profit (loss)

3.756.020

5.004.623

5.229.837

1.334.741

 

Operating Profit (loss)

1.268.534

2.705.127

2.463.117

660.809

 

Net Profit (loss)

501.910

706.888

1.018.678

302.866

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order 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 2008

Good Net Profitability  in 2008

High Operating Profitability  in 2009

In Order Net Profitability  in 2009

High Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability (01.01-31.03.2011)

Good Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

2.650.000 EUR

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.650.000 EUR may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-31.08.2011)

8,05 %

1,6083

2,2781

2,5994

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

7.717.346

0,39

13.571.692

0,44

13.254.693

0,35

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

2.071.776

0,11

3.119.966

0,10

2.648.020

0,07

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

646.395

0,03

1.745.928

0,06

1.374.496

0,04

Other Receivable

742.560

0,04

3.925.049

0,13

1.175.729

0,03

Inventories

3.074.462

0,16

4.126.664

0,13

6.469.665

0,17

Advances Given

2.480

0,00

63.471

0,00

23.765

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.179.673

0,06

590.614

0,02

1.563.018

0,04

NON-CURRENT ASSETS

11.967.995

0,61

17.336.381

0,56

24.091.566

0,65

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

6.191.767

0,31

11.363.806

0,37

17.988.395

0,48

Intangible Assets

5.752.994

0,29

5.948.968

0,19

6.087.645

0,16

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

23.234

0,00

23.607

0,00

15.526

0,00

TOTAL ASSETS

19.685.341

1,00

30.908.073

1,00

37.346.259

1,00

CURRENT LIABILITIES

7.266.644

0,37

11.111.990

0,36

5.780.802

0,15

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

4.752.491

0,24

4.115.514

0,13

290.160

0,01

Accounts Payable

1.942.174

0,10

3.848.041

0,12

4.707.794

0,13

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

68.997

0,00

98.556

0,00

209.118

0,01

Advances from Customers

449.961

0,02

3.018.625

0,10

610.140

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

53.021

0,00

131.059

0,00

203.375

0,01

Provisions

0

0,00

-159.339

-0,01

-240.179

-0,01

Other Current Liabilities

0

0,00

59.534

0,00

394

0,00

LONG-TERM LIABILITIES

3.003.047

0,15

5.754.030

0,19

14.768.988

0,40

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

2.540.037

0,13

4.419.279

0,14

14.768.988

0,40

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

463.010

0,02

1.334.751

0,04

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

9.415.650

0,48

14.042.053

0,45

16.796.469

0,45

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

8.000.000

0,41

12.000.000

0,39

15.000.000

0,40

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

101.661

0,01

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

1.124.813

0,06

1.335.165

0,04

777.791

0,02

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-312.734

-0,02

0

0,00

0

0,00

Net Profit (loss)

501.910

0,03

706.888

0,02

1.018.678

0,03

TOTAL LIABILITIES AND EQUITY

19.685.341

1,00

30.908.073

1,00

37.346.259

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

9.752.000

1,00

16.858.074

1,00

22.242.171

1,00

6.207.206

1,00

Cost of Goods Sold

5.995.980

0,61

11.853.451

0,70

17.012.334

0,76

4.872.465

0,78

Gross Profit

3.756.020

0,39

5.004.623

0,30

5.229.837

0,24

1.334.741

0,22

Operating Expenses

2.487.486

0,26

2.299.496

0,14

2.766.720

0,12

673.932

0,11

Operating Profit

1.268.534

0,13

2.705.127

0,16

2.463.117

0,11

660.809

0,11

Other Income

795.149

0,08

307.426

0,02

538.678

0,02

54.254

0,01

Other Expenses

282.259

0,03

226.292

0,01

420.541

0,02

102.204

0,02

Financial Expenses

1.279.514

0,13

2.079.373

0,12

1.562.576

0,07

309.993

0,05

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

501.910

0,05

706.888

0,04

1.018.678

0,05

302.866

0,05

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

501.910

0,05

706.888

0,04

1.018.678

0,05

302.866

0,05

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,06

1,22

2,29

Acid-Test Ratio

0,48

0,79

0,90

Cash Ratio

0,29

0,28

0,46

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,13

0,17

Short-term Receivable/Total Assets

0,07

0,18

0,07

Tangible Assets/Total Assets

0,31

0,37

0,48

TURNOVER RATIOS

 

 

Inventory Turnover

1,95

2,87

2,63

Stockholders' Equity Turnover

1,04

1,20

1,32

Asset Turnover

0,50

0,55

0,60

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,48

0,45

0,45

Current Liabilities/Total Assets

0,37

0,36

0,15

Financial Leverage

0,52

0,55

0,55

Gearing Percentage

1,09

1,20

1,22

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

0,05

0,06

Operating Profit Margin

0,13

0,16

0,11

Net Profit Margin

0,05

0,04

0,05

Interest Cover

1,39

1,34

1,65

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

23,86

37,28

22,25

Average Payable Period (days)

116,61

116,87

99,62

WORKING CAPITAL

450702,00

2459702,00

7473891,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.62

UK Pound

1

Rs.76.68

Euro

1

Rs.66.47

 

 

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.