MIRA INFORM REPORT
|
Report Date : |
04.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ULKAR KIMYA SANAYII VE TICARET A.S. |
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|
|
Registered Office : |
Inkilap Mah. Akcakoca Sok. No:10 Umraniye Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.06.1988 |
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Com. Reg. No.: |
245881 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of pharmaceutical raw materials and chemicals. |
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No. of Employees
: |
201 |
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 |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
No Complaints |
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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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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NAME |
: |
ULKAR KIMYA SANAYII VE TICARET A.S. |
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HEAD OFFICE ADDRESS |
: |
Inkilap Mah. Akcakoca Sok. No:10 Umraniye Istanbul / Turkey |
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PHONE NUMBER |
: |
90-216-633 60 00 90-282-758 11 61 (Factory) |
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FAX NUMBER |
: |
90-216-633 60 01 90-282-758 11 64 (Factory) |
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WEB-ADDRESS |
: |
www.ulkarkimya.com.tr |
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TAX OFFICE |
: |
Anadolu Kurumlar |
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TAX NO |
: |
8870037634 |
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REGISTRATION NUMBER |
: |
245881 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
01.06.1988 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
08.06.1988/2035 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 40.000.000 |
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PAID-IN CAPITAL |
: |
TL 40.000.000 |
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HISTORY |
: |
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SHAREHOLDERS |
: |
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GROUP PARENT COMPANY |
: |
ULKAR HOLDING A.S. |
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SISTER COMPANIES |
: |
FARGEM FARMASOTIK ARASTIRMA GELISTIRME MERKEZI SANAYI VE TICARET A.S. HALTRON ILAC SANAYII VE TICARET A.S. NOBEL ILAC PAZARLAMA VE SANAYII LTD. STI. NOBEL ILAC SANAYII VE TICARET A.S. NOBEL ILAC VE HAMMADDELERI ITHALAT IHRACAT A.S. NOBEL SAGLIK URUNLERI LTD. STI. NOBELFARMA ILAC SANAYII VE TICARET A.S. SENTEZ FARMA TICARET A.S. ULKAR ARAC KIRALAMA HIZMETLERI LTD. STI. ULKAR HOLDING A.S. ULKAR ILAC PAZARLAMA LTD. STI. ULKAR INSAAT VE TICARET A.S. ULKAR SIGORTA ARACILIK HIZMETLERI LTD. STI. ULKAR TURIZM INSAAT VE SOSYAL HIZMETLER A.S. ULKAR TURIZM YATIRIMLARI VE TICARET A.S. |
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SUBSIDIARIES |
: |
FARGEM FARMASOTIK ARASTIRMA GELISTIRME MERKEZI SANAYI VE TICARET
A.S. ( 60 % ) NOBEL ILAC PAZARLAMA VE SANAYII LTD. STI. ( 90 % ) ULKAR TURIZM YATIRIMLARI VE TICARET A.S. ( 50 % ) |
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BOARD OF DIRECTORS |
: |
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DIRECTORS |
: |
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BUSINESS ACTIVITIES |
: |
Manufacture and trade of pharmaceutical raw materials and chemicals. |
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NACE CODE |
: |
DG.24.41 |
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NUMBER OF EMPLOYEES |
: |
201 |
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NET SALES |
: |
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IMPORT COUNTRIES |
: |
European Countries |
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MERCHANDISE IMPORTED |
: |
Raw materials |
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EXPORT VALUE |
: |
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EXPORT COUNTRIES |
: |
Taiwan Russia Switzerland Germany India Spain U.S.A. Malaysia |
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MERCHANDISE EXPORTED |
: |
Pharmaceutical raw materials |
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HEAD OFFICE ADDRESS |
: |
Inkilap Mah. Akcakoca Sok. No:10 Umraniye Istanbul / Turkey ( owned ) |
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BRANCHES |
: |
Factory : Organize Sanayi Bolgesi Gaziosmanpasa Mah.
Fatih Bulvari No:9 59500 Cerkezkoy Tekirdag/Turkey (owned) |
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INVESTMENTS |
: |
Investments are going on. |
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TREND OF
BUSINESS |
: |
There was an
upwards trend in 2011. |
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SIZE OF BUSINESS |
: |
Giant |
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MAIN DEALING BANKS |
: |
Finansbank Maslak Branch T. Is Bankasi Kozyatagi Kurumsal Branch |
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CREDIT FACILITIES |
: |
The subject rarely makes use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
|
|
Capitalization |
High As of
31.12.2011 |
|
Remarks on
Capitalization |
A part of total liabilities
and equity consist of loans from shareholders rather than liabilities to
third parties indicating low indebtedness to third parties. |
|
Liquidity |
High As of
31.12.2011 |
|
Remarks On
Liquidity |
A part of
current liabilities consist of short-term loans from shareholders rather than
liabilities to third parties. The liquid
assets consist mainly of receivables the amount of cash&banks or
marketable securities (which are more liquid) are low. |
|
Profitability |
Operating
Loss in 2010 Good Net
Profitability in 2010 In Order
Operating Profitability in 2011 Net Loss in 2011 |
|
Gap between
average collection and payable periods |
Favorable in
2011 |
|
General
Financial Position |
Satisfactory |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2009 ) |
5,93 % |
1,5460 |
2,1529 |
2,4094 |
|
( 2010 ) |
8,87 % |
1,5128 |
2,0096 |
2,3410 |
|
( 2011 ) |
13,33 % |
1,6797 |
2,3378 |
2,6863 |
|
( 01.01-30.06.2012) |
1,95 % |
1,8028 |
2,3463 |
2,8462 |
|
|
(
31.12.2010 ) TL |
|
(
31.12.2011 ) TL |
|
|
CURRENT ASSETS |
36.853.568 |
0,40 |
42.237.629 |
0,43 |
|
Not Detailed
Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
82.821 |
0,00 |
37.097 |
0,00 |
|
Marketable
Securities |
0 |
0,00 |
0 |
0,00 |
|
Account
Receivable |
546.777 |
0,01 |
298.118 |
0,00 |
|
Other Receivable |
22.018.150 |
0,24 |
29.161.488 |
0,30 |
|
Inventories |
12.956.283 |
0,14 |
11.651.993 |
0,12 |
|
Advances Given |
689.902 |
0,01 |
818.130 |
0,01 |
|
Accumulated
Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
Other Current
Assets |
559.635 |
0,01 |
270.803 |
0,00 |
|
NON-CURRENT
ASSETS |
55.099.795 |
0,60 |
55.351.240 |
0,57 |
|
Not Detailed Non-Current
Assets |
0 |
0,00 |
0 |
0,00 |
|
Long-term
Receivable |
17.509 |
0,00 |
17.509 |
0,00 |
|
Financial Assets |
4.707.707 |
0,05 |
4.707.707 |
0,05 |
|
Tangible Fixed
Assets (net) |
48.724.381 |
0,53 |
47.052.427 |
0,48 |
|
Intangible
Assets |
1.650.198 |
0,02 |
3.491.309 |
0,04 |
|
Deferred Tax
Assets |
0 |
0,00 |
0 |
0,00 |
|
Other
Non-Current Assets |
0 |
0,00 |
82.288 |
0,00 |
|
TOTAL ASSETS |
91.953.363 |
1,00 |
97.588.869 |
1,00 |
|
CURRENT
LIABILITIES |
43.553.267 |
0,47 |
50.528.004 |
0,52 |
|
Not Detailed
Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
161.468 |
0,00 |
1.014.189 |
0,01 |
|
Accounts Payable |
4.475.404 |
0,05 |
3.105.340 |
0,03 |
|
Loans from
Shareholders |
28.603.138 |
0,31 |
36.543.139 |
0,37 |
|
Other Short-term
Payable |
9.717.736 |
0,11 |
8.553.881 |
0,09 |
|
Advances from
Customers |
0 |
0,00 |
0 |
0,00 |
|
Accumulated
Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
331.888 |
0,00 |
1.036.416 |
0,01 |
|
Provisions |
0 |
0,00 |
11.592 |
0,00 |
|
Other Current
Liabilities |
263.633 |
0,00 |
263.447 |
0,00 |
|
LONG-TERM
LIABILITIES |
4.589.762 |
0,05 |
5.607.763 |
0,06 |
|
Not Detailed
Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
|
Securities
Issued |
0 |
0,00 |
0 |
0,00 |
|
Long-term
Payable |
0 |
0,00 |
0 |
0,00 |
|
Loans from
Shareholders |
4.589.762 |
0,05 |
5.607.763 |
0,06 |
|
Other Long-term
Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
STOCKHOLDERS'
EQUITY |
43.810.334 |
0,48 |
41.453.102 |
0,42 |
|
Not Detailed
Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
40.000.000 |
0,44 |
40.000.000 |
0,41 |
|
Cross
Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
|
Inflation
Adjustment of Capital |
2.214.882 |
0,02 |
4.361.555 |
0,04 |
|
Equity of
Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
4.914.852 |
0,05 |
4.914.852 |
0,05 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
Accumulated
Losses(-) |
-5.466.073 |
-0,06 |
-5.466.073 |
-0,06 |
|
Net Profit
(loss) |
2.146.673 |
0,02 |
-2.357.232 |
-0,02 |
|
TOTAL
LIABILITIES AND EQUITY |
91.953.363 |
1,00 |
97.588.869 |
1,00 |
|
REMARKS ON
FINANCIAL STATEMENT |
: |
At the financial
statements according to TAS, "Cheques Received" and
"Outstanding Cheques" figures are under "Cash And Banks"
figure. Beginning from the financial
statements of 31.12.2011, "Cheques Received" and "Outstanding
Cheques" figures are given under "Account Receivable" figure
and "Account Payable" figure respectively. At the last
income statement TL 2.365.963 of the other income is due to "Profit from
Foreign Currency Exchange". At the last
income statement, TL 1.857.144 of the other income is due to "Other
Ordinary Income" . At the last
income statement TL 8.844.980 of the other expenses is due to "Loss from
Foreign Currency Exchange" . |
|
|
(2010) TL |
|
(2011) TL |
|
|
Net Sales |
40.571.330 |
1,00 |
49.033.703 |
1,00 |
|
Cost of Goods
Sold |
34.654.473 |
0,85 |
39.552.164 |
0,81 |
|
Gross Profit |
5.916.857 |
0,15 |
9.481.539 |
0,19 |
|
Operating
Expenses |
6.033.669 |
0,15 |
7.338.185 |
0,15 |
|
Operating Profit |
-116.812 |
0,00 |
2.143.354 |
0,04 |
|
Other Income |
6.526.754 |
0,16 |
5.196.294 |
0,11 |
|
Other Expenses |
3.730.043 |
0,09 |
9.097.847 |
0,19 |
|
Financial
Expenses |
533.226 |
0,01 |
599.033 |
0,01 |
|
Minority
Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of
consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss)
Before Tax |
2.146.673 |
0,05 |
-2.357.232 |
-0,05 |
|
Tax Payable |
0 |
0,00 |
0 |
0,00 |
|
Postponed Tax
Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit
(loss) |
2.146.673 |
0,05 |
-2.357.232 |
-0,05 |
|
|
(2010) |
(2011) |
|
LIQUIDITY RATIOS |
|
|
|
Current Ratio |
0,85 |
0,84 |
|
Acid-Test Ratio |
0,52 |
0,58 |
|
Cash Ratio |
0,00 |
0,00 |
|
ASSET STRUCTURE
RATIOS |
|
|
|
Inventory/Total
Assets |
0,14 |
0,12 |
|
Short-term
Receivable/Total Assets |
0,25 |
0,30 |
|
Tangible
Assets/Total Assets |
0,53 |
0,48 |
|
TURNOVER RATIOS |
|
|
|
Inventory
Turnover |
2,67 |
3,39 |
|
Stockholders'
Equity Turnover |
0,93 |
1,18 |
|
Asset Turnover |
0,44 |
0,50 |
|
FINANCIAL
STRUCTURE |
|
|
|
Stockholders'
Equity/Total Assets |
0,48 |
0,42 |
|
Current
Liabilities/Total Assets |
0,47 |
0,52 |
|
Financial
Leverage |
0,52 |
0,58 |
|
Gearing
Percentage |
1,10 |
1,35 |
|
PROFITABILITY
RATIOS |
|
|
|
Net
Profit/Stockholders' Eq. |
0,05 |
-0,06 |
|
Operating Profit
Margin |
0,00 |
0,04 |
|
Net Profit
Margin |
0,05 |
-0,05 |
|
Interest Cover |
5,03 |
-2,94 |
|
COLLECTION-PAYMENT |
|
|
|
Average
Collection Period (days) |
5,01 |
2,32 |
|
Average Payable
Period (days) |
46,49 |
28,26 |
|
WORKING CAPITAL |
-6699699,00 |
-8290375,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.08 |
|
|
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.