MIRA INFORM REPORT

 

 

Report Date :

03.07.2012

 

IDENTIFICATION DETAILS

 

Name :

NOBEL ILAC SANAYII VE TICARET A.S.

 

 

Registered Office :

Inkilap Mah. Akcakoca Sok. No:10 Umraniye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

10.06.1964

 

 

Com. Reg. No.:

87118

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of medicine

 

 

No. of Employees :

447

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

NOBEL ILAC SANAYII VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Inkilap Mah. Akcakoca Sok. No:10 Umraniye Istanbul / Turkey

PHONE NUMBER

:

90-216-633 60 00

 

FAX NUMBER

:

90-212-633 64 93

 

WEB-ADDRESS

:

www.nobel.com.tr

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

6310070138

REGISTRATION NUMBER

:

87118

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

10.06.1964

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   18.000.000

PAID-IN CAPITAL

:

TL   18.000.000

HISTORY

:

Previous Address

:

Barbaros Bulvari No:76/78 Besiktas Istanbul

Changed On

:

27.08.2008 (Commercial Gazette Date /Number 01.09.2008/ 7139)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ulkar Holding A.S.

97,95 %

Ulkar Kimya Sanayii ve Ticaret A.S.

2 %

Others

 

 

 

GROUP PARENT COMPANY

:

ULKAR HOLDING A.S.

 

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 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 KIMYA SANAYII 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.

 

SUBSIDIARIES

:

ULKAR TURIZM INSAAT VE SOSYAL HIZMETLER A.S.

 

BOARD OF DIRECTORS

:

Hasan Ugur Ulusoy

Chairman

Mehmet Ahmet Unlu

Vice-Chairman

Cihat Urun

Member

Ali Numan Balki

Member

Ahmet Murat Mendi

Member

 

OPERATIONS

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

 

BUSINESS ACTIVITIES

:

Trade of medicine. 

 

The subject orders medicines to its sister company “Nobelfarma Ilac Sanayii ve Ticaret A.S.” to be manufactured in the name of the subject company. 

 

The firm has liaison offices in Turkey.

 

NACE CODE

:

G .51.46

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

447

 

NET SALES

:

126.577.240 TL

(2003) 

167.437.878 TL

(2004) 

223.666.289 TL

(2005) 

210.108.638 TL

(2006) 

216.461.363 TL

(2007) 

237.174.241 TL

(2008) 

260.196.215 TL

(2009) 

271.991.533 TL

(2010) 

289.389.570 TL

(2011) 

56.915.176 TL

(01.01-31.03.2012) 

 

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

France

Germany

Switzerland

Ireland

India

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

14.593.935 TL

(2003)

12.870.462 TL

(2004)

13.878.843 TL

(2005)

20.923.613 TL

(2006)

43.803.989 TL

(2007)

44.789.371 TL

(2008)

38.297.425 TL

(2009)

47.554.809 TL

(2010)

77.695.604 TL

(2011)

16.609.463 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Free Zone

Bulgaria

Spain

Kazakhstan

Ukraine

Germany

Italy

Uzbekistan

Albania

 

MERCHANDISE  EXPORTED

:

Drugs

Heterocyclic compounds

 

 

HEAD OFFICE ADDRESS

:

Inkilap Mah. Akcakoca Sok. No:10 Umraniye  Istanbul / Turkey  (rented)

 

BRANCHES

:

Warehouse  :  Samandira Kartal Istanbul/Turkey (rented)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kurumsal Branch

Finansbank Maslak Branch

T. Is Bankasi Kozyatagi Kurumsal Branch

Turkiye Ekonomi Bankasi Kozyatagi 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

:

 

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

 

Net Sales

260.196.215

271.991.533

289.389.570

56.915.176

 

Profit (Loss) Before Tax

14.479.547

8.566.497

-20.823.982

-11.945.423

 

Stockholders' Equity

31.846.364

39.451.943

15.717.931

 

 

Total Assets

197.647.277

260.960.229

293.482.238

 

 

Current Assets

176.307.526

234.020.831

266.012.161

 

 

Non-Current Assets

21.339.751

26.939.398

27.470.077

 

 

Current Liabilities

136.690.718

146.521.934

167.484.798

 

 

Long-Term Liabilities

29.110.195

74.986.352

110.279.509

 

 

Gross Profit (loss)

146.195.829

154.232.588

155.411.929

29.350.489

 

Operating Profit (loss)

31.451.820

17.291.074

1.604.925

-7.882.759

 

Net Profit (loss)

14.479.547

8.566.497

-20.823.982

-11.945.423

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

Not in order

Remarks on Capitalization

The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

 

Liquidity

High As of 31.12.2011

Remarks On Liquidity

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

 

Profitability

High Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

In Order Net Profitability  in 2010

Low Operating Profitability  in 2011

Net Loss  in 2011

Operating Loss (01.01-31.03.2012)

Net Loss (01.01-31.03.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Not in order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-31.05.2012)

1,27 %

1,8008

2,3565

2,8479

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

176.307.526

0,89

234.020.831

0,90

266.012.161

0,91

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

3.527.624

0,02

36.778.536

0,14

26.866.565

0,09

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

98.267.954

0,50

122.028.900

0,47

141.311.410

0,48

Other Receivable

10.358.481

0,05

9.643.210

0,04

16.604.971

0,06

Inventories

39.584.428

0,20

37.386.342

0,14

46.686.023

0,16

Advances Given

0

0,00

101.720

0,00

898.705

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

24.569.039

0,12

28.082.123

0,11

33.644.487

0,11

NON-CURRENT ASSETS

21.339.751

0,11

26.939.398

0,10

27.470.077

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

56.419

0,00

57.319

0,00

72.111

0,00

Financial Assets

3.778.406

0,02

3.778.406

0,01

3.778.405

0,01

Tangible Fixed Assets (net)

7.698.127

0,04

5.330.313

0,02

5.919.151

0,02

Intangible Assets

9.731.337

0,05

17.757.861

0,07

17.428.193

0,06

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

75.462

0,00

15.499

0,00

272.217

0,00

TOTAL ASSETS

197.647.277

1,00

260.960.229

1,00

293.482.238

1,00

CURRENT LIABILITIES

136.690.718

0,69

146.521.934

0,56

167.484.798

0,57

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

61.349.475

0,31

91.402.054

0,35

94.722.738

0,32

Accounts Payable

43.437.432

0,22

13.146.670

0,05

18.842.816

0,06

Loans from Shareholders

176.431

0,00

176.431

0,00

176.431

0,00

Other Short-term Payable

20.007.275

0,10

28.182.778

0,11

38.100.916

0,13

Advances from Customers

8.576.065

0,04

10.372.513

0,04

8.769.269

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

1.313.085

0,01

1.531.273

0,01

2.721.915

0,01

Provisions

910.201

0,00

1.583.240

0,01

3.344.214

0,01

Other Current Liabilities

920.754

0,00

126.975

0,00

806.499

0,00

LONG-TERM LIABILITIES

29.110.195

0,15

74.986.352

0,29

110.279.509

0,38

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

29.110.195

0,15

47.410.666

0,18

77.802.754

0,27

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

27.575.686

0,11

32.476.755

0,11

Loans from Shareholders

0

0,00

0

0,00

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

31.846.364

0,16

39.451.943

0,15

15.717.931

0,05

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

18.000.000

0,09

18.000.000

0,07

18.000.000

0,06

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

12.696.293

0,06

12.696.293

0,05

12.696.293

0,04

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

2.990.566

0,02

2.990.566

0,01

8.647.033

0,03

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-16.320.042

-0,08

-2.801.413

-0,01

-2.801.413

-0,01

Net Profit (loss)

14.479.547

0,07

8.566.497

0,03

-20.823.982

-0,07

TOTAL LIABILITIES AND EQUITY

197.647.277

1,00

260.960.229

1,00

293.482.238

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 will be given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

At the last income statement TL 4.024.120 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 3.458.346 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

260.196.215

1,00

271.991.533

1,00

289.389.570

1,00

56.915.176

1,00

Cost of Goods Sold

114.000.386

0,44

117.758.945

0,43

133.977.641

0,46

27.564.687

0,48

Gross Profit

146.195.829

0,56

154.232.588

0,57

155.411.929

0,54

29.350.489

0,52

Operating Expenses

114.744.009

0,44

136.941.514

0,50

153.807.004

0,53

37.233.248

0,65

Operating Profit

31.451.820

0,12

17.291.074

0,06

1.604.925

0,01

-7.882.759

-0,14

Other Income

8.559.564

0,03

11.481.854

0,04

14.502.154

0,05

4.420.271

0,08

Other Expenses

8.172.391

0,03

7.060.671

0,03

10.480.329

0,04

5.672.980

0,10

Financial Expenses

17.359.446

0,07

13.145.760

0,05

26.450.732

0,09

2.809.955

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

14.479.547

0,06

8.566.497

0,03

-20.823.982

-0,07

-11.945.423

-0,21

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)

14.479.547

0,06

8.566.497

0,03

-20.823.982

-0,07

-11.945.423

-0,21

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

Current Ratio

1,29

1,60

1,59

Acid-Test Ratio

0,82

1,15

1,10

Cash Ratio

0,03

0,25

0,16

ASSET STRUCTURE RATIOS

 

 

 

Inventory/Total Assets

0,20

0,14

0,16

Short-term Receivable/Total Assets

0,55

0,50

0,54

Tangible Assets/Total Assets

0,04

0,02

0,02

TURNOVER RATIOS

 

 

 

Inventory Turnover

2,88

3,15

2,87

Stockholders' Equity Turnover

8,17

6,89

18,41

Asset Turnover

1,32

1,04

0,99

FINANCIAL STRUCTURE

 

 

 

Stockholders' Equity/Total Assets

0,16

0,15

0,05

Current Liabilities/Total Assets

0,69

0,56

0,57

Financial Leverage

0,84

0,85

0,95

Gearing Percentage

5,21

5,61

17,67

PROFITABILITY RATIOS

 

 

 

Net Profit/Stockholders' Eq.

0,45

0,22

-1,32

Operating Profit Margin

0,12

0,06

0,01

Net Profit Margin

0,06

0,03

-0,07

Interest Cover

1,83

1,65

0,21

COLLECTION-PAYMENT

 

 

 

Average Collection Period (days)

136,04

161,59

175,88

Average Payable Period (days)

137,17

124,49

137,90

WORKING CAPITAL

39616808,00

87498897,00

98527363,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.83

UK Pound

1

Rs.87.41

Euro

1

Rs.70.43

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.