MIRA INFORM REPORT

 

 

Report Date :

14.05.2012

 

IDENTIFICATION DETAILS

 

Name :

GENERICA ILAC SANAYI VE TICARET A.S.

 

 

Formerly Known As :

GENERICA ILAC SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Dikilitas Mah. Yildiz Posta Cad. No:48/4 Esentepe Besiktas  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

19.09.2007

 

 

Com. Reg. No.:

639451

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of medicine

 

 

No. of Employees :

208

 

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

Note:

As stated at ‘Comment on financial position’ section that, the firm had insufficient capitalization as of 31.12.2011 and furthermore, the firm had persistent operating and net losses in 2009, 2010 and 2011.

 

So we are of the opinion that, the subject is suitable for dealing on secured terms for any amount of business.

 

 

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

 

COMPANY IDENTIFICATION

 

NAME

:

GENERICA ILAC SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Dikilitas Mah. Yildiz Posta Cad. No:48/4 Esentepe Besiktas  Istanbul / Turkey

PHONE NUMBER

:

90-212-376 65 00

 

FAX NUMBER

:

90-212-213 53 24

 

WEB-ADDRESS

:

www.generica.com.tr

E-MAIL

:

info@generica.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Mecidiyekoy

TAX NO

:

3940452461

REGISTRATION NUMBER

:

639451

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

19.09.2007

ESTABLISHMENT GAZETTE DATE/NO

:

25.09.2007/6902

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   25.000.000

PAID-IN CAPITAL

:

TL   24.259.158

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

22.10.2009 (Commercial Gazette Date /Number 28.10.2009/ 7427)

Previous Name

:

Generica Ilac Sanayi ve Ticaret Ltd. Sti.

Changed On

:

22.10.2009 (Commercial Gazette Date /Number 28.10.2009/ 7427)

Previous Registered Capital

:

TL 50.000

Changed On

:

07.11.2007 (Commercial Gazette Date /Number 12.11.2007/ 6934)

Previous Registered Capital

:

TL 250.000

Changed On

:

18.12.2008 (Commercial Gazette Date /Number 23.12.2008/ 7212)

Previous Registered Capital

:

TL 1.500.000

Changed On

:

05.06.2009 (Commercial Gazette Date /Number 11.06.2009/ 7330)

Previous Registered Capital

:

TL 9.500.000

Changed On

:

18.01.2011 (Commercial Gazette Date /Number 24.01.2011/ 7736)

Previous Address

:

Fulya Mah. Buyukdere Cad. Garaj Sok. No:4 K:6 D:12 Sisli- Istanbul

Changed On

:

01.07.2009 (Commercial Gazette Date /Number 07.07.2009/ 7348)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Hifzi Alp Karaagac

66,40 %

Mustafa Kemal Karaagac

22,50 %

Yusuf Toktamis Ogun

10 %

Muserref Akgun

1 %

Hanife Duraksoy

0,10 %

 

 

GROUP PARENT COMPANY

:

BILFAR HOLDING A.S.  

   

SISTER COMPANIES

:

AKTIF KOZMETIK SATIS PAZARLAMA VE DAGITIM A.S.

AKVET VETERINER ILACLARI SANAYI VE TICARET A.S.

BILFAR HOLDING A.S.

BILIM ILAC SANAYII VE TICARET A.S.

CONSENTIS ILAC SANAYI VE TICARET LTD. STI.

DENGE DIS TICARET VE SANAYI A.S.

HUSNU ARSAN ILACLARI A.S.

KOPAS KOZMETIK PAZARLAMA VE SANAYI A.S.

 

BOARD OF DIRECTORS

:

Mustafa Kemal Karaagac

 

Yusuf Toktamis Ogun

 

Hifzi Alp Karaagac

 

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

 

BUSINESS ACTIVITIES

:

The subject which was established to deal with trade of medicine on 19.09.2007, has declared that it started active operation on 31.08.2009.   

 

The subject orders medicine to be manufactured in the name of the subject company to contract manufacturers. 

 

NACE CODE

:

G .51.46

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

208

 

NET SALES

:

0 TL

(2008) 

3.409.472 TL

(2009) 

16.062.651 TL

(2010) 

20.525.054 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Greece

Spain

India

 

MERCHANDISE IMPORTED

:

Medicine

Raw materials

 

EXPORT VALUE

:

0 TL

(2010)

176.360 TL

(2011)

 

 

EXPORT COUNTRIES

:

India

Free Zone

 

MERCHANDISE  EXPORTED

:

Chemical materials

 

HEAD OFFICE ADDRESS

:

Dikilitas Mah. Yildiz Posta Cad. No:48/4 Esentepe Besiktas   Istanbul / Turkey  (rented)

 

BRANCHES

:

Warehouse  :   Istanbul/Turkey (rented)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Gayrettepe Ticari Branch

Garanti Bankasi Stadyum Mecidiyekoy Branch

HSBC Bank Mecidiyekoy Branch

Yapi ve Kredi Bankasi Karakoy 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

(2011) TL

 

Net Sales

0

3.409.472

16.062.651

20.525.054

 

Profit (Loss) Before Tax

-385.301

-3.255.250

-4.865.574

-7.933.675

 

Stockholders' Equity

65.502

3.344.752

6.826.982

8.071.735

 

Total Assets

1.332.065

8.802.663

18.998.550

38.437.649

 

Current Assets

252.562

5.342.510

12.615.436

23.183.689

 

Non-Current Assets

1.079.503

3.460.153

6.383.114

15.253.960

 

Current Liabilities

1.266.563

5.457.911

12.171.568

25.365.914

 

Long-Term Liabilities

0

0

0

5.000.000

 

Gross Profit (loss)

0

2.723.868

12.489.231

14.694.822

 

Operating Profit (loss)

-379.753

-3.177.522

-4.352.601

-6.015.314

 

Net Profit (loss)

-385.301

-3.255.250

-4.865.574

-7.933.675

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Liquidity

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

 

Profitability

Operating Loss  in 2009

Net Loss  in 2009

Operating Loss  in 2010

Net Loss  in 2010

Operating Loss  in 2011

Net Loss  in 2011

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Not in order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

252.562

0,19

5.342.510

0,61

12.615.436

0,66

23.183.689

0,60

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

4.256

0,00

1.146.186

0,13

2.923.369

0,15

4.348.211

0,11

Marketable Securities

0

0,00

0

0,00

181.964

0,01

44.164

0,00

Account Receivable

4.400

0,00

1.661.926

0,19

3.082.953

0,16

7.824.254

0,20

Other Receivable

12.977

0,01

41.946

0,00

188.068

0,01

400.632

0,01

Inventories

16.926

0,01

1.333.982

0,15

3.596.174

0,19

6.683.475

0,17

Advances Given

36.769

0,03

91.749

0,01

225.067

0,01

216.074

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

177.234

0,13

1.066.721

0,12

2.417.841

0,13

3.666.879

0,10

NON-CURRENT ASSETS

1.079.503

0,81

3.460.153

0,39

6.383.114

0,34

15.253.960

0,40

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

304

0,00

8.528

0,00

16.295

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

21.992

0,02

3.027.531

0,34

4.791.890

0,25

11.303.528

0,29

Intangible Assets

1.057.341

0,79

347.900

0,04

1.580.353

0,08

3.931.794

0,10

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

170

0,00

84.418

0,01

2.343

0,00

2.343

0,00

TOTAL ASSETS

1.332.065

1,00

8.802.663

1,00

18.998.550

1,00

38.437.649

1,00

CURRENT LIABILITIES

1.266.563

0,95

5.457.911

0,62

12.171.568

0,64

25.365.914

0,66

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

2.064.880

0,23

4.619.694

0,24

11.930.936

0,31

Accounts Payable

2.363

0,00

2.889.439

0,33

6.183.706

0,33

9.385.635

0,24

Loans from Shareholders

937.036

0,70

0

0,00

0

0,00

1.932.981

0,05

Other Short-term Payable

15.070

0,01

32.138

0,00

19.459

0,00

14.060

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

312.094

0,23

153.060

0,02

272.300

0,01

579.204

0,02

Provisions

0

0,00

151.200

0,02

400.342

0,02

384.782

0,01

Other Current Liabilities

0

0,00

167.194

0,02

676.067

0,04

1.138.316

0,03

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

5.000.000

0,13

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

5.000.000

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

65.502

0,05

3.344.752

0,38

6.826.982

0,36

8.071.735

0,21

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

562.500

0,42

5.097.000

0,58

9.500.000

0,50

24.259.158

0,63

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

0

0,00

0

0,00

0

0,00

417.770

0,01

Revaluation Fund

0

0,00

2.000.000

0,23

5.998.500

0,32

0

0,00

Accumulated Losses(-)

-111.697

-0,08

-496.998

-0,06

-3.805.944

-0,20

-8.671.518

-0,23

Net Profit (loss)

-385.301

-0,29

-3.255.250

-0,37

-4.865.574

-0,26

-7.933.675

-0,21

TOTAL LIABILITIES AND EQUITY

1.332.065

1,00

8.802.663

1,00

18.998.550

1,00

38.437.649

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 1.620.977 of the other income is due to "Profit from Foreign Currency Exchange".  

 

At the last income statement TL 2.935.049 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

0

0,00

3.409.472

1,00

16.062.651

1,00

20.525.054

1,00

Cost of Goods Sold

0

0,00

685.604

0,20

3.573.420

0,22

5.830.232

0,28

Gross Profit

0

0,00

2.723.868

0,80

12.489.231

0,78

14.694.822

0,72

Operating Expenses

379.753

0,00

5.901.390

1,73

16.841.832

1,05

20.710.136

1,01

Operating Profit

-379.753

0,00

-3.177.522

-0,93

-4.352.601

-0,27

-6.015.314

-0,29

Other Income

35.620

0,00

161.610

0,05

450.553

0,03

1.894.697

0,09

Other Expenses

41.168

0,00

218.816

0,06

617.187

0,04

3.170.935

0,15

Financial Expenses

0

0,00

20.522

0,01

346.339

0,02

642.123

0,03

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

-385.301

0,00

-3.255.250

-0,95

-4.865.574

-0,30

-7.933.675

-0,39

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)

-385.301

0,00

-3.255.250

-0,95

-4.865.574

-0,30

-7.933.675

-0,39

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

0,20

0,98

1,04

0,91

Acid-Test Ratio

0,02

0,52

0,52

0,50

Cash Ratio

0,00

0,21

0,26

0,17

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,01

0,15

0,19

0,17

Short-term Receivable/Total Assets

0,01

0,19

0,17

0,21

Tangible Assets/Total Assets

0,02

0,34

0,25

0,29

TURNOVER RATIOS

 

Inventory Turnover

0,00

0,51

0,99

0,87

Stockholders' Equity Turnover

0,00

1,02

2,35

2,54

Asset Turnover

0,00

0,39

0,85

0,53

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,05

0,38

0,36

0,21

Current Liabilities/Total Assets

0,95

0,62

0,64

0,66

Financial Leverage

0,95

0,62

0,64

0,79

Gearing Percentage

19,34

1,63

1,78

3,76

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-5,88

-0,97

-0,71

-0,98

Operating Profit Margin

 

-0,93

-0,27

-0,29

Net Profit Margin

 

-0,95

-0,30

-0,39

Interest Cover

 

-157,62

-13,05

-11,36

COLLECTION-PAYMENT

 

Average Collection Period (days)

 

175,51

69,29

137,52

Average Payable Period (days)

 

1517,20

622,97

579,54

WORKING CAPITAL

-1014001,00

-115401,00

443868,00

-2182225,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.64

UK Pound

1

Rs.86.42

Euro

1

Rs.69.28

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

 

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.