MIRA INFORM REPORT

 

 

Report Date :

21.09.2012

 

IDENTIFICATION DETAILS

 

Name :

VETAS VETERINER VE TARIM ILACLARI A.S.

 

 

Registered Office :

Halkali Merkez Mah. Basin Ekspres Cad. No:1 34303 Kucukcekmece Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.08.1973

 

 

Com. Reg. No.:

123725

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

trade of products meeting the needs of veterinary physicians and people involved in livestock production

 

 

No. of Employees :

40 employees

 

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

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

 

turkey - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 


NOTES

:

Address is different from the address at your inquiry.

 

 

COMPANY IDENTIFICATION

 

NAME

:

VETAS VETERINER VE TARIM ILACLARI A.S.

HEAD OFFICE ADDRESS

:

Halkali Merkez Mah. Basin Ekspres Cad. No:1 34303 Kucukcekmece Istanbul / Turkey

PHONE NUMBER

:

90-212-692 92 92

 

FAX NUMBER

:

90-212-697 37 89

 

WEB-ADDRESS

:

www.vetas.com.tr

E-MAIL

:

vetas@vetas.com.tr   

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

9250003282

REGISTRATION NUMBER

:

123725

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

23.08.1973

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   42.130.000

PAID-IN CAPITAL

:

TL   42.130.000

HISTORY

:

Previous Registered Capital

:

TL 6.500.000

Changed On

:

31.12.2007 (Commercial Gazette Date /Number 08.01.2008/ 6972)

Previous Address

:

Buyukdere Cad. No:199/A K:3 4. Levent

Changed On

:

19.10.2007 (Commercial Gazette Date /Number 24.10.2007/ 6922)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Deva Holding A.S

99,61 %

Others

0,39 %

 

 

GROUP PARENT COMPANY

:

DEVA HOLDING A.S.

 

SISTER COMPANIES

:

DEVA HOLDING A.S.

EASTPHARMA ILAC URETIM PAZARLAMA SANAYI VE TICARET A.S.

NEW LIFE YASAM SIGORTA A.S.

REALIT GAYRIMENKUL INSAAT SANAYI TURIZM TICARET A.S.

SABA ILAC SANAYII VE TICARET A.S.

 

SUBSIDIARIES

:

DEVA HOLDING A.S.

 

BOARD OF DIRECTORS

:

Philipp Daniel Haas

Chairman

Mesut Cetin

Vice-Chairman

Aysel Olcen Aydiner

Member

 

 

DIRECTORS

:

Ayse Fugen Arda                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

The subject deals with trade of products meeting the needs of veterinary physicians and people involved in livestock production.  The firm rarely deals with production but mainly orders production to contract manufacturers.

 

NACE CODE

:

DG.24.20

 

NUMBER OF EMPLOYEES

:

40

 

NET SALES

:

15.548.901 TL

(2007) 

13.609.909 TL

(2008) 

12.203.460 TL

(2009) 

20.362.476 TL

(2010) 

26.063.977 TL

(2011) 

 

 

PRODUCTION

:

  ( units )

 

 

 

3.110.100

 

 

(2009)

5.201.896

 

 

(2010)

5.712.641

 

 

(2011)

 

 

 

 

IMPORT COUNTRIES

:

Germany

Italy

Switzerland

 

MERCHANDISE IMPORTED

:

Raw materials of medicine

 

EXPORT VALUE

:

104.949 TL

(2009)

188.153 TL

(2010)

171.638 TL

(2011)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Azerbaijan

 

MERCHANDISE  EXPORTED

:

Drugs

Medical vitamins

 

HEAD OFFICE ADDRESS

:

Halkali Merkez Mah. Basin Ekspres Cad. No:1 34303 Kucukcekmece  Istanbul / Turkey

 

BRANCHES

:

Production Plant  :  Ulus Mah. Ankara Cad. No:2 Kartepe Kocaeli/Turkey () (16.500 sqm)

 

Production Plant  :  Topkapi Istanbul/Turkey

 

Production Plant  :  Cerkezkoy Tekirdag/Turkey  (32.000 sqm)

 

Production Plant  :  Kosekoy Kartepe Kocaeli/Turkey  (11.000 sqm)

                                                                                

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Zincirlikuyu Branch

T. Is Bankasi Gunesli Kurumsal Branch

Turk Ekonomi Bankasi Trakya Kurumsal 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

(2011) TL

Net Sales

15.548.901

13.609.909

12.203.460

20.362.476

26.063.977

Profit (Loss) Before Tax

427.708

-3.389.799

-1.391.935

2.987.767

1.545.007

Stockholders' Equity

63.747.509

51.157.365

49.762.434

52.636.007

53.476.228

Total Assets

72.060.651

62.458.640

53.120.610

65.649.563

72.146.853

Current Assets

18.975.276

20.758.779

17.617.856

30.278.004

36.737.544

Non-Current Assets

53.085.375

41.699.861

35.502.754

35.371.559

35.409.309

Current Liabilities

7.603.600

10.806.999

2.755.005

12.298.505

17.890.536

Long-Term Liabilities

709.542

494.276

603.171

715.051

780.089

Gross Profit (loss)

8.599.607

7.088.289

5.106.776

9.426.139

11.210.737

Operating Profit (loss)

2.074.997

-874.564

-1.550.091

2.918.813

4.604.586

Net Profit (loss)

427.708

-3.389.799

-1.391.935

2.987.767

841.336

 

 

COMMENT ON FINANCIAL POSITION

 

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

High Operating Profitability  in 2007

Fair Net Profitability  in 2007

Operating Loss  in 2008

Net Loss  in 2008

Operating Loss  in 2009

Net Loss  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

In Order Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Good

 

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.08.2012)

2,28 %

1,8038

2,3238

2,8465

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

18.975.276

0,26

20.758.779

0,33

17.617.856

0,33

30.278.004

0,46

36.737.544

0,51

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

165.007

0,00

19.614

0,00

8.378

0,00

39.363

0,00

314.733

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

4.006.593

0,06

2.758.885

0,04

111.033

0,00

59.708

0,00

15.735

0,00

Other Receivable

9.701.510

0,13

12.095.599

0,19

13.999.529

0,26

22.714.419

0,35

22.743.866

0,32

Inventories

3.649.843

0,05

4.166.729

0,07

2.326.842

0,04

5.270.280

0,08

8.247.028

0,11

Advances Given

429

0,00

110

0,00

16.989

0,00

30.724

0,00

974.314

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.451.894

0,02

1.717.842

0,03

1.155.085

0,02

2.163.510

0,03

4.441.868

0,06

NON-CURRENT ASSETS

53.085.375

0,74

41.699.861

0,67

35.502.754

0,67

35.371.559

0,54

35.409.309

0,49

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

19.343

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

17.466.224

0,24

6.271.664

0,10

197.824

0,00

83.631

0,00

56.541

0,00

Tangible Fixed Assets (net)

240.475

0,00

108.383

0,00

39.508

0,00

30.925

0,00

98.121

0,00

Intangible Assets

35.378.676

0,49

35.300.471

0,57

35.265.422

0,66

35.257.003

0,54

35.254.647

0,49

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

72.060.651

1,00

62.458.640

1,00

53.120.610

1,00

65.649.563

1,00

72.146.853

1,00

CURRENT LIABILITIES

7.603.600

0,11

10.806.999

0,17

2.755.005

0,05

12.298.505

0,19

17.890.536

0,25

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

48.212

0,00

4.783

0,00

7.437

0,00

57.547

0,00

6.545

0,00

Accounts Payable

5.558.790

0,08

8.289.713

0,13

2.145.699

0,04

3.192.053

0,05

3.531.622

0,05

Loans from Shareholders

7.212

0,00

1.941.234

0,03

6.887

0,00

8.556.309

0,13

12.741.322

0,18

Other Short-term Payable

1.026.632

0,01

428.756

0,01

468.343

0,01

95.802

0,00

605.819

0,01

Advances from Customers

3.516

0,00

10.208

0,00

3

0,00

193.881

0,00

345.710

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

959.238

0,01

132.305

0,00

126.636

0,00

202.913

0,00

659.518

0,01

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

709.542

0,01

494.276

0,01

603.171

0,01

715.051

0,01

780.089

0,01

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

709.542

0,01

494.276

0,01

603.171

0,01

715.051

0,01

780.089

0,01

STOCKHOLDERS' EQUITY

63.747.509

0,88

51.157.365

0,82

49.762.434

0,94

52.636.007

0,80

53.476.228

0,74

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

42.130.000

0,58

42.130.000

0,67

42.130.000

0,79

42.130.000

0,64

42.130.000

0,58

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

8.473.907

0,12

8.473.907

0,14

8.473.907

0,16

8.473.907

0,13

8.473.907

0,12

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

7.445.396

0,10

6.196.716

0,10

6.196.716

0,12

6.196.716

0,09

6.219.611

0,09

Revaluation Fund

9.200.346

0,13

0

0,00

0

0,00

-114.194

0,00

-138.204

0,00

Accumulated Losses(-)

-3.929.848

-0,05

-2.253.459

-0,04

-5.646.254

-0,11

-7.038.189

-0,11

-4.050.422

-0,06

Net Profit (loss)

427.708

0,01

-3.389.799

-0,05

-1.391.935

-0,03

2.987.767

0,05

841.336

0,01

TOTAL LIABILITIES AND EQUITY

72.060.651

1,00

62.458.640

1,00

53.120.610

1,00

65.649.563

1,00

72.146.853

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.                            

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

15.548.901

1,00

13.609.909

1,00

12.203.460

1,00

20.362.476

1,00

26.063.977

1,00

Cost of Goods Sold

6.949.294

0,45

6.521.620

0,48

7.096.684

0,58

10.936.337

0,54

14.853.240

0,57

Gross Profit

8.599.607

0,55

7.088.289

0,52

5.106.776

0,42

9.426.139

0,46

11.210.737

0,43

Operating Expenses

6.524.610

0,42

7.962.853

0,59

6.656.867

0,55

6.507.326

0,32

6.606.151

0,25

Operating Profit

2.074.997

0,13

-874.564

-0,06

-1.550.091

-0,13

2.918.813

0,14

4.604.586

0,18

Other Income

1.343.125

0,09

1.723.447

0,13

5.419.374

0,44

1.134.251

0,06

203.917

0,01

Other Expenses

1.305.267

0,08

2.911.057

0,21

4.438.640

0,36

170.554

0,01

704.839

0,03

Financial Expenses

1.685.147

0,11

1.327.625

0,10

822.578

0,07

894.743

0,04

2.558.657

0,10

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

427.708

0,03

-3.389.799

-0,25

-1.391.935

-0,11

2.987.767

0,15

1.545.007

0,06

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

703.671

0,03

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

427.708

0,03

-3.389.799

-0,25

-1.391.935

-0,11

2.987.767

0,15

841.336

0,03

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

Current Ratio

2,50

1,92

6,39

2,46

2,05

Acid-Test Ratio

1,82

1,38

5,12

1,85

1,29

Cash Ratio

0,02

0,00

0,00

0,00

0,02

ASSET STRUCTURE RATIOS

Inventory/Total Assets

0,05

0,07

0,04

0,08

0,11

Short-term Receivable/Total Assets

0,19

0,24

0,27

0,35

0,32

Tangible Assets/Total Assets

0,00

0,00

0,00

0,00

0,00

TURNOVER RATIOS

Inventory Turnover

1,90

1,57

3,05

2,08

1,80

Stockholders' Equity Turnover

0,24

0,27

0,25

0,39

0,49

Asset Turnover

0,22

0,22

0,23

0,31

0,36

FINANCIAL STRUCTURE

Stockholders' Equity/Total Assets

0,88

0,82

0,94

0,80

0,74

Current Liabilities/Total Assets

0,11

0,17

0,05

0,19

0,25

Financial Leverage

0,12

0,18

0,06

0,20

0,26

Gearing Percentage

0,13

0,22

0,07

0,25

0,35

PROFITABILITY RATIOS

Net Profit/Stockholders' Eq.

0,01

-0,07

-0,03

0,06

0,02

Operating Profit Margin

0,13

-0,06

-0,13

0,14

0,18

Net Profit Margin

0,03

-0,25

-0,11

0,15

0,03

Interest Cover

1,25

-1,55

-0,69

4,34

1,60

COLLECTION-PAYMENT

Average Collection Period (days)

92,76

73,49

3,28

1,06

0,22

Average Payable Period (days)

287,97

457,60

108,85

105,08

85,60

WORKING CAPITAL

11371676,00

9951780,00

14862851,00

17979499,00

18847008,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.87.91

Euro

1

Rs.70.57

 

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

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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.