|
Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
GEN ILAC VE SAGLIK URUNLERI SANAYI VE TICARET A.S. |
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|
|
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Registered Office : |
Mustafa Kemal Mah. 2119. Sok. No:3 D:2-3 Cankaya Ankara |
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Country : |
Turkey |
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|
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1997 |
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Com. Reg. No.: |
131040 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Wholesale trade of medicine. |
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|
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No. of Employees : |
200 |
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 : |
Slow but correct |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Turkey |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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.
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Source : CIA |
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NAME |
: |
GEN ILAC VE SAGLIK URUNLERI SANAYI VE TICARET A.S. |
|
HEAD OFFICE ADDRESS |
: |
Mustafa Kemal Mah. 2119. Sok. No:3 D:2-3 Cankaya Ankara / Turkey |
|
REMARKS ON HEAD OFFICE ADDRESS |
: |
The address was changed from "Mustafa Kemal Mah. 50. Sok. D:15
Bilkent Ankara" to "Mustafa Kemal Mah. 2119. Sok. No:3 D:2-3
Cankaya Ankara" by the Municipality. |
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PHONE NUMBER |
: |
90-312-219 62 19 |
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FAX NUMBER |
: |
90-312-219 60 10 |
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WEB-ADDRESS |
: |
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||
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NOTES ON
LEGAL STATUS AND HISTORY |
: |
Change at tax
no . |
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TAX OFFICE |
: |
Maltepe |
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TAX NO |
: |
3910310236 |
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REMARKS ON TAX NO |
: |
As the legal form was changed from limited company to joint stock
company, the tax no has been changed from 3910052952 to 3910310236 |
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REGISTRATION NUMBER |
: |
131040 |
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REGISTERED OFFICE |
: |
Ankara Chamber of Commerce |
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DATE ESTABLISHED |
: |
1997 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
07.08.1997/4349 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 20.000.000 |
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HISTORY |
: |
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SHAREHOLDERS |
: |
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SISTER COMPANIES |
: |
ABSEL EMLAK INSAAT VE TURIZM SANAYI VE TICARET LTD. STI. KORO ILAC VE SAGLIK URUNLERI SANAYI VE TICARET A.S. RADMED SAGLIK URUNLERI VE CIHAZLARI PAZARLAMA ITHALAT SAN. VE TIC.
A.S. |
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BOARD OF DIRECTORS |
: |
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BUSINESS ACTIVITIES |
: |
Wholesale trade of medicine. |
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NACE CODE |
: |
G .51.46 |
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SECTOR |
: |
Commerce |
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REPRESENTATIVE OF |
: |
Biogen (U.S.A.) Britania (U.K.) Cephalon (France) Ipsen (France) Meda (Germany) Sichuan yuanda Shuyang (China) |
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NUMBER OF EMPLOYEES |
: |
200 |
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NET SALES |
: |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
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IMPORT COUNTRIES |
: |
U.K. U.S.A. France Germany China |
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MERCHANDISE IMPORTED |
: |
Medicine |
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EXPORT VALUE |
: |
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EXPORT COUNTRIES |
: |
Azerbaijan Germany Georgia Kazakhstan Northern Cyprus Turkish Republic |
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MERCHANDISE EXPORTED |
: |
Medical instruments Medicine |
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HEAD OFFICE ADDRESS |
: |
Mustafa Kemal Mah. 2119. Sok. No:3 D:2-3 Cankaya Ankara / Turkey |
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BRANCHES |
: |
Head Office/Warehouse : Mustafa Kemal Mah. 2119. Sok. No:3 D:2-3
Cankaya Ankara/Turkey (owned) Branch Office : Halyolu Cad. Bostanci Hali Yani N:5 K:5 Icerenkoy
Istanbul/Turkey (owned) (300 sqm) Branch Office : Izmir/Turkey (owned) (100 sqm) Branch Office : Trabzon/Turkey (rented) |
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INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
There was an upwards trend in
2012. |
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SIZE OF BUSINESS |
: |
Giant |
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MAIN DEALING BANKS |
: |
Akbank Ankara Branch ING Bank Cetin Emec Branch Turk Ekonomi Bankasi Ankara Branch |
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CREDIT FACILITIES |
: |
The subject company is making active 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 |
: |
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THE DETAILS OF THE CAPITAL INCREASE
AFTER LAST BALANCE SHEET |
: |
Cash Part |
:6.500.000 TL |
|
Equity Part |
: |
||
|
Payment Due Date |
:23.11.2014 |
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Capitalization |
Insufficient |
|
Remarks on Capitalization |
There has been capital increase after the last balance sheet date. The
capital increase financed by cash is expected to have an improvement at
equity total since the last balance sheet date. |
|
Liquidity |
Satisfactory |
|
Remarks On Liquidity |
The capital increase after the last balance sheet is expected to have
a positive effect on liquidity since the last balance sheet date. The unfavorable gap between average collection and average payable
period has an adverse 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 |
Low Operating Profitability in
2011 Net Loss in 2011 Fair Operating Profitability in
2012 In Order Net Profitability in
2012 |
|
Gap between average collection and payable periods |
Unfavorable in 2011 |
|
General Financial Position |
Passable |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
|
( 01.01-28.02.2013) |
-0,31 % |
1,7828 |
2,3690 |
2,8041 |
|
|
( 31.12.2011 ) TL |
|
|
CURRENT ASSETS |
55.732.034 |
0,74 |
|
Not Detailed Current Assets |
0 |
0,00 |
|
Cash and Banks |
678.228 |
0,01 |
|
Marketable Securities |
0 |
0,00 |
|
Account Receivable |
36.995.867 |
0,49 |
|
Other Receivable |
3.308.567 |
0,04 |
|
Inventories |
7.548.999 |
0,10 |
|
Advances Given |
6.414.923 |
0,08 |
|
Accumulated Construction Expense |
0 |
0,00 |
|
Other Current Assets |
785.450 |
0,01 |
|
NON-CURRENT ASSETS |
19.941.249 |
0,26 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
|
Financial Assets |
1.275.000 |
0,02 |
|
Tangible Fixed Assets (net) |
5.603.271 |
0,07 |
|
Intangible Assets |
10.581.958 |
0,14 |
|
Deferred Tax Assets |
0 |
0,00 |
|
Other Non-Current Assets |
2.481.020 |
0,03 |
|
TOTAL ASSETS |
75.673.283 |
1,00 |
|
CURRENT LIABILITIES |
34.900.695 |
0,46 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
|
Financial Loans |
6.058.441 |
0,08 |
|
Accounts Payable |
24.667.171 |
0,33 |
|
Loans from Shareholders |
74.674 |
0,00 |
|
Other Short-term Payable |
1.577.834 |
0,02 |
|
Advances from Customers |
474.945 |
0,01 |
|
Accumulated Construction Income |
0 |
0,00 |
|
Taxes Payable |
997.995 |
0,01 |
|
Provisions |
64.611 |
0,00 |
|
Other Current Liabilities |
985.024 |
0,01 |
|
LONG-TERM LIABILITIES |
28.669.672 |
0,38 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
|
Financial Loans |
28.669.672 |
0,38 |
|
Securities Issued |
0 |
0,00 |
|
Long-term Payable |
0 |
0,00 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Long-term Liabilities |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
12.102.916 |
0,16 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
|
Paid-in Capital |
13.500.000 |
0,18 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
|
Inflation Adjustment of Capital |
0 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
|
Reserves |
225.775 |
0,00 |
|
Revaluation Fund |
7.052 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
|
Net Profit (loss) |
-1.629.911 |
-0,02 |
|
TOTAL LIABILITIES AND EQUITY |
75.673.283 |
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 7.747.686 of the other income is due
to "Other Extraordinary Income" .
|
|
|
(2011) TL |
|
(2012) TL |
|
|
Net Sales |
137.180.121 |
1,00 |
158.031.846 |
1,00 |
|
Cost of Goods Sold |
111.424.570 |
0,81 |
119.010.184 |
0,75 |
|
Gross Profit |
25.755.551 |
0,19 |
39.021.662 |
0,25 |
|
Operating Expenses |
25.492.997 |
0,19 |
34.246.472 |
0,22 |
|
Operating Profit |
262.554 |
0,00 |
4.775.190 |
0,03 |
|
Other Income |
13.125.943 |
0,10 |
12.724.656 |
0,08 |
|
Other Expenses |
10.506.513 |
0,08 |
5.052.699 |
0,03 |
|
Financial Expenses |
4.380.803 |
0,03 |
7.379.204 |
0,05 |
|
Minority Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) Before Tax |
-1.498.819 |
-0,01 |
5.067.943 |
0,03 |
|
Tax Payable |
131.092 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
-1.629.911 |
-0,01 |
5.067.943 |
0,03 |
|
|
(2011) |
|
LIQUIDITY RATIOS |
|
|
Current Ratio |
1,60 |
|
Acid-Test Ratio |
1,17 |
|
Cash Ratio |
0,02 |
|
ASSET STRUCTURE RATIOS |
|
|
Inventory/Total Assets |
0,10 |
|
Short-term Receivable/Total Assets |
0,53 |
|
Tangible Assets/Total Assets |
0,07 |
|
TURNOVER RATIOS |
|
|
Inventory Turnover |
14,76 |
|
Stockholders' Equity Turnover |
11,33 |
|
Asset Turnover |
1,81 |
|
FINANCIAL STRUCTURE |
|
|
Stockholders' Equity/Total Assets |
0,16 |
|
Current Liabilities/Total Assets |
0,46 |
|
Financial Leverage |
0,84 |
|
Gearing Percentage |
5,25 |
|
PROFITABILITY RATIOS |
|
|
Net Profit/Stockholders' Eq. |
-0,13 |
|
Operating Profit Margin |
0,00 |
|
Net Profit Margin |
-0,01 |
|
Interest Cover |
0,66 |
|
COLLECTION-PAYMENT |
|
|
Average Collection Period (days) |
97,09 |
|
Average Payable Period (days) |
79,70 |
|
WORKING CAPITAL |
20831339,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.