MIRA INFORM REPORT

 

 

Report Date :

07.02.2013

 

IDENTIFICATION DETAILS

 

Name :

MEDICHEM KIMYA SANAYI VE TICARET LTD. STI.

 

 

Formerly Known As :

MEDICOST SAGLIK HIZMETLERI SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Kosuyolu Cad. No:150/3 Kadikoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

30.04.2010

 

 

Com. Reg. No.:

743073

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of raw materials to be used at pharmaceutics, cosmetics and food sectors.

 

 

No. of Employees :

5

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

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

(31.03.2011)

Current Rating

(30.06.2012)

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

COMPANY IDENTIFICATION

 

 

NAME

:

MEDICHEM KIMYA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Kosuyolu Cad. No:150/3 Kadikoy Istanbul / Turkey

PHONE NUMBER

:

90-216-545 45 66

 

FAX NUMBER

:

90-216-545 45 67

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Kadikoy

TAX NO

:

6130699022

REGISTRATION NUMBER

:

743073

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

30.04.2010

ESTABLISHMENT GAZETTE DATE /NO

:

06.05.2010/7558

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000

 

HISTORY

:

Previous Name

:

Medicost Saglik Hizmetleri Sanayi ve Ticaret Ltd. Sti.

Changed On

:

12.09.2012 (Commercial Gazette Date /Number 18.09.2012/ 8155)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

16.07.2012 (Commercial Gazette Date /Number 20.07.2012/ 8116)

 

 

 

PREVIOUS SHAREHOLDERS

:

Tacettin Dolek

35 %

Coskun Durmaz

35 %

Mustafa Dandin

30 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Salih Subasi

20 %

Tacettin Dolek

20 %

Salih Acar

20 %

Coskun Durmaz

20 %

Mustafa Dandin

20 %

 

 

SISTER COMPANIES

:

BELLISA TEKSTIL URUNLERI SANAYI VE TICARET LTD. STI.

 

BIOGERMAN ILAC ECZA DEPOSU VE MEDIKAL SANAYI TICARET A.S.

 

EUROPA ECZA DEPOSU LTD. STI.

 

HERMES TIBBI MALZEMELER DIS TICARET LTD. STI.

 

OZLEM MEDIKAL TIBBI MALZEMELER KIMYA SANAYI VE TICARET LTD. STI.

 

PHARMEKS DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Tacettin Dolek

 

Mustafa Dandin

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of raw materials to be used at pharmaceutics, cosmetics and food sectors.

 

The subject was dealing with trade of pharmaceuticals via internet has declared that, it was not very active in 2012. However, it has also declared that, it changed its name on 12.09.2012 and on the same date it also changed its business line as trade of raw materials to be used at pharmaceutics, cosmetics and food sectors.

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

5

 

NET SALES

:

42.482 TL

(30.04-31.12.2010) 

258.090 TL

(2011) 

2.407 TL

(01.01-30.09.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

China

India

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

0 TL

(2011)

0 TL

(01.01-30.09.2012)

 

 

HEAD OFFICE ADDRESS

:

Kosuyolu Cad. No:150/3 Kadikoy Istanbul / Turkey

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Small

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Turk Ekonomi Bankasi Altunizade Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(30.04-31.12.2010) TL

(2011) TL

(01.01-30.09.2012) TL

Net Sales

42.482

258.090

2.407

Profit (Loss) Before Tax

-6.546

5.023

-40.478

Stockholders' Equity

5.954

10.977

 

Total Assets

23.340

86.166

 

Current Assets

23.340

86.166

 

Non-Current Assets

0

0

 

Current Liabilities

17.386

75.189

 

Long-Term Liabilities

0

0

 

Gross Profit (loss)

42.482

258.090

2.407

Operating Profit (loss)

-7.819

2.858

-37.395

Net Profit (loss)

-6.546

5.023

-40.478

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Negative Stockholders’ Equity

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

Good As of 31.12.2011

Profitability

Operating Loss (30.04-31.12.2010)

Net Loss (30.04-31.12.2010)

Low Operating Profitability  in 2011

Fair Net Profitability  in 2011

Operating Loss (01.01-30.09.2012)

Net Loss (01.01-30.09.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Poor

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.01.2013)

-0,18 %

1,7748

2,3734

2,8382

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

23.340

1,00

86.166

1,00

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

22.995

0,99

85.236

0,99

Marketable Securities

0

0,00

0

0,00

Account Receivable

0

0,00

0

0,00

Other Receivable

0

0,00

0

0,00

Inventories

0

0,00

0

0,00

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

345

0,01

930

0,01

NON-CURRENT ASSETS

0

0,00

0

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

0

0,00

0

0,00

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

23.340

1,00

86.166

1,00

CURRENT LIABILITIES

17.386

0,74

75.189

0,87

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

16.891

0,72

19.101

0,22

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

55.000

0,64

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

495

0,02

1.088

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

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

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

5.954

0,26

10.977

0,13

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

12.500

0,54

12.500

0,15

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-6.546

-0,08

Net Profit (loss)

-6.546

-0,28

5.023

0,06

TOTAL LIABILITIES AND EQUITY

23.340

1,00

86.166

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

 

 

(30.04-31.12.2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

42.482

1,00

258.090

1,00

2.407

1,00

Cost of Goods Sold

0

0,00

0

0,00

0

0,00

Gross Profit

42.482

1,00

258.090

1,00

2.407

1,00

Operating Expenses

50.301

1,18

255.232

0,99

39.802

16,54

Operating Profit

-7.819

-0,18

2.858

0,01

-37.395

-15,54

Other Income

1.273

0,03

6.380

0,02

170

0,07

Other Expenses

0

0,00

4.215

0,02

3.253

1,35

Financial Expenses

0

0,00

0

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-6.546

-0,15

5.023

0,02

-40.478

-16,82

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-6.546

-0,15

5.023

0,02

-40.478

-16,82

 

 

FINANCIAL RATIOS

 

 

(30.04-31.12.2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,34

1,15

Acid-Test Ratio

1,32

1,13

Cash Ratio

1,32

1,13

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,00

Short-term Receivable/Total Assets

0,00

0,00

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

 

 

Stockholders' Equity Turnover

7,14

23,51

Asset Turnover

1,82

3,00

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,26

0,13

Current Liabilities/Total Assets

0,74

0,87

Financial Leverage

0,74

0,87

Gearing Percentage

2,92

6,85

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-1,10

0,46

Operating Profit Margin

-0,18

0,01

Net Profit Margin

-0,15

0,02

Interest Cover

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

0,00

0,00

Average Payable Period (days)

 

 

WORKING CAPITAL

5954,00

10977,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.08

UK Pound

1

Rs.83.12

Euro

1

Rs.72.02

 

 

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.