MIRA INFORM REPORT

 

 

Report Date :

20.01.2013

 

IDENTIFICATION DETAILS

 

Name :

RECORDATI ILAC SANAYI VE TICARET A.S.

 

 

Formerly Known as:

Dr. F. Frik Ilac Sanayii ve Ticaret Ltd. Sti.

 

 

Registered Office :

Dogan Arasli Cad. No: 219 Esenyurt Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

25.11.1968

 

 

Com. Reg. No.:

100826

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of medicine for humans. 

 

 

No. of Employees :

375

 

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 – 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

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

:

RECORDATI ILAC SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Dogan Arasli Cad. No: 219 Esenyurt Istanbul / Turkey

PHONE NUMBER

:

90-212-620 28 50

 

FAX NUMBER

:

90-212-596 20 65

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

3130426672

REGISTRATION NUMBER

:

100826

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

25.11.1968

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   80.875.367,29

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

30.06.2004 (Commercial Gazette Date /Number 05.07.2004/ 6085)

Previous Name

:

Dr. F. Frik Ilac Sanayii ve Ticaret Ltd. Sti.

Changed On

:

30.06.2004 (Commercial Gazette Date /Number 05.07.2004/ 6085)

Previous Name

:

Dr. F. Frik Ilac Sanayii ve Ticaret A.S.

Changed On

:

03.07.2012 (Commercial Gazette Date /Number 09.07.2012/ 8107)

Previous Registered Capital

:

TL 9.500.000

Changed On

:

06.08.2008 (Commercial Gazette Date /Number 12.08.2008/ 7125)

Previous Registered Capital

:

TL 40.000.000

Changed On

:

31.05.2010 (Commercial Gazette Date /Number 07.06.2010/ 7579)

Previous Registered Capital

:

TL 40.000.057,29

Changed On

:

03.07.2012 (Commercial Gazette Date /Number 09.07.2012/ 8107)

Previous Address

:

Aydinevler Mah. Sanayi Cad. No:42 Kucukyali Maltepe Istanbul

Changed On

:

11.10.2010 (Commercial Gazette Date /Number 15.10.2010/ 7670)

Previous Address

:

Aydinevler Mah. Sanayi Cad. No: 26 Kucukyali Maltepe Istanbul

Changed On

:

22.03.2012 (Commercial Gazette Date /Number 28.03.2012/ 8036)

Merger

:

The firm took over and merged with  "Dirim Otomotiv ve Servis Hizmetleri Ticaret A.S." and "Bioformag Ilac Sanayi ve Ticaret A.S."

Changed On

:

31.05.2010 (Commercial Gazette Date /Number 07.06.2010/ 7579)

Merger

:

The firm took over and merged with Yeni Recordati Ilac Ve Hammaddeleri Sanayi ve Ticaret A.S.

Changed On

:

03.07.2012 (Commercial Gazette Date /Number 09.07.2012/ 8107)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Recordati Espana S.L.

99,99 %

Giovanni Mariani

 

Valter Bevilacqua

 

Recordati SpA

 

Fritz Squindo

 

Arnaldo Restelli

 

 

 

BOARD OF DIRECTORS

:

A. Alessandro Recordati

Chairman

Fritz Squindo

Vice-Chairman

Mario Pietro Crovetto

Member

 

 

OPERATIONS

 

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

 

BUSINESS ACTIVITIES

:

Trade of medicine for humans. 

 

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

 

NACE CODE

:

G .51.46

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

375

 

NET SALES

:

23.823.540 TL

(01.01-31.03.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Germany

Switzerland

India

Greece

Spain

 

MERCHANDISE IMPORTED

:

Medicine

Raw materials

 

EXPORT VALUE

:

102.357 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Azerbaijan

France

Georgia

Kazakhstan

 

MERCHANDISE  EXPORTED

:

Drugs for medical use

 

HEAD OFFICE ADDRESS

:

Dogan Arasli Cad. No: 219 Esenyurt  Istanbul / Turkey

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Bogazici Kurumlar Branch

ING Bank Maltepe Branch

Turk Ekonomi Bankasi Kozyatagi Branch

Yapi ve Kredi Bankasi Ataturk Caddesi Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(01.01-31.03.2012) TL

 

 

 

 

Net Sales

23.823.540

 

 

 

 

Profit (Loss) Before Tax

4.239.168

 

 

 

 

Gross Profit (loss)

11.000.182

 

 

 

 

Operating Profit (loss)

2.191.478

 

 

 

 

Net Profit (loss)

4.239.168

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Profitability

Good Operating Profitability (01.01-31.03.2012)

High Net Profitability (01.01-31.03.2012)

 

General Financial Position

The firm has profit but general financial position is undetermined.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 

 

INCOME STATEMENT

 

 

(01.01-31.03.2012) TL

 

Net Sales

23.823.540

1,00

Cost of Goods Sold

12.823.358

0,54

Gross Profit

11.000.182

0,46

Operating Expenses

8.808.704

0,37

Operating Profit

2.191.478

0,09

Other Income

8.676.040

0,36

Other Expenses

4.604.695

0,19

Financial Expenses

2.023.655

0,08

Minority Interests

0

0,00

Profit (loss) of consolidated firms

0

0,00

Profit (loss) Before Tax

4.239.168

0,18

Tax Payable

0

0,00

Postponed Tax Gain

0

0,00

Net Profit (loss)

4.239.168

0,18

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.94

UK Pound

1

Rs.86.24

Euro

1

Rs.72.20

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.