MIRA INFORM REPORT

 

 

Report Date :

15.07.2013

 

IDENTIFICATION DETAILS

 

Name :

TOPKIM-TOPKAPI ILAC PREMIKS SANAYII VE TICARET A.S.

 

 

Registered Office :

Ruzgarlibahce Mah.  Yeni Parseller Mevkii Yesa Is Merkezi Blok 1 Kat:4 Beykoz Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

09.05.1975

 

 

Com. Reg. No.:

132707

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer and trader of veterinary medicine and fodder premixes

 

 

No. of Employees :

118

 

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

TOPKIM-TOPKAPI ILAC PREMIKS SANAYII VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ruzgarlibahce Mah.  Yeni Parseller Mevkii Yesa Is Merkezi Blok 1 Kat:4 Beykoz Istanbul / Turkey

PHONE NUMBER

:

90-216-680 49 00

 

FAX NUMBER

:

90-216-680 49 09

 

WEB-ADDRESS

:

www.topkim.com.tr

E-MAIL

:

topkim@topkim.com.tr  

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

8540007944

REGISTRATION NUMBER

:

132707

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

09.05.1975

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Registered Capital

:

TL 200.000

Changed On

:

16.05.2003 (Commercial Gazette Date /Number 22.05.2003/ 5803)

Previous Address

:

Davutpasa Cad. No:14 Topkapi-Istanbul

Changed On

:

06.03.2008 (Commercial Gazette Date /Number 12.03.2008/ 7018)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Seyfettin Ugur

41,43 %

Can Ugur

25 %

Ozdal Ugur

12 %

Hannelore Ugur

10 %

Efdal Ugur

10 %

Cemal Nadi Aytug

1,57 %

 

 

SISTER COMPANIES

:

BIYOTEKNIK KIMYA SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Seyfettin Ugur

Chairman

Ozdal Ugur

Vice-Chairman

Hannelore Ugur

Member

Efdal Ugur

Member

Can Ugur

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of veterinary medicine and fodder premixes.

 

NACE CODE

:

DG.24.40

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Topkim

 

NUMBER OF EMPLOYEES

:

118

 

NET SALES

:

16.341 TL Thousand

(2004) 

18.359 TL Thousand

(2005) 

16.697 TL Thousand

(2006) 

13.061 TL Thousand

(2007) 

11.502 TL Thousand

(2008) 

12.804 TL Thousand

(2009) 

15.339 TL Thousand

(2010) 

21.749.454 TL

(2011) 

22.233.369 TL

(2012) 

4.486.194 TL

(01.01-31.03.2013) 

 

 

CAPACITY

:

Fodder premixes and medicated fodder additives  (tons/yr)

Medicine (powder)  (tons/yr)

Medicine (Solution) 

(liter/yr)

 

4.800

922

921.600

(2010)

4.800

922

921.600

(2011)

 

 

 

 

Medicine (sterile injectible solution)  (liter/yr)

Medicine (Sterile powder )  (kgs/yr)

Medicine (Tablet)  (tons/yr)

 

230.000

23.500

300

(2010)

230.000

23.500

300

(2011)

 

 

 

 

IMPORT VALUE

:

3.600.900 USD

(2004)

4.182.000 USD

(2005)

2.571.381 USD

(2006)

2.257.400 USD

(2007)

2.413.000 USD

(2008)

2.089.800 USD

(2009)

2.800.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

China

Germany

U.S.A.

U.K.

France

Italy

 

MERCHANDISE IMPORTED

:

Raw materials of medicine

 

EXPORT VALUE

:

359.324 TL

(2010)

378.367 TL

(2011)

272.822 TL

(2012)

93.428 TL

(01.01-31.03.2013)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Azerbaijan

Turkmenistan

Iraq

Moldova

Bulgaria

 

MERCHANDISE  EXPORTED

:

Fodder premixes

Veterinary medicines

 

HEAD OFFICE ADDRESS

:

Ruzgarlibahce Mah.  Yeni Parseller Mevkii Yesa Is Merkezi Blok 1 Kat:4 Beykoz  Istanbul / Turkey ( rented )

 

BRANCHES

:

Factory  :  Davutpasa Cad. No:137 Topkapi Istanbul/Turkey (rented)

 

Factory  :  Bomonti Firin Sok. No:57-59 Sisli Istanbul/Turkey (owned) (2.800 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

Trend of business was steady in 2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Galata Branch

Garanti Bankasi Galata Branch

T. Halk Bankasi Salipazari Ticari Branch

T. Is Bankasi Karakoy Branch

Yapi ve Kredi Bankasi Karakoy Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL Thousand

(2010) TL Thousand

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

Net Sales

12.804

15.339

21.749.454

22.233.369

4.486.194

Profit (Loss) Before Tax

665

2.383

4.093.372

6.402.147

1.230.736

Stockholders' Equity

13.963

11.921

13.712.738

17.307.477

 

Total Assets

21.655

18.220

19.474.694

21.320.961

 

Current Assets

21.370

17.686

18.874.016

20.700.678

 

Non-Current Assets

285

534

600.678

620.283

 

Current Liabilities

2.428

3.980

4.817.506

4.013.484

 

Long-Term Liabilities

5.264

2.319

944.450

0

 

Gross Profit (loss)

7.352

8.678

12.495.486

13.015.649

2.605.245

Operating Profit (loss)

1.411

1.904

4.385.189

5.905.665

875.134

Net Profit (loss)

526

1.901

3.262.205

5.113.641

1.230.736

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Liquidity

High As of 31.12.2012

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

High Operating Profitability  in 2009

Good Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability (01.01-31.03.2013)

High Net Profitability (01.01-31.03.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Good

 

 

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

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL Thousand

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

21.370

0,99

17.686

0,97

18.874.016

0,97

20.700.678

0,97

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.910

0,13

2.075

0,11

1.002.294

0,05

919.990

0,04

Marketable Securities

596

0,03

892

0,05

192.633

0,01

9.769

0,00

Account Receivable

10.729

0,50

9.600

0,53

12.958.315

0,67

15.104.734

0,71

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

1.547

0,07

1.880

0,10

2.021.130

0,10

2.458.414

0,12

Advances Given

101

0,00

87

0,00

84.080

0,00

173.207

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

5.487

0,25

3.152

0,17

2.615.564

0,13

2.034.564

0,10

NON-CURRENT ASSETS

285

0,01

534

0,03

600.678

0,03

620.283

0,03

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

12

0,00

12

0,00

12.107

0,00

12.107

0,00

Financial Assets

27

0,00

27

0,00

27.263

0,00

27.263

0,00

Tangible Fixed Assets (net)

101

0,00

347

0,02

385.331

0,02

397.864

0,02

Intangible Assets

136

0,01

139

0,01

160.626

0,01

168.948

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

9

0,00

9

0,00

15.351

0,00

14.101

0,00

TOTAL ASSETS

21.655

1,00

18.220

1,00

19.474.694

1,00

21.320.961

1,00

CURRENT LIABILITIES

2.428

0,11

3.980

0,22

4.817.506

0,25

4.013.484

0,19

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

56

0,00

70

0,00

0

0,00

0

0,00

Accounts Payable

1.783

0,08

1.992

0,11

1.908.106

0,10

1.413.394

0,07

Loans from Shareholders

281

0,01

0

0,00

91

0,00

0

0,00

Other Short-term Payable

0

0,00

71

0,00

71.141

0,00

29.910

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

137

0,01

161

0,01

526.613

0,03

286.037

0,01

Provisions

171

0,01

533

0,03

891.515

0,05

1.378.149

0,06

Other Current Liabilities

0

0,00

1.153

0,06

1.420.040

0,07

905.994

0,04

LONG-TERM LIABILITIES

5.264

0,24

2.319

0,13

944.450

0,05

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.264

0,24

2.319

0,13

944.450

0,05

0

0,00

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

13.963

0,64

11.921

0,65

13.712.738

0,70

17.307.477

0,81

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000

0,05

1.000

0,05

1.000.000

0,05

1.000.000

0,05

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

12.437

0,57

9.020

0,50

9.450.533

0,49

11.193.836

0,53

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

526

0,02

1.901

0,10

3.262.205

0,17

5.113.641

0,24

TOTAL LIABILITIES AND EQUITY

21.655

1,00

18.220

1,00

19.474.694

1,00

21.320.961

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

 

 

(2009) TL Thousand

 

(2010) TL Thousand

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

12.804

1,00

15.339

1,00

21.749.454

1,00

22.233.369

1,00

4.486.194

1,00

Cost of Goods Sold

5.452

0,43

6.661

0,43

9.253.968

0,43

9.217.720

0,41

1.880.949

0,42

Gross Profit

7.352

0,57

8.678

0,57

12.495.486

0,57

13.015.649

0,59

2.605.245

0,58

Operating Expenses

5.941

0,46

6.774

0,44

8.110.297

0,37

7.109.984

0,32

1.730.111

0,39

Operating Profit

1.411

0,11

1.904

0,12

4.385.189

0,20

5.905.665

0,27

875.134

0,20

Other Income

4.114

0,32

3.959

0,26

2.858.726

0,13

2.934.596

0,13

921.623

0,21

Other Expenses

4.778

0,37

3.380

0,22

3.028.308

0,14

2.306.334

0,10

536.759

0,12

Financial Expenses

82

0,01

100

0,01

122.235

0,01

131.780

0,01

29.262

0,01

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

665

0,05

2.383

0,16

4.093.372

0,19

6.402.147

0,29

1.230.736

0,27

Tax Payable

139

0,01

482

0,03

831.167

0,04

1.288.506

0,06

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

526

0,04

1.901

0,12

3.262.205

0,15

5.113.641

0,23

1.230.736

0,27

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

8,80

4,44

3,92

5,16

Acid-Test Ratio

5,86

3,16

2,94

4,00

Cash Ratio

1,44

0,75

0,25

0,23

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,07

0,10

0,10

0,12

Short-term Receivable/Total Assets

0,50

0,53

0,67

0,71

Tangible Assets/Total Assets

0,00

0,02

0,02

0,02

TURNOVER RATIOS

 

 

Inventory Turnover

3,52

3,54

4,58

3,75

Stockholders' Equity Turnover

0,92

1,29

1,59

1,28

Asset Turnover

0,59

0,84

1,12

1,04

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,64

0,65

0,70

0,81

Current Liabilities/Total Assets

0,11

0,22

0,25

0,19

Financial Leverage

0,36

0,35

0,30

0,19

Gearing Percentage

0,55

0,53

0,42

0,23

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,04

0,16

0,24

0,30

Operating Profit Margin

0,11

0,12

0,20

0,27

Net Profit Margin

0,04

0,12

0,15

0,23

Interest Cover

9,11

24,83

34,49

49,58

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

302,00

225,59

214,69

244,77

Average Payable Period (days)

117,73

107,66

74,23

55,20

WORKING CAPITAL

18942,00

13706,00

14056510,00

16687194,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.89

UK Pound

1

Rs.90.88

Euro

1

Rs.78.32

 

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

----

 

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.