MIRA INFORM REPORT

 

 

Report Date :

06.05.2013

 

IDENTIFICATION DETAILS

 

Name :

BILIM ILAC SANAYII VE TICARET A.S.

 

 

Registered Office :

Maslak Mah. Sumer Sok. No: 4 Sisli Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

04.05.1961

 

 

Com. Reg. No.:

79251

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of medicine. 

 

 

No. of Employees :

2.100

 

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 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

:

BILIM ILAC SANAYII VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Maslak Mah. Sumer Sok. No: 4 Sisli Istanbul / Turkey

PHONE NUMBER

:

90-212-365 15 00 (Pbx)

 

FAX NUMBER

:

90-212-276 29 19

90-212-286 40 97

 

WEB-ADDRESS

:

www.bilimilac.com.tr

E-MAIL

:

info@bilimilac.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

1750002098

REGISTRATION NUMBER

:

79251

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

04.05.1961

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   29.000.000

PAID-IN CAPITAL

:

TL   29.000.000

HISTORY

:

Previous Registered Capital

:

TL 12.000.000

Changed On

:

28.04.2008 (Commercial Gazette Date /Number 01.05.2008/ 7053)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Bilfar Holding A.S.

97,19 %

Gulseren Karaagac

 

Erhan Bas

 

Hanife Duraksoy

 

Mehmet Adil Karaagac

 

Bulent Karaagac

 

Mustafa Kemal Karaagac

 

Hifzi Alp Karaagac

 

 

 

GROUP PARENT COMPANY

:

BILFAR HOLDING A.S.       

 

SISTER COMPANIES

:

AKTIF KOZMETIK SATIS PAZARLAMA VE DAGITIM A.S.

AKVET VETERINER ILACLARI SANAYI VE TICARET A.S.

BILFAR HOLDING A.S.

CONSENTIS ILAC SANAYI VE TICARET LTD. STI.

DENGE DIS TICARET VE SANAYI A.S.

GENERICA ILAC SANAYI VE TICARET A.S.

HUSNU ARSAN ILACLARI A.S.

KAR GAYRIMENKUL GELISTIRME VE INSAAT A.S.

KAR KOZMETIK URUNLER TICARET PAZARLAMA VE SANAYI A.S.

KOPAS KOZMETIK PAZARLAMA VE SANAYI A.S.

URFAR ILAC SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

HUSNU ARSAN ILACLARI A.S.

 

BOARD OF DIRECTORS

:

Bulent Karaagac

Chairman

Mustafa Kemal Karaagac

Vice-Chairman

Erhan Bas

Member

Hanife Duraksoy

Member

Hifzi Alp Karaagac

Member

 

 

DIRECTORS

:

Erhan Bas

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of medicine. 

 

NACE CODE

:

DG.24.41

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

2.100

 

NET SALES

:

4.358 TL Thousand

(1996) 

8.397 TL Thousand

(1997) 

17.337 TL Thousand

(1998) 

31.798 TL Thousand

(1999) 

47.697 TL Thousand

(2000) 

80.507 TL Thousand

(2001) 

125.632 TL Thousand

(2002) 

150.616 TL Thousand

(2003) 

185.131 TL Thousand

(2004) 

238.643 TL Thousand

(2005) 

300.270 TL Thousand

(2006) 

344.139 TL Thousand

(2007) 

404.102 TL Thousand

(2008) 

469.633 TL Thousand

(2009) 

489.248.419 TL

(2010) 

567.001.542 TL

(2011) 

 

 

IMPORT COUNTRIES

:

Italy

Netherlands

Spain

Austria

Japan

India

Switzerland

U.S.A.

 

MERCHANDISE IMPORTED

:

Raw materials of medicine

Wrapping paper

 

EXPORT VALUE

:

133 TL Thousand

(1996)

43 TL Thousand

(1997)

293 TL Thousand

(1998)

457 TL Thousand

(1999)

586 TL Thousand

(2000)

3.471 TL Thousand

(2001)

7.159 TL Thousand

(2002)

9.748 TL Thousand

(2003)

11.582 TL Thousand

(2004)

12.636 TL Thousand

(2005)

11.334 TL Thousand

(2006)

14.713 TL Thousand

(2007)

19.080.000 USD

(2008)

22.659 USD Thousand

(2009)

44.104.763 TL

(2010)

29.575 USD Thousand

(2011)

 

 

EXPORT COUNTRIES

:

Iraq

Belgium

Azerbaijan

Malaysia

France

Yemen

Netherlands

Afghanistan

Georgia

Libya

Malta

U.A.E.

Hong-Kong

Macedonia Republic

Somalia

Philippines

Guatamela

Kenya

 

MERCHANDISE  EXPORTED

:

Medicine

 

HEAD OFFICE ADDRESS

:

Maslak Mah. Sumer Sok. No: 4 Sisli Istanbul / Turkey ( owned ) (11.200 sqm)

 

BRANCHES

:

Factory  :  Cerkezkoy Organize Sanayi Bolgesi Cerkezkoy Tekirdag/Turkey (owned) (22.800 sqm)

 

Factory  :  Gebze Organize Sanayi Bolgesi Gebze Kocaeli/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Istanbul Kurumsal Branch

HSBC Bank Merkez Branch

ING Bank Merkez Branch

T. Is Bankasi Maslak Kurumsal Branch

Yapi ve Kredi Bankasi Esentepe Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

 

 

 

 

Net Sales

567.001.542

 

 

 

 

Profit (Loss) Before Tax

46.744.197

 

 

 

 

Stockholders' Equity

265.378.144

 

 

 

 

Total Assets

537.790.370

 

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2011

Profitability

High Net Profitability  in 2011

 

General Financial Position

Fair

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 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

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.95

UK Pound

1

Rs.83.80

Euro

1

Rs.70.49

 

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%)

 

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.