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Report No. : |
343788 |
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Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
GLAXOSMITHKLINE ILACLARI SANAYI VE TICARET A.S. |
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|
|
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Registered Office : |
Buyukdere Cad. No:173 1. Levent Plaza B Blok 80620 1. Levent Istanbul |
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Country : |
Turkey |
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Date of Incorporation : |
09.07.1984 |
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Com. Reg. No.: |
204394 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject is engaged in trade of medicine |
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No. of Employee : |
780 |
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 |
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|
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Payment Behaviour : |
No complaints |
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|
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 - 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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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 around 9% in 2010-11, as exports returned to normal levels following the recession. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.
Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.
The Turkish economy retains significant weaknesses. Specifically, Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.
|
Source
: CIA |
COMPANY
IDENTIFICATION
|
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|
||
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NAME |
: |
GLAXOSMITHKLINE ILACLARI SANAYI VE TICARET A.S. |
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HEAD OFFICE ADDRESS |
: |
Buyukdere Cad. No:173 1. Levent Plaza B Blok 80620 1. Levent Istanbul
/ Turkey |
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PHONE NUMBER |
: |
90-212-339 44 00 |
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FAX NUMBER |
: |
90-212-339 45 00 |
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WEB-ADDRESS |
: |
www.gsk.com.tr |
LEGAL
STATUS AND HISTORY
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NOTES
ON LEGAL STATUS AND HISTORY |
: |
The
paid-in capital is declared by the subject. There is no certification for the
paid-in capital.. |
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TAX OFFICE |
: |
Buyuk Mukellefler |
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TAX NO |
: |
3960050129 |
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REGISTRATION NUMBER |
: |
204394 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
09.07.1984 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
16.07.1984/1053 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 357.788.210,05 |
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PAID-IN CAPITAL |
: |
TL 357.788.210,05 |
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HISTORY |
: |
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OWNERSHIP
/ MANAGEMENT
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SHAREHOLDERS |
: |
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REMARKS ON SHAREHOLDERS |
: |
The major shareholder "Wellcome Limited" is a company located
in the U.K. |
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BOARD OF DIRECTORS |
: |
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OPERATIONS
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NOTES
ON OPERATIONS |
: |
The
firm orders production to contract manufacturers. Manufacturing
stopped. |
|
BUSINESS ACTIVITIES |
: |
Trade of medicine. The subject
orders medicine to be manufactured in the name of the subject company to
contract manufacturers. The subject was also dealing with manufacturing of medicine but it has
declared that it stopped manufacturing activity at the end of 2009. The firm has also regional directorates in Adana, Ankara, Bursa,
Diyarbakir, Samsun, Izmir, Konya. |
|
NACE CODE |
: |
G .51.46 |
|
SECTOR |
: |
Commerce |
|
TRADEMARKS OWNED |
: |
Augmentin Avandia Bactroban Calpol Duact Engerix Imigran Infanrix Panadol Paxil Priorix Pritor Pylorid Relifex Semprex Septrin Seretide Serevent Sudafed Ventolin Zantac Zeffix Zinnat Zovirax Zyban |
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NUMBER OF EMPLOYEES |
: |
780 |
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NET SALES |
: |
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REMARKS ON NET SALES |
: |
In Turkey, there is no public registry on companies’ financial and detailed
general data. So, to collect a firm’s data, an information agency has to
contact the company and get its authorization. However the company strictly declines to give us an authorization to
gather its fresh financial data. As the firm’s shares are not open to public
it is not obliged to announce its data. |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
Switzerland U.K. Ireland |
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MERCHANDISE IMPORTED |
: |
Raw materials of medicine |
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HEAD OFFICE ADDRESS |
: |
Buyukdere Cad. No:173 1. Levent Plaza B Blok 80620 1. Levent Istanbul
/ Turkey ( owned ) |
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INVESTMENTS |
: |
None |
FINANCE
|
|
|
||
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MAIN DEALING BANKS |
: |
Citibank Merkez Branch HSBC Bank Merkez Branch |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT
ON FINANCIAL POSITION
|
|
General Financial Position |
General financial position is undetermined the firm declines to give us
an authorization to gather its financial data. As the shares of the firm are
not open to public, it is not obliged to announce its data. |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 01.01-31.08.2015) |
6,19 % |
2,6233 |
2,9381 |
4,0377 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.26 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ASH |
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 |
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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.