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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

507209

Report Date :

08.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SANTA FARMA ILAC SANAYII A.S.

 

 

Registered Office :

Boru Cicegi Sok. No:16 Sisli 34384 Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

10.01.1947

 

 

Com. Reg. No.:

36298

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Medicine.

 

 

No. of Employees :

900

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

6.800.000 USD

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

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

 

Country Name

                Previous Rating               

(30.09.2017)

Current Rating

(31.12.2017)

Turkey

B2

B2

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

 

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

 

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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

 

The growth of Turkish GDP since 2016 has revealed the persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

SANTA FARMA ILAC SANAYII A.S.

HEAD OFFICE ADDRESS

Boru Cicegi Sok. No:16 Sisli 34384 Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

The door number was changed from "No:20" to "No:16" by the municipality.

PHONE NUMBER

90-212-220 64 00

 

WEB-ADDRESS

www.santafarma.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

 

 TAX OFFICE

Buyuk Mukellefler

TAX NO

7440011399

REGISTRATION NUMBER

36298

REGISTERED OFFICE

Istanbul Chamber of Commerce

COMMERCIAL REGISTRY

Istanbul Commercial Registry

DATE ESTABLISHED

10.01.1947

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

 

REGISTERED CAPITAL

TL   210.000.000

HISTORY

Previous Registered Capital   :  

TL 120.000.000    / Changed on : 06.06.2013/(Commercial Gazette Date /Number 11.06.2013 /8339)

Previous Registered Capital   :  

TL 120.100.000    / Changed on : 31.03.2017/(Commercial Gazette Date /Number 06.04.2017 /9300)

Merger   :  

The firm took over and merged with Berksam Ilac Ticaret A.S.    / Changed on : 06.06.2013/(Commercial Gazette Date /Number 11.06.2013 /8339)

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Erol Kiresepi

57 %

Gurel Ilac Ticaret A.S.

43 %

 

 

 

- Name Of Shareholder:

 

Gurel Ilac Ticaret A.S.

Origin of Shareholder:

Turkey

Tax Number Of Shareholder:

4430026943

Registration Number Of Shareholder:

184521

 

SISTER COMPANIES

 

 

 

- GUREL ILAC TICARET A.S. ( Origin: Turkey,  Tax Number: 4430026943,  Registration Number: 184521 )

- PALMER ILAC TICARET A.S. ( Origin: Turkey,  Tax Number: 7200052820,  Registration Number: 224016 )

- S F P SANTA FARMA ILAC PAZARLAMA A.S. ( Origin: Turkey,  Tax Number: 7690006760,  Registration Number: 281110 )

 

 

BOARD OF DIRECTORS

 

Erol Kiresepi ( Chairman )

Gurel Ilac Ticaret A.S. (Representative: Aptullah Anbarci) ( Vice-Chairman )

Sami Kiresepi ( Member )

 

 

 

OPERATIONS

 

 

 

 BUSINESS ACTIVITIES

Manufacture and trade of medicine.

 

NACE CODE

DG.24.42

 

SECTOR

Chemicals

 

 

 

TRADEMARKS OWNED

Allerset

Benoral

Bilokan

Carnitene

Eprex

Eukarbon

 

NUMBER OF EMPLOYEES

900

 

NET SALES

90.719.025 TL

(2005) 

97.115.639 TL

(2006) 

119.975.962 TL

(2007) 

149.744.346 TL

(2008) 

169.526.187 TL

(2009) 

184.444.749 TL

(2010) 

193.311.609 TL

(2011) 

168.184.547 TL

(2012) 

180.076.496 TL

(2013) 

208.438.528 TL

(2014) 

247.641.412 TL

(2015) 

297.099.249 TL

(2016) 

368.908.780 TL

(2017) 

 

REMARKS ON NET SALES

The sales figure of 2017 is declared by the company. There is no certification for this figure.

 

IMPORT VALUE

25.551.450 USD

(2016)

 

IMPORT COUNTRIES

Switzerland

Italy

Germany

Netherlands

 

MERCHANDISE IMPORTED

Raw materials

 

EXPORT VALUE

377.000 EUR

(2005)

354.000 EUR

(2006)

609.000 EUR

(2007)

616.000 USD

(2008)

1.129.000 USD

(2009)

1.421.000 USD

(2010)

2.418.000 USD

(2011)

2.393 USD Thousand

(2012)

3.414 USD Thousand

(2013)

3.086 USD Thousand

(2014)

1.878 USD Thousand

(2015)

1.914 USD Thousand

(2016)

 

 

EXPORT COUNTRIES

Azerbaijan

Kazakhstan

Kyrgyzstan

 

MERCHANDISE  EXPORTED

Medicine

 

HEAD OFFICE ADDRESS

Boru Cicegi Sok. No:16 Sisli  Istanbul / Turkey

 

BRANCHES

Factory  :  GEBKIM Kimya Ihtisas Organize Sanayi Sitesi Erol Kiresepi Cad. Cerkesli Yolu Uzeri No:8 Dilovasi Kocaeli/Turkey  

 

Branch Office  :  Kurttepe Mah. 83004 Sok. Tumer Plaza No:1 K:1 D:2 Cukurova Adana/Turkey  

 

Branch Office  :  Ovecler Mah. 1322. Cad. Akay Apt. No:13/4-5 Dikmen Ankara/Turkey  

 

Branch Office  :  Ogretmenevleri Ataturk Cad. Sade Apt. No:144 /6 Konyaalti Antalya/Turkey  

 

Branch Office  :  Inonu Mah. Piri Mehmet Pasa Cad. No:1-1 Mete Han Is Merkezi Kayisdagi Atasehir Istanbul/Turkey  

 

Branch Office  :  Boru Cicegi Sok. No:21 Okmeydani Sisli Istanbul/Turkey  

 

Branch Office  :  Tepekule Mah. 2084/7 Sok. Omeraga Apt. No:4 Kat:1 D:1-4 Bayrakli Izmir/Turkey  

 

Branch Office  :  Niyazi Mah. Niyazi Sok. Cinarlar Plaza No:50 D:4 Malatya/Turkey  

 

Branch Office  :  Yildizli Mah. Sahil Yolu Cad. Mert Apt. No:81 Kat:4 Daire:7 Akcaabat Trabzon/Turkey  

           

GENERAL INFORMATION ON OPERATIONS

The firm has a high market potential.

 

 

TREND OF BUSINESS

There was an upwards trend in 2014, 2015, 2016 and 2017.

SIZE OF BUSINESS

Giant

 

 

 FINANCE

 

 

 

 

MAIN DEALING BANKS

T. Is Bankasi Karagumruk Branch

T. Is Bankasi Beyoglu Branch

Yapi ve Kredi Bankasi Yeditepe Branch

QNB Finansbank Merkez Branch

 

PAYMENT BEHAVIOUR

 

Slow but correct

 

KEY FINANCIAL ELEMENTS

 

(2012)                                                                                TL

(2013)                                                                                TL

(2014)                                                                                TL

(2015)                                                                                TL

(2016)                                                                                TL

Net Sales

168.184.547

180.076.496

208.438.528

247.641.412

297.099.249

Profit (Loss) Before Tax

-5.263.770

6.089.698

65.602.437

 

 

Stockholders' Equity

117.411.289

149.028.570

209.113.640

162.542.287

141.303.296

Total Assets

148.629.187

206.297.855

385.270.221

488.763.838

550.997.760

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

 

Cash Part

54.657.364 TL

Merger Part

35.242.636 TL

Payment Due Date

31.03.2019

 

Capitalization

Fair

Remarks on Capitalization

There has been capital increase after the date of last Stockholders’ Equity figure.          

                                                                                                                                     

Profitability

Net Loss  in 2012

Fair Net Profitability  in 2013

High Net Profitability  in 2014

 

General Financial Position

Fair

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

CREDIT LIMIT

 

:

6.800.000 USD

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 ( 01.01-31.03.2018)

5,29 %

3,8255

4,6833

5,3266

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.11

UK Pound

1

INR 90.85

Euro

1

INR 80.12

TL

1

INR 15.65

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.