MIRA
INFORM REPORT
|
Report Date : |
08.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HISARLAR ITHALAT IHRACAT PAZARLAMA A.S. |
|
|
|
|
Registered Office : |
Eskisehir Bursa Yolu 20. Km. Merkez Cukurhisar – Eskisehir / |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
30.06.2007 |
|
|
|
|
Date of Incorporation : |
2003 (Commercial Registry Gazette Date/No: 06.05.2003 / 5792) |
|
|
|
|
Com. Reg. No.: |
16675 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trade of security cabins for tractors and work machinery, agricultural
equipments, spare parts of motor vehicle, sporting equipments |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
HISARLAR ITHALAT IHRACAT PAZARLAMA A.S. |
|
ADDRESS |
: |
Head Office: Eskisehir Bursa Yolu 20. Km. Merkez Cukurhisar –
Eskisehir / Turkey |
|
PHONE NUMBER |
: |
90-222-411 24 30 |
|
FAX NUMBER |
: |
90-222-411 22 47 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Yunusemre / 4630312895 |
|
REGISTRATION NUMBER |
: |
16675 |
|
REGISTERED OFFICE |
: |
Eskisehir Chamber of Commerce Eskisehir Chamber of Industry |
|
DATE ESTABLISHED |
: |
2003 (Commercial Registry Gazette Date/No: 06.05.2003 / 5792) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 100,000 |
|
PAID-IN CAPITAL |
: |
YTL 100,000 |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Fazli Turker Hayrullah Turker Mustafa Turker Hasan Turker Zafer Turker Rasit Turker |
51,4 % 19,16 % 15,50 % 13,75 % |
|
|
GROUP |
: |
Hisarlar Group of companies Main companies operating within Hisarlar Group are decalred as follows: -Hisarlar Ithalat Ihracat Pazarlama A.S. -Hisbim Bilgi ve Iletisim Teknolojileri San.Tic. A.S. -Senkron Spor, Medikal Saglik Aletleri Oyuncak ve Karavan Uretim ve
-Pazarlama Ltd. Sti. -HISCAB Hisarlar Kabin ve Zirai Ekipman Endustri Sanayi ve Ticaret
A.S. -HISCAR Otomotiv Endustrisi Sanayi ve Ticaret A.S. -Hisarlar Makina Sanayi ve Ticaret A.S. |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Fazli Turker Rasit Turker Hasan Turker |
Chairman Vice-Chairman Member |
|
|
GENERAL MANAGER |
: |
Zafer Türker |
||
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of security cabins for tractors and work machinery, agricultural
equipments, spare parts of motor vehicle, sporting equipments etc |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF EMPLOYEES |
: |
4 |
|
|
NET SALES |
: |
(YTL) 15,902,650 31,939,387 21,703,677 |
(2005) (2006) (01.01.-30.06.2007) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT COUNTRIES |
: |
France, Grmany, Switzerland… |
|
|
MERCHANDISE IMPORTED |
: |
Machinery spare parts |
|
|
EXPORT VALUE |
: |
(YTL) 15,719,229 31,620,000 21,581,096 |
(2005) (2006) (01.01.-30.06.2007) |
|
EXPORT COUNTRIES |
: |
Iran, France, Switzerland, Italy, Austria, Germany, Brazil, USA |
|
|
MERCHANDISE EXPORTED |
: |
Security cabins for tractors and work machinery, agricultural
equipments, spare parts of motor vehicle, sporting equipments.. |
|
|
PREMISES |
: |
Head Office: Eskisehir Bursa Yolu 20. Km. Merkez Cukurhisar – Eskisehir
(rented from the sister company Hisarlar Makina Sanayi ve Ticaret A.S.) |
|
|
FIXED CAPITAL INVESTMENTS |
: |
None |
|
|
TREND OF BUSINESS |
: |
Upwards |
|
COMMERCIAL MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Asya Katilim Bankası Merkez branch in Eskisehir Turkiye Is Bankasi Organize branch in Eskisehir |
|
CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-15.10.2007,
there are no protested bills and non-paid cheques registered in the name
of “Hisarlar İthalat” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Low |
As of 30.06.2007 |
|
|
LIQUIDITY |
||
|
Good |
As of 30.06.2007 |
|
|
PROFITABILITY |
||
|
The subject had operating loss in the first 6 months of 2007 but it had
YTL 175,231 net profit due to other income. |
||
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between 01.01.-30.06.2007 |
|
|
GENERAL FINANCIAL POSITION |
||
|
The subject had operating loss in the first 6 months of 2007 but it had
YTL 175,231 net profit due to other income. Capitalization was low but
liquidity was good as of 30.06.2007. |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that business relation is admissible with the subject
company in view of its size, operation, god liquidity, trend of business and
payment behavior. However taking into account its low capitalization we
consider max. grnated credit should be USD 75,000. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
30.6.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
3.130.302 |
|
0,98 |
|
6.365.544 |
|
0,99 |
|
|
|
Cash and
Banks |
253.287 |
|
0,08 |
|
543.163 |
|
0,08 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
2.812.165 |
|
0,88 |
|
5.742.845 |
|
0,89 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
430 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
Given |
4.295 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
60.125 |
|
0,02 |
|
79.536 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
70.405 |
|
0,02 |
|
70.405 |
|
0,01 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
16.500 |
|
0,01 |
|
16.500 |
|
0,00 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
53.905 |
|
0,02 |
|
53.905 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
3.200.707 |
|
1,00 |
|
6.435.949 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
2.746.168 |
|
0,86 |
|
5.806.179 |
|
0,90 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
2.605.037 |
|
0,81 |
|
5.667.113 |
|
0,88 |
|
|
|
Loans
from Shareholders |
70.011 |
|
0,02 |
|
70.011 |
|
0,01 |
|
|
|
Other
Short-term Payable |
9.039 |
|
0,00 |
|
6.100 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes Payable |
11.937 |
|
0,00 |
|
13.241 |
|
0,00 |
|
|
|
Provisions |
49.714 |
|
0,02 |
|
49.714 |
|
0,01 |
|
|
|
Other
Current Liabilities |
430 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
454.539 |
|
0,14 |
|
629.770 |
|
0,10 |
|
|
|
Paid-in
Capital |
100.000 |
|
0,03 |
|
100.000 |
|
0,02 |
|
|
|
Inflation
Adjustment of Capital |
6.777 |
|
0,00 |
|
6.777 |
|
0,00 |
|
|
|
Reserves |
185.714 |
|
0,06 |
|
347.762 |
|
0,05 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
162.048 |
|
0,05 |
|
175.231 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
3.200.707 |
|
1,00 |
|
6.435.949 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
31.939.387 |
|
1,00 |
|
21.703.677 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
27.975.863 |
|
0,88 |
|
19.873.050 |
|
0,92 |
|
|
|
Gross Profit |
3.963.524 |
|
0,12 |
|
1.830.627 |
|
0,08 |
|
|
|
Operating
Expenses |
3.621.913 |
|
0,11 |
|
2.106.839 |
|
0,10 |
|
|
|
Operating Profit |
341.611 |
|
0,01 |
|
-276.212 |
|
-0,01 |
|
|
|
Other
Income |
629.677 |
|
0,02 |
|
821.902 |
|
0,04 |
|
|
|
Other
Expenses |
759.526 |
|
0,02 |
|
366.193 |
|
0,02 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
4.266 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
211.762 |
|
0,01 |
|
175.231 |
|
0,01 |
|
|
|
Tax
Payable |
49.714 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
162.048 |
|
0,01 |
|
175.231 |
|
0,01 |
|
FINANCIAL RATIOS
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,14 |
|
|
|
1,10 |
|
|
|
|
|
Acid-Test Ratio |
1,12 |
|
|
|
1,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,00 |
|
|
|
0,00 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,88 |
|
|
|
0,89 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,01 |
|
|
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
65060,15 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
70,27 |
|
|
|
34,46 |
|
|
|
|
|
Asset Turnover |
9,98 |
|
|
|
3,37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,14 |
|
|
|
0,10 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,86 |
|
|
|
0,90 |
|
|
|
|
|
Financial Leverage |
0,86 |
|
|
|
0,90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,36 |
|
|
|
0,28 |
|
|
|
|
|
Operating Profit Margin |
0,01 |
|
|
|
-0,01 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
31,70 |
|
|
|
95,26 |
|
|
|
|
|
Average Payable Period (days) |
33,52 |
|
|
|
102,66 |
|
|
|
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)