MIRA
INFORM REPORT
|
Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HEMA ENDUSTRI A.S. |
|
|
|
|
Formerly Known As : |
Hema Hidrolik Makina Sanayi ve Ticaret A.S |
|
|
|
|
Registered Office : |
Buyukdere Cad. Ucyol Mevkii No: 53 80670 Maslak- Istanbu |
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|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
30.09.2008 |
|
|
|
|
Year of Establishment: |
1973 |
|
|
|
|
Com. Reg. No.: |
265860 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of subordinate products to be used at Automotive
and Agriculture Sectors |
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 |
|
Maximum Credit Limit : |
EUR 12.000.000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
HEMA ENDUSTRI A.S. |
|
ADDRESS |
: |
Head Office: Buyukdere Cad. Ucyol Mevkii
No: 53 80670 Maslak- Istanbul/ Turkey Factory: Organize Sanayi Bolgesi - 59501
Cerkezkoy- Tekirdag/ Turkey |
|
PHONE NUMBER |
: |
90-212-286 44 51 (5 lines) (Head Office) 90-282-758 10 40 (Factory) |
|
FAX NUMBER |
: |
90-212-286 44 55 (Head Office) 90-282-758 10 84 (Factory) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Buyuk Mukellefler / 4610031137 |
|
|
|
REGISTRATION NUMBER |
: |
265860 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
|
|
DATE ESTABLISHED |
: |
1973 (Commercial Registry Gazette Date/No:
08.11.1973/4993) |
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LEGAL FORM |
: |
Joint Stock Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 150.000.000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 150.000.000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
: Hema Hidrolik Makina Sanayi ve Ticaret
A.S |
|
|
|
|
Name Changed On |
: 28.01.1998 (Commercial Registry Gazette
Date/No: 20.02.1998/4486) |
|
|
|
|
Previous Regist. Capital |
: YTL 10.000.000 |
|
|
|
Regist. Capital Changed on |
: 30.07.2003 (Commercial Registry Gazette Date/No:
04.08.2003/5855) |
|
|
|
Previous Regist. Capital |
: YTL 50.000.000 |
|
|
|
Regist. Capital Changed on |
: 07.03.2005 (Commercial Registry Gazette Date/No: 10.03.2005/6257). |
|
|
|
Other Historical Events |
: The subject was
firstly established in Ankara and registered at Ankara Commercial Registry in
1973. Then it was moved to Istanbul and registered at Istanbul Commercial
Registry on 23.05.1990 (Commercial Registry Gazette Date/No:
20.06.1990/2552). |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Hattat Hema Elektrik Uretim A.S. Hattat Holding AS Hema Holding A.S Others |
69,9875 % 20 % 5 % 5 % |
|
GROUP |
: |
Hattat Group |
|
|
SISTER COMPANIES |
: |
Bati Karadeniz Enerji Ussu A.S Hattat Air Ticaret ve Turizm Isletmeleri
A.S. Hattat Dis Ticaret A.S. (foreign trade) Hattat Holding AS Hattat Kara Elmaslar A.S. Hattat Otomotiv Pazarlama A.S. (trade of
automobiles) Hattat Sigorta Araciligi A.S. Hattat Tarim Makinalari San ve Tic A.S. Hema Dogal Enerji Kaynaklari A.S. Hema Elektrik Uretim A.S. Hema Enerji A.S Hema Holding A.S Hema Otomotiv Sistemleri A.S Hema Trw Otomotiv Direksiyon Sistemleri
A.S. HM Hema Defense Endustrisi A.S. |
|
|
SUBSIDIARIES |
: |
Hattat Dis Ticaret A.S. (36 %) Hattat Insaat Sanayi ve Ticaret A.S. (23
%) Hattat Tarim Makinalari San. ve Tic. A.S.
(58,72 %) Hema Trw Otomotiv Direksiyon Sistemleri
A.S. (79,97 %) |
|
|
BOARD OF DIRECTORS |
: |
Mehmet Hattat Ibrahim Hattat Halil Beyenal Ilcim Hattat Kilic Mehmet Mete Ozer |
Chairman Member Member Member Member |
|
DIRECTORS |
: |
Cetin Citakoglu Nusret Atik Aydin Seren |
General Manager Deputy General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of subordinate
products to be used at automotive and agriculture sectors such as; hydraulic
pumps, crank, leverage… However the firm has declared that, there may occur a
slowdown at production due to effects of global crisis on automotive sector. |
|
|
|
TRADEMARKS OWNED |
: |
Hema |
|
|
|
NUMBER OF
EMPLOYEES |
: |
2.700 |
|
|
|
NET SALES |
: |
(YTL) 686.915 1.985.128 4.276.478 8.777.042 14.679.450 19.303.385 37.803.616 57.679.038 87.882.781 144.724.648 236.108.031 272.569.137 243.626.035 260.230.528 196.942.350 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-30.09.2008) |
|
|
PRODUCTION |
: |
(Units) 1.486.599 1.602.719 489.910 |
(2006) (2007) (01.01.-31.03.2008) |
|
|
IMPORT VALUE |
: |
(USD) 4.328.604 17.159.969 23.361.090 15.478.893 33.137.610 80.112.337 81.790.760 67.476.512 56.674.529 16.464.738 |
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-31.03.2008) |
|
IMPORT COUNTRIES |
: |
Germany, UK, Sweden, Italy |
|
|
MERCHANDISE
IMPORTED |
: |
Engine block, steel, aluminum casting… |
|
EXPORT VALUE |
: |
USD 30.033.000 USD 46.211.072 USD 67.565.670 USD 78.682.452 YTL 117.606.240 YTL 113.540.504 |
(2003) (2004) (2005) (2006) (2007) (01.01-30.09.2008) |
|
EXPORT COUNTRIES |
: |
Algeria,
Australia, Germany, France, UK, USA, Czech Republic, China, Brazil, Mexico,
Finland, Pakistan… |
|
|
MERCHANDISE
EXPORTED |
: |
Fuel pumps,
piston engine, rotary pumps, transmission shafts, brakes, valves, screws,
bolts, rivets… |
|
|
PREMISES |
: |
Head Office: Buyukdere Cad. Ucyol Mevkii
No: 53 80670 Maslak- Istanbul. Factory: Organize Sanayi Bolgesi - 59501 Cerkezkoy-
Tekirdag (705,000 sqm) |
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|
|
|
|
|
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TREND OF
BUSINESS |
: |
Fluctuating |
|
|
|
|
|
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SIZE OF BUSINESS |
: |
Giant |
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Esentepe branch in
Istanbul T. Is Bankasi Cerkezkoy branch in Tekirdag |
|
CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
|
PAYMENT BEHAVIOR |
: |
No payment delays have come to our knowledge except a
single delay which was resolved later on. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Capitalization was satisfactory as of
30.09.2008. Furthermore 24 % of total liabilities and equity was due to long-term
loans from shareholders rather than liabilities to third parties as of
30.09.2008 indicating not too
high indebtedness to third parties. |
||
|
LIQUIDITY |
||
|
Satisfactory |
As of 30.09.2008 |
|
|
PROFITABILITY |
||
|
The subject which had operating profitability had net loss in the
first 9 months of 2008 due to other expenses and financial expenses. |
||
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between 01.01.-30.09.2008 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Fair |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of EUR 12.000.000 may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
|
(1.1.-31.10.2008) |
12.11 % |
1.2408 |
1.8598 |
2.3855 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
30.9.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
97.178.067 |
|
0,28 |
|
115.885.036 |
|
0,27 |
|
139.912.272 |
|
0,28 |
|
|
|
Cash and Banks |
2.671.282 |
|
0,01 |
|
4.674.133 |
|
0,01 |
|
576.727 |
|
0,00 |
|
|
|
Marketable Securities |
97.822 |
|
0,00 |
|
1.460.321 |
|
0,00 |
|
1.917.042 |
|
0,00 |
|
|
|
Account Receivable |
51.194.745 |
|
0,15 |
|
36.068.800 |
|
0,09 |
|
47.049.953 |
|
0,10 |
|
|
|
Other Receivable |
-1.591.987 |
|
0,00 |
|
16.659.645 |
|
0,04 |
|
23.285.532 |
|
0,05 |
|
|
|
Inventories |
31.379.523 |
|
0,09 |
|
32.541.407 |
|
0,08 |
|
40.944.327 |
|
0,08 |
|
|
|
Advances Given |
6.729.925 |
|
0,02 |
|
18.397.961 |
|
0,04 |
|
19.743.848 |
|
0,04 |
|
|
|
Other Current Assets |
6.696.757 |
|
0,02 |
|
6.082.769 |
|
0,01 |
|
6.394.843 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
254.385.842 |
|
0,72 |
|
307.499.173 |
|
0,73 |
|
352.262.435 |
|
0,72 |
|
|
|
Long-term Receivable |
14.521 |
|
0,00 |
|
20.932 |
|
0,00 |
|
51.653 |
|
0,00 |
|
|
|
Financial Assets |
31.614.226 |
|
0,09 |
|
31.991.813 |
|
0,08 |
|
75.097.313 |
|
0,15 |
|
|
|
Tangible Fixed Assets (net) |
219.259.120 |
|
0,62 |
|
273.792.303 |
|
0,65 |
|
275.608.624 |
|
0,56 |
|
|
|
Intangible Assets |
3.316.538 |
|
0,01 |
|
1.539.799 |
|
0,00 |
|
1.476.912 |
|
0,00 |
|
|
|
Other Non-Current Assets |
181.437 |
|
0,00 |
|
154.326 |
|
0,00 |
|
27.933 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
351.563.909 |
|
1,00 |
|
423.384.209 |
|
1,00 |
|
492.174.707 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
87.015.098 |
|
0,25 |
|
100.581.064 |
|
0,24 |
|
117.092.644 |
|
0,24 |
|
|
|
Financial Loans |
24.838.309 |
|
0,07 |
|
54.250.798 |
|
0,13 |
|
60.384.472 |
|
0,12 |
|
|
|
Accounts Payable |
54.271.182 |
|
0,15 |
|
38.302.607 |
|
0,09 |
|
49.513.505 |
|
0,10 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
1.964.920 |
|
0,00 |
|
1.947.355 |
|
0,00 |
|
|
|
Other Short-term Payable |
2.315.072 |
|
0,01 |
|
2.354.779 |
|
0,01 |
|
1.347.987 |
|
0,00 |
|
|
|
Advances from Customers |
4.701 |
|
0,00 |
|
424.052 |
|
0,00 |
|
500 |
|
0,00 |
|
|
|
Taxes Payable |
5.539.607 |
|
0,02 |
|
2.912.171 |
|
0,01 |
|
3.898.825 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
325.519 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Current Liabilities |
46.227 |
|
0,00 |
|
46.218 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
55.797.643 |
|
0,16 |
|
102.070.378 |
|
0,24 |
|
159.940.606 |
|
0,32 |
|
|
|
Financial Loans |
21.133.251 |
|
0,06 |
|
37.261.580 |
|
0,09 |
|
40.518.800 |
|
0,08 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term Payable |
0 |
|
0,00 |
|
21.374.938 |
|
0,05 |
|
0 |
|
0,00 |
|
|
|
Loans from Shareholders |
34.664.392 |
|
0,10 |
|
43.433.860 |
|
0,10 |
|
119.421.806 |
|
0,24 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
208.751.168 |
|
0,59 |
|
220.732.767 |
|
0,52 |
|
215.141.457 |
|
0,44 |
|
|
|
Paid-in Capital |
150.000.000 |
|
0,43 |
|
150.000.000 |
|
0,35 |
|
150.000.000 |
|
0,30 |
|
|
|
Inflation Adjustment of Capital |
12.028.295 |
|
0,03 |
|
12.028.295 |
|
0,03 |
|
12.028.295 |
|
0,02 |
|
|
|
Reserves |
36.640.137 |
|
0,10 |
|
46.554.081 |
|
0,11 |
|
58.704.471 |
|
0,12 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
10.082.736 |
|
0,03 |
|
12.150.391 |
|
0,03 |
|
-5.591.309 |
|
-0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
351.563.909 |
|
1,00 |
|
423.384.209 |
|
1,00 |
|
492.174.707 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-30.9.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
243.626.035 |
|
1,00 |
|
260.230.528 |
|
1,00 |
|
196.942.350 |
|
1,00 |
|
|
|
Cost of Goods Sold |
203.664.123 |
|
0,84 |
|
225.717.460 |
|
0,87 |
|
173.712.377 |
|
0,88 |
|
|
|
Gross Profit |
39.961.912 |
|
0,16 |
|
34.513.068 |
|
0,13 |
|
23.229.973 |
|
0,12 |
|
|
|
Operating Expenses |
27.181.571 |
|
0,11 |
|
28.206.581 |
|
0,11 |
|
22.006.401 |
|
0,11 |
|
|
|
Operating Profit |
12.780.341 |
|
0,05 |
|
6.306.487 |
|
0,02 |
|
1.223.572 |
|
0,01 |
|
|
|
Other Income |
20.457.410 |
|
0,08 |
|
21.939.923 |
|
0,08 |
|
17.352.400 |
|
0,09 |
|
|
|
Other Expenses |
20.812.702 |
|
0,09 |
|
10.108.210 |
|
0,04 |
|
16.481.790 |
|
0,08 |
|
|
|
Financial Expenses |
2.342.313 |
|
0,01 |
|
5.662.290 |
|
0,02 |
|
7.685.491 |
|
0,04 |
|
|
|
Profit (loss) Before Tax |
10.082.736 |
|
0,04 |
|
12.475.910 |
|
0,05 |
|
-5.591.309 |
|
-0,03 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
325.519 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
10.082.736 |
|
0,04 |
|
12.150.391 |
|
0,05 |
|
-5.591.309 |
|
-0,03 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-30.9.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,12 |
|
|
|
1,15 |
|
|
|
1,19 |
|
|
|
|
|
Acid-Test Ratio |
0,60 |
|
|
|
0,59 |
|
|
|
0,62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
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Inventory/Total Assets |
0,09 |
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|
0,08 |
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|
0,08 |
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|
Short-term
Receivable/Total Assets |
0,14 |
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|
0,12 |
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|
0,14 |
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Tangible Assets/Total
Assets |
0,62 |
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|
|
0,65 |
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|
0,56 |
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TURNOVER RATIOS |
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Inventory Turnover |
6,49 |
|
|
|
6,94 |
|
|
|
4,24 |
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|
|
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|
Stockholders' Equity
Turnover |
1,17 |
|
|
|
1,18 |
|
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|
0,92 |
|
|
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|
Asset Turnover |
0,69 |
|
|
|
0,61 |
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|
0,40 |
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FINANCIAL STRUCTURE |
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|
Stockholders'
Equity/Total Assets |
0,59 |
|
|
|
0,52 |
|
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|
0,44 |
|
|
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Current Liabilities/Total
Assets |
0,25 |
|
|
|
0,24 |
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|
0,24 |
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Financial Leverage |
0,41 |
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|
0,48 |
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|
0,56 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders'
Eq. |
0,05 |
|
|
|
0,06 |
|
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|
-0,03 |
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Operating Profit Margin |
0,05 |
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|
|
0,02 |
|
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|
0,01 |
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|
Net Profit Margin |
0,04 |
|
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|
0,05 |
|
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|
-0,03 |
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COLLECTION-PAYMENT |
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Average Collection Period
(days) |
75,67 |
|
|
|
49,93 |
|
|
|
86,10 |
|
|
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Average Payable Period (days) |
95,93 |
|
|
|
95,18 |
|
|
|
102,61 |
|
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
|
UK Pound |
1 |
Rs.75.03 |
|
Euro |
1 |
Rs.63.14 |
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%)