MIRA
INFORM REPORT
|
Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HES HACILAR ELEKTRIK SANAYI VE TICARET A.S. |
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Registered Office : |
Erciyes Mah. Hacilar Yolu 8. Km. Hes Cad. No:22 38210 Kayser |
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Country : |
Turkey |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
29.04.1974 |
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Com. Reg. No.: |
6584 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and Trade of Telecommunication Cables, Energy Cables,
Enamel Bobbin Wires, Copper Wires etc. |
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 |
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Status : |
Small Company |
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|
Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
HES HACILAR ELEKTRIK SANAYI VE TICARET
A.S. |
|
ADDRESS |
: |
Head Office & Factory: Erciyes Mah.
Hacilar Yolu 8. Km. Hes Cad. No:22
38210 Kayseri/ Turkey |
|
PHONE NUMBER |
: |
90-352-442 25 40 (8 lines) |
|
FAX NUMBER |
: |
90-352-442 25 50 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Hacilar Mal Mudurlugu / 4620001547 |
|
REGISTRATION NUMBER |
: |
6584 |
|
REGISTERED OFFICE |
: |
Kayseri Chamber of Industry and Commerce |
|
DATE ESTABLISHED |
: |
29.04.1974 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
AUTHORIZED CAPITAL |
: |
YTL 100,000,000 |
|
ISSUED CAPITAL |
: |
YTL 85,000,000 |
|
HISTORY |
: |
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|
|
|
|
|
Previous Issued Capital |
:YTL 17 million |
|
|
|
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Issued Capital Changed on |
:30.10.2003 (Commercial Registry Gazette
Date/No: 04.11.2003/5920) |
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|
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|
Previous Issued Capital |
:YTL 33 million |
|
|
|
|
Issued Capital Changed on |
:25.06.2004 (Commercial Registry Gazette Date/No:
30.06.2004/6082) |
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|
|
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Previous Issued Capital |
:YTL 40 million |
|
|
|
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Issued Capital Changed on |
:21.12.2005 (Commercial Registry Gazette
Date/No: 26.12.2005/6460) |
|
|
|
|
Previous Issued Capital |
:YTL 70 million |
|
|
. |
|
Issued Capital Changed on |
:12.07.2007 (Commercial Registry Gazette
Date/No: 17.07.2007/6853) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
The shares are open the public. The main
shareholders are as follows: |
|
|
|
Memduh Boydak Bekir Boydak Sukru Boydak Yusuf Boydak H.Mustafa Boydak Mustafa Boydak Others |
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|
|
The shareholders are well-experienced and
reputable businessmen who own Boydak group of companies. |
|
GROUP PARENT COMPANY |
: |
Boydak Holding A.S. Main companies operating at the group are
declared as follows: Adakar Dayanikli Tuketim Mallari Pazarlama
ve Ticaret A.S. Alfa Mobel GmbH Anadolu Dortler Mobilya ve Magazacilik
Ticaret ve Sanayi A.S. Beltas Pazarlama A.S. Bepas Dayanikli
Tuketim Mallari Pazarlama A.S. Bimeks Dis Ticaret
Pazarlama A.S. Boycelik Metal Sanayi ve Ticaret A.S. Boydak Dis Ticaret
A.S. Boydak Holding A.S. Boypas Dayanikli
Tuketim Mallari Pazarlama A.S. Boyser Servis Hizmetleri Sanayi ve Ticaret
A.S. Boytas Mobilya Sanayi
ve Ticaret A.S. Boyteks Tekstil
Sanayi ve Ticaret A.S. Boytrans Lojistik
Hizmetleri ve Ticaret A.S. Form Sunger Yatak
Sanayi ve Ticaret A.S. HCS Kablolama
Sistemleri Danismanlik A.S. Hes Hacilar Elektrik
Sanayi ve Ticaret A.S. Ispas Dayanikli
Tuketim Mallari Pazarlama A.S. Istikbal Mobilya
Sanayi ve Ticaret A.S. Karbel Dayanikli Tuketim Mallari Pazarlama
ve Ticaret A.S. Merkez Celik Sanayi
ve Ticaret A.S. Mondi Yatak Yorgan Sanayi ve Ticaret A.S. Monpas Dayanikli Tuketim Mallari Pazarlama
ve Ticaret A.S. Orpas Pazarlama A.S. Serko Tekstil Gida Orman Urunleri Demir
Celik San.ve Tic. Ltd. Sti. Sunset Inc. (USA) Turkiye Finans
Katilim Bankasi A.S. |
|||
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SUBSIDIARIES |
: |
Name of the Subsidiary HCS Kablolama
Sistemleri Danismanlik A.S Kay-ser A.S. |
Share 47 % 0,6 % |
Occupation Marketing |
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|
BOARD OF DIRECTORS |
: |
Mustafa Boydak Hasan Huseyin Gurdogan Sukru Boydak Haci Boydak Memduh Boydak Bekir Irak |
Chairman Vice Chairman Member Member Member Member |
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|
DIRECTORS |
: |
Bekir Irak |
General Manager |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of telecommunication
cables, energy cables, enamel bobbin wires, copper wires … |
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TRADEMARK(S) |
: |
“Hes Kablo” |
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NUMBER OF
EMPLOYEES |
: |
750 |
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NET SALES |
: |
(YTL Thousand) 4,373 10,311 18,191 26,418 49,771 126,059 173,905 138,954 240,081 333,426 501,360 273,529 |
(1996) (1997) (1998) (1999) (2001) (2002) (2003) (2004) (2005) (2006) (01.01-30.06.2007) |
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IMPORT VALUE |
: |
USD 99,170,000 USD 130 million |
(2004) (2005) |
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IMPORT COUNTRIES
|
: |
European Countries, Far Eastern Countries |
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MERCHANDISE
IMPORTED |
: |
Machinery and spare parts, raw materials |
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EXPORT VALUE |
: |
(YTL Thousand) 52,113 82,212 85,058 64,390 |
(2004) (2006) (01.01-30.06.2007) |
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EXPORT COUNTRIES
|
: |
Belgium, Finland, Algeria, Egypt, Greece,
Afghanistan, Jordan, Iraq…. |
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MERCHANDISE
EXPORTED |
: |
Stranded wire, optical fiber cables, electronical
conductors with connectors, winding wire… |
||
|
PREMISES |
: |
Head Office & Factory: Erciyes Mah.
Hes Cad. No:22 38210 Kayseri (80,000 sqm covered area and located over a land
of 200,000 sqm) (owned) Istanbul Office: Bankalar
Cad. Ekas Han 75/77 Karakoy- Istanbul (owned) Ankara Office: Ziya
Gokalp Cad. Adakale Sok. 27/3 Kizilay- Ankara (rented) |
|
TREND OF
BUSINESS |
: |
There was a decline at sales volume in nominal terms in 2003
but there was upwards trend in 2004, 2005 and 2006. |
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SIZE OF BUSINESS |
: |
Giant |
FINANCE
|
MAIN DEALING BANKERS |
: |
Turkiye Finans
Katilim Bankasi Kayseri branch in Kayseri T. Is Bankasi Sanayi
branch in Kayseri Garanti Bankasi OSB branch
in Kayseri Yapi Kredi Bankasi
Sanayi branch in Kayseri |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities. |
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PAYMENT BEHAVIOR |
: |
No payment delays have come to our
knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Capitalization was insufficient (26 %) as of 30.06.2007. A part of
liabilities was due to loans from shareholders but major part of liabilities was
due to financial loans as of 30.06.2007. |
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LIQUIDITY |
||
|
Liquidity ratios were high as of 30.06.2007 but the liquid assets
consist mainly of receivables, the firm has no cash &banks or marketable
securities as of 30.06.2007.So the unfavorable/long gap between the average
collection and payable periods has a very negative effect on liquidity. |
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PROFITABILITY |
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Low |
Between 01.01-30.06.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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|
Unfavorable / Long |
Between 01.01-30.06.2007 |
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GENERAL
FINANCIAL POSITION |
||
|
Unsatisfactory |
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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 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE SHEETS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
30.6.07 |
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|
CURRENT ASSETS |
183.170 |
|
0,82 |
|
232.693 |
|
0,83 |
|
296.546 |
|
0,84 |
|
|
|
Cash and Banks |
3.038 |
|
0,01 |
|
324 |
|
0,00 |
|
491 |
|
0,00 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
103.823 |
|
0,47 |
|
136.335 |
|
0,49 |
|
194.842 |
|
0,55 |
|
|
|
Other Receivable |
28 |
|
0,00 |
|
3.004 |
|
0,01 |
|
3.189 |
|
0,01 |
|
|
|
Inventories |
74.633 |
|
0,33 |
|
89.003 |
|
0,32 |
|
90.887 |
|
0,26 |
|
|
|
Advances Given |
76 |
|
0,00 |
|
1.261 |
|
0,00 |
|
52 |
|
0,00 |
|
|
|
Other Current Assets |
1.572 |
|
0,01 |
|
2.766 |
|
0,01 |
|
7.085 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
NON-CURRENT ASSETS |
39.867 |
|
0,18 |
|
46.933 |
|
0,17 |
|
56.543 |
|
0,16 |
|
|
|
Long-term Receivable |
2 |
|
0,00 |
|
2 |
|
0,00 |
|
1 |
|
0,00 |
|
|
|
Financial Assets |
862 |
|
0,00 |
|
862 |
|
0,00 |
|
1.455 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
38.754 |
|
0,17 |
|
44.381 |
|
0,16 |
|
52.542 |
|
0,15 |
|
|
|
Intangible Assets |
246 |
|
0,00 |
|
116 |
|
0,00 |
|
173 |
|
0,00 |
|
|
|
Other Non-Current Assets |
3 |
|
0,00 |
|
1.572 |
|
0,01 |
|
2.372 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
223.037 |
|
1,00 |
|
279.626 |
|
1,00 |
|
353.089 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
103.264 |
|
0,46 |
|
103.065 |
|
0,37 |
|
196.435 |
|
0,56 |
|
|
|
Financial Loans |
43.995 |
|
0,20 |
|
58.930 |
|
0,21 |
|
121.133 |
|
0,34 |
|
|
|
Accounts Payable |
21.646 |
|
0,10 |
|
7.779 |
|
0,03 |
|
14.518 |
|
0,04 |
|
|
|
Loans from Shareholders |
15.553 |
|
0,07 |
|
22.756 |
|
0,08 |
|
15.536 |
|
0,04 |
|
|
|
Other Short-term Payable |
1.548 |
|
0,01 |
|
375 |
|
0,00 |
|
5.213 |
|
0,01 |
|
|
|
Advances from Customers |
17.399 |
|
0,08 |
|
5.708 |
|
0,02 |
|
36.055 |
|
0,10 |
|
|
|
Taxes Payable |
2.440 |
|
0,01 |
|
2.786 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Provisions |
381 |
|
0,00 |
|
3.579 |
|
0,01 |
|
3.980 |
|
0,01 |
|
|
|
Other Current Liabilities |
302 |
|
0,00 |
|
1.152 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
41.730 |
|
0,19 |
|
92.509 |
|
0,33 |
|
65.215 |
|
0,18 |
|
|
|
Financial Loans |
37.381 |
|
0,17 |
|
87.457 |
|
0,31 |
|
57.904 |
|
0,16 |
|
|
|
Long-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
1.102 |
|
0,00 |
|
|
|
Provisions |
4.349 |
|
0,02 |
|
5.052 |
|
0,02 |
|
6.209 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
78.043 |
|
0,35 |
|
84.052 |
|
0,30 |
|
91.439 |
|
0,26 |
|
|
|
Paid-in Capital |
70.000 |
|
0,31 |
|
70.000 |
|
0,25 |
|
85.000 |
|
0,24 |
|
|
|
Inflation Adjustment of
Capital |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Reserves |
1.118 |
|
0,01 |
|
2.576 |
|
0,01 |
|
5.303 |
|
0,02 |
|
|
|
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) |
6.925 |
|
0,03 |
|
11.476 |
|
0,04 |
|
1.136 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
223.037 |
|
1,00 |
|
279.626 |
|
1,00 |
|
353.089 |
|
1,00 |
|
According to the decision
taken at Board of Directors meeting dated 16.06.2007, the registered capital
was increased from YTL 70 million to YTL 85 million. Although this increase
was registered on 12.07.2007 at
commercial registry, the paid-in capital was reflected as YTL 85 million to the
balance sheet of 30.06.2007.
INCOME STATEMENTS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-30.06.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
333.426 |
|
1,00 |
|
501.360 |
|
1,00 |
|
273.529 |
|
1,00 |
|
|
|
Cost of Goods Sold |
310.252 |
|
0,93 |
|
456.554 |
|
0,91 |
|
264.757 |
|
0,97 |
|
|
|
Gross Profit |
23.174 |
|
0,07 |
|
44.806 |
|
0,09 |
|
8.772 |
|
0,03 |
|
|
|
Operating Expenses |
12.252 |
|
0,04 |
|
11.419 |
|
0,02 |
|
7.339 |
|
0,03 |
|
|
|
Operating Profit |
10.922 |
|
0,03 |
|
33.387 |
|
0,07 |
|
1.433 |
|
0,01 |
|
|
|
Other Income |
11.687 |
|
0,04 |
|
25.257 |
|
0,05 |
|
16.763 |
|
0,06 |
|
|
|
Other Expenses |
9.194 |
|
0,03 |
|
34.954 |
|
0,07 |
|
11.327 |
|
0,04 |
|
|
|
Financial Expenses |
6.109 |
|
0,02 |
|
8.635 |
|
0,02 |
|
5.733 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
7.306 |
|
0,02 |
|
15.055 |
|
0,03 |
|
1.136 |
|
0,00 |
|
|
|
Tax Payable |
381 |
|
0,00 |
|
3.579 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
6.925 |
|
0,02 |
|
11.476 |
|
0,02 |
|
1.136 |
|
0,00 |
|
FINANCIAL RATIOS
|
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|
2005 |
|
|
|
2006 |
|
|
|
1.1-30.06.07 |
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LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,77 |
|
|
|
2,26 |
|
|
|
1,51 |
|
|
|
|
|
Acid-Test Ratio |
1,04 |
|
|
|
1,36 |
|
|
|
1,01 |
|
|
|
|
|
|
|
|
|
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ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,33 |
|
|
|
0,32 |
|
|
|
0,26 |
|
|
|
|
|
Short-term Receiv./Total
Assets |
0,47 |
|
|
|
0,50 |
|
|
|
0,56 |
|
|
|
|
|
Tangible Assets/Total
Assets |
0,17 |
|
|
|
0,16 |
|
|
|
0,15 |
|
|
|
|
|
|
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TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
4,16 |
|
|
|
5,13 |
|
|
|
2,91 |
|
|
|
|
|
Stockholders' Equity
Turnover |
4,27 |
|
|
|
5,96 |
|
|
|
2,99 |
|
|
|
|
|
Asset Turnover |
1,49 |
|
|
|
1,79 |
|
|
|
0,77 |
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|
FINANCIAL STRUCTURE |
|
|
|
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|
|
|
|
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|
|
Stockholders'
Equity/Total Assets |
0,35 |
|
|
|
0,30 |
|
|
|
0,26 |
|
|
|
|
|
Current Liabilities/Total
Assets |
0,46 |
|
|
|
0,37 |
|
|
|
0,56 |
|
|
|
|
|
Financial Leverage |
0,65 |
|
|
|
0,70 |
|
|
|
0,74 |
|
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PROFITABILITY RATIOS |
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|
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|
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|
|
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|
|
|
|
Net Profit/Stockholders'
Eq. |
0,09 |
|
|
|
0,14 |
|
|
|
0,01 |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
0,07 |
|
|
|
0,01 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,02 |
|
|
|
0,00 |
|
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COLLECTION-PAYMENT |
|
|
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|
|
|
|
|
|
|
|
|
|
Average Collection Period
(days) |
112,10 |
|
|
|
97,90 |
|
|
|
256,44 |
|
|
|
|
|
Average Payable Period
(days) |
25,12 |
|
|
|
6,13 |
|
|
|
19,74 |
|
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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%)