MIRA
INFORM REPORT
|
Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HASEL GIDA SANAYI VE TICARET LTD STI |
|
|
|
|
Registered Office : |
Ornek Sanayi Sitesi 44. Blok No:5 Kutlukent Tekkekoy Samsun |
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|
Country : |
Turkey |
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|
Financials (as on) : |
31.12.2006 |
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|
Date of Incorporation : |
1997 |
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|
Com. Reg. No.: |
321-Tekkekoy |
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|
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|
Legal Form : |
Limited Company |
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|
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Line of Business : |
Manufacture and Trade of Halvah, Jam and Sesame
Paste and Processing of Sesame |
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 : |
USD 580,000 |
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|
|
|
Status : |
Satisfactory |
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|
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|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
HASEL GIDA SANAYI VE TICARET LTD STI |
|
ADDRESS |
: |
Head Office & Production Plant: Ornek
Sanayi Sitesi 44. Blok No:5 Kutlukent Tekkekoy Samsun / Turkey |
|
PHONE NUMBER |
: |
90-362-266 91 08 |
|
FAX NUMBER |
: |
90-362-266 91 65 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
19 Mayis / 4580082240 |
|
REGISTRATION NUMBER |
: |
321-Tekkekoy |
|
REGISTERED OFFICE |
: |
Samsun Chamber of Commerce and Industry |
|
DATE ESTABLISHED |
: |
1997 (Commercial Registry Gazette Date/No:
27.01.1998/4470) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 2,000,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous Registered Capital |
:YTL 500,000 |
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|
|
|
Regist. Capital Changed on |
:08.05.2007 (Commercial Registry Gazette
Date/No: 16.05.2007/6809) YTL 575,417.73 of this increase is decided
to be financed by equity items and YTL 924,582.27 is decided to be financed
by cash. According to the capital increase decision, ¼ of the cash portion
(YTL 231,145.57) has to be paid within 3 months and the rest has to be paid
until 31.12.2008. |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mustafa Cevik (son of Ebubekir) Secil Cevik Nuriye Cevik Bekir Cevik Mustafa Cevik (son of Hasan) |
50 % 12,5 % 12,5 % 12,5 % 12,5 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
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|
GROUP PARENT COMPANY |
: |
None |
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|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Mustafa Cevik |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of halvah, jam and
sesame paste and processing of sesame |
|
|
SECTOR |
: |
Food |
|
|
NUMBER OF
EMPLOYEES |
: |
35 |
|
|
NET SALES |
: |
(YTL) 8,822,066 4,617,424 6,459,788 |
(2005) (2006) (01.01.-30.09.2007) |
|
IMPORT COUNTRIES |
: |
Ethiopia, Singapore |
|
|
MERCHANDISE
IMPORTED |
: |
Sesame
|
|
|
EXPORT VALUE |
: |
None |
|
PREMISES |
: |
Head Office&Production Plant: Ornek
Sanayi Sitesi 44. Blok No:5 Kutlukent Tekkekoy Samsun (owned) |
|
TREND OF
BUSINESS |
: |
There was a decline at sales volume in nominal
terms in 2006. The sales volume increased in the first 9 months of 2007 but
it indicates a stagnating trend when compared to the sales volume of 2005. |
|
SIZE OF BUSINESS |
: |
Lower-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank in Samsun Albaraka Turk Katilim Bankasi in Samsun Garanti Bankasi in Samsun |
|
CREDIT FACILITIES |
: |
The
subject company is making active use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
The capitalization was insufficient as of 31.12.2006. The registered
capital was increased from YTL 500,000 to YTL 2,000,000 on 08.05.2007. YTL 575,417.73
of this increase is decided to be financed by equity items and YTL 924,582.27
is decided to be financed by cash. According to the capital increase
decision, ¼ of the cash portion has to be paid within 3 months and the rest
has to be paid until 31.12.2008. So, we expect an improvement at equity total
since then. |
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|
LIQUIDITY |
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|
Liquidity was satisfactory as of 31.12.2006. Furthermore the positive
effect of the capital increase is expected on liquidity. |
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PROFITABILITY |
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|
Fair |
In 2006 |
Low |
Between 01.01.-30.09.2007 |
|
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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|
Unfavorable |
In 2006 |
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|
GENERAL
FINANCIAL POSITION |
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|
Fair |
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CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 580,000 may be granted to the subject company. |
|
|
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.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
|
BALANCE
SHEETS
|
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
2.176.180 |
|
0,74 |
|
3.393.911 |
|
0,83 |
|
|
|
Cash and
Banks |
636.998 |
|
0,22 |
|
1.035.553 |
|
0,25 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
691.024 |
|
0,23 |
|
524.576 |
|
0,13 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
551.238 |
|
0,19 |
|
1.642.320 |
|
0,40 |
|
|
|
Advances
Given |
200.763 |
|
0,07 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
96.157 |
|
0,03 |
|
191.462 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
767.195 |
|
0,26 |
|
693.576 |
|
0,17 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
716.853 |
|
0,24 |
|
690.181 |
|
0,17 |
|
|
|
Intangible Assets |
36.991 |
|
0,01 |
|
870 |
|
0,00 |
|
|
|
Other Non-Current
Assets |
13.351 |
|
0,00 |
|
2.525 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
2.943.375 |
|
1,00 |
|
4.087.487 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
1.917.742 |
|
0,65 |
|
2.989.025 |
|
0,73 |
|
|
|
Financial
Loans |
1.499.092 |
|
0,51 |
|
2.750.917 |
|
0,67 |
|
|
|
Accounts
Payable |
66.209 |
|
0,02 |
|
191.954 |
|
0,05 |
|
|
|
Loans
from Shareholders |
336.569 |
|
0,11 |
|
23.904 |
|
0,01 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
9.225 |
|
0,00 |
|
16.019 |
|
0,00 |
|
|
|
Provisions |
6.647 |
|
0,00 |
|
6.231 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
LONG-TERM LIABILITIES |
16.924 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
16.924 |
|
0,01 |
|
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 |
1.008.709 |
|
0,34 |
|
1.098.462 |
|
0,27 |
|
|
|
Paid-in
Capital |
500.000 |
|
0,17 |
|
500.000 |
|
0,12 |
|
|
|
Inflation
Adjustment of Capital |
160.459 |
|
0,05 |
|
160.459 |
|
0,04 |
|
|
|
Reserves |
226.661 |
|
0,08 |
|
343.773 |
|
0,08 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
121.589 |
|
0,04 |
|
94.230 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
2.943.375 |
|
1,00 |
|
4.087.487 |
|
1,00 |
|
|
|
INCOME
STATEMENTS
|
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
8.822.066 |
|
1,00 |
|
4.617.424 |
|
1,00 |
|
6.459.788 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
7.788.448 |
|
0,88 |
|
3.832.345 |
|
0,83 |
|
5.711.912 |
|
0,88 |
|
|
|
Gross Profit |
1.033.618 |
|
0,12 |
|
785.079 |
|
0,17 |
|
747.876 |
|
0,12 |
|
|
|
Operating
Expenses |
900.332 |
|
0,10 |
|
568.327 |
|
0,12 |
|
690.637 |
|
0,11 |
|
|
|
Operating Profit |
133.286 |
|
0,02 |
|
216.752 |
|
0,05 |
|
57.239 |
|
0,01 |
|
|
|
Other
Income |
137.432 |
|
0,02 |
|
262.260 |
|
0,06 |
|
241.324 |
|
0,04 |
|
|
|
Other
Expenses |
77.083 |
|
0,01 |
|
256.210 |
|
0,06 |
|
65.577 |
|
0,01 |
|
|
|
Financial
Expenses |
35.180 |
|
0,00 |
|
102.991 |
|
0,02 |
|
153.958 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
158.455 |
|
0,02 |
|
119.811 |
|
0,03 |
|
79.028 |
|
0,01 |
|
|
|
Tax
Payable |
36.866 |
|
0,00 |
|
25.581 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
121.589 |
|
0,01 |
|
94.230 |
|
0,02 |
|
79.028 |
|
0,01 |
|
|
|
FINANCIAL
RATIOS
|
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|
2005 |
|
|
|
2006 |
|
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|
1.1.-30.09.2007 |
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|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Current Ratio |
1,13 |
|
|
|
1,14 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,69 |
|
|
|
0,52 |
|
|
|
-- |
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,19 |
|
|
|
0,40 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,23 |
|
|
|
0,13 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,24 |
|
|
|
0,17 |
|
|
|
-- |
|
|
|
|
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TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
14,13 |
|
|
|
2,33 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
8,75 |
|
|
|
4,20 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
3,00 |
|
|
|
1,13 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
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FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,34 |
|
|
|
0,27 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,65 |
|
|
|
0,73 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,66 |
|
|
|
0,73 |
|
|
|
-- |
|
|
|
|
|
|
|
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PROFITABILITY RATIOS |
|
|
|
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|
Net Profit/Stockholders' Eq. |
0,12 |
|
|
|
0,09 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,05 |
|
|
|
0,01 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,02 |
|
|
|
0,01 |
|
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COLLECTION-PAYMENT |
|
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|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
28,20 |
|
|
|
40,90 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
3,06 |
|
|
|
18,03 |
|
|
|
-- |
|
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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%)