MIRA
INFORM REPORT
|
Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HAKAN GIDA VE SANAYII DIS TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Cay Mah. Cumhuriyet Bulvari No:20 33260 Mersin |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
02.05.1989 |
|
|
|
|
Com. Reg. No.: |
10076 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of Textile Products (mainly jute yarn) and Spices, Legumes |
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 1 million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
REMARKS: According to
commercial registry there is no company under the name of “HAHAN GIDA VE SANAYI
DIS TIC. LTD.”. The address at your inquiry belongs to “HAKAN GIDA VE SANAYII
DIS TICARET LTD. STI.”
COMPANY IDENTIFICATION
|
NAME |
: |
HAKAN GIDA VE SANAYII DIS TICARET LTD.
STI. |
|
ADDRESS |
: |
Head Office & Warehouse: Cay Mah. Cumhuriyet
Bulvari No:20 33260 Mersin/Turkey Branch: Mersin Free Zone Mersin / Turkey |
|
PHONE NUMBER |
: |
90-324-221 38 80 (Pbx) |
|
FAX NUMBER |
: |
90-324-221 38 90 90-324-221 38 88 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Uray / 4540069484 |
|
REGISTRATION NUMBER |
: |
10076 |
|
REGISTERED OFFICE |
: |
Mersin Chamber of Industry and Commerce |
|
DATE ESTABLISHED |
: |
02.05.1989 (Commercial Registry Gazette
Date/No: 15.05.1989/2273) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 4.000.000 |
|
HISTORY |
: |
The registered capital was increased to
YTL 2.000.000 on 12.12.2002 (Commercial Registry Gazette Date/No:
18.12.2002/5699) Berham Dogulu sold 58 % shares to Nazim
Yilmaz Bahceci on 14.03.2006 (Commercial Registry Gazette Date/No:
22.03.2006/6518) The registered capital was increased from
YTL 2.000.000 to YTL 4.000.000 on 08.08.2008 (Commercial Registry Gazette
Date/No: 14.08.2008/7127) YTL 808.924,19 of the increase is decided to be
financed by equity items and YTL 1.191.075,81 by cash. According to the
capital increase decision, ¼ of the cash portion of the increase has to be
paid within 3 months following the date of capital increase and the rest has
to be paid within 3 years. |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Nazim Yilmaz Bahceci Berham Bahceci (Dogulu) |
99 % 1
% |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SISTER COMPANIES |
: |
Turkuaz Gida ve Sanayi Dis Ticaret Ltd Sti |
|
|
DIRECTORS |
: |
Nazim Yilmaz Bahceci Berham Bahceci (Dogulu) |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of textile products (mainly jute
yarn) and spices, legumes… |
|
|
SECTOR |
: |
Commerce |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF
EMPLOYEES |
: |
32 |
|
|
NET SALES |
: |
(YTL) 48.411.293 27.444.566 26.118.786 11.951.657 |
(2005) (2006) (2007) (01.01-30.06.2008) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
(USD) 21.978.000 5.840.000 7.174.979 7.047.592 |
(2005) (2006) (2007) (01.01-30.06.2008) |
|
IMPORT COUNTRIES |
: |
India, Bangladesh, UAE, Algeria… |
|
|
MERCHANDISE
IMPORTED |
: |
Jute, legumes, spice |
|
|
EXPORT VALUE |
: |
(YTL) 38.336.195 13.018.043 9.484.064 5.160.562 |
(2005) (2006) (2007) (01.01-30.06.2008) |
|
EXPORT COUNTRIES |
: |
Russia, Kyrgyzstan, Philippines… |
|
|
MERCHANDISE
EXPORTED |
: |
Peas, chickpeas… |
|
|
PREMISES |
: |
Head Office & Warehouse: Cay Mah. Cumhuriyet
Bulvari No:20 Mersin (13,000 sqm)
(rented) Branch: Mersin Free Zone in Mersin (rented) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
There was decline at sales volume in
nominal terms in 2006 and 2007. |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Merkez Branch
in Mersin Garanti Bankasi
Serbest Bolge Branch in Mersin Denizbank Merkez
Branch in Mersin Garanti Bankasi
Mersin branch in Mersin Finansbank Mersin merkez
branch in Mersin |
|
CREDIT FACILITIES |
: |
The subject company is making 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 fair as of
31.12.2007. Furthermore, the registered capital was increased from YTL
2.000.000 to YTL 4.000.000 on 08.08.2008.YTL 808.924,19 of the increase is
decided to be financed by equity items and YTL 1.191.075,81 by cash.
According to the capital increase decision, ¼ of the cash portion of the
increase has to be paid within 3 months following the date of capital
increase and the rest has to be paid within 3 years. So, we expect an improvement
at equity total since 31.12.2007. |
||
|
LIQUIDITY |
||
|
Good |
As of 31.12.2007 |
|
|
PROFITABILITY |
||
|
The firm which had operating loss, had low net profitability due to other
income in 2007. The profitability was good in the first half of 2008. |
||
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
In 2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Satisfactory |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 1 million 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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-31.10.2008) |
12.11 % |
1.2408 |
1.8598 |
2.3855 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
10.425.877 |
|
0,88 |
|
9.771.673 |
|
0,84 |
|
|
|
Cash and
Banks |
137.809 |
|
0,01 |
|
1.122.957 |
|
0,10 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
5.651.968 |
|
0,48 |
|
5.217.936 |
|
0,45 |
|
|
|
Other
Receivable |
20.162 |
|
0,00 |
|
2.456 |
|
0,00 |
|
|
|
Inventories |
4.111.019 |
|
0,35 |
|
1.952.057 |
|
0,17 |
|
|
|
Advances
Given |
47.446 |
|
0,00 |
|
1.039.724 |
|
0,09 |
|
|
|
Other
Current Assets |
457.473 |
|
0,04 |
|
436.543 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
1.408.812 |
|
0,12 |
|
1.909.077 |
|
0,16 |
|
|
|
Long-term
Receivable |
10 |
|
0,00 |
|
30.255 |
|
0,00 |
|
|
|
Financial
Assets |
30.245 |
|
0,00 |
|
1.066.860 |
|
0,09 |
|
|
|
Tangible
Fixed Assets (net) |
305.434 |
|
0,03 |
|
794.016 |
|
0,07 |
|
|
|
Intangible Assets |
1.073.123 |
|
0,09 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
17.946 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
11.834.689 |
|
1,00 |
|
11.680.750 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
8.444.951 |
|
0,71 |
|
7.560.850 |
|
0,65 |
|
|
|
Financial
Loans |
3.975.431 |
|
0,34 |
|
3.028.220 |
|
0,26 |
|
|
|
Accounts
Payable |
309.596 |
|
0,03 |
|
2.220.047 |
|
0,19 |
|
|
|
Loans
from Shareholders |
1.041.740 |
|
0,09 |
|
17.813 |
|
0,00 |
|
|
|
Other
Short-term Payable |
1.406 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
3.007.721 |
|
0,25 |
|
2.180.873 |
|
0,19 |
|
|
|
Taxes
Payable |
6.367 |
|
0,00 |
|
13.511 |
|
0,00 |
|
|
|
Provisions |
102.690 |
|
0,01 |
|
100.386 |
|
0,01 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.793 |
|
0,00 |
|
341.184 |
|
0,03 |
|
|
|
Financial
Loans |
1.793 |
|
0,00 |
|
341.184 |
|
0,03 |
|
|
|
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 |
3.387.945 |
|
0,29 |
|
3.778.716 |
|
0,32 |
|
|
|
Paid-in
Capital |
2.000.000 |
|
0,17 |
|
2.000.000 |
|
0,17 |
|
|
|
Inflation
Adjustment of Capital |
988.509 |
|
0,08 |
|
988.509 |
|
0,08 |
|
|
|
Reserves |
351.984 |
|
0,03 |
|
736.350 |
|
0,06 |
|
|
|
Revaluation Fund |
430.623 |
|
0,04 |
|
430.623 |
|
0,04 |
|
|
|
Accumulated Losses(-) |
-767.536 |
|
-0,06 |
|
-767.536 |
|
-0,07 |
|
|
|
Net
Profit (loss) |
384.365 |
|
0,03 |
|
390.770 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
11.834.689 |
|
1,00 |
|
11.680.750 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1-30.6.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
27.444.566 |
|
1,00 |
|
26.118.786 |
|
1,00 |
|
11.951.657 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
25.453.854 |
|
0,93 |
|
24.948.161 |
|
0,96 |
|
10.026.634 |
|
0,84 |
|
|
|
Gross Profit |
1.990.712 |
|
0,07 |
|
1.170.625 |
|
0,04 |
|
1.925.023 |
|
0,16 |
|
|
|
Operating
Expenses |
1.387.014 |
|
0,05 |
|
1.474.053 |
|
0,06 |
|
735.123 |
|
0,06 |
|
|
|
Operating Profit |
603.698 |
|
0,02 |
|
-303.428 |
|
-0,01 |
|
1.189.900 |
|
0,10 |
|
|
|
Other
Income |
1.778.249 |
|
0,06 |
|
1.581.270 |
|
0,06 |
|
700.437 |
|
0,06 |
|
|
|
Other
Expenses |
1.579.313 |
|
0,06 |
|
548.022 |
|
0,02 |
|
1.053.716 |
|
0,09 |
|
|
|
Financial
Expenses |
315.579 |
|
0,01 |
|
238.664 |
|
0,01 |
|
125.197 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
487.055 |
|
0,02 |
|
491.156 |
|
0,02 |
|
711.424 |
|
0,06 |
|
|
|
Tax
Payable |
102.690 |
|
0,00 |
|
100.386 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
384.365 |
|
0,01 |
|
390.770 |
|
0,01 |
|
711.424 |
|
0,06 |
|
FINANCIAL
RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1-30.6.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,23 |
|
|
|
1,29 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,69 |
|
|
|
0,84 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,35 |
|
|
|
0,17 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,48 |
|
|
|
0,45 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,03 |
|
|
|
0,07 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
6,19 |
|
|
|
12,78 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
8,10 |
|
|
|
6,91 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
2,32 |
|
|
|
2,24 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,29 |
|
|
|
0,32 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,71 |
|
|
|
0,65 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,71 |
|
|
|
0,68 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,11 |
|
|
|
0,10 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
-0,01 |
|
|
|
0,10 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,01 |
|
|
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
74,14 |
|
|
|
72,34 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
4,38 |
|
|
|
32,04 |
|
|
|
-- |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
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%)