MIRA INFORM REPORT

 

 

Report Date :

28.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

HATTAT TARIM MAKINALARI SANAYI VE TICARET A.S.

 

 

Registered Office :

Buyukdere Cad. Ucyol Mevkii No: 53 Maslak Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

16.04.1998

 

 

Com. Reg. No.:

393593

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture, trade and assembly of agricultural machinery mainly tractor

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

NAME

:

HATTAT TARIM MAKINALARI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Buyukdere Cad. Ucyol Mevkii No: 53 Maslak Istanbul / Turkey

PHONE NUMBER

:

90-212-286 44 51 (5 lines) (Head Office)

90-282-758 33 80 (Factory)

 

FAX NUMBER

:

90-212-286 44 55 (Head Office)

90-282-758 33 81 (Factory)

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

4590056755

REGISTRATION NUMBER

:

393593

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.04.1998

ESTABLISHMENT GAZETTE DATE/NO

:

22.04.1998/4525

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   40.000.000

PAID-IN CAPITAL

:

TL   39.265.375

HISTORY

:

Previous Registered Capital

:

TL 36.450.000

Changed On

:

28.02.2008 (Commercial Gazette Date /Number 04.03.2008/ 7012)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Hattat Otomotiv Pazarlama A.S.

 

Hema Endustri A.S.

 

Hattat Holding A.S.

 

Others

 

 

 

GROUP PARENT COMPANY

:

HATTAT HOLDING A.S.

 

SISTER COMPANIES

:

BATI KARADENIZ ELEKTRIK URETIM A.S.

HATTAT AIR TICARET VE TURIZM ISLETMELERI A.S.

HATTAT ELEKTRIK DAGITIM PAZARLAMA A.S.

HATTAT HOLDING A.S.

HATTAT INSAAT SANAYI VE TICARET A.S.

HATTAT KARA ELMASLAR A.S.

HATTAT OTOMOTIV PAZARLAMA A.S.

HATTAT SIGORTA ARACILIGI A.S.

HEMA DIS TICARET A.S.

HEMA DOGAL ENERJI KAYNAKLARI A.S.

HEMA ELEKTRIK URETIM A.S.

HEMA ENDUSTRI 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.

 

BOARD OF DIRECTORS

:

Ibrahim Hattat

Chairman

Ilcim Hattat Kilic

Member

Ismail Zekai Kutan

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture, trade and assembly of agricultural machinery mainly tractor.

 

NACE CODE

:

DK.29.31

 

TRADEMARKS OWNED

:

Hattat

 

NUMBER OF EMPLOYEES

:

137

 

NET SALES

:

17.650.406 TL

(2003) 

45.570.101 TL

(2004) 

47.477.877 TL

(2005) 

58.550.417 TL

(2006) 

55.000.954 TL

(2007) 

36.451.303 TL

(2008) 

26.269.171 TL

(2009) 

 

 

REMARKS ON NET SALES

:

The net sales figure of 2009 is declared by the company. There is no certification for this figure.

 

IMPORT VALUE

:

2.700.000 EUR

(2009)

 

 

IMPORT COUNTRIES

:

Finland

Austria

Germany

Canada

Brazil

Sweden

 

MERCHANDISE IMPORTED

:

Parts of tractor

Reaping-threshing machine

 

EXPORT VALUE

:

125.482 TL

(2006)

477.277 TL

(2007)

2.833.779 TL

(2008)

1.734.000 EUR

(2009)

 

 

EXPORT COUNTRIES

:

Romania

 

MERCHANDISE  EXPORTED

:

Chair lifts

Lifting machines

Railway car pushers

Telepherics

Travers

 

HEAD OFFICE ADDRESS

:

Buyukdere Cad. Ucyol Mevkii No: 53 Maslak  Istanbul / Turkey  (owned by shareholder(s))

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi  Cerkezkoy Tekirdag/Turkey

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2009.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Is Bankasi Istanbul Kurumsal Branch

T. Is Bankasi Cerkezkoy Branch

T. Vakiflar Bankasi Cerkezkoy Branch

Turk Ekonomi Bankasi Gayrettepe Branch

Yapi ve Kredi Bankasi Esentepe Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2006) TL

(2007) TL

(2008) TL

(01.01-31.03.2009) TL

 

Net Sales

58.550.417

55.000.954

36.451.303

2.714.698

 

Profit (Loss) Before Tax

792.793

643.076

-6.921.196

-6.579.025

 

Stockholders' Equity

33.535.068

37.614.531

33.508.710

 

 

Total Assets

57.582.713

71.960.708

96.097.120

 

 

Current Assets

35.345.730

32.557.138

44.147.072

 

 

Non-Current Assets

22.236.983

39.403.570

51.950.048

 

 

Current Liabilities

24.047.645

26.469.349

24.708.220

 

 

Long-Term Liabilities

0

7.876.828

37.880.190

 

 

Gross Profit (loss)

15.191.886

17.638.202

2.917.941

51.617

 

Operating Profit (loss)

3.247.034

-335.675

-5.435.842

-906.816

 

Net Profit (loss)

792.793

501.426

-6.921.196

-6.579.025

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2008

Liquidity

Insufficient As of 31.12.2008

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Good Operating Profitability  in 2006

Low Net Profitability  in 2006

Operating Loss  in 2007

Low Net Profitability  in 2007

Operating Loss  in 2008

Net Loss  in 2008

Operating Loss (01.01-31.03.2009)

Net Loss (01.01-31.03.2009)

 

Gap between average collection and payable periods

Favorable in 2008

General Financial Position

Unsatisfactory

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 01.01-31.03.2009)

1,70 %

1,6241

2,1327

2,3261

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

CURRENT ASSETS

35.345.730

0,61

32.557.138

0,45

44.147.072

0,46

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

3.717.089

0,06

873.397

0,01

75.014

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

5.430.657

0,09

10.083.191

0,14

6.241.998

0,06

Other Receivable

0

0,00

0

0,00

0

0,00

Inventories

21.963.615

0,38

20.464.596

0,28

30.561.467

0,32

Advances Given

2.291.041

0,04

513.580

0,01

3.607.272

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.943.328

0,03

622.374

0,01

3.661.321

0,04

NON-CURRENT ASSETS

22.236.983

0,39

39.403.570

0,55

51.950.048

0,54

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

4.357

0,00

11.684

0,00

3.956.253

0,04

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

21.516.963

0,37

38.900.367

0,54

47.068.250

0,49

Intangible Assets

666.322

0,01

455.813

0,01

870.396

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

49.341

0,00

35.706

0,00

55.149

0,00

TOTAL ASSETS

57.582.713

1,00

71.960.708

1,00

96.097.120

1,00

CURRENT LIABILITIES

24.047.645

0,42

26.469.349

0,37

24.708.220

0,26

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Accounts Payable

23.649.223

0,41

24.426.566

0,34

21.555.950

0,22

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

145.008

0,00

193.713

0,00

204.570

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

253.414

0,00

224.591

0,00

149.915

0,00

Provisions

0

0,00

673.256

0,01

2.797.785

0,03

Other Current Liabilities

0

0,00

951.223

0,01

0

0,00

LONG-TERM LIABILITIES

0

0,00

7.876.828

0,11

37.880.190

0,39

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

5.823.500

0,08

37.880.190

0,39

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

2.053.328

0,03

0

0,00

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

33.535.068

0,58

37.614.531

0,52

33.508.710

0,35

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

32.700.000

0,57

36.450.000

0,51

39.265.375

0,41

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

17.825

0,00

17.825

0,00

17.825

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

24.450

0,00

645.280

0,01

1.146.706

0,01

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)

792.793

0,01

501.426

0,01

-6.921.196

-0,07

TOTAL LIABILITIES AND EQUITY

57.582.713

1,00

71.960.708

1,00

96.097.120

1,00

 

 

INCOME STATEMENTS

 

 

(2006) TL

 

(2007) TL

 

(2008) TL

 

(01.01-31.03.2009) TL

 

Net Sales

58.550.417

1,00

55.000.954

1,00

36.451.303

1,00

2.714.698

1,00

Cost of Goods Sold

43.358.531

0,74

37.362.752

0,68

33.533.362

0,92

2.663.081

0,98

Gross Profit

15.191.886

0,26

17.638.202

0,32

2.917.941

0,08

51.617

0,02

Operating Expenses

11.944.852

0,20

17.973.877

0,33

8.353.783

0,23

958.433

0,35

Operating Profit

3.247.034

0,06

-335.675

-0,01

-5.435.842

-0,15

-906.816

-0,33

Other Income

146.046

0,00

3.855.476

0,07

2.915.243

0,08

459.160

0,17

Other Expenses

28.045

0,00

1.065.729

0,02

3.206.206

0,09

5.103.570

1,88

Financial Expenses

2.572.242

0,04

1.810.996

0,03

1.194.391

0,03

1.027.799

0,38

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

792.793

0,01

643.076

0,01

-6.921.196

-0,19

-6.579.025

-2,42

Tax Payable

0

0,00

141.650

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

792.793

0,01

501.426

0,01

-6.921.196

-0,19

-6.579.025

-2,42

 

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

LIQUIDITY RATIOS

 

 

Current Ratio

1,47

1,23

1,79

Acid-Test Ratio

0,38

0,41

0,26

Cash Ratio

0,15

0,03

0,00

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,38

0,28

0,32

Short-term Receivable/Total Assets

0,09

0,14

0,06

Tangible Assets/Total Assets

0,37

0,54

0,49

TURNOVER RATIOS

 

 

Inventory Turnover

1,97

1,83

1,10

Stockholders' Equity Turnover

1,75

1,46

1,09

Asset Turnover

1,02

0,76

0,38

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,58

0,52

0,35

Current Liabilities/Total Assets

0,42

0,37

0,26

Financial Leverage

0,42

0,48

0,65

Gearing Percentage

0,72

0,91

1,87

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,01

-0,21

Operating Profit Margin

0,06

-0,01

-0,15

Net Profit Margin

0,01

0,01

-0,19

Interest Cover

1,31

1,36

-4,79

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

33,42

66,07

100,72

Average Payable Period (days)

196,36

235,36

231,42

WORKING CAPITAL

11298085,00

6087789,00

19438852,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.57

UK Pound

1

Rs.72.50

Euro

1

Rs.62.46

 

 

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

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

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.