MIRA INFORM REPORT

 

 

Report Date :           

29.10.2011

 

IDENTIFICATION DETAILS

 

Name :

HASEL GIDA SANAYI VE TICARET LTD. STI

 

 

Registered Office :

Ornek Sanayi Sitesi 44. Blok No:5 Kutlukent Tekkekoy Samsun

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1997

 

 

Com. Reg. No.:

321-Tekkekoy

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of halvah, jam and sesame paste and processing of sesame

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

640.000 USD

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

COMPANY IDENTIFICATION

 

NAME

:

HASEL GIDA SANAYI VE TICARET LTD. STI. 

HEAD OFFICE ADDRESS

:

Ornek Sanayi Sitesi 44. Blok No:5 Kutlukent Tekkekoy Samsun / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from"29" to "5" by the Municipality.

 

 

PHONE NUMBER

:

90-362-266 91 08

 

FAX NUMBER

:

90-362-266 91 65

 

WEB-ADDRESS

:

www.haselgida.com

E-MAIL

:

info@haselgida.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

19 Mayis

TAX NO

:

4580082240

REGISTRATION NUMBER

:

321-Tekkekoy

REGISTERED OFFICE

:

Samsun Chamber of Commerce and Industry

DATE ESTABLISHED

:

1997

ESTABLISHMENT GAZETTE DATE /NO

:

27.01.1998/4470

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.000.000

PAID-IN CAPITAL

:

TL   3.000.000

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

18.06.2009 (Commercial Gazette Date /Number 24.06.2009/ 7339)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mustafa Cevik (son of Ebubekir)

50 %

Bekir Cevik

12,50 %

Mustafa Cevik (son of Hasan)

12,50 %

Secil Cevik

12,50 %

Nuriye Cevik

12,50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mustafa Cevik

 

 

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of halvah, jam and sesame paste and processing of sesame. 

 

NACE CODE

:

DA.15.00

 

SECTOR

:

Food

 

NUMBER OF EMPLOYEES

:

43

 

NET SALES

:

25.698.009 TL

(2008) 

27.031.448 TL

(2009) 

32.914.213 TL

(2010) 

8.033.588 TL

(01.01-31.03.2011) 

 

 

IMPORT COUNTRIES

:

Ethiopia

Singapore

India

 

MERCHANDISE IMPORTED

:

Sesame

 

HEAD OFFICE ADDRESS

:

Ornek Sanayi Sitesi 44. Blok No:5 Kutlukent Tekkekoy Samsun / Turkey (owned)

 

BRANCHES

:

Warehouse  :   Mersin/Turkey

 

Head Office/Production Plant  :  Ornek Sanayi Sitesi 44. Blok No:5 Kutlukent Tekkekoy Samsun/Turkey (owned)

 

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Large

 


 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Organize Branch

Albaraka Turk Katilim Bankasi Samsun Merkez Branch

Denizbank Samsun Merkez Branch

Garanti Bankasi Samsun Merkez Branch

ING Bank Samsun Merkez Branch

Yapi ve Kredi Bankasi 19 Mayis 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

:

 

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

 

 

Net Sales

27.031.448

32.914.213

8.033.588

 

 

Profit (Loss) Before Tax

257.173

320.568

7.916

 

 

Stockholders' Equity

3.503.368

3.869.345

 

 

 

Total Assets

9.364.141

15.786.113

 

 

 

Current Assets

8.563.781

15.272.287

 

 

 

Non-Current Assets

800.360

513.826

 

 

 

Current Liabilities

5.860.685

11.916.683

 

 

 

Long-Term Liabilities

88

85

 

 

 

Gross Profit (loss)

1.477.938

2.379.348

590.978

 

 

Operating Profit (loss)

100.711

635.250

224.465

 

 

Net Profit (loss)

203.687

253.478

7.916

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Low Operating Profitability  in 2009

Low Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability (01.01-31.03.2011)

Low Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 640.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

8.563.781

0,91

15.272.287

0,97

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

4.028.656

0,43

7.367.437

0,47

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.728.558

0,18

6.909.627

0,44

Other Receivable

0

0,00

0

0,00

Inventories

2.104.373

0,22

490.167

0,03

Advances Given

355.166

0,04

104.004

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

347.028

0,04

401.052

0,03

NON-CURRENT ASSETS

800.360

0,09

513.826

0,03

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

670.702

0,07

482.852

0,03

Intangible Assets

9.275

0,00

7.494

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

120.383

0,01

23.480

0,00

TOTAL ASSETS

9.364.141

1,00

15.786.113

1,00

CURRENT LIABILITIES

5.860.685

0,63

11.916.683

0,75

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

4.797.682

0,51

10.656.884

0,68

Accounts Payable

904.205

0,10

1.119.360

0,07

Loans from Shareholders

109.505

0,01

0

0,00

Other Short-term Payable

19.911

0,00

29.165

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

8.962

0,00

14.990

0,00

Provisions

20.420

0,00

52.113

0,00

Other Current Liabilities

0

0,00

44.171

0,00

LONG-TERM LIABILITIES

88

0,00

85

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

88

0,00

85

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

3.503.368

0,37

3.869.345

0,25

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.887.500

0,31

3.000.000

0,19

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

412.181

0,04

615.867

0,04

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

203.687

0,02

253.478

0,02

TOTAL LIABILITIES AND EQUITY

9.364.141

1,00

15.786.113

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

27.031.448

1,00

32.914.213

1,00

8.033.588

1,00

Cost of Goods Sold

25.553.510

0,95

30.534.865

0,93

7.442.610

0,93

Gross Profit

1.477.938

0,05

2.379.348

0,07

590.978

0,07

Operating Expenses

1.377.227

0,05

1.744.098

0,05

366.513

0,05

Operating Profit

100.711

0,00

635.250

0,02

224.465

0,03

Other Income

509.704

0,02

805.362

0,02

28.545

0,00

Other Expenses

289.567

0,01

782.665

0,02

144.658

0,02

Financial Expenses

63.675

0,00

337.379

0,01

100.436

0,01

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

257.173

0,01

320.568

0,01

7.916

0,00

Tax Payable

53.486

0,00

67.090

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

203.687

0,01

253.478

0,01

7.916

0,00

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,46

1,28

Acid-Test Ratio

0,98

1,20

Cash Ratio

0,69

0,62

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,22

0,03

Short-term Receivable/Total Assets

0,18

0,44

Tangible Assets/Total Assets

0,07

0,03

TURNOVER RATIOS

 

 

Inventory Turnover

12,14

62,29

Stockholders' Equity Turnover

7,72

8,51

Asset Turnover

2,89

2,09

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,37

0,25

Current Liabilities/Total Assets

0,63

0,75

Financial Leverage

0,63

0,75

Gearing Percentage

1,67

3,08

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

0,07

Operating Profit Margin

0,00

0,02

Net Profit Margin

0,01

0,01

Interest Cover

5,04

1,95

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

23,02

75,57

Average Payable Period (days)

12,74

13,20

WORKING CAPITAL

2703096,00

3355604,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.29

 

 

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

----

NB

New Business

----

 

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.