MIRA INFORM REPORT

 

 

Report Date :           

06.08.2012

 

IDENTIFICATION DETAILS

 

Name :

HIDROS MAKINA ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Korfez Kucuk Sanayi Sitesi 410 Blok No:9/10 41225 Izmit

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

30.04.2007

 

 

Com. Reg. No.:

17752-25854

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of machinery, hydraulic and their spare parts. 

 

 

No. of Employees :

7

 

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

 

Status :

Satisfactory

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

 

COMPANY IDENTIFICATION

 

NAME

:

HIDROS MAKINA ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Korfez Kucuk Sanayi Sitesi 410 Blok No:9/10 41225 Izmit Kocaeli / Turkey

PHONE NUMBER

:

90-262-335 63 66

90-262-335 63 81

 

FAX NUMBER

:

90-262-335 61 97

90-262-335 63 70

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Tepecik

TAX NO

:

4620350876

REGISTRATION NUMBER

:

17752-25854

REGISTERED OFFICE

:

Izmit Chamber of Commerce

DATE ESTABLISHED

:

30.04.2007

ESTABLISHMENT GAZETTE DATE/NO

:

10.05.2007/6805

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

23.12.2009 (Commercial Gazette Date /Number 31.12.2009/ 7470)

Previous Registered Capital

:

TL 2.500.000

Changed On

:

26.12.2011 (Commercial Gazette Date /Number 05.01.2012/ 7977)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Halil Topaloglu

43 %

Mithat Ercevik

42 %

Necmi Vardar

5 %

Hakan Ersoy

5 %

Sinan Mut

5 %

 

 

SISTER COMPANIES

:

HIDROS HIDROLIK MAKINA ITHALAT IHRACAT TURIZM SANAYI VE TICARET LTD. STI.

 

HYDRO PACK MUHENDISLIK MAKINA HIDROLIK SANAYI VE TICARET LTD. STI.

 

HYDROPACK HIDROLIK MAKINA ITHALAT IHRACAT TICARET LTD. STI.

 

SUBSIDIARIES

:

HYDRO PACK MUHENDISLIK MAKINA HIDROLIK SANAYI VE TICARET LTD. STI.  ( 50 % )

 

DIRECTORS

:

Mithat Ercevik

 

Halil Topaloglu

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of machinery, hydraulic and their spare parts. 

 

NACE CODE

:

G .51.80

 

SECTOR

:

Commerce

 

DISTRIBUTOR OF

:

Badestnos   (Bulgaria)

Caproni   (Bulgaria)

M-S Hydr.   (Bulgaria)

 

NUMBER OF EMPLOYEES

:

7

 

NET SALES

:

2.467.134 TL

(30.04-31.12.2007) 

10.908.138 TL

(2008) 

12.664.753 TL

(2009) 

17.302.425 TL

(2010) 

27.391.959 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Bulgaria

China

Korea

Italy

 

MERCHANDISE IMPORTED

:

Hydraulic pump

Valve

 

EXPORT VALUE

:

2.321.444 TL

(30.04-31.12.2007)

9.723.633 TL

(2008)

7.195.538 TL

(2009)

10.377.773 TL

(2010)

15.049.106 TL

(2011)

 

 

EXPORT COUNTRIES

:

Bulgaria

Libya

South Africa

Iran

Iraq

Syria

Morocco

Algeria

China

 

MERCHANDISE  EXPORTED

:

Hydraulic pump

Spare parts

Valve

 

HEAD OFFICE ADDRESS

:

Korfez Kucuk Sanayi Sitesi 410 Blok No:9/10 41225 Izmit  Kocaeli / Turkey 

 

BRANCHES

:

Warehouse  :  Kucuk Korfez San. Sitesi 316 Blok No:17 Izmit Kocaeli/Turkey (owned)

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Ticari Branch

Garanti Bankasi E-5 Branch

Yapi Ve Kredi Bankasi Izmit Sanayi Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

 

Net Sales

10.908.138

12.664.753

17.302.425

27.391.959

 

Profit (Loss) Before Tax

471.839

865.500

1.189.292

2.250.517

 

Stockholders' Equity

1.382.717

3.574.244

4.525.766

8.825.499

 

Total Assets

2.178.467

4.795.718

7.347.891

11.616.695

 

Current Assets

1.715.005

4.372.706

6.680.103

10.903.360

 

Non-Current Assets

463.462

423.012

667.788

713.335

 

Current Liabilities

795.750

1.221.474

2.822.125

2.791.196

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

1.918.785

2.331.888

3.006.422

4.939.062

 

Operating Profit (loss)

444.513

892.614

1.214.066

1.954.271

 

Net Profit (loss)

377.334

691.526

951.163

1.799.733

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

High As of 31.12.2011

Profitability

In Order Operating Profitability  in 2008

In Order Net Profitability  in 2008

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 

 

BALANCE SHEETS

 

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.715.005

0,79

4.372.706

0,91

6.680.103

0,91

10.903.360

0,94

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

586.952

0,27

779.422

0,16

1.396.554

0,19

3.398.491

0,29

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

382.755

0,18

1.868.981

0,39

1.308.462

0,18

1.949.319

0,17

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

458.450

0,21

967.198

0,20

2.015.871

0,27

3.448.737

0,30

Advances Given

0

0,00

503.633

0,11

1.343.995

0,18

1.155.203

0,10

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

286.848

0,13

253.472

0,05

615.221

0,08

951.610

0,08

NON-CURRENT ASSETS

463.462

0,21

423.012

0,09

667.788

0,09

713.335

0,06

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

131.674

0,06

131.674

0,03

187.869

0,03

250.495

0,02

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

309.391

0,14

285.116

0,06

458.075

0,06

456.944

0,04

Intangible Assets

0

0,00

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

22.397

0,01

6.222

0,00

21.844

0,00

5.896

0,00

TOTAL ASSETS

2.178.467

1,00

4.795.718

1,00

7.347.891

1,00

11.616.695

1,00

CURRENT LIABILITIES

795.750

0,37

1.221.474

0,25

2.822.125

0,38

2.791.196

0,24

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

326.004

0,15

232.800

0,05

1.077.502

0,15

1.148.653

0,10

Accounts Payable

151.532

0,07

318.764

0,07

351.022

0,05

1.013.270

0,09

Loans from Shareholders

274.275

0,13

593.494

0,12

1.311.067

0,18

493.117

0,04

Other Short-term Payable

3.856

0,00

3.723

0,00

6.657

0,00

13.393

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

40.083

0,02

72.693

0,02

75.877

0,01

121.387

0,01

Provisions

0

0,00

0

0,00

0

0,00

1.376

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.382.717

0,63

3.574.244

0,75

4.525.766

0,62

8.825.499

0,76

Not Detailed Stockholders' Equity

0

0,00

0

0,00

4.525.766

0,62

0

0,00

Paid-in Capital

1.000.000

0,46

2.500.000

0,52

0

0,00

5.000.000

0,43

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

5.383

0,00

382.718

0,08

0

0,00

2.025.766

0,17

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

377.334

0,17

691.526

0,14

0

0,00

1.799.733

0,15

TOTAL LIABILITIES AND EQUITY

2.178.467

1,00

4.795.718

1,00

7.347.891

1,00

11.616.695

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure.Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively.                                                                                      

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

10.908.138

1,00

12.664.753

1,00

17.302.425

1,00

27.391.959

1,00

Cost of Goods Sold

8.989.353

0,82

10.332.865

0,82

14.296.003

0,83

22.452.897

0,82

Gross Profit

1.918.785

0,18

2.331.888

0,18

3.006.422

0,17

4.939.062

0,18

Operating Expenses

1.474.272

0,14

1.439.274

0,11

1.792.356

0,10

2.984.791

0,11

Operating Profit

444.513

0,04

892.614

0,07

1.214.066

0,07

1.954.271

0,07

Other Income

490.919

0,05

257.250

0,02

442.944

0,03

1.129.068

0,04

Other Expenses

417.602

0,04

261.428

0,02

431.540

0,02

779.246

0,03

Financial Expenses

45.991

0,00

22.936

0,00

36.178

0,00

53.576

0,00

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

471.839

0,04

865.500

0,07

1.189.292

0,07

2.250.517

0,08

Tax Payable

94.505

0,01

173.974

0,01

238.129

0,01

450.784

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

377.334

0,03

691.526

0,05

951.163

0,05

1.799.733

0,07

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

2,16

3,58

2,37

3,91

Acid-Test Ratio

1,22

2,17

0,96

1,92

Cash Ratio

0,74

0,64

0,49

1,22

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,21

0,20

0,27

0,30

Short-term Receivable/Total Assets

0,18

0,39

0,18

0,17

Tangible Assets/Total Assets

0,14

0,06

0,06

0,04

TURNOVER RATIOS

 

Inventory Turnover

19,61

10,68

7,09

6,51

Stockholders' Equity Turnover

7,89

3,54

3,82

3,10

Asset Turnover

5,01

2,64

2,35

2,36

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,63

0,75

0,62

0,76

Current Liabilities/Total Assets

0,37

0,25

0,38

0,24

Financial Leverage

0,37

0,25

0,38

0,24

Gearing Percentage

0,58

0,34

0,62

0,32

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,27

0,19

0,21

0,20

Operating Profit Margin

0,04

0,07

0,07

0,07

Net Profit Margin

0,03

0,05

0,05

0,07

Interest Cover

11,26

38,74

33,87

43,01

COLLECTION-PAYMENT

 

Average Collection Period (days)

16,98

56,87

31,13

28,91

Average Payable Period (days)

6,07

11,11

8,84

16,25

WORKING CAPITAL

919255,00

3151232,00

3857978,00

8112164,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.08

UK Pound

1

Rs.87.03

Euro

1

Rs.68.36

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.