MIRA
INFORM REPORT
|
Report Date : |
16.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
HASEL GIDA SANAYI VE TICARET LTD. STI.
|
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|
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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) : |
31.12.2010 |
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Year of Establishment : |
1997 |
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Com. Reg. No.: |
321-Tekkekoy |
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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. |
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|
|
|
No. of Employees : |
46 |
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 : |
620.000 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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Turkey |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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. |
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PHONE NUMBER |
: |
90-362-266 91 08 |
|
FAX NUMBER |
: |
90-362-266 91 65 |
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WEB-ADDRESS |
: |
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E-MAIL |
: |
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 |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
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SISTER COMPANIES |
: |
Declared to be: None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
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OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of halvah, jam and sesame paste and processing
of sesame. |
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NACE CODE |
: |
DA.15.00 |
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SECTOR |
: |
Food |
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NUMBER OF EMPLOYEES |
: |
46 |
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NET SALES |
: |
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IMPORT COUNTRIES |
: |
Ethiopia Singapore India |
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MERCHANDISE IMPORTED |
: |
Sesame |
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HEAD OFFICE ADDRESS |
: |
Ornek Sanayi Sitesi 44. Blok No:5 Kutlukent Tekkekoy Samsun / Turkey
(owned) |
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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. There appears a decline at business volume in nominal
terms in 1.1 - 30.9.2011. |
|
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 |
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CREDIT FACILITIES |
: |
The subject company is making active use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
|
COMMENT ON FINANCIAL POSITION
|
Capitalization |
Insufficient |
|
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 Good Operating
Profitability (01.01-30.09.2011) Net Loss
(01.01-30.09.2011) |
|
Gap between
average collection and payable periods |
Unfavorable in
2010 |
|
General
Financial Position |
Passable |
CREDIT OPINION WITHOUT OBLIGATION
|
CREDIT LIMIT |
: |
620.000 USD |
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of 620.000 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 |
|
( 01.01-30.09.2011) |
9,72 % |
1,6335 |
2,3016 |
2,6294 |
|
( 2011 ) |
13,33 % |
1,6797 |
2,3378 |
2,6863 |
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 |
|
REMARKS ON
FINANCIAL STATEMENT |
: |
At the income
statement of 1.1.-30.09.2011, TL 1.697.398 of the other expenses is due to
"Loss from Foreign Currency Exchange" . |
INCOME STATEMENTS
|
|
(2009) TL |
|
(2010) TL |
|
(01.01-30.09.2011)
TL |
|
|
Net Sales |
27.031.448 |
1,00 |
32.914.213 |
1,00 |
24.100.502 |
1,00 |
|
Cost of Goods
Sold |
25.553.510 |
0,95 |
30.534.865 |
0,93 |
20.918.243 |
0,87 |
|
Gross Profit |
1.477.938 |
0,05 |
2.379.348 |
0,07 |
3.182.259 |
0,13 |
|
Operating
Expenses |
1.377.227 |
0,05 |
1.744.098 |
0,05 |
1.165.141 |
0,05 |
|
Operating Profit |
100.711 |
0,00 |
635.250 |
0,02 |
2.017.118 |
0,08 |
|
Other Income |
509.704 |
0,02 |
805.362 |
0,02 |
500.009 |
0,02 |
|
Other Expenses |
289.567 |
0,01 |
782.665 |
0,02 |
1.767.441 |
0,07 |
|
Financial Expenses |
63.675 |
0,00 |
337.379 |
0,01 |
774.770 |
0,03 |
|
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 |
-25.084 |
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 |
-25.084 |
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.51.43 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.