MIRA INFORM REPORT

 

Report Date :

03.03.2012

 

IDENTIFICATION DETAILS

 

Name :

HEMA ENDUSTRI A.S.

 

 

Formerly Known As :

HEMA HIDROLIK MAKINA SANAYI VE TICARET A.S.

 

 

Registered Office :

Buyukdere Cad. Ucyol Mevkii No:53-55 80670 Maslak Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1973

 

 

Com. Reg. No.:

265860

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of subordinate products to be used at automotive and agriculture sectors such as; hydraulic pumps, crank, leverage. In addition it manufactures systems to mining, aviation and defense industries.  

 

 

No. of Employees :

2300

 

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 :

28.200.000 USD

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 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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

HEMA ENDUSTRI A.S.

HEAD OFFICE ADDRESS

:

Buyukdere Cad. Ucyol Mevkii No:53-55 80670 Maslak Istanbul / Turkey

PHONE NUMBER

:

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

90-282-758 10 40 (Factory)

 

FAX NUMBER

:

90-212-276 28 91 (Head Office)

90-282-758 10 84 (Factory)

 

WEB-ADDRESS

:

www.hemaendustri.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

4610031137

REGISTRATION NUMBER

:

265860

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

1973

ESTABLISHMENT GAZETTE DATE/NO

:

08.11.1973/4993

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   150.000.000

PAID-IN CAPITAL

:

TL   150.000.000

 

HISTORY

:

Previous Name

:

Hema Hidrolik Makina Sanayi ve Ticaret A.S.

Changed On

:

28.01.1998 (Commercial Gazette Date /Number 20.02.1998/ 4486)

Other Changes

:

The subject was firstly established in Ankara and registered at Ankara Commercial Registry in 1973. Then it was moved to Istanbul and registered at Istanbul Commercial Registry.

Changed On

:

23.05.1990 (Commercial Gazette Date /Number 20.06.1990/ 2552)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Hattat

69,99 %

Hema Elektrik Uretim A.S.

20 %

Hema Holding A.S

5 %

Hattat Holding AS

5 %

Hattat Sigorta Araciligi A.S.

 

Ibrahim Hattat

 

Hattat Otomotiv Pazarlama A.S.

 

Hattat Insaat Sanayi ve Ticaret A.S.

 

 

 

GROUP PARENT COMPANY

:

HATTAT HOLDING A.S.

 

SISTER COMPANIES

:

BATI KARADENIZ ELEKTRIK URETIM A.S.

HATTAT AIR TICARET VE TURIZM ISLETMELERI A.S.

HATTAT DIAMOND OF ISTANBUL TURIZM ENDUSTRI 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.

HATTAT TARIM MAKINALARI SANAYI VE TICARET A.S.

HEMA DIS TICARET A.S.

HEMA DOGAL ENERJI KAYNAKLARI A.S.

HEMA ELEKTRIK URETIM A.S.

HEMA ENERJI A.S.

HEMA EXIM TICARET A.S.

HEMA HOLDING A.S.

HEMA OTOMOTIV SISTEMLERI A.S.

HEMA TRW OTOMOTIV DIREKSIYON SISTEMLERI A.S.

HM HEMA DEFENSE ENDUSTRISI A.S.

 

SUBSIDIARIES

:

HATTAT DIS TICARET A.S.  ( 36 % )

HATTAT INSAAT SANAYI VE TICARET A.S.  ( 23 % )

HATTAT TARIM MAKINALARI SANAYI VE TICARET A.S.  ( 58,72 % )

HEMA TRW OTOMOTIV DIREKSIYON SISTEMLERI A.S.  ( 79,97 % )

 

BOARD OF DIRECTORS

:

Ibrahim Hattat

Chairman

Mehmet Hattat

Member

Ilcim Hattat Kilic

Member

Halil Beyenal

Member

Ipek Hattat Dogan

Member

 

 

DIRECTORS

:

Nusret Atik                                                                                                                                                                                                                                                                                   

 

Cetin Citakoglu                                                                                                                                                                                                                                                                                   

 

Osman Tunc Dogan                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of subordinate products to be used at automotive and agriculture sectors such as; hydraulic pumps, crank, leverage. In addition it manufactures systems to mining, aviation and defense industries.  

 

NACE CODE

:

DM.34.30

 

TRADEMARKS OWNED

:

Hema

 

NUMBER OF EMPLOYEES

:

2.300

 

NET SALES

:

686.915 TL

(1994) 

1.985.128 TL

(1995) 

4.276.478 TL

(1996) 

8.777.042 TL

(1997) 

14.679.450 TL

(1998) 

19.303.385 TL

(1999) 

37.803.616 TL

(2000) 

57.679.038 TL

(2001) 

87.882.781 TL

(2002) 

144.724.648 TL

(2003) 

236.108.031 TL

(2004) 

272.569.137 TL

(2005) 

243.626.035 TL

(2006) 

260.230.528 TL

(2007) 

253.646.447 TL

(2008) 

168.780.735 TL

(2009) 

273.319.595 TL

(2010) 

423.303.184 TL

(2011) 

 

 

 

IMPORT VALUE

:

4.328.604 USD

(1999)

17.159.969 USD

(2000)

23.361.090 USD

(2001)

15.478.893 USD

(2002)

33.137.610 USD

(2003)

80.112.337 USD

(2004)

81.790.760 USD

(2005)

67.476.512 USD

(2006)

56.674.529 USD

(2007)

65.635.382 USD

(2008)

 

 

IMPORT COUNTRIES

:

Germany

U.K.

Sweden

Italy

 

MERCHANDISE IMPORTED

:

Aluminum casting

Engine block

Steel

 

EXPORT VALUE

:

30.033.000 USD

(2003)

46.211.072 USD

(2004)

67.565.670 USD

(2005)

78.682.452 USD

(2006)

117.606.240 TL

(2007)

155.243.292 TL

(2008)

89.209.886 TL

(2009)

152.285.205 TL

(2010)

218.290.873 TL

(2011)

 

 

EXPORT COUNTRIES

:

Algeria

Australia

Germany

France

U.K.

U.S.A.

Czech Republic

China

Brazil

Mexico

Finland

Pakistan

India

Italy

 

 

 

MERCHANDISE  EXPORTED

:

Bolts

Brakes

Fuel pumps

Piston engine

Rivets

Rotary pumps

Screws

Transmission shafts

Valves

 

HEAD OFFICE ADDRESS

:

Buyukdere Cad. Ucyol Mevkii No:53-55 80670 Maslak  Istanbul / Turkey

( owned by shareholder(s) )

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi - 59501 Cerkezkoy Tekirdag/Turkey (owned by shareholder(s)) (705.000 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Is Bankasi Cerkezkoy Branch

Yapi ve Kredi Bankasi Esentepe Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the former years which was resolved later on but no payment delays have come to our knowledge in the last years.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(2011) TL

Net Sales

260.230.528

253.646.447

168.780.735

273.319.595

423.303.184

Profit (Loss) Before Tax

12.475.910

-5.030.871

527.707

10.308.875

4.354.222

Stockholders' Equity

220.732.767

215.701.896

227.900.602

238.332.556

 

Total Assets

423.384.209

546.182.264

581.710.799

705.969.031

 

Current Assets

115.885.036

130.460.092

135.949.896

196.041.118

 

Non-Current Assets

307.499.173

415.722.172

445.760.903

509.927.913

 

Current Liabilities

100.581.064

128.321.727

135.879.931

189.427.911

 

Long-Term Liabilities

102.070.378

202.158.641

217.930.266

278.208.564

 

Gross Profit (loss)

34.513.068

30.711.512

21.323.217

53.099.418

85.969.060

Operating Profit (loss)

6.306.487

3.494.901

1.144.194

25.259.976

47.213.538

Net Profit (loss)

12.150.391

-5.030.871

527.707

9.966.765

4.105.405

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2010

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

Fair As of 31.12.2010

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Fair Operating Profitability  in 2007

Good Net Profitability  in 2007

Low Operating Profitability  in 2008

Net Loss  in 2008

Low Operating Profitability  in 2009

Low Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability  in 2011

Low Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Fair

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

28.200.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 28.200.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 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

 ( 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

 ( 01.01-31.01.2012)

0,38 %

1,8353

2,3964

2,8635

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

115.885.036

0,27

130.460.092

0,24

135.949.896

0,23

196.041.118

0,28

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

4.674.133

0,01

276.793

0,00

2.268.182

0,00

6.289.308

0,01

Marketable Securities

1.460.321

0,00

80.099

0,00

4.898.220

0,01

5.241.178

0,01

Account Receivable

36.068.800

0,09

52.559.952

0,10

48.291.691

0,08

83.229.734

0,12

Other Receivable

16.659.645

0,04

22.385.343

0,04

27.308.586

0,05

29.575.709

0,04

Inventories

32.541.407

0,08

37.045.761

0,07

33.467.599

0,06

43.862.778

0,06

Advances Given

18.397.961

0,04

13.604.692

0,02

17.666.226

0,03

22.595.238

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

6.082.769

0,01

4.507.452

0,01

2.049.392

0,00

5.247.173

0,01

NON-CURRENT ASSETS

307.499.173

0,73

415.722.172

0,76

445.760.903

0,77

509.927.913

0,72

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

20.932

0,00

56.865

0,00

52.323

0,00

59.653

0,00

Financial Assets

31.991.813

0,08

83.824.563

0,15

86.162.688

0,15

86.115.355

0,12

Tangible Fixed Assets (net)

273.792.303

0,65

330.008.991

0,60

358.037.050

0,62

422.076.922

0,60

Intangible Assets

1.539.799

0,00

1.394.264

0,00

1.119.197

0,00

1.224.353

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

154.326

0,00

437.489

0,00

389.645

0,00

451.630

0,00

TOTAL ASSETS

423.384.209

1,00

546.182.264

1,00

581.710.799

1,00

705.969.031

1,00

CURRENT LIABILITIES

100.581.064

0,24

128.321.727

0,23

135.879.931

0,23

189.427.911

0,27

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

54.250.798

0,13

79.216.839

0,15

104.903.085

0,18

131.612.418

0,19

Accounts Payable

38.302.607

0,09

42.105.832

0,08

19.322.121

0,03

41.247.499

0,06

Loans from Shareholders

1.964.920

0,00

1.888.672

0,00

7.848

0,00

28.910

0,00

Other Short-term Payable

2.354.779

0,01

2.252.897

0,00

2.008.536

0,00

2.962.591

0,00

Advances from Customers

424.052

0,00

500

0,00

7.604.756

0,01

7.414.035

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

2.912.171

0,01

2.856.987

0,01

2.029.148

0,00

6.076.559

0,01

Provisions

325.519

0,00

0

0,00

0

0,00

85.899

0,00

Other Current Liabilities

46.218

0,00

0

0,00

4.437

0,00

0

0,00

LONG-TERM LIABILITIES

102.070.378

0,24

202.158.641

0,37

217.930.266

0,37

278.208.564

0,39

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

37.261.580

0,09

49.586.775

0,09

52.699.500

0,09

65.607.799

0,09

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

21.374.938

0,05

20.442.991

0,04

27.338.837

0,05

52.082.396

0,07

Loans from Shareholders

43.433.860

0,10

114.816.072

0,21

120.579.126

0,21

143.205.566

0,20

Other Long-term Liabilities

0

0,00

17.312.803

0,03

17.312.803

0,03

17.312.803

0,02

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

220.732.767

0,52

215.701.896

0,39

227.900.602

0,39

238.332.556

0,34

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

150.000.000

0,35

150.000.000

0,27

150.000.000

0,26

150.000.000

0,21

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

12.028.295

0,03

12.028.295

0,02

12.028.295

0,02

12.028.295

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

46.554.081

0,11

58.704.472

0,11

70.375.471

0,12

70.375.471

0,10

Revaluation Fund

0

0,00

0

0,00

0

0,00

465.189

0,00

Accumulated Losses(-)

0

0,00

0

0,00

-5.030.871

-0,01

-4.503.164

-0,01

Net Profit (loss)

12.150.391

0,03

-5.030.871

-0,01

527.707

0,00

9.966.765

0,01

TOTAL LIABILITIES AND EQUITY

423.384.209

1,00

546.182.264

1,00

581.710.799

1,00

705.969.031

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

260.230.528

1,00

253.646.447

1,00

168.780.735

1,00

273.319.595

1,00

423.303.184

1,00

Cost of Goods Sold

225.717.460

0,87

222.934.935

0,88

147.457.518

0,87

220.220.177

0,81

337.334.124

0,80

Gross Profit

34.513.068

0,13

30.711.512

0,12

21.323.217

0,13

53.099.418

0,19

85.969.060

0,20

Operating Expenses

28.206.581

0,11

27.216.611

0,11

20.179.023

0,12

27.839.442

0,10

38.755.522

0,09

Operating Profit

6.306.487

0,02

3.494.901

0,01

1.144.194

0,01

25.259.976

0,09

47.213.538

0,11

Other Income

21.939.923

0,08

32.048.559

0,13

23.374.643

0,14

5.496.418

0,02

19.229.057

0,05

Other Expenses

10.108.210

0,04

40.257.437

0,16

12.479.226

0,07

6.815.206

0,02

42.622.242

0,10

Financial Expenses

5.662.290

0,02

316.894

0,00

11.511.904

0,07

13.632.313

0,05

19.466.131

0,05

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

12.475.910

0,05

-5.030.871

-0,02

527.707

0,00

10.308.875

0,04

4.354.222

0,01

Tax Payable

325.519

0,00

0

0,00

0

0,00

342.110

0,00

248.817

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

12.150.391

0,05

-5.030.871

-0,02

527.707

0,00

9.966.765

0,04

4.105.405

0,01

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,15

1,02

1,00

1,03

Acid-Test Ratio

0,59

0,59

0,61

0,66

Cash Ratio

0,06

0,00

0,05

0,06

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,08

0,07

0,06

0,06

Short-term Receivable/Total Assets

0,12

0,14

0,13

0,16

Tangible Assets/Total Assets

0,65

0,60

0,62

0,60

TURNOVER RATIOS

 

 

Inventory Turnover

6,94

6,02

4,41

5,02

Stockholders' Equity Turnover

1,18

1,18

0,74

1,15

Asset Turnover

0,61

0,46

0,29

0,39

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,52

0,39

0,39

0,34

Current Liabilities/Total Assets

0,24

0,23

0,23

0,27

Financial Leverage

0,48

0,61

0,61

0,66

Gearing Percentage

0,92

1,53

1,55

1,96

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

-0,02

0,00

0,04

Operating Profit Margin

0,02

0,01

0,01

0,09

Net Profit Margin

0,05

-0,02

0,00

0,04

Interest Cover

3,20

-14,88

1,05

1,76

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

49,93

74,68

103,12

109,70

Average Payable Period (days)

95,18

101,01

113,92

152,57

WORKING CAPITAL

15303972,00

2138365,00

69965,00

6613207,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.35

UK Pound

1

Rs.78.68

Euro

1

Rs.65.63

 

 

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.