MIRA INFORM REPORT

 

 

Report Date :

07.05.2013

 

IDENTIFICATION DETAILS

 

Name :

SYSTEMAIR HSK HAVALANDIRMA ENDUSTRI SANAYII VE TICARET A.S.

 

 

Registered Office :

Sanayi Mah. 14. Yol Sok. V-2 Blok No:7-8 Esenyurt  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.06.2001

 

 

Com. Reg. No.:

458265

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of industrial type air conditioning systems. 

 

 

No. of Employees :

167

 

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 :

Slow

 

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

 

COMPANY IDENTIFICATION

 

NAME

:

SYSTEMAIR HSK HAVALANDIRMA ENDUSTRI SANAYII VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Sanayi Mah. 14. Yol Sok. V-2 Blok No:7-8 Esenyurt  Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from “Hadimkoy Hosdere Mevkii Isiso Sanayi Sitesi 2. Kisim V/2 Blok No:7-8 Buyukcekmece” to “ Sanayi Mah. 14. Yol Sok. V-2 Blok No:7-8 Esenyurt” by the municipality.

PHONE NUMBER

:

90-212-623 22 10

 

FAX NUMBER

:

90-212-623 22 15

 

WEB-ADDRESS

:

www.hsk.com.tr

E-MAIL

:

hsk@hsk.com.tr

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

 

TAX OFFICE

:

Dis Ticaret 

TAX NO

:

4590307169

REMARKS ON TAX NO

:

The tax number was changed from "4590117198" to "4590307169" as the legal form changed from limited company to joint stock company.

REGISTRATION NUMBER

:

458265

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

 

DATE ESTABLISHED

:

01.06.2001

ESTABLISHMENT GAZETTE DATE/NO

:

06.06.2001/5311

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   537.500

PAID-IN CAPITAL

:

TL   537.500

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

30.12.2011 (Commercial Gazette Date /Number 05.01.2012/ 7977)

Previous Name

:

Havalandirma Endustri Sanayii ve Ticaret Ltd. Sti.

Changed On

:

30.12.2011 (Commercial Gazette Date /Number 05.01.2012/ 7977)

Previous Name

:

Havalandirma Endustri Sanayii ve Ticaret A.S.

Changed On

:

11.12.2012 (Commercial Gazette Date /Number 17.12.2012/ 8216)

Previous Registered Capital

:

TL 500.000

Changed On

:

16.09.2011 (Commercial Gazette Date /Number 22.09.2011/ 7905)

 

 

OWNERSHIP/ MANAGEMENT

 

SHAREHOLDERS

:

Systemair AB

89,90 %

Tugce Ayca Sekizkok

7,50 %

Aysegul Eroglu

2,50 %

Ronald Kent Kasper

0,05 %

Erik Niklas Engstrom

0,05 %

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, shareholder "Systemair AB" is a foreign company located in Sweden.

 

SISTER COMPANIES

:

SYSTEMAIR HAVALANDIRMA EKIPMANLARI SANAYI VE TICARET LTD. STI.

 

REMARKS ON SISTER COMPANIES

:

The subject is planning to take over and merge with "SYSTEMAIR HAVALANDIRMA EKIPMANLARI SANAYI VE TICARET LTD. STI.". However the legal procedure has not been completed yet.

 

 

BOARD OF DIRECTORS

:

Roland Kent Kasper

Chairman

Vural Eroglu

Vice-Chairman

Erik Niklas

Member

Tugce Ayca Sekizkok

Member

Glen Kurt Gustav Nilsson

Member

 

 

DIRECTORS

:

Tugce Ayca Sekizkok                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of industrial type air conditioning systems. 

 

NACE CODE

:

DK.29.23

 

TRADEMARKS OWNED

:

HSK

 

NUMBER OF EMPLOYEES

:

167

 

NET SALES

:

11.524.158 TL

(2006) 

11.464.439 TL

(2007) 

15.517.172 TL

(2008) 

22.969.147 TL

(2009) 

24.488.419 TL

(2010) 

41.774.755 TL

(2011) 

39.606.374 TL

(2012) 

 

 

CAPACITY

:

  ( units/yr)

 

 

 

14.065

 

 

(2010)

14.065

 

 

(2011)

 

 

 

 

IMPORT VALUE

:

2.000.000 EUR

(2009)

3.000.000 EUR

(2010)

3.500.000 EUR

(2011)

4.500.000 EUR

(2012)

 

 

IMPORT COUNTRIES

:

Italy

Sweden

Germany

 

MERCHANDISE IMPORTED

:

Semi-finished products

Spare parts

 

 

EXPORT VALUE

:

510.791 TL

(2007)

1.306.702 TL

(2008)

1.977.391 TL

(2009)

1.469.639 TL

(2010)

7.882.181 TL

(2011)

12.830.801 TL

(2012)

 

 

EXPORT COUNTRIES

:

Russia

Romania

Georgia

Turkmenistan

Qatar

Pakistan

U.A.E.

Northern Cyprus Turkish Republic

Kazakhstan

Azerbaijan

Libya

Iraq

Croatia

Australia

Macedonia Republic

Italy

Middle East Countries

Free Zone

 

MERCHANDISE  EXPORTED

:

Heating and cooling systems

 

HEAD OFFICE ADDRESS

:

Sanayi Mah. 14. Yol Sok. V-2 Blok No:7-8 Esenyurt   Istanbul / Turkey

 ( owned )

 

BRANCHES

:

Factory  :  Ataturk Sanayi Bolgesi 75.Yil Cadde Bahadirhan Sok. Pk:34555 Hadimkoy Istanbul/Turkey (rented)

 

Head Office/Factory  :  Sanayi Mah. 14. Yol. Sokak V-2 Blok No:7-8 Esenyurt Istanbul/Turkey (owned) (4.000 sqm)

 

Branch Office  :  Cetin Emec Bulvari 7. Cad. 30/C Asagiovecler Ankara/Turkey (rented)

 

Branch Office  :  Ataturk Cad. Gulbahcesi Sitesi Kat:1 No:41 Seyhan Adana/Turkey (rented)

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012.

SIZE OF BUSINESS

:

Large

 

 

Finance

 

MAIN DEALING BANKS

:

Finansbank Hadimkoy Branch

Garanti Bankasi Mimaroba Branch

HSBC Bank Imsan Sanayi Sitesi Branch

ING Bank Hadimkoy Branch

Turk Ekonomi Bankasi Bakirkoy 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

(2012) TL

Net Sales

15.517.172

22.969.147

24.488.419

41.774.755

39.606.374

Profit (Loss) Before Tax

-793.404

1.166.242

991.689

-2.450.576

1.477.256

Stockholders' Equity

180.283

1.075.585

4.009.309

2.870.010

 

Total Assets

7.660.655

12.064.403

22.336.673

24.399.363

 

Current Assets

6.904.038

11.173.258

14.714.284

18.835.813

 

Non-Current Assets

756.617

891.145

7.622.389

5.563.550

 

Current Liabilities

7.110.112

10.745.573

18.327.364

21.529.353

 

Long-Term Liabilities

370.260

243.245

0

0

 

Gross Profit (loss)

2.617.493

4.175.347

4.825.197

6.907.976

7.418.495

Operating Profit (loss)

977.610

1.945.179

2.262.859

3.339.142

1.705.569

Net Profit (loss)

-853.636

850.536

755.656

-2.450.576

1.477.256

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Low As of 31.12.2011

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2008

Net Loss  in 2008

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

In Order Net Profitability  in 2010

Good Operating Profitability  in 2011

Net Loss  in 2011

In Order Operating Profitability  in 2012

In Order Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Not in order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 (01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

6.904.038

0,90

11.173.258

0,93

14.714.284

0,66

18.835.813

0,77

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

906.600

0,12

2.006.958

0,17

9.380.117

0,42

236.846

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

5.201.846

0,68

8.051.541

0,67

1.981.237

0,09

12.578.094

0,52

Other Receivable

178.007

0,02

575.942

0,05

1.807.940

0,08

104.003

0,00

Inventories

405.225

0,05

227.652

0,02

872.860

0,04

3.879.609

0,16

Advances Given

159.482

0,02

231.640

0,02

551.854

0,02

1.689.902

0,07

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

52.878

0,01

79.525

0,01

120.276

0,01

347.359

0,01

NON-CURRENT ASSETS

756.617

0,10

891.145

0,07

7.622.389

0,34

5.563.550

0,23

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

186

0,00

11.186

0,00

3.557.725

0,16

3.558.037

0,15

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

692.102

0,09

879.959

0,07

2.987.461

0,13

935.335

0,04

Intangible Assets

49.873

0,01

0

0,00

1.076.277

0,05

1.070.172

0,04

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

14.456

0,00

0

0,00

926

0,00

6

0,00

TOTAL ASSETS

7.660.655

1,00

12.064.403

1,00

22.336.673

1,00

24.399.363

1,00

CURRENT LIABILITIES

7.110.112

0,93

10.745.573

0,89

18.327.364

0,82

21.529.353

0,88

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

137.948

0,02

573.832

0,05

2.580.622

0,12

3.480.399

0,14

Accounts Payable

4.775.525

0,62

7.648.396

0,63

9.785.841

0,44

12.756.007

0,52

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

40.882

0,01

79.098

0,01

121.284

0,01

177.639

0,01

Advances from Customers

2.027.527

0,26

2.184.558

0,18

5.668.442

0,25

4.953.522

0,20

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

112.513

0,01

56.622

0,00

124.021

0,01

161.786

0,01

Provisions

15.717

0,00

201.161

0,02

42.698

0,00

0

0,00

Other Current Liabilities

0

0,00

1.906

0,00

4.456

0,00

0

0,00

LONG-TERM LIABILITIES

370.260

0,05

243.245

0,02

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

130.047

0,01

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

347.844

0,05

113.198

0,01

0

0,00

0

0,00

Provisions

22.416

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

180.283

0,02

1.075.585

0,09

4.009.309

0,18

2.870.010

0,12

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

500.000

0,07

500.000

0,04

500.000

0,02

537.500

0,02

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

420.746

0,05

420.746

0,03

420.747

0,02

420.746

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

301.066

0,04

345.832

0,03

2.308.627

0,10

3.064.283

0,13

Revaluation Fund

0

0,00

0

0,00

187.464

0,01

1.461.243

0,06

Accumulated Losses(-)

-187.893

-0,02

-1.041.529

-0,09

-163.185

-0,01

-163.186

-0,01

Net Profit (loss)

-853.636

-0,11

850.536

0,07

755.656

0,03

-2.450.576

-0,10

TOTAL LIABILITIES AND EQUITY

7.660.655

1,00

12.064.403

1,00

22.336.673

1,00

24.399.363

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

 

(2012) TL

 

Net Sales

15.517.172

1,00

22.969.147

1,00

24.488.419

1,00

41.774.755

1,00

39.606.374

1,00

Cost of Goods Sold

12.899.679

0,83

18.793.800

0,82

19.663.222

0,80

34.866.779

0,83

32.187.879

0,81

Gross Profit

2.617.493

0,17

4.175.347

0,18

4.825.197

0,20

6.907.976

0,17

7.418.495

0,19

Operating Expenses

1.639.883

0,11

2.230.168

0,10

2.562.338

0,10

3.568.834

0,09

5.712.926

0,14

Operating Profit

977.610

0,06

1.945.179

0,08

2.262.859

0,09

3.339.142

0,08

1.705.569

0,04

Other Income

647.896

0,04

828.762

0,04

1.008.609

0,04

1.631.941

0,04

2.434.418

0,06

Other Expenses

2.365.976

0,15

1.479.114

0,06

1.919.935

0,08

6.738.158

0,16

1.830.185

0,05

Financial Expenses

52.934

0,00

128.585

0,01

359.844

0,01

683.501

0,02

832.546

0,02

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

-793.404

-0,05

1.166.242

0,05

991.689

0,04

-2.450.576

-0,06

1.477.256

0,04

Tax Payable

60.232

0,00

315.706

0,01

236.033

0,01

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-853.636

-0,06

850.536

0,04

755.656

0,03

-2.450.576

-0,06

1.477.256

0,04

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

0,97

1,04

0,80

0,87

Acid-Test Ratio

0,88

0,99

0,72

0,60

Cash Ratio

0,13

0,19

0,51

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,05

0,02

0,04

0,16

Short-term Receivable/Total Assets

0,70

0,72

0,17

0,52

Tangible Assets/Total Assets

0,09

0,07

0,13

0,04

TURNOVER RATIOS

 

 

Inventory Turnover

31,83

82,55

22,53

8,99

Stockholders' Equity Turnover

86,07

21,36

6,11

14,56

Asset Turnover

2,03

1,90

1,10

1,71

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,02

0,09

0,18

0,12

Current Liabilities/Total Assets

0,93

0,89

0,82

0,88

Financial Leverage

0,98

0,91

0,82

0,88

Gearing Percentage

41,49

10,22

4,57

7,50

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-4,73

0,79

0,19

-0,85

Operating Profit Margin

0,06

0,08

0,09

0,08

Net Profit Margin

-0,06

0,04

0,03

-0,06

Interest Cover

-13,99

10,07

3,76

-2,59

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

120,69

126,37

81,43

139,06

Average Payable Period (days)

133,27

146,51

179,16

131,71

WORKING CAPITAL

-206074,00

427685,00

-3613080,00

-2693540,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.95

UK Pound

1

Rs.84.03

Euro

1

Rs.70.72

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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

 

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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.