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MIRA INFORM REPORT

 

 

Report Date :

25.05.2013

 

IDENTIFICATION DETAILS

 

Name :

HEMA EXIM TICARET A.S.

 

 

Registered Office :

Buyukdere Cad. Ucyol Mevkii No:53 Maslak Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

16.12.2011

 

 

Com. Reg. No.:

800321

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of tractor and automotive spare parts

 

 

No. of Employees :

2

 

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

:

HEMA EXIM TICARET A.S.

HEAD OFFICE ADDRESS

:

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

PHONE NUMBER

:

90-+282-758 10 40 (Branch Office)

90-212-276 28 91

90-212-285 22 44

 

FAX NUMBER

:

90-282-758 10 84 (Branch Office)

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Maslak 

TAX NO

:

4610421802

REGISTRATION NUMBER

:

800321

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.12.2011

ESTABLISHMENT GAZETTE DATE/NO

:

22.12.2011/7967

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   500.000

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mehmet Hattat

93 %

Ibrahim Hattat

2 %

Hema Otomotiv Sistemleri A.S.

1 %

Hattat Tarim Makinalari Sanayi Ve Ticaret A.S.

1 %

Hattat Otomotiv Pazarlama A.S.

1 %

Hattat Holding A.S.

1 %

Hema Endustri A.S.

1 %

 

 

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 TICARET A.S.

HATTAT ELEKTRIK DAGITIM PAZARLAMA A.S.

HATTAT ENERJI VE MADEN TICARET A.S.

HATTAT HOLDING A.S.

HATTAT INSAAT SANAYI VE TICARET A.S.

HATTAT KARA ELMASLAR A.S.

HATTAT OTOMOTIV PAZARLAMA A.S.

HATTAT PEARL OF ISTANBUL TURIZM TICARET A.S.

HATTAT SIGORTA ARACILIGI A.S.

HATTAT TARIM MAKINALARI SANAYI VE TICARET A.S.

HEMA DOGAL ENERJI KAYNAKLARI A.S.

HEMA ELEKTRIK URETIM A.S.

HEMA ENDUSTRI A.S.

HEMA ENERJI A.S.

HEMA HOLDING A.S.

HEMA OTOMOTIV SISTEMLERI A.S.

HEMA TRAKTOR SANAYI VE TICARET A.S.

HEMA TRW OTOMOTIV DIREKSIYON SISTEMLERI A.S.

HM HEMA DEFENSE ENDUSTRISI A.S.

ORSAV MAKINA SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Ibrahim Hattat

Chairman

Halil Beyenal

Member

Osman Tunc Dogan

Member

Mehmet Hattat

Member

Ertugrul Yanit

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of tractor and automotive spare parts.

 

NACE CODE

:

G .50.30

 

SECTOR

:

Commerce

 

 

NUMBER OF EMPLOYEES

:

2

 

NET SALES

:

3.231.253 TL

(16.12-31.12.2011) 

267.507.741 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

EXPORT VALUE

:

3.231.253 TL

(16.12-31.12.2011)

267.507.741 TL

(2012)

 

 

EXPORT COUNTRIES

:

U.S.A.

U.K.

 

MERCHANDISE  EXPORTED

:

Spare parts

 

HEAD OFFICE ADDRESS

:

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

 

BRANCHES

:

Branch Office  :  Cerkezkoy Tekirdag/Turkey

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

Undetermined; young business.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Istanbul Kurumsal Branch

Yapi ve Kredi Bankasi Esentepe Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(16.12-31.12.2011) TL

(2012) TL

 

 

 

Net Sales

3.231.253

267.507.741

 

 

 

Profit (Loss) Before Tax

-4.552

4.960

 

 

 

Stockholders' Equity

-4.552

124.686

 

 

 

Total Assets

3.240.390

66.160.512

 

 

 

Current Assets

3.231.963

66.136.733

 

 

 

Non-Current Assets

8.427

23.779

 

 

 

Current Liabilities

3.244.942

66.035.826

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

868

-280.349

 

 

 

Operating Profit (loss)

-4.552

-659.164

 

 

 

Net Profit (loss)

-4.552

4.238

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Not in order As of 31.12.2012

Liquidity

Satisfactory As of 31.12.2012

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse 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

Operating Loss (16.12-31.12.2011)

Net Loss (16.12-31.12.2011)

Gross Loss  in 2012

Operating Loss  in 2012

Low Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Not in order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.04.2013)

-0,01 %

1,7920

2,3566

2,7927

 

 

 

 

 

BALANCE SHEETS

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

3.231.963

1,00

66.136.733

1,00

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

0

0,00

278.432

0,00

Marketable Securities

0

0,00

0

0,00

Account Receivable

3.231.253

1,00

63.827.665

0,96

Other Receivable

0

0,00

0

0,00

Inventories

0

0,00

13.963

0,00

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

710

0,00

2.016.673

0,03

NON-CURRENT ASSETS

8.427

0,00

23.779

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

15.318

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

0

0,00

775

0,00

Intangible Assets

8.427

0,00

7.686

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

3.240.390

1,00

66.160.512

1,00

CURRENT LIABILITIES

3.244.942

1,00

66.035.826

1,00

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

3.244.902

1,00

56.384.039

0,85

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

3.211

0,00

Advances from Customers

0

0,00

9.644.103

0,15

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

40

0,00

3.873

0,00

Provisions

0

0,00

600

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

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

-4.552

0,00

124.686

0,00

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

0

0,00

125.000

0,00

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

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-4.552

0,00

Net Profit (loss)

-4.552

0,00

4.238

0,00

TOTAL LIABILITIES AND EQUITY

3.240.390

1,00

66.160.512

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

 

(16.12-31.12.2011) TL

 

(2012) TL

 

Net Sales

3.231.253

1,00

267.507.741

1,00

Cost of Goods Sold

3.230.385

1,00

267.788.090

1,00

Gross Profit

868

0,00

-280.349

0,00

Operating Expenses

5.420

0,00

378.815

0,00

Operating Profit

-4.552

0,00

-659.164

0,00

Other Income

0

0,00

4.445.490

0,02

Other Expenses

0

0,00

3.556.813

0,01

Financial Expenses

0

0,00

224.553

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-4.552

0,00

4.960

0,00

Tax Payable

0

0,00

722

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-4.552

0,00

4.238

0,00

 

 

FINANCIAL RATIOS

 

(16.12-31.12.2011)

(2012)

LIQUIDITY RATIOS

 

Current Ratio

1,00

1,00

Acid-Test Ratio

1,00

0,97

Cash Ratio

0,00

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

0,00

Short-term Receivable/Total Assets

1,00

0,96

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

 

Inventory Turnover

 

19178,41

Stockholders' Equity Turnover

-709,85

2145,45

Asset Turnover

1,00

4,04

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,00

0,00

Current Liabilities/Total Assets

1,00

1,00

Financial Leverage

1,00

1,00

Gearing Percentage

-712,86

529,62

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

1,00

0,03

Operating Profit Margin

0,00

0,00

Net Profit Margin

0,00

0,00

Interest Cover

 

1,02

COLLECTION-PAYMENT

 

Average Collection Period (days)

360,00

85,92

Average Payable Period (days)

361,62

75,80

WORKING CAPITAL

-12979,00

100907,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.60

UK Pound

1

Rs.83.98

Euro

1

Rs.71.94

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.