MIRA INFORM REPORT

 

 

Report Date :

12.05.2014

 

IDENTIFICATION DETAILS

 

Name :

HATTI GIDA TEKSTIL EL SANATLARI SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Omerli Koyu Yolu Uzeri 1. Km No:217 Bandirma Balikesir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

08.06.2005

 

 

Com. Reg. No.:

9687

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Acting as an intermediary between food companies and customers on commission basis

 

 

No. of Employees

6

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately  High Risk

C1

High Risk

 

C2

Very High Risk

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good growth even in the face of 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

 

REMARKS

:

Full name of the firm was missing at your inquiry. The registered full of the firm having the branch office address stated at your inquiry is "HATTI GIDA TEKSTIL EL SANATLARI SANAYI VE TICARET LTD. STI." and "HATTI FOOD" is trade name of this firm in English.

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

HATTI GIDA TEKSTIL EL SANATLARI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Omerli Koyu Yolu Uzeri 1. Km No:217 Bandirma Balikesir / Turkey

PHONE NUMBER

:

90-232-489 39 73 (Branch Office)

 

FAX NUMBER

:

90-232-489 39 58 (Branch Office)

 

WEB-ADDRESS

:

www.hattifood.com

E-MAIL

:

info@hattifood.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bandirma

TAX NO

:

4590261547

REGISTRATION NUMBER

:

9687

REGISTERED OFFICE

:

Bandirma Chamber of Commerce

 

DATE ESTABLISHED

:

08.06.2005

ESTABLISHMENT GAZETTE DATE /NO

:

27.06.2005/6333

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL  835.000

PAID-IN CAPITAL

:

TL  835.000

HISTORY

:

Previous Name

:

Hatti Gida Tekstil sanayi ve Ticaret Ltd. Sti.

Changed On

:

30.12.2005 (Commercial Gazette Date /Number 01.02.2006/ 6483)

Previous Registered Capital

:

TL 5.000

Changed On

:

16.12.2013 (Commercial Gazette Date /Number 23.12.2013/ 8470)

Previous Address

:

Pasabayir Mah. Mehmet Akif Ersoy Cad. Arabacioglu Apt. No:17/2 Bandirma - Balikesir

Changed On

:

18.06.2013 (Commercial Gazette Date /Number 03.07.2013/ 8355)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

07.03.2012 (Commercial Gazette Date /Number 21.03.2012/ 8031)

Other Changes

:

The subject was firstly established in Izmir and registered at Izmir Commercial Registry with registration number "119971-Mrk.". Then it moved to Bandirma - Balikesir and registered at Bandirma Commercial Registry with registration number "9687".

Changed On

:

22.01.2010 (Commercial Gazette Date /Number 02.02.2010/ 7492)

 

 

 

PREVIOUS SHAREHOLDERS

:

Mehmet Gunnar Demirhan

76 %

Melisa Demirhan

24 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mehmet Gunnar Demirhan

95 %

Hanife Demirhan

5 %

 

 

SISTER COMPANIES

:

SELSUS DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mehmet Gunnar Demirhan

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Acting as an intermediary between food companies and customers on commission basis.

 

NACE CODE

:

G .51.17

 

NUMBER OF EMPLOYEES

:

6

 

NET SALES

:

323.671 TL

(2011) 

889.883 TL

(2012) 

1.097 TL Thousand

(2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

HEAD OFFICE ADDRESS

:

Omerli Koyu Yolu Uzeri 1. Km No:217 Bandirma Balikesir / Turkey

 

BRANCHES

:

Branch Office  :  Ataturk Cad. 1. Kordon No:300 Daire:2 35220 Alsancak Izmir/Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2013.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Pasaport Branch

Garanti Bankasi Kordon 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

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

 

 

Net Sales

323.671

889.883

1.097

 

 

Profit (Loss) Before Tax

147.418

706.740

646

 

 

Stockholders' Equity

271.668

835.361

1.351

 

 

Total Assets

374.153

1.201.114

1.460

 

 

Current Assets

226.118

480.186

535

 

 

Non-Current Assets

148.035

720.928

925

 

 

Current Liabilities

102.485

81.510

43

 

 

Long-Term Liabilities

0

284.243

66

 

 

Gross Profit (loss)

309.608

866.383

1.070

 

 

Operating Profit (loss)

231.191

729.699

671

 

 

Net Profit (loss)

92.613

563.693

515

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2013

Liquidity

High As of 31.12.2013

Remarks On Liquidity

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

 

Profitability

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability  in 2013

High Net Profitability  in 2013

 

Gap between average collection and payable periods

Favorable in 2013

General Financial Position

Good

 

 

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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

226.118

0,60

480.186

0,40

535

0,37

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

8.957

0,02

354.458

0,30

424

0,29

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

152.061

0,41

58.270

0,05

19

0,01

Other Receivable

0

0,00

0

0,00

0

0,00

Inventories

15.000

0,04

38.192

0,03

83

0,06

Advances Given

9.321

0,02

0

0,00

3

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

40.779

0,11

29.266

0,02

6

0,00

NON-CURRENT ASSETS

148.035

0,40

720.928

0,60

925

0,63

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

180

0,00

180

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

146.284

0,39

702.177

0,58

853

0,58

Intangible Assets

0

0,00

653

0,00

1

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.571

0,00

17.918

0,01

71

0,05

TOTAL ASSETS

374.153

1,00

1.201.114

1,00

1.460

1,00

CURRENT LIABILITIES

102.485

0,27

81.510

0,07

43

0,03

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Accounts Payable

6.180

0,02

13.661

0,01

12

0,01

Loans from Shareholders

12.650

0,03

0

0,00

0

0,00

Other Short-term Payable

0

0,00

2.297

0,00

16

0,01

Advances from Customers

0

0,00

0

0,00

2

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

43.455

0,12

36.286

0,03

20

0,01

Provisions

40.200

0,11

29.266

0,02

-7

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

284.243

0,24

66

0,05

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

284.243

0,24

66

0,05

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

271.668

0,73

835.361

0,70

1.351

0,93

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

5.000

0,01

5.000

0,00

835

0,57

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

174.055

0,47

266.668

0,22

1

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

92.613

0,25

563.693

0,47

515

0,35

TOTAL LIABILITIES AND EQUITY

374.153

1,00

1.201.114

1,00

1.460

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.

 

In the sub-items of "Account Receivable", TL thousand 0 is "Doubtful Trade Receivables" at the last balance sheet.

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

 

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

Net Sales

323.671

1,00

889.883

1,00

1.097

1,00

Cost of Goods Sold

14.063

0,04

23.500

0,03

27

0,02

Gross Profit

309.608

0,96

866.383

0,97

1.070

0,98

Operating Expenses

78.417

0,24

136.684

0,15

399

0,36

Operating Profit

231.191

0,71

729.699

0,82

671

0,61

Other Income

58.508

0,18

27.762

0,03

41

0,04

Other Expenses

141.622

0,44

27.435

0,03

11

0,01

Financial Expenses

659

0,00

23.286

0,03

55

0,05

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

147.418

0,46

706.740

0,79

646

0,59

Tax Payable

54.805

0,17

143.047

0,16

131

0,12

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

92.613

0,29

563.693

0,63

515

0,47

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

2,21

5,89

12,44

Acid-Test Ratio

1,57

5,06

10,30

Cash Ratio

0,09

4,35

9,86

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,04

0,03

0,06

Short-term Receivable/Total Assets

0,41

0,05

0,01

Tangible Assets/Total Assets

0,39

0,58

0,58

TURNOVER RATIOS

 

Inventory Turnover

0,94

0,62

0,33

Stockholders' Equity Turnover

1,19

1,07

0,81

Asset Turnover

0,87

0,74

0,75

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,73

0,70

0,93

Current Liabilities/Total Assets

0,27

0,07

0,03

Financial Leverage

0,27

0,30

0,07

Gearing Percentage

0,38

0,44

0,08

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,34

0,67

0,38

Operating Profit Margin

0,71

0,82

0,61

Net Profit Margin

0,29

0,63

0,47

Interest Cover

224,70

31,35

12,75

COLLECTION-PAYMENT

 

Average Collection Period (days)

169,33

23,65

6,24

Average Payable Period (days)

158,20

209,27

160,00

WORKING CAPITAL

123633,00

398676,00

492,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.05

UK Pound

1

Rs.101.65

Euro

1

Rs.83.07

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

PDT

 

               

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.