MIRA INFORM REPORT

 

 

Report Date :

24.05.2014

 

IDENTIFICATION DETAILS

 

Name :

HAS GROUP MAKINA ENDUSTRI A.S.

 

 

Registered Office :

Oruc Reis Mah. Tekstilkent Cad. K:10-G No:302(45) Esenler Istanbul / Turkey

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

14.12.1995

 

 

Com. Reg. No.:

338769

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of textile machinery and also trade of machinery spare parts. 

 

 

No. of Employees

387

 

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 :

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 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust 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, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

HAS GROUP MAKINA ENDUSTRI A.S.

HEAD OFFICE ADDRESS

:

Oruc Reis Mah. Tekstilkent Cad. K:10-G No:302(45) Esenler Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Tekstilkent Ticaret Merkezi A15 Blok No:45 Esenler" to "Oruc Reis Mah. Tekstilkent Cad. K:10-G No:302(45) Esenler" by the municipality.

PHONE NUMBER

:

90-282-674 48 84 (Factory)

 

FAX NUMBER

:

90-282-674 48 92

90-282-674 48 96 (Factory)

 

WEB-ADDRESS

:

www.has-group.com.tr

E-MAIL

:

info@has-group.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

6080067976

REGISTRATION NUMBER

:

338769

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

14.12.1995

ESTABLISHMENT GAZETTE DATE/NO

:

19.12.1995/3939

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   18.000.000

PAID-IN CAPITAL

:

TL   18.000.000

HISTORY

:

Previous Name

:

Lafer Tekstil Makina Sanayi ve Ticaret A.S.

Changed On

:

26.10.2011 (Commercial Gazette Date /Number 01.11.2011/ 7933)

Previous Registered Capital

:

TL 3.050.000

Changed On

:

12.09.2005 (Commercial Gazette Date /Number 15.09.2005/ 6390)

Previous Registered Capital

:

TL 5.600.000

Changed On

:

29.06.2012 (Commercial Gazette Date /Number 11.07.2012/ 8109)

Previous Registered Capital

:

TL 13.200.000

Changed On

:

18.10.2012 (Commercial Gazette Date /Number 24.10.2012/ 8181)

Previous Address

:

Atisalani Giyimkent C3 Blok 199 Ada No:77 Esenler Istanbul

Changed On

:

19.08.2009 (Commercial Gazette Date /Number 25.08.2009/ 7383)

Merger

:

The subject took over and merged with "M.T.Mekanik Teknoloji Sanayi ve Ticaret A.S." and "TTM Teknik Tekstil Makine Sanayi ve Ticaret A.S.".

Changed On

:

29.06.2012 (Commercial Gazette Date /Number 11.07.2012/ 8109)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

 

Has Dis Ticaret Ltd. Sti.

77,72 %

Has-Trade S.R.L.

22,28 %

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the shareholder "Has-Trade S.R.L." is a company located in Italy.

 

SISTER COMPANIES

:

HAS DIS TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Tamer Hasbay

Chairman

Hafize Ayca Hasbay

Vice-Chairman

 

OPERATIONS

 

 

NOTES ON OPERATIONS

:

A new business activity has been added.

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile machinery and also trade of machinery spare parts. 

 

The subject has declared that; it has started to trade of machinery spare parts in January 2013.

 

NACE CODE

:

DK.29.54

 

SECTOR

:

Machinery

 

NUMBER OF EMPLOYEES

:

387

 

NET SALES

:

11.720.364 TL

(2007) 

11.224.743 TL

(2008) 

10.445.486 TL

(2009) 

16.180.707 TL

(2010) 

19.997.039 TL

(2011) 

34.265.835 TL

(2012) 

70.103 TL Thousand

(2013) 

 

 

IMPORT VALUE

:

726.637 EUR + 10.606 USD

(2009)

3.281.556 USD

(2010)

3.104.209 USD

(2011)

3.341.778 USD

(2012)

3.623.819 USD

(01.01-30.06.2013)

 

 

IMPORT COUNTRIES

:

Italy

Germany

 

MERCHANDISE IMPORTED

:

Spare parts

 

EXPORT VALUE

:

37.724 TL

(2010)

0 TL

(2011)

693.693 TL

(2012)

32.499.566 TL

(2013)

 

 

EXPORT COUNTRIES

:

Italy

 

MERCHANDISE  EXPORTED

:

Machinery

 

HEAD OFFICE ADDRESS

:

Oruc Reis Mah. Tekstilkent Cad. K:10-G No:302(45) Esenler  Istanbul / Turkey ( rented )

 

 

BRANCHES

:

Production Plant  :  Velimese Yolu Uzeri Corlu Tekirdag/Turkey (owned)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Yenibosna Branch

Yapi ve Kredi Bankasi Corlu Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

Net Sales

10.445.486

16.180.707

19.997.039

34.265.835

70.103

Profit (Loss) Before Tax

123.479

566.662

-318.367

1.403.182

-543

Stockholders' Equity

6.433.588

7.195.331

6.958.355

31.458.841

30.287

Total Assets

13.985.488

20.979.288

25.170.357

75.545.855

99.974

Current Assets

12.348.714

18.563.563

22.448.899

55.338.814

76.994

Non-Current Assets

1.636.774

2.415.725

2.721.458

20.207.041

22.980

Current Liabilities

7.551.900

10.503.878

14.156.840

40.976.931

55.709

Long-Term Liabilities

0

3.280.079

4.055.162

3.110.083

13.978

Gross Profit (loss)

1.371.873

1.591.278

2.824.728

4.411.374

16.347

Operating Profit (loss)

842.134

822.574

2.217.300

2.587.282

7.540

Net Profit (loss)

123.479

566.662

-318.367

1.271.170

-543

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2013

Liquidity

Insufficient As of 31.12.2013

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

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

In Order Net Profitability  in 2010

High Operating Profitability  in 2011

Net Loss  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

High Operating Profitability  in 2013

Net Loss  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

12.348.714

0,88

18.563.563

0,88

22.448.899

0,89

55.338.814

0,73

76.994

0,77

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.516.802

0,11

3.334.173

0,16

672.563

0,03

572.580

0,01

873

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.595.937

0,26

6.883.363

0,33

9.397.726

0,37

24.339.488

0,32

35.416

0,35

Other Receivable

141.237

0,01

251.764

0,01

1.211.769

0,05

650.404

0,01

3.254

0,03

Inventories

6.064.850

0,43

7.761.774

0,37

10.984.126

0,44

27.555.955

0,36

34.328

0,34

Advances Given

893.558

0,06

253.657

0,01

19.375

0,00

1.022.839

0,01

448

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

136.330

0,01

78.832

0,00

163.340

0,01

1.197.548

0,02

2.675

0,03

NON-CURRENT ASSETS

1.636.774

0,12

2.415.725

0,12

2.721.458

0,11

20.207.041

0,27

22.980

0,23

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.460.255

0,10

1.431.868

0,07

1.570.820

0,06

16.943.822

0,22

18.327

0,18

Intangible Assets

176.519

0,01

983.857

0,05

1.150.638

0,05

3.263.219

0,04

4.595

0,05

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

58

0,00

TOTAL ASSETS

13.985.488

1,00

20.979.288

1,00

25.170.357

1,00

75.545.855

1,00

99.974

1,00

CURRENT LIABILITIES

7.551.900

0,54

10.503.878

0,50

14.156.840

0,56

40.976.931

0,54

55.709

0,56

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

6.631.116

0,47

6.607.517

0,31

10.135.716

0,40

24.730.936

0,33

21.163

0,21

Accounts Payable

838.155

0,06

3.826.178

0,18

3.919.389

0,16

13.164.261

0,17

19.063

0,19

Loans from Shareholders

0

0,00

0

0,00

2.473

0,00

946.500

0,01

0

0,00

Other Short-term Payable

50.808

0,00

43.501

0,00

54.197

0,00

455.047

0,01

601

0,01

Advances from Customers

483

0,00

514

0,00

633

0,00

1.385.310

0,02

14.533

0,15

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

31.338

0,00

26.168

0,00

44.432

0,00

292.482

0,00

349

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

2.395

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

3.280.079

0,16

4.055.162

0,16

3.110.083

0,04

13.978

0,14

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

3.280.079

0,16

4.055.162

0,16

3.110.083

0,04

13.978

0,14

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

6.433.588

0,46

7.195.331

0,34

6.958.355

0,28

31.458.841

0,42

30.287

0,30

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

5.600.000

0,40

5.600.000

0,27

5.600.000

0,22

17.991.272

0,24

18.000

0,18

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

830.425

0,06

1.148.985

0,05

1.676.722

0,07

451.251

0,01

1.085

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

11.745.148

0,16

11.745

0,12

Accumulated Losses(-)

-120.316

-0,01

-120.316

-0,01

0

0,00

0

0,00

0

0,00

Net Profit (loss)

123.479

0,01

566.662

0,03

-318.367

-0,01

1.271.170

0,02

-543

-0,01

TOTAL LIABILITIES AND EQUITY

13.985.488

1,00

20.979.288

1,00

25.170.357

1,00

75.545.855

1,00

99.974

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 277 is "Doubtful Trade Receivables" and -TL thousand 210 is "Provision for Doubtful Trade Receivables" at the last balance sheet.                                                                                                                                               

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0,Due From Participations:0,Due From Affiliated Companies:0,Due From Personnel:0,Other Miscellaneous Receivables:3.254, Other Receivable Total:3.254 

 

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

 

At the last income statement TL thousand 5.961  of the other income is due to "Profit from Foreign Currency Exchange".                                                                             

 

At the last income statement TL thousand 12.205 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                       

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

Net Sales

10.445.486

1,00

16.180.707

1,00

19.997.039

1,00

34.265.835

1,00

70.103

1,00

Cost of Goods Sold

9.073.613

0,87

14.589.429

0,90

17.172.311

0,86

29.854.461

0,87

53.756

0,77

Gross Profit

1.371.873

0,13

1.591.278

0,10

2.824.728

0,14

4.411.374

0,13

16.347

0,23

Operating Expenses

529.739

0,05

768.704

0,05

607.428

0,03

1.824.092

0,05

8.807

0,13

Operating Profit

842.134

0,08

822.574

0,05

2.217.300

0,11

2.587.282

0,08

7.540

0,11

Other Income

1.435.097

0,14

1.372.766

0,08

1.774.637

0,09

2.346.691

0,07

6.740

0,10

Other Expenses

169.024

0,02

122.751

0,01

309.020

0,02

1.430.051

0,04

12.811

0,18

Financial Expenses

1.984.728

0,19

1.505.927

0,09

4.001.284

0,20

2.100.740

0,06

2.012

0,03

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

123.479

0,01

566.662

0,04

-318.367

-0,02

1.403.182

0,04

-543

-0,01

Tax Payable

0

0,00

0

0,00

0

0,00

132.012

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)

123.479

0,01

566.662

0,04

-318.367

-0,02

1.271.170

0,04

-543

-0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

1,64

1,77

1,59

1,35

1,38

Acid-Test Ratio

0,70

1,00

0,80

0,62

0,71

Cash Ratio

0,20

0,32

0,05

0,01

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,43

0,37

0,44

0,36

0,34

Short-term Receivable/Total Assets

0,27

0,34

0,42

0,33

0,39

Tangible Assets/Total Assets

0,10

0,07

0,06

0,22

0,18

TURNOVER RATIOS

 

Inventory Turnover

1,50

1,88

1,56

1,08

1,57

Stockholders' Equity Turnover

1,62

2,25

2,87

1,09

2,31

Asset Turnover

0,75

0,77

0,79

0,45

0,70

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,46

0,34

0,28

0,42

0,30

Current Liabilities/Total Assets

0,54

0,50

0,56

0,54

0,56

Financial Leverage

0,54

0,66

0,72

0,58

0,70

Gearing Percentage

1,17

1,92

2,62

1,40

2,30

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,02

0,08

-0,05

0,04

-0,02

Operating Profit Margin

0,08

0,05

0,11

0,08

0,11

Net Profit Margin

0,01

0,04

-0,02

0,04

-0,01

Interest Cover

1,06

1,38

0,92

1,67

0,73

COLLECTION-PAYMENT

 

Average Collection Period (days)

123,93

153,15

169,18

255,71

181,87

Average Payable Period (days)

33,25

94,41

82,17

158,74

127,66

WORKING CAPITAL

4796814,00

8059685,00

8292059,00

14361883,00

21285,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.48

UK Pound

1

Rs.98.67

Euro

1

Rs.79.80

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.