MIRA INFORM REPORT

 

 

Report No. :

306955

Report Date :

12.02.2015

 

IDENTIFICATION DETAILS

 

Name :

HIDROS MAKINA ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Sanayi Mah. Izmit Sanayi Sitesi 5. Cad. No:410 Ickapi No:9 Izmit Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

30.04.2007

 

 

Com. Reg. No.:

17752

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesaler and Trader of Machinery, Hydraulic and Their Spare Parts.

 

 

No. of Employee :

16

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Turkey

B1

B1

 

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 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

:

HIDROS MAKINA ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Sanayi Mah. Izmit Sanayi Sitesi 5. Cad. No:410 Ickapi No:9 Izmit Kocaeli / Turkey

PHONE NUMBER

:

90-262-335 63 66

90-262-335 63 81

 

FAX NUMBER

:

90-262-335 61 97

90-262-335 63 70

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Tepecik

TAX NO

:

4620350876

REGISTRATION NUMBER

:

17752

REGISTERED OFFICE

:

Izmit Chamber of Commerce

DATE ESTABLISHED

:

30.04.2007

ESTABLISHMENT GAZETTE DATE/NO

:

10.05.2007/6805

 

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

23.12.2009 (Commercial Gazette Date /Number 31.12.2009/ 7470)

Previous Registered Capital

:

TL 2.500.000

Changed On

:

26.12.2011 (Commercial Gazette Date /Number 05.01.2012/ 7977)

Previous Address

:

Korfez Kucuk Sanayi Sitesi 410 Blok No:9/10 Izmit - Kocaeli

Changed On

:

06.02.2015 (Commercial Gazette Date /Number 11.02.2015/ 8756)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Halil Topaloglu

43 %

Mithat Ercevik

42 %

Necmi Vardar

5 %

Hakan Ersoy

5 %

Sinan Mut

5 %

 

 

GROUP

:

HIDROS GROUP OF COMPANIES

 

SISTER COMPANIES

:

HIDROS HIDROLIK MAKINA ITHALAT IHRACAT TURIZM SANAYI VE TICARET LTD. STI.

HYDRO PACK MUHENDISLIK MAKINA HIDROLIK SANAYI VE TICARET LTD. STI.

HYDROPACK HIDROLIK MAKINA ITHALAT IHRACAT TICARET LTD. STI.

DIRECTORS

:

Mithat Ercevik                                                                                                                                                                                                                                                                                   

 

Halil Topaloglu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of machinery, hydraulic and their spare parts.

 

NACE CODE

:

G .51.80

 

SECTOR

:

Commerce

 

DISTRIBUTOR OF

:

Badestnos   (Bulgaria)

Caproni   (Bulgaria)

M-S Hydr.   (Bulgaria)

 

NUMBER OF EMPLOYEES

:

16

 

NET SALES

:

2.467.134 TL

(30.04-31.12.2007) 

10.908.138 TL

(2008) 

12.664.753 TL

(2009) 

17.302.425 TL

(2010) 

27.391.959 TL

(2011) 

23.637.577 TL

(2012) 

32.725 TL Thousand

(2013) 

29.377 TL Thousand

(01.01-30.09.2014) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Bulgaria

China

Korea

Italy

 

MERCHANDISE IMPORTED

:

Hydraulic pump

Valve

 

EXPORT VALUE

:

2.321.444 TL

(30.04-31.12.2007)

9.723.633 TL

(2008)

7.195.538 TL

(2009)

10.377.773 TL

(2010)

15.049.106 TL

(2011)

11.755.861 TL

(2012)

15.153.957 TL

(2013)

14.042 TL Thousand

(01.01-30.09.2014)

 

 

EXPORT COUNTRIES

:

Bulgaria

Libya

South Africa

Iran

Iraq

Syria

Morocco

Algeria

China

MERCHANDISE  EXPORTED

:

Hydraulic pump

Spare parts

Valve

 

 

HEAD OFFICE ADDRESS

:

Sanayi Mah. Izmit Sanayi Sitesi 5. Cad. No:410 Ickapi No:9 Izmit  Kocaeli / Turkey

 

BRANCHES

:

Warehouse  :  Sanayi Mah. Izmit Sanayi Sitesi Kocaeli/Turkey (owned)

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2013. There appears an upwards trend in 1.1 - 30.9.2014.

SIZE OF BUSINESS

:

Large

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Ticari Branch

Garanti Bankasi E-5 Branch

Yapi Ve Kredi Bankasi Izmit Sanayi 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

:

 

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

Net Sales

17.302.425

27.391.959

23.637.577

32.725

29.377

Profit (Loss) Before Tax

1.189.292

2.250.517

1.735.123

3.492

2.427

Stockholders' Equity

4.525.766

8.825.499

10.212.922

13.000

 

Total Assets

7.347.891

11.616.695

12.630.364

13.886

 

Current Assets

6.680.103

10.903.360

11.926.373

13.028

 

Non-Current Assets

667.788

713.335

703.991

858

 

Current Liabilities

2.822.125

2.791.196

2.417.442

886

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

3.006.422

4.939.062

4.529.179

6.029

4.986

Operating Profit (loss)

1.214.066

1.954.271

1.805.748

2.819

2.288

Net Profit (loss)

951.163

1.799.733

1.387.423

2.787

2.427

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2013

Liquidity

High As of 31.12.2013

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

Good Operating Profitability  in 2012

High Net Profitability  in 2012

Good Operating Profitability  in 2013

High Net Profitability  in 2013

Good Operating Profitability (01.01-30.09.2014)

High Net Profitability (01.01-30.09.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Good

 

 

 

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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-31.01.2015)

0,33 %

2,3765

2,7885

3,6477

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

6.680.103

0,91

10.903.360

0,94

11.926.373

0,94

13.028

0,94

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.396.554

0,19

3.398.491

0,29

2.328.082

0,18

1.513

0,11

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

1.308.462

0,18

1.949.319

0,17

2.123.712

0,17

5.598

0,40

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

2.015.871

0,27

3.448.737

0,30

5.248.032

0,42

5.065

0,36

Advances Given

1.343.995

0,18

1.155.203

0,10

619.805

0,05

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

615.221

0,08

951.610

0,08

1.606.742

0,13

852

0,06

NON-CURRENT ASSETS

667.788

0,09

713.335

0,06

703.991

0,06

858

0,06

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

187.869

0,03

250.495

0,02

0

0,00

18

0,00

Financial Assets

0

0,00

0

0,00

286.711

0,02

404

0,03

Tangible Fixed Assets (net)

458.075

0,06

456.944

0,04

417.215

0,03

436

0,03

Intangible Assets

0

0,00

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

21.844

0,00

5.896

0,00

65

0,00

0

0,00

TOTAL ASSETS

7.347.891

1,00

11.616.695

1,00

12.630.364

1,00

13.886

1,00

CURRENT LIABILITIES

2.822.125

0,38

2.791.196

0,24

2.417.442

0,19

886

0,06

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.077.502

0,15

1.148.653

0,10

489.812

0,04

234

0,02

Accounts Payable

351.022

0,05

1.013.270

0,09

182.001

0,01

290

0,02

Loans from Shareholders

1.311.067

0,18

493.117

0,04

1.543.485

0,12

32

0,00

Other Short-term Payable

6.657

0,00

13.393

0,00

18.686

0,00

29

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

75.877

0,01

121.387

0,01

183.091

0,01

16

0,00

Provisions

0

0,00

1.376

0,00

367

0,00

285

0,02

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

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

0

0,00

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

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

STOCKHOLDERS' EQUITY

4.525.766

0,62

8.825.499

0,76

10.212.922

0,81

13.000

0,94

Not Detailed Stockholders' Equity

4.525.766

0,62

0

0,00

0

0,00

0

0,00

Paid-in Capital

0

0,00

5.000.000

0,43

5.000.000

0,40

5.000

0,36

Cross Shareholding Adjustment of Capital

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

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

2.025.766

0,17

3.825.499

0,30

5.213

0,38

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

0

0,00

1.799.733

0,15

1.387.423

0,11

2.787

0,20

TOTAL LIABILITIES AND EQUITY

7.347.891

1,00

11.616.695

1,00

12.630.364

1,00

13.886

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

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

17.302.425

1,00

27.391.959

1,00

23.637.577

1,00

32.725

1,00

29.377

1,00

Cost of Goods Sold

14.296.003

0,83

22.452.897

0,82

19.108.398

0,81

26.696

0,82

24.391

0,83

Gross Profit

3.006.422

0,17

4.939.062

0,18

4.529.179

0,19

6.029

0,18

4.986

0,17

Operating Expenses

1.792.356

0,10

2.984.791

0,11

2.723.431

0,12

3.210

0,10

2.698

0,09

Operating Profit

1.214.066

0,07

1.954.271

0,07

1.805.748

0,08

2.819

0,09

2.288

0,08

Other Income

442.944

0,03

1.129.068

0,04

619.070

0,03

1.146

0,04

946

0,03

Other Expenses

431.540

0,02

779.246

0,03

648.285

0,03

457

0,01

782

0,03

Financial Expenses

36.178

0,00

53.576

0,00

41.410

0,00

16

0,00

25

0,00

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

1.189.292

0,07

2.250.517

0,08

1.735.123

0,07

3.492

0,11

2.427

0,08

Tax Payable

238.129

0,01

450.784

0,02

347.700

0,01

705

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

951.163

0,05

1.799.733

0,07

1.387.423

0,06

2.787

0,09

2.427

0,08

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,37

3,91

4,93

14,70

 

Acid-Test Ratio

0,96

1,92

1,84

8,03

 

Cash Ratio

0,49

1,22

0,96

1,71

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,27

0,30

0,42

0,36

 

Short-term Receivable/Total Assets

0,18

0,17

0,17

0,40

 

Tangible Assets/Total Assets

0,06

0,04

0,03

0,03

 

TURNOVER RATIOS

 

 

Inventory Turnover

7,09

6,51

3,64

5,27

 

Stockholders' Equity Turnover

3,82

3,10

2,31

2,52

 

Asset Turnover

2,35

2,36

1,87

2,36

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,62

0,76

0,81

0,94

 

Current Liabilities/Total Assets

0,38

0,24

0,19

0,06

 

Financial Leverage

0,38

0,24

0,19

0,06

 

Gearing Percentage

0,62

0,32

0,24

0,07

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,21

0,20

0,14

0,21

 

Operating Profit Margin

0,07

0,07

0,08

0,09

 

Net Profit Margin

0,05

0,07

0,06

0,09

 

Interest Cover

33,87

43,01

42,90

219,25

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

31,13

28,91

32,34

61,78

 

Average Payable Period (days)

8,84

16,25

3,43

3,91

 

WORKING CAPITAL

3857978,00

8112164,00

9508931,00

12142,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.15

UK Pound

1

Rs.94.72

Euro

1

Rs.70.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.