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Report No. : |
330304 |
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Report Date : |
09.07.2015 |
IDENTIFICATION DETAILS
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Name : |
HATEKS HATAY TEKSTIL ISLETMELERI A.S. |
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Registered Office : |
Yenisehir Mah. Maresal Fevzi Cakmak
Cad. Cinar Apt. A Blok Daire:13 Iskenderun Hatay |
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Country : |
Turkey |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
18.10.1973 |
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Com. Reg. No.: |
2900-3945 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject is manufacture, dying and trade of yarn, manufacture and trade
of towel and bathrobe. |
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No. of Employee : |
585 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Turkey |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of FDI reached nearly $195 billion at year-end 2014. Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth. It is clear from these developments that the Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.
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Source
: CIA |
COMPANY
IDENTIFICATION
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NAME |
: |
HATEKS HATAY TEKSTIL ISLETMELERI A.S. |
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HEAD OFFICE ADDRESS |
: |
Yenisehir Mah. Maresal Fevzi
Cakmak Cad. Cinar Apt. A Blok Daire:13 Iskenderun Hatay / Turkey |
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PHONE NUMBER |
: |
90-326-451 24 00 |
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FAX NUMBER |
: |
90-326-451 24 09 90-326-451 25 73 |
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WEB-ADDRESS |
: |
www.hateks.com.tr |
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E-MAIL |
: |
hateks@hateks.com.tr |
LEGAL
STATUS AND HISTORY
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TAX OFFICE |
: |
Akdeniz |
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TAX NO |
: |
4590012972 |
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REGISTRATION NUMBER |
: |
2900-3945 |
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REGISTERED OFFICE |
: |
Iskenderun Chamber of Commerce and Industry |
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DATE ESTABLISHED |
: |
18.10.1973 |
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ESTABLISHMENT GAZETTE DATE |
: |
02.11.1973 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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AUTHORIZED CAPITAL |
: |
TL 50.000.000 |
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PAID-IN CAPITAL |
: |
TL 21.000.000 |
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HISTORY |
: |
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OWNERSHIP
/ MANAGEMENT
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NOTES
ON OWNERSHIP / MANAGEMENT |
: |
Quoted
at Stock Exchange. |
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SHAREHOLDERS |
: |
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REMARKS ON SHAREHOLDERS |
: |
The subject was quoted at Stock Exchange on 17.01.2011 |
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SUBSIDIARIES |
: |
COTONELLA SARL HATFIL SRL SOCIETA UNIPERSONAL HATFIL TEKSTIL ISLETMELERI A.S. HATSAN ELEKTRIK URETIMI TEKSTIL TURIZM INSAAT TARIM GIDA ULUSLARARASI
TASIMACILIK VE ITHALAT IHRA... |
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BOARD OF DIRECTORS |
: |
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DIRECTORS |
: |
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OPERATIONS
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BUSINESS ACTIVITIES |
: |
Manufacture, dying and trade of yarn, manufacture and trade of towel
& bathrobe. |
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NACE CODE |
: |
DB.17.00 |
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SECTOR |
: |
Textile |
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NUMBER OF EMPLOYEES |
: |
585 |
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NET SALES |
: |
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CAPACITY |
: |
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PRODUCTION |
: |
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IMPORT COUNTRIES |
: |
Egypt Germany Italy India China Uzbekistan |
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MERCHANDISE IMPORTED |
: |
Cotton Label Yarn |
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EXPORT VALUE |
: |
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EXPORT COUNTRIES |
: |
U.K. Spain Ireland Germany Norway Sweden Czech Republic France Italy Belgium Lebanon Saudi Arabia Kuwait U.A.E. Japan U.S.A. |
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MERCHANDISE EXPORTED |
: |
Bathrobe Towel Yarn |
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HEAD OFFICE ADDRESS |
: |
Yenisehir Mah. Maresal Fevzi
Cakmak Cad. Cinar Apt. A Blok Daire:13 Iskenderun Hatay / Turkey (rented) |
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BRANCHES |
: |
Administrative Office / Factory
: Antakya Iskenderun Yolu Uzeri
Topbogazi Mevkii 28 Km PK 65 Antakya Hatay/Turkey (owned) (65.000 sqm) Branch Office : Ulus Mah. Oztopuz Cad. No:16 Giris Kat
34040 Besiktas Istanbul/Turkey |
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TREND OF BUSINESS |
: |
Trend of business was steady in
2014. |
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SIZE OF BUSINESS |
: |
Giant |
FINANCE
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MAIN DEALING BANKS |
: |
Akbank Adana Kurumsal Branch Garanti Bankasi Iskenderun Branch Halk Bankasi Iskenderun Branch HSBC Bank Iskenderun Branch ING Bank Iskenderun Branch |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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COMMENT
ON FINANCIAL POSITION
|
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Capitalization |
Good As of 31.03.2015 |
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Liquidity |
Insufficient As of 31.03.2015 |
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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. |
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Profitability |
Low Operating Profitability in
2013 Net Loss in 2013 In Order Operating Profitability
in 2014 In Order Net Profitability in
2014 Operating Loss (01.01-31.03.2015) Net Loss (01.01-31.03.2015) |
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Gap between average collection and payable periods |
Unfavorable in 01.01-31.03.2015 |
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General Financial Position |
Passable |
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Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2009 ) |
5,93 % |
1,5460 |
2,1529 |
2,4094 |
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( 2010 ) |
8,87 % |
1,5128 |
2,0096 |
2,3410 |
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( 2011 ) |
13,33 % |
1,6797 |
2,3378 |
2,6863 |
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( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
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( 2013 ) |
6,97 % |
1,9179 |
2,5530 |
3,0178 |
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( 2014 ) |
6,36 % |
2,1891 |
2,8989 |
3,6060 |
|
( 01.01-31.03.2015) |
2,60 % |
2,4709 |
2,8023 |
3,7626 |
|
( 01.01-30.06.2015) |
5,49 % |
2,5568 |
2,8727 |
3,9250 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.98.22 |
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Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.