MIRA INFORM REPORT

 

 

Report Date :

07.06.2013

 

IDENTIFICATION DETAILS

 

Name :

ARTI YATIRIM HOLDING A.S.

 

 

Formerly Known As :

Asya Menkul Kiymetler Yatirim Ortakligi A.S.

 

 

Registered Office :

Fatih Sultan Mehmet Mah. Poligon Cad. Buyaka 2 Sit. Blok No:8C D:44 Umraniye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

16.02.2006

 

 

Com. Reg. No.:

578747

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

subject was working as a real estate investment company

 

 

No. of Employees :

07

 

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 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 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

:

ARTI YATIRIM HOLDING A.S.

HEAD OFFICE ADDRESS

:

Fatih Sultan Mehmet Mah. Poligon Cad. Buyaka 2 Sit. Blok No:8C D:44 Umraniye Istanbul / Turkey

PHONE NUMBER

:

90-216-290 79 59

 

FAX NUMBER

:

90-216-290 79 63

 

WEB-ADDRESS

:

www.artiyatirimholding.com.tr

E-MAIL

:

info@artiyh.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Sarigazi

TAX NO

:

8160477833

REGISTRATION NUMBER

:

578747

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.02.2006

ESTABLISHMENT GAZETTE DATE/NO

:

22.02.2006/6498

LEGAL FORM

:

Joint Stock Company

 

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   50.000.000

PAID-IN CAPITAL

:

TL   10.000.000

HISTORY

:

Previous Name

:

Taksim Yatirim Ortakligi A.S.

Changed On

:

21.03.2012 (Commercial Gazette Date /Number 28.03.2012/ 8036)

Previous Name

:

Asya Menkul Kiymetler Yatirim Ortakligi A.S.

Changed On

:

08.10.2012 (Commercial Gazette Date /Number 12.10.2012/ 8173)

Previous Address

:

Burhaniye Mah. Karadeniz Cad. Selvilievler Sit. No:26/4 Uskudar-Istanbul

Changed On

:

04.01.2013 (Commercial Gazette Date /Number 10.01.2013/ 8233)

Other Changes

:

The authorized capital was increased from TL 5.000.000 to TL 50.000.000

Changed On

:

21.03.2012 (Commercial Gazette Date /Number 28.03.2012/ 8036)

 

OWNERSHIP / MANAGEMENT

 

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

Mehmed Nurettin Cevik

18 %

Biz A.G.

9 %

Others

73 %

 

 

GROUP PARENT COMPANY

:

ARTI YATIRIM HOLDING A.S.

 

SISTER COMPANIES

:

ALTINYAG BIODIZEL PETROL URUNLERI ENERJI URETIM A.S.

ALTINYAG KOMBINALARI A.S.

AYH GAYRIMENKUL YATIRIMLARI A.S.

ENDEKS GAYRIMENKUL VE MADENCILIK ENERJI SANAYI VE TICARET A.S.

ENDEKS TUREV YATIRIM MENKUL DEGERLER A.S.

GURTAS TARIM ENERJI YATIRIMLARI SANAYI VE TICARET A.S.

MELTEM ENERJI ELEKTRIK URETIM A.S.

MMC GAYRIMENKUL VE MADENCILIK SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

Altinyag Kombinalari A.S.  ( 23,33 % )

AYH Gayrimenkul Yatirimlari A.S.  ( 100 % )

Endeks Gayrimenkul ve Madencilik Enerji Sanayi ve Ticaret A.S.  ( 12 % )

 

BOARD OF DIRECTORS

:

Mehmed Nurettin Cevik

Chairman

Masum Cevik

Vice-Chairman

Aziz Erkus

Member

Hasan Tuncay Erol

Member

Bekir Alpay Ozkan

Member

Hamit Serkan Drahor

Member

Birol Yenal Pehlivan

Member

 

 

DIRECTORS

:

Bekir Alpay Ozkan

General Manager

Arzu Altun

Finance Director

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Participating in and coordinating the financial and administrative operations of Arti group of companies.    The subject was working as a real estate investment company until 08.10.2012. However it has declared that, it changed its name from "Asya Menkul Kiymetler Yatirim Ortakligi A.S." to "Arti Yatirim Holding A.S." on 08.10.2012 and started holding activity after this change. 

 

NACE CODE

:

K .74.15

 

SECTOR

:

Conglomerate

 

NUMBER OF EMPLOYEES

:

7

 

NET SALES

:

697.678.987 TL

(2012) 

14.919.871 TL

(01.01-31.03.2013) 

 

 

NET SALES

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

0 TL

(01.01-31.03.2013)

 

 

EXPORT VALUE

:

0 TL

(01.01-31.03.2013)

 

 

HEAD OFFICE ADDRESS

:

Fatih Sultan Mehmet Mah. Poligon Cad. Buyaka 2 Sit. Blok No:8C D:44 Umraniye Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2012) TL

(01.01-31.03.2013) TL

 

 

 

Net Sales

697.678.987

14.919.871

 

 

 

Profit (Loss) Before Tax

-861.195

1.756.379

 

 

 

Stockholders' Equity

35.041.669

50.693.231

 

 

 

Total Assets

48.963.626

71.944.848

 

 

 

Current Assets

11.034.732

14.633.701

 

 

 

Non-Current Assets

37.928.894

57.311.147

 

 

 

Current Liabilities

11.827.968

17.244.138

 

 

 

Long-Term Liabilities

2.093.989

4.007.479

 

 

 

Gross Profit (loss)

1.710.298

2.754.996

 

 

 

Operating Profit (loss)

-1.217.839

2.321.877

 

 

 

Net Profit (loss)

-827.102

2.128.585

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.03.2013

Liquidity

Insufficient As of 31.03.2013

Remarks On Liquidity

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

Profitability

Operating Loss  in 2012

Net Loss  in 2012

High Operating Profitability (01.01-31.03.2013)

High Net Profitability (01.01-31.03.2013)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2013

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 01.01-30.04.2013)

-0,01 %

1,7920

2,3566

2,7927

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

 

BALANCE SHEETS

 

 

 ( 31.12.2012 )  TL

 

 ( 31.03.2013 )  TL

 

CURRENT ASSETS

11.034.732

0,23

14.633.701

0,20

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

3.446.203

0,07

5.887.412

0,08

Marketable Securities

14.970

0,00

9.869

0,00

Account Receivable

1.661.330

0,03

2.732.869

0,04

Other Receivable

224.480

0,00

189.235

0,00

Inventories

3.268.990

0,07

3.588.710

0,05

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

2.418.759

0,05

2.225.606

0,03

NON-CURRENT ASSETS

37.928.894

0,77

57.311.147

0,80

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

6.000

0,00

Financial Assets

0

0,00

3.087.059

0,04

Tangible Fixed Assets (net)

34.928.286

0,71

51.218.336

0,71

Intangible Assets

3.000.608

0,06

2.999.752

0,04

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

48.963.626

1,00

71.944.848

1,00

CURRENT LIABILITIES

11.827.968

0,24

17.244.138

0,24

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

3.385.529

0,07

4.093.610

0,06

Accounts Payable

831.127

0,02

3.035.367

0,04

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

7.079.312

0,14

9.519.658

0,13

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

0

0,00

0

0,00

Provisions

532.000

0,01

595.503

0,01

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

2.093.989

0,04

4.007.479

0,06

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

1.375.911

0,03

1.185.240

0,02

Securities Issued

0

0,00

0

0,00

Long-term Payable

10.540

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

37.347

0,00

2.246.624

0,03

Provisions

670.191

0,01

575.615

0,01

STOCKHOLDERS' EQUITY

35.041.669

0,72

50.693.231

0,70

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

10.000.000

0,20

10.000.000

0,14

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

25.008.391

0,51

24.864.351

0,35

Reserves

0

0,00

0

0,00

Revaluation Fund

1.499.678

0,03

15.166.695

0,21

Accumulated Losses(-)

-639.298

-0,01

-1.466.400

-0,02

Net Profit (loss)

-827.102

-0,02

2.128.585

0,03

TOTAL LIABILITIES AND EQUITY

48.963.626

1,00

71.944.848

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of 2012 and 01.01.-31.03.2013 have been prapared by the consolidation of financial statements of "Altinyag Kombinalari A.S." and "Gurtas Tarım Enerji Yatirimlari Sanayi ve Ticaret A.S.".

INCOME STATEMENTS

 

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

697.678.987

1,00

14.919.871

1,00

Cost of Goods Sold

695.968.689

1,00

12.164.875

0,82

Gross Profit

1.710.298

0,00

2.754.996

0,18

Operating Expenses

2.928.137

0,00

433.119

0,03

Operating Profit

-1.217.839

0,00

2.321.877

0,16

Other Income

457.063

0,00

208.176

0,01

Other Expenses

116.590

0,00

0

0,00

Financial Expenses

805.868

0,00

306.424

0,02

Minority Interests

822.039

0,00

-467.250

-0,03

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-861.195

0,00

1.756.379

0,12

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

34.093

0,00

372.206

0,02

Net Profit (loss)

-827.102

0,00

2.128.585

0,14

 

FINANCIAL RATIOS

 

 

(2012)

(01.01-31.03.2013)

LIQUIDITY RATIOS

 

Current Ratio

0,93

0,85

Acid-Test Ratio

0,45

0,51

Cash Ratio

0,29

0,34

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,07

0,05

Short-term Receivable/Total Assets

0,04

0,04

Tangible Assets/Total Assets

0,71

0,71

TURNOVER RATIOS

 

Inventory Turnover

212,90

3,39

Stockholders' Equity Turnover

19,91

0,29

Asset Turnover

14,25

0,21

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,72

0,70

Current Liabilities/Total Assets

0,24

0,24

Financial Leverage

0,28

0,30

Gearing Percentage

0,40

0,42

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,02

0,04

Operating Profit Margin

0,00

0,16

Net Profit Margin

0,00

0,14

Interest Cover

-0,07

6,73

COLLECTION-PAYMENT

 

Average Collection Period (days)

0,86

66,09

Average Payable Period (days)

0,44

89,83

WORKING CAPITAL

-793236,00

-2610437,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.87

UK Pound

1

Rs.87.65

Euro

1

Rs.74.52

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.