MIRA INFORM REPORT

 

 

Report Date :

25.10.2013

 

IDENTIFICATION DETAILS

 

Name :

ART CARPET SANAYI VE TICARET A.S.

 

 

Registered Office :

3. Org. San. Bol. 83303 Nolu Cad. No:2 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Date of Incorporation :

27.01.2005

 

 

Com. Reg. No.:

26706

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of carpet.

 

 

No. of Employees :

450

 

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 :

Unknown

 

 

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

B2

B2

 

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

:

ART CARPET SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

3. Org. San. Bol. 83303 Nolu Cad. No:2 Sehitkamil Gaziantep / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Mehmet Batalli Bulvari 3 No'lu Cad." to "83303 Nolu Cad." by the Municipality.

PHONE NUMBER

:

90-342-337 96 37

 

FAX NUMBER

:

90-342-337 96 38

 

WEB-ADDRESS

:

www.artcarpet.com

E-MAIL

:

info@artcarpet.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

0850318407

REGISTRATION NUMBER

:

26706

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

27.01.2005

ESTABLISHMENT GAZETTE DATE/NO

:

09.02.2005/6236

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   20.000.000

HISTORY

:

Previous Registered Capital

:

TL 4.000.000

Changed On

:

25.12.2008 (Commercial Gazette Date /Number 31.12.2008/ 7218)

Previous Registered Capital

:

TL 6.000.000

Changed On

:

20.10.2010 (Commercial Gazette Date /Number 27.10.2010/ 7678)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

16.12.2011 (Commercial Gazette Date /Number 27.12.2011/ 7970)

Previous Registered Capital

:

TL 15.000.000

Changed On

:

04.07.2013 (Commercial Gazette Date /Number 16.07.2013/ 8364)

Previous Address

:

2. Organize Sanayi Bolgesi 8 Nolu Cad. No:13 Merkez Gaziantep

Changed On

:

17.10.2007 (Commercial Gazette Date /Number 07.11.2007/ 6931)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mehmet Murat Findik

42,30 %

Ercan Gogus

19,80 %

Mehmet Demir

11,70 %

Mehmet Yasav

10,80 %

Can Brooking

10 %

Oktay Oral

5,40 %

 

 

SISTER COMPANIES

:

ART DIS TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Mehmet Murat Findik

Chairman

Oktay Oral

Vice-Chairman

Mehmet Demir

Member

Ercan Gogus

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpet.

 

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

ART

 

NUMBER OF EMPLOYEES

:

450

NET SALES

:

22.856.781 TL

(2008) 

28.846.073 TL

(2009) 

17.416.890 TL

(01.01-30.06.2010) 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT COUNTRIES

:

India

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT COUNTRIES

:

European Countries

Middle East Countries

U.S.A.

 

MERCHANDISE  EXPORTED

:

Carpet

 

HEAD OFFICE ADDRESS

:

3. Org. San. Bol. 83303 Nolu Cad. No:2 Sehitkamil Gaziantep / Turkey

( owned )

 

BRANCHES

:

Head Office/Production Plant  :  3. Organize Sanayi Bolgesi 83303 No'lu Cad. No:2 Sehitkamil Gaziantep/Turkey (owned) (32.000 sqm)

 

Branch Office  :  3. Organize Sanayi Bolgesi Mehmet Batalli Bulvari No:51 Sehitkamil Gaziantep/Turkey (rented)

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Halk Bankasi Organize Branch

T. Is Bankasi Organize Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-30.06.2010)

4,93 %

1,5268

2,0325

2,3444

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.99.53

Euro

1

Rs.84.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.