|
|
|
MIRA INFORM REPORT
|
Report No. : |
498645 |
|
Report Date : |
23.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
ALTINBOYNUZ OTEL ISLETMECILIGI SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Merkez Mah. 1. Asena Sok. Istanbul Kongre Merk. Otel A Blok No:15/A
Bahcelievler 34197 Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
02.02.2016 |
|
|
|
|
Com. Reg. No.: |
21839-5 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
·
Administration of hotel. ·
The subject also deals with trade of textile
products. |
|
|
|
|
No. of Employees : |
12 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow & Delayed |
|
|
|
|
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.
TURKEY - ECONOMIC OVERVIEW
Turkey's largely free-market economy is driven by its industry and, increasingly,
service sectors, although its traditional agriculture sector still accounts for
about 25% of employment. The automotive, petrochemical, and electronics
industries have risen in importance and surpassed the traditional textiles and
clothing sectors within Turkey's export mix. However, the recent period of
political stability and economic dynamism has given way to domestic uncertainty
and security concerns, which are generating financial market volatility and
weighing on Turkey’s economic outlook.
Current government policies emphasize populist spending measures and
credit breaks, while implementation of structural economic reforms has slowed.
The government is playing a more active role in some strategic sectors and has
used economic institutions and regulators to target political opponents,
undermining private sector confidence in the judicial system. Between July 2016
and March 2017, three credit ratings agencies downgraded Turkey’s sovereign
credit ratings, citing concerns about the rule of law and the pace of economic
reforms.
Turkey remains highly dependent on imported oil and gas but is pursuing
energy relationships with a broader set of international partners and taking steps
to increase use of domestic energy sources including renewables, nuclear, and
coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is
moving forward to increase transport of Caspian gas to Turkey and Europe, and
when completed will help diversify Turkey's sources of imported gas.
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. An aggressive
privatization program also reduced state involvement in basic industry,
banking, transport, power generation, and communication. 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 growth rebounded to around 9% in
2010 and 2011, as exports and investment recovered following the crisis.
The growth of Turkish GDP since 2016 has revealed the persistent
underlying imbalances in the Turkish economy. In particular, Turkey’s large
current account deficit means it must rely on external investment inflows to
finance growth, leaving the economy vulnerable to destabilizing shifts in
investor confidence. Other troublesome trends include rising unemployment and
inflation, which increased in 2017, given the Turkish lira’s continuing
depreciation against the dollar. Although government debt remains low at about
30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP
during the past decade, outpacing its emerging-market peers and prompting
investor concerns about its long-term sustainability.
|
Source
: CIA |
Note
Due to negative networth, we do not recommend any credit limit to the company.
COMPANY
IDENTIFICATION
|
|
|
|
NAME |
ALTINBOYNUZ OTEL ISLETMECILIGI SANAYI VE TICARET A.S. |
|
HEAD OFFICE ADDRESS |
Merkez Mah. 1. Asena Sok. Istanbul Kongre Merk. Otel A Blok No:15/A
Bahcelievler 34197 Istanbul / Turkey |
|
PHONE NUMBER |
90-553-973 53 70 |
LEGAL
STATUS AND HISTORY
|
|
TAX OFFICE |
Yeni Bosna |
|
TAX NO |
0610424213 |
|
REGISTRATION NUMBER |
21839-5 |
|
REGISTERED OFFICE |
Istanbul Chamber of Commerce |
|
COMMERCIAL REGISTRY |
Istanbul Commercial Registry |
|
DATE ESTABLISHED |
02.02.2016 |
|
ESTABLISHMENT GAZETTE DATE/NO |
08.02.2016/9006 |
|
LEGAL FORM |
Joint Stock Company |
|
TYPE OF COMPANY |
Private |
|
REGISTERED CAPITAL |
TL 50.000 |
OWNERSHIP
/ MANAGEMENT
|
|
|
|
SHAREHOLDERS |
|
||
|
BOARD OF DIRECTORS |
Cihan Icen ( Chairman ) |
OPERATIONS
|
|
|
|
BUSINESS ACTIVITIES |
Administration of hotel. The subject also deals with trade of textile products. |
||||
|
NACE CODE |
H .55.10 |
||||
|
NUMBER OF EMPLOYEES |
12 |
||||
|
NET SALES |
|
||||
|
PRODUCTION |
None |
||||
|
IMPORT COUNTRIES |
Romania Italy |
||||
|
MERCHANDISE IMPORTED |
Textile products |
||||
|
EXPORT VALUE |
|
||||
|
HEAD OFFICE ADDRESS |
Merkez Mah. 1. Asena Sok. Istanbul Kongre Merk. Otel A Blok No:15/A
Bahcelievler Istanbul / Turkey |
|
SIZE OF BUSINESS |
Moderate |
FINANCE
|
|
|
|
CREDIT FACILITIES |
The subject rarely makes use of credit facilities. |
|||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
We are informed about a single payment delay in the last years which
was resolved later on. |
|||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
|
COMMENT
ON FINANCIAL POSITION
|
|
Capitalization |
Negative Stockholders’ Equity |
|
Remarks on Capitalization |
The loss at the last period is expected to have a further negative
effect on equity total since the last balance sheet date.
|
|
Liquidity |
Low As of 31.12.2016 |
|
Remarks On Liquidity |
The favorable gap between average collection and average payable
period has a positive effect on liquidity.
|
|
Profitability |
Gross Loss (02.02-31.12.2016) Operating Loss (02.02-31.12.2016) Net Loss (02.02-31.12.2016) Gross Loss in 2017 Operating Loss in 2017 Net Loss in 2017 |
|
General Financial Position |
Poor |
CREDIT
OPINION WITHOUT OBLIGATION
|
|
CREDIT LIMIT |
: |
0 |
|
|
Incr. in
producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2016 ) |
9,94 % |
3,0292 |
3,3349 |
4,1006 |
|
( 2017 ) |
15,47 % |
3,6337 |
4,1120 |
4,7059 |
|
( 01.01-28.02.2018) |
3,69 % |
3,7820 |
4,6191 |
5,2464 |
BALANCE
SHEETS
|
|
|
31.12.2016 ( Interim Period ) TL |
|
|
CURRENT ASSETS |
1.949.228 |
1,00 |
|
Not Detailed Current Assets |
0 |
0,00 |
|
Cash and Banks |
24.199 |
0,01 |
|
Marketable Securities |
0 |
0,00 |
|
Account Receivable |
901.478 |
0,46 |
|
Other Receivable |
0 |
0,00 |
|
Inventories |
1.022.551 |
0,52 |
|
Advances Given |
1.000 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
|
Other Current Assets |
0 |
0,00 |
|
NON-CURRENT ASSETS |
6.563 |
0,00 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
|
Financial Assets |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
6.563 |
0,00 |
|
Intangible Assets |
0 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
|
Other Non-Current Assets |
0 |
0,00 |
|
TOTAL ASSETS |
1.955.791 |
1,00 |
|
CURRENT LIABILITIES |
3.310.780 |
1,69 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
|
Financial Loans |
24.992 |
0,01 |
|
Accounts Payable |
3.194.051 |
1,63 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Short-term Payable |
28.820 |
0,01 |
|
Advances from Customers |
0 |
0,00 |
|
Accumulated Construction Income |
0 |
0,00 |
|
Taxes Payable |
62.917 |
0,03 |
|
Provisions |
0 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
0 |
0,00 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
|
Securities Issued |
0 |
0,00 |
|
Long-term Payable |
0 |
0,00 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Long-term Liabilities |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
-1.354.989 |
-0,69 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
|
Paid-in Capital |
12.500 |
0,01 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
|
Inflation Adjustment of Capital |
0 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
|
Reserves |
0 |
0,00 |
|
Revaluation Fund |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
|
Net Profit (loss) |
-1.367.489 |
-0,70 |
|
TOTAL LIABILITIES AND EQUITY |
1.955.791 |
1,00 |
INCOME
STATEMENTS
|
|
|
(02.02-31.12.2016) ( Interim Period ) TL |
|
(2017) ( Full Year
) TL |
|
|
Net Sales |
4.813.085 |
1,00 |
692.605 |
1,00 |
|
Cost of Goods Sold |
6.111.158 |
1,27 |
944.797 |
1,36 |
|
Gross Profit |
-1.298.073 |
-0,27 |
-252.192 |
-0,36 |
|
Operating Expenses |
28.040 |
0,01 |
12.663 |
0,02 |
|
Operating Profit |
-1.326.113 |
-0,28 |
-264.855 |
-0,38 |
|
Other Income |
619 |
0,00 |
0 |
0,00 |
|
Other Expenses |
6.158 |
0,00 |
3.615 |
0,01 |
|
Financial Expenses |
35.837 |
0,01 |
4.945 |
0,01 |
|
Minority Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) Before Tax |
-1.367.489 |
-0,28 |
-273.415 |
-0,39 |
|
Tax Payable |
0 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
-1.367.489 |
-0,28 |
-273.415 |
-0,39 |
LAST
FINANCIAL STATEMENT DETAILS
|
|
|
TL |
|
Cash |
24.199 |
|
Banks |
0 |
|
Doubtful Trade Receivables |
0 |
|
Overdue, Delayed or Deferred Tax by Installments and Other Liabilities |
0 |
FINANCIAL RATIOS
|
|
|
(02.02-31.12.2016) |
|
LIQUIDITY RATIOS |
|
|
Current Ratio |
0,59 |
|
Acid-Test Ratio |
0,28 |
|
Cash Ratio |
0,01 |
|
ASSET STRUCTURE RATIOS |
|
|
Inventory/Total Assets |
0,52 |
|
Short-term Receivable/Total Assets |
0,46 |
|
Tangible Assets/Total Assets |
0,00 |
|
TURNOVER RATIOS |
|
|
Inventory Turnover |
5,98 |
|
Stockholders' Equity Turnover |
-3,55 |
|
Asset Turnover |
2,46 |
|
FINANCIAL STRUCTURE |
|
|
Stockholders' Equity/Total Assets |
-0,69 |
|
Current Liabilities/Total Assets |
1,69 |
|
Financial Leverage |
1,69 |
|
Gearing Percentage |
-2,44 |
|
PROFITABILITY RATIOS |
|
|
Net Profit/Stockholders' Eq. |
1,01 |
|
Operating Profit Margin |
-0,28 |
|
Net Profit Margin |
-0,28 |
|
Interest Cover |
-37,16 |
|
COLLECTION-PAYMENT |
|
|
Average Collection Period (days) |
67,43 |
|
Average Payable Period (days) |
188,16 |
|
WORKING CAPITAL |
-1361552,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.06 |
|
|
1 |
INR 92.06 |
|
Euro |
1 |
INR 80.37 |
|
TL |
1 |
INR 16.43 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.