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MIRA INFORM REPORT
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Report No. : |
507949 |
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Report Date : |
11.05.2018 |
IDENTIFICATION DETAILS
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Name : |
YILDIZ HOLDING A.S. |
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Formerly Known As : |
YILDIZ GIDA VE AMBALAJ YATIRIMI SANAYI VE TICARET A.S |
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Registered Office : |
Kisikli Mah. Ferah Cad. Cesmecikmazi Sok. No:6/1 Uskudar 34692
Istanbul |
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Country : |
Turkey |
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Date of Incorporation : |
14.09.1989 |
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Com. Reg. No.: |
257838 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Participating in and coordinating of the activities. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Turkey |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
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.
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Source
: CIA |
COMPANY
IDENTIFICATION
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NAME |
YILDIZ
HOLDING A.S. |
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HEAD
OFFICE ADDRESS |
Kisikli
Mah. Ferah Cad. Cesmecikmazi Sok. No:6/1 Uskudar 34692 Istanbul / Turkey |
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PHONE
NUMBER |
90-216-524
25 00 90-216-524
29 00 |
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FAX
NUMBER |
90-212-310
28 46 90-216-461
52 09 |
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WEB-ADDRESS |
www.yildizholding.com.tr |
LEGAL
STATUS AND HISTORY
|
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TAX
OFFICE |
Buyuk
Mukellefler |
||||||||||||||||||||||||||||||||||
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TAX
NO |
9650028323 |
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REGISTRATION
NUMBER |
257838 |
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REGISTERED
OFFICE |
Istanbul
Chamber of Commerce |
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COMMERCIAL
REGISTRY |
Istanbul
Commercial Registry |
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DATE
ESTABLISHED |
14.09.1989 |
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ESTABLISHMENT
GAZETTE DATE/NO |
20.09.1989/2361
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LEGAL
FORM |
Joint
Stock Company |
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TYPE
OF COMPANY |
Private |
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REGISTERED
CAPITAL |
TL 563.000.000 |
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PAID-IN
CAPITAL |
TL 563.000.000 |
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HISTORY |
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OWNERSHIP
/ MANAGEMENT
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NOTES ON OWNERSHIP
/ MANAGEMENT |
The
distribution of shares is not available. |
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SHAREHOLDERS |
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-
Name Of Shareholder: |
Us
Holding A.S. |
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Origin
of Shareholder: |
Turkey |
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Tax
Number Of Shareholder: |
9190376228 |
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Registration
Number Of Shareholder: |
652646 |
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-
Name Of Shareholder: |
Kokler
Yatirim Holding A.S. |
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Origin
of Shareholder: |
Turkey |
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Tax
Number Of Shareholder: |
5830326593 |
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Registration
Number Of Shareholder: |
787184 |
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GROUP |
ULKER
GROUP OF COMPANIES |
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REMARKS
ON GROUP |
According
to press news, in February 2018, Yildiz Holding was seeking to restructure debts
with 10 banks and offered to consolidate its separate loans and refinance
them through a new syndicated loan. Yıldız
Holding requests to extend all its debts with the interest together with 3
years grace period. It has been
declared that a part of debt is restructured
and the banks are still in negotiations with Yildiz Holding over its
restructuring request. |
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GROUP
PARENT COMPANY |
YILDIZ
HOLDING A.S. |
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SISTER
COMPANIES |
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ADAPAZARI SEKER FABRIKASI A.S. ( Origin: Turkey, Tax Number: 0070049746, Registration Number: 2720 ) -
AKBIS GIDA YATIRIMLARI A.S. ( Origin: Turkey,
Tax Number: 0160507476,
Registration Number: 973366 ) -
AKKAR SINAI YATIRIMLAR A.S. ( Origin: Turkey,
Tax Number: 0280467528,
Registration Number: 975948 ) -
AKSEL SINAI YATIRIMLARI A.S. ( Origin: Turkey, Tax Number: 0340386277, Registration Number: 977697 ) -
AKTUL KAGIT URETIM PAZARLAMA A.S. ( Origin: Turkey, Tax Number: 0430367698, Registration Number: 915564 ) -
AKYEL INSAAT TURIZM SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 0440471174, Registration Number: 522902 ) -
ANCOKER SU URUNLERI SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 0680091989, Registration Number: 288285 ) -
ATADEMIR GIDA SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 0930271125, Registration Number: 606395 ) -
ATLAS GIDA PAZARLAMA SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 1020045162, Registration Number: 236878 ) -
AVRASYA ET VE ET URUNLERI URETIM VE PAZARLAMA A.S. ( Origin: Turkey, Tax Number: 1050590063, Registration Number: 893805 ) -
AYTAC GIDA YATIRIM SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 1240011010, Registration Number: 205-Cerkes ) -
AZMUSEBAT CELIK SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 1270035810, Registration Number: 140648 ) -
BATI UNLU MAMULLER SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 1500568081, Registration Number: 876137 ) -
BEP HOLOGRAM A.S. ( Origin: Turkey,
Tax Number: 1640447916,
Registration Number: 453229 ) -
BERK ENERJI URETIMI A.S. ( Origin: Turkey,
Tax Number: 1650078809,
Registration Number: 409615 ) -
BESLER GIDA VE KIMYA SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 1660024168, Registration Number: 290275 ) -
BETA MARINA LIMAN YAT VE CEKEK ISLETMECILIGI A.S. ( Origin: Turkey, Tax Number: 1670529098, Registration Number: 644418 ) -
BISKOT BISKUVI GIDA SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 1780210145, Registration Number: 3664 ) -
BIZIM TOPTAN SATIS MAGAZALARI A.S. ( Origin: Turkey, Tax Number: 1780257703, Registration Number: 455179 ) -
CONTINENTAL CONFECTIONERY COMPANY GIDA SANAYI VE TICARET A.S. ( Origin:
Turkey, Tax Number: 2030294772, Registration Number: 15274 ) -
DANK GIDA SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 2700399712, Registration Number: 545530 ) -
DONUK FIRINCILIK URUNLERI SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 3100601010, Registration Number: 868313 ) -
DURUG2M GIDA TARIM VE TEMIZLIK URUNLERI DAGITIM PAZARLAMA SANAYI VE TICARET A.S.
( Origin: Turkey, Tax Number:
3190220062, Registration Number: 60044
) -
EKSPER TUKETIM MADDELERI SATIS VE PAZARLAMA A.S. ( Origin: Turkey, Tax Number: 3300506799, Registration Number: 933128 ) -
EKZIMER DIS TICARET GIDA SANAYI A.S. ( Origin: Turkey, Tax Number: 3300136742, Registration Number: 415483 ) -
ELIT MIMARLIK TURIZM SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 3320394543, Registration Number: 524509 ) -
ENFES CAY URETIM VE PAZARLAMA A.S. ( Origin: Turkey, Tax Number: 3350448284, Registration Number: 983679 ) -
ENFESLER GIDA PAZARLAMA A.S. ( Origin: Turkey, Tax Number: 3350409947, Registration Number: 606634 ) -
EVAR KESICI TAKIM SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 7340063097, Registration Number: 10954-5 ) -
FRB UNLU MAMULLER SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 3880645735, Registration Number: 765260 ) -
G2M DAGITIM PAZARLAMA VE TICARET A.S. ( Origin: Turkey, Tax Number: 4350045961, Registration Number: 281365 ) -
GIRISIM AMBALAJ YATIRIMLARI A.S. ( Origin: Turkey, Tax Number: 3960708026, Registration Number: 987357 ) -
GOZDE GIRISIM SERMAYESI YATIRIM ORTAKLIGI A.S. ( Origin: Turkey, Tax Number: 4100694973, Registration Number: 722576 ) -
HORIZON HIZLI TUKETIM URUNLERI PAZARLAMA SATIS VE TICARET A.S. ( Origin:
Turkey, Tax Number: 4630337108, Registration Number: 510186 ) -
HUNER PAZARLAMA VE TICARET A.S. ( Origin: Turkey, Tax Number: 4640414219, Registration Number: 532903 ) -
ISMET AMBALAJ YATIRIMLARI A.S. ( Origin: Turkey, Tax Number: 6200019801, Registration Number: 194635 ) -
ISTANBUL GIDA DIS TICARET A.S. ( Origin: Turkey, Tax Number: 4810033891, Registration Number: 230665 ) -
IZSAL GAYRIMENKUL GELISTIRME A.S. ( Origin: Turkey, Tax Number: 4840025457, Registration Number: 62485 ) -
KARMA GIDA YATIRIM SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 5240085375, Registration Number: 424948 ) -
KARMA TARIMSAL URETIM VE TICARET A.S. ( Origin: Turkey, Tax Number: 1790404072, Registration Number: 502811 ) -
KELLOGG MED GIDA TICARET LTD. STI. ( Origin: Turkey, Tax Number: 5430579618, Registration Number: 568316 ) -
KEREVITAS GIDA SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 5440063435, Registration Number: 114597 ) -
KOKLER YATIRIM HOLDING A.S. ( Origin: Turkey,
Tax Number: 5830326593,
Registration Number: 787184 ) -
KUMAS MANYEZIT SANAYI A.S. ( Origin: Turkey,
Tax Number: 5640535175,
Registration Number: 822835 ) -
MAKINA TAKIM ENDUSTRISI A.S. ( Origin: Turkey, Tax Number: 6110002998, Registration Number: 66550 ) -
MARSA YAG SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 6120594216, Registration Number: 833867 ) -
MCI TURIZM MARINA YAT VE CEKEK ISLETMESI A.S. ( Origin: Turkey, Tax Number: 6130593585, Registration Number: 581924 ) -
MERSU SU URUNLERI SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 6180008894, Registration Number: 125300 ) -
MEVSIM TAZE SEBZE MEYVE SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 6200594603, Registration Number: 955473 ) -
MTR TURIZM YATIRIMLARI A.S. ( Origin: Turkey,
Tax Number: 6230294692,
Registration Number: 623987 ) -
NATURA GIDA SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 6300191443, Registration Number: 464777 ) -
NESOS GIDA SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 6310578908, Registration Number: 556-ALTINOVA ) -
NISSIN YILDIZ GIDA SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 6410034701, Registration Number: 22258 ) -
NORTHSTAR INNOVATION ENDUSTRIYEL YATIRIMLAR VE DANISMANLIK A.S. ( Origin: Turkey, Tax Number: 6320411319, Registration Number: 801175 ) -
OMNI SATIS VE PAZARLAMA LTD. STI. ( Origin: Turkey, Tax Number: 3100205736, Registration Number: 451218 ) -
ORTA ANADOLU UNLU MAMULLER SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 8920300364, Registration Number: 807452 ) -
PAKYAG SANAYII VE TICARET A.S. ( Origin: Turkey, Tax Number: 7200008824, Registration Number: 638687 ) -
PASIFIK TUKETIM URUNLERI SATIS VE TICARET A.S. ( Origin: Turkey, Tax Number: 7220396853, Registration Number: 548043 ) -
PENDIK TURIZM MARINA YAT VE CEKEK ISLETMESI A.S. ( Origin: Turkey, Tax Number: 7280348256, Registration Number: 622733 ) -
PERVIN FINANSAL KIRALAMA A.S. ( Origin: Turkey, Tax Number: 5400352025, Registration Number: 569768 ) -
PLADIS TR GIDA SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 6090254948, Registration Number: 491279 ) -
PNS PENDIK NISASTA SANAYI A.S. ( Origin: Turkey, Tax Number: 7300048974, Registration Number: 306532 ) -
POLEKS GIDA SANAYI VE DIS TICARET A.S. ( Origin: Turkey, Tax Number: 7320572798, Registration Number: 549672 ) -
POLINAS PLASTIK SANAYII VE TICARETI A.S. ( Origin: Turkey, Tax Number: 7320052049, Registration Number: 10045 ) -
RAM TURIZM MARINA YAT VE CEKEK ISLETMESI A.S. ( Origin: Turkey, Tax Number: 7340531640, Registration Number: 581742 ) -
REFORM GIDA PAZARLAMA SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 7340325498, Registration Number: 475537 ) -
SAGLAM INSAAT TAAHHUT TICARET A.S. ( Origin: Turkey, Tax Number: 7380449855, Registration Number: 526890 ) -
SCA YILDIZ KAGIT VE KISISEL BAKIM URETIM A.S. ( Origin: Turkey, Tax Number: 7350191591, Registration Number: 12559 ) -
SER YEMEK URETIM VE DAGITIM HIZMETLERI GIDA SANAYI VE TICARET A.S. ( Origin:
Turkey, Tax Number: 7610499418, Registration Number: 734149 ) -
SOK MARKETLER TICARET A.S. ( Origin: Turkey,
Tax Number: 8140131899,
Registration Number: 424593 ) -
SUN DOGAL GIDA VE AMBALAJ SANAYI A.S. ( Origin: Turkey, Tax Number: 8850414647, Registration Number: 573517 ) -
TEKOZEL GIDA TEMIZLIK SAGLIK MARKA HIZMETLERI SANAYI VE TICARET A.S. (
Origin: Turkey, Tax Number:
8360276209, Registration Number:
483354 ) -
TEMEL YENI GIDALAR VE TARIM URUNLERI PAZARLAMA A.S. ( Origin: Turkey, Tax Number: 8370546589, Registration Number: 885968 ) -
TOROSLAR UNLU MAMULLER VE FIRINCILIK A.S. ( Origin: Turkey, Tax Number: 9200308423, Registration Number: 876919 ) -
UFUK YATIRIM YONETIM VE GAYRIMENKUL A.S. ( Origin: Turkey, Tax Number: 7710052639, Registration Number: 338451 ) -
ULKER BISKUVI SANAYI A.S. ( Origin: Turkey,
Tax Number: 9060022039,
Registration Number: 41603 ) -
ULKER CIKOLATA SANAYI A.S. ( Origin: Turkey,
Tax Number: 9200034039,
Registration Number: 278588 ) -
UNMAS UNLU MAMULLER SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 8920034694, Registration Number: 267092 ) -
US HOLDING A.S. ( Origin: Turkey, Tax
Number: 9190376228, Registration
Number: 652646 ) -
WESTERN FOODS AND PACKAGING SDN BHD ( Origin: Brunei ) -
YENI CIKOLATALI MAMULLER GIDA SANAYI VE TICARET A.S. ( Origin: Turkey, Tax Number: 9480437294, Registration Number: 783021 ) -
YENI TEKOZEL MARKALI URUNLER DAGITIM HIZMETLERI A.S. ( Origin: Turkey, Tax Number: 9480645006, Registration Number: 114849-5 ) |
|
BOARD
OF DIRECTORS |
Murat
Ulker ( Chairman ) Ali
Ulker ( Vice-Chairman ) Halil
Cem Karakas ( Member ) Huseyin
Avni Metinkale ( Member ) Mehmet
Tutuncu ( Member ) |
OPERATIONS
|
|
BUSINESS
ACTIVITIES |
Participating
in and coordinating of the activities of Ulker group of companies. |
|
NACE
CODE |
K
.74.15 |
|
SECTOR |
Conglomerate |
|
REMARKS
ON PRODUCTION |
None |
|
HEAD
OFFICE ADDRESS |
Kisikli
Mah. Ferah Cad. Cesmecikmazi Sok. No:6/1 Uskudar Istanbul / Turkey |
|
BRANCHES |
General
Directorate : Kisikli Mah. Ferah Cad. No:1 Buyukcamlica
Istanbul/Turkey Liaison
Office : Tesvikiye Mah. Hakki Yeten Cad. No:9 Kat:1
Fulya Sisli Istanbul/Turkey |
FINANCE
|
|
MAIN
DEALING BANKS |
T.
Is Bankasi Sultanhamam Branch T.
Garanti Bankasi Kozyatagi Kurumsal Branch Akbank Bati Kurumsal Branch Yapi
ve Kredi Bankasi Anadolu Yakasi Branch |
|
PAYMENT
BEHAVIOUR |
No
payment delays have come to our knowledge. |
NOTES
ON FINANCIAL INFORMATION
|
|
The
subject is not obliged to announce its data and it strictly declines to
provide its financial data.
|
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.
The firm has a high amount of capital. The liability of the
shareholders is limited to the capital. |
CREDIT
OPINION WITHOUT OBLIGATION
|
|
|
Incr.
in producers’ price index |
Average
USD/TL |
Average
EUR/TL |
Average
GBP/ TL |
|
( 2014 ) |
6,36
% |
2,1891 |
2,8989 |
3,6060 |
|
( 2015 ) |
5,71
% |
2,7230 |
3,0254 |
4,1661 |
|
( 2016 ) |
9,94
% |
3,0292 |
3,3349 |
4,1006 |
|
( 2017 ) |
15,47
% |
3,6337 |
4,1120 |
4,7059 |
|
( 01.01-30.04.2018) |
8,03
% |
3,8698 |
4,7268 |
5,3753 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.37 |
|
|
1 |
INR 91.38 |
|
Euro |
1 |
INR 79.89 |
|
TRY |
1 |
INR 15.74 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
DNS |
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.