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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

509848

Report Date :

21.05.2018

 

 

IDENTIFICATION DETAILS

 

Name :

ARCELIK A.S.

 

 

Registered Office :

Sutluce Mah. Karaagac Cad. No:2-6 Beyoglu 34445  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2018

 

 

Date of Incorporation :

21.01.1955

 

 

Com. Reg. No.:

54957

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Electrical Household Goods.

 

 

No. of Employees :

28.437

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

 

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

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

 

Country Name

                Previous Rating               

(30.09.2017)

Current Rating

(31.12.2017)

Turkey

B2

B2

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

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.

 

Since 2014, productivity and growth has slowed to reveal persistent underlying imbalances in the Turkish economy. In particular, Turkey’s low domestic savings and 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. The economy contracted in the third quarter of 2016 for the first time since 2009, in part due to a sharp decline in the tourism sector, and growth is likely to remain below potential in 2017. Other troublesome trends include rising unemployment and elevated inflation, which is likely to increase in 2017 given the Turkish lira’s recent depreciation against the dollar. Although government debt remains low at about 32% 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

 

 

 

NOTES

Address at your inquiry is not the registered head office but another premise.                                                                                                                                                                          

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

ARCELIK A.S.

HEAD OFFICE ADDRESS

Sutluce Mah. Karaagac Cad. No:2-6 Beyoglu 34445  Istanbul / Turkey

PHONE NUMBER

90-212-314 34 34 (Head Office)

90-212-585 85 85 (Factory)

90-212-872 20 00

FAX NUMBER

90-212-314 34 90 (Head Office)

90-212-314 34 92

90-212-585 85 80 (Factory)

 

WEB-ADDRESS

www.arcelik.com.tr

E-MAIL

mushiz@arcelik.com

 

 

LEGAL STATUS AND HISTORY

 

 

 

 TAX OFFICE

Buyuk Mukellefler

TAX NO

0730018000

REGISTRATION NUMBER

54957

REGISTERED OFFICE

Istanbul Chamber of Commerce

COMMERCIAL REGISTRY

Istanbul Commercial Registry

DATE ESTABLISHED

21.01.1955

ESTABLISHMENT GAZETTE DATE/NO

01.02.1955

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

AUTHORIZED CAPITAL

TL   1.500.000.000

PAID-IN CAPITAL

TL   675.728.205

HISTORY

Previous Address   :  

Ankara Asfalti Tuzla Istanbul    / Changed on : 13.04.2006/(Commercial Gazette Date /Number 19.04.2006 /6538)

Merger   :  

According to the decision taken at the General Assembly Meeting dated 29.06.2009, the subject has decided to take over and merge with Grundig Elektronik A.S.    / Changed on : 30.06.2009/(Commercial Gazette Date /Number 03.07.2009 /7346)

Previous Paid-in Capital    :  

TL 399.960.000    / Changed on : 18.06.2009/(Commercial Gazette Date /Number 24.06.2009 /7339)

Previous Paid-in Capital    :  

TL 659.934.000    / Changed on : 30.06.2009/(Commercial Gazette Date /Number 03.07.2009 /7346)

 

 

OWNERSHIP / MANAGEMENT

 

 

 

 NOTES ON OWNERSHIP / MANAGEMENT

 

Quoted at Stock Exchange.                                                                                                                                                                         

 

 

 

SHAREHOLDERS

Koc Holding A.S.

40,51 %

Teknosan Buro Makine ve Levazimi Ticaret ve Sanayi A.S.

12,05 %

Family Members of Koc

8,67 %

Burla Ticaret ve Yatirim A.S.

5,56 %

Koc Holding Emekli ve Yardim Sandigi Vakfi

5,14 %

Temel Ticaret ve Yatirim A.S.

2,75 %

Vehbi Koc Vakfi

0,17 %

Others

25,15 %

 

NOTES ON SHAREHOLDERS

 

 The subject company has a strong ownership.                                                                                                                       

 

 

 

- Name Of Shareholder:

 

Koc Holding A.S.

Origin of Shareholder:

Turkey

Tax Number Of Shareholder:

5700020575

Registration Number Of Shareholder:

85714

 

- Name Of Shareholder:

 

Teknosan Buro Makine ve Levazimi Ticaret ve Sanayi A.S.

Origin of Shareholder:

Turkey

Tax Number Of Shareholder:

8360037573

Registration Number Of Shareholder:

36186

 

- Name Of Shareholder:

 

Burla Ticaret ve Yatirim A.S.

Origin of Shareholder:

Turkey

Tax Number Of Shareholder:

1910466387

Registration Number Of Shareholder:

552204

 

- Name Of Shareholder:

 

Temel Ticaret ve Yatirim A.S.

Origin of Shareholder:

Turkey

Tax Number Of Shareholder:

8370061387

Registration Number Of Shareholder:

27416

 

- Name Of Shareholder:

 

Vehbi Koc Vakfi

Origin of Shareholder:

Turkey

 

 

GROUP

 

KOC GROUP OF COMPANIES

 

NOTES ON GROUP

 

 The subject company operates at one of the most reputable groups of Turkey.

 

GROUP PARENT COMPANY

KOC HOLDING A.S.

SISTER COMPANIES

 

 

 

- ADG ENERJI YATIRIMLARI A.S. ( Origin: Turkey,  Tax Number: 2910804196,  Registration Number: 769378 )

- AKPA DAYANIKLI TUKETIM LPG VE AKARYAKIT URUNLERI PAZARLAMA A.S. ( Origin: Turkey,  Tax Number: 1910024348,  Registration Number: 769648 )

- ALLIANZ YASAM VE EMEKLILIK A.S. ( Origin: Turkey,  Tax Number: 4560007243,  Registration Number: 272252 )

- ANADOLUHISARI TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 0680798909,  Registration Number: 743311 )

- ARCELIK PAZARLAMA A.S. ( Origin: Turkey,  Tax Number: 0730433545,  Registration Number: 63851-5 )

- ARCELIK-LG KLIMA SANAYI VE TICARET A.S. ( Origin: Turkey,  Tax Number: 0730106890,  Registration Number: 5337 )

- ARCHIN LIMITED ( Origin: China )

- ARDUTCH B.V. ( Origin: Netherlands )

- ARK INSAAT SANAYI VE TICARET A.S. ( Origin: Turkey,  Tax Number: 0790131731,  Registration Number: 439668 )

- AVAS GAYRIMENKUL YATIRIM VE DANISMANLIK LTD. STI. ( Origin: Turkey,  Tax Number: 1040993848,  Registration Number: 799936 )

- AYGAZ A.S. ( Origin: Turkey,  Tax Number: 1190051027,  Registration Number: 80651 )

- AYGAZ DOGAL GAZ ILETIM A.S. ( Origin: Turkey,  Tax Number: 5700267300,  Registration Number: 519874 )

- AYGAZ DOGAL GAZ TOPTAN SATIS A.S. ( Origin: Turkey,  Tax Number: 5700267297,  Registration Number: 519757 )

- BAKIRKOY TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 1320741923,  Registration Number: 18420-5 )

- BEKO A AND NZ PTY LTD. ( Origin: Australia )

- BEKO APPLIANCE INDONESIA PT ( Origin: Indonesia )

- BEKO APPLIANCE MALAYSIA SDN BHD. ( Origin: Malaysia )

- BEKO BALKANS D.O.O ( Origin: Serbia )

- BEKO DEUTSCHLAND GMBH ( Origin: Germany )

- BEKO EGYPT TRADING LLC ( Origin: Egypt )

- BEKO ELECTRICAL APPLIANCES CO. LTD. ( Origin: China )

- BEKO ELEKTRONICS ESPANA S.L. ( Origin: Spain )

- BEKO FRANCE S.A.S. ( Origin: France )

- BEKO HONG KONG LTD. ( Origin: China )

- BEKO ITALY S.R.L. ( Origin: Italy )

- BEKO LLC ( Origin: Russia )

- BEKO PLC ( Origin: U.K. )

- BEKO S.A. ( Origin: Poland )

- BEKO S.A.CZECH REPUBLIC ( Origin: Czech Republic )

- BEKO SHANGHAI TRADING CO. ( Origin: China )

- BEKO SLOVAKIA S.R.O. ( Origin: Slovakia )

- BEKO THIA CO. LTD. ( Origin: Thailand )

- BEKO UKRAINE LLC ( Origin: Ukraine )

- BEKO US INC. ( Origin: U.S.A. )

- BEYKOZ TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 1670536231,  Registration Number: 693485 )

- BILKOM BILISIM HIZMETLERI A.S. ( Origin: Turkey,  Tax Number: 5760132162,  Registration Number: 413718 )

- CENGELHAN OTELCILIK TURIZM ORGANIZASYON INSAAT VE RESTORASYON A.S. ( Origin: Turkey,  Tax Number: 4550036954,  Registration Number: 201749 )

- CENGELKOY TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 2420522145,  Registration Number: 20617-5 )

- CHANGZHOU BEKO ELECTRIAL APPLIANCES CO.LTD. ( Origin: China )

- COMPUTER VISION INTERACTION S.A. ( Origin: Portugal )

- DAWLANCE ELECTRONICS LTD. ( Origin: Pakistan )

- DAWLANCE LTD. ( Origin: Pakistan )

- DEFY APPLIANCES (PTY) LTD. ( Origin: South Africa )

- DEMIR EXPORT A.S. ( Origin: Turkey,  Tax Number: 2780067101,  Registration Number: 7067 )

- DITAS DENIZ ISLETMECILIGI VE TANKERCILIGI A.S. ( Origin: Turkey,  Tax Number: 3010049903,  Registration Number: 126678 )

- DIVAN TURIZM ISLETMELERI A.S. ( Origin: Turkey, Tax Number: 7200416873, Registration Number: 273712 )

- DUZEY TUKETIM MALLARI SANAYI PAZARLAMA VE TICARET A.S. ( Origin: Turkey,  Tax Number: 3230016157,  Registration Number: 131496 )

- ELEKTRA BREGENZ AG ( Origin: Australia )

- ELTEK ELEKTRIK ENERJISI ITHALAT IHRACAT VE TOPTAN TICARET A.S. ( Origin: Turkey,  Tax Number: 3330526178,  Registration Number: 16074 )

- ENERJI YATIRIMLARI A.S. ( Origin: Turkey,  Tax Number: 3350388286,  Registration Number: 572824 )

- ENTEK ELEKTRIK URETIMI A.S. ( Origin: Turkey,  Tax Number: 3360069923,  Registration Number: 16075 )

- FER MAS OTO TICARET A.S. ( Origin: Turkey,  Tax Number: 3850441429,  Registration Number: 551719 )

- FORD OTOMOTIV SANAYI A.S. ( Origin: Turkey,  Tax Number: 6490020363,  Registration Number: 73232 )

- GRUNDIG INTERMEDIA GMBH ( Origin: Germany )

- GRUNDIG MULTIMEDIA A.G. ( Origin: Switzerland )

- GRUNDIG MULTIMEDIA B.V. ( Origin: Netherlands )

- GRUNDIG MUTIMEDIA B.V. ( Origin: Netherlands )

- GRUNDIG NORDIC AB ( Origin: Switzerland )

- GRUNDIG NORDIC NO AS ( Origin: Norway )

- GRUNDIG PORTUGUESA LDA ( Origin: Portugal )

- HAR DANISMANLIK VE DIS TICARET A.S. ( Origin: Turkey,  Tax Number: 4570568831,  Registration Number: 986600 )

- INVENTRAM FIKRI MULKIYET HAKLARI YONETIM TICARET VE YATIRIM A.S. ( Origin: Turkey,  Tax Number: 7230001898,  Registration Number: 485041 )

- KADIKOY TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 4860513206,  Registration Number: 693477 )

- KANDILLI TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 4960358083,  Registration Number: 743357 )

- KARAKOY TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 5130585191,  Registration Number: 20622-5 )

- KARSIYAKA TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 5250221377,  Registration Number: 839292 )

- KARTAL TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 5260647713,  Registration Number: 813761 )

- KOC BILGI VE SAVUNMA TEKNOLOJILERI A.S. ( Origin: Turkey,  Tax Number: 5950075610,  Registration Number: 176920 )

- KOC FIAT KREDI FINANSMAN A.S. (Origin: Turkey, Tax Number: 5700099585, Registration Number: 434531 )

- KOC FINANSAL HIZMETLER A.S. ( Origin: Turkey,  Tax Number: 5700117114,  Registration Number: 454900 )

- KOC FINANSMAN A.S. ( Origin: Turkey,  Tax Number: 5700026644,  Registration Number: 323299 )

- KOC HOLDING A.S. ( Origin: Turkey,  Tax Number: 5700020575,  Registration Number: 85714 )

- KOC HOLDING EMEKLI VE YARDIM SANDIGI VAKFI ( Origin: Turkey )

- KOC KULTUR SANAT VE TANITIM HIZMETLERI A.S. ( Origin: Turkey,  Tax Number: 1740106789,  Registration Number: 435002 )

- KOC SISTEM AZERBAIJAN MMC ( Origin: Azerbaijan  )

- KOC SISTEM BILGI VE ILETISIM HIZMETLERI A.S. ( Origin: Turkey,  Tax Number: 5700026709,  Registration Number: 81413 )

- KOC YAPI MALZEMELERI TICARET A.S. ( Origin: Turkey,  Tax Number: 5740010916,  Registration Number: 56541 )

- KOCTAS YAPI MARKETLERI TICARET A.S. ( Origin: Turkey,  Tax Number: 5740132885,  Registration Number: 432166 )

- KULELI TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 5910379630,  Registration Number: 743313 )

- KUZGUNCUK TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 6010465073,  Registration Number: 743353 )

- MALTEPE TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 6110540416,  Registration Number: 813744 )

- MARMARIS ALTINYUNUS TURISTIK TESISLER A.S. ( Origin: Turkey,  Tax Number: 0660009360,  Registration Number: 56902 )

- MOMENT EGITIM ARASTIRMA SAGLIK HIZMETLERI VE TICARET A.S. ( Origin: Turkey,  Tax Number: 0680783441,  Registration Number: 685633 )

- NAKKAS GAYRIMENKUL YATIRIM VE DANISMANLIK LTD. STI. ( Origin: Turkey,  Tax Number: 6270405042,  Registration Number: 800013 )

- NAKKAS GAYRIMENKUL YATIRIM VE DANISMANLIK TICARET A.S. ( Origin: Turkey,  Tax Number: 6270401491,  Registration Number: 783884 )

- OPET AYGAZ GAYRIMENKUL A.S. ( Origin: Turkey, Tax Number: 6440373006, Registration Number: 883879 )

- OPET FUCHS MADENI YAG SANAYI VE TICARET A.S. ( Origin: Turkey,  Tax Number: 6440314746,  Registration Number: 119944-K9936 )

- OPET INTERNATIONAL LONDON LTD ( Origin: U.K. )

- OPET PETROLCULUK A.S. ( Origin: Turkey,  Tax Number: 6440009046,  Registration Number: 286967 )

- OPET TRADE B.V. ( Origin: Netherlands )

- OTOKAR EUROPE SAS ( Origin: France )

- OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S. ( Origin: Turkey,  Tax Number: 6490018272,  Registration Number: 83467 )

- OTOKOC HUNGARY KFT ( Origin: Hungary )

- OTOKOC OTOMOTIV TICARET VE SANAYI A.S. ( Origin: Turkey,  Tax Number: 6490193531,  Registration Number: 459231 )

- OTOKOC SIGORTA ARACILIK HIZMETLERI A.S. ( Origin: Turkey,  Tax Number: 6490490035,  Registration Number: 707637 )

- PAN ASIA PRIVATE EQUITY LTD. ( Origin: British Virgin Islands )

- PENDIK TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 7280401335,  Registration Number: 43022-5 )

- RAHMI M.KOC VE MAHDUMLARI MADEN INSAAT TURIZM ULASTIRMA YATIRIM VE TICARET A.S. ( Origin: Turkey,  Tax Number: 7340109270,  Registration Number: 382389 )

- RAM DIS TICARET A.S. ( Origin: Turkey,  Tax Number: 7340025840,  Registration Number: 109050 )

- RAM PEPRESENTATIVE OFFICE ( Origin: Azerbaijan  )

- RAM SIGORTA ARACILIK HIZMETLERI A.S. ( Origin: Turkey,  Tax Number: 7340092114,  Registration Number: 338410 )

- RMK CLASSIC GIYIM TEKSTIL TICARET A.S. ( Origin: Turkey,  Tax Number: 7350765429,  Registration Number: 877869 )

- RMK MARINE GEMI YAPIM SANAYII VE DENIZ TASIMACILIGI ISLETMESI A.S. ( Origin: Turkey,  Tax Number: 7300041111,  Registration Number: 159405 )

- RMK YATCILIK VE YAT SERVISLERI A.S. ( Origin: Turkey,  Tax Number: 1910584880,  Registration Number: 921131 )

- S.C. ARCTIC S.A. ( Origin: Romania )

- SALACAK TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 7400413129,  Registration Number: 840513 )

- SARIYER TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 7510416247,  Registration Number: 769667 )

- SET AUTO LTD. ( Origin: Azerbaijan  )

- SETAIR HAVA TASIMACILIGI VE HIZMETLERI A.S. ( Origin: Turkey,  Tax Number: 5740039667,  Registration Number: 186082 )

- SETUR SERVIS TURISTIK A.S. ( Origin: Turkey,  Tax Number: 8670029007,  Registration Number: 89597 )

- SETUR YALOVA MARINA ISLETMECILIGI A.S. ( Origin: Turkey,  Tax Number: 7640371578,  Registration Number: 5432 )

- SEYMENOBA ELEKTRIK URETIMI A.S. ( Origin: Turkey,  Tax Number: 7670612354,  Registration Number: 23750 )

- SIMIT AND SMITH ISTANBUL GIDA URETIM VE TICARET A.S. ( Origin: Turkey,  Tax Number: 1910584880,  Registration Number: 921131 )

- T DAMLA DENIZCILIK A.S. ( Origin: Turkey,  Tax Number: 8150450088,  Registration Number: 682445 )

- TANI PAZARLAMA VE ILETISIM HIZMETLERI A.S. ( Origin: Turkey,  Tax Number: 8200205466,  Registration Number: 485957 )

- TAT GIDA SANAYI A.S. ( Origin: Turkey,  Tax Number: 8300038990,  Registration Number: 96638 )

- TEK-ART KALAMIS VE FENERBAHCE MARMARA TURIZM TESISLERI A.S. ( Origin: Turkey,  Tax Number: 8330048285,  Registration Number: 238181 )

- TEMEL TICARET VE GAYRIMENKUL YATIRIM LTD. STI. ( Origin: Turkey,  Tax Number: 8370540914,  Registration Number: 799955 )

- TEMEL TICARET VE YATIRIM A.S. ( Origin: Turkey,  Tax Number: 8370061387,  Registration Number: 27416 )

- THY OPET HAVACILIK YAKITLARI A.S. ( Origin: Turkey,  Tax Number: 8430338103,  Registration Number: 710172 )

- TOFAS TURK OTOMOBIL FABRIKASI A.S. ( Origin: Turkey,  Tax Number: 8460000422,  Registration Number: 100324 )

- TURK TRAKTOR VE ZIRAAT MAKINELERI A.S. ( Origin: Turkey,  Tax Number: 8760054713,  Registration Number: 5347 )

- TURKIYE PETROL RAFINERILERI A.S. (TUPRAS) ( Origin: Turkey,  Tax Number: 8750014267,  Registration Number: 408-14 )

- TUZLA TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 8720636003,  Registration Number: 43142-5 )

- UNITED REFRIGERATION INDUSTRIES LTD. ( Origin: Pakistan )

- USKUDAR TANKERCILIK A.S. ( Origin: Turkey,  Tax Number: 9190376988,  Registration Number: 677332 )

- VEHBI KOC VAKFI ( Origin: Turkey )

- VIETBEKO LIMITED LIABILITY COMPANY ( Origin: Vietnam )

- YAPI KREDI BANK AZERBAYCAN ( Origin: Azerbaijan  )

- YAPI KREDI BANK MOSKOW ( Origin: Russia )

- YAPI KREDI BANK NEDERLAND N.V. ( Origin: Netherlands )

- YAPI KREDI FAKTORING A.S. ( Origin: Turkey,  Tax Number: 5700080949,  Registration Number: 417822 )

- YAPI KREDI FINANSAL KIRALAMA ANONIM ORTAKLIGI ( Origin: Turkey,  Tax Number: 9370017457,  Registration Number: 231531 )

- YAPI KREDI HOLDING B.V. ( Origin: Netherlands )

- YAPI KREDI KULTUR SANAT YAYINCILIK TICARET VE SANAYI A.S. ( Origin: Turkey,  Tax Number: 9370017490,  Registration Number: 203423 )

- YAPI KREDI PORTFOY YONETIMI A.S. ( Origin: Turkey,  Tax Number: 5700178096,  Registration Number: 470218 )

- YAPI KREDI YATIRIM MENKUL DEGERLER A.S. ( Origin: Turkey,  Tax Number: 3880023191,  Registration Number: 257689 )

- YAPI KREDI-KORAY GAYRIMENKUL YATIRIM ORTAKLIGI A.S. ( Origin: Turkey,  Tax Number: 9370100130,  Registration Number: 359254 )

- YAPI VE KREDI BANKASI A.S. ( Origin: Turkey,  Tax Number: 9370020892,  Registration Number: 32736 )

- ZER MERKEZI HIZMETLER VE TICARET A.S. ( Origin: Turkey,  Tax Number: 1610035195,  Registration Number: 62430 )

 

 

BOARD OF DIRECTORS

 

Mustafa Rahmi Koc ( Chairman )

Mehmet Omer Koc ( Vice-Chairman )

Yildirim Ali Koc ( Member )

Fatih Kemal Ebiclioglu ( Member )

Robert Sonman ( Member )

K.Omer Bozer ( Member )

M.Cem Kozlu ( Member )

Kadri Kaynak Kucukpinar ( Member )

Levent Cakiroglu ( Member )

M.M.Barbarosoglu ( Member )

Semahat Sevim Arsel ( Member )

Hakan Hamdi Bulgurlu ( Member )

 

DIRECTORS

 

Hakan Hamdi Bulgurlu ( General Manager )

Polat Sen ( Deputy General Manager )

Zeynep Yalim Uzun ( Deputy General Manager )

Mehmet Ragip Balcioglu ( Deputy General Manager )

Cemal Seref Oguzhan Ozturk ( Deputy General Manager )

Cemal Can Dincer ( Deputy General Manager )

 

 

 

OPERATIONS

 

 

 

 BUSINESS ACTIVITIES

Manufacture and trade of electrical household goods.

 

NACE CODE

DK.29.71

 

SECTOR

White goods

 

TRADEMARKS OWNED

Arcelik

Beko

Grundig

 

NUMBER OF EMPLOYEES

28.437

 

NOTES ON NUMBER OF EMPLOYEES

 

The number of employees is the consolidated number with its participations.                                                                                                                       

 

 

 

NET SALES

49.472 TL Thousand

(1995) 

87.449 TL Thousand

(1996) 

165.286 TL Thousand

(1997) 

274.201 TL Thousand

(1998) 

569.304 TL Thousand

(1999) 

864.877 TL Thousand

(2000) 

1.207.816 TL Thousand

(2001) 

3.048.544 TL Thousand

(2002) 

3.340.969 TL Thousand

(2003) 

4.906.835 TL Thousand

(2004) 

5.102.907 TL Thousand

(2005) 

6.958.683 TL Thousand

(2006) 

6.622.544 TL Thousand

(2007) 

6.775.538 TL Thousand

(2008) 

6.591.895 TL Thousand

(2009) 

6.936.420 TL Thousand

(2010) 

8.437.239 TL Thousand

(2011) 

10.556.861 TL Thousand

(2012) 

11.097.711 TL Thousand

(2013)  

12.514.033 TL Thousand

(2014) 

14.166.100 TL Thousand

(2015) 

16.096.172 TL Thousand

(2016) 

20.840.613 TL Thousand

(2017) 

5.282.218 TL Thousand

(01.01-31.03.2018) 

 

PRODUCTION

Lcd  ( units )

White Goods  ( units )

 

380.000

4.630.000

(01.01-31.03.2018)

 

IMPORT VALUE

3.063.689 TL Thousand

(2014)

3.377.881 TL Thousand

(2015)

3.452.852 TL Thousand

(2016)

4.926.959 TL Thousand

(2017)

1.298.852 TL Thousand

(01.01-31.03.2018)

 

IMPORT COUNTRIES

Germany

France

Italy

U.K.

Netherlands

Far East Countries

 

MERCHANDISE IMPORTED

Intermediary goods

Investment goods

Spare parts

 

 

 

EXPORT VALUE

5.056.186 TL Thousand

(2014)

5.669.247 TL Thousand

(2015)

6.030.045 TL Thousand

(2016)

7.377.223 TL Thousand

(2017)

1.980.568 TL Thousand

(01.01-31.03.2018)

 

EXPORT COUNTRIES

China

Egypt

Spain

Finland

Greece

Switzerland

Germany

Denmark

France

Australia

Netherlands

Northern Cyprus Turkish Republic

Italy

Russia

Slovakia

Portugal

U.A.E.

U.K.

 

MERCHANDISE  EXPORTED

Air conditioner

Cooker

Dishwasher

Hood

Mini/midi oven

Refrigerator

Vacuum cleaner

Washing machine

 

HEAD OFFICE ADDRESS

Sutluce Mah. Karaagac Cad. No:2-6 Beyoglu  Istanbul / Turkey

 

 

 

BRANCHES

Factory  :  Organize Sanayi Bolgesi Altinordu Cad. No:5 Ankara/Turkey

( 109.000  sqm )

 

Factory  :  Cumhuriyet Mah. E-5 Yanyol No:1 Beylikduzu Buyukcekmece Istanbul/Turkey  

 

Factory  :  Ankara Asfalti Yani Tuzla Istanbul/Turkey  

 

Factory  :  Cerkezkoy Organize Sanayi Bolgesi Ataturk Cad. Cerkezkoy Tekirdag/Turkey  

 

Factory  :  Cerkezkoy Tekirdag/Turkey ( 75.000  sqm )

 

Factory  :  Organize Sanayi Bolgesi 1. Cad. 26110 Eskisehir/Turkey  

 

Factory  :  Kirzhach Russia ( 57.000  sqm )

 

Factory  :  Changzhou China ( 20.000  sqm )

 

Factory  :  Organize Sanayi Bolgesi 1. Cad. Eskisehir/Turkey  

 

Factory  :  Yukari Soku Koyu Deliktas Mevkii 14300 Bolu/Turkey

( 86.000  sqm )

 

Factory  :   Thailand  

 

Factory  :   Romania  

 

Factory  :   South Africa  

 

Factory  :   China  

 

Factory  :   Pakistan  

           

GENERAL INFORMATION ON OPERATIONS

The firm has a high market potential. The firm is a well-known company.

 

 

 

TREND OF BUSINESS

There was an upwards trend in 2014, 2015, 2016 and 2017.

SIZE OF BUSINESS

Giant

 

 

 FINANCE

 

 

 

 

CREDIT FACILITIES

 

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

 

No complaints

 

KEY FINANCIAL ELEMENTS

 

(2014)                                                                                TL Thousand

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

(2017)                                                                                TL Thousand

(01.01-31.03.2018)                                                                                TL Thousand

Net Sales

12.514.033

14.166.100

16.096.172

20.840.613

5.282.218

Profit (Loss) Before Tax

710.728

783.269

1.197.443

818.543

157.086

Stockholders' Equity

4.398.698

4.675.837

6.004.577

6.915.077

6.779.997

Total Assets

12.395.005

13.738.508

16.909.368

20.436.495

21.651.456

Current Assets

8.471.757

9.406.252

10.985.760

13.609.776

14.443.600

Non-Current Assets

3.923.248

4.332.256

5.923.608

6.826.719

7.207.856

Current Liabilities

4.430.803

5.236.297

6.606.088

8.403.020

9.335.026

Long-Term Liabilities

3.565.504

3.826.374

4.298.703

5.118.398

5.536.433

Gross Profit (loss)

3.978.832

4.535.893

5.339.560

6.506.199

1.650.672

Operating Profit (loss)

968.789

1.282.757

1.498.071

1.711.831

504.427

Net Profit (loss)

617.084

891.141

1.299.912

842.949

176.852

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.03.2018

Liquidity

High As of 31.03.2018

Profitability

Good Operating Profitability  in 2014

Good Net Profitability  in 2014

Good Operating Profitability  in 2015

High Net Profitability  in 2015

Good Operating Profitability  in 2016

High Net Profitability  in 2016

Good Operating Profitability  in 2017

Good Net Profitability  in 2017

Good Operating Profitability (01.01-31.03.2018)

In Order Net Profitability (01.01-31.03.2018)

 

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 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

 ( 01.01-31.03.2018)

5,29 %

3,8255

4,6833

5,3266

 ( 01.01-30.04.2018)

8,03 %

3,8698

4,7268

5,3753

 

 

NOTES ON FINANCIAL STATEMENTS

Financial statements are consolidated.                                                                                                                                  

 

 

BALANCE SHEETS

 

 

31.12.2014  ( Full Year  )  TL Thousand

 

31.12.2015  ( Full Year  )  TL Thousand

 

31.12.2016  ( Full Year  )  TL Thousand

 

31.12.2017  ( Full Year  )  TL Thousand

 

31.03.2018  ( Interim Period )  TL Thousand

 

CURRENT ASSETS

8.471.757

0,68

9.406.252

0,68

10.985.760

0,65

13.609.776

0,67

14.443.600

0,67

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.621.221

0,13

2.167.627

0,16

2.441.871

0,14

2.581.964

0,13

2.611.584

0,12

Marketable Securities

7.783

0,00

16.293

0,00

4.804

0,00

9.133

0,00

1.987

0,00

Account Receivable

4.433.898

0,36

4.790.525

0,35

5.295.269

0,31

6.517.618

0,32

6.727.517

0,31

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

2.124.946

0,17

2.140.057

0,16

2.761.570

0,16

3.779.928

0,18

4.310.150

0,20

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

283.909

0,02

291.750

0,02

482.246

0,03

721.133

0,04

792.362

0,04

NON-CURRENT ASSETS

3.923.248

0,32

4.332.256

0,32

5.923.608

0,35

6.826.719

0,33

7.207.856

0,33

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

24.423

0,00

13.205

0,00

24.484

0,00

12.429

0,00

60.248

0,00

Financial Assets

893.799

0,07

893.799

0,07

417.707

0,02

323.062

0,02

293.937

0,01

Tangible Fixed Assets (net)

1.818.675

0,15

2.055.675

0,15

2.750.411

0,16

3.264.771

0,16

3.407.338

0,16

Intangible Assets

1.091.195

0,09

1.170.930

0,09

2.304.260

0,14

2.578.450

0,13

2.700.408

0,12

Deferred Tax Assets

77.353

0,01

198.647

0,01

0

0,00

648.007

0,03

745.925

0,03

Other Non-Current Assets

17.803

0,00

0

0,00

426.746

0,03

0

0,00

0

0,00

TOTAL ASSETS

12.395.005

1,00

13.738.508

1,00

16.909.368

1,00

20.436.495

1,00

21.651.456

1,00

CURRENT LIABILITIES

4.430.803

0,36

5.236.297

0,38

6.606.088

0,39

8.403.020

0,41

9.335.026

0,43

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.806.434

0,15

2.188.005

0,16

2.254.959

0,13

3.276.075

0,16

3.922.835

0,18

Accounts Payable

1.781.442

0,14

2.090.394

0,15

3.085.989

0,18

3.575.568

0,17

3.828.093

0,18

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

288.541

0,02

325.429

0,02

483.793

0,03

585.882

0,03

491.127

0,02

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

18.154

0,00

13.062

0,00

23.363

0,00

28.053

0,00

15.216

0,00

Provisions

263.992

0,02

334.536

0,02

412.360

0,02

430.630

0,02

522.152

0,02

Other Current Liabilities

272.240

0,02

284.871

0,02

345.624

0,02

506.812

0,02

555.603

0,03

LONG-TERM LIABILITIES

3.565.504

0,29

3.826.374

0,28

4.298.703

0,25

5.118.398

0,25

5.536.433

0,26

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.964.986

0,24

3.268.907

0,24

3.407.081

0,20

4.113.916

0,20

4.370.572

0,20

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

57.823

0,00

60.674

0,00

56.292

0,00

40.246

0,00

37.075

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

274.024

0,02

178.271

0,01

467.523

0,03

490.315

0,02

674.748

0,03

Provisions

268.671

0,02

318.522

0,02

367.807

0,02

473.921

0,02

454.038

0,02

STOCKHOLDERS' EQUITY

4.398.698

0,35

4.675.837

0,34

6.004.577

0,36

6.915.077

0,34

6.779.997

0,31

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

675.728

0,05

675.728

0,05

675.728

0,04

675.728

0,03

675.728

0,03

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

468.811

0,04

468.811

0,03

468.811

0,03

468.811

0,02

468.811

0,02

Equity of Consolidated Firms

43.073

0,00

18.826

0,00

26.630

0,00

34.079

0,00

37.447

0,00

Reserves

2.555.917

0,21

2.587.803

0,19

3.524.184

0,21

4.991.016

0,24

5.539.346

0,26

Revaluation Fund

38.085

0,00

33.528

0,00

9.312

0,00

-97.506

0,00

-118.187

-0,01

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

617.084

0,05

891.141

0,06

1.299.912

0,08

842.949

0,04

176.852

0,01

TOTAL LIABILITIES AND EQUITY

12.395.005

1,00

13.738.508

1,00

16.909.368

1,00

20.436.495

1,00

21.651.456

1,00

 

 

INCOME STATEMENTS

 

 

(2014)  ( Full Year  )  TL Thousand

 

(2015)  ( Full Year  )  TL Thousand

 

(2016)  ( Full Year  )  TL Thousand

 

(2017)  ( Full Year  )  TL Thousand

 

(01.01-31.03.2018)  ( Interim Period )  TL Thousand

 

Net Sales

12.514.033

1,00

14.166.100

1,00

16.096.172

1,00

20.840.613

1,00

5.282.218

1,00

Cost of Goods Sold

8.535.201

0,68

9.630.207

0,68

10.756.612

0,67

14.334.414

0,69

3.631.546

0,69

Gross Profit

3.978.832

0,32

4.535.893

0,32

5.339.560

0,33

6.506.199

0,31

1.650.672

0,31

Operating Expenses

3.010.043

0,24

3.253.136

0,23

3.841.489

0,24

4.794.368

0,23

1.146.245

0,22

Operating Profit

968.789

0,08

1.282.757

0,09

1.498.071

0,09

1.711.831

0,08

504.427

0,10

Other Income

510.546

0,04

824.815

0,06

1.123.645

0,07

948.914

0,05

347.788

0,07

Other Expenses

1.377

0,00

2.781

0,00

2.413

0,00

7.347

0,00

2.440

0,00

Financial Expenses

746.336

0,06

1.319.670

0,09

1.417.622

0,09

1.832.501

0,09

691.954

0,13

Minority Interests

-20.894

0,00

-1.852

0,00

-4.238

0,00

-2.354

0,00

-735

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

710.728

0,06

783.269

0,06

1.197.443

0,07

818.543

0,04

157.086

0,03

Tax Payable

80.892

0,01

97.286

0,01

100.195

0,01

194.034

0,01

30.347

0,01

Postponed Tax Gain

-12.752

0,00

205.158

0,01

202.664

0,01

218.440

0,01

50.113

0,01

Net Profit (loss)

617.084

0,05

891.141

0,06

1.299.912

0,08

842.949

0,04

176.852

0,03

 

 

FINANCIAL RATIOS

 

 

(2014)

(2015)

(2016)

(2017)

(01.01-31.03.2018)

LIQUIDITY RATIOS

 

Current Ratio

1,91

1,80

1,66

1,62

1,55

Acid-Test Ratio

1,37

1,33

1,17

1,08

1,00

Cash Ratio

0,37

0,42

0,37

0,31

0,28

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,17

0,16

0,16

0,18

0,20

Short-term Receivable/Total Assets

0,36

0,35

0,31

0,32

0,31

Tangible Assets/Total Assets

0,15

0,15

0,16

0,16

0,16

TURNOVER RATIOS

 

Inventory Turnover

4,02

4,50

3,90

3,79

0,84

Stockholders' Equity Turnover

2,84

3,03

2,68

3,01

0,78

Asset Turnover

1,01

1,03

0,95

1,02

0,24

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,35

0,34

0,36

0,34

0,31

Current Liabilities/Total Assets

0,36

0,38

0,39

0,41

0,43

Financial Leverage

0,65

0,66

0,64

0,66

0,69

Gearing Percentage

1,82

1,94

1,82

1,96

2,19

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,14

0,19

0,22

0,12

0,03

Operating Profit Margin

0,08

0,09

0,09

0,08

0,10

Net Profit Margin

0,05

0,06

0,08

0,04

0,03

Interest Cover

1,95

1,59

1,84

1,45

1,23

COLLECTION-PAYMENT

 

Average Collection Period (days)

128,26

122,08

118,98

112,80

462,61

Average Payable Period (days)

77,58

80,41

105,17

90,81

383,16

WORKING CAPITAL

4040954,00

4169955,00

4379672,00

5206756,00

5108574,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.95

UK Pound

1

INR 91.87

Euro

1

INR 80.27

TL

1

INR 15.08

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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)

 

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.