MIRA INFORM REPORT

 

 

Report Date :

15.02.2007

 

IDENTIFICATION DETAILS

 

Name :

EKINCILER DEMIR VE CELIK SANAYI A.S.

 

 

Registered Office :

Buyukdere Caddesi No: 71 Nurol Plaza B Blok Kat:13 Sisli- Istanbul /

 

 

Country :

Turkey

 

 

Date of Incorporation :

19.08.1983 (Commercial Registry Gazette Date / No:07.09.1983 / 834)

 

 

Com. Reg. No.:

196785

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture and trade of iron and steel

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 15,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

COMPANY IDENTIFICATION

 

NAME

:

EKINCILER DEMIR VE CELIK SANAYI A.S.

ADDRESS

:

Head Office: Buyukdere Caddesi No: 71 Nurol Plaza B Blok Kat:13 Sisli- Istanbul / Turkey

Factory: Organize Sanayi Bolgesi  P.K.240  Iskenderun- Hatay / Turkey

PHONE NUMBER

:

90-212-270 67 00

FAX NUMBER

:

90-212-276 12 16

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE / NO

:

Buyuk Mukellefler / 3290032427

REGISTRATION NUMBER

:

196785

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

19.08.1983 (Commercial Registry Gazette Date / No:07.09.1983 / 834)

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

YTL 15,680,000

PAID-IN CAPITAL

:

YTL 15,680,000

 

HISTORY

:

 

 

 

 

Previous Registered Capital

:YTL 11,350,000

 

 

Regist. Capital Changed on

:03.05.2004 (Commercial Registry Gazette Date / No:06.05.2004 / 6044)

 

 

Previous Registered Capital

:YTL 11,370,000

 

 

Regist. Capital Changed on

:27.10.2004 (Commercial Registry Gazette Date / No: 02.11.2004 / 6169)

 

 

Previous Address

:Buyukdere Caddesi No: 197  Levent-Istanbul

 

 

Address Changed On

:06.05.2004 (Commercial Registry Gazette Date / No: 11.05.2004 / 6047)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ekinciler Holding A.S.

Namik Kemal Ekinci

Faruk Ekinci

Haluk Ekinci

Adeviye Ekinci

Others

 

92,91 %

  1,87 %

  1,87 %

  1,87 %

  0,35 %

GROUP PARENT COMPANY

 

:

Ekinciler Holding A.S.

 

Ekinciler Holding A.S. is a conglomerate which was founded in 1986 to coordinate the financial and administrative activities of the Ekinciler group of companies.

 

Some of the companies operating within the group are as follows:

 

 

 

Gemek Denizcilik ve Ticaret A.S.

Sesa Tekstil ve Konfeksiyon A.S.

Ekinciler Dis Ticaret A.S

Ekcelik Endustri Urunleri Ticaret ve Sanayi A.S.

Ektrans Uluslararasi Nakliyat ve Ticaret A.S.

Ekinciler Demir ve Celik A.S.

Ekintas Insaat Sanayi ve Ticaret A.S.

Ekmak Celik Endustrisi Imalat A.S.

Ekinciler Holding A.S.

Ekinciler Yatirim Menkul Degerler A.S.

Ekpar Uluslararasi Insaat Taah.San.ve Tic.A.S.

Ekoil Uluslararasi Petrol San. ve Tic. A.S.

Ekmar Denizcilik ve Gemi Acentaligi A.S.

Ekinciler Tarim Urunleri San.ve Tic.A.S.

Ekva-Ali Ekinci Vakfi

 

 

SUBSIDIARIES

 

:

Ekinciler Dis Ticaret A.S

Ektrans Uluslararasi Nakliyat ve Ticaret A.S.

Ekintas Insaat Sanayi ve Ticaret A.S.

Ekinciler Holding A.S.

Ekpar Uluslararasi Insaat Taah.San.ve Tic.A.S.

 

BOARD OF DIRECTORS

 

:

Namik Kemal Ekinci

Faruk Ekinci

Haluk Ekinci

Chairman

Vice-Chairman

Member

 

DIRECTORS

 

:

Cetin Kaya

Mustafa Alper Mentesoglu

Mehmet Fatih Keseroglu

General Manager

Deputy General Manager

Deputy General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of iron and steel

 

SECTOR

 

:

Iron and steel

NUMBER OF EMPLOYEES

:

950

 

NET SALES

:

(YTL)

234,991,623

389,026,734

552,309,453

567,408,140

 

(2004)

(2005)

(2006)

(01.01.-30.09.2007)

 

 

 

The net sales figure of 01.01.-30.09.2007 is declared by the subject. There is no certification for these figures.

 

CAPACITY

:

(Tons/Yr.)

1,051,000

1,051,000

1,051,000

 

(2006)

(2007)

(2008)

 

IMPORT VALUE

:

USD 242,370,000

USD 76,917,821

 

(2006)

(01.01.-31.03.2007)

IMPORT COUNTRIES

:

USA, Israel, Canada

 

MERCHANDISE IMPORTED

 

:

Ferro silicon, scrap iron

 

EXPORT VALUE

:

USD 64,167,000

USD 146,973,000

USD 264,824,000

YTL 420,500,000

 

(2004)

(2005)

(2006)
(01.01.-30.09.2007)

 

EXPORT COUNTRIES

 

:

Algeria, India, Spain, USA, UAE, Iran, Northern Cyprus Turkish Republic, Libya, Portugal, Ireland, UK, Netherlands, Italy…

 

MERCHANDISE EXPORTED

 

:

Iron and steel bars, rods, angles…

PREMISES

:

Head Office: Buyukdere Caddesi No: 71 Nurol Plaza B Blok Kat:13 Sisli- Istanbul (rented)

 

Factory: Organize Sanayi Bolgesi  P.K.240  Iskenderun- Hatay (240,000 sqm) (owned)

 

Liaison Office: Ankara (rented)

 

 

TREND OF BUSINESS

:

Upwards

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKERS

:

HSBC Bank Genel Mudurluk Kurumsal branch in Istanbul

Halkbank Sisli branch in Istanbul

Vakiflar Bankasi Finans Market branch in Istanbul

TEB Cukurova branch in Adana

Denizbank Iskenderun branch in Iskenderun

 

PAYMENT BEHAVIOUR

:

We are informed about several payment delays in the former years but no payment delays have come to our knowledge in the last years.

 

 

KEY FINANCIAL ELEMENTS  

:

 

 

Net Sales

Profit (Loss) Before Tax

Stockholders’ Equity

Total Assets

 

(2006)

(YTL)

552,309,453

47,177,969

180,860,540

383,203,173

(01.01.-30.09.2007)

(YTL)

567,408,140

25,937,255

--

--

 

 

The a.m. figures of 01.01.-30.09.2007 are declared by the subject. There is no certification for these figures.

 

 

 

COMMENT ON FINANCIAL POSITION

 

FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES)

 

In order

 

As of 31.12.2006

PROFITABILITY

 

High

In 2006

In order

 

Between 01.01.-30.09.2007

GENERAL FINANCIAL

POSITION

 

In order

 

 

 

CREDIT OPINION

 

 

 

PROPOSED CREDIT AMOUNT

 

 

:

 

USD 15,000,000

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, the proposed amount of credit is admissible.

 

 

 

Incr. in producers’ price index

 

Average YTL/$

Average YTL/EUR

Average YTL/GBP

(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

(1.1.-31.03.2007)

1.88 %

1.4068

1.8521

2.7609

(1.1.-30.09.2007)

4.98 %

1.3447

1.8084

2.6720

(2007)

5.94 %

1.3075

1.7901

2.6133

(1.1.-31.01.2008)

0.42 %

1.1741

1.7303

2.3417

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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