|
Report Date : |
07.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
ETI ELEKTROMETALURJI A.S. |
|
|
|
|
Registered Office : |
Burdur Yolu Uzeri Kepezalti 07090 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
23.03.1998 |
|
|
|
|
Com. Reg. No.: |
28205-30191 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
The subject deals with mining and manufacture and trade of low carbon
ferrochrome, calcium carbide, ferrosilicochrome, lime and soderberg electrode
paste |
|
|
|
|
No. of Employees : |
250 |
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 |
Status : |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Turkey |
B1 |
B1 |
|
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 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, 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 |
|
NAME |
: |
ETI ELEKTROMETALURJI A.S. |
|
HEAD OFFICE ADDRESS |
: |
Burdur Yolu Uzeri Kepezalti 07090 Antalya / Turkey |
|
PHONE NUMBER |
: |
90-242-332 54 60 (pbx) |
|
FAX NUMBER |
: |
90-242-332 54 54 |
|
WEB-ADDRESS |
: |
|
NOTES ON LEGAL STATUS AND HISTORY |
: |
The paid-in capital is declared by the
subject. There is no certification for the paid-in capital. |
||||||||||||||
|
TAX OFFICE |
: |
Antalya Kurumlar |
||||||||||||||
|
TAX NO |
: |
3810071811 |
||||||||||||||
|
REGISTRATION NUMBER |
: |
28205-30191 |
||||||||||||||
|
REGISTERED OFFICE |
: |
Antalya Chamber of Commerce and Industry |
||||||||||||||
|
DATE ESTABLISHED |
: |
23.03.1998 |
||||||||||||||
|
ESTABLISHMENT GAZETTE DATE/NO |
: |
26.03.1998/4510 |
||||||||||||||
|
REMARKS ON DATE ESTABLISHED |
: |
The subject was firstly established as a Turkish-French joint venture
under the name of “Esas Elektrometalurji Sanayi A.S.” on 13.10.1958. Then,
the subject turned into an enterprise on 04.07.1970. In 1972, its name was
changed to “Etibank Mahdut Mesuliyetli Antalya Elektrometalurji Sanayi
Isletmesi Muessesesi”. Then, according to Cabinet decision dated 26.01.1998
numbered 98/10.552 and by publishing at official gazette dated 04.02.1998
numbered 23248, the subject was registered at Antalya Commercial Registry
under the name of “ETI ELEKTROMETALURJI A.S. GENEL MUDURLUGU” on 23.03.1998
(Commercial Registry Gazette Date / No: 26.03.1998 / 4510). |
||||||||||||||
|
LEGAL FORM |
: |
Joint Stock Company |
||||||||||||||
|
TYPE OF COMPANY |
: |
Private |
||||||||||||||
|
REGISTERED CAPITAL |
: |
TL 53.000.000 |
||||||||||||||
|
PAID-IN CAPITAL |
: |
TL 53.000.000 |
||||||||||||||
|
HISTORY |
: |
|
||||||||||||||
|
SHAREHOLDERS |
: |
|
||||||||||||||||
|
GROUP |
: |
AKSU GROUP OF COMPANIES |
||||||||||||||||
|
SISTER COMPANIES |
: |
AKGOK MADENCILIK NAKLIYAT TURIZM SANAYI TICARET LTD. STI. AKGUC ENERJI URETIM A.S. AK-HES ENERJI VE INSAAT A.S. AK-KIZILEV ELEKTRIK URETIM TICARET A.S. AK-OZLUCE ELEKTRIK URETIM TICARET A.S. AK-SERPIN ELEKTRIK URETIM TICARET A.S. AKSU MADENCILIK SANAYI VE ELEKTRIK URETIM TICARET A.S. AKSU TEMIZ ENERJI ELEKTRIK URETIM SANAYI VE TICARET A.S. |
||||||||||||||||
|
BOARD OF DIRECTORS |
: |
|
||||||||||||||||
|
DIRECTORS |
: |
|
||||||||||||||||
|
BUSINESS ACTIVITIES |
: |
The subject deals with mining and manufacture and trade of low carbon ferrochrome,
calcium carbide, ferrosilicochrome, lime and soderberg electrode paste. The
subject mines chromite ore from its own 12 mines in Mugla-Fethiye-Gocek
region, enriches them in its own plant located at “Karagedik Mah. Fethiye
Mugla / Turkey” and then manufactures low carbon ferrochrome in its
production plant. The subject has quartzite quarries in Alanya-Antalya and
Gazipasa-Antalya and limestone quarry in Ortaova-Antalya. |
||||||||||||||||||
|
NACE CODE |
: |
CB.14.50 |
||||||||||||||||||
|
NUMBER OF EMPLOYEES |
: |
250 |
||||||||||||||||||
|
NET SALES |
: |
|
||||||||||||||||||
|
REMARKS ON NET SALES |
: |
The sales figure of 01.01.-30.06.2012 is declared by the subject. There
is no certification for this figure. |
||||||||||||||||||
|
IMPORT COUNTRIES |
: |
Ukraine |
||||||||||||||||||
|
MERCHANDISE IMPORTED |
: |
Coal Ferrosilicochrome |
||||||||||||||||||
|
EXPORT VALUE |
: |
|
||||||||||||||||||
|
EXPORT COUNTRIES |
: |
China Indonesia Iran Iraq Northern Cyprus Turkish Republic Azerbaijan |
||||||||||||||||||
|
MERCHANDISE EXPORTED |
: |
Calcium carbide Chromium ore Chromium oxide |
||||||||||||||||||
|
HEAD OFFICE ADDRESS |
: |
Burdur Yolu Uzeri Kepezalti 07090 Antalya / Turkey ( owned ) |
||||||||||||||||||
|
BRANCHES |
: |
Head Office/Production Plant
: Burdur Yolu Uzeri Kepezalti 07090
Antalya/Turkey (owned) (338.260 sqm) Production Plant : Karagedik Mah. Fethiye Mugla/Turkey (owned)
(3.813 sqm) |
|
TREND OF BUSINESS |
: |
There was an upwards trend in 2011.
There appears a decline at business volume in nominal terms in 1.1 - 30.6.2012. |
|
SIZE OF BUSINESS |
: |
Giant |
|
MAIN DEALING BANKS |
: |
Akbank Ankara Ticari Branch Garanti Bankasi Ankara Ticari Branch |
||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
: |
|
||||||||||||||||||||||||||||||||
|
Capitalization |
High As of 31.12.2011 |
|
Profitability |
High Net Profitability in 2010 High Net Profitability in 2011 |
|
General Financial Position |
Satisfactory |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 01.01-30.06.2012) |
1,95 % |
1,8028 |
2,3463 |
2,8462 |
|
( 01.01-30.09.2012) |
3,34 % |
1,8029 |
2,3233 |
2,8527 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.60 |
|
UK Pound |
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.