MIRA INFORM REPORT

 

 

Report Date :

17.09.2012

 

IDENTIFICATION DETAILS

 

Name :

ETI MADEN ISLETMELERI GENEL MUDURLUGU

 

 

Formerly Known As :

ETI HOLDING A.S.

 

 

 

Registered Office :

Ayvali Mah. Halil Sezai Erkut Cad. Afra Sok. No:1/A Kecioren Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

14.06.1935         

 

 

Com. Reg. No.:

1192

 

 

Legal Form :

State Enterprise

 

 

Line of Business :

Mining of boron and its derivates.

 

 

No. of Employees :

3.827

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

ETI MADEN ISLETMELERI GENEL MUDURLUGU

HEAD OFFICE ADDRESS

:

Ayvali Mah. Halil Sezai Erkut Cad. Afra Sok. No:1/A Kecioren Ankara / Turkey

PHONE NUMBER

:

90-312-231 36 41

90-312-294 20 00

 

FAX NUMBER

:

90-312-232 60 35

90-312-294 20 70

 

WEB-ADDRESS

:

www.etimaden.gov.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX NO

:

3810071289

REGISTRATION NUMBER

:

1192

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

14.06.1935

REMARKS ON DATE ESTABLISHED

:

The subject was established with law no: 2805

LEGAL FORM

:

State Enterprise

TYPE OF COMPANY

:

Public

REGISTERED CAPITAL

:

TL   200.000.000

PAID-IN CAPITAL

:

TL   200.000.000

HISTORY

:

Previous Name

:

In accordance with the decision of Council of Ministers dated 09.01.2004 no:2004/6731, the name of the subject was changed from “Eti Holding A.S.” to “Eti Maden Isletmeleri Genel Mudurlugu”

Changed On

:

09.02.2004 (Commercial Gazette Date /Number 17.02.2004/ 5988)

Previous Registered Capital

:

TL 100.000.000

Changed On

:

06.05.2011 (Commercial Gazette Date /Number 11.05.2011/ 7813)

Previous Address

:

Cihan Sok. No:2 Sihhiye Ankara

Changed On

:

16.12.2011 (Commercial Gazette Date /Number 21.12.2011/ 7966)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

State owned

100 %

 

 

SUBSIDIARIES

:

AB ETI PRODUCTS O.Y.  ( 50 % )

ETI SODA URETIM PAZARLAMA NAKLIYAT VE ELEKTRIK URETIM SANAYI VE TICARET A.S.  ( 26 % )

ETIMINE S.A.  ( 75 % )

 

BOARD OF DIRECTORS

:

Orhan Yilmaz

Chairman

Yucel Yalcinoglu

Member

Suleyman Turgut

Member

Muhsin Ganioglu

Member

Dr. M. Emin Zararsiz

Member

 

 

DIRECTORS

:

Orhan Yilmaz                                                                                                                                                                                                                                                                                   

General Manager

Yucel Yalcinoglu                                                                                                                                                                                                                                                                                   

Deputy General Manager

Fehmi Okumus                                                                                                                                                                                                                                                                                   

Deputy General Manager

Muhsin Ganioglu                                                                                                                                                                                                                                                                                   

Deputy General Manager

Recep Akgunduz                                                                                                                                                                                                                                                                                   

Deputy General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Mining of boron and its derivates.

 

NACE CODE

:

CB.14.30

 

SECTOR

:

Mining

 

NUMBER OF EMPLOYEES

:

3.827

 

NET SALES

:

516.131.249 TL

(2007) 

725.022.173 TL

(2008) 

694.859.981 TL

(2009) 

981.594.635 TL

(2010) 

1.474.648.042 TL

(2011) 

 

 

IMPORT COUNTRIES

:

U.S.A.

European Countries

Far East Countries

 

MERCHANDISE IMPORTED

:

Consumption goods

Raw materials

 

EXPORT VALUE

:

434.511.000 USD

(2009)

627.167.000 USD

(2010)

828.564 USD Thousand

(2011)

 

 

EXPORT COUNTRIES

:

U.S.A.

U.K.

Belgium

France

Italy

Spain

Greece

Taiwan

Korea

Germany

China

U.A.E.

Iran

Iraq

Uzbekistan

Egypt

Brazil

Austria

 

 

MERCHANDISE  EXPORTED

:

Boric acid

Boron oxides

Metal

Mine

 

HEAD OFFICE ADDRESS

:

Ayvali Mah. Halil Sezai Erkut Cad. Afra Sok. No:1/A Kecioren  Ankara / Turkey ( rented )

 

BRANCHES

:

Mine  :  Bandirma Balikesir/Turkey

 

Mine  :  Kirka Eskisehir/Turkey

 

Mine  :  Bigadic Balikesir/Turkey

 

Mine  :  Emet Kutahya/Turkey

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

 

FINANCE

 

MAIN DEALING BANKS

:

T. Vakiflar Bankasi Kurumsal Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(2011) TL

Net Sales

516.131.249

725.022.173

694.859.981

981.594.635

1.474.648.042

Profit (Loss) Before Tax

214.887.136

292.901.325

315.684.197

439.378.567

841.485.455

Stockholders' Equity

1.210.692.735

1.098.328.708

1.140.432.847

1.264.581.550

1.626.381.212

Total Assets

1.269.213.098

1.192.611.226

1.275.334.320

1.397.625.938

1.805.358.423

Current Assets

447.622.697

525.352.729

376.303.690

351.907.979

681.436.898

Non-Current Assets

821.590.401

667.258.497

899.030.630

1.045.717.959

1.123.921.525

Current Liabilities

39.224.019

69.099.260

98.864.039

88.428.649

121.929.138

Long-Term Liabilities

19.296.344

25.183.258

36.037.434

44.615.739

57.048.073

Gross Profit (loss)

227.606.787

397.518.103

430.690.337

589.942.076

971.183.316

Operating Profit (loss)

117.196.021

259.287.008

302.838.616

428.940.206

773.919.027

Net Profit (loss)

171.561.655

233.841.271

252.485.513

351.385.665

678.046.760

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.08.2012)

2,28 %

1,8038

2,3238

2,8465

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

447.622.697

0,35

525.352.729

0,44

376.303.690

0,30

351.907.979

0,25

681.436.898

0,38

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

227.168.777

0,18

197.154.099

0,17

34.863.330

0,03

33.464.125

0,02

211.293.096

0,12

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

60.079.976

0,05

95.373.955

0,08

108.644.233

0,09

127.847.079

0,09

222.981.687

0,12

Other Receivable

19.015.569

0,01

59.224.100

0,05

53.704.839

0,04

64.583.808

0,05

74.336.744

0,04

Inventories

123.049.585

0,10

153.598.320

0,13

146.608.146

0,11

100.279.460

0,07

153.589.473

0,09

Advances Given

387.199

0,00

1.408.858

0,00

5.849

0,00

4.920.999

0,00

1.025.895

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

17.921.591

0,01

18.593.397

0,02

32.477.293

0,03

20.812.508

0,01

18.210.003

0,01

NON-CURRENT ASSETS

821.590.401

0,65

667.258.497

0,56

899.030.630

0,70

1.045.717.959

0,75

1.123.921.525

0,62

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

300.457

0,00

333.052

0,00

334.613

0,00

390.602

0,00

472.916

0,00

Financial Assets

22.236.969

0,02

29.996.919

0,03

45.583.033

0,04

62.907.726

0,05

54.464.523

0,03

Tangible Fixed Assets (net)

722.572.001

0,57

553.825.569

0,46

681.890.712

0,53

744.710.832

0,53

826.382.068

0,46

Intangible Assets

69.064.063

0,05

66.096.191

0,06

98.496.312

0,08

162.300.151

0,12

160.273.882

0,09

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

7.416.911

0,01

17.006.766

0,01

72.725.960

0,06

75.408.648

0,05

82.328.136

0,05

TOTAL ASSETS

1.269.213.098

1,00

1.192.611.226

1,00

1.275.334.320

1,00

1.397.625.938

1,00

1.805.358.423

1,00

CURRENT LIABILITIES

39.224.019

0,03

69.099.260

0,06

98.864.039

0,08

88.428.649

0,06

121.929.138

0,07

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accounts Payable

20.559.339

0,02

27.124.902

0,02

22.143.450

0,02

21.839.146

0,02

23.829.346

0,01

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

2.947.637

0,00

9.503.068

0,01

41.292.999

0,03

22.875.428

0,02

30.976.509

0,02

Advances from Customers

2.018.745

0,00

5.151.955

0,00

6.882.574

0,01

10.123.598

0,01

8.189.613

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

10.492.556

0,01

24.562.539

0,02

25.270.157

0,02

30.125.558

0,02

55.258.280

0,03

Provisions

160.758

0,00

0

0,00

0

0,00

2.593

0,00

31

0,00

Other Current Liabilities

3.044.984

0,00

2.756.796

0,00

3.274.859

0,00

3.462.326

0,00

3.675.359

0,00

LONG-TERM LIABILITIES

19.296.344

0,02

25.183.258

0,02

36.037.434

0,03

44.615.739

0,03

57.048.073

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

202

0,00

152

0,00

1.585

0,00

24.991.883

0,02

36.622.119

0,02

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

2.122.693

0,00

6.912.814

0,01

17.640.442

0,01

778

0,00

0

0,00

Provisions

17.173.449

0,01

18.270.292

0,02

18.395.407

0,01

19.623.078

0,01

20.425.954

0,01

STOCKHOLDERS' EQUITY

1.210.692.735

0,95

1.098.328.708

0,92

1.140.432.847

0,89

1.264.581.550

0,90

1.626.381.212

0,90

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

89.063.021

0,07

89.063.021

0,07

89.063.021

0,07

89.063.021

0,06

200.000.000

0,11

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

950.068.059

0,75

775.424.416

0,65

798.884.313

0,63

824.132.864

0,59

748.334.452

0,41

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

171.561.655

0,14

233.841.271

0,20

252.485.513

0,20

351.385.665

0,25

678.046.760

0,38

TOTAL LIABILITIES AND EQUITY

1.269.213.098

1,00

1.192.611.226

1,00

1.275.334.320

1,00

1.397.625.938

1,00

1.805.358.423

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The details of the financial statements are not available. 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

516.131.249

1,00

725.022.173

1,00

694.859.981

1,00

981.594.635

1,00

1.474.648.042

1,00

Cost of Goods Sold

288.524.462

0,56

327.504.070

0,45

264.169.644

0,38

391.652.559

0,40

503.464.726

0,34

Gross Profit

227.606.787

0,44

397.518.103

0,55

430.690.337

0,62

589.942.076

0,60

971.183.316

0,66

Operating Expenses

110.410.766

0,21

138.231.095

0,19

127.851.721

0,18

161.001.870

0,16

197.264.289

0,13

Operating Profit

117.196.021

0,23

259.287.008

0,36

302.838.616

0,44

428.940.206

0,44

773.919.027

0,52

Other Income

119.089.456

0,23

62.581.195

0,09

53.956.673

0,08

60.531.870

0,06

103.865.526

0,07

Other Expenses

21.398.341

0,04

28.966.878

0,04

41.111.092

0,06

50.093.509

0,05

36.299.098

0,02

Financial Expenses

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

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

214.887.136

0,42

292.901.325

0,40

315.684.197

0,45

439.378.567

0,45

841.485.455

0,57

Tax Payable

43.325.481

0,08

59.060.054

0,08

63.198.684

0,09

87.992.902

0,09

163.438.695

0,11

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

171.561.655

0,33

233.841.271

0,32

252.485.513

0,36

351.385.665

0,36

678.046.760

0,46

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

11,41

7,60

3,81

3,98

5,59

Acid-Test Ratio

7,81

5,09

1,99

2,55

4,17

Cash Ratio

5,79

2,85

0,35

0,38

1,73

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,10

0,13

0,11

0,07

0,09

Short-term Receivable/Total Assets

0,06

0,13

0,13

0,14

0,16

Tangible Assets/Total Assets

0,57

0,46

0,53

0,53

0,46

TURNOVER RATIOS

 

Inventory Turnover

2,34

2,13

1,80

3,91

3,28

Stockholders' Equity Turnover

0,43

0,66

0,61

0,78

0,91

Asset Turnover

0,41

0,61

0,54

0,70

0,82

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,95

0,92

0,89

0,90

0,90

Current Liabilities/Total Assets

0,03

0,06

0,08

0,06

0,07

Financial Leverage

0,05

0,08

0,11

0,10

0,10

Gearing Percentage

0,05

0,09

0,12

0,11

0,11

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,14

0,21

0,22

0,28

0,42

Operating Profit Margin

0,23

0,36

0,44

0,44

0,52

Net Profit Margin

0,33

0,32

0,36

0,36

0,46

Interest Cover

 

 

 

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

42,12

47,52

56,46

47,03

54,55

Average Payable Period (days)

25,65

29,82

30,18

43,05

43,23

WORKING CAPITAL

408398678,00

456253469,00

277439651,00

263479330,00

559507760,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.73

UK Pound

1

Rs.88.61

Euro

1

Rs.71.34

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

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.