|
Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
EGE KIMYA SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Ayazma Cad. No:37 Papirus Plaza Kat:10 D:5,10-15 Kagithane Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Date of Incorporation : |
15.09.1955 |
|
|
|
|
Com. Reg. No.: |
57773 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of industrial chemicals. |
|
|
|
|
No. of Employees : |
264 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Turkey |
B2 |
B2 |
|
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 9.2% in 2010, as exports returned to normal levels following the
recession. Growth dropped to approximately 3% in 2012. Turkey's public sector
debt to GDP ratio has fallen to about 40%, and at least one rating agency
upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on
often volatile, short-term investment to finance its large trade deficit. The
stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed
because of continuing economic turmoil in Europe, the source of much of
Turkey's FDI. 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
confidenc
Source
: CIA
|
|
||
|
NAME |
: |
EGE KIMYA SANAYI VE TICARET A.S. |
|
HEAD OFFICE ADDRESS |
: |
Ayazma Cad. No:37 Papirus Plaza Kat:10 D:5,10-15 Kagithane Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-294 65 67 (Head Office) 90-264-229 32 00 (Factory) |
|
FAX NUMBER |
: |
90-212-294 02 21 (Head Office) 90-264-229 38 54 (Factory) |
|
WEB-ADDRESS |
: |
www.egekimya.com |
|
|
: |
info@egekimya.com |
|
|
||
|
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 |
: |
Buyuk Mukellefler |
|
TAX NO |
: |
3250051875 |
|
REGISTRATION NUMBER |
: |
57773 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
15.09.1955 |
|
LEGAL FORM |
: |
Joint Stock Company |
||||||||||||||||||
|
TYPE OF COMPANY |
: |
Private |
||||||||||||||||||
|
REGISTERED CAPITAL |
: |
TL 30.200.000 |
||||||||||||||||||
|
PAID-IN CAPITAL |
: |
TL 30.200.000 |
||||||||||||||||||
|
HISTORY |
: |
|
|
|
||||||||||||||||||||||||||
|
SHAREHOLDERS |
: |
|
||||||||||||||||||||||||
|
GROUP PARENT COMPANY |
: |
EGE HOLDING A.S. |
||||||||||||||||||||||||
|
SISTER COMPANIES |
: |
BAKLALI INSAAT VE GAYRIMENKUL TICARET A.S. EGE HOLDING A.S. EGE TARIM YAPI TURIZM VE TICARET A.S. EGESIL KIMYA SANAYI VE TICARET A.S. GOKTURK YAPI VE TURIZM A.S. POLIFEN KIMYA SANAYII VE TICARET A.S. ZEYTINLIK INSAAT VE GAYRIMENKUL TICARET A.S. |
||||||||||||||||||||||||
|
SUBSIDIARIES |
: |
ESCOL PRODUCTS LTD. (UK) POLIFEN KIMYA SANAYII VE TICARET A.S. ( 87,16 % ) |
||||||||||||||||||||||||
|
BOARD OF DIRECTORS |
: |
|
||||||||||||
|
DIRECTORS |
: |
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of industrial chemicals. |
||||||||||||||||||||||||||||||||||||||
|
NACE CODE |
: |
DG.24.13 |
||||||||||||||||||||||||||||||||||||||
|
SECTOR |
: |
Chemicals |
||||||||||||||||||||||||||||||||||||||
|
REPRESENTATIVE OF |
: |
Ferro Co. (U.S.A.) |
||||||||||||||||||||||||||||||||||||||
|
NUMBER OF EMPLOYEES |
: |
264 |
||||||||||||||||||||||||||||||||||||||
|
NET SALES |
: |
|
||||||||||||||||||||||||||||||||||||||
|
REMARKS ON NET SALES |
: |
The net sales figure of 2011, 2012 and 01.01.-30.06.2013 are declared by the company. There is no certification for these figures. |
||||||||||||||||||||||||||||||||||||||
|
IMPORT VALUE |
: |
|
||||||||||||||||||||||||||||||||||||||
|
IMPORT COUNTRIES |
: |
China Germany Netherlands Switzerland Greece Spain Hong-Kong U.K. France |
||||||||||||||||||||||||||||||||||||||
|
MERCHANDISE IMPORTED |
: |
Raw materials |
||||||||||||||||||||||||||||||||||||||
|
EXPORT VALUE |
: |
|
||||||||||||||||||||||||||||||||||||||
|
EXPORT COUNTRIES |
: |
Kazakhstan Egypt Germany Iran Lebanon Israel Italy Bangladesh U.A.E. Tunisia France U.K. Greece Jordan Spain |
||||||||||||||||||||||||||||||||||||||
|
MERCHANDISE EXPORTED |
: |
Chemicals Clays |
|
HEAD OFFICE ADDRESS |
: |
Ayazma Cad. No:37 Papirus Plaza Kat:10 D:5,10-15 Kagithane Istanbul / Turkey |
|
BRANCHES |
: |
Factory : Asagi Kirazca Mah. Okul Sok. Nehirkent Adapazari Sakarya/Turkey |
|
TREND OF BUSINESS |
: |
There was an upwards trend in 2012. There appears a decline at business volume in nominal terms in 1.1 - 30.6.2013. |
|
SIZE OF BUSINESS |
: |
Giant |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
MAIN DEALING BANKS |
: |
Akbank Galata Branch Garanti Bankasi Caglayan Branch T. Is Bankasi Maslak Branch T. Vakiflar Bankasi Avrupa Kurumsal Branch |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
: |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
REMARKS ON KEY FINANCIAL ELEMENTS |
: |
The key financial figures of 2011 and 2012 are declared by the subject. There is no certification for these figures. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Capitalization |
Good As of 31.12.2012 |
|
Liquidity |
Good As of 31.12.2012 |
|
Remarks On Liquidity |
Current ratio is 1,06 |
|
Profitability |
Good Net Profitability in 2011 High Net Profitability in 2012 |
|
General Financial Position |
Satisfactory |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 1999 ) |
62,90 % |
0,4278 |
0,4518 |
0,6843 |
|
( 2000 ) |
32,70 % |
0,6251 |
0,5774 |
0,9480 |
|
( 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 |
|
( 01.01-30.09.2012) |
3,34 % |
1,8029 |
2,3233 |
2,8527 |
|
( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
|
( 01.01-30.06.2013) |
2,46 % |
1,8251 |
2,3936 |
2,8262 |
|
( 01.01-31.08.2013) |
3,52 % |
1,8605 |
2,4465 |
2,8765 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.