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Report No. : |
326316 |
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Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
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Name : |
ETI ELEKTROMETALURJI A.S. |
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Registered Office : |
Burdur Yolu Uzeri Kepezalti 07090 Antalya |
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Country : |
Turkey |
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Date of Incorporation : |
23.03.1998 |
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Com. Reg. No.: |
28205-30191 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
The subject deals with mining and manufacture and trade of low carbon ferrochrome,
calcium carbide, ferrosilicochrome, lime and soderberg electrode paste. |
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No. of Employees : |
330 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Turkey |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 region to market. Several gas pipeline projects also are
moving forward to help transport Caspian gas to Europe through Turkey, which
over the long term will help address Turkey's dependence on imported oil and
gas which currently meets 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 around 9% in 2010-11, as exports returned to normal
levels following the recession. Growth has dropped to roughly 2-4% in 2013-14.
Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating
agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey
remains dependent on often volatile, short-term investment to finance its large
current account deficit. The stock value of FDI reached nearly $195 billion at
year-end 2014, reflecting Turkey's robust growth even in the face of economic
turmoil in Europe, the source of most of Turkey's foreign direct investment.
Turkey's relatively high current account deficit, domestic political
uncertainty, and turmoil within Turkey's neighborhood leave the economy
vulnerable to destabilizing shifts in investor confidence.
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Source
: CIA |
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NAME |
: |
ETI ELEKTROMETALURJI A.S. |
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HEAD OFFICE ADDRESS |
: |
Burdur Yolu Uzeri Kepezalti 07090 Antalya / Turkey |
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PHONE NUMBER |
: |
90-242-332 54 60 (pbx) |
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FAX NUMBER |
: |
90-242-332 54 54 |
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WEB-ADDRESS |
: |
www.etimet.com |
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NOTES
ON LEGAL STATUS AND HISTORY |
: |
The
paid-in capital is declared by the subject. There is no certification for the
paid-in capital.. |
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TAX OFFICE |
: |
Antalya Kurumlar |
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TAX NO |
: |
3810071811 |
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REGISTRATION NUMBER |
: |
28205-30191 |
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REGISTERED OFFICE |
: |
Antalya Chamber of Commerce and Industry |
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DATE ESTABLISHED |
: |
23.03.1998 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
26.03.1998/4510 |
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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). |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 53.000.000 |
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PAID-IN CAPITAL |
: |
TL 53.000.000 |
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HISTORY |
: |
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SHAREHOLDERS |
: |
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REMARKS ON SHAREHOLDERS |
: |
50 % shares of the firm are held by "Aksu Madencilik Sanayi ve
Elektrik Uretim Ticaret A.S." which operates within Aksu group of
companies. |
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BOARD OF DIRECTORS |
: |
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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. |
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NACE CODE |
: |
CB.14.50 |
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NUMBER OF EMPLOYEES |
: |
330 |
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NET SALES |
: |
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REMARKS ON NET SALES |
: |
The sales figures of 2013 and 2014 are declared by the subject. There
is no certification for these figures. |
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IMPORT COUNTRIES |
: |
Ukraine |
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MERCHANDISE IMPORTED |
: |
Coal Ferrosilicochrome |
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EXPORT VALUE |
: |
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EXPORT COUNTRIES |
: |
China Indonesia Iran Iraq Northern Cyprus Turkish Republic Azerbaijan |
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MERCHANDISE EXPORTED |
: |
Calcium carbide Chromium ore Chromium oxide |
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HEAD OFFICE ADDRESS |
: |
Burdur Yolu Uzeri Kepezalti 07090 Antalya / Turkey ( owned ) |
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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) |
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TREND OF BUSINESS |
: |
There was an upwards trend in
2014. |
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SIZE OF BUSINESS |
: |
Giant |
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MAIN DEALING BANKS |
: |
Akbank Ankara Ticari Branch Garanti Bankasi Ankara Ticari Branch |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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REMARKS ON KEY FINANCIAL ELEMENTS |
: |
The key financial figures of 2013 and 2014 are declared by the
subject. There is no certification for these figures. |
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Capitalization |
In Order As of 31.12.2014 |
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Liquidity |
Good As of 31.12.2014 |
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Remarks On Liquidity |
Current ratio is 1,03 |
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Profitability |
High Net Profitability in 2011 High Net Profitability in 2012 Good Net Profitability in 2013 High Net Profitability in 2014 |
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General Financial Position |
Fair |
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Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2004 ) |
13,84 % |
1,4266 |
1,7666 |
2,6001 |
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( 2005 ) |
2,66 % |
1,3499 |
1,6882 |
2,4623 |
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( 2006 ) |
11,58 % |
1,4309 |
1,7987 |
2,6377 |
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( 2007 ) |
5,94 % |
1,3075 |
1,7901 |
2,6133 |
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( 2008 ) |
8,11 % |
1,2858 |
1,8876 |
2,3708 |
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( 2009 ) |
5,93 % |
1,5460 |
2,1529 |
2,4094 |
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( 2010 ) |
8,87 % |
1,5128 |
2,0096 |
2,3410 |
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( 2011 ) |
13,33 % |
1,6797 |
2,3378 |
2,6863 |
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( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
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( 2013 ) |
6,97 % |
1,9179 |
2,5530 |
3,0178 |
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( 2014 ) |
6,36 % |
2,1891 |
2,8989 |
3,6060 |
|
(01.01-31.05.2015) |
5,22 % |
2,5346 |
2,8509 |
3,8736 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.98.90 |
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Euro |
1 |
Rs.72.31 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.