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MIRA INFORM REPORT
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Report No. : |
490281 |
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Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ISTANBUL
ALTIN RAFINERISI A.S. |
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Registered Office : |
Kuyumcukent
Sitesi Atolyeler Blogu 7 Nolu Fabrika Yenibosna 34197 Istanbul |
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Country : |
Turkey |
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Date of Incorporation : |
19.07.1996 |
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Com. Reg. No.: |
349744 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Refining
of all kind of valuable mines. |
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No. of Employees : |
294 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limits : |
6.200.000
USD |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Turkey |
B2 |
B2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
TURKEY - ECONOMIC OVERVIEW
Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.
Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.
Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.
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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.
Since 2014, productivity and growth has slowed to reveal persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.
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Source
: CIA |
COMPANY
IDENTIFICATION
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NAME |
ISTANBUL
ALTIN RAFINERISI A.S. |
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HEAD
OFFICE ADDRESS |
Kuyumcukent
Sitesi Atolyeler Blogu 7 Nolu Fabrika Yenibosna 34197 Istanbul / Turkey |
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PHONE
NUMBER |
90-212-603
01 01 |
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FAX
NUMBER |
90-212-603
01 10 |
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WEB-ADDRESS |
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E-MAIL |
LEGAL
STATUS AND HISTORY
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TAX
OFFICE |
Yenibosna |
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TAX
NO |
4810094279 |
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REGISTRATION
NUMBER |
349744 |
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REGISTERED
OFFICE |
Istanbul
Chamber of Commerce |
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COMMERCIAL
REGISTRY |
Istanbul
Commercial Registry |
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DATE
ESTABLISHED |
19.07.1996 |
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ESTABLISHMENT
GAZETTE DATE/NO |
24.07.1996/4087
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LEGAL
FORM |
Joint
Stock Company |
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TYPE
OF COMPANY |
Private |
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AUTHORIZED
CAPITAL |
TL 100.000.000 |
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REMARKS
ON AUTHORIZED CAPITAL |
The
subject passed to authorized capital system on 10.04.2014 (Commercial
Registry Gazette Date/No: 16.04.2014/8551). |
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PAID-IN
CAPITAL |
TL 72.500.000 |
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HISTORY |
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OWNERSHIP/
MANAGEMENT
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SHAREHOLDERS |
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- Name Of Shareholder: |
Gram Altin Pazarlama Sanayi ve Ticaret A.S. |
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Origin of Shareholder: |
Turkey |
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Tax Number Of Shareholder: |
6200519996 |
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Registration Number Of Shareholder: |
713555 |
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SISTER
COMPANIES |
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- GRAM ALTIN PAZARLAMA SANAYI VE TICARET
A.S. (Origin: Turkey, Tax Number: 6200519996, Registration Number: 713555 ) - HALAC KUYUMCULUK SANAYI VE TICARET LTD.
STI. (Origin: Turkey, Tax Number: 4550047963, Registration Number: 336723 ) |
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BOARD
OF DIRECTORS |
Ozcan
Halac ( Chairman ) Yasar
Oktay Baltali ( Vice-Chairman ) Aysen
Esen ( Member ) Osman
Kucukcinar ( Member ) Fatih
Mehmet Kurtulmus ( Member ) Irfan
Gunduz ( Member ) |
OPERATIONS
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BUSINESS
ACTIVITIES |
Refining
of all kind of valuable mines. |
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NACE
CODE |
DJ.27.41 |
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NUMBER
OF EMPLOYEES |
294 |
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NET
SALES |
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IMPORT
VALUE |
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IMPORT
COUNTRIES |
U.S.A. Spain U.A.E. |
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MERCHANDISE
IMPORTED |
Gold |
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EXPORT
VALUE |
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EXPORT
COUNTRIES |
U.A.E. U.S.A. Germany |
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MERCHANDISE EXPORTED |
Gold Silver |
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HEAD
OFFICE ADDRESS |
Kuyumcukent
Sitesi Atolyeler Blogu 7 Nolu Fabrika Yenibosna Istanbul / Turkey ( owned ) |
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BRANCHES |
Head
Office/Production Plant : Kuyumcukent Sitesi Atolyeler Blogu 7 Nolu Fabrika
34197 Yenibosna Istanbul/Turkey ( owned ) ( 3.000 sqm ) |
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GENERAL
INFORMATION ON OPERATIONS |
The
firm has a high market potential. |
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TREND
OF BUSINESS |
There
was an upwards trend in 2015. Trend of business was steady in 2016. |
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SIZE
OF BUSINESS |
Giant |
FINANCE
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MAIN
DEALING BANKS |
Akbank Bahcelievler Branch Denizbank
Bahcelievler 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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COMMENT
ON FINANCIAL POSITION
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Capitalization |
Insufficient
As of 31.12.2016 |
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Profitability
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Low
Net Profitability in 2016 |
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General
Financial Position |
Fair |
CREDIT
OPINION WITHOUT OBLIGATION
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CREDIT LIMIT |
: |
6.200.000 USD |
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CREDIT OPINION WITHOUT OBLIGATION |
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We are of the opinion that, a max. credit
of 6.200.000 USD may be granted to the subject company. |
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Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
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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 |
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(
2015 ) |
5,71 % |
2,7230 |
3,0254 |
4,1661 |
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(
2016 ) |
9,94 % |
3,0292 |
3,3349 |
4,1006 |
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(
2017 ) |
15,47 % |
3,6337 |
4,1120 |
4,7059 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.14 |
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1 |
INR 89.50 |
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Euro |
1 |
INR 79.43 |
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TRY |
1 |
INR 16.92 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.