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MIRA INFORM REPORT
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Report No. : |
506617 |
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Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
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Name : |
GRETSCH-UNITAS YAPI ELEMANLARI SANAYI VE TICARET A.S. |
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Formerly Known As : |
GRETSCH-UNITAS YAPI ELEMANLARI SANAYI VE TICARET LTD. STI. |
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Registered Office : |
Osmangazi Mah. Sevil Cad. No:2 Samandira Sancaktepe 34887 Istanbul |
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Country : |
Turkey |
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Date of Incorporation : |
02.11.1999 |
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Com. Reg. No.: |
428024 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade of Window and Door Fittings and Accessories. |
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No. of Employees : |
32 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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.
The growth of Turkish GDP since 2016 has revealed the 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 |
GRETSCH-UNITAS YAPI ELEMANLARI SANAYI VE TICARET A.S. |
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HEAD OFFICE ADDRESS |
Osmangazi Mah. Sevil Cad. No:2 Samandira Sancaktepe 34887 Istanbul /
Turkey |
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PHONE NUMBER |
90-216-311 79 39 |
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FAX NUMBER |
90-216-311 79 40 90-216-311 79 41 |
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WEB-ADDRESS |
www.g-u.com |
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E-MAIL |
g-u@g-u.com.tr |
LEGAL
STATUS AND HISTORY
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TAX OFFICE |
Anadolu Kurumlar |
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TAX NO |
4110223844 |
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REGISTRATION NUMBER |
428024 |
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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 |
02.11.1999 |
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ESTABLISHMENT GAZETTE DATE/NO |
08.11.1999/4914 |
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LEGAL FORM |
Joint Stock Company |
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TYPE OF COMPANY |
Private |
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REGISTERED CAPITAL |
TL 8.580.939 |
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HISTORY |
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OWNERSHIP
/ MANAGEMENT
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SHAREHOLDERS |
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- Name Of Shareholder: |
Gretsch-Unitas GmbH |
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Origin of Shareholder: |
Germany |
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BOARD OF DIRECTORS |
Julius Von Resch ( Chairman ) Michael Helmut Edler Von Resch ( Vice-Chairman ) Berc Pekayvaz ( Member ) |
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DIRECTORS |
Berc Pekayvaz ( General Manager ) |
OPERATIONS
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BUSINESS ACTIVITIES |
Trade of window and door fittings and accessories. |
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NACE CODE |
G .51.53 |
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SECTOR |
Commerce |
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NUMBER OF EMPLOYEES |
32 |
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NET SALES |
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NOTES ON NET
SALES |
The sales figure is declared by
the company. There is no certification for this figure.
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CAPACITY |
None |
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PRODUCTION |
None |
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IMPORT COUNTRIES |
Germany U.K. |
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MERCHANDISE IMPORTED |
Accessories |
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EXPORT COUNTRIES |
Turkish Republics Iran |
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MERCHANDISE EXPORTED |
Accessories Door fittings Window fittings |
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HEAD OFFICE ADDRESS |
Osmangazi Mah. Sevil Cad. No:2 Samandira Sancaktepe Istanbul / Turkey |
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NOTES ON
INVESTMENTS |
None
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FINANCE
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MAIN DEALING BANKS |
T. Garanti Bankasi Sultanbeyli 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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General Financial Position |
The firm is profitable.
The firm has a high amount of capital. The liability of the
shareholders is limited to the capital. |
CREDIT
OPINION WITHOUT OBLIGATION
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Incr. in
producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
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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 |
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( 01.01-31.03.2018) |
5,29 % |
3,8255 |
4,6833 |
5,3266 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.66 |
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1 |
INR 90.66 |
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Euro |
1 |
INR 80.00 |
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TL |
1 |
INR 15.96 |
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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NIY |
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Report Prepared
by : |
TPT |
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.