MIRA INFORM REPORT

 

 

Report Date :

20.09.2011

 

IDENTIFICATION DETAILS

 

Name :

RENKPLAST PLASTIK SANAYI VE TICARET A.S.

 

 

Formerly Known As :

RENKPLAST PLASTIK SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Litros Yolu Hacilar Sanayi Sitesi No:2 Maltepe Bayrampasa Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.01.1990

 

 

Com. Reg. No.:

260797

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of concentrated paint. 

 

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

 

Maximum Credit Limit :

USD  3.200.000

Status :

Good

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, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

Address at your inquiry is not the registered head office but another premise.

 

 

 

COMPANY IDENTIFICATION

 

NAME

:

RENKPLAST PLASTIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Litros Yolu Hacilar Sanayi Sitesi No:2 Maltepe Bayrampasa Istanbul / Turkey

PHONE NUMBER

:

90-212-544 72 06-07 (Head Office)

90-212-672 75 00 (Production Plant/Liaison Office)

 

FAX NUMBER

:

90-212-577 78 02 (Head Office)

90-212-672 76 00 (Production Plant/Liaison Office)

 

WEB-ADDRESS

:

www.renkplast.com.tr

E-MAIL

:

info@renkplast.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

7340585040

REGISTRATION NUMBER

:

260797

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.01.1990

ESTABLISHMENT GAZETTE DATE/NO

:

15.01.1990/2443

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.000.000

PAID-IN CAPITAL

:

TL   10.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

27.09.2007 (Commercial Gazette Date /Number 03.10.2007/ 6908)

Previous Name

:

Renkplast Plastik Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

27.09.2007 (Commercial Gazette Date /Number 03.10.2007/ 6908)

Previous Registered Capital

:

TL 5.030.000

Changed On

:

31.12.2008 (Commercial Gazette Date /Number 08.01.2009/ 7223)

Previous Address

:

Terazidere Mah. Hakan Sok. No: 26 Bayrampasa – Istanbul

Changed On

:

21.04.2003 (Commercial Gazette Date /Number 25.04.2003/ 5785)

Previous Address

:

Terazidere Mah. Gunes Cad. No: 25 Bayrampasa – Istanbul

Changed On

:

30.03.2006 (Commercial Gazette Date /Number 04.04.2006/ 6527)

Previous Address

:

Terazidere Mahallesi Gunes Caddesi No:27 Bayrampasa Istanbul

Changed On

:

06.06.2011 (Commercial Gazette Date /Number 10.06.2011/ 7834)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Yavuz Sahin

 

Viron Raptopulus

 

Ahmet Dernek

 

Others

 

 

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Viron Raptopulus

Chairman

Yavuz Sahin

Vice-Chairman

Ahmet Dernek

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of concentrated paint. 

 

NACE CODE

:

DG.24.12

 

SECTOR

:

Chemical

 

TRADEMARKS OWNED

:

Renkplast

 

NUMBER OF EMPLOYEES

:

90

 

NET SALES

:

9.796.579 TL

(2005) 

12.789.038 TL

(2006) 

14.343.528 TL

(2007) 

16.888.265 TL

(2008) 

19.565.083 TL

(2009) 

20.017.111 TL

(2010) 

13.466.510 TL

(01.01-30.06.2011) 

 

 

IMPORT COUNTRIES

:

Germany

Spain

U.K.

Belgium

U.S.A.

China

Australia

India

Qatar

 

MERCHANDISE IMPORTED

:

Chemicals

Pigment

Raw materials

 

EXPORT VALUE

:

599.937 TL

(2005)

741.347 TL

(2006)

393.344 TL

(2007)

512.926 TL

(2008)

1.333.306 TL

(2009)

1.667.228 TL

(2010)

855.790 TL

(01.01-30.06.2011)

 

 

 

EXPORT COUNTRIES

:

Georgia

Bulgaria

Greece

Russia

Azerbaijan

Turkmenistan

Romania

Uzbekistan

Algeria

Moldova

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

Concentrated paint

 

HEAD OFFICE ADDRESS

:

Litros Yolu Hacilar Sanayi Sitesi No:2 Maltepe Bayrampasa  Istanbul / Turkey

 

BRANCHES

:

Store  :  Terazidere Mahallesi Funda Sok. No:33 Bayrampasa Istanbul/Turkey (rented)

 

Head Office/Store  :  Litros Yolu Hacilar Sanayi Sitesi No:2 Maltepe Bayrampasa Istanbul/Turkey

 

Production Plant  :  Ornek Mah. Evren Oto Sanayi Sitesi 2. Kisim B Girisi Yani Esenyurt Istanbul/Turkey (owned)

                                                                                

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2010. There appears an upwards trend in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Bahcesehir Branch

HSBC Bank Gunesli Branch

T. Is Bankasi Avcilar Branch

Turk Ekonomi Bankasi Maslak Branch

Yapi ve Kredi Bankasi Avcilar E-5 Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

Net Sales

14.343.528

16.888.265

19.565.083

20.017.111

13.466.510

Profit (Loss) Before Tax

633.776

86.290

229.811

190.837

298.551

Stockholders' Equity

8.080.312

10.234.803

10.413.267

10.559.939

 

Total Assets

15.288.615

19.039.658

19.329.043

24.442.037

 

Current Assets

9.756.790

10.003.174

10.486.655

15.366.720

 

Non-Current Assets

5.531.825

9.036.484

8.842.388

9.075.317

 

Current Liabilities

7.208.303

5.979.010

6.071.787

11.847.653

 

Long-Term Liabilities

0

2.825.845

2.843.989

2.034.445

 

Gross Profit (loss)

3.266.226

2.850.745

3.451.365

2.806.198

2.309.785

Operating Profit (loss)

1.983.983

1.420.540

1.608.712

1.293.383

1.243.025

Net Profit (loss)

504.000

62.280

178.463

146.672

298.551

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2010

Liquidity

Good As of 31.12.2010

Profitability

High Operating Profitability  in 2007

Good Net Profitability  in 2007

Good Operating Profitability  in 2008

Low Net Profitability  in 2008

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

Good Operating Profitability  in 2010

Low Net Profitability  in 2010

Good Operating Profitability (01.01-30.06.2011)

Fair Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

3.200.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 3.200.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-31.08.2011)

8,05 %

1,6083

2,2781

2,5994

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

CURRENT ASSETS

9.756.790

0,64

10.003.174

0,53

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

3.933.971

0,26

4.710.021

0,25

Marketable Securities

0

0,00

0

0,00

Account Receivable

2.516.123

0,16

2.686.795

0,14

Other Receivable

246

0,00

246

0,00

Inventories

2.603.857

0,17

2.412.721

0,13

Advances Given

84.430

0,01

1.142

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

618.163

0,04

192.249

0,01

NON-CURRENT ASSETS

5.531.825

0,36

9.036.484

0,47

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

50

0,00

50

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

5.499.174

0,36

8.998.298

0,47

Intangible Assets

699

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

31.902

0,00

38.136

0,00

TOTAL ASSETS

15.288.615

1,00

19.039.658

1,00

CURRENT LIABILITIES

7.208.303

0,47

5.979.010

0,31

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

5.413.421

0,35

4.924.915

0,26

Accounts Payable

1.475.539

0,10

708.991

0,04

Loans from Shareholders

0

0,00

200.000

0,01

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

319.343

0,02

145.104

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

2.825.845

0,15

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

2.825.845

0,15

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

8.080.312

0,53

10.234.803

0,54

Not Detailed Stockholders' Equity

8.080.312

0,53

10.234.803

0,54

Paid-in Capital

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

15.288.615

1,00

19.039.658

1,00

 

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

10.486.655

0,54

15.366.720

0,63

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

5.155.113

0,27

6.790.789

0,28

Marketable Securities

198.333

0,01

198.333

0,01

Account Receivable

2.353.772

0,12

4.476.495

0,18

Other Receivable

7.368

0,00

7.368

0,00

Inventories

2.412.308

0,12

1.244.021

0,05

Advances Given

326.995

0,02

2.646.977

0,11

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

32.766

0,00

2.737

0,00

NON-CURRENT ASSETS

8.842.388

0,46

9.075.317

0,37

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

50

0,00

50

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

8.835.139

0,46

9.037.812

0,37

Intangible Assets

0

0,00

6.500

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

7.199

0,00

30.955

0,00

TOTAL ASSETS

19.329.043

1,00

24.442.037

1,00

CURRENT LIABILITIES

6.071.787

0,31

11.847.653

0,48

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

4.689.854

0,24

7.793.833

0,32

Accounts Payable

1.186.547

0,06

3.645.865

0,15

Loans from Shareholders

58.290

0,00

0

0,00

Other Short-term Payable

27.075

0,00

65.616

0,00

Advances from Customers

0

0,00

246.332

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

110.021

0,01

61.956

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

34.051

0,00

LONG-TERM LIABILITIES

2.843.989

0,15

2.034.445

0,08

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

2.843.989

0,15

2.034.445

0,08

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

10.413.267

0,54

10.559.939

0,43

Not Detailed Stockholders' Equity

10.413.267

0,54

0

0,00

Paid-in Capital

0

0,00

10.000.000

0,41

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

506.813

0,02

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-93.546

0,00

Net Profit (loss)

0

0,00

146.672

0,01

TOTAL LIABILITIES AND EQUITY

19.329.043

1,00

24.442.037

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

14.343.528

1,00

16.888.265

1,00

19.565.083

1,00

Cost of Goods Sold

11.077.302

0,77

14.037.520

0,83

16.113.718

0,82

Gross Profit

3.266.226

0,23

2.850.745

0,17

3.451.365

0,18

Operating Expenses

1.282.243

0,09

1.430.205

0,08

1.842.653

0,09

Operating Profit

1.983.983

0,14

1.420.540

0,08

1.608.712

0,08

Other Income

688.870

0,05

570.703

0,03

399.618

0,02

Other Expenses

67.402

0,00

197.915

0,01

457.112

0,02

Financial Expenses

1.971.675

0,14

1.707.038

0,10

1.321.407

0,07

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

633.776

0,04

86.290

0,01

229.811

0,01

Tax Payable

129.776

0,01

24.010

0,00

51.348

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

504.000

0,04

62.280

0,00

178.463

0,01

 

 

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

20.017.111

1,00

13.466.510

1,00

Cost of Goods Sold

17.210.913

0,86

11.156.725

0,83

Gross Profit

2.806.198

0,14

2.309.785

0,17

Operating Expenses

1.512.815

0,08

1.066.760

0,08

Operating Profit

1.293.383

0,06

1.243.025

0,09

Other Income

359.877

0,02

254.246

0,02

Other Expenses

633.694

0,03

654.915

0,05

Financial Expenses

828.729

0,04

543.805

0,04

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

190.837

0,01

298.551

0,02

Tax Payable

44.165

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

146.672

0,01

298.551

0,02

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,35

1,67

1,73

1,30

Acid-Test Ratio

0,89

1,24

1,27

0,97

Cash Ratio

0,55

0,79

0,88

0,59

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,17

0,13

0,12

0,05

Short-term Receivable/Total Assets

0,16

0,14

0,12

0,18

Tangible Assets/Total Assets

0,36

0,47

0,46

0,37

TURNOVER RATIOS

 

 

Inventory Turnover

4,25

5,82

6,68

13,83

Stockholders' Equity Turnover

1,78

1,65

1,88

1,90

Asset Turnover

0,94

0,89

1,01

0,82

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,53

0,54

0,54

0,43

Current Liabilities/Total Assets

0,47

0,31

0,31

0,48

Financial Leverage

0,47

0,46

0,46

0,57

Gearing Percentage

0,89

0,86

0,86

1,31

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

0,01

0,02

0,01

Operating Profit Margin

0,14

0,08

0,08

0,06

Net Profit Margin

0,04

0,00

0,01

0,01

Interest Cover

1,32

1,05

1,17

1,23

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

63,15

57,27

43,31

80,51

Average Payable Period (days)

47,95

18,18

26,51

76,26

WORKING CAPITAL

2548487,00

4024164,00

4414868,00

3519067,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.79

UK Pound

1

Rs.75.06

Euro

1

Rs.65.35

 

 

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.