MIRA INFORM REPORT

 

Report Date :

11.01.2012

 

IDENTIFICATION DETAILS

 

Name :

INELLI PLASTIK TEKSTIL OTOMOTIV SANAYI VE TICARET A.S.

 

 

Formerly Known As :

INELLI PLASTIK SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

10000 Sok. N:10 Ataturk Organize Sanayi Bolgesi 35620 Cigli  Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

08.06.1988

 

 

Com. Reg. No.:

7005-K-11132

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of plastic bobbins for yarn painting and plastic bobbins for yarn carrying, plastic parts for automotive and white goods sectors.

 

 

No. of Employees :

135

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Turkey

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

INELLI PLASTIK TEKSTIL OTOMOTIV SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

10000 Sok. N:10 Ataturk Organize Sanayi Bolgesi 35620 Cigli  Izmir / Turkey

PHONE NUMBER

:

90-232-376 75 00

 

FAX NUMBER

:

90-232-376 71 13

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Hasan Tahsin

TAX NO

:

4780506860

REGISTRATION NUMBER

:

7005-K-11132

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

08.06.1988

ESTABLISHMENT GAZETTE DATE/NO

:

12.07.1988/2059

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.570.000

PAID-IN CAPITAL

:

TL   2.570.000

 

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

31.07.2007 (Commercial Gazette Date /Number 10.08.2007/ 6871)

Previous Name

:

Inelli Plastik Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

31.07.2007 (Commercial Gazette Date /Number 10.08.2007/ 6871)

Previous Registered Capital

:

TL 860.000

Changed On

:

31.07.2007 (Commercial Gazette Date /Number 10.08.2007/ 6871)

Previous Registered Capital

:

TL 2.510.000

Changed On

:

29.06.2010 (Commercial Gazette Date /Number 28.07.2010/ 7616)

Previous Address

:

1504 Sok. No:6-8 Alsancak - Izmir

Changed On

:

21.03.1995 (Commercial Gazette Date /Number 28.03.1995/ 3754)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Alican Inellioglu

34,06 %

Engin Inellioglu

34,06 %

Naciye Inellioglu

12,75 %

Ayse Belgin Dirin

9,56 %

Rengin Inellioglu

9,56 %

 

 

SISTER COMPANIES

:

INEL-PLAST PLASTIK SANAYI VE TICARET LTD. STI.

 

MARIPLAST-INELLI PLASTIK SANAYI TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Alican Inellioglu

Chairman

Engin Inellioglu

Vice-Chairman

Naciye Inellioglu

Member

 

 

DIRECTORS

:

Alican Inellioglu                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of plastic bobbins for yarn painting and plastic bobbins for yarn carrying, plastic parts for automotive and white goods sectors. 

 

NACE CODE

:

DH.25.20

 

SECTOR

:

Plastics

 

DISTRIBUTOR OF

:

Enzinger   (Germany)

 

TRADEMARKS OWNED

:

Inelli Plastik

 

NUMBER OF EMPLOYEES

:

135

 

NET SALES

:

3.909.239 TL

(2003) 

4.397.119 TL

(2004) 

4.748.475 TL

(2005) 

7.764.810 TL

(2006) 

7.881.886 TL

(2007) 

7.062.826 TL

(2008) 

6.637.818 TL

(2009) 

7.682.058 TL

(2010) 

 

 

CAPACITY

:

  ( tons/yr)

 

 

 

1.040

 

 

(2006)

1.040

 

 

(2007)

1.040

 

 

(2008)

 

 

 

 

IMPORT VALUE

:

75.000 EUR

(2009)

 

 

IMPORT COUNTRIES

:

Germany

U.S.A.

Italy

Indonesia

Belgium

Switzerland

Taiwan

Austria

India

 

MERCHANDISE IMPORTED

:

Machinery

Plastic raw materials

 

EXPORT VALUE

:

1.154.655 TL

(2003)

1.039.102 TL

(2004)

1.485.260 TL

(2005)

3.734.555 TL

(2006)

2.278.590 TL

(2007)

2.315.032 TL

(2008)

2.832.048 TL

(2009)

2.044.260 TL

(2010)

 

 

 

EXPORT COUNTRIES

:

Austria

Czech Republic

Colombia

Germany

Italy

U.K.

South Africa

U.S.A.

Kazakhstan

Switzerland

Egypt

Bulgaria

Romania

Spain

Bangladesh

Pakistan

Iran

Syria

Argentina

Peru

Mexico

Canada

 

MERCHANDISE  EXPORTED

:

Bobbins

 

HEAD OFFICE ADDRESS

:

10000 Sok. N:10 Ataturk Organize Sanayi Bolgesi 35620 Cigli   Izmir / Turkey ( owned )

 

BRANCHES

:

Liaison Office  :  Umraniye Istanbul/Turkey (rented)

 

Head Office/Factory  :  10000 Sok. N:10 Ataturk Organize Sanayi Bolgesi 35620 Cigli Izmir/Turkey (owned) (5.000 sqm)

           

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

HSBC Bank Bornova Branch

Turk Ekonomi Bankasi Ataturk Organize Sanayi Bolgesi Branch

Vakiflar Bankasi Ataturk Organize Sanayi Bolgesi Branch

Yapi ve Kredi Bankasi Ataturk Organize Sanayi Bolgesi Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about some payment delays some of which were resolved later on.

 

KEY FINANCIAL ELEMENTS

:

 

(2006) TL

(2007) TL

(2008) TL

(2009) TL

(2010) TL

Net Sales

7.764.810

7.881.886

7.062.826

6.637.818

7.682.058

Profit (Loss) Before Tax

-19.632

-888.524

107.968

84.263

85.249

Stockholders' Equity

1.231.410

1.621.476

1.729.444

1.818.644

1.898.954

Total Assets

4.498.166

7.440.661

7.764.984

8.921.825

9.671.489

Current Assets

2.781.221

4.091.367

4.237.279

5.442.775

6.359.923

Non-Current Assets

1.716.945

3.349.294

3.527.705

3.479.050

3.311.566

Current Liabilities

2.929.093

4.291.974

3.593.996

4.561.552

4.401.187

Long-Term Liabilities

337.663

1.527.211

2.441.544

2.541.629

3.371.348

Gross Profit (loss)

1.398.012

926.620

1.999.893

2.152.983

2.002.324

Operating Profit (loss)

176.497

-176.009

938.902

1.102.460

877.047

Net Profit (loss)

-19.632

-888.524

107.968

84.263

85.249

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Liquidity

Satisfactory As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity. 

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Fair Operating Profitability  in 2006

Net Loss  in 2006

Operating Loss  in 2007

Net Loss  in 2007

High Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

Low Net Profitability  in 2009

High Operating Profitability  in 2010

Low Net Profitability  in 2010

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

2.781.221

0,62

4.091.367

0,55

4.237.279

0,55

5.442.775

0,61

6.359.923

0,66

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

19.996

0,00

25.641

0,00

13.459

0,00

31.116

0,00

7.516

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

1.426.146

0,32

1.982.195

0,27

2.066.576

0,27

2.280.337

0,26

1.780.011

0,18

Other Receivable

9.658

0,00

725.565

0,10

253.806

0,03

175.562

0,02

1.708.952

0,18

Inventories

688.017

0,15

859.785

0,12

1.554.045

0,20

2.219.315

0,25

2.294.040

0,24

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

748

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

637.404

0,14

498.181

0,07

349.393

0,04

736.445

0,08

568.656

0,06

NON-CURRENT ASSETS

1.716.945

0,38

3.349.294

0,45

3.527.705

0,45

3.479.050

0,39

3.311.566

0,34

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.700.951

0,38

3.144.078

0,42

3.223.898

0,42

2.785.485

0,31

2.214.897

0,23

Intangible Assets

15.437

0,00

20.656

0,00

20.656

0,00

25.777

0,00

25.777

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

557

0,00

184.560

0,02

283.151

0,04

667.788

0,07

1.070.892

0,11

TOTAL ASSETS

4.498.166

1,00

7.440.661

1,00

7.764.984

1,00

8.921.825

1,00

9.671.489

1,00

CURRENT LIABILITIES

2.929.093

0,65

4.291.974

0,58

3.593.996

0,46

4.561.552

0,51

4.401.187

0,46

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.970.715

0,44

2.304.486

0,31

1.459.799

0,19

1.108.933

0,12

1.026.897

0,11

Accounts Payable

892.318

0,20

1.756.594

0,24

1.745.317

0,22

2.355.821

0,26

1.504.730

0,16

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

117.035

0,01

Advances from Customers

0

0,00

37.164

0,00

82.369

0,01

420.443

0,05

540.070

0,06

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

39.997

0,01

46.680

0,01

210.853

0,03

575.722

0,06

992.099

0,10

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

26.063

0,01

147.050

0,02

95.658

0,01

100.633

0,01

220.356

0,02

LONG-TERM LIABILITIES

337.663

0,08

1.527.211

0,21

2.441.544

0,31

2.541.629

0,28

3.371.348

0,35

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

1.304.091

0,18

2.441.544

0,31

2.541.629

0,28

2.118.801

0,22

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

337.663

0,08

223.120

0,03

0

0,00

0

0,00

1.252.547

0,13

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.231.410

0,27

1.621.476

0,22

1.729.444

0,22

1.818.644

0,20

1.898.954

0,20

Not Detailed Stockholders' Equity

1.231.410

0,27

1.621.476

0,22

1.729.444

0,22

1.818.644

0,20

1.898.954

0,20

Paid-in Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

4.498.166

1,00

7.440.661

1,00

7.764.984

1,00

8.921.825

1,00

9.671.489

1,00

 

 

INCOME STATEMENTS

 

 

(2006) TL

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

Net Sales

7.764.810

1,00

7.881.886

1,00

7.062.826

1,00

6.637.818

1,00

7.682.058

1,00

Cost of Goods Sold

6.366.798

0,82

6.955.266

0,88

5.062.933

0,72

4.484.835

0,68

5.679.734

0,74

Gross Profit

1.398.012

0,18

926.620

0,12

1.999.893

0,28

2.152.983

0,32

2.002.324

0,26

Operating Expenses

1.221.515

0,16

1.102.629

0,14

1.060.991

0,15

1.050.523

0,16

1.125.277

0,15

Operating Profit

176.497

0,02

-176.009

-0,02

938.902

0,13

1.102.460

0,17

877.047

0,11

Other Income

269.038

0,03

102.702

0,01

170.438

0,02

137.540

0,02

114.400

0,01

Other Expenses

307.851

0,04

247.702

0,03

297.000

0,04

214.654

0,03

141.515

0,02

Financial Expenses

157.316

0,02

567.515

0,07

704.372

0,10

941.083

0,14

764.683

0,10

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-19.632

0,00

-888.524

-0,11

107.968

0,02

84.263

0,01

85.249

0,01

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-19.632

0,00

-888.524

-0,11

107.968

0,02

84.263

0,01

85.249

0,01

 

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

0,95

0,95

1,18

1,19

1,45

Acid-Test Ratio

0,50

0,64

0,65

0,55

0,79

Cash Ratio

0,01

0,01

0,00

0,01

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,15

0,12

0,20

0,25

0,24

Short-term Receivable/Total Assets

0,32

0,36

0,30

0,28

0,36

Tangible Assets/Total Assets

0,38

0,42

0,42

0,31

0,23

TURNOVER RATIOS

 

Inventory Turnover

9,25

8,09

3,26

2,02

2,48

Stockholders' Equity Turnover

6,31

4,86

4,08

3,65

4,05

Asset Turnover

1,73

1,06

0,91

0,74

0,79

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,27

0,22

0,22

0,20

0,20

Current Liabilities/Total Assets

0,65

0,58

0,46

0,51

0,46

Financial Leverage

0,73

0,78

0,78

0,80

0,80

Gearing Percentage

2,65

3,59

3,49

3,91

4,09

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,02

-0,55

0,06

0,05

0,04

Operating Profit Margin

0,02

-0,02

0,13

0,17

0,11

Net Profit Margin

0,00

-0,11

0,02

0,01

0,01

Interest Cover

0,88

-0,57

1,15

1,09

1,11

COLLECTION-PAYMENT

 

Average Collection Period (days)

66,12

90,54

105,34

123,67

83,42

Average Payable Period (days)

69,55

102,47

124,10

189,10

174,77

WORKING CAPITAL

-147872,00

-200607,00

643283,00

881223,00

1958736,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.22

UK Pound

1

Rs.80.84

Euro

1

Rs.66.80

 

 

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

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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%)

 

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.