MIRA INFORM REPORT

 

Report Date :

17.01.2012

 

IDENTIFICATION DETAILS

 

Name :

FEDERAL-MOGUL PISTON SEGMAN VE GOMLEK URETIM TESISLERI A.S.

 

 

Formerly Known As :

T-N DERELI HOLDING A.S.

 

 

Registered Office :

Purtelas Mah. Atespare Sok. No:2 Findikli Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

14.08.1995

 

 

Com. Reg. No.:

333968

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of piston-rings and motor covers.   

 

 

No. of Employees :

1300

 

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 :

44.200.000 USD

Status :

Satisfactory

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

FEDERAL-MOGUL PISTON SEGMAN VE GOMLEK URETIM TESISLERI A.S.

HEAD OFFICE ADDRESS

:

Purtelas Mah. Atespare Sok. No:2 Findikli Istanbul / Turkey

PHONE NUMBER

:

90-212-292 63 13

 

FAX NUMBER

:

90-212-292 62 66

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

8150077423

REGISTRATION NUMBER

:

333968

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

14.08.1995

ESTABLISHMENT GAZETTE DATE/NO

:

18.08.1995/3853

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   95.000.000

PAID-IN CAPITAL

:

TL   95.000.000

 

HISTORY

:

Previous Name

:

T-N Dereli Holding A.S.

Changed On

:

08.10.1998 (Commercial Gazette Date /Number 13.10.1998/ 4647)

Previous Name

:

Federal-Mogul Dereli Holding A.S.

Changed On

:

01.10.2007 (Commercial Gazette Date /Number 05.10.2007/ 6910)

Previous Registered Capital

:

TL 4.416.044,92

Changed On

:

02.11.2007 (Commercial Gazette Date /Number 08.11.2007/ 6932)

Previous Address

:

Findikli Meclisi Mebusan Cad. No:133 Istanbul

Changed On

:

01.10.2007 (Commercial Gazette Date /Number 05.10.2007/ 6910)

Previous Business Activity 

:

Conglomerate

Changed On

:

01.10.2007 (Commercial Gazette Date /Number 05.10.2007/ 6910)

Merger

:

The subject took over and merged with “Federal-Mogul Sapanca Segman Ve Gomlek Uretim Tesisleri A.S.”

Changed On

:

01.10.2007 (Commercial Gazette Date /Number 05.10.2007/ 6910)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Federal Mogul UK Investments Ltd

49,99 %

Mehmet Sinan Dereli

17,17 %

Mehmet Salih Dereli

17,17 %

Turkan Dereli

15,66 %

Others

 

 

 

REMARKS ON SHAREHOLDERS

:

The main shareholder “Federal Mogul UK Investment”  is a foreign company located in UK.

 

SUBSIDIARIES

:

FEDERAL-MOGUL IZMIT PISTON VE PIM URETIM TESISLERI A.S.

( 85 % )

 

BOARD OF DIRECTORS

:

Mehmet Sinan Dereli

Chairman

Rainer Jueckstock

Vice-Chairman

Ali Nizamoglu

Member

Martin Hendricks

Member

Mehmet Salih Dereli

Member

Loic Daniel Hangran

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Business line of the subject company was participating in and coordinating of the activities of “Federal-Mogul Sapanca Segman ve Gomlek Uretim Tesisleri A.S.” and “Federal-Mogul Izmit Piston ve Pim Uretim Tesisleri A.S.” But the subject took over and merged with “Federal-Mogul Sapanca Segman Ve Gomlek Uretim Tesisleri A.S.” and the name of the subject was changed from “Federal-Mogul Dereli Holding A.S.” to “Federal-Mogul Piston Segman Ve Gomlek Uretim Tesisleri A.S.” on 01.10.2007.  

 

So the business activity of “Federal-Mogul Sapanca Segman Ve Gomlek Uretim Tesisleri A.S.” was transferred to “Federal-Mogul Piston Segman Ve Gomlek Uretim Tesisleri A.S.”.  

 

Now the subject deals with manufacture and trade of piston-rings and motor covers.   

 

NACE CODE

:

DK.29.11

 

NUMBER OF EMPLOYEES

:

1.300

 

NET SALES

:

345.086.487 TL

(2008) 

283.436.697 TL

(2009) 

356.501.520 TL

(2010) 

362.546.315 TL

(01.01-30.09.2011) 

 

 

IMPORT COUNTRIES

:

Slovenia

Romania

Germany

Russia

 

MERCHANDISE IMPORTED

:

Machinery spare parts

Raw materials

 

EXPORT VALUE

:

246.035.186 TL

(2008)

182.209.871 TL

(2009)

229.367.957 TL

(2010)

254.427.506 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Germany

Belgium

India

Free Zone

France

U.K.

Mexico

 

MERCHANDISE  EXPORTED

:

Motor covers

Piston-rings

 

 

HEAD OFFICE ADDRESS

:

Purtelas Mah. Atespare Sok. No:2 Findikli  Istanbul / Turkey  (rented)

 

BRANCHES

:

Warehouse  :  Adapazari Kocaeli/Turkey (rented)

 

Factory  :  Muammer Dereli Sok. Izmit Kocaeli/Turkey (owned)

 

Factory  :  Sapanca Sakarya/Turkey (owned)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Is Bankasi Kurumsal Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

Net Sales

345.086.487

283.436.697

356.501.520

362.546.315

 

Profit (Loss) Before Tax

56.757.031

71.445.226

67.374.376

112.891.274

 

Stockholders' Equity

191.134.131

250.691.376

193.598.201

 

 

Total Assets

220.851.188

286.266.881

233.825.028

 

 

Current Assets

85.440.415

158.820.623

115.749.072

 

 

Non-Current Assets

135.410.773

127.446.258

118.075.956

 

 

Current Liabilities

29.717.057

35.575.505

40.226.827

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

95.071.716

86.020.677

91.022.606

116.097.165

 

Operating Profit (loss)

71.282.172

66.322.784

67.908.837

96.770.039

 

Net Profit (loss)

45.797.936

59.557.245

54.694.112

112.891.274

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Liquidity

Satisfactory As of 31.12.2010

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

44.200.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 44.200.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

85.440.415

0,39

158.820.623

0,55

115.749.072

0,50

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

303.893

0,00

43.553.302

0,15

8.166.008

0,03

Marketable Securities

0

0,00

500.000

0,00

0

0,00

Account Receivable

52.877.978

0,24

91.566.870

0,32

77.724.593

0,33

Other Receivable

18.459

0,00

34.032

0,00

159.765

0,00

Inventories

26.710.416

0,12

20.763.603

0,07

26.646.414

0,11

Advances Given

276.228

0,00

109.719

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

5.253.441

0,02

2.293.097

0,01

3.052.292

0,01

NON-CURRENT ASSETS

135.410.773

0,61

127.446.258

0,45

118.075.956

0,50

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

25.150

0,00

26.407

0,00

27.613

0,00

Financial Assets

58.789.561

0,27

58.789.561

0,21

58.463.843

0,25

Tangible Fixed Assets (net)

76.108.596

0,34

68.333.611

0,24

59.269.007

0,25

Intangible Assets

480.989

0,00

296.663

0,00

315.493

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

6.477

0,00

16

0,00

0

0,00

TOTAL ASSETS

220.851.188

1,00

286.266.881

1,00

233.825.028

1,00

CURRENT LIABILITIES

29.717.057

0,13

35.575.505

0,12

40.226.827

0,17

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

880.099

0,00

1.162.038

0,00

Accounts Payable

11.950.455

0,05

16.838.409

0,06

22.515.206

0,10

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

14.054.405

0,06

1.606.701

0,01

1.985.607

0,01

Advances from Customers

0

0,00

9.285.809

0,03

289.594

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

3.058.828

0,01

2.504.835

0,01

10.144.617

0,04

Provisions

651.227

0,00

4.308.254

0,02

3.806.333

0,02

Other Current Liabilities

2.142

0,00

151.398

0,00

323.432

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

191.134.131

0,87

250.691.376

0,88

193.598.201

0,83

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

95.000.000

0,43

95.000.000

0,33

95.000.000

0,41

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

99.182

0,00

99.182

0,00

99.182

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

50.237.013

0,23

96.034.949

0,34

43.804.907

0,19

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

45.797.936

0,21

59.557.245

0,21

54.694.112

0,23

TOTAL LIABILITIES AND EQUITY

220.851.188

1,00

286.266.881

1,00

233.825.028

1,00

 

 

 

 

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

345.086.487

1,00

283.436.697

1,00

356.501.520

1,00

362.546.315

1,00

Cost of Goods Sold

250.014.771

0,72

197.416.020

0,70

265.478.914

0,74

246.449.150

0,68

Gross Profit

95.071.716

0,28

86.020.677

0,30

91.022.606

0,26

116.097.165

0,32

Operating Expenses

23.789.544

0,07

19.697.893

0,07

23.113.769

0,06

19.327.126

0,05

Operating Profit

71.282.172

0,21

66.322.784

0,23

67.908.837

0,19

96.770.039

0,27

Other Income

9.377.568

0,03

20.892.300

0,07

9.881.748

0,03

21.724.517

0,06

Other Expenses

23.333.939

0,07

15.715.447

0,06

10.413.745

0,03

5.603.282

0,02

Financial Expenses

568.770

0,00

54.411

0,00

2.464

0,00

0

0,00

Minority Interests

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

Profit (loss) Before Tax

56.757.031

0,16

71.445.226

0,25

67.374.376

0,19

112.891.274

0,31

Tax Payable

10.959.095

0,03

11.887.981

0,04

12.680.264

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

45.797.936

0,13

59.557.245

0,21

54.694.112

0,15

112.891.274

0,31

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

2,88

4,46

2,88

Acid-Test Ratio

1,79

3,81

2,14

Cash Ratio

0,01

1,24

0,20

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,12

0,07

0,11

Short-term Receivable/Total Assets

0,24

0,32

0,33

Tangible Assets/Total Assets

0,34

0,24

0,25

TURNOVER RATIOS

 

 

Inventory Turnover

9,36

9,51

9,96

Stockholders' Equity Turnover

1,81

1,13

1,84

Asset Turnover

1,56

0,99

1,52

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,87

0,88

0,83

Current Liabilities/Total Assets

0,13

0,12

0,17

Financial Leverage

0,13

0,12

0,17

Gearing Percentage

0,16

0,14

0,21

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,24

0,24

0,28

Operating Profit Margin

0,21

0,23

0,19

Net Profit Margin

0,13

0,21

0,15

Interest Cover

100,79

1314,07

27344,50

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

55,19

116,33

78,52

Average Payable Period (days)

17,21

30,71

30,53

WORKING CAPITAL

55723358,00

123245118,00

75522245,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.65

UK Pound

1

Rs.79.09

Euro

1

Rs.65.32

 

 

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.