MIRA INFORM REPORT

 

 

Report Date :

11.03.2013

 

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. No:10 Ataturk Organize Sanayi Bolgesi 35620 Cigli Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

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 :

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Turkey - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. 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. 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 rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

INELLI PLASTIK TEKSTIL OTOMOTIV SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

10000 Sok. No:10 Ataturk Organize Sanayi Bolgesi 35620 Cigli Izmir / Turkey

PHONE NUMBER

:

90-232-376 75 00

 

FAX NUMBER

:

90-232-376 71 13

 

WEB-ADDRESS

:

www.inelli.com.tr

E-MAIL

:

inelli@inelli.com.tr

 

 

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

43,50 %

Engin Inellioglu

43,50 %

Ayse Belgin Dirin

13 %

 

 

SISTER COMPANIES

:

INEL-PLAST PLASTIK SANAYI VE TICARET LTD. STI.

 

MARIPLAST-INELLI PLASTIK SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Engin Inellioglu

 

Alican Inellioglu

 

 

 

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) 

12.115.729 TL

(2011) 

11.380.521 TL

(2012) 

 

 

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)

2.369.464 TL

(2011)

1.728.661 TL

(2012)

 

 

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. No:10 Ataturk Organize Sanayi Bolgesi 35620 Cigli  Izmir / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  10000 Sok. No:10 Ataturk Organize Sanayi Bolgesi 35620 Cigli Izmir/Turkey (owned) (5.000 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

HSBC Bank Bornova Branch

T. Vakiflar Bankasi Ataturk Organize Sanayi Bolgesi Branch

Turk Ekonomi 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 in the former years which were resolved later on but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

7.062.826

6.637.818

7.682.058

12.115.729

11.380.521

Profit (Loss) Before Tax

107.968

84.263

85.249

-1.562.560

89.515

Stockholders' Equity

1.729.444

1.818.644

1.898.954

353.016

 

Total Assets

7.764.984

8.921.825

9.671.489

10.839.013

 

Current Assets

4.237.279

5.442.775

6.359.923

6.779.998

 

Non-Current Assets

3.527.705

3.479.050

3.311.566

4.059.015

 

Current Liabilities

3.593.996

4.561.552

4.401.187

6.971.044

 

Long-Term Liabilities

2.441.544

2.541.629

3.371.348

3.514.953

 

Gross Profit (loss)

1.999.893

2.152.983

2.002.324

2.846.832

2.138.312

Operating Profit (loss)

938.902

1.102.460

877.047

1.346.807

864.011

Net Profit (loss)

107.968

84.263

85.249

-1.562.560

89.515

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Not in order As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

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

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

High Operating Profitability  in 2011

Net Loss  in 2011

Good Operating Profitability  in 2012

Low Net Profitability  in 2012

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Unsatisfactory

 

 

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

4.237.279

0,55

5.442.775

0,61

6.359.923

0,66

6.779.998

0,63

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

13.459

0,00

31.116

0,00

7.516

0,00

46.783

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.066.576

0,27

2.280.337

0,26

1.780.011

0,18

3.278.032

0,30

Other Receivable

253.806

0,03

175.562

0,02

1.708.952

0,18

384.800

0,04

Inventories

1.554.045

0,20

2.219.315

0,25

2.294.040

0,24

2.104.149

0,19

Advances Given

0

0,00

0

0,00

748

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

349.393

0,04

736.445

0,08

568.656

0,06

966.234

0,09

NON-CURRENT ASSETS

3.527.705

0,45

3.479.050

0,39

3.311.566

0,34

4.059.015

0,37

Not Detailed Non-Current Assets

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

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

3.223.898

0,42

2.785.485

0,31

2.214.897

0,23

2.623.055

0,24

Intangible Assets

20.656

0,00

25.777

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

Other Non-Current Assets

283.151

0,04

667.788

0,07

1.070.892

0,11

1.410.183

0,13

TOTAL ASSETS

7.764.984

1,00

8.921.825

1,00

9.671.489

1,00

10.839.013

1,00

CURRENT LIABILITIES

3.593.996

0,46

4.561.552

0,51

4.401.187

0,46

6.971.044

0,64

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.459.799

0,19

1.108.933

0,12

1.026.897

0,11

267.037

0,02

Accounts Payable

1.745.317

0,22

2.355.821

0,26

1.504.730

0,16

4.341.109

0,40

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

117.035

0,01

52.336

0,00

Advances from Customers

82.369

0,01

420.443

0,05

540.070

0,06

379.464

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

210.853

0,03

575.722

0,06

992.099

0,10

1.678.127

0,15

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

95.658

0,01

100.633

0,01

220.356

0,02

252.971

0,02

LONG-TERM LIABILITIES

2.441.544

0,31

2.541.629

0,28

3.371.348

0,35

3.514.953

0,32

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.441.544

0,31

2.541.629

0,28

2.118.801

0,22

3.316.087

0,31

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

1.252.547

0,13

198.866

0,02

Loans from Shareholders

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

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.729.444

0,22

1.818.644

0,20

1.898.954

0,20

353.016

0,03

Not Detailed Stockholders' Equity

1.729.444

0,22

1.818.644

0,20

1.898.954

0,20

353.016

0,03

Paid-in Capital

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

Inflation Adjustment of Capital

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

Reserves

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

Accumulated Losses(-)

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

TOTAL LIABILITIES AND EQUITY

7.764.984

1,00

8.921.825

1,00

9.671.489

1,00

10.839.013

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively.

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

7.062.826

1,00

6.637.818

1,00

7.682.058

1,00

12.115.729

1,00

11.380.521

1,00

Cost of Goods Sold

5.062.933

0,72

4.484.835

0,68

5.679.734

0,74

9.268.897

0,77

9.242.209

0,81

Gross Profit

1.999.893

0,28

2.152.983

0,32

2.002.324

0,26

2.846.832

0,23

2.138.312

0,19

Operating Expenses

1.060.991

0,15

1.050.523

0,16

1.125.277

0,15

1.500.025

0,12

1.274.301

0,11

Operating Profit

938.902

0,13

1.102.460

0,17

877.047

0,11

1.346.807

0,11

864.011

0,08

Other Income

170.438

0,02

137.540

0,02

114.400

0,01

99.495

0,01

44.062

0,00

Other Expenses

297.000

0,04

214.654

0,03

141.515

0,02

2.291.661

0,19

162.271

0,01

Financial Expenses

704.372

0,10

941.083

0,14

764.683

0,10

717.201

0,06

656.287

0,06

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

107.968

0,02

84.263

0,01

85.249

0,01

-1.562.560

-0,13

89.515

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)

107.968

0,02

84.263

0,01

85.249

0,01

-1.562.560

-0,13

89.515

0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,18

1,19

1,45

0,97

Acid-Test Ratio

0,65

0,55

0,79

0,53

Cash Ratio

0,00

0,01

0,00

0,01

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,20

0,25

0,24

0,19

Short-term Receivable/Total Assets

0,30

0,28

0,36

0,34

Tangible Assets/Total Assets

0,42

0,31

0,23

0,24

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

3,26

2,02

2,48

4,41

Stockholders' Equity Turnover

4,08

3,65

4,05

34,32

Asset Turnover

0,91

0,74

0,79

1,12

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,22

0,20

0,20

0,03

Current Liabilities/Total Assets

0,46

0,51

0,46

0,64

Financial Leverage

0,78

0,80

0,80

0,97

Gearing Percentage

3,49

3,91

4,09

29,70

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,06

0,05

0,04

-4,43

Operating Profit Margin

0,13

0,17

0,11

0,11

Net Profit Margin

0,02

0,01

0,01

-0,13

Interest Cover

1,15

1,09

1,11

-1,18

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

105,34

123,67

83,42

97,40

Average Payable Period (days)

124,10

189,10

174,77

176,33

WORKING CAPITAL

643283,00

881223,00

1958736,00

-191046,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.40

UK Pound

1

Rs.81.57

Euro

1

Rs.71.24

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.