MIRA INFORM REPORT

 

 

Report Date :

16.03.2013

 

IDENTIFICATION DETAILS

 

Name :

RENKPLAST PLASTIK SANAYI VE TICARET A.S.

 

 

Formerly Known As :

RENKPLAST PLASTIK SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Evren Oto Sanayi Sitesi 2. Kisim B Giris Yani Bila No Esenyurt  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

05.01.1990

 

 

Com. Reg. No.:

260797

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of concentrated paint. 

 

 

No. of Employees :

127

 

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

(31.03.2011)

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

:

RENKPLAST PLASTIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Evren Oto Sanayi Sitesi 2. Kisim B Giris Yani Bila No Esenyurt  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)

Previous Address

:

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

Changed On

:

26.12.2011 (Commercial Gazette Date /Number 30.12.2011/ 7973)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Viron Raptopulus

98 %

Yavuz Sahin

1 %

Cuma Koc

0,50 %

Ahmet Dernek

0,50 %

 

 

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

:

127

 

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) 

28.444.038 TL

(2011) 

30.687.550 TL

(2012) 

 

 

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)

1.623.234 TL

(2011)

1.699.748 TL

(2012)

 

 

 

EXPORT COUNTRIES

:

Georgia

Bulgaria

Greece

Russia

Azerbaijan

Turkmenistan

Romania

Uzbekistan

Algeria

Moldova

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

Concentrated paint

 

HEAD OFFICE ADDRESS

:

Evren Oto Sanayi Sitesi 2. Kisim B Giris Yani Bila No Esenyurt   Istanbul / Turkey

 

BRANCHES

:

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

 

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

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

16.888.265

19.565.083

20.017.111

28.444.038

30.687.550

Profit (Loss) Before Tax

86.290

229.811

190.837

355.204

529.916

Stockholders' Equity

10.234.803

10.413.267

10.559.939

12.418.457

 

Total Assets

19.039.658

19.329.043

24.442.037

34.236.260

 

Current Assets

10.003.174

10.486.655

15.366.720

22.865.337

 

Non-Current Assets

9.036.484

8.842.388

9.075.317

11.370.923

 

Current Liabilities

5.979.010

6.071.787

11.847.653

19.254.449

 

Long-Term Liabilities

2.825.845

2.843.989

2.034.445

2.563.354

 

Gross Profit (loss)

2.850.745

3.451.365

2.806.198

3.022.273

5.624.533

Operating Profit (loss)

1.420.540

1.608.712

1.293.383

1.452.740

2.475.278

Net Profit (loss)

62.280

178.463

146.672

221.761

529.916

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2011

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The unfavorable gap between average collection and average payable period has an adverse 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

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

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

Low Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Unsatisfactory

 

 

 

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

 ( 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

10.003.174

0,53

10.486.655

0,54

15.366.720

0,63

22.865.337

0,67

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

4.710.021

0,25

5.155.113

0,27

6.790.789

0,28

18.343

0,00

Marketable Securities

0

0,00

198.333

0,01

198.333

0,01

20.877

0,00

Account Receivable

2.686.795

0,14

2.353.772

0,12

4.476.495

0,18

19.723.311

0,58

Other Receivable

246

0,00

7.368

0,00

7.368

0,00

7.368

0,00

Inventories

2.412.721

0,13

2.412.308

0,12

1.244.021

0,05

2.297.559

0,07

Advances Given

1.142

0,00

326.995

0,02

2.646.977

0,11

787.857

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

192.249

0,01

32.766

0,00

2.737

0,00

10.022

0,00

NON-CURRENT ASSETS

9.036.484

0,47

8.842.388

0,46

9.075.317

0,37

11.370.923

0,33

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

50

0,00

Long-term Receivable

50

0,00

50

0,00

50

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

8.998.298

0,47

8.835.139

0,46

9.037.812

0,37

9.678.636

0,28

Intangible Assets

0

0,00

0

0,00

6.500

0,00

1.541.018

0,05

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

38.136

0,00

7.199

0,00

30.955

0,00

151.219

0,00

TOTAL ASSETS

19.039.658

1,00

19.329.043

1,00

24.442.037

1,00

34.236.260

1,00

CURRENT LIABILITIES

5.979.010

0,31

6.071.787

0,31

11.847.653

0,48

19.254.449

0,56

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

4.924.915

0,26

4.689.854

0,24

7.793.833

0,32

13.865.271

0,40

Accounts Payable

708.991

0,04

1.186.547

0,06

3.645.865

0,15

3.160.762

0,09

Loans from Shareholders

200.000

0,01

58.290

0,00

0

0,00

1.798.116

0,05

Other Short-term Payable

0

0,00

27.075

0,00

65.616

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

246.332

0,01

226.300

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

145.104

0,01

110.021

0,01

61.956

0,00

204.000

0,01

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

34.051

0,00

0

0,00

LONG-TERM LIABILITIES

2.825.845

0,15

2.843.989

0,15

2.034.445

0,08

2.563.354

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.825.845

0,15

2.843.989

0,15

2.034.445

0,08

2.563.354

0,07

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

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

10.234.803

0,54

10.413.267

0,54

10.559.939

0,43

12.418.457

0,36

Not Detailed Stockholders' Equity

10.234.803

0,54

10.413.267

0,54

0

0,00

0

0,00

Paid-in Capital

0

0,00

0

0,00

10.000.000

0,41

10.000.000

0,29

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

506.813

0,02

653.485

0,02

Revaluation Fund

0

0,00

0

0,00

0

0,00

1.636.757

0,05

Accumulated Losses(-)

0

0,00

0

0,00

-93.546

0,00

-93.546

0,00

Net Profit (loss)

0

0,00

0

0,00

146.672

0,01

221.761

0,01

TOTAL LIABILITIES AND EQUITY

19.039.658

1,00

19.329.043

1,00

24.442.037

1,00

34.236.260

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

 

Net Sales

16.888.265

1,00

19.565.083

1,00

20.017.111

1,00

Cost of Goods Sold

14.037.520

0,83

16.113.718

0,82

17.210.913

0,86

Gross Profit

2.850.745

0,17

3.451.365

0,18

2.806.198

0,14

Operating Expenses

1.430.205

0,08

1.842.653

0,09

1.512.815

0,08

Operating Profit

1.420.540

0,08

1.608.712

0,08

1.293.383

0,06

Other Income

570.703

0,03

399.618

0,02

359.877

0,02

Other Expenses

197.915

0,01

457.112

0,02

633.694

0,03

Financial Expenses

1.707.038

0,10

1.321.407

0,07

828.729

0,04

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

86.290

0,01

229.811

0,01

190.837

0,01

Tax Payable

24.010

0,00

51.348

0,00

44.165

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

62.280

0,00

178.463

0,01

146.672

0,01

 

 

 

(2011) TL

 

(2012) TL

 

Net Sales

28.444.038

1,00

30.687.550

1,00

Cost of Goods Sold

25.421.765

0,89

25.063.017

0,82

Gross Profit

3.022.273

0,11

5.624.533

0,18

Operating Expenses

1.569.533

0,06

3.149.255

0,10

Operating Profit

1.452.740

0,05

2.475.278

0,08

Other Income

678.455

0,02

566.113

0,02

Other Expenses

1.319.630

0,05

1.051.702

0,03

Financial Expenses

456.361

0,02

1.459.773

0,05

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

355.204

0,01

529.916

0,02

Tax Payable

133.443

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

221.761

0,01

529.916

0,02

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,67

1,73

1,30

1,19

Acid-Test Ratio

1,24

1,27

0,97

1,03

Cash Ratio

0,79

0,88

0,59

0,00

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,13

0,12

0,05

0,07

Short-term Receivable/Total Assets

0,14

0,12

0,18

0,58

Tangible Assets/Total Assets

0,47

0,46

0,37

0,28

TURNOVER RATIOS

 

 

Inventory Turnover

5,82

6,68

13,83

11,06

Stockholders' Equity Turnover

1,65

1,88

1,90

2,29

Asset Turnover

0,89

1,01

0,82

0,83

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,54

0,54

0,43

0,36

Current Liabilities/Total Assets

0,31

0,31

0,48

0,56

Financial Leverage

0,46

0,46

0,57

0,64

Gearing Percentage

0,86

0,86

1,31

1,76

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,01

0,02

0,01

0,02

Operating Profit Margin

0,08

0,08

0,06

0,05

Net Profit Margin

0,00

0,01

0,01

0,01

Interest Cover

1,05

1,17

1,23

1,78

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

57,27

43,31

80,51

249,63

Average Payable Period (days)

18,18

26,51

76,26

44,76

WORKING CAPITAL

4024164,00

4414868,00

3519067,00

3610888,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.16

UK Pound

1

Rs.81.74

Euro

1

Rs.70.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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

 

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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.