MIRA
INFORM REPORT
|
Report Date : |
1st
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
ADVANSA SASA POLYESTER SANAYI A.S. |
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|
Registered Office : |
Adana Chamber of Industry and Commerce |
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Country : |
Turkey |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
08.11.1966 |
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Com. Reg. No.: |
5722 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of polyester fiber, yarn . |
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 : |
EUR 2.5 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ADVANSA SASA POLYESTER SANAYI A.S. |
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ADDRESS
|
: |
Head Office & Factory: Tarsus Yolu 13.Km Adana/ Turkey |
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PHONE
NUMBER |
: |
90-322-441 00 53 90-322-441 00 54 |
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FAX
NUMBER |
: |
90-322-441 01 14 90-322-441 02 73 |
LEGAL STATUS AND HISTORY
|
TAX
OFFICE / NO |
: |
Besocak / 7520002730 |
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REGISTRATION
NUMBER |
: |
5722 |
|
REGISTERED
OFFICE |
: |
Adana Chamber of Industry and Commerce |
|
DATE
ESTABLISHED |
: |
08.11.1966 |
|
LEGAL
FORM |
: |
Joint Stock Company |
|
TYPE
OF COMPANY |
: |
Private |
|
AUTHORIZED
CAPITAL |
: |
YTL 500,000,000 |
|
PAID-IN
CAPITAL |
: |
YTL 216,300,000 |
|
HISTORY |
: |
At the Board of Directors Meeting dated 27.03.2000, the name of the subject “Sasa Suni ve Sentetik Elyaf Sanayi A.S.” has been decided to be changed to “Sasa Dupont Sabanci Polyester Sanayi A.S.”. According to the decision taken at the Board of Directors Meeting dated 27.12.2002, the paid-in capital was increased from YTL 14,420 thousand to YTL 72,100 thousand in 2003. According to the decision taken at the Board of Directors Meeting Dated 04.11.2003, the paid-in capital was increased from YTL 72,100,000 to YTL 180,250,000 The name of the subject was changed from “SASA DUPONT SABANCI POLYESTER SANAYI A.S.” to “ADVANSA SASA POLYESTER SANAYI A.S.” on 28.03.2005 (Commercial Registry Gazette Date/No: 01.04.2005/6273) The authorized capital was increased from YTL 75,000,000 to YTL 500,000,000 on 28.03.2005 (Commercial Registry Gazette Date/No: 01.04.2005/6273). |
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The paid-in capital was increased from YTL 180,250,000 to YTL 216,300,000 on 31.05.2005 (Commercial Registry Gazette Date/No: 03.06.2005/6317). YTL 2,055,445.16 of this increase is decided to be financed by real estate sale income and YTL 33,994,554.84 by equity items. |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Advansa B.V Europlus Investment Holdings Ltd. Others |
51 % 15,32 % 33,68 % |
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|
|
|
The shares of the subject are quoted at Istanbul Stock Exchange. |
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SUBSIDIARIES |
: |
Name
of the Subsidiary Bimsa Uluslararasi Is Bilgi ve Yonetim Sistemleri A.S. Cevko Cevre Koruma Ambalaj Atiklari Deg. Vakfi Enerjisa Enerji Uretim A.S. |
Share
(%) 10 20 0,90 |
|
|
BOARD
OF DIRECTORS |
: |
Ziya Engin Tuncay Mehmet Mesut Ada Osman Sami Betil Mehmet Yasar Atacik Tamer Guven |
Chairman Vice-Chairman Member Member Member |
|
|
DIRECTORS |
: |
Bunyamin Sarioglu Mehmet Doner |
General Manager Financial Director |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of polyester fiber, yarn The subject was also dealing with manufacture and trade of pet bottles and pet chips. At the General Assembly Meeting on 22.06.2006, it has decided to transfer the activity of manufacture and trade of pet bottles and pet chips to “Artensa Kimyevi Maddeler ve Pet Ambalaj Malzemeleri Sanayi A.S.”. On 30.06.2006, the activity of manufacture and trade of pet bottles and pet chips was transferred to “Artensa Kimyevi Maddeler ve Pet Ambalaj Malzemeleri Sanayi A.S.” with the value of EUR 90,000,000. Also, 177 employees employed at the department in which pet bottles and pet chips are manufactured were transferred to “Artensa Kimyevi Maddeler ve Pet Ambalaj Malzemeleri Sanayi A.S.”on 01.07.2006. The subject also rented some buildings at the factory located at “Tarsus Yolu 13.Km Adana/Turkey” to “Artensa Kimyevi Maddeler ve Pet Ambalaj Malzemeleri Sanayi A.S.” for a period of 49 years. The subject is also the unauthorized agency of Aksigorta A.S. |
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|
NUMBER
OF EMPLOYEES |
: |
1,641 |
|
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NET
SALES |
: |
(YTL Thousand) 2,825 9,165 21,363 31,919 58,222 80,493 147,817 239,733 409,581 462,718 546,139 675,226 620,801 420,411 |
(1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (1.1-30.09.2006) |
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The financial figures of 31.12.2003 and 31.12.2004 are inflation adjusted financial statements according to Capital Market Council's Notification Series XI No: 25 based IAS. The statements of 31.12.2005 and 30.09.2006 are prepared according to Capital Market Council's Notification Series XI No: 25 based IAS. As there was a decline at cumulative inflation rate, inflation adjustment has not been applied to the financial statements of 31.12.2005 and 30.09.2006. |
|
PRODUCTION |
: |
DMT (Tons) 124,402 129,260 126,508 125,412 140,807 210,647 228,053 199,883 105,837 78,513 208,273 166,797 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2004) (2005) |
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|
There occurred a fire at DMT production plant in Adana on 21.06.2002. The total damage at this plant was stated to be USD 29,269,038 by the insurance expertise. As of 30.06.2003 DMT production plant has re-started operation gradually. While the DMT production facility which provides partial raw material needs of Adana factory was out of service, the subject imported DMT. |
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Yarn (Tons) 26,292 26,780 28,729 27,583 39,107 43,806 36,313 33,796 29,642 34,100 40,051 22,484 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2004) (2005) |
|
|
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Pet Bottle (Tons) 11,519 12,741 13,759 16,412 15,919 16,923 17,421 11,354 11,589 14,824 17,495 34,404 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2004) (2005) |
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The subject transferred the activity of manufacture and trade of pet bottles and pet chips to “Artensa Kimyevi Maddeler ve Pet Ambalaj Malzemeleri Sanayi A.S.” on 30.06.2006. |
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Fiber-Glass (Tons) 47,260 64,555 69,616 74,955 78,406 105,374 116,223 85,236 91,216 88,379 109,855 102,671 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2004) (2005) |
|
|
|
Poy (Tons) 48,892 56,707 60,326 64,376 60,473 93,841 94,458 86,238 72,053 67,264 83,556 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2004) |
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Chips (Tons) 18,068 47,795 44,483 72,554 77,785 113,060 101,199 75,628 89,477 110,967 109,141 131,341 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2004) (2005) |
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The subject transferred the activity of manufacture and trade of pet bottles and pet chips to “Artensa Kimyevi Maddeler ve Pet Ambalaj Malzemeleri Sanayi A.S.” on 30.06.2006. |
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Tops (Tons) 4,358 4,371 3,261 3,686 2,513 3,370 3,799 |
(1999) (2000) (2001) (2002) (2004) (2005) |
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IMPORT
VALUE |
: |
(USD) 97,862,478 154,759,540 112,959,013 170,648,196 147,572,000 108,755,319 133,402,489 100,110,387 90,253,751 154,553,984 213,317,128 238,784,517 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) |
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MERCHANDISE
IMPORTED |
: |
Investment goods, raw materials, chemical materials, paint, packages and spare parts |
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IMPORT
COUNTRIES |
: |
Germany, U.S.A., France, U.K., Italy, Belgium, Japan , Israel…. |
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EXPORT
VALUE |
: |
USD 99,336,152 USD 142,433,437 USD 123,608,623 USD 127,107,830 YTL 20,964,079 YTL 39,749,351 USD 93,447,779 USD 114,323,480 USD 96,495,767 USD 92,856,548 YTL 231,327 thousand YTL 203,104 thousand YTL 151,360 thousand |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2004) (2005) (1.1-30.09.2006) |
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EXPORT
COUNTRIES |
: |
UK, Italy, Spain, Egypt, Syria ,USA, Tunisia, Algeria, Egypt, Morocco, Slovenia, Russia, Bulgaria, Romania, Slovakia, Czech Republic, Lithuania, Estonia, Austria, Finland, Sweden, Norway, Belgium, Germany… |
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MERCHANDISE
EXPORTED |
: |
Synthetic stable fibers, filament yarns, polyesters, organic dyes, pigments, tubes, hoses… |
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PREMISES |
: |
Head Office & Factory : Tarsus Yolu 13.Km Adana The subject sold Kurtkoy Teksturize Yarn Facility (which was idle) and some machinery at the factory |
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FIXED
CAPITAL INVESTMENTS |
: |
Investments are going on. |
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TREND OF BUSINESS |
: |
There was a decline at sales volume in nominal terms in 2005 and there appears a slowdown at business volume in the first 9 months of 2006. The subject transferred the activity of manufacture and trade of pet bottles and pet chips to “Artensa Kimyevi Maddeler ve Pet Ambalaj Malzemeleri Sanayi A.S.” on 30.06.2006. |
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COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Giant |
FINANCE
|
MAIN
DEALING BANKERS |
: |
Akbank Merkez branch in Adana Akbank Kadikoy branch in Istanbul Akbank Cukurova Kurumsal branch in Adana Akbank Merkez branch in Izmir Akbank Merkez branch in Ankara |
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CREDIT
FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT
BEHAVIOR |
: |
Prompt; banks report satisfactory experiences. According to the official registries between 01.01.2000-15.11.2006, there are no protested bills and non-paid cheques registered in the former name (Sasa Dupont) or the current name (Advansa Sasa) of the subject. |
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KEY
FINANCIAL ELEMENTS (YTL
Thousand) |
: |
Net Sales Operating Loss Net Loss |
2003 546,139 -55,218 -25,748 |
2004 675,226 -248,845 -203,045 |
COMMENT ON FINANCIAL POSITION
BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS
The statements of 31.12.2005 and 30.09.2006 are prepared according to Capital Market Council's Notification Series XI No: 25 based IAS. As there was a decline at cumulative inflation rate, inflation adjustment has not been applied to the financial statements of 31.12.2005 and 30.09.2006.
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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High |
As of 30.09.2006 |
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LIQUIDITY |
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High |
As of 30.09.2006 |
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PROFITABILITY |
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The subject had persistent operating and net losses in 2003, 2004, 2005 and operating loss in the first 9 months of 2006. However it had high profitability due to other income in the first 9 months of 2006. |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Unfavorable |
Between 1.1-30.09.2006 |
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GENERAL FINANCIAL POSITION |
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Capitalization and liquidity was high as of 31.12.2005 however the subject had persistent operating and net losses in 2003, 2004, 2005 and operating loss in the first 9 months of 2006. However it had high profitability due to other income in the first 9 months of 2006. |
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CREDIT OPINION
|
OUR RISK OPINION |
: |
Ba |
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that business relation is admissible with the subject company in view of its capitalization, liquidity, size and payment behavior. However taking into account its persistent operating losses we are of the opinion that a max granted credit should be EUR 2.5 million. |
|
|
Incr.
in producers’ price index |
Average
YTL/$ |
Average
YTL/EUR |
Average
YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(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 |
|
(1.1.-30.09.2006) |
11.54 % |
1.4266 |
1.7739 |
2.5892 |
|
(1.1.-30.11.2006) |
11.72 % |
1.4325 |
1.7936 |
2.6266 |
Statements of 31.12.2005 and 30.09.2006 are prepared according to Capital
Market Council's Notification Series XI No: 25 based IAS
(Inflation adjustment has not been applied to the statements of 31.12.2005 and 30.09.2006 )
BALANCE
SHEETS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.05 |
|
|
|
30.9.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
269.308 |
|
0,39 |
|
258.095 |
|
0,44 |
|
|
|
Cash and Cash Equivalents |
30.457 |
|
0,04 |
|
41.023 |
|
0,07 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable (net) |
108.389 |
|
0,16 |
|
81.237 |
|
0,14 |
|
|
|
Due from Related Parties |
11.590 |
|
0,02 |
|
20.643 |
|
0,04 |
|
|
|
Other Receivable |
4.832 |
|
0,01 |
|
6.522 |
|
0,01 |
|
|
|
Inventories |
97.950 |
|
0,14 |
|
93.142 |
|
0,16 |
|
|
|
Other Current Assets |
16.090 |
|
0,02 |
|
15.528 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
423.677 |
|
0,61 |
|
325.415 |
|
0,56 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Due from Related Parties |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
8.609 |
|
0,01 |
|
3.854 |
|
0,01 |
|
|
|
Tangible Fixed Assets (net) |
403.111 |
|
0,58 |
|
313.123 |
|
0,54 |
|
|
|
Intangible Assets |
4.585 |
|
0,01 |
|
993 |
|
0,00 |
|
|
|
Other Non-Current Assets |
7.372 |
|
0,01 |
|
7.445 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
692.985 |
|
1,00 |
|
583.510 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
220.517 |
|
0,32 |
|
134.086 |
|
0,23 |
|
|
|
Financial Loans |
75.911 |
|
0,11 |
|
82.451 |
|
0,14 |
|
|
|
Accounts Payable |
13.618 |
|
0,02 |
|
21.866 |
|
0,04 |
|
|
|
Due to Related Parties |
121.833 |
|
0,18 |
|
19.551 |
|
0,03 |
|
|
|
Advances from Customers |
341 |
|
0,00 |
|
1.159 |
|
0,00 |
|
|
|
Provisions |
3.556 |
|
0,01 |
|
4.798 |
|
0,01 |
|
|
|
Other Current Liabilities |
5.258 |
|
0,01 |
|
4.261 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
105.509 |
|
0,15 |
|
28.646 |
|
0,05 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long Term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Due to Related Parties |
65.953 |
|
0,10 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
14.389 |
|
0,02 |
|
12.384 |
|
0,02 |
|
|
|
Deferred Tax Liability |
25.167 |
|
0,04 |
|
16.262 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
366.959 |
|
0,53 |
|
420.778 |
|
0,72 |
|
|
|
Paid-in Capital |
216.300 |
|
0,31 |
|
216.300 |
|
0,37 |
|
|
|
Reserves |
19.002 |
|
0,03 |
|
19.002 |
|
0,03 |
|
|
|
Revaulation Fund |
196.213 |
|
0,28 |
|
196.213 |
|
0,34 |
|
|
|
Accumulated Profits (Losses) |
0 |
|
0,00 |
|
-64.556 |
|
-0,11 |
|
|
|
Net Profit (loss) |
-64.556 |
|
-0,09 |
|
53.819 |
|
0,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
692.985 |
|
1,00 |
|
583.510 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2005 |
|
|
|
1.1-30.09.2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
620.801 |
|
1,00 |
|
420.411 |
|
1,00 |
|
|
|
Cost of Goods Sold |
602.451 |
|
0,97 |
|
384.195 |
|
0,91 |
|
|
|
Gross Profit |
18.350 |
|
0,03 |
|
36.216 |
|
0,09 |
|
|
|
Operating Expenses |
55.028 |
|
0,09 |
|
37.804 |
|
0,09 |
|
|
|
Operating Profit |
-36.678 |
|
-0,06 |
|
-1.588 |
|
0,00 |
|
|
|
Other Income |
50.555 |
|
0,08 |
|
167.556 |
|
0,40 |
|
|
|
Other Expenses |
16.834 |
|
0,03 |
|
33.405 |
|
0,08 |
|
|
|
Financial Income-Expenses(net) |
-57.891 |
|
-0,09 |
|
-87.649 |
|
-0,21 |
|
|
|
Net Monetary Position Gain (Loss) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
-60.848 |
|
-0,10 |
|
44.914 |
|
0,11 |
|
|
|
Tax Payable |
-3.708 |
|
-0,01 |
|
8.905 |
|
0,02 |
|
|
|
Net Profit (loss) |
-64.556 |
|
-0,10 |
|
53.819 |
|
0,13 |
|
FINANCIAL
RATIOS
|
|
|
2005 |
|
|
|
1.1-30.09.2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,22 |
|
|
|
1,92 |
|
|
|
|
|
Acid-Test Ratio |
0,70 |
|
|
|
1,11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,14 |
|
|
|
0,16 |
|
|
|
|
|
Short-term
Receivable/Total Assets |
0,18 |
|
|
|
0,19 |
|
|
|
|
|
Tangible Assets/Total
Assets |
0,58 |
|
|
|
0,54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
6,15 |
|
|
|
4,12 |
|
|
|
|
|
Stockholders' Equity
Turnover |
1,69 |
|
|
|
1,00 |
|
|
|
|
|
Asset Turnover |
0,90 |
|
|
|
0,72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
0,53 |
|
|
|
0,72 |
|
|
|
|
|
Current
Liabilities/Total Assets |
0,32 |
|
|
|
0,23 |
|
|
|
|
|
Financial Leverage |
0,47 |
|
|
|
0,28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders'
Eq. |
-0,18 |
|
|
|
0,13 |
|
|
|
|
|
Operating Profit Margin |
-0,06 |
|
|
|
0,00 |
|
|
|
|
|
Net Profit Margin |
-0,10 |
|
|
|
0,13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection
Period (days) |
62,85 |
|
|
|
69,56 |
|
|
|
|
|
Average Payable Period
(days) |
8,14 |
|
|
|
20,49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|