MIRA INFORM REPORT

 

 

Report Date :

23.10.2007

 

IDENTIFICATION DETAILS

 

Name :

SISECAM SODA LUKAVAC D.O.O.

 

 

Registered Office :

Prva ulica br. 1, BA 75300 Lukavac

 

 

Country :

Bosnia and Herzegovina

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

2006-08-28

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture of other inorganic basic chemicals.

Production of soda.

 

 

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 200.000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address

 

SISECAM SODA LUKAVAC D.O.O.

društvo za proizvodnju lake i teške (guste) sode i drugih proizvoda na bazi sode

Prva ulica br. 1

BA 75300 Lukavac

Tel:       +387/35 552300

Fax:      +387/35 552699

 

 

summary

 

Legal form

limited liability company

 

 

Established

2006

 

 

Registered

2006-08-28, Canton Court Tuzla

VAT number: 209796740001

Statistic number: 4209796740001

 

 

Establisher

SODA SANAYII A.S.,

34330  4.Levent-ISTANBUL,  Iş Kuleleri, Kule-3, Turkey

78,35%

 

FABRIKA SODE LUKAVAC d.d. Lukavac,

75300 Lukavac, Marije Macan 1

21,65%

 

 

 

Basic capital

KM 60.252.000,00

 

 

Management

Sami Kücükusta, manager,

Turkey

 

 

Supervisory bord

Ates Kut, president,

Turkey

 

 

Activity

Manufacture of other inorganic basic chemicals

 

production of soda
import from Turkey, Serbia, Croatia, Spain, Italy, Greece, Hungary, Slovakia
import qoute: 93,75%

 

 

 

legal site and business premises are located at the above address

 

 

 

Basic activity (according to National activity classification):

 

Manufacture of other inorganic basic chemicals              (24.13)

 

 

Staff

2006

673

employees

 

2007

790

employees

 

Total revenue

      2006 total revenue

KM

8.922.000

 

01-03-2007 total revenue

KM

8.814.318

 

Real estate

the company owns real estates
Book value of ground 2006-12-31: KM12.783.936,00
Book value of buildings 2006-12-31: Km 7.260.997,00
information about eventual mortgage existance not available

 

 

 

Assets

Currency: KM ( x 1.000 )

2007-03-31

2006-12-31

 

 

 

 

 

 

 

FIXED ASSETS

63.470

59.798

 

 

  Intangible assets

15

16

 

 

  Tangible assets

63.455

59.782

 

 

  - land and woods

 

12.784

 

 

  - buildings

 

7.261

 

 

  - plants and machinery

 

38.413

 

 

  - tangible assets in preparement

 

1.324

 

 

CURRENT ASSETS

12.793

6.706

 

 

  Inventories

6.937

3.473

 

 

  - raw and auxiliary materials

 

756

 

 

  - goods in course of production

 

126

 

 

  - finished products

 

2.584

 

 

  - advance payments

 

7

 

 

  Short term receivables

5.321

2.606

 

 

  - from sales

 

1.365

 

 

  - others

 

1.241

 

 

 Cash at bank and in hand

535

627

 

 

ACCRUALS

163

0

 

 

TOTAL ASSETS

76.426

66.504

 

 

 

 

 

 

 

 

 

 

 

Liabilities

Currency: KM ( x 1.000 )

2007-03-31

2006-12-31

 

 

 

 

 

 

 

EQUITY

53.468

55.668

 

 

  Subscribed capital

60.252

2

 

 

  Reserves

0

60.250

 

 

  Loss brought forward

4.254

0

 

 

  Loss of the period

2.530

4.584

 

 

PROVISIONS

211

199

 

 

LONG TERM LIABILITIES

1.500

1.500

 

 

SHORT TERM LIABILITIES

21.139

8.266

 

 

  Credits

 

1.248

 

 

  To suppliers

 

6.395

 

 

  Taxes, fees, etc.

 

264

 

 

  Other short term liabilities

 

359

 

 

DEFFERED ITEMS

108

871

 

 

TOTAL LIABILITIES

76.426

66.504

 

 

 

 

 

 

Profit / loss account

Currency: KM ( x 1.000 )

2007-03-31

2006-12-31

 

 

OPERATING REVENUES

8.657

8.917

 

 

  Sales in the country

 

7.226

 

 

  Other revenues

 

1.691

 

 

OPERATING EXPENSES

11.187

13.494

 

 

    Material costs

 

9.202

 

 

    - sold goods costs

 

9.202

 

 

    Other operating expenses

 

4.292

 

 

FINANCIAL REVENUES

0

5

 

 

FINANCIAL EXPENSES

157

12

 

 

EXTRAORDINARY REVENUES

157

0

 

 

EXTRAORDINARY EXPENSES

0

0

 

 

TOTAL REVENUES

8.814

8.922

 

 

 

 

 

 

 

TOTAL EXPENSES

11.344

13.506

 

 

    Profit before taxation

0

0

 

 

    Loss before taxation

2.530

4.584

 

 

    Taxation on profit

0

0

 

 

PROFIT OF THE PERIOD

0

0

 

 

LOSS OF THE PERIOD

2.530

4.584

 

 

Financial ratios

 

2007.

2006.

 

Financial stability ratio

0,7837

0,9067

 

Solvency ratio (%)

69,96

83,71

 

Liquidity ratio

0,277

0,3911

 

Current ratio

0,6052

0,8113

 

Total assets turnover

0,1153

0,1342

 

Inventories turnover

1,2706

2,569

 

Collection period (in days)

217,332

105,156

 

Inventories bonding (in days)

283,32

140,148

 

Total revenue per employee (x 1.000)

11,157

13,2571

 

Loss per employee (x 1.000)

3,2025

6,8113

 

Equity per employee (x 1.000)

67,681

82,7162

 

Total assets per employee (x 1.000)

96,7418

98,8172

 

EBIT (x 1.000)

-2530

-4577

 

EBITDA (x 1.000)

-2530

-4577

 

 

Remarks

 

 

   

 

 

 

 

      2006 loss KM

4.583.731

 

 

 

 

01-03-2007 loss KM

2.529.790

 

 

 

 

 

 

 

 

The company SISECAM SODA LUKAVAC d.o.o. is a joint-venture of SOODA SANAYII A.S. and FABRIKA SODE LUKAVAC d.d.  The contract was signed on 2006-05-04. According to the signed contract, Soda Sanayii, to hold 80% of the new enterprise, is obliged to invest in the company some KM 41.4 mio. in the next 5 years and keep all 900 employees, with KM 30 mio. to be invested for increasing the company’s production capacity in the first 2 years.

 

According to the press the factory is going to produce 250 tons of soda per day, but the Turkish investor plans a increase of dialy production to 500 tons.  SODA SANAYII is going to assume 50% of the bank, suppliers and social and health care security debits.


The soda factory Lukavac d.d. was established in 1894 as "Prva bosanska tvornica amoniacne sode".

 

Before the civil war the company had 1.850 employees, after the war the production was closed down. The total rebuilding  was finished in 2003-11-03 and the company took up business activity again. In the early nineties the yearly production was 285.000 tons. In 2005 this results were 140.000 tons.


The state Bosna and Hercegowina had 95,52% share in the copmany before the privatisation process.


SODA SANAYII A.S. (established in 1969) is a subsidiary of SISECAM. In Turkey is the Sisecam group leading glassfactory (production of a wide range of glass products and chemicals).  SODA SANAYII fabricates chrome-chemicals and sodium-carbonate.


In march 2007 the IFC granted them a loan of 24 mio EUR. The loan should be used for reconstruction and ecological studies.

 

Short company name: SSL d.o.o. Lukavac

 

 

 

 

Exchange rate:

 

 

2002-12-31
2003-12-31
2004-12-31
2005-12-31
2006-12-31

EUR 1 = HRK 7,4423
EUR 1 = HRK 7,6469
EUR 1 = HRK 7,6712
EUR 1 = HRK 7,3756
EUR 1 = HRK 7,3451

 

 

 

 

 

 

 

Inflation:

 

 

 

 

2002:

2,3%

 

 

 

2003:

1,5%

 

 

 

2004:

2,1%

 

 

 

2005:

3,6%

 

 

 

2006:

3,2%

 

 

 

Bankers

 

TURKISH ZIRATI BANK
Konto: 1860001023395032

 

 

 

 

 

 

Mode of payment

mostly within agreed terms, but partly also delayed          

 

 

Credit opinion

business conections appear permissible                      

 

 

Max. credit EUR 200.000

 

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.

 

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

 

 

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