MIRA
INFORM REPORT
|
Report Date : |
16.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SODA SANAYII A.S. |
|
|
|
|
Registered Office : |
Is Kuleleri Kule 3 4.Levent
34330 Istanbul |
|
|
|
|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
30.09.2007 |
|
|
|
|
Date of Incorporation : |
16.10.1969 |
|
|
|
|
Com. Reg. No.: |
495852 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of sodium carbonate,
sodium bicarbonate, sodium dichromate, sodium sulphate, basic chromium
sulphate, resintan, chromic acid. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 105 million |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
SODA SANAYII A.S. |
|
ADDRESS |
: |
Head Office: Is Kuleleri Kule 3 4.Levent 34330 Istanbul/ Turkey Factory: PK 654 Kazanli Bucagi Yani- Mersin
/ Turkey |
|
PHONE NUMBER |
: |
90-212-350 50 50 |
|
FAX NUMBER |
: |
90-212-350 58 60 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Buyuk Mukellefler / 7720023498 |
|
REGISTRATION NUMBER |
: |
495852 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
16.10.1969 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
PAID-IN CAPITAL |
: |
YTL 201,433,624 |
|
HISTORY |
: |
The subject whose head office was registered
at Mersin Commercial Registry with registration no: 2702 has moved its
registered office to Istanbul and registered at Istanbul Commercial Registry
with no: 495852-443434 on 21.04.2003. (Commercial Registry Gazette Date/No:
25.04.2003/5785) The paid-in capital was increased from YTL
62,630,000 to YTL 201,433,624 on 04.10.2007 (Commercial Registry Gazette
Date/No: 09.10.2007/6912) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Turkiye Sise ve Cam Fabrikalari A.S. Anadolu Cam Sanayi
A.S. Others |
69,70 % 14,24 % 16,06 % |
|
|
|
Shares of the company are quoted at Istanbul Stock Exchange. |
|
|
GROUP PARENT COMPANY |
: |
Turkiye Sise ve Cam Fabrikalari A.S. Turkiye Sise ve Cam Fabrikalari A.S. is the parent company of “Sisecam group” which is one of the leading 10 glass manufacturers of the world. Sisecam group consists of mainly the following firms: Anadolu Cam Investment B.V. Anadolu Cam Sanayi A.S. Anadolu Cam Yenisehir San A.S. Balsand B.V. Cam Elyaf Sanayii A.S. Cam Pazarlama A.S. Cam Urunleri Isleme San. A.S. Camis Ambalaj Sanayii A.S. Camis Egypt Mining Ltd Co Camis Elektrik Uretim A.S. Camis Limited Camis Madencilik A.S. Cayirova Cam Sanayii A.S. Denizli Cam San. ve Tic. A.S. Ferro Dokum Sanayii ve Tic. A.S. JSC Mina |
|
|
|
|
Madencilik San. ve Tic. A.S. OJSC Pokrov Glass Plant Omco Istanbul Kalip San. A.S. OOO Ruscam OOO Ruscam Ufa Oxyvit Kimya San. Ve Tic. A.S. Pasabahce Cam Sanayi ve Tic. A.S. Pasabahce Eskisehir Cam San. ve Tic. A.S. Pasabahce Investment B.V. Pasabahce Magazalari A.S. Posuda Ltd Sisecam Bulgaria Ltd Sisecam Sigorta Aracilik Hizmetleri
A.S. Soda Sanayi A.S. Trakya Cam Investment B.V. Trakya Cam Sanayii A.S. Trakya Glass Bulgaria EAD Trakya Yenisehir Cam San A.S. Turkiye Sise ve Cam Fabrikalari A.S. |
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|
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|
The financial figures of the Group are as
follows: |
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|
|
|
Net Sales Foreign Income Operating profit Stockholders’ Equity Total Assets |
(2005) (USD Million)
1,657
744
87
1,588
3,120 |
|
|
|
Net Sales Foreign Income Operating profit Net profit Stockholders’ Equity Total Assets |
(2006) (USD Million) 1,932 982 177 139 1,676 3,511 |
|
BOARD OF DIRECTORS |
: |
Dr. Tevfik Ates Kut Dilek Camli Mehmet Nur Atukalp Ozgun Cinar Levent Korba Mehmet Ali Kara Mehmet Ihsan Orhon |
Chairman Vice- Chairman Member Member Member Member Member |
|
DIRECTORS |
: |
Ayhan Yilmaz Hidayet Ozdemir |
General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of sodium carbonate,
sodium bicarbonate, sodium dichromate, sodium sulphate, basic chromium
sulphate, resintan, chromic acid. |
|||||
|
SECTOR |
: |
Chemicals |
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|
NUMBER OF
EMPLOYEES |
: |
460 administrative + 501 workers |
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|
NET SALES |
: |
(YTL) 21,349,699 37,008,733 62,140,299 101,905,685 204,448,664 270,166,841 275,642,783 306,842,269 335,318,616 415,468,876 337,599,402 |
(1997) (1998) (1999) (2000) (2001) (2003) (2004) (2005) (2006) (01.01-30.09.2007) |
||||
|
PRODUCTION |
: |
Sodium Carbonate
(Tons) 594,070 650,818 678,437 687,660 711,895 717,472 722,382 742,087 765,523 |
Sodium
Bicarbonate (Tons) 73,385 75,501 79,502 87,000 80,005 91,828 101,700 98,220 103,050 |
Sodium Silicate
(Tons) 40,993 53,243 41,931 32,424 33,350 25,665 22,065 28,648 22,748 |
Sodium Dichromate (Tons) 26,759 38,470 44,010 45,021 47,860 48,021 47,100 48,303 58,311 |
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
|
|
|
|
Sodium Sulphate (Tons) 18,447 32,112 37,574 30,633 48,248 46,851 48,498 46,160 50,488 |
Chromium Sulphate (Tons) 43,862 43,781 52,663 54,720 58,174 57,632 71,274 62,107 76,830 |
Resintan M (Tons) 178 53 80 129 83 85 57 32 54 |
Chromic Acid (Tons) 906 4,264 6,032 6,657 10,573 8,517 9,779 11,828 12,982 |
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
|
|
IMPORT VALUE |
: |
(USD) 24,499,848 15,398,388 17,885,002 37,863,933 39,855,385 46,139,421 49,988,305 60,027,822 64,422,473 |
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
|
IMPORT COUNTRIES |
: |
Germany, France, Spain… |
|
|
MERCHANDISE
IMPORTED |
: |
Intermediary goods, sulphide |
|
|
EXPORT VALUE |
: |
(USD) 57,974,353 80,018,099 73,189,294 74,686,863 84,040,535 84,840,702 96,634,470 117,886,103 (YTL) 197,038,194 181,852,050 |
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01-30.09.2007) |
|
EXPORT COUNTRIES |
: |
Menemen Leather Free Zone, Russia,
Belgium, Italy, Bosnia Herzegovina |
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|
MERCHANDISE
EXPORTED |
: |
Chemicals |
|
|
PREMISES |
: |
Head Office: Is Kuleleri Kule 3 4.Levent 34330 Istanbul Soda Factory: PK 654 Kazanli Bucagi Yani-
Mersin Chromium Factory: PK 421 Kazanli-
Mersin |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
Investments
are going on. |
|
|
TREND
OF BUSINESS |
: |
Upwards |
|
SIZE
OF BUSINESS |
: |
Giant |
FINANCE
|
MAIN DEALING BANKERS |
: |
T. Is Bankasi Mersin branch in Mersin Yapi ve Kredi Bankasi Maslak branch in
Istanbul Garanti Bankasi Macka Kurumsal branch in
Istanbul T. Halk Bankasi Mecidiyekoy branch in
Istanbul Turk Ekonomi Bankasi Gayrettepe branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of
short-term and long-term credit facilities. |
|
PAYMENT BEHAVIOR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS
The financial statements of “SODA SANAYII A.S.” have
been prepared by the consolidation of the financial statements of the following
firms:
|
|
Consolidated Companies |
Country |
Share(%) |
Activity |
|
|
|
|
|
|
|
1. |
Sisecam
Bulgaria Ltd. |
Bulgaria |
100 |
Trade of soda products |
|
2. |
Oxyvit
Kimya San ve Tic. A.S. |
Turkey |
44 |
Manufacture of additives for animals' feed |
|
3. |
Solvay
Sisecam Holding AG |
Austria |
25 |
Investment |
|
4. |
Sisecam Soda Lukavac d.o.o |
Bosnia Herzegovina |
78,34 |
Manufacture of soda |
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
The capitalization was high as of
30.09.2007. The paid-in capital was increased from YTL 62,630,000 to YTL 201,433,624
on 04.10.2007 and all of this increase is decided to be financed by equity
items. |
|
|
LIQUIDITY |
|
|
High |
As of 30.09.2007 |
|
PROFITABILITY |
|
|
Profitability was good in 2005 and 2006. The firm which had operating loss,
had high net profitability due to its high amount other income in the first 9
months of 2007 . |
|
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
|
|
Favorable |
Between 01.01-30.09.2007 |
|
GENERAL FINANCIAL POSITION |
|
|
Good |
|
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 105 million may be granted to the subject company. |
|
|
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 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
CONSOLIDATED BALANCE SHEETS
|
|||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
30.9.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
136.358.464 |
|
0,28 |
|
180.163.943 |
|
0,28 |
|
|
|
Cash and Cash Equivalents |
48.777.905 |
|
0,10 |
|
29.320.672 |
|
0,05 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable (net) |
10.604.249 |
|
0,02 |
|
17.888.917 |
|
0,03 |
|
|
|
Due from Related Parties |
41.574.916 |
|
0,08 |
|
55.208.926 |
|
0,08 |
|
|
|
Other Receivable |
111.808 |
|
0,00 |
|
4.770.317 |
|
0,01 |
|
|
|
Inventories |
33.726.911 |
|
0,07 |
|
72.331.405 |
|
0,11 |
|
|
|
Other Current Assets |
1.562.675 |
|
0,00 |
|
643.706 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
358.411.621 |
|
0,72 |
|
470.015.297 |
|
0,72 |
|
|
|
Long-term Receivable |
18.315 |
|
0,00 |
|
24.848 |
|
0,00 |
|
|
|
Financial Assets |
104.567.185 |
|
0,21 |
|
137.975.283 |
|
0,21 |
|
|
|
Tangible Fixed Assets (net) |
253.595.083 |
|
0,51 |
|
330.510.679 |
|
0,51 |
|
|
|
Intangible Assets |
89.787 |
|
0,00 |
|
1.359.598 |
|
0,00 |
|
|
|
Other Non-Current Assets |
141.251 |
|
0,00 |
|
144.889 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
494.770.085 |
|
1,00 |
|
650.179.240 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
67.947.569 |
|
0,14 |
|
105.728.254 |
|
0,16 |
|
|
|
Financial Loans |
37.808.821 |
|
0,08 |
|
53.465.144 |
|
0,08 |
|
|
|
Accounts Payable |
17.671.685 |
|
0,04 |
|
22.178.868 |
|
0,03 |
|
|
|
Due to Related Parties |
7.646.200 |
|
0,02 |
|
18.020.868 |
|
0,03 |
|
|
|
Advances from Customers |
795.596 |
|
0,00 |
|
1.153.066 |
|
0,00 |
|
|
|
Provisions |
1.555.560 |
|
0,00 |
|
3.388.352 |
|
0,01 |
|
|
|
Other Current Liabilities |
2.469.707 |
|
0,00 |
|
7.521.956 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
61.098.009 |
|
0,12 |
|
108.726.736 |
|
0,17 |
|
|
|
Financial Loans |
2.518.569 |
|
0,01 |
|
65.778.970 |
|
0,10 |
|
|
|
Long Term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
15.302.848 |
|
0,03 |
|
15.777.312 |
|
0,02 |
|
|
|
Deferred Tax Liability |
43.276.592 |
|
0,09 |
|
27.170.454 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY OF CONSOLIDATED
FIRMS |
0 |
|
0,00 |
|
8.697.632 |
|
0,01 |
|
|
|
Equity of Consolidated
Firms |
0 |
|
0,00 |
|
8.697.632 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
365.724.507 |
|
0,74 |
|
427.026.618 |
|
0,66 |
|
|
|
Paid-in Capital |
62.630.000 |
|
0,13 |
|
62.630.000 |
|
0,10 |
|
|
|
Reserves |
5.636.075 |
|
0,01 |
|
57.290.319 |
|
0,09 |
|
|
|
Revaulation Fund |
283.230.511 |
|
0,57 |
|
282.247.736 |
|
0,43 |
|
|
|
Accumulated Profits (Losses) |
1.487.365 |
|
0,00 |
|
4.333.841 |
|
0,01 |
|
|
|
Net Profit (loss) |
12.740.556 |
|
0,03 |
|
20.524.722 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
494.770.085 |
|
1,00 |
|
650.179.240 |
|
1,00 |
|
|
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
01.01-30.09.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
335.318.616 |
|
1,00 |
|
415.468.876 |
|
1,00 |
|
337.599.402 |
|
1,00 |
|
|
|
Cost of Goods Sold |
278.134.598 |
|
0,83 |
|
316.616.795 |
|
0,76 |
|
291.137.443 |
|
0,86 |
|
|
|
Gross Profit |
57.184.018 |
|
0,17 |
|
98.852.081 |
|
0,24 |
|
46.461.959 |
|
0,14 |
|
|
|
Operating Expenses |
45.409.149 |
|
0,14 |
|
54.759.183 |
|
0,13 |
|
46.812.557 |
|
0,14 |
|
|
|
Operating Profit |
11.774.869 |
|
0,04 |
|
44.092.898 |
|
0,11 |
|
-350.598 |
|
0,00 |
|
|
|
Other Income |
15.947.331 |
|
0,05 |
|
45.451.955 |
|
0,11 |
|
22.642.137 |
|
0,07 |
|
|
|
Other Expenses |
9.507.078 |
|
0,03 |
|
20.340.992 |
|
0,05 |
|
2.452.280 |
|
0,01 |
|
|
|
Financial Income-Expenses(net) |
-2.639.123 |
|
-0,01 |
|
-9.632.288 |
|
-0,02 |
|
2.172.360 |
|
0,01 |
|
|
|
Profit (loss) of consolidated firms |
0 |
|
0,00 |
|
954.362 |
|
0,00 |
|
1.949.080 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
15.575.999 |
|
0,05 |
|
60.525.935 |
|
0,15 |
|
23.960.699 |
|
0,07 |
|
|
|
Tax |
-2.835.443 |
|
-0,01 |
|
-4.678.064 |
|
-0,01 |
|
-3.435.977 |
|
-0,01 |
|
|
|
Net Profit (loss) |
12.740.556 |
|
0,04 |
|
65.203.999 |
|
0,16 |
|
20.524.722 |
|
0,06 |
|
|
|
FINANCIAL RATIOS
|
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|
|
2005 |
|
|
|
2006 |
|
|
|
01.01-30.09.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,01 |
|
|
|
1,81 |
|
|
|
1,70 |
|
|
|
|
|
Acid-Test Ratio |
1,49 |
|
|
|
1,09 |
|
|
|
1,01 |
|
|
|
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,07 |
|
|
|
0,11 |
|
|
|
0,11 |
|
|
|
|
|
Short-term
Receivable/Total Assets |
0,11 |
|
|
|
0,10 |
|
|
|
0,12 |
|
|
|
|
|
Tangible Assets/Total
Assets |
0,51 |
|
|
|
0,50 |
|
|
|
0,51 |
|
|
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|
|
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TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
8,25 |
|
|
|
4,65 |
|
|
|
4,03 |
|
|
|
|
|
Stockholders' Equity
Turnover |
0,92 |
|
|
|
0,96 |
|
|
|
0,79 |
|
|
|
|
|
Asset Turnover |
0,68 |
|
|
|
0,65 |
|
|
|
0,52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
0,74 |
|
|
|
0,68 |
|
|
|
0,66 |
|
|
|
|
|
Current Liabilities/Total
Assets |
0,14 |
|
|
|
0,16 |
|
|
|
0,16 |
|
|
|
|
|
Financial Leverage |
0,26 |
|
|
|
0,30 |
|
|
|
0,33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders'
Eq. |
0,03 |
|
|
|
0,15 |
|
|
|
0,05 |
|
|
|
|
|
Operating Profit Margin |
0,04 |
|
|
|
0,11 |
|
|
|
0,00 |
|
|
|
|
|
Net Profit Margin |
0,04 |
|
|
|
0,16 |
|
|
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period
(days) |
11,40 |
|
|
|
11,61 |
|
|
|
19,10 |
|
|
|
|
|
Average Payable Period
(days) |
22,87 |
|
|
|
36,24 |
|
|
|
27,42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)