MIRA INFORM REPORT

 

 

Report Date :           

21.06.2011

 

IDENTIFICATION DETAILS

 

Name :

SISECAM DIS TICARET A.S.

 

 

Registered Office :

Istiklal Caddesi Terkos Cikmazi Sok. No:2 Beyoglu 34430 Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.04.2007

 

 

Com. Reg. No.:

623660

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

The subject performs the foreign trade activities of Sisecam group

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

1.525.000 USD

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

SISECAM DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Istiklal Caddesi Terkos Cikmazi Sok. No:2 Beyoglu 34430 Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "314" to "2" by the Municipality.

PHONE NUMBER

:

90-212-313 47 00

 

FAX NUMBER

:

90-212-313 48 04

90-212-313 48 05

 

WEB-ADDRESS

:

www.sisecam.com.tr

E-MAIL

:

 internet@sisecam.com  

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

8140456810

REGISTRATION NUMBER

:

623660

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.04.2007

ESTABLISHMENT GAZETTE DATE/NO

:

27.04.2007/6796

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

19.03.2008 (Commercial Gazette Date /Number 24.03.2008/ 7026)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Turkiye Sise ve Cam Fabrikalari A.S.

99,80 %

Camis Madencilik A.S.

 

Sisecam Sigorta Aracilik Hizmetleri A.S.

 

Pasabahce Cam Sanayi Ve Ticaret A.S.

 

Cam Elyaf Sanayi A.S.

 

 

 

GROUP PARENT COMPANY

:

TURKIYE SISE VE CAM FABRIKALARI A.S.

 

SISTER COMPANIES

:

ANADOLU CAM SANAYII A.S.

ANADOLU CAM YENISEHIR SANAYI A.S.

ASMAS AGIR SANAYI MAKINALARI A.S.

CAM ELYAF SANAYII A.S.

CAMIS AMBALAJ SANAYI A.S.

CAMIS EGYPT MINING LTD CO

CAMIS ELEKTRIK URETIM A.S.

CAMIS LIMITED

CAMIS MADENCILIK A.S.

CAM-SER MADENCILIK A.S.

CAYIROVA CAM SANAYII A.S.

CROMITAL S.P.A.

DENIZLI CAM SANAYI VE TICARET A.S.

MADENCILIK SANAYI VE TICARET A.S.

OMCO ISTANBUL KALIP SANAYI VE TICARET A.S.

OXYVIT KIMYA SANAYI VE TICARET A.S.

PASABAHCE CAM SANAYII VE TICARET A.S.

PASABAHCE ESKISEHIR CAM SANAYI VE TICARET A.S.

PASABAHCE GLAS GMBH

PASABAHCE MAGAZALARI A.S.

POSUDA LIMITED

RUSCAM LTD

SINTAN KIMYA SANAYII VE TCARET A.S.

SISECAM (SHANGHAI) TRADING CO. LTD.

SISECAM BULGARIA LTD

SISECAM SIGORTA ARACILIK HIZMETLERI A.S.

SISECAM SODA LUKAVAC D.O.O.

SODA SANAYII A.S.

SOLVAY SISECAM HOLDING AG

TRAKYA CAM INVESTMENT B.V.

TRAKYA CAM SANAYII A.S.

TRAKYA GLASS BULGARIA EAD

TRAKYA GLASS KUBAN OOO

TRAKYA GLASS LOGISTICS EAD

TRAKYA INVESTMENT B.V.

TRAKYA POLATLI CAM SANAYII A.S.

TRAKYA YENISEHIR CAM SANAYII A.S.

TURKIYE SISE VE CAM FABRIKALARI A.S.

 

SUBSIDIARIES

:

CAMIS MADENCILIK A.S.

TRAKYA POLATLI CAM SANAYII A.S.

 

BOARD OF DIRECTORS

:

Ibrahim Babayigit

Chairman

Aytac Saniye Mutluguller

Vice-Chairman

Asuman Akman

Member

Mediha Ine

Member

Mufit Ozkara

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

The subject performs the foreign trade activities of Sisecam group. 

 

NACE CODE

:

G.51.19

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

38

 

NET SALES

:

489.519.751 TL

(20.04-31.12.2007) 

1.142.609.915 TL

(2008) 

1.140.871.149 TL

(2009) 

1.257.250.318 TL

(2010) 

359.891.808 TL

(01.01-31.03.2011) 

 

 

IMPORT COUNTRIES

:

South Africa

 

MERCHANDISE IMPORTED

:

Chromite

 

EXPORT VALUE

:

476.184.208 TL

(20.04-31.12.2007)

1.104.017.664 TL

(2008)

1.088.994.044 TL

(2009)

1.192.787.196 TL

(2010)

340.993.264 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Bulgaria

Czech Republic

 

 

MERCHANDISE  EXPORTED

:

Plate

Sheet

Synthetic rubber

 

HEAD OFFICE ADDRESS

:

Istiklal Caddesi Terkos Cikmazi Sok. No:2 Beyoglu 34430  Istanbul / Turkey  (owned by shareholder(s))

 

 

 

TREND OF BUSINESS

:

Trend of business was steady in  2010.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Turkiye Is Bankasi Istanbul Kurumsal Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

 

Net Sales

1.142.609.915

1.140.871.149

1.257.250.318

359.891.808

 

Profit (Loss) Before Tax

3.737.593

-41.015

2.272.523

1.227.510

 

Stockholders' Equity

9.671.789

6.880.774

9.153.297

 

 

Total Assets

548.486.696

489.629.156

295.517.746

 

 

Current Assets

548.371.701

489.510.503

295.403.041

 

 

Non-Current Assets

114.995

118.653

114.705

 

 

Current Liabilities

538.735.657

482.590.025

286.130.302

 

 

Long-Term Liabilities

79.250

158.357

234.147

 

 

Gross Profit (loss)

35.107.856

39.859.599

45.376.365

10.716.868

 

Operating Profit (loss)

1.769.657

1.412.760

2.012.105

720.988

 

Net Profit (loss)

3.737.593

-41.015

2.272.523

1.227.510

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Remarks on General Financial Position

Fair; As the firm buys and exports the products mainly of Sisecam Group the accounts payable mainly consists of the debts to the group companies and as the subject company exports the products mainly of group companies, it buys the products nearly at the export price so the gross profit margin of the company was low due to high cost of goods sold. 

 

Liquidity was good.

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.525.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-31.05.2011)

6,20 %

1,5693

2,2036

2,5324

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

548.371.701

1,00

489.510.503

1,00

295.403.041

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

76.046.765

0,14

18.588.011

0,04

9.473.091

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

204.474.266

0,37

220.017.008

0,45

232.217.028

0,79

Other Receivable

266.816.109

0,49

250.807.582

0,51

53.674.761

0,18

Inventories

0

0,00

0

0,00

0

0,00

Advances Given

0

0,00

40.442

0,00

15.516

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.034.561

0,00

57.460

0,00

22.645

0,00

NON-CURRENT ASSETS

114.995

0,00

118.653

0,00

114.705

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

102

0,00

102

0,00

102

0,00

Financial Assets

2.500

0,00

2.500

0,00

2.848

0,00

Tangible Fixed Assets (net)

97.391

0,00

110.464

0,00

89.587

0,00

Intangible Assets

11.236

0,00

5.587

0,00

22.168

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

3.766

0,00

0

0,00

0

0,00

TOTAL ASSETS

548.486.696

1,00

489.629.156

1,00

295.517.746

1,00

CURRENT LIABILITIES

538.735.657

0,98

482.590.025

0,99

286.130.302

0,97

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

313.992.487

0,57

236.452.043

0,48

24.366.735

0,08

Accounts Payable

206.437.095

0,38

222.743.585

0,45

234.215.515

0,79

Loans from Shareholders

583.253

0,00

6.835.592

0,01

935.496

0,00

Other Short-term Payable

12.124.926

0,02

10.988.896

0,02

24.325.651

0,08

Advances from Customers

536.195

0,00

2.469.904

0,01

924.616

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

141.375

0,00

1.838.997

0,00

277.052

0,00

Provisions

4.665.270

0,01

785.484

0,00

459.972

0,00

Other Current Liabilities

255.056

0,00

475.524

0,00

625.265

0,00

LONG-TERM LIABILITIES

79.250

0,00

158.357

0,00

234.147

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

79.250

0,00

158.357

0,00

234.147

0,00

STOCKHOLDERS' EQUITY

9.671.789

0,02

6.880.774

0,01

9.153.297

0,03

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

5.000.000

0,01

5.000.000

0,01

5.000.000

0,02

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

934.196

0,00

1.921.789

0,00

1.921.789

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

-41.015

0,00

Net Profit (loss)

3.737.593

0,01

-41.015

0,00

2.272.523

0,01

TOTAL LIABILITIES AND EQUITY

548.486.696

1,00

489.629.156

1,00

295.517.746

1,00

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

1.142.609.915

1,00

1.140.871.149

1,00

1.257.250.318

1,00

359.891.808

1,00

Cost of Goods Sold

1.107.502.059

0,97

1.101.011.550

0,97

1.211.873.953

0,96

349.174.940

0,97

Gross Profit

35.107.856

0,03

39.859.599

0,03

45.376.365

0,04

10.716.868

0,03

Operating Expenses

33.338.199

0,03

38.446.839

0,03

43.364.260

0,03

9.995.880

0,03

Operating Profit

1.769.657

0,00

1.412.760

0,00

2.012.105

0,00

720.988

0,00

Other Income

10.540.796

0,01

8.300.340

0,01

4.989.691

0,00

1.184.861

0,00

Other Expenses

3.099.177

0,00

4.455.508

0,00

3.058.048

0,00

248.011

0,00

Financial Expenses

5.473.683

0,00

5.298.607

0,00

1.671.225

0,00

430.328

0,00

Minority Interests

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

Profit (loss) Before Tax

3.737.593

0,00

-41.015

0,00

2.272.523

0,00

1.227.510

0,00

Tax Payable

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

Net Profit (loss)

3.737.593

0,00

-41.015

0,00

2.272.523

0,00

1.227.510

0,00

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,02

1,01

1,03

Acid-Test Ratio

1,02

1,01

1,03

Cash Ratio

0,14

0,04

0,03

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,00

0,00

Short-term Receivable/Total Assets

0,86

0,96

0,97

Tangible Assets/Total Assets

0,00

0,00

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

 

 

 

Stockholders' Equity Turnover

118,14

165,81

137,35

Asset Turnover

2,08

2,33

4,25

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,02

0,01

0,03

Current Liabilities/Total Assets

0,98

0,99

0,97

Financial Leverage

0,98

0,99

0,97

Gearing Percentage

55,71

70,16

31,29

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,39

-0,01

0,25

Operating Profit Margin

0,00

0,00

0,00

Net Profit Margin

0,00

0,00

0,00

Interest Cover

1,68

0,99

2,36

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

64,42

69,43

66,49

Average Payable Period (days)

67,10

72,83

69,58

WORKING CAPITAL

9636044,00

6920478,00

9272739,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.99

UK Pound

1

Rs.72.60

Euro

1

Rs.64.01

 

 

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

----

 

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.