MIRA INFORM REPORT

 

 

Report No. :

304383

Report Date :

23.01.2015

 

IDENTIFICATION DETAILS

 

Name :

SODA SANAYII A.S.

 

 

Registered Office :

Is Kuleleri Kule-3 4.Levent 34330 Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2014

 

 

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.

 

 

No. of Employee :

1.559

 

 

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

 

Status :

Good

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

SODA SANAYII A.S.

HEAD OFFICE ADDRESS

:

Is Kuleleri Kule-3 4.Levent 34330 Istanbul / Turkey

PHONE NUMBER

:

90-212-350 50 50

 

FAX NUMBER

:

90-212-350 58 60

 

WEB-ADDRESS

:

www.sodakrom.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

7720023498

REGISTRATION NUMBER

:

495852

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.10.1969

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   1.000.000.000

PAID-IN CAPITAL

:

TL   503.000.000

HISTORY

:

Other Changes

:

The company was firstly established in Mersin and registered at Mersin Commercial Registry under the reg. no:2702.Then it moved to Istanbul and registered at Istanbul Commercial Registry under the reg. no:495852-443434.

Changed On

:

21.04.2003 (Commercial Gazette Date /Number 25.04.2003/ 5785)

Other Changes

:

The paid-in capital was increased from TL 62.630.000 to TL 201.433.624.

Changed On

:

04.10.2007 (Commercial Gazette Date /Number 09.10.2007/ 6912)

Other Changes

:

The authorized capital was increased to TL 500.000.000.

Changed On

:

24.04.2008 (Commercial Gazette Date /Number 29.04.2008/ 7051)

Other Changes

:

The paid-in capital was increased from TL 201.433.624 to TL 209.490.969.

Changed On

:

18.07.2008 (Commercial Gazette Date /Number 23.07.2008/ 7111)

Other Changes

:

The paid-in capital was increased from TL 209.490.969 to TL 231.000.000.

Changed On

:

12.06.2009 (Commercial Gazette Date /Number 17.06.2009/ 7334)

Other Changes

:

The paid-in capital was increased from TL 231.000.000 to TL 254.100.000.

Changed On

:

03.06.2010 (Commercial Gazette Date /Number 08.06.2010/ 7580)

Other Changes

:

The paid-in capital was increased from TL 254.100.000 to TL 368.792.022.

Changed On

:

20.06.2012 (Commercial Gazette Date /Number 26.06.2012/ 8098)

Other Changes

:

The paid-in capital was increased from TL 368.796.022 to TL 425.000.000.

Changed On

:

02.11.2012 (Commercial Gazette Date /Number 08.11.2012/ 8189)

Other Changes

:

The authorized capital was increased from TL 500.000.000 to TL 1.000.000.000.

Changed On

:

24.01.2013 (Commercial Gazette Date /Number 30.01.2013/ 8247)

Other Changes

:

The paid-in capital was increased from TL 425.000.000 to TL 457.000.000

Changed On

:

28.06.2013 (Commercial Gazette Date /Number 04.07.2013/ 8356)

Other Changes

:

The paid-in capital was increased from TL 457.000.000 to TL 503.000.000.

Changed On

:

26.06.2014 (Commercial Gazette Date /Number 02.07.2014/ 8603)

 

 

OWNERSHIP / MANAGEMENT

 

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

Turkiye Sise ve Cam Fabrikalari A.S.

61 %

Open to public

10,30 %

Others

28,70 %

 

 

REMARKS ON SHAREHOLDERS

:

Turkiye Sise ve Cam Fabrikalari A.S. is a large and reputable company which is the parent company of "Sisecam" group of companies. 

 

GROUP PARENT COMPANY

:

TURKIYE SISE VE CAM FABRIKALARI A.S.

 

SISTER COMPANIES

:

ANADOLU CAM ESKISEHIR SANAYI A.S.

ANADOLU CAM SANAYII A.S.

ANADOLU CAM YENISEHIR SANAYI A.S.

ASMAS AGIR SANAYI MAKINALARI A.S.

AUTOMOTIVE GLASS ALLIANCE RUS ZAO

AVEA ILETISIM HIZMETLERI 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.

CAMIS RUS ZAO

CAYIROVA CAM SANAYII A.S.

CROMITAL S.P.A.

DENIZLI CAM SANAYI VE TICARET A.S.

DOST GAZ DEPOLAMA A.S.

GLASS CORP S.A.

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 GLAS GMBH

PASABAHCE MAGAZALARI A.S.

PASABAHCE MAGAZALARI B.V.

PASABAHCE USA INC

PASABAHCE YATIRIM VE PAZARLAMA A.S.

POSUDA LIMITED

RUSCAM LTD

SAINT GOBAIN GLASS EGYPT SAE

SISECAM (SHANGHAI) TRADING CO. LTD.

SISECAM BULGARIA LTD

SISECAM DIS TICARET A.S.

SISECAM SIGORTA ARACILIK HIZMETLERI A.S.

SISECAM SODA LUKAVAC D.O.O.

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 GLASS RUS ZAO

TRAKYA INVESTMENT B.V.

TRAKYA POLATLI CAM SANAYII A.S.

TRAKYA YENISEHIR CAM SANAYII A.S.

TRSG AUTOGLASS HOLDING BV

TRSG GLASS HOLDING BV

TURKIYE SISE VE CAM FABRIKALARI A.S.

 

BOARD OF DIRECTORS

:

Tahsin Burhan Ergene

Chairman

Soner Benli

Vice-Chairman

Uzeyir Baysal

Member

Zeynep Hansu Ucar

Member

Cihan Sirmatel

Member

Prof. Dr. Halil Ercument Erdem

Member

 

 

DIRECTORS

:

 

Mehmet Gurbuz                                                                                                                                                                                                                                                                                   

General Manager

Hidayet Ozdemir                                                                                                                                                                                                                                                                                   

Deputy General Manager

 

 

OPERATIONS

 

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of sodium carbonate, sodium bicarbonate, sodium dichromate, sodium sulphate, basic chromium sulphate, resintan, chromic acid. 

 

The production license has been given to the subject company for the cogeneration by Energy Market Regulatory Authority on 15.03.2012. On 17.05.2012 the cogeneration power plant of Camis Elektrik Uretim A.S was transferred to the subject company by the partial division of Camis Elektrik Uretim A.S. So electricity generation and steam production started in  2012. 

 

NACE CODE

:

DG.24.13

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

1.559

 

REMARKS ON NUMBER OF EMPLOYEES

:

The number of employees is consolidated.

 

 

NET SALES

:

21.349.699 TL

(1997) 

37.008.733 TL

(1998) 

62.140.299 TL

(1999) 

101.905.685 TL

(2000) 

204.448.664 TL

(2001) 

270.166.841 TL

(2002) 

275.642.783 TL

(2003) 

306.842.269 TL

(2004) 

335.318.616 TL

(2005) 

415.468.876 TL

(2006) 

456.563.091 TL

(2007) 

647.267.956 TL

(2008) 

623.445.243 TL

(2009) 

660.193.700 TL

(2010) 

871.842.188 TL

(2011) 

1.182.484.827 TL

(2012) 

1.403.899 TL Thousand

(2013) 

1.185.488 TL Thousand

(01.01-30.09.2014) 

 

 

PRODUCTION

:

Soda and Chrome  ( ton )

Electricity generation 

( kilowatt )

 

 

 

1.786.104

1.402.898

(01.01-30.09.2014)

 

 

 

 

 

IMPORT VALUE

:

36.369.267 USD

(2007)

176.067.223 TL

(2008)

110.050.427 TL

(2009)

141.613.857 TL

(2010)

191.057.429 TL

(2011)

169.312.476 TL

(2012)

131.387.080 TL

(2013)

70.688 TL Thousand

(01.01-30.09.2014)

 

 

IMPORT COUNTRIES

:

Germany

France

Spain

 

MERCHANDISE IMPORTED

:

Intermediary goods

Sulphide

 

EXPORT VALUE

:

57.974.353 USD

(1998)

80.018.099 USD

(1999)

73.189.294 USD

(2000)

74.686.863 USD

(2001)

84.040.535 USD

(2002)

84.840.702 USD

(2003)

96.634.470 USD

(2004)

117.886.103 USD

(2005)

197.038.194 TL

(2006)

236.587.586 TL

(2007)

318.283.764 TL

(2008)

364.918.054 TL

(2009)

430.836.120 TL

(2010)

580.915.295 TL

(2011)

496.301.896 TL

(2012)

533.511.443 TL

(2013)

414.343 TL Thousand

(01.01-30.09.2014)

 

 

EXPORT COUNTRIES

:

Free Zone

Russia

Belgium

Italy

Germany

Bosnia and Herzegovina

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Is Kuleleri Kule-3 4.Levent 34330  Istanbul / Turkey

 

BRANCHES

:

Factory  :  Kazanli Bucagi Yani PK 654 33004 Mersin/Turkey

 

Factory  :  Kazanli Bucagi Yani PK 421 33003 Mersin/Turkey

 

Power Plant  :  Cogeneration Power Plant Kazanli Bucagi Yani P.K. 654 33004 Mersin/Turkey

                                                                                

INVESTMENTS

:

Investments are going on.

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013. There appears an upwards trend in  1.1 - 30.9.2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Macka Kurumsal Branch

T. Halk Bankasi Mecidiyekoy Branch

T. Is Bankasi Mersin Branch

Turk Ekonomi Bankasi Gayrettepe Branch

Yapi ve Kredi Bankasi Maslak 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

:

 

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

Net Sales

660.193.700

871.842.188

1.182.484.827

1.403.899

1.185.488

Profit (Loss) Before Tax

90.412.525

217.023.021

140.375.965

239.090

274.582

Stockholders' Equity

615.423.055

797.974.827

997.842.272

1.236.389

1.425.735

Total Assets

944.769.329

1.224.793.667

1.427.566.651

1.780.466

1.929.769

Current Assets

354.453.868

521.846.318

548.493.598

800.251

955.826

Non-Current Assets

590.315.461

702.947.349

879.073.053

980.215

973.943

Current Liabilities

169.969.381

266.355.529

322.185.975

287.945

247.250

Long-Term Liabilities

159.376.893

160.463.311

107.538.404

256.132

256.784

Gross Profit (loss)

153.478.383

250.426.447

242.905.280

288.435

304.656

Operating Profit (loss)

84.947.415

170.396.853

140.034.988

236.123

245.549

Net Profit (loss)

69.474.703

184.551.444

131.022.198

205.820

235.905

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 30.09.2014

Liquidity

High As of 30.09.2014

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability  in 2013

High Net Profitability  in 2013

High Operating Profitability (01.01-30.09.2014)

High Net Profitability (01.01-30.09.2014)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2014

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

 

BALANCE SHEETS

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 30.09.2014 )  TL Thousand

 

CURRENT ASSETS

354.453.868

0,38

521.846.318

0,43

548.493.598

0,38

800.251

0,45

955.826

0,50

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

139.446.225

0,15

197.145.157

0,16

167.092.092

0,12

224.011

0,13

469.524

0,24

Marketable Securities

0

0,00

0

0,00

0

0,00

751

0,00

739

0,00

Account Receivable

110.748.287

0,12

169.506.594

0,14

207.950.333

0,15

251.538

0,14

239.761

0,12

Other Receivable

17.420.442

0,02

36.350.606

0,03

8.394.380

0,01

149.056

0,08

73.765

0,04

Inventories

67.211.298

0,07

92.059.683

0,08

120.310.094

0,08

136.768

0,08

126.419

0,07

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

19.627.616

0,02

26.784.278

0,02

44.746.699

0,03

38.127

0,02

45.618

0,02

NON-CURRENT ASSETS

590.315.461

0,62

702.947.349

0,57

879.073.053

0,62

980.215

0,55

973.943

0,50

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

61.564

0,00

106.668

0,00

6.328.902

0,00

173

0,00

143

0,00

Financial Assets

164.753.265

0,17

29.130.519

0,02

178.198.252

0,12

224.19

0,13

225.85

0,12

Tangible Fixed Assets (net)

421.203.976

0,45

655.576.445

0,54

664.381.645

0,47

733.801

0,41

703.233

0,36

Intangible Assets

2.540.298

0,00

6.661.850

0,01

7.065.732

0,00

8.038

0,00

7.448

0,00

Deferred Tax Assets

31

0,00

414.028

0,00

2.792.721

0,00

8.267

0,00

8.178

0,00

Other Non-Current Assets

1.756.327

0,00

11.057.839

0,01

20.305.801

0,01

5.746

0,00

29.091

0,02

TOTAL ASSETS

944.769.329

1,00

1.224.793.667

1,00

1.427.566.651

1,00

1.780.466

1,00

1.929.769

1,00

CURRENT LIABILITIES

169.969.381

0,18

266.355.529

0,22

322.185.975

0,23

287.945

0,16

247.25

0,13

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

59.071.903

0,06

62.583.747

0,05

88.311.793

0,06

85.231

0,05

63.981

0,03

Accounts Payable

48.059.675

0,05

88.213.109

0,07

149.897.119

0,11

146.863

0,08

136.765

0,07

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

34.978.548

0,04

75.041.472

0,06

51.864.398

0,04

22.319

0,01

14.821

0,01

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

7.057.488

0,01

8.319.573

0,01

2.848.374

0,00

10.151

0,01

12.909

0,01

Provisions

4.193.234

0,00

6.396.322

0,01

4.605.928

0,00

6.513

0,00

6.531

0,00

Other Current Liabilities

16.608.533

0,02

25.801.306

0,02

24.658.363

0,02

16.868

0,01

12.243

0,01

LONG-TERM LIABILITIES

159.376.893

0,17

160.463.311

0,13

107.538.404

0,08

256.132

0,14

256.784

0,13

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

121.821.736

0,13

134.051.113

0,11

86.700.289

0,06

231.905

0,13

234.447

0,12

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

382.609

0,00

150.231

0,00

173

0,00

922

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

18.955.542

0,02

6.656.489

0,01

0

0,00

0

0,00

0

0,00

Provisions

18.599.615

0,02

19.373.100

0,02

20.687.884

0,01

24.054

0,01

21.415

0,01

STOCKHOLDERS' EQUITY

615.423.055

0,65

797.974.827

0,65

997.842.272

0,70

1.236.389

0,69

1.425.735

0,74

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

254.100.000

0,27

254.100.000

0,21

425.000.000

0,30

457

0,26

503

0,26

Cross Shareholding Adjustment of Capital

0

0,00

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

0

0,00

Equity of Consolidated Firms

5.467.744

0,01

7.600.822

0,01

8.789.655

0,01

15.377

0,01

0

0,00

Reserves

273.032.913

0,29

350.197.837

0,29

430.599.797

0,30

560.164

0,31

669.852

0,35

Revaluation Fund

13.347.695

0,01

1.524.724

0,00

2.430.622

0,00

-1.972

0,00

16.978

0,01

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

69.474.703

0,07

184.551.444

0,15

131.022.198

0,09

205.82

0,12

235.905

0,12

TOTAL LIABILITIES AND EQUITY

944.769.329

1,00

1.224.793.667

1,00

1.427.566.651

1,00

1.780.466

1,00

1.929.769

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of 2013 of "SODA SANAYII A.S." have been prepared by the consolidation of the financial statements of the following firms: "Sisecam Soda Lukavac D.O.O. (89,30 %)", "Asmas Agir Sanayi Makinalari A.S. (84,98%)", "Sisecam Bulgaria Ltd. (100%)", "Oxyvit Kimya Sanayi ve Ticaret A.S. (44%)", "Solvay Sisecam Holding AG. (25%)", "Cromital S.p.A. (99,50 %)", "Sisecam Chem Investment BV (99,46 %), "Dost Gaz Depolama A.S (84,94 %)". 

 

The financial statements of 01.01.-30.09.2014 of "SODA SANAYII A.S." have been prepared by the consolidation of the financial statements of the following firms: "Sisecam Soda Lukavac D.O.O. (89,30 %)", "Sisecam Bulgaria Ltd. (100%)", "Oxyvit Kimya Sanayi ve Ticaret A.S. (44%)", "Solvay Sisecam Holding AG. (25%)", "Cromital S.p.A. (99,50 %)", "Sisecam Chem Investment BV (99,46 %),.

 

 

INCOME STATEMENTS

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

660.193.700

1,00

871.842.188

1,00

1.182.484.827

1,00

1.403.899

1,00

1.185.488

1,00

Cost of Goods Sold

506.715.317

0,77

621.415.741

0,71

939.579.547

0,79

1.115.464

0,79

880.832

0,74

Gross Profit

153.478.383

0,23

250.426.447

0,29

242.905.280

0,21

288.435

0,21

304.656

0,26

Operating Expenses

68.530.968

0,10

80.029.594

0,09

102.870.292

0,09

52.312

0,04

59.107

0,05

Operating Profit

84.947.415

0,13

170.396.853

0,20

140.034.988

0,12

236.123

0,17

245.549

0,21

Other Income

48.484.505

0,07

106.848.033

0,12

55.058.810

0,05

57.821

0,04

92.56

0,08

Other Expenses

0

0,00

0

0,00

0

0,00

0

0,00

27

0,00

Financial Expenses

45.805.599

0,07

60.819.942

0,07

53.832.371

0,05

52.628

0,04

61.406

0,05

Minority Interests

2.786.204

0,00

598.077

0,00

-885.462

0,00

-2.226

0,00

-2.094

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

90.412.525

0,14

217.023.021

0,25

140.375.965

0,12

239.09

0,17

274.582

0,23

Tax Payable

20.937.822

0,03

44.063.387

0,05

21.259.125

0,02

38.494

0,03

38.772

0,03

Postponed Tax Gain

0

0,00

11.591.810

0,01

11.905.358

0,01

5.224

0,00

95

0,00

Net Profit (loss)

69.474.703

0,11

184.551.444

0,21

131.022.198

0,11

205.82

0,15

235.905

0,20

 

 

FINANCIAL RATIOS

 

-2010

-2011

-2012

-2013

(01.01-30.09.2014)

LIQUIDITY RATIOS

 

Current Ratio

2,09

1,96

1,70

2,78

3,87

Acid-Test Ratio

1,57

1,51

1,19

2,17

3,17

Cash Ratio

0,82

0,74

0,52

0,78

1,90

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,07

0,08

0,08

0,08

0,07

Short-term Receivable/Total Assets

0,14

0,17

0,15

0,22

0,16

Tangible Assets/Total Assets

0,45

0,54

0,47

0,41

0,36

TURNOVER RATIOS

 

Inventory Turnover

7,54

6,75

7,81

8,16

6,97

Stockholders' Equity Turnover

1,07

1,09

1,19

1,14

0,83

Asset Turnover

0,70

0,71

0,83

0,79

0,61

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,65

0,65

0,70

0,69

0,74

Current Liabilities/Total Assets

0,18

0,22

0,23

0,16

0,13

Financial Leverage

0,35

0,35

0,30

0,31

0,26

Gearing Percentage

0,54

0,53

0,43

0,44

0,35

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,11

0,23

0,13

0,17

0,17

Operating Profit Margin

0,13

0,20

0,12

0,17

0,21

Net Profit Margin

0,11

0,21

0,11

0,15

0,20

Interest Cover

2,97

4,57

3,61

5,54

5,47

COLLECTION-PAYMENT

 

Average Collection Period (days)

60,42

70,04

65,24

64,55

72,85

Average Payable Period (days)

34,14

51,33

57,49

47,45

56,27

WORKING CAPITAL

184484487,00

255490789,00

226307623,00

512306,00

708576,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.69

UK Pound

1

Rs.93.32

Euro

1

Rs.71.48

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

DPT

 

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.