MIRA INFORM REPORT

 

 

Report Date :

25.05.2007

 

IDENTIFICATION DETAILS

 

Name :

HABAS SINAI VE TIBBI GAZLAR ISTIHSAL ENDUSTRISI A.S.

 

 

Registered Office :

Maltepe Gumussuyu Cad. No:40-42 Topkapi-Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

26.11.1964

 

 

Com. Reg. No.:

88132

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of iron and steel products, industrial and medical gases and chemicals.

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

HABAS SINAI VE TIBBI GAZLAR ISTIHSAL ENDUSTRISI A.S.

ADDRESS

:

Registered Head Office & Factory: Maltepe Gumussuyu Cad. No:40-42 Topkapi-Istanbul/Turkey

General Directorate: Fuat Pasa Cad. No: 26 Soganli Kartal-Istanbul-Turkey

PHONE NUMBER

:

90-212-254 68 00 (Registered Head Office & Factory)

90-216-452 56 00 (General Directorate)

FAX NUMBER

:

90-212-253 96 87 (Registered Head Office & Factory)

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE / NO

:

Buyuk Mukellefler / 4540009475

 

REGISTRATION NUMBER

:

88132

 

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

 

DATE ESTABLISHED

:

26.11.1964

 

LEGAL FORM

:

Joint Stock Company

 

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

YTL 19,000,000

 

PAID-IN CAPITAL

:

The subject has declared that the paid-in capital is YTL 19,000,000 now. However there is no certification for the paid-in capital.

 

HISTORY

:

 

 

 

 

Previous Registered

Capital

:YTL 7,100,000

 

 

Regist. Capital Changed on

: 13.03.2001 (Commercial Registry Gazette

 Date/No: 16.03.2001/5254)

 

 

 

Previous Registered

Capital

:YTL 10,000,000

 

 

Regist. Capital Changed on

:07.11.2002 (Commercial Registry Gazette

 Date/No: 12.11.2002/5675)

 

 

Previous General

Directorate Address

:Bahriye Cad. No: 199 Kasimpasa-Istanbul

 

 

General Directorate

Address Changed On

:2003

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mehmet Rustu Basaran

Basaran Holding A.S.

Aysel Basaran

Gulsel Altintug

Erol Altintug

Fikriye Filiz Haseski

 

GROUP

 

:

Habas Group

 

Main companies operating within the group are declared to be as follows:

 

Pegagaz A.S

Mertas Turizm-Denizcilik Isletmeciligi Nakliyat ve Ticaret A.S

Basaran Holding A.S

Habel Sinai ve Tibbi Gazlar Istihsal Endustrisi A.S

Habas Petrol Urunleri Sanayi ve Ticaret A.S

Mer-yat Turizm Isletmeciligi Sanayi ve Ticaret Ltd Sti

Habas Endustri Tesisleri A.S.

Anadolubank AS

Klasik Motor Sanayi ve Ticaret Ltd Sti

Z-Moto Motorlu Araclar Ticaret A.S.

Habas Elektrik Uretim AS

Anadolu Finansal Kiralama AS

Anadolu Faktoring Hizmetleri AS

 

BOARD OF DIRECTORS

:

Mehmet Rustu Basaran

Aysel Basaran

Gulsel Altintug

M. Naim Kilicoglu

Chairman

Vice-Chairman

Member

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of iron and steel products, industrial and medical gases and chemicals.

 

 

TRADEMARK(S)

:

“Habas”

 

NUMBER OF EMPLOYEES

:

1,322

 

 

NET SALES

:

(YTL Thousand)

 

  26,707

  54,958

  90,009

 131,412

 207,150

395,922

581,900

803,379

1,419,796

1,328,755

 

 

 

(1996)

(1997)

(1998)

(1999)

(2000)

(2001)

(2002)

(2003)

(2004)

(2005)

 

 

 

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT VALUE

:

USD 295 million

USD 653 million

USD 579 million

(2003)

(2004)

(2005)

 

IMPORT COUNTRIES

:

USA, Europe, Russia

 

 

MERCHANDISE IMPORTED

 

:

Chemicals, raw materials, scrap…

 

EXPORT VALUE

:

USD 244,158,000

USD 352,257,000

USD 671,725,000

USD 625,531,000

 

(2002)

(2003)
(2004)

(2005)

 

EXPORT COUNTRIES

 

:

Albania, Algeria, Canada, Egypt, Germany, Georgia, UK, Greece, Ireland, Italy, Kuwait, Spain, USA…

 

 

MERCHANDISE EXPORTED

 

:

Iron and steel products, chemicals, hydrogen, nitrogen, oxygen…

 

PREMISES

 

 

 

 

 

 

 

 

 

:

Registered Head Office & Factory: Maltepe Gumussuyu Cad. No:40-42 Topkapi-Istanbul (manufacture of chemical gases)

 

General Directorate: Fuat Pasa Cad. No: 26 Soganli Kartal-Istanbul-Turkey

 

There are also facilities located at :

 

-Yakacik Yolu Uzeri Tas ocaklari Mevki Kartal-Istanbul

 

-Uzunciftlik Ankara Asfalti Yani Kosekoy/Izmit (manufacture of chemical gases such as hydrogen, oxygen, argon, nitrogen, gas mixtures)

 

-Bilecik (manufacture of chemical gases such as hydrogen, liquid oxygen, liquid nitrogen, gas nitrogen, liquid argon, gas mixtures)

 

- Aliaga / Izmir (manufacture of iron and steel)

 

-Saraykoy-Ankara

 

-Yeniceabat-Bursa

 

-Elazig

 

-Semikler-Denizli

 

-Sultankoy-Tekirdag

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2004 but there was a decline at business volume in nominal terms in 2005.

COMMERCIAL MORALITY

:

Good

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKERS

:

Anadolubank Merkez branch in Istanbul

Yapi ve Kredi Bankasi Galata branch in Istanbul

 

PAYMENT BEHAVIOR

:

Prompt; banks report satisfactory experiences.

 

According to the official registries between 01.01.2000-15.04.2007, there are no protested bills and non-paid cheques registered in the name of “Habas Sinai”.

 

KEY FINANCIAL ELEMENTS  

:

 

 

 

 

Net Sales

Profit (Loss) Before Tax

Stockholders’ Equity

Total Assets

 

(YTL Thousand)

2001

 

395,922

15,027

65,064

282,967

(YTL Thousand

2002

 

581,900

12,276

104,242

386,610

 

(YTL Thousand 2003

 

803,379

  19,115

143,909

503,429

 

 

 

 

 

 

Net Sales

Profit (Loss) Before Tax

Stockholders’ Equity

Total Assets

(YTL Thousand)

2004

 

1,419,796

53,502

340,361

867,923

(YTL Thousand)

2005

 

1,328,755

38,411

373,070

817,508

 

 

COMMENT ON FINANCIAL POSITION

 

 

FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES)

 

In order

 

As of 31.12.2005

PROFITABILITY

 

Low

 

In 2005

GENERAL FINANCIAL

POSITION

 

Capitalization was in order but profitability was low in 2005.

 

 

CREDIT OPINION

 

CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of EUR 35 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.-30.04.2007)

2.69 %

1.3922

1.8451

2.7411

 

 

 

 

 

                                           

 

 

 

 

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

 

 

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