MIRA INFORM REPORT

Report Date :

27.07.2007

IDENTIFICATION DETAILS

Name :	IPEL TEKSTIL SANAYI VE TICARET A.S.

Registered Office :	Hossohbet Sok No:1 D:10 Balmumcu-Istanbul

Country :	Turkey

Date of Incorporation :	08.11.1996

Com. Reg. No.:	355868

Legal Form :	Joint Stock Company

Line of Business :	Trade of yarn

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Status :	Small Company

Payment Behaviour :	Regular

Litigation :	Clear

COMPANY IDENTIFICATION

NAME	:	IPEL TEKSTIL SANAYI VE TICARET A.S.
ADDRESS	:	Head Office: Hossohbet Sok No:1 D:10 Balmumcu-Istanbul / Turkey
PHONE NUMBER	:	90-212-288 45 18
FAX NUMBER	:	90-212-288 50 35

LEGAL STATUS AND HISTORY

TAX OFFICE / NO	:	Mecidiyekoy / 4790052173
REGISTRATION NUMBER	:	355868
REGISTERED OFFICE	:	Istanbul Chamber of Commerce
DATE ESTABLISHED	:	08.11.1996 (Commercial Registry Gazette Date/No:13.11.1996/4165)
LEGAL FORM	:	Joint Stock Company
TYPE OF COMPANY	:	Private
REGISTERED CAPITAL	:	YTL 1,750,000
PAID-IN CAPITAL	:	The paid in capital is declared to be YTL 1,750,000. There is no certification for paid in capital.
HISTORY	:	The registered capital increased to YTL 1,750,000 on 23.10.2001 (Commercial Registry Gazette Date/No:26.10.2001/5412 )

OWNERSHIP / MANAGEMENT

SHAREHOLDERS	:	Mustafa Gokce Savas Vedat Kasuto Mustafa Taylan Mustafa Serdar Dayi Riza Kahraman
SISTER COMPANIES	:	Declared to be: None
GROUP PARENT COMPANY	:	None
BOARD OF DIRECTORS	:	Mustafa Gokce Savas Vedat Kasuto Mustafa Taylan	Chairman Vice-Chairman Member
DIRECTORS	:	Mustafa Gokce Savas Vedat Kasuto

OPERATIONS

BUSINESS ACTIVITIES	:	Trade of yarn
SECTOR	:	Commerce
NUMBER OF EMPLOYEES	:	3
NET SALES	:	n.a.
		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 financial data. As the firm’s shares are not open to public it is not obliged to announce its data.
CAPACITY	:	None
PRODUCTION	:	None
IMPORT VALUE	:	(USD) 5 million 3.5 million	(2006) (01.01-30.06.2007)
IMPORT COUNTRIES	:	Thailand, Indonesia
MERCHANDISE IMPORTED	:	Yarn
PREMISES	:	Head Office: Hossohbet Sok No:1 D:10 Balmumcu-Istanbul
FIXED CAPITAL INVESTMENTS	:	None

COMMERCIAL MORALITY : Good

FINANCE

PAYMENT BEHAVIOUR

According to the official registries between 01.01.2000-15.06.2007, there are no protested bills and non-paid cheques registered in the name of “Ipel Tekstil”

COMMENT ON FINANCIAL POSITION

GENERAL FINANCIAL

POSITION

We are informed that the firm was profitable in 2005.

CREDIT OPINION

CREDIT OPINION WITHOUT OBLIGATION : In view of the lack of detailed financial data, we have no basis to

talk about a business relation without security.

Incr. in producers’ price index

Average YTL/$

Average YTL/EUR

Average YTL/GBP

(2006)

11.58 %

1.4309

1.7987

2.6377

(1.1.-30.06.2007)

2.98 %

1.3733

1.8275

2.7117

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