MIRA INFORM REPORT

Report Date :

13.06.2007

IDENTIFICATION DETAILS

Name :	BEYMERSAN MERMER SANAYI A.S.

Registered Office :	Beylikduzu Mermer Sanayicileri Sitesi 2.Cad No:9 Buyukcekmece-Istanbul

Country :	Turkey

Date of Incorporation :	28.01.1992

Com. Reg. No.:	244-4

Legal Form :	Joint Stock Company

Line of Business :	Manufacture and trade of marble.

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 :	Unknown

Litigation :	Clear

COMPANY IDENTIFICATION

NAME	:	BEYMERSAN MERMER SANAYI A.S.
ADDRESS	:	Head Office/Factory: Beylikduzu Mermer Sanayicileri Sitesi 2.Cad No:9 Buyukcekmece-Istanbul / Turkey
PHONE NUMBER	:	90-212-875 15 45
FAX NUMBER	:	90-212-875 19 19

LEGAL STATUS AND HISTORY

TAX OFFICE / NO	:	Beylikduzu / 1670068729
REGISTRATION NUMBER	:	244-4
REGISTERED OFFICE	:	Istanbul Chamber of Commerce
DATE ESTABLISHED	:	28.01.1992 (Commercial Registry Gazette Date/No:03.02.1992/2958)
LEGAL FORM	:	Joint Stock Company
TYPE OF COMPANY	:	Private
REGISTERED CAPITAL	:	YTL 600,000
HISTORY	:
		Previous Registered Capital	:YTL 240,000
		Regist. Capital Changed on	:11.10.2004 (Commercial Registry Gazette Date/No: 14.10.2004/6157)
		Previous Registered Capital	:YTL 450,000
		Regist. Capital Changed on	: 05.06.2006 (Commercial Registry Gazette Date/No: 08.06.2006/6573)

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Hasan Keles

Halis Keles

Ali Keles

Murad Keles

Sevim Keles

20 %

20 %
20 %
20 %

GROUP PARENT COMPANY

None

BOARD OF DIRECTORS

Hasan Keles

Ali Keles

Murad Keles

Halis Keles

Chairman

Vice-Chairman

Member

DIRECTORS

Ali Keles

Murad Keles

OPERATIONS

BUSINESS ACTIVITIES	:	Manufacture and trade of marble
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.
EXPORT COUNTRIES	:	Romania
MERCHANDISE EXPORTED	:	Marble
PREMISES	:	Head Office/Factory: Beylikduzu Mermer Sanayicileri Sitesi 2.Cad No:9 Buyukcekmece-Istanbul (2,500 sqm closed area over a land of 15,000 sqm) 2^nd Factory: Ataturk Cad No:154 Alibeykoy-Istanbul

COMMERCIAL MORALITY

Good

FINANCE

MAIN DEALING BANKERS

Yapi ve Kredi Bankasi Buyukcekmece branch in Istanbul

PAYMENT BEHAVIOUR

No complaints have been heard regarding payments from the bank.

According to the official registries between 01.01.2000-30.04.2007, there are no protested bills and non-paid cheques registered in the name of “Beymersan Mermer”

COMMENT ON FINANCIAL POSITION

GENERAL FINANCIAL

POSITION

Undetermined; the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

Incr. in producers’ price index

Average YTL/$

Average YTL/EUR

Average YTL/GBP

(2006)

11.58 %

1.4309

1.7987

2.6377

(1.1.-31.05.2007)

3.09 %

1.3821

1.8357

2.7229

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