MIRA INFORM REPORT

Report Date :

18.09.2007

IDENTIFICATION DETAILS

Name :	ATEK TEKSTIL SANAYI VE TICARET LTD STI
Registered Office :	Incirtepe Mah Atalay Cad 203 Sok No:18 Esenyurt Istanbul/
Country :	Turkey
Date of Incorporation :	11.01.2002 (Commercial Registry Gazette Date/No: 16.01.2002 / 5466)
Com. Reg. No.:	469143
Legal Form :	Limited Company
Line of Business :	Manufacture and Trade of Yarn

RATING & COMMENTS

MIRA’s Rating :

B

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.	Small

Status :	Small Company
Payment Behaviour :	No Complaints
Litigation :	Clear

COMPANY IDENTIFICATION

NAME	:	ATEK TEKSTIL SANAYI VE TICARET LTD STI
ADDRESS	:	Head Office: Incirtepe Mah Atalay Cad 203 Sok No:18 Esenyurt Istanbul/ Turkey
PHONE NUMBER	:	90-212-620 49 99
FAX NUMBER	:	90-212-620 68 61

LEGAL STATUS AND HISTORY

TAX NO	:	7580147566
REGISTRATION NUMBER	:	469143
REGISTERED OFFICE	:	Istanbul Chamber of Commerce
DATE ESTABLISHED	:	11.01.2002 (Commercial Registry Gazette Date/No: 16.01.2002 / 5466)
LEGAL FORM	:	Limited Company
TYPE OF COMPANY	:	Private
REGISTERED CAPITAL	:	YTL 5,000

HISTORY	:
		Previous Name	:Sedef Bijuteri Tekstil Ithalat Ihracat Pazarlama Sanayi ve Tiacret Ltd Sti
		Name Changed On	: 26.02.2004 (Commercial Registry Gazette Date/No: 02.03.2004 / 5998)
		Previous Shareholders	: Suat Altun (99 %) Seyhan Ozakpinar (1 %)
		Shareholders Changed On	: 28.02.2005 (Commercial Registry Gazette Date/No:03.03.2005 / 6252 )
		Previous Address	:Tekstilkent Ticaret Mrk A 12 Blok No:38 Esenler Istanbul
		Address Changed On	: 13.04.2006 (Commercial Registry Gazette Date/No: 18.04.2006 / 6537)
		Previous Address	:Tekstilkent Ticaret Mrk A 13 Blok No:49 Esenler Istanbul
		Address Changed On	:10.07.2007 (Commercial Registry Gazette Date/No: 13.07.2007 / 6851)

OWNERSHIP / MANAGEMENT

SHAREHOLDERS	:	Suat Altun Seniha Tabak	99 % 1 %
SISTER COMPANIES	:	Declared to be: None
GROUP PARENT COMPANY	:	None
DIRECTORS	:	Suat Altun Seniha Tabak

OPERATIONS

BUSINESS ACTIVITIES	:	Manufacture and trade of yarn
SECTOR	:	Textile

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	:	Bosnia-Herzegovina, Romania, Poland, Finland
MERCHANDISE EXPORTED	:	Yarn
PREMISES	:	Head Office: Incirtepe Mah Atalay Cad 203 Sok No:18 Esenyurt Istanbul Branch: Kavakli Yolu Uzeri 5. Km Kavakli Kirklareli

COMMERCIAL MORALITY

:

Good

FINANCE

PAYMENT BEHAVIOUR

:

According to the official registries since its establishment on 11.01.2002 until 15.07.2007, there are no protested bills and non-paid cheques registered in the name of “Atek Tekstil”

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.

CREDIT OPINION

	Incr. in producers’ price index	Average YTL/$	Average YTL/EUR	Average YTL/GBP
(2006)	11.58 %	1.4309	1.7987	2.6377
(1.1.-31.08.2007)	3.93 %	1.3597	1.8186	2.6959

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.	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