MIRA INFORM REPORT

Report Date :

24.12.2008

IDENTIFICATION DETAILS

Name :	ARK KUYUMCULUK – HAVAGIN SUNA

Registered Office :	Alemdar Mah. Tassavaklar Sok. Kara Ishani No:10/301 34410 Cagaloglu-Istanbul

Country :	Turkey

Year of Establishment :	1982

Com. Reg. No.:	400969

Legal Form :	Sole-Proprietorship

Line of Business :	Processing and trade of jewellery

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.	Small

Status :	Small Company

Payment Behaviour :	No Complaints

Litigation :	Clear

COMPANY IDENTIFICATION

NAME	:	ARK KUYUMCULUK –HAVAGIN SUNA
ADDRESS	:	Head Office/Workshop: Alemdar Mah. Tassavaklar Sok. Kara Ishani No:10/301 34410 Cagaloglu-Istanbul/Turkey
PHONE NUMBER	:	90-212-512 15 75
FAX NUMBER	:	90-212-527 92 55

LEGAL STATUS AND HISTORY

TAX OFFICE / NO	:	Hocapasa/11456506176
REGISTRATION NUMBER	:	400969
REGISTERED OFFICE	:	Istanbul Chamber of Commerce
DATE ESTABLISHED	:	1982
REMARKS ON DATE ESTABLISHED	:	The subject sole-proprietorship is declared to be established in 1982. As the sole-proprietorships are not obliged to be registered at commercial registry, it has not registered at commercial registry until August 1998. It was registered at Istanbul Commercial Registry on 13.08.1998 (Commercial Registry Gazette Date/No: 18.08.1998/4607)
LEGAL FORM	:	Sole-Proprietorship
TYPE OF COMPANY	:	Private
REGISTERED CAPITAL	:	The liability of the sole-proprietorships is not limited to the capital. The owners of the sole-proprietorships are responsible for the debts of the sole-proprietorships with all of their personal wealth.

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Havagin Suna

100 %

REMARKS ON SHAREHOLDERS

The owner was born in 1960.

DIRECTORS

Havagin Suna

OPERATIONS

BUSINESS ACTIVITIES	:	Processing and trade of jewellery
NET SALES	:	n.a.
REMARKS ON NET SALES	:	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	:	UAE, Leetonia, Spain, Denmark…
MERCHANDISE EXPORTED	:	Jewellery
PREMISES	:	Head Office/Workshop: Alemdar Mah. Tassavaklar Sok. Kara Ishani No:10/301 34410 Cagaloglu-Istanbul (150 sqm) (rented)

FINANCE

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

COMMENT ON FINANCIAL POSITION

GENERAL FINANCIAL

POSITION

The liability of the sole-proprietorships is not limited to the capital. The owners of the sole-proprietorships are responsible for the debts of the sole-proprietorships with all of their personal wealth. However we don’t have any information about the wealth of the owner.

General financial position is undetermined; the subject declines to give us an authorization to gather its financial data. As the shares of the subject 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

(2007)

5.94 %

1.3075

1.7901

2.6133

(1.1.-30.11.2008)

12.08 %

1.2682

1.8727

2.3877

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.99
UK Pound	1	Rs.72.49
Euro	1	Rs.68.44

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