MIRA INFORM REPORT

Report Date :

06.04.2011

IDENTIFICATION DETAILS

Name :	ANGEL HALI TEKSTIL SANAYI VE TICARET LTD. STI.

Registered Office :	4.Organize Sanayi Bolgesi 83418 Nolu Cad. No:7/C Sehitkamil Gaziantep

Country :	Turkey

Financials (as on) :	31.12.2009

Date of Incorporation :	27.01.2005

Com. Reg. No.:	26707

Legal Form :	Limited Company

Line of Business :	Manufacture and trade of machine made carpet

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	2.890.000 USD
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Turkey

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

COMPANY IDENTIFICATION

NAME	:	ANGEL HALI TEKSTIL SANAYI VE TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	4.Organize Sanayi Bolgesi 83418 Nolu Cad. No:7/C Sehitkamil Gaziantep / Turkey
PHONE NUMBER	:	90-342-357 05 00 (3 lines)
FAX NUMBER	:	90-342-337 05 03
WEB-ADDRESS	:	www.angelcarpet.com
E-MAIL	:	info@angelcarpet.com

LEGAL STATUS AND HISTORY

TAX OFFICE

Gazikent

TAX NO

0690358648

REGISTRATION NUMBER

26707

REGISTERED OFFICE

Gaziantep Chamber of Commerce

DATE ESTABLISHED

27.01.2005

ESTABLISHMENT GAZETTE DATE/NO

14.02.2005/6239

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 9.000.000

PAID-IN CAPITAL

TL 9.000.000

HISTORY

Previous Registered Capital	:	TL 3.000.000
Changed On	:	09.12.2009 (Commercial Gazette Date /Number 22.12.2009/ 7463)
Merger	:	The firm took over and merged with "Super Has Tekstil Sanayi ve Ticaret Ltd. Sti."
Changed On	:	09.12.2009 (Commercial Gazette Date /Number 22.12.2009/ 7463)

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Ekrem Algan	60 %
Halaf Algan	40 %

SISTER COMPANIES

ALGAN IC VE DIS TICARET LTD. STI.

SUBSIDIARIES

None

DIRECTORS

Ekrem Algan
Halaf Algan

OPERATIONS

BUSINESS ACTIVITIES

Manufacture and trade of machine made carpet.

NACE CODE

DB.17.51

NUMBER OF EMPLOYEES

198

NET SALES

7.315.886 TL	(2007)
12.546.642 TL	(2008)
23.316.391 TL	(2009)
25.705.938 TL	(2010)

IMPORT COUNTRIES

India

MERCHANDISE IMPORTED

Polyester yarn

EXPORT VALUE

89.332 TL	(2007)
9.277 TL	(2008)
0 TL	(2009)
22.367 TL	(2010)

EXPORT COUNTRIES

U.A.E.

Canada

MERCHANDISE EXPORTED

Carpet

HEAD OFFICE ADDRESS

4.Organize Sanayi Bolgesi 83418 Nolu Cad. No:7/C Sehitkamil Gaziantep / Turkey ( owned )

BRANCHES

Head Office/Production Plant : 4.Organize Sanayi Bolgesi 83418 Nolu Cad. No:7 Sehitkamil Gaziantep/Turkey (owned)

INVESTMENTS

None

TREND OF BUSINESS	:	There was an upwards trend in 2010.
SIZE OF BUSINESS	:	Large

FINANCE

MAIN DEALING BANKS

Turk Ekonomi Bankasi Gatem Branch

Yapi ve Kredi Bankasi Merkez Branch

CREDIT FACILITIES

The subject company is making use of credit facilities.

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

	(2009) TL	(2010) TL
Net Sales	23.316.391	25.705.938
Profit (Loss) Before Tax	474.659	674.803
Stockholders' Equity	9.637.745
Total Assets	24.645.855
Current Assets	18.324.014
Non-Current Assets	6.321.841
Current Liabilities	14.117.560
Long-Term Liabilities	890.550
Gross Profit (loss)	923.020	1.428.526
Operating Profit (loss)	499.418	918.555
Net Profit (loss)	373.447	554.466

COMMENT ON FINANCIAL POSITION

Capitalization	Satisfactory As of 31.12.2009
Liquidity	Good As of 31.12.2009
Remarks On Liquidity	The favorable gap between average collection and average payable period has a positive effect on liquidity.
Profitability	Fair Operating Profitability in 2009 Fair Net Profitability in 2009 In Order Operating Profitability in 2010 Fair Net Profitability in 2010
Gap between average collection and payable periods	Favorable in 2009
General Financial Position	In Order

CREDIT OPINION WITHOUT OBLIGATION

We are of the opinion that, a max. credit of 2.890.000 USD may be granted to the subject company.

	Incr. in producers’ price index	Average USD/TL	Average EUR/TL	Average GBP/ TL
( 2007 )	5,94 %	1,3075	1,7901	2,6133
( 2008 )	8,11 %	1,2858	1,8876	2,3708
( 2009 )	5,93 %	1,5460	2,1529	2,4094
( 2010 )	8,87 %	1,5128	2,0096	2,3410
( 01.01-28.02.2011)	4,13 %	1,5841	2,1576	2,5140

BALANCE SHEETS

	( 31.12.2009 ) TL
CURRENT ASSETS	18.324.014	0,74
Not Detailed Current Assets	0	0,00
Cash and Banks	5.143.229	0,21
Marketable Securities	0	0,00
Account Receivable	7.261.982	0,29
Other Receivable	160.071	0,01
Inventories	3.297.394	0,13
Advances Given	1.664.043	0,07
Accumulated Construction Expense	0	0,00
Other Current Assets	797.295	0,03
NON-CURRENT ASSETS	6.321.841	0,26
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	0	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	3.140.586	0,13
Intangible Assets	3.105.767	0,13
Deferred Tax Assets	0	0,00
Other Non-Current Assets	75.488	0,00
TOTAL ASSETS	24.645.855	1,00
CURRENT LIABILITIES	14.117.560	0,57
Not Detailed Current Liabilities	0	0,00
Financial Loans	843.135	0,03
Accounts Payable	12.910.164	0,52
Loans from Shareholders	0	0,00
Other Short-term Payable	115.363	0,00
Advances from Customers	100.763	0,00
Accumulated Construction Income	0	0,00
Taxes Payable	80.445	0,00
Provisions	67.690	0,00
Other Current Liabilities	0	0,00
LONG-TERM LIABILITIES	890.550	0,04
Not Detailed Long-term Liabilities	0	0,00
Financial Loans	890.550	0,04
Securities Issued	0	0,00
Long-term Payable	0	0,00
Loans from Shareholders	0	0,00
Other Long-term Liabilities	0	0,00
Provisions	0	0,00
STOCKHOLDERS' EQUITY	9.637.745	0,39
Not Detailed Stockholders' Equity	0	0,00
Paid-in Capital	9.000.000	0,37
Cross Shareholding Adjustment of Capital	0	0,00
Inflation Adjustment of Capital	0	0,00
Equity of Consolidated Firms	0	0,00
Reserves	264.298	0,01
Revaluation Fund	0	0,00
Accumulated Losses(-)	0	0,00
Net Profit (loss)	373.447	0,02
TOTAL LIABILITIES AND EQUITY	24.645.855	1,00

INCOME STATEMENTS

	(2009) TL		(2010) TL
Net Sales	23.316.391	1,00	25.705.938	1,00
Cost of Goods Sold	22.393.371	0,96	24.277.412	0,94
Gross Profit	923.020	0,04	1.428.526	0,06
Operating Expenses	423.602	0,02	509.971	0,02
Operating Profit	499.418	0,02	918.555	0,04
Other Income	559.936	0,02	879.019	0,03
Other Expenses	464.448	0,02	992.527	0,04
Financial Expenses	120.247	0,01	130.244	0,01
Minority Interests	0	0,00	0	0,00
Profit (loss) of consolidated firms	0	0,00	0	0,00
Profit (loss) Before Tax	474.659	0,02	674.803	0,03
Tax Payable	101.212	0,00	120.337	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	373.447	0,02	554.466	0,02

FINANCIAL RATIOS

	(2009)
LIQUIDITY RATIOS
Current Ratio	1,30
Acid-Test Ratio	0,89
Cash Ratio	0,36
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,13
Short-term Receivable/Total Assets	0,30
Tangible Assets/Total Assets	0,13
TURNOVER RATIOS
Inventory Turnover	6,79
Stockholders' Equity Turnover	2,42
Asset Turnover	0,95
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,39
Current Liabilities/Total Assets	0,57
Financial Leverage	0,61
Gearing Percentage	1,56
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,04
Operating Profit Margin	0,02
Net Profit Margin	0,02
Interest Cover	4,95
COLLECTION-PAYMENT
Average Collection Period (days)	112,12
Average Payable Period (days)	207,55
WORKING CAPITAL	4206454,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.45
UK Pound	1	Rs.71.59
Euro	1	Rs.63.01

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	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

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.