MIRA INFORM REPORT

Report Date :

18.02.2011

IDENTIFICATION DETAILS

Correct Name :	OZ VAYCAN TEKSTIL SANAYI VE TICARET LTD. STI.
Registered Office :	Kazim Karabekir Mah. Cicek Sok. No:11 Bursa
Country :	Turkey
Financials (as on) :	31.12.2008
Date of Incorporation :	1994
Com. Reg. No.:	36196
Legal Form :	Limited Company
Line of Business :	Processing and wholesale trade of yarn

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Turkey	b1	b1

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

COMPANY IDENTIFICATION

NAME	:	OZ VAYCAN TEKSTIL SANAYI VE TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Kazim Karabekir Mah. Cicek Sok. No:11 Bursa / Turkey
PHONE NUMBER	:	90-224-360 90 76 90-224-362 59 56
FAX NUMBER	:	90-224-364 19 33

LEGAL STATUS AND HISTORY

TAX OFFICE

:

Yildirim

TAX NO

:

6620076516

REGISTRATION NUMBER

:

36196

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

1994

ESTABLISHMENT GAZETTE DATE/NO

:

28.09.1994/3626

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL 300.000

PAID-IN CAPITAL

:

TL 300.000

HISTORY

:

Previous Registered Capital	:	TL 5.000
Changed On	:	23.03.2005 (Commercial Gazette Date /Number 04.04.2005/ 6274)

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

:

Ali Vaycan	95 %
Fatma Vaycan	5 %

SISTER COMPANIES

:

ALSAN KIMYA TICARET VE SANAYI LTD. STI.

SUBSIDIARIES

:

None

DIRECTORS

:

Ali Vaycan

OPERATIONS

BUSINESS ACTIVITIES

:

Processing and wholesale trade of yarn.

NACE CODE

:

DB.17.10

SECTOR

:

Textile

NUMBER OF EMPLOYEES

:

17

NET SALES

:

1.665.778 TL	(2007)
2.103.156 TL	(2008)
506.353 TL	(01.01-30.09.2009)

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 fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

IMPORT COUNTRIES

:

Malaysia

Indonesia

MERCHANDISE IMPORTED

:

Yarn

EXPORT

:

None

HEAD OFFICE ADDRESS

:

Kazim Karabekir Mah. Cicek Sok. No:11 Bursa / Turkey

BRANCHES

:

Head Office/Processing Plant : Kazim Karabekir Mah. Cicek Sok. No:11 Bursa/Turkey (owned by shareholder(s))

Branch Office : Kazim Karabekir Mah. 2. Karaagac Sok. No:9/19 Bursa/Turkey (owned by shareholder(s))

INVESTMENTS

:

None

TREND OF BUSINESS	:	There was an upwards trend in 2008. There appears a decline at business volume in nominal terms in 1.1 - 30.9.2009.
SIZE OF BUSINESS	:	Moderate

FINANCE

MAIN DEALING BANKS

:

Garanti Bankasi Ankara Cad. Branch

T. Finans Katilim Bankasi Bursa 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

:

	(2008) TL	(01.01-30.09.2009) TL
Net Sales	2.103.156	506.353
Profit (Loss) Before Tax	92.378	-194.202
Stockholders' Equity	437.033
Total Assets	1.628.484
Current Assets	1.567.224
Non-Current Assets	61.260
Current Liabilities	1.191.451
Long-Term Liabilities	0
Gross Profit (loss)	165.127	166.622
Operating Profit (loss)	62.045	142.785
Net Profit (loss)	73.854	-194.202

COMMENT ON FINANCIAL POSITION

Capitalization	Low As of 31.12.2008
Remarks on Capitalization	The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.
Liquidity	Satisfactory As of 31.12.2008
Remarks On Liquidity	The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.
Profitability	Fair Operating Profitability in 2008 Good Net Profitability in 2008 High Operating Profitability (01.01-30.09.2009) Net Loss (01.01-30.09.2009)
Gap between average collection and payable periods	Unfavorable in 2008
General Financial Position	Not in order
Remarks on General Financial Position	Recent financial figures are not available the firm declines to provide fresh financial data.

	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
( 01.01-30.09.2009)	3,60 %	1,5624	2,1386	2,3953
( 2009 )	5,93 %	1,5460	2,1529	2,4094
( 01.01-31.01.2011)	2,36 %	1,5759	2,1299	2,4741

BALANCE SHEETS

	( 31.12.2008 ) TL
CURRENT ASSETS	1.567.224	0,96
Not Detailed Current Assets	0	0,00
Cash and Banks	149.283	0,09
Marketable Securities	0	0,00
Account Receivable	1.290.768	0,79
Other Receivable	0	0,00
Inventories	89.009	0,05
Advances Given	0	0,00
Accumulated Construction Expense	0	0,00
Other Current Assets	38.164	0,02
NON-CURRENT ASSETS	61.260	0,04
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	712	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	38.397	0,02
Intangible Assets	21.318	0,01
Deferred Tax Assets	0	0,00
Other Non-Current Assets	833	0,00
TOTAL ASSETS	1.628.484	1,00
CURRENT LIABILITIES	1.191.451	0,73
Not Detailed Current Liabilities	0	0,00
Financial Loans	454.628	0,28
Accounts Payable	713.142	0,44
Loans from Shareholders	0	0,00
Other Short-term Payable	2.571	0,00
Advances from Customers	0	0,00
Accumulated Construction Income	0	0,00
Taxes Payable	2.586	0,00
Provisions	18.524	0,01
Other Current Liabilities	0	0,00
LONG-TERM LIABILITIES	0	0,00
Not Detailed Long-term Liabilities	0	0,00
Financial Loans	0	0,00
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	437.033	0,27
Not Detailed Stockholders' Equity	0	0,00
Paid-in Capital	300.000	0,18
Cross Shareholding Adjustment of Capital	0	0,00
Inflation Adjustment of Capital	54.727	0,03
Equity of Consolidated Firms	0	0,00
Reserves	136.900	0,08
Revaluation Fund	0	0,00
Accumulated Losses(-)	-128.448	-0,08
Net Profit (loss)	73.854	0,05
TOTAL LIABILITIES AND EQUITY	1.628.484	1,00

INCOME STATEMENTS

	(2008) TL		(01.01-30.09.2009) TL
Net Sales	2.103.156	1,00	506.353	1,00
Cost of Goods Sold	1.938.029	0,92	339.731	0,67
Gross Profit	165.127	0,08	166.622	0,33
Operating Expenses	103.082	0,05	23.837	0,05
Operating Profit	62.045	0,03	142.785	0,28
Other Income	71.064	0,03	6.015	0,01
Other Expenses	11.197	0,01	139.121	0,27
Financial Expenses	29.534	0,01	203.881	0,40
Minority Interests	0	0,00	0	0,00
Profit (loss) of consolidated firms	0	0,00	0	0,00
Profit (loss) Before Tax	92.378	0,04	-194.202	-0,38
Tax Payable	18.524	0,01	0	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	73.854	0,04	-194.202	-0,38

FINANCIAL RATIOS

	(2008)
LIQUIDITY RATIOS
Current Ratio	1,32
Acid-Test Ratio	1,21
Cash Ratio	0,13
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,05
Short-term Receivable/Total Assets	0,79
Tangible Assets/Total Assets	0,02
TURNOVER RATIOS
Inventory Turnover	21,77
Stockholders' Equity Turnover	4,81
Asset Turnover	1,29
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,27
Current Liabilities/Total Assets	0,73
Financial Leverage	0,73
Gearing Percentage	2,73
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,17
Operating Profit Margin	0,03
Net Profit Margin	0,04
Interest Cover	4,13
COLLECTION-PAYMENT
Average Collection Period (days)	221,06
Average Payable Period (days)	132,47
WORKING CAPITAL	375773,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.38
UK Pound	1	Rs.73.08
Euro	1	Rs.61.60

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.