MIRA INFORM REPORT

Report Date :

14.01.2011

IDENTIFICATION DETAILS

Name :	EMRE TEKSTIL KIMYA SANAYI VE TICARET LTD. STI.

Registered Office :	Merkez Mah. Kavakli Cad. Sonmez Sok. No:3 Kucukcekmece Istanbul

Country :	Turkey

Date of Incorporation :	29.07.1991

Com. Reg. No.:	277436

Legal Form :	Limited Company

Line of Business :	trade of textile dye and also weaving, knitting and dying of yarn

RATING & COMMENTS

MIRA’s Rating :

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

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

COMPANY IDENTIFICATION

NAME	:	EMRE TEKSTIL KIMYA SANAYI VE TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Merkez Mah. Kavakli Cad. Sonmez Sok. No:3 Kucukcekmece Istanbul / Turkey
PHONE NUMBER	:	90-212-471 06 73 (Head Office) 90-212-665 19 75 (Head Office) 90-282-758 18 06 (Processing Plant)
FAX NUMBER	:	90-212-698 53 41 (Head Office)

LEGAL STATUS AND HISTORY

TAX OFFICE

Marmara Kurumlar

TAX NO

3340049657

REGISTRATION NUMBER

277436

REGISTERED OFFICE

Istanbul Chamber of Commerce

DATE ESTABLISHED

29.07.1991

ESTABLISHMENT GAZETTE DATE/NO

06.08.1991/2832

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 10.000.000

HISTORY

Previous Registered Capital	:	TL 8.000.000
Changed On	:	26.08.2009 (Commercial Gazette Date /Number 31.08.2009/ 7387)

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Hasan Demirhan Tatlican	33,33 %
Halil Hakan Askin	33,33 %
Mustafa Gurdal Adal	33,33 %

DIRECTORS

Halil Hakan Askin
Hasan Demirhan Tatlican
Mustafa Gurdal Adal

OPERATIONS

BUSINESS ACTIVITIES	:	The firm is dealing with trade of textile dye and also weaving, knitting and dying of yarn.
NUMBER OF EMPLOYEES	:	100
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.
IMPORT COUNTRIES	:	India
MERCHANDISE IMPORTED	:	Textile dye
HEAD OFFICE ADDRESS	:	Merkez Mah. Kavakli Cad. Sonmez Sok. No:3 Kucukcekmece Istanbul / Turkey ( owned by shareholder(s) )
BRANCHES	:	Processing Plant : Organize Sanayi Bolgesi Fatih Bulvari 3. Sokak No:8 Cerkezkoy Tekirdag/Turkey (owned) Processing Plant : Organize Sanayi Bolgesi Ismet Pasa Mah. 1. Sokak No:16 Kapakli Cerkezkoy Tekirdag/Turkey (owned)

FINANCE

MAIN DEALING BANKS

Garanti Bankasi Topkapi Branch

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

COMMENT ON FINANCIAL POSITION

General Financial Position

General financial position is 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 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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.13
UK Pound	1	Rs.71.05
Euro	1	Rs.59.10

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
----	NB	New Business	----

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