MIRA INFORM REPORT

Report Date :

02.06.2011

IDENTIFICATION DETAILS

Correct Name :	SIDEMIR SIVAS DEMIR CELIK ISLETMELERI A.S.

Registered Office :	Kayseri Yolu 22.Km Kortuzla Mevkii Sivas

Country :	Turkey

Date of Incorporation :	14.07.1987

Com. Reg. No.:	8224

Legal Form :	Joint Stock Company

Line of Business :	Manufacture and trade of construction iron.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Turkey

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

COMPANY IDENTIFICATION

NAME	:	SIDEMIR SIVAS DEMIR CELIK ISLETMELERI A.S.
HEAD OFFICE ADDRESS	:	Kayseri Yolu 22.Km Kortuzla Mevkii Sivas / Turkey
PHONE NUMBER	:	90-346-787 63 10
FAX NUMBER	:	90-346-787 63 95

LEGAL STATUS AND HISTORY

NOTES ON LEGAL STATUS AND HISTORY

The paid-in capital is declared by the subject. There is no certification for the paid-in capital.

TAX OFFICE

Site

TAX NO

7710043322

REGISTRATION NUMBER

8224

REGISTERED OFFICE

Sivas Chamber of Commerce and Industry

DATE ESTABLISHED

14.07.1987

ESTABLISHMENT GAZETTE DATE/NO

21.07.1987

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 11.007.275,95

PAID-IN CAPITAL

TL 11.007.275,95

HISTORY

Other Changes	:	The subject was established in Ankara and registered at Ankara Commercial Registry with registration number: 65978.Then the firm moved to Sivas and registered at Sivas Commercial Registry with the registration number: 8224
Changed On	:	28.11.1994 (Commercial Gazette Date /Number 09.12.1994/ 3678)
Other Changes	:	The company which was one of the subsidiaries of TDCI (Turkey Iron-Steel Enterprises) has been privatized.
Changed On	:	25.03.1998

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Sivyat Sivas Yatirim A.S.	99,99 %
Others

SISTER COMPANIES

Declared to be: None

SUBSIDIARIES

Declared to be: None

BOARD OF DIRECTORS

Salih Evcil	Chairman
Ayten Evcil	Vice-Chairman
Firat Ardic	Member

DIRECTORS

Metin Cerci

General Manager

OPERATIONS

BUSINESS ACTIVITIES

Manufacture and trade of construction iron.

NACE CODE

DJ.27.10

SECTOR

Metal

NUMBER OF EMPLOYEES

615

NET SALES

310.724.828 TL	(2009)

IMPORT COUNTRIES

Romania

Georgia

MERCHANDISE IMPORTED

Scrap

HEAD OFFICE ADDRESS

Kayseri Yolu 22.Km Kortuzla Mevkii Sivas / Turkey ( owned )

BRANCHES

Head Office/Factory : Kayseri Yolu 22.Km Kortuzla Mevkii Sivas/Turkey

INVESTMENTS

None

FINANCE

MAIN DEALING BANKS

T.C. Ziraat Bankasi Sivas Branch

PAYMENT BEHAVIOUR

We are informed about a few payment delays in the former years.

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

( 2009 )

5,93 %

1,5460

2,1529

2,4094

( 01.01-30.04.2011)

6,04 %

1,5645

2,1852

2,5128

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.89
UK Pound	1	Rs.73.85
Euro	1	Rs.64.76

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%)

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