MIRA INFORM REPORT

Report Date :

23.06.2011

IDENTIFICATION DETAILS

Name :	CIZGIDISI DIS TICARET LTD. STI.
Registered Office :	Hasanpasa Mah. Istasyon Caddesi No:2 Sakarya
Country :	Turkey
Financials (as on) :	31.12.2010
Date of Incorporation :	04.03.2010
Com. Reg. No.:	20774-29002
Legal Form :	Limited Company
Line of Business :	Trade of furniture, home textile products, accessories, giftware, and glassware

RATING & COMMENTS

MIRA’s Rating :

Ca

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 :	Poor
Payment Behaviour :	Unknown
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	b1	b1

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

Bottom of Form

COMPANY IDENTIFICATION

NAME	:	CIZGIDISI DIS TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Hasanpasa Mah. Istasyon Caddesi No:2 Sakarya / Turkey
PHONE NUMBER	:	90-264-592 00 71 90-264-592 28 31
FAX NUMBER	:	90-264-592 28 31
WEB-ADDRESS	:	www.cizgidisi.net
E-MAIL	:	info@cizgidisi.net

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	:	Sapanca Mal Mudurlugu
TAX NO	:	2580882311
REGISTRATION NUMBER	:	20774-29002
REGISTERED OFFICE	:	Adapazari Chamber of Commerce and Industry
DATE ESTABLISHED	:	04.03.2010
ESTABLISHMENT GAZETTE DATE/NO	:	10.03.2010/7518
LEGAL FORM	:	Limited Company
TYPE OF COMPANY	:	Private
REGISTERED CAPITAL	:	TL 10.000
PAID-IN CAPITAL	:	TL 10.000

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

:

Sibel Cemalogullarindan	50 %
Serpil Ozgul Cavdar	50 %

SISTER COMPANIES

:

FENOKS DIS TICARET LTD. STI.

SUBSIDIARIES

:

None

DIRECTORS

:

Serpil Ozgul Cavdar

OPERATIONS

BUSINESS ACTIVITIES

:

Trade of furniture, home textile products, accessories, giftware, and glassware.

NACE CODE

:

G .52.44

SECTOR

:

Commerce

NUMBER OF EMPLOYEES

:

7

NET SALES

:

77.787 TL	(04.03-31.12.2010)
150.000 TL	(01.01-10.05.2011)

REMARKS ON NET SALES

:

The net sales figure of 2011 is declared by the subject. There is no certification for this figure.

CAPACITY

:

None

PRODUCTION

:

None

IMPORT COUNTRIES

:

China

Far East Countries

India

Indonesia

MERCHANDISE IMPORTED

:

Furniture

EXPORT VALUE

:

0 TL	(04.03-31.12.2010)

HEAD OFFICE ADDRESS

:

Hasanpasa Mah. Istasyon Caddesi No:2 Sakarya / Turkey ( rented )

INVESTMENTS

:

None

TREND OF BUSINESS	:	Undetermined; young business.
SIZE OF BUSINESS	:	Small

FINANCE

MAIN DEALING BANKS	:	T.Halk Bankasi Sapanca Branch T.Halk Bankasi Sahrayicedit Branch
CREDIT FACILITIES	:	No credit facility has come to our knowledge.
PAYMENT BEHAVIOUR	:	No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

:

	(04.03-31.12.2010) TL
Net Sales	77.787
Profit (Loss) Before Tax	-13.821
Stockholders' Equity	-3.821
Total Assets	105.393
Current Assets	100.569
Non-Current Assets	4.824
Current Liabilities	109.214
Long-Term Liabilities	0
Gross Profit (loss)	13.659
Operating Profit (loss)	-13.821
Net Profit (loss)	-13.821

COMMENT ON FINANCIAL POSITION

Capitalization	Negative Stockholders’ Equity As of 31.12.2010
Remarks on Capitalization	A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.
Liquidity	Good As of 31.12.2010
Remarks On Liquidity	A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. The favorable gap between average collection and average payable period has a positive effect on liquidity.
Profitability	Operating Loss (04.03-31.12.2010) Net Loss (04.03-31.12.2010)
Gap between average collection and payable periods	Favorable in 2010
General Financial Position	Poor

	Incr. in producers’ price index	Average USD/TL	Average EUR/TL	Average GBP/ TL
( 2010 )	8,87 %	1,5128	2,0096	2,3410
( 01.01-31.05.2011)	6,20 %	1,5693	2,2036	2,5324

BALANCE SHEETS

	( 31.12.2010 ) TL
CURRENT ASSETS	100.569	0,95
Not Detailed Current Assets	0	0,00
Cash and Banks	8.583	0,08
Marketable Securities	0	0,00
Account Receivable	18.454	0,18
Other Receivable	0	0,00
Inventories	54.828	0,52
Advances Given	9.665	0,09
Accumulated Construction Expense	0	0,00
Other Current Assets	9.039	0,09
NON-CURRENT ASSETS	4.824	0,05
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	386	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	1.510	0,01
Intangible Assets	2.928	0,03
Deferred Tax Assets	0	0,00
Other Non-Current Assets	0	0,00
TOTAL ASSETS	105.393	1,00
CURRENT LIABILITIES	109.214	1,04
Not Detailed Current Liabilities	0	0,00
Financial Loans	0	0,00
Accounts Payable	27.082	0,26
Loans from Shareholders	79.850	0,76
Other Short-term Payable	689	0,01
Advances from Customers	0	0,00
Accumulated Construction Income	0	0,00
Taxes Payable	1.593	0,02
Provisions	0	0,00
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	-3.821	-0,04
Not Detailed Stockholders' Equity	0	0,00
Paid-in Capital	10.000	0,09
Cross Shareholding Adjustment of Capital	0	0,00
Inflation Adjustment of Capital	0	0,00
Equity of Consolidated Firms	0	0,00
Reserves	0	0,00
Revaluation Fund	0	0,00
Accumulated Losses(-)	0	0,00
Net Profit (loss)	-13.821	-0,13
TOTAL LIABILITIES AND EQUITY	105.393	1,00

INCOME STATEMENT

	(04.03-31.12.2010) TL
Net Sales	77.787	1,00
Cost of Goods Sold	64.128	0,82
Gross Profit	13.659	0,18
Operating Expenses	27.480	0,35
Operating Profit	-13.821	-0,18
Other Income	0	0,00
Other Expenses	0	0,00
Financial Expenses	0	0,00
Minority Interests	0	0,00
Profit (loss) of consolidated firms	0	0,00
Profit (loss) Before Tax	-13.821	-0,18
Tax Payable	0	0,00
Postponed Tax Gain	0	0,00
Net Profit (loss)	-13.821	-0,18

FINANCIAL RATIOS

	(04.03-31.12.2010)
LIQUIDITY RATIOS
Current Ratio	0,92
Acid-Test Ratio	0,25
Cash Ratio	0,08
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,52
Short-term Receivable/Total Assets	0,18
Tangible Assets/Total Assets	0,01
TURNOVER RATIOS
Inventory Turnover	1,17
Stockholders' Equity Turnover	-20,36
Asset Turnover	0,74
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	-0,04
Current Liabilities/Total Assets	1,04
Financial Leverage	1,04
Gearing Percentage	-28,58
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	3,62
Operating Profit Margin	-0,18
Net Profit Margin	-0,18
Interest Cover
COLLECTION-PAYMENT
Average Collection Period (days)	87,19
Average Payable Period (days)	152,03
WORKING CAPITAL	-8645,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.82
UK Pound	1	Rs.72.84
Euro	1	Rs.64.58

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

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