MIRA INFORM REPORT

Report Date :

14.03.2011

IDENTIFICATION DETAILS

Correct Name :	OTO KAYALAR-ISMAIL KAYA

Registered Office :	Orhaniye Cad. Kavarnali Han No:32 K:2 No:202 Sirkeci Istanbul

Country :	Turkey

Financials (as on) :	30.09.2010

Year of Establishment :	1993

Legal Form :	Sole-Proprietorship

Line of Business :	Trader of tractor spare parts

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 :	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 – 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

NOTES

Address at your inquiry is the former address.

COMPANY IDENTIFICATION

NAME	:	OTO KAYALAR-ISMAIL KAYA
HEAD OFFICE ADDRESS	:	Orhaniye Cad. Kavarnali Han No:32 K:2 No:202 Sirkeci Istanbul / Turkey
PHONE NUMBER	:	90-212-256 89 66
FAX NUMBER	:	90-212-256 89 66

LEGAL STATUS AND HISTORY

NOTES ON LEGAL STATUS AND HISTORY	:	As the subject is not obliged to be registered at commercial registry due to its legal form, it has not registered at Commercial Registry. Liability of the subject is not limited to the capital.
TAX OFFICE	:	Hocapasa
TAX NO	:	15785159416
DATE ESTABLISHED	:	1993
LEGAL FORM	:	Sole-Proprietorship
TYPE OF COMPANY	:	Private

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Ismail Kaya

100 %

REMARKS ON SHAREHOLDERS

The owner, Ismail Kaya was born in 1944 and graduated from primary school.

PROPERTIES OWNED BY THE OWNER/PARTNERS

Property Type

four flats

a car

head office of the subject

DIRECTORS

Ismail Kaya

OPERATIONS

BUSINESS ACTIVITIES

Trade of tractor spare parts.

NACE CODE

G. 50.30

SECTOR

Commerce

NUMBER OF EMPLOYEES

NET SALES

197.526 TL	(01.01-30.09.2010)

CAPACITY

None

PRODUCTION

None

EXPORT VALUE

180.280 TL	(01.01-30.09.2010)

EXPORT COUNTRIES

Albania

Bulgaria

Greece

Romania

Serbia

Moldova

MERCHANDISE EXPORTED

Tractor spare parts

HEAD OFFICE ADDRESS

Orhaniye Cad. Kavarnali Han No:32 K:2 No:202 Sirkeci Istanbul / Turkey

( owned )

FINANCE

MAIN DEALING BANKS

Yapi ve Kredi Bankasi Sirkeci Branch

PAYMENT BEHAVIOUR

We are informed about numerous payment delays in the former years some of which were resolved later on but no payment delays have come to our knowledge in the last years.

KEY FINANCIAL ELEMENTS

	(01.01-30.09.2010) TL
Net Sales	197.526
Profit (Loss) Before Tax	20.061
Gross Profit (loss)	39.022
Operating Profit (loss)	20.061
Net Profit (loss)	20.061

COMMENT ON FINANCIAL POSITION

General Financial Position

The firm is profitable and the owner/partners possess property.

	Incr. in producers’ price index	Average USD/TL	Average EUR/TL	Average GBP/ TL
( 01.01-30.09.2010)	6,52 %	1,5178	2,0112	2,3426
( 2010 )	8,87 %	1,5128	2,0096	2,3410
( 01.01-28.02.2011)	4,13 %	1,5841	2,1576	2,5140

INCOME STATEMENT

	(01.01-30.09.2010) TL
Net Sales	197.526	1,00
Cost of Goods Sold	158.504	0,80
Gross Profit	39.022	0,20
Operating Expenses	18.961	0,10
Operating Profit	20.061	0,10
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	20.061	0,10
Tax Payable	0	0,00
Postponed Tax Gain	0	0,00
Net Profit (loss)	20.061	0,10

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.21
UK Pound	1	Rs.72.55
Euro	1	Rs.62.43

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.