MIRA INFORM REPORT

Report Date :

29.10.2011

IDENTIFICATION DETAILS

Name :	SELCUK GIDA ENDUSTRI IHRACAT ITHALAT AS
Registered Office :	Gayret Han Kat 7 No,701, Kakim Dirik Caddesi No 4, Izmir
Country :	Turkey
Financials (as on) :	31.12.2010
Date of Incorporation :	07.06.1985
Legal Form :	Public Independent Company
Line of Business :	processing, Packaging, Importing and Exporting of dried fruits, mainly figs, grapes, apricots, raisins, sour cherries, chestnuts and hazelnuts

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Turkey	b1	b1

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

Company name & address

Selcuk Gida Endustri Ihracat Ithalat AS

Gayret Han Kat 7 No,701

Kakim Dirik Caddesi No 4

Izmir,

Turkey

Tel: 90-232-4454400

Fax: 90-232-4467161

Web: www.selcukfood.com

Synthesis

Employees: 46

Company Type: Public Independent

Traded: Istanbul Stock Exchange: SELGD

Incorporation Date: 07-Jun-1985

Auditor: AC Istanbul Uluslararasi Bagimsiz Denetim A.S.

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: New Turkish Lira

Annual Sales: 5.5 1

Net Income: 0.1

Total Assets: 9.2 2

Market Value: 5.8

(14-Oct-2011)

Business Description

Selcuk Gida Endustri Ihracat Ithalat AS (Selcuk Gida) is a Turkey-based company active in the food industry. The Company is engaged in the processing, packaging, importing and exporting of dried fruits, mainly figs, grapes, apricots, raisins, sour cherries, chestnuts and hazelnuts. It markets its products under the brand name of Eagle, as well as under private labels of its clients. Selcuk Gida has a production facility in Aydin, and exports to more than 80% of its products to 30 different countries, including the United States, Canada, Germany, France, Spain, Italy, the United Kingdom, Switzerland, Belgium, the Netherlands, Denmark and Norway. Twenty percent of the Company's products are distributed domestically through Migros, Tansas, Kipa, Gima, Tespo and Ozdilek. For the six months ended 30 June 2011, Selcuk Gida Endustri Ihracat Ithalat A.S.'s total sale increased 69% to TRY1.7M. Net loss totaled TRY419.5K, vs. a net income of TRY29.5K. Total sale reflects increased sales in domestic and foreign markets. Net income reflects a decrease in general administrative expenses as well as an increase in other operating income. Net income also reflects an increase in financing income.

Industry

Industry Food Processing

ANZSIC 2006: 1140 - Fruit and Vegetable Processing

NACE 2002: 1533 - Processing and preserving of fruit and vegetables not elsewhere classified

NAICS 2002: 311423 - Dried and Dehydrated Food Manufacturing

UK SIC 2003: 1533 - Processing and preserving of fruit and vegetables not elsewhere classified

US SIC 1987: 2034 - Dried and Dehydrated Fruits, Vegetables, and Soup Mixes

Key Executives

Name	Title
Eliya Israeloglu Alharal	Chairman of the Board, General Manager
Vittorio Franco	Vice Chairman of the Board, Financial and Administrative Affairs Director
Rauf Safak	Ortaklar Factory Manager (Dried Fruits)
Suzi Alharal	Executive Member of the Board, Logistics Coordination Manager

Financial Summary

As of 30-Jun-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.84	1.53
Quick Ratio (MRQ)	1.31	0.78
Debt to Equity (MRQ)	0.17	1.14
Sales 5 Year Growth	-18.99	6.97
Net Profit Margin (TTM) %	-3.77	7.06
Return on Assets (TTM) %	-2.67	7.05
Return on Equity (TTM) %	-4.58	21.45

Stock Snapshot

Traded: Istanbul Stock Exchange: SELGD

As of 14-Oct-2011

   Financials in: TRY

Recent Price	0.50	EPS	0.0053
52 Week High	0.72	Price/Sales	1.30
52 Week Low	0.28	Price/Book	1.40
Avg. Volume (mil)	0.17	Beta	0.48
Market Value (mil)	10.66

	Price % Change	Rel S&P 500%
4 Week	11.11%	8.48%
13 Week	8.70%	14.81%
52 Week	47.06%	71.68%
Year to Date	51.52%	68.66%

Key IDSM Number: 45119763

1 - Profit & Loss Item Exchange Rate: USD 1 = TRY 1.507473

2 - Balance Sheet Item Exchange Rate: USD 1 = TRY 1.539

Corporate Overview

Location

Gayret Han Kat 7 No,701

Kakim Dirik Caddesi No 4

Izmir, Turkey

Tel: 90-232-4454400

Fax: 90-232-4467161

Web: www.selcukfood.com

Quote Symbol - Exchange

SELGD - Istanbul Stock Exchange

Sales TRY(mil): 8.2

Assets TRY(mil): 14.1

Employees: 46

Fiscal Year End: 31-Dec-2010

Industry: Food Processing

Incorporation Date: 07-Jun-1985

Company Type: Public Independent

Quoted Status: Quoted

Vice Chairman of the Board,

Financial and

Administrative Affairs Director: Vittorio Franco

· Company Web Links

· Company Contact/E-mail

· Home Page

Contents

· Industry Codes

· Business Description

· Financial Data

· Market Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1140 - Fruit and Vegetable Processing

NACE 2002 Codes:

1533 - Processing and preserving of fruit and vegetables not elsewhere classified

NAICS 2002 Codes:

311423 - Dried and Dehydrated Food Manufacturing

US SIC 1987:

2034 - Dried and Dehydrated Fruits, Vegetables, and Soup Mixes

UK SIC 2003:

1533 - Processing and preserving of fruit and vegetables not elsewhere classified

Business Description

Selcuk Gida Endustri Ihracat Ithalat AS (Selcuk Gida) is a Turkey-based company active in the food industry. The Company is engaged in the processing, packaging, importing and exporting of dried fruits, mainly figs, grapes, apricots, raisins, sour cherries, chestnuts and hazelnuts. It markets its products under the brand name of Eagle, as well as under private labels of its clients. Selcuk Gida has a production facility in Aydin, and exports to more than 80% of its products to 30 different countries, including the United States, Canada, Germany, France, Spain, Italy, the United Kingdom, Switzerland, Belgium, the Netherlands, Denmark and Norway. Twenty percent of the Company's products are distributed domestically through Migros, Tansas, Kipa, Gima, Tespo and Ozdilek. For the six months ended 30 June 2011, Selcuk Gida Endustri Ihracat Ithalat A.S.'s total sale increased 69% to TRY1.7M. Net loss totaled TRY419.5K, vs. a net income of TRY29.5K. Total sale reflects increased sales in domestic and foreign markets. Net income reflects a decrease in general administrative expenses as well as an increase in other operating income. Net income also reflects an increase in financing income.

More Business Descriptions

· Production and distribution of a wide range of dried fruits, including figs, sultanas, raisins and apricots; pickled and canned foodstuffs, including peppers and gherkins, vine leaves and olives, sauces, jams, artichokes and sun-dried tomatoes

· All Other Food Manufacturing

Financial Data

Financials in:	TRY(mil)
Sale:	8.2
Net Income:	0.1
Assets:	14.1
Long Term Debt:	0.0
Total Liabilities:	6.5
Working Capital:	0.0
Date of Financial Data:	31-Dec-2010

1 Year Growth

4.4%

-94.2%

0.4%

Market Data

Quote Symbol:	SELGD
Exchange:	Istanbul Stock Exchange
Currency:	TRY
Stock Price:	0.5
Stock Price Date:	10-14-2011
52 Week Price Change %:	47.1
Market Value (mil):	10,658.9
SEDOL:	B03MXJ2
ISIN:	TRASELGD91A6

Key Corporate Relationships

Auditor:	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.
Auditor:	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.

Executive report

Board of Directors

Name	Title	Function
Eliya Israeloglu Alharal	Chairman of the Board, General Manager	Chairman
Reuters Biography (Selcuk Gida Endustri Ihracat Ithalat AS) Mr. Eliya Alharal is performing as Chairman of the Board and General Manager of Selcuk Gida Endustri Ihracat Ithalat AS. He is a university graduate and has 31 years of work experience.
Vittorio Franco	Vice Chairman of the Board, Financial and Administrative Affairs Director	Vice-Chairman
Reuters Biography (Selcuk Gida Endustri Ihracat Ithalat AS) Mr. Vittorio Franco is performing as Vice Chairman of the Board and Financial and Administrative Affairs Director of Selcuk Gida Endustri Ihracat Ithalat AS. He is a university graduate and has 31 years of work experience.
Suzi Alharal	Executive Member of the Board, Logistics Coordination Manager	Director/Board Member
Reuters Biography (Selcuk Gida Endustri Ihracat Ithalat AS) Ms. Suzi Alharal is performing as Executive Board Member and Logistics Coordination Manager of Selcuk Gida Endustri Ihracat Ithalat AS. She is a high school graduate and has 26 years of work experience.

Executives

Name	Title	Function
Eliya Israeloglu Alharal	Chairman of the Board, General Manager	Division Head Executive
Reuters Biography (Selcuk Gida Endustri Ihracat Ithalat AS) Mr. Eliya Alharal is performing as Chairman of the Board and General Manager of Selcuk Gida Endustri Ihracat Ithalat AS. He is a university graduate and has 31 years of work experience.
Vittorio Franco	Vice Chairman of the Board, Financial and Administrative Affairs Director	Administration Executive
Reuters Biography (Selcuk Gida Endustri Ihracat Ithalat AS) Mr. Vittorio Franco is performing as Vice Chairman of the Board and Financial and Administrative Affairs Director of Selcuk Gida Endustri Ihracat Ithalat AS. He is a university graduate and has 31 years of work experience.
Rauf Safak	Ortaklar Factory Manager (Dried Fruits)	Manufacturing Executive
Reuters Biography (Selcuk Gida Endustri Ihracat Ithalat AS) Mr. Rauf Safak is performing as Ortaklar Factory Manager (Dried Fruits) of Selcuk Gida Endustri Ihracat Ithalat AS. He is a high school graduate and has 26 years of work experience.

Significant Developments

There were no significant developments matching your query for KeyID 45119763

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.507473	1.553646	1.304493	1.305796	1.436808
Auditor	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.	Bogazici Bagimsiz Dis Denetim A.S.	AGN International Ltd	Sun Bagimsiz Dis Denetim	Sun Bagimsiz Dis Denetim
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	5.5	1.8	3.1	6.0	16.8
Gross Sale	-	3.4	5.0	0.1	-
Sales Returns and Allowances	-	-0.1	-	-1.8	-
Sale	5.5	5.1	8.1	4.3	16.8
Total Sale	5.5	5.1	8.1	4.3	16.8
Cost of Sale	5.0	4.6	6.5	7.4	16.4
Cost of Sale, Total	5.0	4.6	6.5	7.4	16.4
Gross Profit	0.4	0.5	1.6	-3.1	0.4
Selling/General/Administrative Expense	0.5	0.5	1.0	2.7	1.8
Total Selling/General/Administrative Expenses	0.5	0.5	1.0	2.7	1.8
Depreciation	-	-	-	-	0.1
Depreciation/Amortization	-	-	-	-	0.1
Total Operating Expense	5.5	5.1	7.5	10.1	18.2
Operating Income	-0.1	-0.1	0.5	-5.8	-1.4
Interest Expense - Non-Operating	-	-	-	-	-0.4
Interest Expense, Net Non-Operating	-	-	-	-	-0.4
Interest Income - Non-Operating	0.3	0.3	0.9	0.7	-
Interest/Investment Income - Non-Operating	0.3	0.3	0.9	0.7	-
Interest Income (Expense) - Net Non-Operating	-	-	-	-	-1.3
Interest Income (Expense) - Net Non-Operating Total	0.3	0.3	0.9	0.7	-1.7
Other Non-Operating Income (Expense)	-0.1	1.1	-7.2	-0.4	0.6
Other, Net	-0.1	1.1	-7.2	-0.4	0.6
Income Before Tax	0.1	1.3	-5.8	-5.4	-2.6
Total Income Tax	0.0	0.0	-2.3	1.1	0.0
Income After Tax	0.1	1.3	-3.5	-6.5	-2.6
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	0.1	1.3	-3.5	-6.5	-2.6
Net Income	0.1	1.3	-3.5	-6.5	-2.6
Income Available to Common Excl Extraord Items	0.1	1.3	-3.5	-6.5	-2.6
Income Available to Common Incl Extraord Items	0.1	1.3	-3.5	-6.5	-2.6
Basic/Primary Weighted Average Shares	21.3	21.3	21.3	21.3	21.3
Basic EPS Excl Extraord Items	0.00	0.06	-0.17	-0.31	-0.12
Basic/Primary EPS Incl Extraord Items	0.00	0.06	-0.17	-0.31	-0.12
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	0.1	1.3	-3.5	-6.5	-2.6
Diluted Weighted Average Shares	21.3	21.3	21.3	21.3	21.3
Diluted EPS Excl Extraord Items	0.00	0.06	-0.17	-0.31	-0.12
Diluted EPS Incl Extraord Items	0.00	0.06	-0.17	-0.31	-0.12
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	-	-	-	-	0.4
Depreciation, Supplemental	0.1	0.1	0.1	-	0.5
Normalized Income Before Tax	0.1	1.3	-5.8	-5.4	-2.6
Inc Tax Ex Impact of Sp Items	0.0	0.0	-2.3	1.1	0.0
Normalized Income After Tax	0.1	1.3	-3.5	-6.5	-2.6
Normalized Inc. Avail to Com.	0.1	1.3	-3.5	-6.5	-2.6
Basic Normalized EPS	0.00	0.06	-0.17	-0.31	-0.12
Diluted Normalized EPS	0.00	0.06	-0.17	-0.31	-0.12
Amort of Intangibles, Supplemental	0.0	0.0	0.0	-	0.0
Rental Expenses	-	-	0.1	0.0	0.0
Advertising Expense, Supplemental	-	-	0.0	0.0	0.0
Normalized EBIT	-0.1	-0.1	0.5	-5.8	-1.4
Normalized EBITDA	0.0	0.0	0.7	-5.8	-1.0
Current Tax - Domestic	0.0	0.0	0.0	0.0	-
Current Tax - Total	0.0	0.0	0.0	0.0	-
Deferred Tax - Domestic	0.0	0.0	-2.3	1.1	-
Deferred Tax - Total	0.0	0.0	-2.3	1.1	-
Income Tax - Total	0.0	0.0	-2.3	1.1	-
Discount Rate - Domestic	4.80%	-	6.26%	5.71%	5.71%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate	1.539	1.49895	1.5435	1.17225	1.4165
Auditor	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.	Bogazici Bagimsiz Dis Denetim A.S.	AGN International Ltd	Sun Bagimsiz Dis Denetim	Sun Bagimsiz Dis Denetim
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	0.2	0.2	0.1	0.1	0.0
Short Term Investments	0.0	0.0	0.0	0.0	0.9
Cash and Short Term Investments	0.2	0.2	0.2	0.2	0.9
Accounts Receivable - Trade, Gross	6.6	6.5	6.6	3.5	4.2
Provision for Doubtful Accounts	-5.5	-5.6	-5.8	-1.8	-1.0
Trade Accounts Receivable - Net	1.2	0.9	0.8	3.0	4.6
Other Receivables	0.6	0.1	0.0	0.0	0.0
Total Receivables, Net	1.8	1.0	0.8	3.0	4.6
Inventories - Finished Goods	0.3	0.3	0.6	1.2	1.8
Inventories - Work In Progress	-	-	-	-	0.5
Inventories - Raw Materials	1.3	1.6	0.2	1.6	1.5
Inventories - Other	0.1	0.5	1.3	3.6	2.4
Total Inventory	1.7	2.5	2.0	6.4	6.3
Other Current Assets	0.9	1.0	1.3	3.1	1.5
Other Current Assets, Total	0.9	1.0	1.3	3.1	1.5
Total Current Assets	4.6	4.7	4.3	12.7	13.3
Buildings	2.3	2.3	2.2	3.3	5.4
Land/Improvements	0.4	0.4	0.4	0.5	0.5
Machinery/Equipment	1.0	0.9	0.9	1.3	6.0
Property/Plant/Equipment - Gross	3.6	3.6	3.5	5.1	11.9
Accumulated Depreciation	-1.3	-1.2	-1.1	-1.7	-4.0
Property/Plant/Equipment - Net	2.3	2.3	2.4	3.4	7.9
Intangibles - Gross	-	-	-	-	0.1
Accumulated Intangible Amortization	-	-	-	-	0.0
Intangibles, Net	0.0	0.0	0.0	0.0	0.0
LT Investment - Affiliate Companies	0.0	0.0	0.0	0.0	0.0
LT Investments - Other	0.1	0.1	1.4	1.9	1.2
Long Term Investments	0.1	0.1	1.5	1.9	1.2
Deferred Income Tax - Long Term Asset	2.2	2.2	2.2	0.3	1.2
Other Long Term Assets	0.0	0.0	0.0	0.0	0.0
Other Long Term Assets, Total	2.2	2.2	2.2	0.3	1.2
Total Assets	9.2	9.4	10.4	18.4	23.7
Accounts Payable	0.3	0.5	0.5	2.1	2.9
Notes Payable/Short Term Debt	0.0	0.0	1.5	1.9	0.5
Current Portion - Long Term Debt/Capital Leases	-	0.0	0.1	0.1	0.8
Customer Advances	-	-	-	-	0.1
Income Taxes Payable	-	0.0	0.0	0.0	-
Other Payables	3.2	3.2	3.1	2.7	-
Other Current Liabilities	0.7	0.7	0.5	1.3	2.6
Other Current liabilities, Total	3.9	3.9	3.6	4.0	2.7
Total Current Liabilities	4.2	4.3	5.6	8.2	6.8
Long Term Debt	-	-	-	-	1.7
Capital Lease Obligations	-	-	-	-	0.0
Total Long Term Debt	0.0	0.0	0.0	0.0	1.7
Total Debt	0.0	0.0	1.6	2.0	3.0
Minority Interest	0.0	0.0	0.0	0.0	0.0
Pension Benefits - Underfunded	0.0	0.0	0.0	0.1	0.1
Other Liabilities, Total	0.0	0.0	0.0	0.1	0.1
Total Liabilities	4.2	4.4	5.6	8.2	8.7
Common Stock	13.9	14.2	13.8	18.2	15.0
Common Stock	13.9	14.2	13.8	18.2	15.0
Additional Paid-In Capital	0.4	0.4	0.4	0.5	0.4
Retained Earnings (Accumulated Deficit)	-15.0	-15.5	-15.2	-16.1	-6.7
Other Equity	5.7	5.9	5.7	7.5	6.2
Other Equity, Total	5.7	5.9	5.7	7.5	6.2
Total Equity	4.9	5.0	4.7	10.1	15.0
Total Liabilities & Shareholders’ Equity	9.2	9.4	10.4	18.4	23.7
Shares Outstanding - Common Stock Primary Issue	21.3	21.3	21.3	21.3	21.3
Total Common Shares Outstanding	21.3	21.3	21.3	21.3	21.3
Employees	46	30	24	32	311
Accumulated Intangible Amort, Suppl.	0.1	0.1	0.1	0.1	0.0
Deferred Sale - Current	0.0	0.0	0.3	1.9	0.1
Total Long Term Debt, Supplemental	-	-	-	-	2.5
Long Term Debt Maturing within 1 Year	-	-	-	-	0.8
Long Term Debt Maturing in Year 2	-	-	-	-	0.5
Long Term Debt Maturing in Year 3	-	-	-	-	0.5
Long Term Debt Maturing in Year 4	-	-	-	-	0.5
Long Term Debt Maturing in Year 5	-	-	-	-	0.2
Long Term Debt Maturing in 2-3 Years	-	-	-	-	1.0
Long Term Debt Maturing in 4-5 Years	-	-	-	-	0.7
Long Term Debt Matur. in Year 6 & Beyond	-	-	-	-	0.0
Discount Rate - Domestic	4.80%	5.71%	6.26%	5.71%	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.507473	1.553646	1.304493	1.305796	1.436808
Auditor	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.	Bogazici Bagimsiz Dis Denetim A.S.	AGN International Ltd	Sun Bagimsiz Dis Denetim	Sun Bagimsiz Dis Denetim
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	0.1	1.3	-3.5	-6.5	-2.6
Depreciation	0.1	0.1	0.1	0.3	0.5
Depreciation/Depletion	0.1	0.1	0.1	0.3	0.5
Other Non-Cash Items	-0.1	-0.3	4.3	-1.3	0.9
Non-Cash Items	-0.1	-0.3	4.3	-1.3	0.9
Accounts Receivable	-0.7	-1.0	-2.4	2.3	-1.4
Inventories	0.8	-0.4	3.0	1.1	1.3
Other Assets	0.0	0.3	-0.9	1.2	-0.4
Accounts Payable	-0.1	-1.5	-1.3	0.9	-1.0
Changes in Working Capital	-0.1	-2.5	-1.6	5.5	-1.4
Cash from Operating Activities	0.0	-1.4	-0.7	-2.0	-2.7
Purchase of Fixed Assets	0.1	0.0	-0.1	0.0	-0.3
Purchase/Acquisition of Intangibles	-	0.0	0.0	0.0	0.0
Capital Expenditures	0.1	0.0	-0.1	0.0	-0.4
Sale of Fixed Assets	0.0	1.3	0.6	5.4	0.0
Investment, Net	-	-	-	0.0	0.0
Other Investing Cash Flow	0.0	0.0	0.0	0.0	0.0
Other Investing Cash Flow Items, Total	0.0	1.4	0.6	5.5	0.0
Cash from Investing Activities	0.1	1.4	0.5	5.5	-0.3
Other Financing Cash Flow	0.0	0.1	0.2	-1.0	-0.7
Financing Cash Flow Items	0.0	0.1	0.2	-1.0	-0.7
Sale/Issuance of Common	-	-	-	0.0	4.4
Common Stock, Net	-	-	-	0.0	4.4
Issuance (Retirement) of Stock, Net	-	-	-	0.0	4.4
Long Term Debt Issued	-	0.0	0.0	0.2	1.7
Long Term Debt Reduction	-	-	-	-2.5	-2.7
Long Term Debt, Net	-	0.0	0.0	-2.4	-1.0
Issuance (Retirement) of Debt, Net	-	0.0	0.0	-2.4	-1.0
Cash from Financing Activities	0.0	0.1	0.2	-3.4	2.7
Net Change in Cash	0.0	0.1	0.0	0.1	-0.3
Net Cash - Beginning Balance	0.2	0.1	0.1	0.0	0.4
Net Cash - Ending Balance	0.2	0.2	0.1	0.1	0.0
Cash Interest Paid	-	-	-	1.0	0.7

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.507473	1.553646	1.304493	1.305796	1.436808
Auditor	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.	Bogazici Bagimsiz Dis Denetim A.S.	AGN International Ltd	Sun Bagimsiz Dis Denetim	Sun Bagimsiz Dis Denetim
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	5.5	-	-	-	-
Domestic Sales	-	0.5	1.3	2.5	2.7
Export Sales	-	1.2	1.7	3.3	13.6
Other Sales	-	0.0	0.0	0.1	0.5
Other Export Sales	-	3.4	5.0	0.1	-
Sales Returns	-	-0.1	-	-1.8	-
Sales Discounts	-	-	-	0.0	-
Total Sale	5.5	5.1	8.1	4.3	16.8
Cost of Sales	5.0	4.6	6.5	7.4	16.4
Marketing & Dist.	0.2	0.1	0.2	0.3	1.0
General & Admin.	0.3	0.4	0.8	2.4	0.8
Depreciation	-	-	-	-	0.1
Total Operating Expense	5.5	5.1	7.5	10.1	18.2
Other Income	1.1	6.9	0.7	1.7	1.4
Exp. Other Oprtns.	-1.2	-5.7	-7.7	-1.7	-0.8
Interest Income	0.3	0.3	0.9	0.7	-
Finance Income	0.1	0.1	0.3	0.8	-
Finance Expense	-0.1	-0.2	-0.4	-1.2	-
Interest Expense	-	-	-	-	-0.4
Currency Losses	-	-	-	-	-1.0
Commission	-	-	-	-	-0.3
Other Financial Expense	-	-	-	-	-0.1
Net Income Before Taxes	0.1	1.3	-5.8	-5.4	-2.6
Provision for Income Taxes	0.0	0.0	-2.3	1.1	0.0
Net Income After Taxes	0.1	1.3	-3.5	-6.5	-2.6
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	0.1	1.3	-3.5	-6.5	-2.6
Net Income	0.1	1.3	-3.5	-6.5	-2.6
Income Available to Com Excl ExtraOrd	0.1	1.3	-3.5	-6.5	-2.6
Income Available to Com Incl ExtraOrd	0.1	1.3	-3.5	-6.5	-2.6
Basic Weighted Average Shares	21.3	21.3	21.3	21.3	21.3
Basic EPS Excluding ExtraOrdinary Items	0.00	0.06	-0.17	-0.31	-0.12
Basic EPS Including ExtraOrdinary Items	0.00	0.06	-0.17	-0.31	-0.12
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	0.1	1.3	-3.5	-6.5	-2.6
Diluted Weighted Average Shares	21.3	21.3	21.3	21.3	21.3
Diluted EPS Excluding ExtraOrd Items	0.00	0.06	-0.17	-0.31	-0.12
Diluted EPS Including ExtraOrd Items	0.00	0.06	-0.17	-0.31	-0.12
DPS-Ordinary Shares	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	0.1	1.3	-5.8	-5.4	-2.6
Inc Tax Ex Impact of Sp Items	0.0	0.0	-2.3	1.1	0.0
Normalized Income After Taxes	0.1	1.3	-3.5	-6.5	-2.6
Normalized Inc. Avail to Com.	0.1	1.3	-3.5	-6.5	-2.6
Basic Normalized EPS	0.00	0.06	-0.17	-0.31	-0.12
Diluted Normalized EPS	0.00	0.06	-0.17	-0.31	-0.12
Advertising Expense	-	-	0.0	0.0	0.0
Rental Expense	-	-	0.1	0.0	0.0
Interest Expense	-	-	-	-	0.4
Amort of Intangibles	0.0	0.0	-	-	0.0
Depreciation	0.1	0.1	-	-	0.5
Current Tax	0.0	0.0	0.0	0.0	-
Current Tax - Total	0.0	0.0	0.0	0.0	-
Deferred Tax	0.0	0.0	-2.3	1.1	-
Deferred Tax - Total	0.0	0.0	-2.3	1.1	-
Income Tax - Total	0.0	0.0	-2.3	1.1	-
Discount Rate	4.80%	-	6.26%	5.71%	5.71%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate	1.539	1.49895	1.5435	1.17225	1.4165
Auditor	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.	Bogazici Bagimsiz Dis Denetim A.S.	AGN International Ltd	Sun Bagimsiz Dis Denetim	Sun Bagimsiz Dis Denetim
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equiv.	0.2	0.2	0.1	0.1	0.0
Financial Investments	0.0	0.0	0.0	0.0	-
Public Bonds	-	-	-	-	0.9
ST Trade Cust.	1.0	0.8	0.7	1.7	3.2
Notes Rcvbl.	0.0	0.0	-	0.2	-
Dep. & Guarantee	0.1	0.1	0.1	0.1	-
Doubt. Rcvbls.	5.5	5.6	5.8	1.6	1.0
Factoring Receivable	-	-	-	0.0	-
Redisc Trade Rcv	0.0	0.0	0.0	-0.2	-
Prov. Doubt. Trade Rcvb	-5.5	-5.6	-5.8	-1.6	-1.0
Due Rcvbls./Related Parties	0.1	-	-	1.3	1.4
Other ST Rcvbl.	0.6	0.1	0.0	0.0	0.0
Raw Materials	1.3	1.6	0.2	1.6	1.5
Semi-Finished	-	-	-	-	0.5
Finished Goods	0.0	0.1	0.2	0.7	1.8
Trading Goods	0.3	0.3	0.3	0.5	0.0
Other Inventory	-	-	-	-	0.0
Dimi. Inventory	-0.3	-0.2	-0.4	-0.2	-0.2
Advance Pmts.	0.3	0.7	1.7	3.8	2.5
Other Assets	0.9	1.0	1.3	3.1	1.5
Total Current Assets	4.6	4.7	4.3	12.7	13.3
Inv. in Affil.	0.0	0.0	0.0	0.0	0.0
Real Estate Investment	0.1	0.1	1.4	1.9	1.2
Land	0.4	0.4	0.4	0.5	0.4
Land Improv.	-	-	-	-	0.1
Buildings	2.3	2.3	2.2	3.3	5.4
Mach. & Equip.	0.4	0.4	0.4	0.7	5.1
Vehicles	0.1	0.1	0.1	0.2	0.2
Furn. & Fixt.	0.4	0.4	0.4	0.5	0.7
Depreciation	-1.3	-1.2	-1.1	-1.7	-4.0
Intangibles, Net	0.0	0.0	0.0	0.0	-
Intangibles, Gross	-	-	-	-	0.1
Intang. Amort.	-	-	-	-	0.0
Deferred Taxes	2.2	2.2	2.2	0.3	1.2
Other Assets	0.0	0.0	0.0	0.0	0.0
Total Assets	9.2	9.4	10.4	18.4	23.7
Bank Loans	-	-	0.0	0.0	0.5
Cur.Port.Loans	-	0.0	0.0	0.0	0.8
Fin. Leasing	-	0.0	0.1	0.1	0.0
Other ST Debt	0.0	0.0	1.5	1.9	-
Suppliers	-	-	-	-	1.3
Notes Payable	-	-	-	-	1.2
Trade payables, Net	0.3	0.5	0.5	2.1	-
Redisc. Trade Py	-	-	-	-	-0.1
Due Pybls./Related Parties	-	-	-	-	0.5
Other ST Pybl.	3.2	3.2	3.1	2.7	-
Customer Advance	-	-	-	-	0.1
ST Debt Prov.	0.7	0.7	0.5	1.3	1.1
Tax Provisions	-	0.0	0.0	0.0	-
Other Current Liabilities	-	-	-	-	1.5
Total Current Liabilities	4.2	4.3	5.6	8.2	6.8
Bank Loans	-	-	-	-	1.7
Fin. Leasing	-	-	-	-	0.0
Total Long Term Debt	-	-	-	-	1.7
Prov. Severance	0.0	0.0	0.0	0.1	0.1
Minority Interest	0.0	0.0	0.0	0.0	0.0
Total Liabilities	4.2	4.4	5.6	8.2	8.7
Share Capital	13.9	14.2	13.8	18.2	15.0
Premium	0.4	0.4	0.4	0.5	0.4
Revaluation Fund	0.3	0.3	1.0	1.3	1.7
Legal Reserves	0.0	0.0	0.0	0.0	0.0
Net Profit/Loss	0.1	1.3	-3.0	-7.3	-2.6
Prior Yr. Loss	-15.4	-17.2	-13.3	-10.2	-5.9
Inf. Adj.	5.7	5.9	5.7	7.5	6.2
Total Equity	4.9	5.0	4.7	10.1	15.0
Total Liabilities & Shareholders' Equity	9.2	9.4	10.4	18.4	23.7
S/O-Ordinary Shares	21.3	21.3	21.3	21.3	21.3
Total Common Shares Outstanding	21.3	21.3	21.3	21.3	21.3
Acc. Intang. Amort.	0.1	0.1	0.1	0.1	0.0
Deferred Sale - Current	0.0	0.0	0.3	1.9	0.1
Full-Time Employees	46	30	24	32	311
Due Within 1 Year	-	-	-	-	0.8
Due Within 1-2 Years	-	-	-	-	0.5
Due Within 2-3 Years	-	-	-	-	0.5
Due Within 3-4 Years	-	-	-	-	0.5
Due Within 4-5 Years	-	-	-	-	0.2
Total Long Term Debt, Supplemental	-	-	-	-	2.5
Discount Rate	4.80%	5.71%	6.26%	5.71%	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.507473	1.553646	1.304493	1.305796	1.436808
Auditor	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.	Bogazici Bagimsiz Dis Denetim A.S.	AGN International Ltd	Sun Bagimsiz Dis Denetim	Sun Bagimsiz Dis Denetim
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	0.1	1.3	-3.5	-6.5	-2.6
Depreciation	0.1	0.1	0.1	0.3	0.5
Prop&Plant Depreciation Cancelation	-	0.0	-0.3	-	-
Provision Expense	0.0	-0.4	6.9	-	-
Minority Income/Loss	0.0	0.1	0.0	-	-
Interest Income/Expense	-	-	-	0.5	1.0
Provision for Severance Payments	0.0	0.0	0.0	0.0	0.1
Tax Income/Expense	0.0	0.0	-2.3	1.1	0.1
Foreign Exchange Income	-	-	-	-0.7	-0.7
Foreign Exchange Exp.	-	-	-	0.0	0.0
Rediscount Expense	0.0	0.0	0.0	0.0	0.3
Provisions	-	-	-	-0.4	0.6
Rediscount Income	-	-	-	-0.1	-0.2
Other Income	0.0	0.1	-	-1.7	-0.3
Trade Receivables	-0.3	0.0	-1.6	1.9	-0.1
Other Rcvbls.	-	-	-	0.0	0.0
Inventories	0.8	-0.4	3.0	1.1	1.3
Due Receivables/Related Parties	-0.5	-1.0	-0.8	0.4	-1.3
Other Current Assets	0.0	0.3	-0.9	-	0.0
Other Current Assets	-	-	-	1.2	-0.4
Increase in Other Assets	-	-	-	0.0	0.0
Decrease in Other Assets	-	-	-	-	0.0
Trade Payables	-0.1	-1.5	-1.3	-0.8	-1.3
Due Payables/Related Parties	-	-	-	0.4	0.1
Other Payables	-	-	-	1.2	0.2
Cash from Operating Activities	0.0	-1.4	-0.7	-2.0	-2.7
Interest Received	-	-	-	0.0	0.0
Rental Income	-	-	-	0.0	-
Purchase of Tangible Assets	0.1	0.0	-0.1	0.0	-0.3
Sale of Fixed Assets	0.0	1.3	0.6	5.4	0.0
Financial Investment	0.0	0.0	0.0	-	-
Purchase of Intangibles	-	0.0	0.0	0.0	0.0
Available for Sale Inv., Net	-	-	-	0.0	0.0
Cash from Investing Activities	0.1	1.4	0.5	5.5	-0.3
Share Capital	-	-	-	0.0	4.4
Repayment of Fin. Leases	-	-	-	0.0	0.0
Issuance of Loans	-	0.0	0.0	0.2	1.7
Repayment of Bank Loans	-	-	-	-2.5	-2.7
Repayment of Bank Loans and Int.	0.0	0.1	0.2	-1.0	-0.7
Cash from Financing Activities	0.0	0.1	0.2	-3.4	2.7
Net Change in Cash	0.0	0.1	0.0	0.1	-0.3
Net Cash Beginnning Balance	0.2	0.1	0.1	0.0	0.4
Net Cash Ending Balance	0.2	0.2	0.1	0.1	0.0
Cash Interest Paid	-	-	-	1.0	0.7

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Sale1	0.8	110.06%	5.5	4.39%	13.78%	-18.99%
Operating Income1	0.0	-	-0.1	-	-	-
Income Available to Common Excl Extraord Items1	-0.5	-	0.1	-94.22%	-	-
Basic EPS Excl Extraord Items1	-0.02	-	0.00	-94.21%	-	-
Capital Expenditures2	-	-	0.1	-	-	-
Cash from Operating Activities2	-0.8	-	0.0	-	-	-
Free Cash Flow	-0.8	-	0.0	-	-	-47.49%
Total Assets3	7.1	-16.40%	9.2	0.41%	-13.22%	-14.57%
Total Liabilities3	2.7	-30.72%	4.2	-0.85%	-12.40%	-14.04%
Total Long Term Debt3	0.0	-	0.0	-	-	-
Employees3	-	-	46	53.33%	12.86%	-24.38%
Total Common Shares Outstanding3	21.3	0.00%	21.3	0.00%	0.00%	7.28%
1-ExchangeRate: TRY to USD Average for Period	1.565785	Â	1.507473	Â	Â	Â
2-ExchangeRate: TRY to USD Average for Period	1.571222	Â	1.507473	Â	Â	Â
3-ExchangeRate: TRY to USD Period End Date	1.624000	Â	1.539000	Â	Â	Â

Key Ratios
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Gross Margin	7.77%	9.40%	19.18%	-72.92%	2.32%
Operating Margin	-1.27%	-1.25%	6.75%	-135.45%	-8.47%
Pretax Margin	1.04%	25.70%	-71.73%	-127.34%	-15.39%
Net Profit Margin	1.37%	24.78%	-43.62%	-152.55%	-15.49%
Financial Strength
Current Ratio	1.09	1.07	0.78	1.55	1.96
Long Term Debt/Equity	0.00	0.00	0.00	0.00	0.12
Total Debt/Equity	0.00	0.01	0.33	0.20	0.20
Interest Coverage	-	-	-	-	-1.10
Management Effectiveness
Return on Assets	0.80%	13.01%	-24.57%	-30.90%	-11.58%
Return on Equity	1.50%	26.39%	-47.94%	-51.43%	-19.50%
Efficiency
Receivables Turnover	3.89	5.62	4.41	1.12	4.56
Inventory Turnover	2.42	2.07	1.60	1.18	2.40
Asset Turnover	0.58	0.52	0.56	0.20	0.75

Market Valuation USD (mil)
Enterprise Value2	7.1	.	Price/Sales (TTM)	1.20
Enterprise Value/Sale (TTM)	1.30	.	Price/Book (MRQ)	1.49
Enterprise Value/EBITDA (TTM)	814.88	.	Market Cap1	5.8
1-ExchangeRate: TRY to USD on 14-Oct-2011	1.836700
2-ExchangeRate: TRY to USD on 30-Jun-2011	1.624000

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Financial Strength
Current Ratio	1.09	1.07	0.78	1.55	1.96
Quick/Acid Test Ratio	0.48	0.28	0.18	0.39	0.81
Working Capital1	0.4	0.3	-1.2	4.5	6.5
Long Term Debt/Equity	0.00	0.00	0.00	0.00	0.12
Total Debt/Equity	0.00	0.01	0.33	0.20	0.20
Long Term Debt/Total Capital	0.00	0.00	0.00	0.00	0.10
Total Debt/Total Capital	0.00	0.01	0.25	0.17	0.17
Interest Coverage	-	-	-	-	-1.10
Payout Ratio	-	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate	-32.22%	3.52%	-	-	-
Total Capital1	5.0	5.0	6.3	12.2	18.0
Efficiency
Asset Turnover	0.58	0.52	0.56	0.20	0.75
Inventory Turnover	2.42	2.07	1.60	1.18	2.40
Days In Inventory	151.07	176.11	227.48	309.39	152.35
Receivables Turnover	3.89	5.62	4.41	1.12	4.56
Days Receivables Outstanding	93.91	64.98	82.86	326.82	80.10
Sale/Employee2	116,054	175,029	284,754	148,687	54,754
Operating Income/Employee2	-1,471	-2,181	19,209	-201,404	-4,640
EBITDA/Employee2	180	638	23,472	-201,404	-3,139
Profitability
Gross Margin	7.77%	9.40%	19.18%	-72.92%	2.32%
Operating Margin	-1.27%	-1.25%	6.75%	-135.45%	-8.47%
EBITDA Margin	0.15%	0.36%	8.24%	-135.45%	-5.73%
EBIT Margin	-1.27%	-1.25%	6.75%	-135.45%	-8.47%
Pretax Margin	1.04%	25.70%	-71.73%	-127.34%	-15.39%
Net Profit Margin	1.37%	24.78%	-43.62%	-152.55%	-15.49%
COGS/Sale	92.23%	90.60%	80.82%	172.92%	97.68%
SG&A Expense/Sale	9.03%	10.65%	12.44%	62.54%	10.46%
Management Effectiveness
Return on Assets	0.80%	13.01%	-24.57%	-30.90%	-11.58%
Return on Equity	1.50%	26.39%	-47.94%	-51.43%	-19.50%
Valuation
Free Cash Flow/Share2	0.00	-0.07	-0.03	-0.11	-0.14
Operating Cash Flow/Share 2	0.00	-0.07	-0.03	-0.10	-0.13
1-ExchangeRate: TRY to USD Period End Date	1.539	1.49895	1.5435	1.17225	1.4165
2-ExchangeRate: TRY to USD Average for Period	1.539	1.49895	1.5435	1.17225	1.4165

Current Market Multiples
Market Cap/Earnings (TTM)	-31.71
Market Cap/Equity (MRQ)	1.49
Market Cap/Sale (TTM)	1.20
Market Cap/EBIT (TTM)	-14.88
Market Cap/EBITDA (TTM)	-17.69
Enterprise Value/Earnings (TTM)	-34.51
Enterprise Value/Equity (MRQ)	1.62
Enterprise Value/Sale (TTM)	1.30
Enterprise Value/EBIT (TTM)	-16.19
Enterprise Value/EBITDA (TTM)	-19.26

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.507473	1.553646	1.304493	1.305796	1.436808
Auditor	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.	Bogazici Bagimsiz Dis Denetim A.S.	AGN International Ltd	Sun Bagimsiz Dis Denetim	Sun Bagimsiz Dis Denetim
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	5.5	1.8	3.1	6.0	16.8
Gross Sale	-	3.4	5.0	0.1	-
Sales Returns and Allowances	-	-0.1	-	-1.8	-
Sale	5.5	5.1	8.1	4.3	16.8
Total Sale	5.5	5.1	8.1	4.3	16.8
Cost of Sale	5.0	4.6	6.5	7.4	16.4
Cost of Sale, Total	5.0	4.6	6.5	7.4	16.4
Gross Profit	0.4	0.5	1.6	-3.1	0.4
Selling/General/Administrative Expense	0.5	0.5	1.0	2.7	1.8
Total Selling/General/Administrative Expenses	0.5	0.5	1.0	2.7	1.8
Depreciation	-	-	-	-	0.1
Depreciation/Amortization	-	-	-	-	0.1
Total Operating Expense	5.5	5.1	7.5	10.1	18.2
Operating Income	-0.1	-0.1	0.5	-5.8	-1.4
Interest Expense - Non-Operating	-	-	-	-	-0.4
Interest Expense, Net Non-Operating	-	-	-	-	-0.4
Interest Income - Non-Operating	0.3	0.3	0.9	0.7	-
Interest/Investment Income - Non-Operating	0.3	0.3	0.9	0.7	-
Interest Income (Expense) - Net Non-Operating	-	-	-	-	-1.3
Interest Income (Expense) - Net Non-Operating Total	0.3	0.3	0.9	0.7	-1.7
Other Non-Operating Income (Expense)	-0.1	1.1	-7.2	-0.4	0.6
Other, Net	-0.1	1.1	-7.2	-0.4	0.6
Income Before Tax	0.1	1.3	-5.8	-5.4	-2.6
Total Income Tax	0.0	0.0	-2.3	1.1	0.0
Income After Tax	0.1	1.3	-3.5	-6.5	-2.6
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	0.1	1.3	-3.5	-6.5	-2.6
Net Income	0.1	1.3	-3.5	-6.5	-2.6
Income Available to Common Excl Extraord Items	0.1	1.3	-3.5	-6.5	-2.6
Income Available to Common Incl Extraord Items	0.1	1.3	-3.5	-6.5	-2.6
Basic/Primary Weighted Average Shares	21.3	21.3	21.3	21.3	21.3
Basic EPS Excl Extraord Items	0.00	0.06	-0.17	-0.31	-0.12
Basic/Primary EPS Incl Extraord Items	0.00	0.06	-0.17	-0.31	-0.12
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	0.1	1.3	-3.5	-6.5	-2.6
Diluted Weighted Average Shares	21.3	21.3	21.3	21.3	21.3
Diluted EPS Excl Extraord Items	0.00	0.06	-0.17	-0.31	-0.12
Diluted EPS Incl Extraord Items	0.00	0.06	-0.17	-0.31	-0.12
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	-	-	-	-	0.4
Depreciation, Supplemental	0.1	0.1	0.1	-	0.5
Normalized Income Before Tax	0.1	1.3	-5.8	-5.4	-2.6
Inc Tax Ex Impact of Sp Items	0.0	0.0	-2.3	1.1	0.0
Normalized Income After Tax	0.1	1.3	-3.5	-6.5	-2.6
Normalized Inc. Avail to Com.	0.1	1.3	-3.5	-6.5	-2.6
Basic Normalized EPS	0.00	0.06	-0.17	-0.31	-0.12
Diluted Normalized EPS	0.00	0.06	-0.17	-0.31	-0.12
Amort of Intangibles, Supplemental	0.0	0.0	0.0	-	0.0
Rental Expenses	-	-	0.1	0.0	0.0
Advertising Expense, Supplemental	-	-	0.0	0.0	0.0
Normalized EBIT	-0.1	-0.1	0.5	-5.8	-1.4
Normalized EBITDA	0.0	0.0	0.7	-5.8	-1.0
Current Tax - Domestic	0.0	0.0	0.0	0.0	-
Current Tax - Total	0.0	0.0	0.0	0.0	-
Deferred Tax - Domestic	0.0	0.0	-2.3	1.1	-
Deferred Tax - Total	0.0	0.0	-2.3	1.1	-
Income Tax - Total	0.0	0.0	-2.3	1.1	-
Discount Rate - Domestic	4.80%	-	6.26%	5.71%	5.71%

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Reclassified Calculated 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Reclassified Normal 30-Jun-2011
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.565785	1.576504	1.464156	1.515454	1.540387
Net Sales	0.8	0.3	3.0	1.8	0.4
Sale	0.8	0.3	3.0	1.8	0.4
Total Sale	0.8	0.3	3.0	1.8	0.4
Cost of Sale	0.6	0.3	3.0	1.6	0.2
Cost of Sale, Total	0.6	0.3	3.0	1.6	0.2
Gross Profit	0.2	0.0	0.0	0.2	0.2
Selling/General/Administrative Expense	0.2	0.4	0.2	0.1	0.2
Total Selling/General/Administrative Expenses	0.2	0.4	0.2	0.1	0.2
Total Operating Expense	0.9	0.6	3.2	1.7	0.4
Operating Income	0.0	-0.4	-0.2	0.2	0.0
Interest Expense - Non-Operating	0.0	0.0	-	-	0.0
Interest Expense, Net Non-Operating	0.0	0.0	-	-	0.0
Interest Income - Non-Operating	0.1	0.1	0.1	0.1	0.1
Interest/Investment Income - Non-Operating	0.1	0.1	0.1	0.1	0.1
Interest Income (Expense) - Net Non-Operating Total	0.0	0.1	0.1	0.1	0.1
Other Non-Operating Income (Expense)	0.7	0.8	0.0	-0.1	0.0
Other, Net	0.7	0.8	0.0	-0.1	0.0
Income Before Tax	0.7	0.5	-0.1	0.1	0.1
Total Income Tax	1.2	0.3	0.0	0.0	0.0
Income After Tax	-0.5	0.3	-0.1	0.1	0.1
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	-0.5	0.3	-0.1	0.1	0.1
Net Income	-0.5	0.3	-0.1	0.1	0.1
Income Available to Common Excl Extraord Items	-0.5	0.3	-0.1	0.1	0.1
Income Available to Common Incl Extraord Items	-0.5	0.3	-0.1	0.1	0.1
Basic/Primary Weighted Average Shares	21.3	21.3	21.3	21.3	21.3
Basic EPS Excl Extraord Items	-0.02	0.01	0.00	0.01	0.00
Basic/Primary EPS Incl Extraord Items	-0.02	0.01	0.00	0.01	0.00
Dilution Adjustment	0.0	-	0.0	-	-
Diluted Net Income	-0.5	0.3	-0.1	0.1	0.1
Diluted Weighted Average Shares	21.3	21.3	21.3	21.3	21.3
Diluted EPS Excl Extraord Items	-0.02	0.01	0.00	0.01	0.00
Diluted EPS Incl Extraord Items	-0.02	0.01	0.00	0.01	0.00
Dividends per Share - Common Stock Primary Issue	0.00	0.00	-	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	-	0.0	0.0
Interest Expense, Supplemental	0.0	0.0	-	-	0.0
Depreciation, Supplemental	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Tax	0.7	0.5	-0.1	0.1	0.1
Inc Tax Ex Impact of Sp Items	1.2	0.3	0.0	0.0	0.0
Normalized Income After Tax	-0.5	0.3	-0.1	0.1	0.1
Normalized Inc. Avail to Com.	-0.5	0.3	-0.1	0.1	0.1
Basic Normalized EPS	-0.02	0.01	0.00	0.01	0.00
Diluted Normalized EPS	-0.02	0.01	0.00	0.01	0.00
Amort of Intangibles, Supplemental	0.0	0.0	0.0	0.0	0.0
Normalized EBIT	0.0	-0.4	-0.2	0.2	0.0
Normalized EBITDA	0.0	-0.4	-0.2	0.2	0.0
Current Tax - Domestic	0.0	-	0.0	0.0	0.0
Current Tax - Total	0.0	-	0.0	0.0	0.0
Deferred Tax - Domestic	1.2	0.3	0.0	0.0	0.0
Deferred Tax - Total	1.2	0.3	0.0	0.0	0.0
Income Tax - Total	1.2	0.3	0.0	0.0	0.0
Discount Rate - Domestic	4.66%	4.66%	4.80%	4.80%	-

Annual Balance Sheet

Standardized

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate	1.539	1.49895	1.5435	1.17225	1.4165
Auditor	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.	Bogazici Bagimsiz Dis Denetim A.S.	AGN International Ltd	Sun Bagimsiz Dis Denetim	Sun Bagimsiz Dis Denetim
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	0.2	0.2	0.1	0.1	0.0
Short Term Investments	0.0	0.0	0.0	0.0	0.9
Cash and Short Term Investments	0.2	0.2	0.2	0.2	0.9
Accounts Receivable - Trade, Gross	6.6	6.5	6.6	3.5	4.2
Provision for Doubtful Accounts	-5.5	-5.6	-5.8	-1.8	-1.0
Trade Accounts Receivable - Net	1.2	0.9	0.8	3.0	4.6
Other Receivables	0.6	0.1	0.0	0.0	0.0
Total Receivables, Net	1.8	1.0	0.8	3.0	4.6
Inventories - Finished Goods	0.3	0.3	0.6	1.2	1.8
Inventories - Work In Progress	-	-	-	-	0.5
Inventories - Raw Materials	1.3	1.6	0.2	1.6	1.5
Inventories - Other	0.1	0.5	1.3	3.6	2.4
Total Inventory	1.7	2.5	2.0	6.4	6.3
Other Current Assets	0.9	1.0	1.3	3.1	1.5
Other Current Assets, Total	0.9	1.0	1.3	3.1	1.5
Total Current Assets	4.6	4.7	4.3	12.7	13.3
Buildings	2.3	2.3	2.2	3.3	5.4
Land/Improvements	0.4	0.4	0.4	0.5	0.5
Machinery/Equipment	1.0	0.9	0.9	1.3	6.0
Property/Plant/Equipment - Gross	3.6	3.6	3.5	5.1	11.9
Accumulated Depreciation	-1.3	-1.2	-1.1	-1.7	-4.0
Property/Plant/Equipment - Net	2.3	2.3	2.4	3.4	7.9
Intangibles - Gross	-	-	-	-	0.1
Accumulated Intangible Amortization	-	-	-	-	0.0
Intangibles, Net	0.0	0.0	0.0	0.0	0.0
LT Investment - Affiliate Companies	0.0	0.0	0.0	0.0	0.0
LT Investments - Other	0.1	0.1	1.4	1.9	1.2
Long Term Investments	0.1	0.1	1.5	1.9	1.2
Deferred Income Tax - Long Term Asset	2.2	2.2	2.2	0.3	1.2
Other Long Term Assets	0.0	0.0	0.0	0.0	0.0
Other Long Term Assets, Total	2.2	2.2	2.2	0.3	1.2
Total Assets	9.2	9.4	10.4	18.4	23.7
Accounts Payable	0.3	0.5	0.5	2.1	2.9
Notes Payable/Short Term Debt	0.0	0.0	1.5	1.9	0.5
Current Portion - Long Term Debt/Capital Leases	-	0.0	0.1	0.1	0.8
Customer Advances	-	-	-	-	0.1
Income Taxes Payable	-	0.0	0.0	0.0	-
Other Payables	3.2	3.2	3.1	2.7	-
Other Current Liabilities	0.7	0.7	0.5	1.3	2.6
Other Current liabilities, Total	3.9	3.9	3.6	4.0	2.7
Total Current Liabilities	4.2	4.3	5.6	8.2	6.8
Long Term Debt	-	-	-	-	1.7
Capital Lease Obligations	-	-	-	-	0.0
Total Long Term Debt	0.0	0.0	0.0	0.0	1.7
Total Debt	0.0	0.0	1.6	2.0	3.0
Minority Interest	0.0	0.0	0.0	0.0	0.0
Pension Benefits - Underfunded	0.0	0.0	0.0	0.1	0.1
Other Liabilities, Total	0.0	0.0	0.0	0.1	0.1
Total Liabilities	4.2	4.4	5.6	8.2	8.7
Common Stock	13.9	14.2	13.8	18.2	15.0
Common Stock	13.9	14.2	13.8	18.2	15.0
Additional Paid-In Capital	0.4	0.4	0.4	0.5	0.4
Retained Earnings (Accumulated Deficit)	-15.0	-15.5	-15.2	-16.1	-6.7
Other Equity	5.7	5.9	5.7	7.5	6.2
Other Equity, Total	5.7	5.9	5.7	7.5	6.2
Total Equity	4.9	5.0	4.7	10.1	15.0
Total Liabilities & Shareholders’ Equity	9.2	9.4	10.4	18.4	23.7
Shares Outstanding - Common Stock Primary Issue	21.3	21.3	21.3	21.3	21.3
Total Common Shares Outstanding	21.3	21.3	21.3	21.3	21.3
Employees	46	30	24	32	311
Accumulated Intangible Amort, Suppl.	0.1	0.1	0.1	0.1	0.0
Deferred Sale - Current	0.0	0.0	0.3	1.9	0.1
Total Long Term Debt, Supplemental	-	-	-	-	2.5
Long Term Debt Maturing within 1 Year	-	-	-	-	0.8
Long Term Debt Maturing in Year 2	-	-	-	-	0.5
Long Term Debt Maturing in Year 3	-	-	-	-	0.5
Long Term Debt Maturing in Year 4	-	-	-	-	0.5
Long Term Debt Maturing in Year 5	-	-	-	-	0.2
Long Term Debt Maturing in 2-3 Years	-	-	-	-	1.0
Long Term Debt Maturing in 4-5 Years	-	-	-	-	0.7
Long Term Debt Matur. in Year 6 & Beyond	-	-	-	-	0.0
Discount Rate - Domestic	4.80%	5.71%	6.26%	5.71%	-

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Reclassified Normal 30-Jun-2011	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate	1.624	1.54385	1.539	1.44645	1.58325
Cash & Equivalents	0.2	0.2	0.2	0.2	0.1
Short Term Investments	0.0	0.0	0.0	0.0	0.0
Cash and Short Term Investments	0.2	0.2	0.2	0.2	0.2
Accounts Receivable - Trade, Gross	6.0	6.2	6.5	7.1	6.1
Provision for Doubtful Accounts	-5.0	-5.5	-5.5	-5.8	-5.3
Trade Accounts Receivable - Net	1.1	1.0	1.1	1.3	0.8
Other Receivables	0.5	0.7	0.7	0.9	0.7
Total Receivables, Net	1.6	1.7	1.8	2.2	1.5
Inventories - Finished Goods	0.4	0.3	0.3	0.3	0.2
Inventories - Work In Progress	-	0.0	-	0.0	0.0
Inventories - Raw Materials	1.0	1.2	1.3	1.4	1.4
Inventories - Other	-0.2	-0.3	-0.3	0.1	0.1
Total Inventory	1.2	1.2	1.3	1.7	1.7
Other Current Assets	1.2	1.3	1.3	0.9	0.9
Other Current Assets, Total	1.2	1.3	1.3	0.9	0.9
Total Current Assets	4.2	4.4	4.6	5.0	4.3
Buildings	2.1	2.2	2.3	2.4	2.2
Land/Improvements	0.3	0.4	0.4	0.4	0.3
Machinery/Equipment	0.9	1.0	1.0	0.9	0.9
Other Property/Plant/Equipment	-	-	-	0.0	0.0
Property/Plant/Equipment - Gross	3.4	3.5	3.6	3.7	3.4
Accumulated Depreciation	-1.2	-1.3	-1.3	-1.3	-1.2
Property/Plant/Equipment - Net	2.1	2.3	2.3	2.4	2.2
Intangibles, Net	0.0	0.0	0.0	0.0	0.0
LT Investment - Affiliate Companies	0.0	0.0	0.0	0.0	0.0
LT Investments - Other	0.1	0.1	0.1	0.1	0.1
Long Term Investments	0.1	0.1	0.1	0.1	0.1
Deferred Income Tax - Long Term Asset	0.6	1.9	2.2	2.3	2.1
Other Long Term Assets	0.0	0.0	0.0	0.0	0.0
Other Long Term Assets, Total	0.6	1.9	2.2	2.3	2.1
Total Assets	7.1	8.7	9.2	9.8	8.7
Accounts Payable	0.4	0.3	0.3	0.4	0.3
Notes Payable/Short Term Debt	0.8	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	-	-	-	0.0	0.0
Other Payables	0.5	1.1	3.2	3.3	3.0
Other Current Liabilities	0.7	0.9	0.7	0.7	0.6
Other Current liabilities, Total	1.1	2.0	3.9	4.0	3.6
Total Current Liabilities	2.3	2.3	4.2	4.4	3.9
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	0.8	0.0	0.0	0.0	0.0
Minority Interest	0.0	0.0	0.0	0.0	0.0
Pension Benefits - Underfunded	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.4	1.2	0.0	-	-
Other Liabilities, Total	0.4	1.2	0.0	0.0	0.0
Total Liabilities	2.7	3.5	4.2	4.5	3.9
Common Stock	13.1	13.8	13.9	14.7	13.5
Common Stock	13.1	13.8	13.9	14.7	13.5
Additional Paid-In Capital	0.4	0.4	0.4	0.4	0.4
Retained Earnings (Accumulated Deficit)	-14.5	-14.7	-15.0	-15.9	-14.7
Other Equity	5.4	5.7	5.7	6.1	5.6
Other Equity, Total	5.4	5.7	5.7	6.1	5.6
Total Equity	4.4	5.2	4.9	5.3	4.7
Total Liabilities & Shareholders’ Equity	7.1	8.7	9.2	9.8	8.7
Shares Outstanding - Common Stock Primary Issue	21.3	21.3	21.3	21.3	21.3
Total Common Shares Outstanding	21.3	21.3	21.3	21.3	21.3
Employees	-	-	-	26	16
Accumulated Intangible Amort, Suppl.	0.1	0.1	0.1	0.1	0.1
Deferred Sale - Current	0.0	0.0	0.0	0.0	0.0
Discount Rate - Domestic	4.66%	4.66%	5.92%	4.80%	4.80%

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.507473	1.553646	1.304493	1.305796	1.436808
Auditor	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.	Bogazici Bagimsiz Dis Denetim A.S.	AGN International Ltd	Sun Bagimsiz Dis Denetim	Sun Bagimsiz Dis Denetim
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	0.1	1.3	-3.5	-6.5	-2.6
Depreciation	0.1	0.1	0.1	0.3	0.5
Depreciation/Depletion	0.1	0.1	0.1	0.3	0.5
Other Non-Cash Items	-0.1	-0.3	4.3	-1.3	0.9
Non-Cash Items	-0.1	-0.3	4.3	-1.3	0.9
Accounts Receivable	-0.7	-1.0	-2.4	2.3	-1.4
Inventories	0.8	-0.4	3.0	1.1	1.3
Other Assets	0.0	0.3	-0.9	1.2	-0.4
Accounts Payable	-0.1	-1.5	-1.3	0.9	-1.0
Changes in Working Capital	-0.1	-2.5	-1.6	5.5	-1.4
Cash from Operating Activities	0.0	-1.4	-0.7	-2.0	-2.7
Purchase of Fixed Assets	0.1	0.0	-0.1	0.0	-0.3
Purchase/Acquisition of Intangibles	-	0.0	0.0	0.0	0.0
Capital Expenditures	0.1	0.0	-0.1	0.0	-0.4
Sale of Fixed Assets	0.0	1.3	0.6	5.4	0.0
Investment, Net	-	-	-	0.0	0.0
Other Investing Cash Flow	0.0	0.0	0.0	0.0	0.0
Other Investing Cash Flow Items, Total	0.0	1.4	0.6	5.5	0.0
Cash from Investing Activities	0.1	1.4	0.5	5.5	-0.3
Other Financing Cash Flow	0.0	0.1	0.2	-1.0	-0.7
Financing Cash Flow Items	0.0	0.1	0.2	-1.0	-0.7
Sale/Issuance of Common	-	-	-	0.0	4.4
Common Stock, Net	-	-	-	0.0	4.4
Issuance (Retirement) of Stock, Net	-	-	-	0.0	4.4
Long Term Debt Issued	-	0.0	0.0	0.2	1.7
Long Term Debt Reduction	-	-	-	-2.5	-2.7
Long Term Debt, Net	-	0.0	0.0	-2.4	-1.0
Issuance (Retirement) of Debt, Net	-	0.0	0.0	-2.4	-1.0
Cash from Financing Activities	0.0	0.1	0.2	-3.4	2.7
Net Change in Cash	0.0	0.1	0.0	0.1	-0.3
Net Cash - Beginning Balance	0.2	0.1	0.1	0.0	0.4
Net Cash - Ending Balance	0.2	0.2	0.1	0.1	0.0
Cash Interest Paid	-	-	-	1.0	0.7

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	6 Months	3 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.571222	1.576504	1.507473	1.521918	1.525538
Net Income/Starting Line	-0.3	0.3	0.1	0.1	0.0
Depreciation	0.0	0.0	0.1	0.0	0.0
Depreciation/Depletion	0.0	0.0	0.1	0.0	0.0
Other Non-Cash Items	1.5	0.5	-0.1	-1.0	0.6
Non-Cash Items	1.5	0.5	-0.1	-1.0	0.6
Accounts Receivable	0.1	0.1	-0.7	-0.4	-0.2
Inventories	0.1	0.1	0.8	0.8	-0.6
Other Assets	0.0	-0.1	0.0	-0.1	-0.1
Accounts Payable	-2.2	-0.9	-0.1	-0.7	0.1
Other Liabilities	0.0	-	-	-	-
Other Operating Cash Flow	0.0	0.0	0.0	1.3	0.0
Changes in Working Capital	-2.0	-0.8	-0.1	0.9	-0.7
Cash from Operating Activities	-0.8	0.0	0.0	0.0	0.0
Purchase of Fixed Assets	-	-	0.1	0.0	0.0
Capital Expenditures	-	-	0.1	0.0	0.0
Sale of Fixed Assets	-	0.0	0.0	-	-
Other Investing Cash Flow	0.0	0.0	0.0	-	-
Other Investing Cash Flow Items, Total	0.0	0.0	0.0	-	-
Cash from Investing Activities	0.0	0.0	0.1	0.0	0.0
Other Financing Cash Flow	-	0.0	-	-	0.0
Financing Cash Flow Items	-	0.0	-	-	0.0
Long Term Debt Issued	-	-	-	-	0.0
Long Term Debt Reduction	-	0.0	0.0	-0.1	0.0
Long Term Debt, Net	0.8	0.0	0.0	-0.1	0.0
Issuance (Retirement) of Debt, Net	0.8	0.0	0.0	-0.1	0.0
Cash from Financing Activities	0.8	0.0	0.0	-0.1	0.0
Net Change in Cash	0.0	0.0	0.0	0.0	0.0
Net Cash - Beginning Balance	0.2	0.2	0.2	0.2	0.2
Net Cash - Ending Balance	0.2	0.2	0.2	0.1	0.1

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.507473	1.553646	1.304493	1.305796	1.436808
Auditor	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.	Bogazici Bagimsiz Dis Denetim A.S.	AGN International Ltd	Sun Bagimsiz Dis Denetim	Sun Bagimsiz Dis Denetim
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	5.5	-	-	-	-
Domestic Sales	-	0.5	1.3	2.5	2.7
Export Sales	-	1.2	1.7	3.3	13.6
Other Sales	-	0.0	0.0	0.1	0.5
Other Export Sales	-	3.4	5.0	0.1	-
Sales Returns	-	-0.1	-	-1.8	-
Sales Discounts	-	-	-	0.0	-
Total Sale	5.5	5.1	8.1	4.3	16.8
Cost of Sales	5.0	4.6	6.5	7.4	16.4
Marketing & Dist.	0.2	0.1	0.2	0.3	1.0
General & Admin.	0.3	0.4	0.8	2.4	0.8
Depreciation	-	-	-	-	0.1
Total Operating Expense	5.5	5.1	7.5	10.1	18.2
Other Income	1.1	6.9	0.7	1.7	1.4
Exp. Other Oprtns.	-1.2	-5.7	-7.7	-1.7	-0.8
Interest Income	0.3	0.3	0.9	0.7	-
Finance Income	0.1	0.1	0.3	0.8	-
Finance Expense	-0.1	-0.2	-0.4	-1.2	-
Interest Expense	-	-	-	-	-0.4
Currency Losses	-	-	-	-	-1.0
Commission	-	-	-	-	-0.3
Other Financial Expense	-	-	-	-	-0.1
Net Income Before Taxes	0.1	1.3	-5.8	-5.4	-2.6
Provision for Income Taxes	0.0	0.0	-2.3	1.1	0.0
Net Income After Taxes	0.1	1.3	-3.5	-6.5	-2.6
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	0.1	1.3	-3.5	-6.5	-2.6
Net Income	0.1	1.3	-3.5	-6.5	-2.6
Income Available to Com Excl ExtraOrd	0.1	1.3	-3.5	-6.5	-2.6
Income Available to Com Incl ExtraOrd	0.1	1.3	-3.5	-6.5	-2.6
Basic Weighted Average Shares	21.3	21.3	21.3	21.3	21.3
Basic EPS Excluding ExtraOrdinary Items	0.00	0.06	-0.17	-0.31	-0.12
Basic EPS Including ExtraOrdinary Items	0.00	0.06	-0.17	-0.31	-0.12
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	0.1	1.3	-3.5	-6.5	-2.6
Diluted Weighted Average Shares	21.3	21.3	21.3	21.3	21.3
Diluted EPS Excluding ExtraOrd Items	0.00	0.06	-0.17	-0.31	-0.12
Diluted EPS Including ExtraOrd Items	0.00	0.06	-0.17	-0.31	-0.12
DPS-Ordinary Shares	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	0.1	1.3	-5.8	-5.4	-2.6
Inc Tax Ex Impact of Sp Items	0.0	0.0	-2.3	1.1	0.0
Normalized Income After Taxes	0.1	1.3	-3.5	-6.5	-2.6
Normalized Inc. Avail to Com.	0.1	1.3	-3.5	-6.5	-2.6
Basic Normalized EPS	0.00	0.06	-0.17	-0.31	-0.12
Diluted Normalized EPS	0.00	0.06	-0.17	-0.31	-0.12
Advertising Expense	-	-	0.0	0.0	0.0
Rental Expense	-	-	0.1	0.0	0.0
Interest Expense	-	-	-	-	0.4
Amort of Intangibles	0.0	0.0	-	-	0.0
Depreciation	0.1	0.1	-	-	0.5
Current Tax	0.0	0.0	0.0	0.0	-
Current Tax - Total	0.0	0.0	0.0	0.0	-
Deferred Tax	0.0	0.0	-2.3	1.1	-
Deferred Tax - Total	0.0	0.0	-2.3	1.1	-
Income Tax - Total	0.0	0.0	-2.3	1.1	-
Discount Rate	4.80%	-	6.26%	5.71%	5.71%

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Reclassified Calculated 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Reclassified Normal 30-Jun-2011
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.565785	1.576504	1.464156	1.515454	1.540387
Net Sales	0.8	0.3	3.0	1.8	0.4
Total Sale	0.8	0.3	3.0	1.8	0.4
Cost of Sales	0.6	0.3	3.0	1.6	0.2
Marketing & Dist.	0.0	0.0	0.1	0.0	0.0
General & Admin.	0.2	0.4	0.1	0.1	0.1
Total Operating Expense	0.9	0.6	3.2	1.7	0.4
Other Income	0.7	1.4	0.1	0.1	0.1
Exp. Other Operations	0.0	-0.6	-0.1	-0.1	0.0
Interest Income	-	-	0.1	0.1	-
Financial Income	0.1	0.1	0.1	0.0	0.1
Financing, Other	0.0	0.0	0.0	-0.1	0.0
Net Income Before Taxes	0.7	0.5	-0.1	0.1	0.1
Provision for Income Taxes	1.2	0.3	0.0	0.0	0.0
Net Income After Taxes	-0.5	0.3	-0.1	0.1	0.1
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	-0.5	0.3	-0.1	0.1	0.1
Net Income	-0.5	0.3	-0.1	0.1	0.1
Income Available to Com Excl ExtraOrd	-0.5	0.3	-0.1	0.1	0.1
Income Available to Com Incl ExtraOrd	-0.5	0.3	-0.1	0.1	0.1
Basic Weighted Average Shares	21.3	21.3	21.3	21.3	21.3
Basic EPS Excluding ExtraOrdinary Items	-0.02	0.01	0.00	0.01	0.00
Basic EPS Including ExtraOrdinary Items	-0.02	0.01	0.00	0.01	0.00
Dilution Adjustment	0.0	-	0.0	-	-
Diluted Net Income	-0.5	0.3	-0.1	0.1	0.1
Diluted Weighted Average Shares	21.3	21.3	21.3	21.3	21.3
Diluted EPS Excluding ExtraOrd Items	-0.02	0.01	0.00	0.01	0.00
Diluted EPS Including ExtraOrd Items	-0.02	0.01	0.00	0.01	0.00
DPS-Ordinary Shares	0.00	0.00	-	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	-	0.0	0.0
Normalized Income Before Taxes	0.7	0.5	-0.1	0.1	0.1
Inc Tax Ex Impact of Sp Items	1.2	0.3	0.0	0.0	0.0
Normalized Income After Taxes	-0.5	0.3	-0.1	0.1	0.1
Normalized Inc. Avail to Com.	-0.5	0.3	-0.1	0.1	0.1
Basic Normalized EPS	-0.02	0.01	0.00	0.01	0.00
Diluted Normalized EPS	-0.02	0.01	0.00	0.01	0.00
Amort of Intangibles	-	-	0.0	0.0	-
Depreciation	-	-	0.0	0.0	-
Current Tax	-	-	0.0	0.0	-
Current Tax - Total	-	-	0.0	0.0	-
Deferred Tax	-	-	0.0	0.0	-
Deferred Tax - Total	-	-	0.0	0.0	-
Income Tax - Total	-	-	0.0	0.0	-
Discount Rate	-	-	4.80%	4.80%	-

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate	1.539	1.49895	1.5435	1.17225	1.4165
Auditor	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.	Bogazici Bagimsiz Dis Denetim A.S.	AGN International Ltd	Sun Bagimsiz Dis Denetim	Sun Bagimsiz Dis Denetim
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equiv.	0.2	0.2	0.1	0.1	0.0
Financial Investments	0.0	0.0	0.0	0.0	-
Public Bonds	-	-	-	-	0.9
ST Trade Cust.	1.0	0.8	0.7	1.7	3.2
Notes Rcvbl.	0.0	0.0	-	0.2	-
Dep. & Guarantee	0.1	0.1	0.1	0.1	-
Doubt. Rcvbls.	5.5	5.6	5.8	1.6	1.0
Factoring Receivable	-	-	-	0.0	-
Redisc Trade Rcv	0.0	0.0	0.0	-0.2	-
Prov. Doubt. Trade Rcvb	-5.5	-5.6	-5.8	-1.6	-1.0
Due Rcvbls./Related Parties	0.1	-	-	1.3	1.4
Other ST Rcvbl.	0.6	0.1	0.0	0.0	0.0
Raw Materials	1.3	1.6	0.2	1.6	1.5
Semi-Finished	-	-	-	-	0.5
Finished Goods	0.0	0.1	0.2	0.7	1.8
Trading Goods	0.3	0.3	0.3	0.5	0.0
Other Inventory	-	-	-	-	0.0
Dimi. Inventory	-0.3	-0.2	-0.4	-0.2	-0.2
Advance Pmts.	0.3	0.7	1.7	3.8	2.5
Other Assets	0.9	1.0	1.3	3.1	1.5
Total Current Assets	4.6	4.7	4.3	12.7	13.3
Inv. in Affil.	0.0	0.0	0.0	0.0	0.0
Real Estate Investment	0.1	0.1	1.4	1.9	1.2
Land	0.4	0.4	0.4	0.5	0.4
Land Improv.	-	-	-	-	0.1
Buildings	2.3	2.3	2.2	3.3	5.4
Mach. & Equip.	0.4	0.4	0.4	0.7	5.1
Vehicles	0.1	0.1	0.1	0.2	0.2
Furn. & Fixt.	0.4	0.4	0.4	0.5	0.7
Depreciation	-1.3	-1.2	-1.1	-1.7	-4.0
Intangibles, Net	0.0	0.0	0.0	0.0	-
Intangibles, Gross	-	-	-	-	0.1
Intang. Amort.	-	-	-	-	0.0
Deferred Taxes	2.2	2.2	2.2	0.3	1.2
Other Assets	0.0	0.0	0.0	0.0	0.0
Total Assets	9.2	9.4	10.4	18.4	23.7
Bank Loans	-	-	0.0	0.0	0.5
Cur.Port.Loans	-	0.0	0.0	0.0	0.8
Fin. Leasing	-	0.0	0.1	0.1	0.0
Other ST Debt	0.0	0.0	1.5	1.9	-
Suppliers	-	-	-	-	1.3
Notes Payable	-	-	-	-	1.2
Trade payables, Net	0.3	0.5	0.5	2.1	-
Redisc. Trade Py	-	-	-	-	-0.1
Due Pybls./Related Parties	-	-	-	-	0.5
Other ST Pybl.	3.2	3.2	3.1	2.7	-
Customer Advance	-	-	-	-	0.1
ST Debt Prov.	0.7	0.7	0.5	1.3	1.1
Tax Provisions	-	0.0	0.0	0.0	-
Other Current Liabilities	-	-	-	-	1.5
Total Current Liabilities	4.2	4.3	5.6	8.2	6.8
Bank Loans	-	-	-	-	1.7
Fin. Leasing	-	-	-	-	0.0
Total Long Term Debt	-	-	-	-	1.7
Prov. Severance	0.0	0.0	0.0	0.1	0.1
Minority Interest	0.0	0.0	0.0	0.0	0.0
Total Liabilities	4.2	4.4	5.6	8.2	8.7
Share Capital	13.9	14.2	13.8	18.2	15.0
Premium	0.4	0.4	0.4	0.5	0.4
Revaluation Fund	0.3	0.3	1.0	1.3	1.7
Legal Reserves	0.0	0.0	0.0	0.0	0.0
Net Profit/Loss	0.1	1.3	-3.0	-7.3	-2.6
Prior Yr. Loss	-15.4	-17.2	-13.3	-10.2	-5.9
Inf. Adj.	5.7	5.9	5.7	7.5	6.2
Total Equity	4.9	5.0	4.7	10.1	15.0
Total Liabilities & Shareholders' Equity	9.2	9.4	10.4	18.4	23.7
S/O-Ordinary Shares	21.3	21.3	21.3	21.3	21.3
Total Common Shares Outstanding	21.3	21.3	21.3	21.3	21.3
Acc. Intang. Amort.	0.1	0.1	0.1	0.1	0.0
Deferred Sale - Current	0.0	0.0	0.3	1.9	0.1
Full-Time Employees	46	30	24	32	311
Due Within 1 Year	-	-	-	-	0.8
Due Within 1-2 Years	-	-	-	-	0.5
Due Within 2-3 Years	-	-	-	-	0.5
Due Within 3-4 Years	-	-	-	-	0.5
Due Within 4-5 Years	-	-	-	-	0.2
Total Long Term Debt, Supplemental	-	-	-	-	2.5
Discount Rate	4.80%	5.71%	6.26%	5.71%	-

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Reclassified Normal 30-Jun-2011	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate	1.624	1.54385	1.539	1.44645	1.58325
Cash and Equivalents	0.2	0.2	0.2	0.2	0.1
Marketable Securities	0.0	0.0	0.0	0.0	0.0
Trade Receivables	1.0	-	1.0	-	-
ST Trade Cust.	-	0.7	-	0.9	0.8
Notes Rcvbl.	-	-	-	0.3	0.0
Dep. & Guarantee	-	-	-	0.1	0.1
Notes Rcvbl. Rediscount	-	0.0	-	0.0	0.0
Prov. Trade Rcvb	-	-5.5	-	-5.8	-5.3
Other ST Rcvbl.	0.5	0.7	0.7	0.9	0.7
Doubt. Rcvbls.	-	5.5	-	5.8	5.3
Due Receivables/Related Parties	0.1	0.3	0.1	-	-
Inventories Net	1.2	-	1.3	-	-
Raw Materials	-	1.2	-	1.4	1.4
Semi-Finished	-	0.0	-	0.0	0.0
Finished Goods	-	0.3	-	0.3	0.2
Advance Pmts.	-	-	-	0.3	0.3
Value Inventory	-	-0.3	-	-0.2	-0.2
Other Assets	1.2	1.3	1.3	0.9	0.9
Total Current Assets	4.2	4.4	4.6	5.0	4.3
Inv. in Affil.	0.0	0.0	0.0	0.0	0.0
Real Estate Investment	0.1	0.1	0.1	0.1	0.1
Tangibles Net	2.1	-	2.3	-	-
Land	-	0.4	-	0.4	0.3
Buildings	-	2.2	-	2.4	2.2
Mach. & Equip.	-	0.4	-	0.4	0.4
Vehicles	-	0.1	-	0.2	0.1
Furn. & Fixt.	-	0.4	-	0.4	0.4
Depreciation	-	-1.3	-	-1.3	-1.2
Advance Pmts.	-	-	-	0.0	0.0
Intangibles, Net	0.0	0.0	0.0	0.0	0.0
Other Assets	0.0	0.0	0.0	0.0	0.0
Deferred Tax	0.6	1.9	2.2	2.3	2.1
Total Assets	7.1	8.7	9.2	9.8	8.7
Bank Loans	0.8	-	0.0	-	0.0
Trade Payables, Net	0.4	0.3	0.3	0.4	0.3
Other ST Debt	-	0.0	-	0.0	0.0
ST Debt Provisions	0.6	0.9	0.7	0.7	0.6
Fin. Leasing	-	-	-	0.0	0.0
Other ST Pybl.	0.5	1.1	3.2	3.3	3.0
Other Current Liabilities	0.0	0.0	0.0	-	-
Total Current Liabilities	2.3	2.3	4.2	4.4	3.9
Other Payables	0.4	1.2	0.0	-	-
Prov. Severance	0.0	0.0	0.0	0.0	0.0
Minority Interest	0.0	0.0	0.0	0.0	0.0
Total Liabilities	2.7	3.5	4.2	4.5	3.9
Share Capital	13.1	13.8	13.9	14.7	13.5
Premium	0.4	0.4	0.4	0.4	0.4
Revaluation Fund	0.3	0.3	0.3	0.3	0.3
Net Profit/Loss	-0.3	0.3	0.1	0.2	0.0
Prior Yr. Loss	-14.6	-15.3	-15.4	-16.4	-15.0
Inf. Adj.	5.4	5.7	5.7	6.1	5.6
Profit Reserves	0.0	0.0	0.0	0.0	0.0
Total Equity	4.4	5.2	4.9	5.3	4.7
Total Liabilities & Shareholders' Equity	7.1	8.7	9.2	9.8	8.7
S/O-Ordinary Shares	21.3	21.3	21.3	21.3	21.3
Total Common Shares Outstanding	21.3	21.3	21.3	21.3	21.3
Deferred Sale - Current	-	0.0	-	0.0	0.0
Accum Intangible Amortization	-	0.1	-	0.1	0.1
Full-Time Employees	-	-	-	26	16
Discount Rate	-	4.66%	-	4.80%	4.80%

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.507473	1.553646	1.304493	1.305796	1.436808
Auditor	AC Istanbul Uluslararasi Bagimsiz Denetim A.S.	Bogazici Bagimsiz Dis Denetim A.S.	AGN International Ltd	Sun Bagimsiz Dis Denetim	Sun Bagimsiz Dis Denetim
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	0.1	1.3	-3.5	-6.5	-2.6
Depreciation	0.1	0.1	0.1	0.3	0.5
Prop&Plant Depreciation Cancelation	-	0.0	-0.3	-	-
Provision Expense	0.0	-0.4	6.9	-	-
Minority Income/Loss	0.0	0.1	0.0	-	-
Interest Income/Expense	-	-	-	0.5	1.0
Provision for Severance Payments	0.0	0.0	0.0	0.0	0.1
Tax Income/Expense	0.0	0.0	-2.3	1.1	0.1
Foreign Exchange Income	-	-	-	-0.7	-0.7
Foreign Exchange Exp.	-	-	-	0.0	0.0
Rediscount Expense	0.0	0.0	0.0	0.0	0.3
Provisions	-	-	-	-0.4	0.6
Rediscount Income	-	-	-	-0.1	-0.2
Other Income	0.0	0.1	-	-1.7	-0.3
Trade Receivables	-0.3	0.0	-1.6	1.9	-0.1
Other Rcvbls.	-	-	-	0.0	0.0
Inventories	0.8	-0.4	3.0	1.1	1.3
Due Receivables/Related Parties	-0.5	-1.0	-0.8	0.4	-1.3
Other Current Assets	0.0	0.3	-0.9	-	0.0
Other Current Assets	-	-	-	1.2	-0.4
Increase in Other Assets	-	-	-	0.0	0.0
Decrease in Other Assets	-	-	-	-	0.0
Trade Payables	-0.1	-1.5	-1.3	-0.8	-1.3
Due Payables/Related Parties	-	-	-	0.4	0.1
Other Payables	-	-	-	1.2	0.2
Cash from Operating Activities	0.0	-1.4	-0.7	-2.0	-2.7
Interest Received	-	-	-	0.0	0.0
Rental Income	-	-	-	0.0	-
Purchase of Tangible Assets	0.1	0.0	-0.1	0.0	-0.3
Sale of Fixed Assets	0.0	1.3	0.6	5.4	0.0
Financial Investment	0.0	0.0	0.0	-	-
Purchase of Intangibles	-	0.0	0.0	0.0	0.0
Available for Sale Inv., Net	-	-	-	0.0	0.0
Cash from Investing Activities	0.1	1.4	0.5	5.5	-0.3
Share Capital	-	-	-	0.0	4.4
Repayment of Fin. Leases	-	-	-	0.0	0.0
Issuance of Loans	-	0.0	0.0	0.2	1.7
Repayment of Bank Loans	-	-	-	-2.5	-2.7
Repayment of Bank Loans and Int.	0.0	0.1	0.2	-1.0	-0.7
Cash from Financing Activities	0.0	0.1	0.2	-3.4	2.7
Net Change in Cash	0.0	0.1	0.0	0.1	-0.3
Net Cash Beginnning Balance	0.2	0.1	0.1	0.0	0.4
Net Cash Ending Balance	0.2	0.2	0.1	0.1	0.0
Cash Interest Paid	-	-	-	1.0	0.7

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	6 Months	3 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	TRY	TRY	TRY	TRY	TRY
Exchange Rate (Period Average)	1.571222	1.576504	1.507473	1.521918	1.525538
Net Income	-0.3	0.3	0.1	0.1	0.0
Depreciation	0.0	0.0	0.1	0.0	0.0
Cancellation of Depreciation	-	-	-	0.0	-
Provisions	-0.2	0.1	0.0	-1.0	0.0
Minority Interest	0.0	0.0	0.0	0.0	0.0
Provision for Severance Payments	0.0	0.0	0.0	0.0	0.0
Tax Accruals	1.5	-	-	-	-
Tax Income/Expense	-	0.3	0.0	0.0	0.0
Terminated Provisions	-	0.0	-	-	-
Prov. for Doubtful Rcvbls.	0.1	-	-	-	-
Other Adjustments	0.1	0.0	-	-	-
Rediscount Expense	0.0	0.0	0.0	0.0	0.0
Other Income	-	-	0.0	1.3	0.0
Trade Receivables	0.1	0.1	-0.3	-0.4	-0.2
Trade Payables	-2.2	-	-0.1	-0.1	0.1
Inventories	0.1	0.1	0.8	0.8	-0.6
Other Current Assets	0.0	-0.1	0.0	-0.1	-0.1
Other Liabilities	0.0	-	-	-	-
Other Payables	-	-0.9	-	-0.7	-
Due Receivables/Related Parties	-	-	-0.5	-	-
Other Receivables/Payables	-	0.2	-	-	0.6
Cash from Operating Activities	-0.8	0.0	0.0	0.0	0.0
Purchase of Tangible Assets	-	-	0.1	0.0	0.0
Other Tangible Assets	0.0	-	-	-	-
Sale of Fixed Assets	-	0.0	0.0	-	-
Financial Inv., Net	0.0	0.0	0.0	-	-
Cash from Investing Activities	0.0	0.0	0.1	0.0	0.0
Issuance of Loans	-	-	-	-	0.0
Financial Debts	0.8	-	-	-	-
Repayment of Bank Loans and Int.	-	0.0	0.0	-0.1	0.0
Minority Interest	-	0.0	-	-	-
Interest Paid	-	-	-	-	0.0
Cash from Financing Activities	0.8	0.0	0.0	-0.1	0.0
Net Change in Cash	0.0	0.0	0.0	0.0	0.0
Net Cash Beginnning Balance	0.2	0.2	0.2	0.2	0.2
Net Cash Ending Balance	0.2	0.2	0.2	0.1	0.1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.29

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