MIRA INFORM REPORT

Report Date :

07.02.2012

IDENTIFICATION DETAILS

Name :	MARKS AND SPENCER GIYIM TEKSTIL TICARET LTD. STI.

Registered Office :	Istanbul Dunya Tic. Merk. A3 Bl. Kat:11 Havaalani Karsisi Yesilkoy Istanbul

Country :	Turkey

Date of Incorporation :	16.11.2009

Com. Reg. No.:	715422

Legal Form :	Limited Company

Line of Business :	Trade of ready wear.

No. of Employees :	109

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Turkey

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

COMPANY IDENTIFICATION

NAME	:	MARKS AND SPENCER GIYIM TEKSTIL TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Istanbul Dunya Tic. Merk. A3 Bl. Kat:11 Havaalani Karsisi Yesilkoy Istanbul / Turkey
PHONE NUMBER	:	90-212-468 11 00 90-212-468 11 60
FAX NUMBER	:	90-212-465 00 98

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	:	Bakirkoy
TAX NO	:	6120583463
REGISTRATION NUMBER	:	715422
REGISTERED OFFICE	:	Istanbul Chamber of Commerce

DATE ESTABLISHED	:	16.11.2009
ESTABLISHMENT GAZETTE DATE/NO	:	20.11.2009/7443
LEGAL FORM	:	Limited Company
TYPE OF COMPANY	:	Private
REGISTERED CAPITAL	:	TL 500.000
PAID-IN CAPITAL	:	TL 466.679

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Marks and Spencer Plc	99,99 %
Marks and Spencer International Holdings Limited	0,01 %

REMARKS ON SHAREHOLDERS

The shareholders are foreign companies located in U.K.

SUBSIDIARIES

Declared to be: None

DIRECTORS

Selva Sylvia Dayi
Unsal Erdogan

OPERATIONS

BUSINESS ACTIVITIES

Trade of ready wear.

NACE CODE

G .51.16

SECTOR

Commerce

TRADEMARKS TRADED

Marks & Spencer

NUMBER OF EMPLOYEES

109

NET SALES

7.600.000 TL	(2010)
3.700.000 TL	(01.01-30.09.2011)

REMARKS ON NET SALES

The a.m net sales figures are declared by the subject company. There is no certification for these figures.

CAPACITY

None

PRODUCTION

None

IMPORT COUNTRIES	:	Egypt Bangladesh
MERCHANDISE IMPORTED	:	Ready wear
EXPORT COUNTRIES	:	Saudi Arabia Czech Republic Greece
MERCHANDISE EXPORTED	:	Ready wear
HEAD OFFICE ADDRESS	:	Istanbul Dunya Tic. Merk. A3 Bl. Kat:11 Havaalani Karsisi Yesilkoy Istanbul / Turkey
INVESTMENTS	:	None

TREND OF BUSINESS

There appears a decline at business volume in nominal terms in 1.1 - 30.9.2011.

FINANCE

MAIN DEALING BANKS

HSBC Bank Kuresel Bankacilik 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
( 2010 )	8,87 %	1,5128	2,0096	2,3410
( 01.01-30.09.2011)	9,72 %	1,6335	2,3016	2,6294
( 2011 )	13,33 %	1,6797	2,3378	2,6863

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.67
UK Pound	1	Rs.76.75
Euro	1	Rs.63.56

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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