MIRA INFORM REPORT

Report Date :

22.03.2012

IDENTIFICATION DETAILS

Name :	ARAS PASLANMAZ METAL SANAYI VE TICARET LTD. STI.

Registered Office :	S. Nizam Mah. Demirciler Sitesi 1. Cad. No: 33 Zeytinburnu Istanbul

Country :	Turkey

Financials (as on) :	31.12.2009

Date of Incorporation :	02.01.2001

Com. Reg. No.:	451089

Legal Form :	Limited Company

Line of Business :	Wholesale Trade of Stainless Steel Bar.

No. of Employees :	22

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	2.200.000 EUR
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, 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	:	ARAS PASLANMAZ METAL SANAYI VE TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	S. Nizam Mah. Demirciler Sitesi 1. Cad. No: 33 Zeytinburnu Istanbul / Turkey
PHONE NUMBER	:	90-212-582 02 67 90-212-582 02 68
FAX NUMBER	:	90-212-546 49 60
WEB-ADDRESS	:	www.araspaslanmaz.com
E-MAIL	:	info@araspaslanmaz.com

LEGAL STATUS AND HISTORY

TAX OFFICE	:	Davutpasa
TAX NO	:	0720160909
REGISTRATION NUMBER	:	451089
REGISTERED OFFICE	:	Istanbul Chamber of Commerce
DATE ESTABLISHED	:	02.01.2001
ESTABLISHMENT GAZETTE DATE/NO	:	08.01.2001/5209

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 18.500.000

HISTORY

Previous Registered Capital	:	TL 900.000
Changed On	:	13.10.2006 (Commercial Gazette Date /Number 19.10.2006/ 6667)
Previous Registered Capital	:	TL 7.500.000
Changed On	:	08.12.2011 (Commercial Gazette Date /Number 14.12.2011/ 7961)
Previous Address	:	Demirciler Sitesi 1. Cad. No:31 Zeytinburnu Istanbul
Changed On	:	09.03.2007 (Commercial Gazette Date /Number 14.03.2007/ 6765)

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Fadime Aras	70 %
Ali Riza Aras	20 %
Zehra Aras	10 %

SISTER COMPANIES

Declared to be: None

SUBSIDIARIES

None

DIRECTORS

Burhan Asan
Ali Riza Aras
Fadime Aras

OPERATIONS

BUSINESS ACTIVITIES

Wholesale trade of stainless steel bar.

NACE CODE

G.51.52

SECTOR

Commerce

NUMBER OF EMPLOYEES

NET SALES

4.028 TL Thousand	(2001)
7.029 TL Thousand	(2002)
9.081 TL Thousand	(2003)
14.022 TL Thousand	(2004)
16.504 TL Thousand	(2005)
27.511 TL Thousand	(2006)
29.287.991 TL	(2007)
21.866.235 TL	(2008)
25.021.273 TL	(2009)
38.229.298 TL	(2010)
46.048.309 TL	(2011)

REMARKS ON NET SALES

The net sales of 2010 and 2011 are declared by the company. There is no certification for these figures.

IMPORT VALUE

5.000.000 USD	(2003)
11.000.000 USD	(2004)
12.937.048 TL	(2005)
19.042.394 TL	(2006)
26.362.218 TL	(2007)
18.079.243 TL	(2008)
20.342.350 TL	(2009)
31.276.216 TL	(2010)
39.323.735 TL	(2011)

IMPORT COUNTRIES

India

Taiwan

Italy

China

Japan

U.A.E.

MERCHANDISE IMPORTED

Metal sheet

Pipe

Stainless steel

EXPORT VALUE

0 TL	(2010)
0 TL	(2011)

HEAD OFFICE ADDRESS

S. Nizam Mah. Demirciler Sitesi 1. Cad. No: 33 Zeytinburnu Istanbul / Turkey ( owned )

BRANCHES

Warehouse : Demirciler Sit. 2. Yol No:48 Zeytinburnu Istanbul/Turkey (owned by shareholder(s))

Warehouse : Des Sanayi Sitesi 106.Sok. B12 Blok N:20 Umraniye Istanbul/Turkey (owned by shareholder(s))

Warehouse : Des Sanayi Sitesi 110.Sok. D28 Blok N:5 Umraniye Istanbul/Turkey (owned by shareholder(s))

Warehouse : Des Sanayi Sitesi 106.Sok. B12 Blok N:16 Umraniye Istanbul/Turkey (owned by shareholder(s))

Warehouse : S. Nizam Mah. Demirciler Sitesi 1. Cad. No:31 Zeytinburnu Istanbul/Turkey (rented)

Warehouse : Demirciler Sit. 1. Cad. No:41 Zeytinburnu Istanbul/Turkey (owned by shareholder(s))

Head Office/Store : S. Nizam Mah. Demirciler Sitesi 1. Cad. No: 33 Zeytinburnu Istanbul/Turkey (owned)

INVESTMENTS

None

TREND OF BUSINESS	:	There was an upwards trend in 2011.
SIZE OF BUSINESS	:	Large

FINANCE

MAIN DEALING BANKS

Denizbank Demirciler Sitesi Branch

Garanti Bankasi Demirciler Sitesi Branch

Turk Ekonomi Bankasi Demirciler Sitesi Branch

Yapi ve Kredi Bankasi Demirciler Sitesi Branch

CREDIT FACILITIES

No credit facility has come to our knowledge.

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

	(2009) TL	(2010) TL	(2011) TL
Net Sales	25.021.273	38.229.298	46.048.309
Profit (Loss) Before Tax	1.649.788
Stockholders' Equity	19.963.013	24.226.269
Total Assets	25.575.954	30.003.485
Current Assets	24.734.440	28.566.967
Non-Current Assets	841.514	1.436.518
Current Liabilities	5.612.941	5.777.216
Long-Term Liabilities	0
Gross Profit (loss)	2.825.745
Operating Profit (loss)	1.891.889
Net Profit (loss)	1.317.211	4.263.257	6.770.658

REMARKS ON KEY FINANCIAL ELEMENTS

The financial figures of 2010 and 2011 are declared by the company. There is no certification for these figures.

COMMENT ON FINANCIAL POSITION

THE DETAILS OF THE CAPITAL INCREASE AFTER LAST BALANCE SHEET	:	Cash Part		:5.304.938,22 TL
		Equity Part		:5.695.061,78 TL
		Payment Due Date		:08.12.2014
		Number of Days To Pay First Portion of The Cash Part of Capital Increase		:90
Capitalization			High As of 31.12.2010
Remarks on Capitalization			There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.
Liquidity			High As of 31.12.2010
Profitability			Good Operating Profitability in 2009 Good Net Profitability in 2009 Good Net Profitability in 2010 Good Net Profitability in 2011
General Financial Position			Good

CREDIT OPINION WITHOUT OBLIGATION

CREDIT LIMIT

2.200.000 EUR

CREDIT OPINION WITHOUT OBLIGATION

We are of the opinion that, a max. credit of 2.200.000 EUR may be granted to the subject company.

	Incr. in producers’ price index	Average USD/TL	Average EUR/TL	Average GBP/ TL
( 2001 )	88,60 %	1,1991	1,0714	1,7300
( 2002 )	30,80 %	1,5168	1,3741	2,2001
( 2003 )	13,90 %	1,5302	1,7141	2,4982
( 2004 )	13,84 %	1,4266	1,7666	2,6001
( 2005 )	2,66 %	1,3499	1,6882	2,4623
( 2006 )	11,58 %	1,4309	1,7987	2,6377
( 2007 )	5,94 %	1,3075	1,7901	2,6133
( 2008 )	8,11 %	1,2858	1,8876	2,3708
( 2009 )	5,93 %	1,5460	2,1529	2,4094
( 2010 )	8,87 %	1,5128	2,0096	2,3410
( 2011 )	13,33 %	1,6797	2,3378	2,6863
( 01.01-29.02.2012)	0,29 %	1,8055	2,3806	2,8364

BALANCE SHEETS

	( 31.12.2009 ) TL
CURRENT ASSETS	24.734.440	0,97
Not Detailed Current Assets	0	0,00
Cash and Banks	308.252	0,01
Marketable Securities	0	0,00
Account Receivable	7.278.947	0,28
Other Receivable	923	0,00
Inventories	15.873.333	0,62
Advances Given	1.233.607	0,05
Accumulated Construction Expense	0	0,00
Other Current Assets	39.378	0,00
NON-CURRENT ASSETS	841.514	0,03
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	0	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	838.255	0,03
Intangible Assets	1.014	0,00
Deferred Tax Assets	0	0,00
Other Non-Current Assets	2.245	0,00
TOTAL ASSETS	25.575.954	1,00
CURRENT LIABILITIES	5.612.941	0,22
Not Detailed Current Liabilities	0	0,00
Financial Loans	0	0,00
Accounts Payable	78.249	0,00
Loans from Shareholders	5.342.505	0,21
Other Short-term Payable	14.400	0,00
Advances from Customers	0	0,00
Accumulated Construction Income	0	0,00
Taxes Payable	20.123	0,00
Provisions	157.664	0,01
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	19.963.013	0,78
Not Detailed Stockholders' Equity	0	0,00
Paid-in Capital	7.500.000	0,29
Cross Shareholding Adjustment of Capital	0	0,00
Inflation Adjustment of Capital	245.342	0,01
Equity of Consolidated Firms	0	0,00
Reserves	10.900.460	0,43
Revaluation Fund	0	0,00
Accumulated Losses(-)	0	0,00
Net Profit (loss)	1.317.211	0,05
TOTAL LIABILITIES AND EQUITY	25.575.954	1,00

INCOME STATEMENT

	(2009) TL
Net Sales	25.021.273	1,00
Cost of Goods Sold	22.195.528	0,89
Gross Profit	2.825.745	0,11
Operating Expenses	933.856	0,04
Operating Profit	1.891.889	0,08
Other Income	301.849	0,01
Other Expenses	308.127	0,01
Financial Expenses	235.823	0,01
Minority Interests	0	0,00
Profit (loss) of consolidated firms	0	0,00
Profit (loss) Before Tax	1.649.788	0,07
Tax Payable	332.577	0,01
Postponed Tax Gain	0	0,00
Net Profit (loss)	1.317.211	0,05

FINANCIAL RATIOS

	(2009)
LIQUIDITY RATIOS
Current Ratio	4,41
Acid-Test Ratio	1,35
Cash Ratio	0,05
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,62
Short-term Receivable/Total Assets	0,28
Tangible Assets/Total Assets	0,03
TURNOVER RATIOS
Inventory Turnover	1,40
Stockholders' Equity Turnover	1,25
Asset Turnover	0,98
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,78
Current Liabilities/Total Assets	0,22
Financial Leverage	0,22
Gearing Percentage	0,28
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,07
Operating Profit Margin	0,08
Net Profit Margin	0,05
Interest Cover	8,00
COLLECTION-PAYMENT
Average Collection Period (days)	104,73
Average Payable Period (days)	1,27
WORKING CAPITAL	19121499,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.59
UK Pound	1	Rs.80.34
Euro	1	Rs.67.14

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.

MIRA INFORM REPORT

COMPANY IDENTIFICATION

LEGAL STATUS AND HISTORY

OWNERSHIP / MANAGEMENT

OPERATIONS

FINANCE

COMMENT ON FINANCIAL POSITION

CREDIT OPINION WITHOUT OBLIGATION

BALANCE SHEETS

INCOME STATEMENT

FINANCIAL RATIOS

Unit