MIRA INFORM REPORT

Report Date :

06.10.2012

IDENTIFICATION DETAILS

Name :	AT WIRE PROFIL VE TEL SANAYI DIS TICARET LTD. STI.

Registered Office :	Ikitelli Organize Sanayi Bolgesi Mutfakcilar Sanayi Sitesi 14.Cad. M-12 Blok No:31-33 Basaksehir Istanbul

Country :	Turkey

Financials (as on) :	31.12.2011

Date of Incorporation :	08.04.2011

Com. Reg. No.:	772529

Legal Form :	Limited Company

Line of Business :	Manufacture and trade of steel wire, stainless steel and profile and also trade of carton box.

No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

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 :	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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Turkey

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

TURKEY - ECONOMIC OVERVIEW

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

COMPANY IDENTIFICATION


NAME	:	AT WIRE PROFIL VE TEL SANAYI DIS TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Ikitelli Organize Sanayi Bolgesi Mutfakcilar Sanayi Sitesi 14.Cad. M-12 Blok No:31-33 Basaksehir Istanbul / Turkey
PHONE NUMBER	:	90-212-651 95 00
FAX NUMBER	:	90-212-651 93 23
WEB-ADDRESS	:	www.at-wire.com
E-MAIL	:	info@at-wire.com

LEGAL STATUS AND HISTORY

TAX OFFICE

Ikitelli

TAX NO

0920430754

REGISTRATION NUMBER

772529

REGISTERED OFFICE

Istanbul Chamber of Commerce

DATE ESTABLISHED

08.04.2011

ESTABLISHMENT GAZETTE DATE/NO

14.04.2011/7794

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 30.000

PAID-IN CAPITAL

TL 30.000

HISTORY

Previous Address	:	Barbaros Mah. 12.Sok. No:16 Bagcilar Istanbul
Changed On	:	06.08.2012 (Commercial Gazette Date /Number 10.08.2012/ 8131)

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Nurdan Atalay	50 %
Ilhami Atalay	50 %

SISTER COMPANIES

AT WIRE PROFILE & DRAHT (GERMANY)

DIRECTORS

Ilhami Atalay

OPERATIONS

BUSINESS ACTIVITIES

Manufacture and trade of steel wire, stainless steel and profile and also trade of carton box.

NACE CODE

DJ.27.34

NUMBER OF EMPLOYEES

NET SALES

32.234 TL	(08.04-31.12.2011)
343.683 TL	(01.01-30.06.2012)

IMPORT VALUE

14.923 EUR	(08.04-31.12.2011)
154.150 EUR	(01.01-30.09.2012)

IMPORT COUNTRIES

Germany

MERCHANDISE IMPORTED

Steel wire

Steel wire cutter

EXPORT VALUE

0 TL	(08.04-31.12.2011)
141.243 TL	(01.01-30.06.2012)

EXPORT COUNTRIES

Germany

MERCHANDISE EXPORTED

Carton box

HEAD OFFICE ADDRESS

Ikitelli Organize Sanayi Bolgesi Mutfakcilar Sanayi Sitesi 14.Cad. M-12 Blok No:31-33 Basaksehir Istanbul / Turkey ( rented )

BRANCHES

Head Office/Production Plant : Ikitelli Organize Sanayi Bolgesi Mutfakcilar Sanayi Sitesi 14.Cad. M-12 Blok No:31-33 Basaksehir Istanbul/Turkey (rented)

FINANCE

MAIN DEALING BANKS

T. Garanti Bankasi Kocasinan Branch

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

	(08.04-31.12.2011) TL	(01.01-30.06.2012) TL
Net Sales	32.234	343.683
Profit (Loss) Before Tax	-89.007	29.713
Stockholders' Equity	-59.007
Total Assets	450.243
Current Assets	219.511
Non-Current Assets	230.732
Current Liabilities	509.250
Long-Term Liabilities	0
Gross Profit (loss)	7.404	207.586
Operating Profit (loss)	-87.447	29.003
Net Profit (loss)	-89.007	29.713

COMMENT ON FINANCIAL POSITION

Capitalization	Negative Stockholders’ Equity As of 31.12.2011
Remarks on Capitalization	A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.
Liquidity	Good As of 31.12.2011
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 liquidty
Profitability	Operating Loss (08.04-31.12.2011) Net Loss (08.04-31.12.2011) High Operating Profitability (01.01-30.06.2012) High Net Profitability (01.01-30.06.2012)
Gap between average collection and payable periods	Favorable in 2011
General Financial Position	Poor

	Incr. in producers’ price index	Average USD/TL	Average EUR/TL	Average GBP/ TL
( 2011 )	13,33 %	1,6797	2,3378	2,6863
( 01.01-30.06.2012)	1,95 %	1,8028	2,3463	2,8462
( 01.01-31.08.2012)	2,28 %	1,8038	2,3238	2,8465

BALANCE SHEETS

	( 31.12.2011 ) TL
CURRENT ASSETS	219.511	0,49
Not Detailed Current Assets	0	0,00
Cash and Banks	97.994	0,22
Marketable Securities	0	0,00
Account Receivable	692	0,00
Other Receivable	0	0,00
Inventories	58.961	0,13
Advances Given	8.700	0,02
Accumulated Construction Expense	0	0,00
Other Current Assets	53.164	0,12
NON-CURRENT ASSETS	230.732	0,51
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	0	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	219.731	0,49
Intangible Assets	9.211	0,02
Deferred Tax Assets	0	0,00
Other Non-Current Assets	1.790	0,00
TOTAL ASSETS	450.243	1,00
CURRENT LIABILITIES	509.250	1,13
Not Detailed Current Liabilities	0	0,00
Financial Loans	0	0,00
Accounts Payable	40.299	0,09
Loans from Shareholders	451.378	1,00
Other Short-term Payable	1.078	0,00
Advances from Customers	12.336	0,03
Accumulated Construction Income	0	0,00
Taxes Payable	4.159	0,01
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	-59.007	-0,13
Not Detailed Stockholders' Equity	0	0,00
Paid-in Capital	30.000	0,07
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)	-89.007	-0,20
TOTAL LIABILITIES AND EQUITY	450.243	1,00

REMARKS ON FINANCIAL STATEMENT

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure.Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively.

INCOME STATEMENTS

	(08.04-31.12.2011) TL		(01.01-30.06.2012) TL
Net Sales	32.234	1,00	343.683	1,00
Cost of Goods Sold	24.830	0,77	136.097	0,40
Gross Profit	7.404	0,23	207.586	0,60
Operating Expenses	94.851	2,94	178.583	0,52
Operating Profit	-87.447	-2,71	29.003	0,08
Other Income	602	0,02	5.534	0,02
Other Expenses	2.063	0,06	4.263	0,01
Financial Expenses	99	0,00	561	0,00
Minority Interests	0	0,00	0	0,00
Profit (loss) of consolidated firms	0	0,00	0	0,00
Profit (loss) Before Tax	-89.007	-2,76	29.713	0,09
Tax Payable	0	0,00	0	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	-89.007	-2,76	29.713	0,09

FINANCIAL RATIOS

	(08.04-31.12.2011)
LIQUIDITY RATIOS
Current Ratio	0,43
Acid-Test Ratio	0,19
Cash Ratio	0,19
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,13
Short-term Receivable/Total Assets	0,00
Tangible Assets/Total Assets	0,49
TURNOVER RATIOS
Inventory Turnover	0,42
Stockholders' Equity Turnover	-0,55
Asset Turnover	0,07
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	-0,13
Current Liabilities/Total Assets	1,13
Financial Leverage	1,13
Gearing Percentage	-8,63
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	1,51
Operating Profit Margin	-2,71
Net Profit Margin	-2,76
Interest Cover	-898,06
COLLECTION-PAYMENT
Average Collection Period (days)	7,73
Average Payable Period (days)	584,28
WORKING CAPITAL	-289739,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.62
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Report Prepared by :

PRL

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.