MIRA INFORM REPORT

Report Date :

21.02.2014

IDENTIFICATION DETAILS

Name :	SAHIN HALI NAIL SAHIN
Registered Office :	Tasdirek Cesme Sok. Halicilar Carsisi No:10/15 Eminonu Istanbul
Country :	Turkey
Financials (as on) :	2013
Date of Incorporation :	26.02.2003
Com. Reg. No.:	492609
Legal Form :	Sole-Proprietorship
Line of Business :	Wholesaler and Trader of carpet and rug.
No of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

B

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Turkey	B2	B1

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

REMARKS

:

Full name of the firm was missing at your inquiry. The full name of the firm having the address, phone number stated at your inquiry is "SAHIN HALI NAIL SAHIN" and "SAHIN HALI" is the trade name of "NAIL SAHIN" which is a sole-proprietorship.

COMPANY IDENTIFICATION

NAME	:	SAHIN HALI NAIL SAHIN
HEAD OFFICE ADDRESS	:	Tasdirek Cesme Sok. Halicilar Carsisi No:10/15 Eminonu Istanbul / Turkey
PHONE NUMBER	:	90-212-516 50 50
FAX NUMBER	:	90-212-516 50 51

LEGAL STATUS AND HISTORY

NOTES ON LEGAL STATUS AND HISTORY	:	Liability of the subject is not limited to the capital.
TAX OFFICE	:	Beyazit
TAX NO	:	24481997666
REGISTRATION NUMBER	:	492609
REGISTERED OFFICE	:	Istanbul Chamber of Commerce
DATE ESTABLISHED	:	26.02.2003
ESTABLISHMENT GAZETTE DATE/NO	:	03.03.2003/5747
LEGAL FORM	:	Sole-Proprietorship
TYPE OF COMPANY	:	Private

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

:

Nail Sahin

100 %

DIRECTORS

:

Nail Sahin

OPERATIONS

BUSINESS ACTIVITIES

:

Wholesale trade of carpet and rug.

NACE CODE

:

G .51.47

SECTOR

:

Commerce

NUMBER OF EMPLOYEES

:

1

NET SALES

:

912 TL Thousand	(2011)
1.635 TL Thousand	(2012)
995 TL Thousand	(2013)

CAPACITY

:

None

PRODUCTION

:

None

IMPORT COUNTRIES

:

China

MERCHANDISE IMPORTED

:

Carpet

EXPORT VALUE

:

0 TL	(2012)
0 TL	(2013)
0 TL	(01.01-31.01.2014)

HEAD OFFICE ADDRESS

:

Tasdirek Cesme Sok. Halicilar Carsisi No:10/15 Eminonu Istanbul / Turkey

INVESTMENTS

:

None

TREND OF BUSINESS	:	There was a decline at business volume in nominal terms in 2013.
SIZE OF BUSINESS	:	Lower-Moderate

FINANCE

MAIN DEALING BANKS

:

Akbank Nuriosmaniye Branch

Garanti Bankasi Nuriosmaniye Branch

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

:

	(2012) TL Thousand	(2013) TL Thousand
Net Sales	1.635	995
Profit (Loss) Before Tax	28	29
Stockholders' Equity	315
Total Assets	1.225
Current Assets	1.144
Non-Current Assets	81
Current Liabilities	910
Long-Term Liabilities	0
Gross Profit (loss)	108	65
Operating Profit (loss)	44	-20
Net Profit (loss)	23	29

COMMENT ON FINANCIAL POSITION

Capitalization	In Order As of 31.12.2012
Remarks on Capitalization	The liability of the sole-proprietorships is not limited to the capital. The owners of the sole-proprietorships are responsible for the debts of the sole-proprietorships with all of their personal wealth.
Liquidity	High As of 31.12.2012
Remarks On Liquidity	A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.
Profitability	Fair Operating Profitability in 2012 Low Net Profitability in 2012 Operating Loss in 2013 Fair Net Profitability in 2013
Gap between average collection and payable periods	Unfavorable in 2012
General Financial Position	Fair

	Incr. in producers’ price index	Average USD/TL	Average EUR/TL	Average GBP/ TL
( 2011 )	13,33 %	1,6797	2,3378	2,6863
( 2012 )	2,45 %	1,7995	2,3265	2,8593
( 2013 )	6,97 %	1,9179	2,5530	3,0178
( 01.01-31.01.2014)	3,32 %	2,2040	3,0090	3,6415

BALANCE SHEETS

	( 31.12.2012 ) TL Thousand
CURRENT ASSETS	1.144	0,93
Not Detailed Current Assets	0	0,00
Cash and Banks	155	0,13
Marketable Securities	0	0,00
Account Receivable	338	0,28
Other Receivable	1	0,00
Inventories	342	0,28
Advances Given	282	0,23
Accumulated Construction Expense	0	0,00
Other Current Assets	26	0,02
NON-CURRENT ASSETS	81	0,07
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	0	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	81	0,07
Intangible Assets	0	0,00
Deferred Tax Assets	0	0,00
Other Non-Current Assets	0	0,00
TOTAL ASSETS	1.225	1,00
CURRENT LIABILITIES	910	0,74
Not Detailed Current Liabilities	0	0,00
Financial Loans	38	0,03
Accounts Payable	177	0,14
Loans from Shareholders	548	0,45
Other Short-term Payable	2	0,00
Advances from Customers	143	0,12
Accumulated Construction Income	0	0,00
Taxes Payable	2	0,00
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	315	0,26
Not Detailed Stockholders' Equity	315	0,26
Paid-in Capital	0	0,00
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)	0	0,00
TOTAL LIABILITIES AND EQUITY	1.225	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

	(2012) TL Thousand		(2013) TL Thousand
Net Sales	1.635	1,00	995	1,00
Cost of Goods Sold	1.527	0,93	930	0,93
Gross Profit	108	0,07	65	0,07
Operating Expenses	64	0,04	85	0,09
Operating Profit	44	0,03	-20	-0,02
Other Income	10	0,01	53	0,05
Other Expenses	26	0,02	4	0,00
Financial Expenses	0	0,00	0	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	28	0,02	29	0,03
Tax Payable	5	0,00	0	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	23	0,01	29	0,03

FINANCIAL RATIOS

	(2012)
LIQUIDITY RATIOS
Current Ratio	1,26
Acid-Test Ratio	0,54
Cash Ratio	0,17
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,28
Short-term Receivable/Total Assets	0,28
Tangible Assets/Total Assets	0,07
TURNOVER RATIOS
Inventory Turnover	4,46
Stockholders' Equity Turnover	5,19
Asset Turnover	1,33
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,26
Current Liabilities/Total Assets	0,74
Financial Leverage	0,74
Gearing Percentage	2,89
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,07
Operating Profit Margin	0,03
Net Profit Margin	0,01
Interest Cover
COLLECTION-PAYMENT
Average Collection Period (days)	74,42
Average Payable Period (days)	41,73
WORKING CAPITAL	234,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.28
UK Pound	1	Rs. 103.84
Euro	1	Rs. 85.69

INFORMATION DETAILS

Report Prepared by :

DPT

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.