MIRA INFORM REPORT

Report Date :

12.05.2014

IDENTIFICATION DETAILS

Name :	KAZANCIOGLU ARITMA KALORIFER TESISAT MALZEME INSAAT MUHENDISLIK PAZARLAMA TURIZM SANAYI VE TICARET LTD. STI.

Registered Office :	Beylikduzu Organize Sanayi Bolgesi Birlik Sanayi Sitesi 1. Cad. No: 64 Beylikduzu Istanbul

Country :	Turkey

Date of Incorporation :	1996

Com. Reg. No.:	685850

Legal Form :	Limited Company

Line of Business :	Manufacture and trade of waste water treatment system.

No. of Employees :	Not Available

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 :	Unknown
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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good growth even in the face of 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

Company name and address

NOTES

Full name of the firm was missing at your inquiry.

COMPANY IDENTIFICATION


NAME	:	KAZANCIOGLU ARITMA KALORIFER TESISAT MALZEME INSAAT MUHENDISLIK PAZARLAMA TURIZM SANAYI VE TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Beylikduzu Organize Sanayi Bolgesi Birlik Sanayi Sitesi 1. Cad. No: 64 Beylikduzu Istanbul / Turkey
PHONE NUMBER	:	90-212-876 22 82
FAX NUMBER	:	90-212-876 38 32
WEB-ADDRESS	:	www.kazancioglu.com
E-MAIL	:	bilgi@kazancioglu.com

LEGAL STATUS AND HISTORY

NOTES ON LEGAL STATUS AND HISTORY

Change at registration no .

TAX OFFICE

Beylikduzu

TAX NO

5410068362

REGISTRATION NUMBER

685850

REGISTERED OFFICE

Istanbul Chamber of Commerce

DATE ESTABLISHED

1996

ESTABLISHMENT GAZETTE DATE/NO

17.12.1996/4189

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 15.000

HISTORY

Previous Registered Capital	:	TL 5.000
Changed On	:	24.06.2010 (Commercial Gazette Date /Number 30.06.2010/ 7596)
Previous Shareholder	:	Please vide Previous Shareholders section for the former shareholders' names.
Changed On	:	29.07.2013 (Commercial Gazette Date /Number 02.08.2013/ 8377)
Other Changes	:	The subject was firstly established in Balikesir and registered at Ayvalik Commercial Registry with registration number "3337". Then it moved to Istanbul and registered at Istanbul Commercial Registry with registration number "685850".
Changed On	:	23.12.2008 (Commercial Gazette Date /Number 29.12.2008/ 7216)

PREVIOUS SHAREHOLDERS

Cemal Bilgic	99,66 %
Murvet Bilgic	0,33 %

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Cemal Bilgic	100 %

DIRECTORS

Cemal Bilgic

OPERATIONS

BUSINESS ACTIVITIES

Manufacture and trade of waste water treatment system.

NACE CODE

DJ.28.30

REMARKS ON NET SALES

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

However the company strictly declines to give us an authorization to gather its financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

IMPORT VALUE

0 TL	(2012)
0 TL	(2013)
0 TL	(01.01-30.04.2014)

EXPORT COUNTRIES

Turkish Republics

Middle East Countries

MERCHANDISE EXPORTED

Waste water treatment system

HEAD OFFICE ADDRESS

Beylikduzu Organize Sanayi Bolgesi Birlik Sanayi Sitesi 1. Cad. No: 64 Beylikduzu Istanbul / Turkey

BRANCHES

Head Office/Production Plant : Beylikduzu Organize Sanayi Bolgesi Birlik Sanayi Sitesi 1. Cad. No: 64 Beylikduzu Istanbul/Turkey

FINANCE

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
( 2012 )	2,45 %	1,7995	2,3265	2,8593
( 2013 )	6,97 %	1,9179	2,5530	3,0178
( 01.01-31.03.2014)	5,52 %	2,1961	3,0116	3,6488

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIS

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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