MIRA INFORM REPORT

Report Date :

27.05.2014

IDENTIFICATION DETAILS

Name :	ONER-KA GIDA INSAAT HAYVANCILIK TARIM TEKSTIL SANAYI VE TICARET LTD. STI.

Registered Office :	Cevre Yolu Uzeri 18. km. Murat Nahiyesi Agri

Country :	Turkey

Financials (as on) :	31.12.2013

Date of Incorporation :	08.12.2009

Com. Reg. No.:	4767

Legal Form :	Limited Company

Line of Business :	Production and trade of flour and also trade of food products but it has declared that it paused active operation for making an investment.

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 :	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 – 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 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust 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, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

COMPANY IDENTIFICATION

NAME	:	ONER-KA GIDA INSAAT HAYVANCILIK TARIM TEKSTIL SANAYI VE TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Cevre Yolu Uzeri 18. km. Murat Nahiyesi Agri / Turkey
PHONE NUMBER	:	90-224-363 16 04 (Branch office)
FAX NUMBER	:	90-224-363 16 03 (Branch office)

LEGAL STATUS AND HISTORY

TAX OFFICE	:	Agri
TAX NO	:	6580485210
REGISTRATION NUMBER	:	4767
REGISTERED OFFICE	:	Agri Chamber of Commerce and Industry
DATE ESTABLISHED	:	08.12.2009
ESTABLISHMENT GAZETTE DATE/NO	:	17.12.2009/7460
LEGAL FORM	:	Limited Company
TYPE OF COMPANY	:	Private
REGISTERED CAPITAL	:	TL 500.000

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Yusuf Oner	95 %
Selami Oner	5 %

DIRECTORS

Yusuf Oner

OPERATIONS

BUSINESS ACTIVITIES

The subject was established on 08.12.2009 to deal with production and trade of flour and also trade of food products but it has declared that it paused active operation for making an investment in 2012 and then it re-started active operation in 2014. Now, the subject deals with production of flour and trade of yarn.

NACE CODE

DA.15.61

NET SALES

74.948 TL	(2012)
0 TL	(2013)

IMPORT VALUE

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

EXPORT VALUE

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

HEAD OFFICE ADDRESS

Cevre Yolu Uzeri 18. km. Murat Nahiyesi Agri / Turkey

BRANCHES

Branch Office/Warehouse: Anadolu Mah. Tuter Sok. No:8 Yildirim Bursa/Turkey

Production Plant: Agri Organize Sanayi Bolgesi Cevre Yolu Uzeri Agri/Turkey

FINANCE

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

	(2012) TL	(2013) TL
Net Sales	74.948	0
Profit (Loss) Before Tax	34.654	13.077
Stockholders' Equity	320.916	331.378
Total Assets	453.985	403.538
Current Assets	134.690	129.306
Non-Current Assets	319.295	274.232
Current Liabilities	133.069	72.160
Long-Term Liabilities	0	0
Gross Profit (loss)	4.434	0
Operating Profit (loss)	-36.636	-84.733
Net Profit (loss)	27.723	10.462

COMMENT ON FINANCIAL POSITION

Capitalization			High As of 31.12.2013
Liquidity			Low As of 31.12.2013
Profitability			The subject had operating loss but it had net profit after other income in 2013.
General Financial Position			Unsatisfactory
	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
(01.01-30.04.2014)	5,61 %	2,1807		2,9954	3,6333

BALANCE SHEETS

	( 31.12.2012 ) TL		( 31.12.2013 ) TL
CURRENT ASSETS	134.690	0,30	129.306	0,32
Not Detailed Current Assets	0	0,00	0	0,00
Cash and Banks	19.479	0,04	930	0,00
Marketable Securities	0	0,00	0	0,00
Account Receivable	0	0,00	0	0,00
Other Receivable	0	0,00	0	0,00
Inventories	51.999	0,11	57.673	0,14
Advances Given	0	0,00	0	0,00
Accumulated Construction Expense	0	0,00	0	0,00
Other Current Assets	63.212	0,14	70.703	0,18
NON-CURRENT ASSETS	319.295	0,70	274.232	0,68
Not Detailed Non-Current Assets	0	0,00	0	0,00
Long-term Receivable	0	0,00	0	0,00
Financial Assets	0	0,00	0	0,00
Tangible Fixed Assets (net)	319.295	0,70	254.589	0,63
Intangible Assets	0	0,00	0	0,00
Deferred Tax Assets	0	0,00	0	0,00
Other Non-Current Assets	0	0,00	19.643	0,05
TOTAL ASSETS	453.985	1,00	403.538	1,00
CURRENT LIABILITIES	133.069	0,29	72.160	0,18
Not Detailed Current Liabilities	0	0,00	0	0,00
Financial Loans	0	0,00	0	0,00
Accounts Payable	125.928	0,28	69.545	0,17
Loans from Shareholders	0	0,00	0	0,00
Other Short-term Payable	0	0,00	0	0,00
Advances from Customers	0	0,00	0	0,00
Accumulated Construction Income	0	0,00	0	0,00
Taxes Payable	210	0,00	0	0,00
Provisions	6.931	0,02	2.615	0,01
Other Current Liabilities	0	0,00	0	0,00
LONG-TERM LIABILITIES	0	0,00	0	0,00
Not Detailed Long-term Liabilities	0	0,00	0	0,00
Financial Loans	0	0,00	0	0,00
Securities Issued	0	0,00	0	0,00
Long-term Payable	0	0,00	0	0,00
Loans from Shareholders	0	0,00	0	0,00
Other Long-term Liabilities	0	0,00	0	0,00
Provisions	0	0,00	0	0,00
STOCKHOLDERS' EQUITY	320.916	0,71	331.378	0,82
Not Detailed Stockholders' Equity	0	0,00	0	0,00
Paid-in Capital	291.290	0,64	322.902	0,80
Cross Shareholding Adjustment of Capital	0	0,00	0	0,00
Inflation Adjustment of Capital	0	0,00	0	0,00
Equity of Consolidated Firms	0	0,00	0	0,00
Reserves	3.889	0,01	0	0,00
Revaluation Fund	0	0,00	0	0,00
Accumulated Losses(-)	-1.986	0,00	-1.986	0,00
Net Profit (loss)	27.723	0,06	10.462	0,03
TOTAL LIABILITIES AND EQUITY	453.985	1,00	403.538	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		(2013) TL
Net Sales	74.948	1,00	0	0,00
Cost of Goods Sold	70.514	0,94	0	0,00
Gross Profit	4.434	0,06	0	0,00
Operating Expenses	41.070	0,55	84.733	0,00
Operating Profit	-36.636	-0,49	-84.733	0,00
Other Income	71.290	0,95	97.810	0,00
Other Expenses	0	0,00	0	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	34.654	0,46	13.077	0,00
Tax Payable	6.931	0,09	2.615	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	27.723	0,37	10.462	0,00

FINANCIAL RATIOS

	(2012)	(2013)
LIQUIDITY RATIOS
Current Ratio	1,01	1,79
Acid-Test Ratio	0,15	0,01
Cash Ratio	0,15	0,01
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,11	0,14
Short-term Receivable/Total Assets	0,00	0,00
Tangible Assets/Total Assets	0,70	0,63
TURNOVER RATIOS
Inventory Turnover	1,36	0,00
Stockholders' Equity Turnover	0,23	0,00
Asset Turnover	0,17	0,00
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,71	0,82
Current Liabilities/Total Assets	0,29	0,18
Financial Leverage	0,29	0,18
Gearing Percentage	0,41	0,22
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,09	0,03
Operating Profit Margin	-0,49
Net Profit Margin	0,37
Interest Cover
COLLECTION-PAYMENT
Average Collection Period (days)	0,00
Average Payable Period (days)	642,91
WORKING CAPITAL	1621,00	57146,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.59
UK Pound	1	Rs.98.66
Euro	1	Rs.79.81

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	NIT

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.