MIRA INFORM REPORT

Report Date :

31.05.2014

IDENTIFICATION DETAILS

Name :	EGELI IPLIK KONFEKSIYON TEKSTIL VE AKSESUARLARI AMBALAJ SANAYI VE TICARET LTD. STI.
Registered Office :	Karsiyaka Mah. 2336 Sok. No:1 Merkez Denizli
Country :	Turkey
Financials (as on) :	31.12.2013
Date of Incorporation :	30.06.2009
Com. Reg. No.:	28060
Legal Form :	Limited Company
Line of Business :	Wholesale trade of yarn
No. of Employees	06

RATING & COMMENTS

MIRA’s Rating :

Ba

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

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Turkey	B1	B1

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 name and address

NAME	:	EGELI IPLIK KONFEKSIYON TEKSTIL VE AKSESUARLARI AMBALAJ SANAYI VE TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Karsiyaka Mah. 2336 Sok. No:1 Merkez Denizli / Turkey
PHONE NUMBER	:	90-258-251 33 10
FAX NUMBER	:	90-258-251 33 15

LEGAL STATUS AND HISTORY

TAX OFFICE	:	Saraylar
TAX NO	:	3250534755
REGISTRATION NUMBER	:	28060
REGISTERED OFFICE	:	Denizli Chamber of Commerce
DATE ESTABLISHED	:	30.06.2009
ESTABLISHMENT GAZETTE DATE/NO	:	08.07.2009/7349
LEGAL FORM	:	Limited Company
TYPE OF COMPANY	:	Private

REGISTERED CAPITAL	:	TL 60.000
PAID-IN CAPITAL	:	TL 60.000

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

:

Gokhan Cakir	50 %
Mitad Sanlisoy	50 %

DIRECTORS

:

Mitad Sanlisoy

Gokhan Cakir

OPERATIONS

BUSINESS ACTIVITIES

:

Wholesale trade of yarn.

NACE CODE

:

G .51.41

SECTOR

:

Commerce

NUMBER OF EMPLOYEES

:

6

NET SALES

:

3.628 TL Thousand

(2013)

CAPACITY

:

None

PRODUCTION

:

None

IMPORT VALUE

:

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

EXPORT VALUE

:

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

HEAD OFFICE ADDRESS

:

Karsiyaka Mah. 2336 Sok. No:1 Merkez Denizli / Turkey

INVESTMENTS

:

None

SIZE OF BUSINESS

:

Lower-Moderate

FINANCE

MAIN DEALING BANKS

:

Yapi ve Kredi Bankasi Sanayi Branch

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

:

	(2013) TL Thousand
Net Sales	3.628
Profit (Loss) Before Tax	70
Stockholders' Equity	308
Total Assets	1.058
Current Assets	966
Non-Current Assets	92
Current Liabilities	750
Long-Term Liabilities	0
Gross Profit (loss)	392
Operating Profit (loss)	81
Net Profit (loss)	54

COMMENT ON FINANCIAL POSITION

Capitalization	Insufficient As of 31.12.2013
Liquidity	Good As of 31.12.2013
Remarks On Liquidity	The favorable gap between average collection and average payable period has a positive effect on liquidity.
Profitability	Fair Operating Profitability in 2013 Low Net Profitability in 2013
Gap between average collection and payable periods	Favorable in 2013
General Financial Position	Passable

	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

	( 31.12.2013 ) TL Thousand
CURRENT ASSETS	966	0,91
Not Detailed Current Assets	0	0,00
Cash and Banks	150	0,14
Marketable Securities	0	0,00
Account Receivable	596	0,56
Other Receivable	0	0,00
Inventories	207	0,20
Advances Given	0	0,00
Accumulated Construction Expense	0	0,00
Other Current Assets	13	0,01
NON-CURRENT ASSETS	92	0,09
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	0	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	80	0,08
Intangible Assets	12	0,01
Deferred Tax Assets	0	0,00
Other Non-Current Assets	0	0,00
TOTAL ASSETS	1.058	1,00
CURRENT LIABILITIES	750	0,71
Not Detailed Current Liabilities	0	0,00
Financial Loans	13	0,01
Accounts Payable	723	0,68
Loans from Shareholders	0	0,00
Other Short-term Payable	8	0,01
Advances from Customers	0	0,00
Accumulated Construction Income	0	0,00
Taxes Payable	3	0,00
Provisions	3	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	308	0,29
Not Detailed Stockholders' Equity	0	0,00
Paid-in Capital	60	0,06
Cross Shareholding Adjustment of Capital	0	0,00
Inflation Adjustment of Capital	0	0,00
Equity of Consolidated Firms	0	0,00
Reserves	194	0,18
Revaluation Fund	0	0,00
Accumulated Losses(-)	0	0,00
Net Profit (loss)	54	0,05
TOTAL LIABILITIES AND EQUITY	1.058	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. In the sub-items of "Account Receivable", TL thousand 29 is "Doubtful Trade Receivables" at the last balance sheet. TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

INCOME STATEMENT

	(2013) TL Thousand
Net Sales	3.628	1,00
Cost of Goods Sold	3.236	0,89
Gross Profit	392	0,11
Operating Expenses	311	0,09
Operating Profit	81	0,02
Other Income	2	0,00
Other Expenses	6	0,00
Financial Expenses	7	0,00
Minority Interests	0	0,00
Profit (loss) of consolidated firms	0	0,00
Profit (loss) Before Tax	70	0,02
Tax Payable	16	0,00
Postponed Tax Gain	0	0,00
Net Profit (loss)	54	0,01

FINANCIAL RATIOS

	(2013)
LIQUIDITY RATIOS
Current Ratio	1,29
Acid-Test Ratio	0,99
Cash Ratio	0,20
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,20
Short-term Receivable/Total Assets	0,56
Tangible Assets/Total Assets	0,08
TURNOVER RATIOS
Inventory Turnover	15,63
Stockholders' Equity Turnover	11,78
Asset Turnover	3,43
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,29
Current Liabilities/Total Assets	0,71
Financial Leverage	0,71
Gearing Percentage	2,44
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,18
Operating Profit Margin	0,02
Net Profit Margin	0,01
Interest Cover	11,00
COLLECTION-PAYMENT
Average Collection Period (days)	59,14
Average Payable Period (days)	80,43
WORKING CAPITAL	216,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

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%)

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.