MIRA INFORM REPORT

Report No. :	352005
Report Date :	30.11.2015

IDENTIFICATION DETAILS

Name :	PAK IHRACAT A.S.

Registered Office :	Prof. Dr. Bulent Tarcan Cad. No:5 Pak Is Merkezi 6 Gayrettepe Besiktas Istanbul

Country :	Turkey

Date of Incorporation :	03.02.1988

Com. Reg. No.:	241963

Legal Form :	Joint Stock Company

Line of Business :	Trade of food products and bread additives.

Employees:	Not Available.

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 :	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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

Source : CIA

COMPANY IDENTIFICATION

NAME

PAK IHRACAT A.S.

HEAD OFFICE ADDRESS

Prof. Dr. Bulent Tarcan Cad. No:5 Pak Is Merkezi 6 Gayrettepe Besiktas Istanbul / Turkey

PHONE NUMBER

90-212-274 07 51

LEGAL STATUS AND HISTORY

TAX OFFICE	:	Mecidiyekoy
TAX NO	:	8250034982
REGISTRATION NUMBER	:	241963
REGISTERED OFFICE	:	Istanbul Chamber of Commerce
DATE ESTABLISHED	:	03.02.1988
ESTABLISHMENT GAZETTE DATE/NO	:	09.02.1988/1952
LEGAL FORM	:	Joint Stock Company
TYPE OF COMPANY	:	Private
REGISTERED CAPITAL	:	TL 300.000

OWNERSHIP / MANAGEMENT

REMARKS ON SHAREHOLDERS

According to Turkish Commercial Law, joint stock companies are not obliged to register the changes at shareholders to Commercial Registry. At Commercial Registry there is no data showing the current shareholders of the firm and the company strictly declines to provide ownership data.

GROUP PARENT COMPANY

PAK HOLDING A.S.

SISTER COMPANIES

AS GIDA URETIM VE PAZARLAMA A.S.

ASIL GIDA VE KIMYA SANAYI VE TICARET A.S.

BURCU GIDA VE KIMYA SANAYI VE TICARET A.S.

ECE PLAZA YONETIM HIZMETLERI VE TICARET A.S.

ENGIN TARIM MEYVECILIK GIDA SANAYI VE TICARET A.S.

ENGIN ZIRAAT SERA SANAYI VE TICARET A.S.

INTEGRO GIDA SANAYII VE TICARET A.S.

INTERMAT AMBALAJ VE MATBAACILIK SANAYI VE TICARET A.S.

KARTONSAN KARTON SANAYI VE TICARET A.S.

NEPA GIDA VE KIMYA SANAYI VE TICARET A.S.

NEVPAK GIDA VE KIMYA SANAYI VE TICARET A.S.

OYCAN ITHALAT IHRACAT VE TICARET A.S.

PAK GIDA URETIM VE PAZARLAMA A.S.

PAK HOLDING A.S.

PAK KARTON SANAYI VE TICARET A.S.

PAKMAYA GIDA URETIM VE PAZARLAMA A.S.

PINAT GIDA SANAYI VE TICARET A.S.

SELKA IC VE DIS TICARET A.S.

SEZEN GIDA VE KIMYA SANAYI VE TICARET A.S.

UMDE TARIM GIDA SANAYI VE TICARET A.S.

BOARD OF DIRECTORS

Sinan Ercan Gulcur	Chairman
Asli Balkir	Vice-Chairman
Mehmet Imregun	Member
Ibrahim Mustafa Iskender Pisak	Member
Hatice Canan Pak Imregun	Member
Babur Gokcek	Member

OPERATIONS

BUSINESS ACTIVITIES

Trade of food products and bread additives.

NACE CODE

G .51.30

SECTOR

Commerce

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.
CAPACITY	:	None
PRODUCTION	:	None
EXPORT COUNTRIES	:	Afghanistan Free Zone Germany Angola U.S.A.
MERCHANDISE EXPORTED	:	Baking powder Bread additives Yeast
HEAD OFFICE ADDRESS	:	Prof. Dr. Bulent Tarcan Cad. No:5 Pak Is Merkezi 6 Gayrettepe Besiktas Istanbul / Turkey
INVESTMENTS	:	None

FINANCE

PAYMENT BEHAVIOUR

Unknown

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
( 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
( 2014 )	6,36 %	2,1891	2,8989	3,6060
(01.01-31.10.2015)	7,59 %	2,6873	3,0050	4,1301

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.75
UK Pound	1	Rs.100.68
Euro	1	Rs.70.88
Try	1	Rs.22.84

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SDA

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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