MIRA INFORM REPORT

Report No. :	338996
Report Date :	05.09.2015

IDENTIFICATION DETAILS

Name :	ISKENDER ORDEK
Registered Office :	Ataturk Cad. Ahmet Sayar Apt. No:88 K:5/31 Antakya Hatay
Country :	Turkey
Financials (as on) :	31.12.2014
Date of Incorporation :	26.01.2010
Com. Reg. No.:	11040
Legal Form :	Sole-Proprietorship
Line of Business :	Wholesale trade of fruit and vegetable.
No. of Employee :	8

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 :	Slow but correct
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	B1	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 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	:	ISKENDER ORDEK
HEAD OFFICE ADDRESS	:	Ataturk Cad. Ahmet Sayar Apt. No:88 K:5/31 Antakya Hatay / Turkey
PHONE NUMBER	:	90-326-221 52 25
FAX NUMBER	:	90-326-221 52 25

LEGAL STATUS AND HISTORY

NOTES ON LEGAL STATUS AND HISTORY	:	Liability of the subject is not limited to the capital.
TAX OFFICE	:	23 Temmuz
TAX NO	:	41875315554
REMARKS ON TAX NO	:	From the beginning of year 2007, the sole proprietorships perform fiscal manipulations with personal ID number instead of tax number. So the number of the subject changed from "6600188818" to "41875315554" for fiscal manipulations.
REGISTRATION NUMBER	:	11040
REGISTERED OFFICE	:	Antakya Chamber of Commerce and Industry
DATE ESTABLISHED	:	26.01.2010
ESTABLISHMENT GAZETTE DATE/NO	:	29.01.2010/7490
LEGAL FORM	:	Sole-Proprietorship
TYPE OF COMPANY	:	Private

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

:

Iskender Ordek

100 %

DIRECTORS

:

Iskender Ordek

OPERATIONS

BUSINESS ACTIVITIES

:

Wholesale trade of fruit and vegetable.

NACE CODE

:

G .51.31

SECTOR

:

Commerce

NUMBER OF EMPLOYEES

:

8

NET SALES

:

3.060 TL Thousand	(2013)
4.648 TL Thousand	(2014)
2.000 TL Thousand	(01.01-30.06.2015)

CAPACITY

:

None

PRODUCTION

:

None

IMPORT COUNTRIES

:

Moldova

MERCHANDISE IMPORTED

:

Fruits

Vegetables

EXPORT VALUE

:

3.009 TL Thousand	(2013)
4.616 TL Thousand	(2014)
1.218 TL Thousand	(01.01-30.06.2015)

EXPORT COUNTRIES

:

Middle East Countries

MERCHANDISE EXPORTED

:

Fruits

Vegetables

HEAD OFFICE ADDRESS

:

Ataturk Cad. Ahmet Sayar Apt. No:88 K:5/31 Antakya Hatay / Turkey

INVESTMENTS

:

None

TREND OF BUSINESS	:	There was an upwards trend in 2014. There appears a decline at business volume in nominal terms in 1.1 - 30.6.2015.
SIZE OF BUSINESS	:	Lower-Moderate

FINANCE

MAIN DEALING BANKS

:

ING Bank Antakya Branch

T. Halk Bankasi Koprubasi Branch

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

PAYMENT BEHAVIOUR

:

We are informed about some payment delays which were resolved later on.

KEY FINANCIAL ELEMENTS

:

	(2014) TL Thousand	(01.01-30.06.2015) TL Thousand
Net Sales	4.648	2.000
Profit (Loss) Before Tax	-165	29
Stockholders' Equity	277
Total Assets	1.372
Current Assets	1.218
Non-Current Assets	154
Current Liabilities	1.095
Long-Term Liabilities	0
Gross Profit (loss)	304	136
Operating Profit (loss)	-96	35
Net Profit (loss)	-165	29

COMMENT ON FINANCIAL POSITION

Capitalization	Fair As of 31.12.2014
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	Low As of 31.12.2014
Remarks On Liquidity	The favorable gap between average collection and average payable period has a positive effect on liquidity.
Profitability	Operating Loss in 2014 Net Loss in 2014 Fair Operating Profitability (01.01-30.06.2015) Low Net Profitability (01.01-30.06.2015)
Gap between average collection and payable periods	Favorable in 2014
General Financial Position	Unsatisfactory

	Incr. in producers’ price index	Average USD/TL	Average EUR/TL	Average GBP/ TL
( 2013 )	6,97 %	1,9179	2,5530	3,0178
( 2014 )	6,36 %	2,1891	2,8989	3,6060
( 01.01-30.06.2015)	5,49 %	2,5568	2,8727	3,9250
( 01.01-31.07.2015)	5,15 %	2,5858	2,8956	3,9782

BALANCE SHEETS

	( 31.12.2014 ) TL Thousand
CURRENT ASSETS	1.218	0,89
Not Detailed Current Assets	0	0,00
Cash and Banks	3	0,00
Marketable Securities	0	0,00
Account Receivable	10	0,01
Other Receivable	0	0,00
Inventories	57	0,04
Advances Given	332	0,24
Accumulated Construction Expense	0	0,00
Other Current Assets	816	0,59
NON-CURRENT ASSETS	154	0,11
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	0	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	77	0,06
Intangible Assets	0	0,00
Deferred Tax Assets	0	0,00
Other Non-Current Assets	77	0,06
TOTAL ASSETS	1.372	1,00
CURRENT LIABILITIES	1.095	0,80
Not Detailed Current Liabilities	0	0,00
Financial Loans	395	0,29
Accounts Payable	543	0,40
Loans from Shareholders	0	0,00
Other Short-term Payable	0	0,00
Advances from Customers	143	0,10
Accumulated Construction Income	0	0,00
Taxes Payable	14	0,01
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	277	0,20
Not Detailed Stockholders' Equity	277	0,20
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	1.372	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 0 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 STATEMENTS

	(2014) TL Thousand		(01.01-30.06.2015) TL Thousand
Net Sales	4.648	1,00	2.000	1,00
Cost of Goods Sold	4.344	0,93	1.864	0,93
Gross Profit	304	0,07	136	0,07
Operating Expenses	400	0,09	101	0,05
Operating Profit	-96	-0,02	35	0,02
Other Income	33	0,01	19	0,01
Other Expenses	73	0,02	25	0,01
Financial Expenses	29	0,01	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	-165	-0,04	29	0,01
Tax Payable	0	0,00	0	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	-165	-0,04	29	0,01

FINANCIAL RATIOS

	(2014)
LIQUIDITY RATIOS
Current Ratio	1,11
Acid-Test Ratio	0,01
Cash Ratio	0,00
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,04
Short-term Receivable/Total Assets	0,01
Tangible Assets/Total Assets	0,06
TURNOVER RATIOS
Inventory Turnover	76,21
Stockholders' Equity Turnover	16,78
Asset Turnover	3,39
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,20
Current Liabilities/Total Assets	0,80
Financial Leverage	0,80
Gearing Percentage	3,95
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	-0,60
Operating Profit Margin	-0,02
Net Profit Margin	-0,04
Interest Cover	-4,69
COLLECTION-PAYMENT
Average Collection Period (days)	0,77
Average Payable Period (days)	45,00
WORKING CAPITAL	123,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.