MIRA INFORM REPORT

Report Date :

25.02.2011

IDENTIFICATION DETAILS

Name :	CETIN PLASTIK-ALI CETIN

Registered Office :	Buyuk Dikili Mah. Bati Otoban Yolu Uzeri Seyhan Adana

Country :	Turkey

Financials (as on) :	31.12.2009

Year of Establishment :	2005

Legal Form :	Sole-Proprietorship

Line of Business :	Trader of plastic colorant paint and also production of plastic raw materials and recycling.

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	31.000 USD
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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Turkey

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

COMPANY IDENTIFICATION

NAME	:	CETIN PLASTIK-ALI CETIN
HEAD OFFICE ADDRESS	:	Buyuk Dikili Mah. Bati Otoban Yolu Uzeri Seyhan Adana / Turkey
PHONE NUMBER	:	90-322-485 56 38 90-544 768 04 00 (Contact Number)
FAX NUMBER	:	90-322-485 56 38

LEGAL STATUS AND HISTORY

NOTES ON LEGAL STATUS AND HISTORY		:		As the subject is not obliged to be registered at commercial registry due to its legal form, it has not registered at Commercial Registry. Liability of the subject is not limited to the capital.
TAX OFFICE		:		Seyhan
TAX NO		:		59329024150
DATE ESTABLISHED		:		2005
REMARKS ON DATE ESTABLISHED		:		The subject sole-proprietorship is declared to be established in 2005. As the sole-proprietorships are not obliged to be registered at commercial registry it has not registered at Commercial Registry.
LEGAL FORM	:		Sole-Proprietorship
TYPE OF COMPANY	:		Private

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Ali Cetin	100 %

REMARKS ON SHAREHOLDERS

The owner, Ali Cetin was born on 15.04.1986 and was graduated from high school.

PROPERTIES OWNED BY THE OWNER/PARTNERS

The head office of the subject

4 vehicles

DIRECTORS

Ali Cetin

OPERATIONS

BUSINESS ACTIVITIES

Trade of plastic colorant paint and also production of plastic raw materials and recycling.

NUMBER OF EMPLOYEES

NET SALES

660.015 TL	(2009)
888.411 TL	(2010)

IMPORT COUNTRIES

India

China

Hungary

Far East Countries

MERCHANDISE IMPORTED

Plastics

EXPORT VALUE

0 TL	(2009)
0 TL	(2010)

HEAD OFFICE ADDRESS

Buyuk Dikili Mah. Bati Otoban Yolu Uzeri Seyhan Adana / Turkey ( owned )

BRANCHES

Head Office/Production Plant : Buyuk Dikili Mah. Bati Otoban Yolu Uzeri Seyhan Adana/Turkey (owned)

TREND OF BUSINESS	:	There was an upwards trend in 2010.
SIZE OF BUSINESS	:	Small

FINANCE

MAIN DEALING BANKS

Yapi ve Kredi Bankasi Adana Barkal Branch

CREDIT FACILITIES

No credit facility has come to our knowledge.

PAYMENT BEHAVIOUR

We are informed about a single payment delay in the former years which was resolved later on but no payment delays have come to our knowledge in the last years.

KEY FINANCIAL ELEMENTS

	(2009) TL	(2010) TL
Net Sales	660.015	888.411
Profit (Loss) Before Tax	11.204	10.641
Stockholders' Equity	179.398
Total Assets	183.981
Current Assets	162.771
Non-Current Assets	21.210
Current Liabilities	4.583
Long-Term Liabilities	0
Gross Profit (loss)	47.877	60.109
Operating Profit (loss)	11.204	11.217
Net Profit (loss)	9.398	10.641

COMMENT ON FINANCIAL POSITION

Capitalization	Good As of 31.12.2009
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. The owner possesses property.
Liquidity	Satisfactory As of 31.12.2009
Profitability	Fair Operating Profitability in 2009 Low Net Profitability in 2009 Low Operating Profitability in 2010 Low Net Profitability in 2010
Gap between average collection and payable periods	In order in 2009
General Financial Position	In Order

CREDIT OPINION WITHOUT OBLIGATION

We are of the opinion that, a max. credit of 31.000 USD may be granted to the subject company.

	Incr. in producers’ price index	Average USD/TL	Average EUR/TL	Average GBP/ TL
( 2009 )	5,93 %	1,5460	2,1529	2,4094
( 2010 )	8,87 %	1,5128	2,0096	2,3410
( 01.01-31.01.2011)	2,36 %	1,5759	2,1299	2,4741

BALANCE SHEETS

	( 31.12.2009 ) TL
CURRENT ASSETS	162.771	0,88
Not Detailed Current Assets	0	0,00
Cash and Banks	10.467	0,06
Marketable Securities	0	0,00
Account Receivable	0	0,00
Other Receivable	0	0,00
Inventories	134.143	0,73
Advances Given	0	0,00
Accumulated Construction Expense	0	0,00
Other Current Assets	18.161	0,10
NON-CURRENT ASSETS	21.210	0,12
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	0	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	21.210	0,12
Intangible Assets	0	0,00
Deferred Tax Assets	0	0,00
Other Non-Current Assets	0	0,00
TOTAL ASSETS	183.981	1,00
CURRENT LIABILITIES	4.583	0,02
Not Detailed Current Liabilities	0	0,00
Financial Loans	0	0,00
Accounts Payable	2.376	0,01
Loans from Shareholders	0	0,00
Other Short-term Payable	0	0,00
Advances from Customers	0	0,00
Accumulated Construction Income	0	0,00
Taxes Payable	2.082	0,01
Provisions	125	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	179.398	0,98
Not Detailed Stockholders' Equity	179.398	0,98
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	183.981	1,00

INCOME STATEMENTS

	(2009) TL		(2010) TL
Net Sales	660.015	1,00	888.411	1,00
Cost of Goods Sold	612.138	0,93	828.302	0,93
Gross Profit	47.877	0,07	60.109	0,07
Operating Expenses	36.673	0,06	48.892	0,06
Operating Profit	11.204	0,02	11.217	0,01
Other Income	0	0,00	0	0,00
Other Expenses	0	0,00	576	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	11.204	0,02	10.641	0,01
Tax Payable	1.806	0,00	0	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	9.398	0,01	10.641	0,01

FINANCIAL RATIOS

	(2009)
LIQUIDITY RATIOS
Current Ratio	35,52
Acid-Test Ratio	2,28
Cash Ratio	2,28
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,73
Short-term Receivable/Total Assets	0,00
Tangible Assets/Total Assets	0,12
TURNOVER RATIOS
Inventory Turnover	4,56
Stockholders' Equity Turnover	3,68
Asset Turnover	3,59
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,98
Current Liabilities/Total Assets	0,02
Financial Leverage	0,02
Gearing Percentage	0,03
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,05
Operating Profit Margin	0,02
Net Profit Margin	0,01
Interest Cover
COLLECTION-PAYMENT
Average Collection Period (days)	0,00
Average Payable Period (days)	1,40
WORKING CAPITAL	158188,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.73.54
Euro	1	Rs.62.39

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

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.