MIRA INFORM REPORT

Report Date :

03.01.2011

IDENTIFICATION DETAILS

Name :	INCEDAL AMBALAJ SANAYI VE TICARET LTD. STI.

Registered Office :	Ismetpasa Mah. Inonu Cad. No:203/C Gaziantep

Country :	Turkey

Financials (as on) :	31.12.2009

Date of Incorporation :	23.12.1996

Com. Reg. No.:	18982

Legal Form :	Limited Company

Line of Business :	Sewing of sack and trade of packaging materials

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	16.000 USD
Status :	Moderate
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	:	INCEDAL AMBALAJ SANAYI VE TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Ismetpasa Mah. Inonu Cad. No:203/C Gaziantep / Turkey
PHONE NUMBER	:	90-342-232 77 03
FAX NUMBER	:	90-342-232 65 51

LEGAL STATUS AND HISTORY

TAX OFFICE	:	Suburcu
TAX NO	:	4770028185
REGISTRATION NUMBER	:	18982
REGISTERED OFFICE	:	Gaziantep Chamber of Commerce
DATE ESTABLISHED	:	23.12.1996
ESTABLISHMENT GAZETTE DATE/NO	:	03.01.1997/4201
LEGAL FORM	:	Limited Company
TYPE OF COMPANY	:	Private
REGISTERED CAPITAL	:	TL 150.000
PAID-IN CAPITAL	:	TL 150.000

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Mustafa Incedal	50 %
Eyyup Halil Incedal	50 %

DIRECTORS

Eyyup Halil Incedal

Director

OPERATIONS

BUSINESS ACTIVITIES

Sewing of sack and trade of packaging materials.

NET SALES

317.472 TL	(2008)
432.846 TL	(2009)

IMPORT COUNTRIES

India

Syria

MERCHANDISE IMPORTED

Hessian

HEAD OFFICE ADDRESS

Ismetpasa Mah. Inonu Cad. No:203/C Gaziantep / Turkey

BRANCHES

Head Office/Workshop : Ismetpasa Mah. Inonu Cad. No:203/C Gaziantep/Turkey

INVESTMENTS

None

TREND OF BUSINESS	:	There was an upwards trend in 2009.
SIZE OF BUSINESS	:	Lower-Moderate

FINANCE

MAIN DEALING BANKS

Finansbank Gaziantep Branch

CREDIT FACILITIES

The subject company is making use of credit facilities.

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

	(2008) TL	(2009) TL
Net Sales	317.472	432.846
Profit (Loss) Before Tax	19.289	12.091
Stockholders' Equity	232.956	242.628
Total Assets	1.070.305	918.189
Current Assets	1.070.087	917.971
Non-Current Assets	218	218
Current Liabilities	837.349	675.561
Long-Term Liabilities	0	0
Gross Profit (loss)	42.883	70.377
Operating Profit (loss)	30.436	48.392
Net Profit (loss)	15.431	9.673

COMMENT ON FINANCIAL POSITION

Capitalization	Insufficient As of 31.12.2009
Liquidity	Insufficient As of 31.12.2009
Remarks On Liquidity	The favorable gap between average collection and average payable period has a positive effect on liquidity.
Profitability	High Operating Profitability in 2008 Good Net Profitability in 2008 High Operating Profitability in 2009 Fair Net Profitability in 2009
Gap between average collection and payable periods	Favorable in 2009
General Financial Position	Passable

CREDIT OPINION WITHOUT OBLIGATION

We are of the opinion that, a max. credit of 16.000 USD may be granted to the subject company.

	Incr. in producers’ price index	Average USD/TL	Average EUR/TL	Average GBP/ TL
( 2008 )	8,11 %	1,2858	1,8876	2,3708
( 2009 )	5,93 %	1,5460	2,1529	2,4094
( 01.01-30.11.2010)	7,47 %	1,5101	2,0050	2,3365

BALANCE SHEETS

	( 31.12.2008 ) TL		( 31.12.2009 ) TL
CURRENT ASSETS	1.070.087	1,00	917.971	1,00
Not Detailed Current Assets	0	0,00	0	0,00
Cash and Banks	-3.290	0,00	8.972	0,01
Marketable Securities	0	0,00	0	0,00
Account Receivable	261.945	0,24	201.989	0,22
Other Receivable	0	0,00	0	0,00
Inventories	794.771	0,74	706.282	0,77
Advances Given	0	0,00	0	0,00
Accumulated Construction Expense	0	0,00	0	0,00
Other Current Assets	16.661	0,02	728	0,00
NON-CURRENT ASSETS	218	0,00	218	0,00
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)	160	0,00	160	0,00
Intangible Assets	58	0,00	58	0,00
Deferred Tax Assets	0	0,00	0	0,00
Other Non-Current Assets	0	0,00	0	0,00
TOTAL ASSETS	1.070.305	1,00	918.189	1,00
CURRENT LIABILITIES	837.349	0,78	675.561	0,74
Not Detailed Current Liabilities	0	0,00	0	0,00
Financial Loans	101.300	0,09	114.000	0,12
Accounts Payable	680.568	0,64	554.838	0,60
Loans from Shareholders	0	0,00	0	0,00
Other Short-term Payable	0	0,00	0	0,00
Advances from Customers	53.309	0,05	2.000	0,00
Accumulated Construction Income	0	0,00	0	0,00
Taxes Payable	2.172	0,00	4.723	0,01
Provisions	0	0,00	0	0,00
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	232.956	0,22	242.628	0,26
Not Detailed Stockholders' Equity	0	0,00	0	0,00
Paid-in Capital	150.000	0,14	150.000	0,16
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	67.525	0,06	82.955	0,09
Revaluation Fund	0	0,00	0	0,00
Accumulated Losses(-)	0	0,00	0	0,00
Net Profit (loss)	15.431	0,01	9.673	0,01
TOTAL LIABILITIES AND EQUITY	1.070.305	1,00	918.189	1,00

INCOME STATEMENTS

	(2008) TL		(2009) TL
Net Sales	317.472	1,00	432.846	1,00
Cost of Goods Sold	274.589	0,86	362.469	0,84
Gross Profit	42.883	0,14	70.377	0,16
Operating Expenses	12.447	0,04	21.985	0,05
Operating Profit	30.436	0,10	48.392	0,11
Other Income	0	0,00	0	0,00
Other Expenses	0	0,00	0	0,00
Financial Expenses	11.147	0,04	36.301	0,08
Minority Interests	0	0,00	0	0,00
Profit (loss) of consolidated firms	0	0,00	0	0,00
Profit (loss) Before Tax	19.289	0,06	12.091	0,03
Tax Payable	3.858	0,01	2.418	0,01
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	15.431	0,05	9.673	0,02

FINANCIAL RATIOS

	(2008)	(2009)
LIQUIDITY RATIOS
Current Ratio	1,28	1,36
Acid-Test Ratio	0,31	0,31
Cash Ratio	0,00	0,01
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,74	0,77
Short-term Receivable/Total Assets	0,24	0,22
Tangible Assets/Total Assets	0,00	0,00
TURNOVER RATIOS
Inventory Turnover	0,35	0,51
Stockholders' Equity Turnover	1,36	1,78
Asset Turnover	0,30	0,47
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,22	0,26
Current Liabilities/Total Assets	0,78	0,74
Financial Leverage	0,78	0,74
Gearing Percentage	3,59	2,78
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,07	0,04
Operating Profit Margin	0,10	0,11
Net Profit Margin	0,05	0,02
Interest Cover	2,73	1,33
COLLECTION-PAYMENT
Average Collection Period (days)	297,03	168,00
Average Payable Period (days)	892,26	551,06
WORKING CAPITAL	232738,00	242410,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.81
UK Pound	1	Rs.59.81
Euro	1	Rs.69.29

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.