MIRA INFORM REPORT

Report Date :

08.01.2011

IDENTIFICATION DETAILS

Correct Name :	GENCER SABUN VE KIMYA SANAYII TICARET LTD. STI.

Formerly Known As :	Gencer Sabun ve Kimya Sanayi ve Ticaret Ltd. Sti.

Registered Office :	Organize Deri Sanayi Bolgesi R-8/B Parsel Tuzla Istanbul

Country :	Turkey

Financials (as on) :	30.09.2010

Date of Incorporation :	08.03.2006

Com. Reg. No.:	690599

Legal Form :	Limited Company

Line of Business :	Manufacturer and trade of soap

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 :	850.000 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	:	GENCER SABUN VE KIMYA SANAYII TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Organize Deri Sanayi Bolgesi R-8/B Parsel Tuzla Istanbul / Turkey
PHONE NUMBER	:	90-216-394 24 84
FAX NUMBER	:	90-216 394 80 15
WEB-ADDRESS	:	www.gencersoap.com
E-MAIL	:	info@gencersoap.com

LEGAL STATUS AND HISTORY

NOTES ON LEGAL STATUS AND HISTORY

The paid-in capital is declared by the subject. There is no certification for the paid-in capital..

TAX OFFICE

Tuzla

TAX NO

3910289880

REGISTRATION NUMBER

690599

REGISTERED OFFICE

Istanbul Chamber of Commerce

DATE ESTABLISHED

08.03.2006

ESTABLISHMENT GAZETTE DATE/NO

28.03.2006/6522

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 3.700.000

PAID-IN CAPITAL

TL 3.700.000

HISTORY

Previous Name	:	Gencer Tekstil Insaat Marka Patent Danismanligi Sanayi ve Ticaret Ltd. Sti.
Changed On	:	13.01.2009 (Commercial Gazette Date /Number 28.01.2009/ 7237)
Previous Name	:	Gencer Sabun ve Kimya Sanayi ve Ticaret Ltd. Sti.
Changed On	:	09.02.2009 (Commercial Gazette Date /Number 13.02.2009/ 7249)
Previous Registered Capital	:	TL 600.000
Changed On	:	07.12.2010 (Commercial Gazette Date /Number 13.12.2010/ 7706)
Previous Address	:	Cukur Mah. Ismail Say Sok. Omer Yetkin Is Merkezi Kat:1 No:3 Sahinbey
Changed On	:	09.02.2009 (Commercial Gazette Date /Number 13.02.2009/ 7249)
Previous Shareholder	:	Please vide Previous Shareholders section for the former shareholders’ names
Changed On	:	25.11.2009 (Commercial Gazette Date /Number 03.12.2009/ 7450)
Other Changes	:	The subject was firstly established on 08.03.2006 in Gaziantep and registered at Gaziantep Commercial Registry with registration number 28234. Then moved to Istanbul on 09.02.2009 and registered at Istanbul Commercial Registry with registration number 690599.
Changed On	:	09.02.2009 (Commercial Gazette Date /Number 13.02.2009/ 7249)

PREVIOUS SHAREHOLDERS

Erhan Gencer	50 %
Hakan Gencer	50 %

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Hadice Catuk	50 %
Ahmet Catuk	50 %

DIRECTORS

Ahmet Catuk

Director

OPERATIONS

BUSINESS ACTIVITIES

Manufacture and trade of soap.

NACE CODE

DG.24.51

TRADEMARKS OWNED

Ella

Fabienne

Happy

NUMBER OF EMPLOYEES

NET SALES

866.508 TL	(2009)
3.844.129 TL	(01.01-30.09.2010)

IMPORT COUNTRIES

India

U.S.A.

MERCHANDISE IMPORTED

Chemical raw materials

EXPORT VALUE

447.180 TL	(2009)
2.359.795 TL	(01.01-30.09.2010)

EXPORT COUNTRIES

Uzbekistan

Egypt

Tajikistan

Afghanistan

Kazakhstan

Iraq

Bosnia and Herzegovina

Belarus

MERCHANDISE EXPORTED

Soap

HEAD OFFICE ADDRESS

Organize Deri Sanayi Bolgesi R-8/B Parsel Tuzla Istanbul / Turkey

BRANCHES

Store : Florya Cad. Beyazgul Apt. A Blok No:3 D:1 Florya Istanbul/Turkey

Head Office/Production Plant : Organize Deri Sanayi Bolgesi R-8/B Parsel Tuzla Istanbul/Turkey

INVESTMENTS

Machinery investments are going on.

TREND OF BUSINESS	:	There appears an upwards trend in 1.1 - 30.9.2010.
SIZE OF BUSINESS	:	Medium

FINANCE

MAIN DEALING BANKS

Akbank Baglarbasi Branch

Turkiye Garanti Bankasi Tuzla Organize Sanayi Bolgesi Branch

Yapi ve Kredi Bankasi Tepeoren Branch

CREDIT FACILITIES

The subject rarely makes use of credit facilities.

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

	(2009) TL	(01.01-30.09.2010) TL
Net Sales	866.508	3.844.129
Profit (Loss) Before Tax	57.398	109.864
Stockholders' Equity	145.418	755.283
Total Assets	683.939	3.472.174
Current Assets	627.444	523.481
Non-Current Assets	56.495	2.948.693
Current Liabilities	123.521	254.337
Long-Term Liabilities	415.000	2.462.554
Gross Profit (loss)	128.103	460.771
Operating Profit (loss)	27.247	145.349
Net Profit (loss)	45.919	109.864

COMMENT ON FINANCIAL POSITION

THE DETAILS OF THE CAPITAL INCREASE AFTER LAST BALANCE SHEET

Cash Part

:3.100.000 TL

Equity Part

Payment Due Date

:07.12.2010

Capitalization	Good
Remarks on Capitalization	There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.
Liquidity	High
Remarks On Liquidity	The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. The favorable gap between average collection and average payable period has a positive effect on liquidity.
Profitability	Fair Operating Profitability in 2009 Good Net Profitability in 2009 In Order Operating Profitability (01.01-30.09.2010) Fair Net Profitability (01.01-30.09.2010)
Gap between average collection and payable periods	Favorable in 01.01-30.09.2010
General Financial Position	Good

CREDIT OPINION WITHOUT OBLIGATION

We are of the opinion that, a max. credit of 850.000 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
( 01.01-30.09.2010)	6,52 %	1,5178	2,0112	2,3426
( 2010 )	8,87 %	1,5128	2,0096	2,3410

BALANCE SHEETS

	( 31.12.2009 ) TL		( 30.09.2010 ) TL
CURRENT ASSETS	627.444	0,92	523.481	0,15
Not Detailed Current Assets	0	0,00	0	0,00
Cash and Banks	112.782	0,16	-1.932.359	-0,56
Marketable Securities	0	0,00	0	0,00
Account Receivable	171.984	0,25	729.010	0,21
Other Receivable	0	0,00	417.921	0,12
Inventories	275.332	0,40	406.807	0,12
Advances Given	0	0,00	329.498	0,09
Accumulated Construction Expense	0	0,00	0	0,00
Other Current Assets	67.346	0,10	572.604	0,16
NON-CURRENT ASSETS	56.495	0,08	2.948.693	0,85
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)	56.495	0,08	2.624.499	0,76
Intangible Assets	0	0,00	320.000	0,09
Deferred Tax Assets	0	0,00	0	0,00
Other Non-Current Assets	0	0,00	4.194	0,00
TOTAL ASSETS	683.939	1,00	3.472.174	1,00
CURRENT LIABILITIES	123.521	0,18	254.337	0,07
Not Detailed Current Liabilities	0	0,00	0	0,00
Financial Loans	0	0,00	17.643	0,01
Accounts Payable	82.282	0,12	88.770	0,03
Loans from Shareholders	0	0,00	0	0,00
Other Short-term Payable	27.648	0,04	15.015	0,00
Advances from Customers	0	0,00	59.851	0,02
Accumulated Construction Income	0	0,00	0	0,00
Taxes Payable	2.110	0,00	73.058	0,02
Provisions	11.481	0,02	0	0,00
Other Current Liabilities	0	0,00	0	0,00
LONG-TERM LIABILITIES	415.000	0,61	2.462.554	0,71
Not Detailed Long-term Liabilities	0	0,00	0	0,00
Financial Loans	0	0,00	27.183	0,01
Securities Issued	0	0,00	0	0,00
Long-term Payable	0	0,00	2.435.371	0,70
Loans from Shareholders	415.000	0,61	0	0,00
Other Long-term Liabilities	0	0,00	0	0,00
Provisions	0	0,00	0	0,00
STOCKHOLDERS' EQUITY	145.418	0,21	755.283	0,22
Not Detailed Stockholders' Equity	0	0,00	0	0,00
Paid-in Capital	100.000	0,15	600.000	0,17
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	0	0,00	45.920	0,01
Revaluation Fund	0	0,00	0	0,00
Accumulated Losses(-)	-501	0,00	-501	0,00
Net Profit (loss)	45.919	0,07	109.864	0,03
TOTAL LIABILITIES AND EQUITY	683.939	1,00	3.472.174	1,00

INCOME STATEMENTS

	(2009) TL		(01.01-30.09.2010) TL
Net Sales	866.508	1,00	3.844.129	1,00
Cost of Goods Sold	738.405	0,85	3.383.358	0,88
Gross Profit	128.103	0,15	460.771	0,12
Operating Expenses	100.856	0,12	315.422	0,08
Operating Profit	27.247	0,03	145.349	0,04
Other Income	30.151	0,03	15.628	0,00
Other Expenses	0	0,00	22.491	0,01
Financial Expenses	0	0,00	28.622	0,01
Minority Interests	0	0,00	0	0,00
Profit (loss) of consolidated firms	0	0,00	0	0,00
Profit (loss) Before Tax	57.398	0,07	109.864	0,03
Tax Payable	11.479	0,01	0	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	45.919	0,05	109.864	0,03

FINANCIAL RATIOS

	(2009)	(01.01-30.09.2010)
LIQUIDITY RATIOS
Current Ratio	5,08	2,06
Acid-Test Ratio	2,31	-3,09
Cash Ratio	0,91	-7,60
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,40	0,12
Short-term Receivable/Total Assets	0,25	0,33
Tangible Assets/Total Assets	0,08	0,76
TURNOVER RATIOS
Inventory Turnover	2,68	8,32
Stockholders' Equity Turnover	5,96	5,09
Asset Turnover	1,27	1,11
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,21	0,22
Current Liabilities/Total Assets	0,18	0,07
Financial Leverage	0,79	0,78
Gearing Percentage	3,70	3,60
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,32	0,15
Operating Profit Margin	0,03	0,04
Net Profit Margin	0,05	0,03
Interest Cover		4,84
COLLECTION-PAYMENT
Average Collection Period (days)	71,45	68,27
Average Payable Period (days)	40,12	268,58
WORKING CAPITAL	503923,00	269144,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.70.38
Euro	1	Rs.58.93

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.