MIRA INFORM REPORT

Report Date :

27.05.2011

IDENTIFICATION DETAILS

Name :	EMSI IC VE DIS TICARET LTD. STI.

Registered Office :	Yeni Sanayi Sitesi 47. Sok. No: 6/A Merkez Balikesir

Country :	Turkey

Financials (as on) :	31.12.2010

Date of Incorporation :	04.05.2009

Com. Reg. No.:	15373

Legal Form :	Limited Company

Line of Business :	Processing and trade of packing materials.

RATING & COMMENTS

MIRA’s Rating :

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

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Turkey

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

Bottom of Form

COMPANY IDENTIFICATION

NAME	:	EMSI IC VE DIS TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Yeni Sanayi Sitesi 47. Sok. No: 6/A Merkez Balikesir / Turkey
PHONE NUMBER	:	90-266-234 54 01 90-266-234 54 02
FAX NUMBER	:	90-266-239 54 03
WEB-ADDRESS	:	www.emsi.com.tr
E-MAIL	:	info@emsi.com.tr

LEGAL STATUS AND HISTORY

TAX OFFICE

Karesi

TAX NO

3340510692

REGISTRATION NUMBER

15373

REGISTERED OFFICE

Balikesir Chamber of Commerce

DATE ESTABLISHED

04.05.2009

ESTABLISHMENT GAZETTE DATE/NO

13.05.2009/7310

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 200.000

PAID-IN CAPITAL

TL 80.000

HISTORY

Previous Registered Capital	:	TL 5.000
Changed On	:	09.10.2009 (Commercial Gazette Date /Number 14.10.2009/ 7417)
Previous Address	:	Eski Kuyumcular Mah. Salih Tozan Cad. Kral Ishani No: 22 Kat: 3 Balikesir
Changed On	:	07.04.2010 (Commercial Gazette Date /Number 14.04.2010/ 7543)
Previous Address	:	Dumlupinar Mah. Ketenavda Sok. Barutcu Ishani No: 2/19 Balikesir
Changed On	:	04.03.2011 (Commercial Gazette Date /Number 09.03.2011/ 7768)
Previous Shareholder	:	Please vide Previous Shareholders section for the former shareholders' names.
Changed On	:	04.03.2011 (Commercial Gazette Date /Number 09.03.2011/ 7768)

PREVIOUS SHAREHOLDERS

Metin Can	50 %
Ahmet Islek	50 %

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Kenan Kahraman	33,34 %
Ahmet Islek	33,34 %
Metin Can	33,32 %

SISTER COMPANIES

Declared to be: None

SUBSIDIARIES

None

DIRECTORS

Ahmet Islek
Kenan Kahraman
Metin Can

OPERATIONS

BUSINESS ACTIVITIES

Processing and trade of packing materials.

NUMBER OF EMPLOYEES

NET SALES

551.280 TL	(2010)

IMPORT COUNTRIES

India

MERCHANDISE IMPORTED

Packing materials

Plastic bag

EXPORT VALUE

432.460 TL	(2010)

EXPORT COUNTRIES

Poland

Switzerland

Italy

Germany

MERCHANDISE EXPORTED

Packing materials

Sack

HEAD OFFICE ADDRESS

Yeni Sanayi Sitesi 47. Sok. No: 6/A Merkez Balikesir / Turkey ( rented )

BRANCHES

Head Office/Workshop : Yeni Sanayi Sitesi 47. Sok. No: 6/A Merkez Balikesir/Turkey (rented)

SIZE OF BUSINESS

Small

FINANCE

MAIN DEALING BANKS

T. Is Bankasi Balikesir Branch

Turk Ekonomi Bankasi Balikesir Branch

CREDIT FACILITIES

The subject company is making active use of credit facilities.

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

	(2010) TL
Net Sales	551.280
Profit (Loss) Before Tax	-12.888
Stockholders' Equity	55.590
Total Assets	312.456
Current Assets	300.349
Non-Current Assets	12.107
Current Liabilities	256.866
Long-Term Liabilities	0
Gross Profit (loss)	40.150
Operating Profit (loss)	-758
Net Profit (loss)	-12.888

COMMENT ON FINANCIAL POSITION

Capitalization	Low As of 31.12.2010
Liquidity	Good As of 31.12.2010
Remarks On Liquidity	The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.
Profitability	Operating Loss in 2010 Net Loss in 2010
Gap between average collection and payable periods	Unfavorable in 2010
General Financial Position	Not in order

Incr. in producers’ price index

Average USD/TL

Average EUR/TL

Average GBP/ TL

( 2010 )

8,87 %

1,5128

2,0096

2,3410

( 01.01-30.04.2011)

6,04 %

1,5645

2,1852

2,5128

BALANCE SHEETS

	( 31.12.2010 ) TL
CURRENT ASSETS	300.349	0,96
Not Detailed Current Assets	0	0,00
Cash and Banks	54.331	0,17
Marketable Securities	0	0,00
Account Receivable	187.312	0,60
Other Receivable	0	0,00
Inventories	24.166	0,08
Advances Given	16.515	0,05
Accumulated Construction Expense	0	0,00
Other Current Assets	18.025	0,06
NON-CURRENT ASSETS	12.107	0,04
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	0	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	12.019	0,04
Intangible Assets	0	0,00
Deferred Tax Assets	0	0,00
Other Non-Current Assets	88	0,00
TOTAL ASSETS	312.456	1,00
CURRENT LIABILITIES	256.866	0,82
Not Detailed Current Liabilities	0	0,00
Financial Loans	163.823	0,52
Accounts Payable	91.993	0,29
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	1.050	0,00
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	55.590	0,18
Not Detailed Stockholders' Equity	0	0,00
Paid-in Capital	80.000	0,26
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(-)	-11.522	-0,04
Net Profit (loss)	-12.888	-0,04
TOTAL LIABILITIES AND EQUITY	312.456	1,00

INCOME STATEMENT

	(2010) TL
Net Sales	551.280	1,00
Cost of Goods Sold	511.130	0,93
Gross Profit	40.150	0,07
Operating Expenses	40.908	0,07
Operating Profit	-758	0,00
Other Income	7.334	0,01
Other Expenses	3.544	0,01
Financial Expenses	15.920	0,03
Minority Interests	0	0,00
Profit (loss) of consolidated firms	0	0,00
Profit (loss) Before Tax	-12.888	-0,02
Tax Payable	0	0,00
Postponed Tax Gain	0	0,00
Net Profit (loss)	-12.888	-0,02

FINANCIAL RATIOS

	(2010)
LIQUIDITY RATIOS
Current Ratio	1,17
Acid-Test Ratio	0,94
Cash Ratio	0,21
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,08
Short-term Receivable/Total Assets	0,60
Tangible Assets/Total Assets	0,04
TURNOVER RATIOS
Inventory Turnover	21,15
Stockholders' Equity Turnover	9,92
Asset Turnover	1,76
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,18
Current Liabilities/Total Assets	0,82
Financial Leverage	0,82
Gearing Percentage	4,62
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	-0,23
Operating Profit Margin	0,00
Net Profit Margin	-0,02
Interest Cover	0,19
COLLECTION-PAYMENT
Average Collection Period (days)	122,32
Average Payable Period (days)	64,79
WORKING CAPITAL	43483,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.29
UK Pound	1	Rs.73.84
Euro	1	Rs.64.18

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.