MIRA INFORM REPORT

Report Date :

15.04.2012

IDENTIFICATION DETAILS

Name :	IKIOZ SAGLIK URUNLERI VE TEMIZLIK MADDELERI-OZNUR OZCELIK AKKOC

Registered Office :	Mahfesigmaz Mah. 79057 Sok. Kocaman Apt. Zemin Kat Cukurova Adana

Country :	Turkey

Financials (as on) :	31.12.2011

Date of Incorporation :	19.11.2009

Com. Reg. No.:	59918

Legal Form :	Sole-Proprietorship

Line of Business :	Manufacture and trade of disposable medical products such as stretcher covers, bones, medical masks etc. and also trade of cleaning materials.

No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Small company
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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Turkey

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

COMPANY IDENTIFICATION

NAME	:	IKIOZ SAGLIK URUNLERI VE TEMIZLIK MADDELERI-OZNUR OZCELIK AKKOC
HEAD OFFICE ADDRESS	:	Mahfesigmaz Mah. 79057 Sok. Kocaman Apt. Zemin Kat Cukurova Adana / Turkey
PHONE NUMBER	:	90-322-227 29 20
FAX NUMBER	:	90-322-227 29 22

LEGAL STATUS AND HISTORY

NOTES ON LEGAL STATUS AND HISTORY	:	Liability of the subject is not limited to the capital.
TAX OFFICE	:	Ziyapasa
TAX NO	:	13459346308
REGISTRATION NUMBER	:	59918
REGISTERED OFFICE	:	Adana Chamber of Commerce
DATE ESTABLISHED	:	19.11.2009
REMARKS ON DATE ESTABLISHED	:	The subject sole-proprietorship is declared to be established on 19.11.2009. As the sole-proprietorships are not obliged to be registered at commercial registry, it was registered at Adana Commercial Registry on 06.08.2010 (Commercial Registry Gazette Date/No: 16.08.2010/ 7629).

LEGAL FORM

Sole-Proprietorship

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 30.000

PAID-IN CAPITAL

TL 30.000

HISTORY

Previous Address	:	Toros Mah. 78003 Sok. Ugur Apt. A Blok Zemin Kat No:9/1 Cukurova - Adana
Changed On	:	30.12.2011 (Commercial Gazette Date /Number 05.01.2012/ 7977)

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Oznur Ozcelik Akkoc	100 %

PROPERTIES OWNED BY THE OWNER/PARTNERS

Property Type

4 Cars

DIRECTORS

Oznur Ozcelik Akkoc

OPERATIONS

NOTES ON OPERATIONS

A new business activity has been added.

BUSINESS ACTIVITIES

Manufacture and trade of disposable medical products such as stretcher covers, bones, medical masks etc. and also trade of cleaning materials.

The firm has declared that, it started manufacturing activity two months ago.

NACE CODE

DG.24.42

TRADEMARKS OWNED

Ikioz

NUMBER OF EMPLOYEES

NET SALES

461.906 TL	(2010)
1.393.715 TL	(2011)
750.000 TL	(01.01-31.03.2012)

REMARKS ON NET SALES

The sales figure of 01.01.-31.03.2012 is declared by the subject company. There is no certification for this figure.

IMPORT VALUE

100.000 USD	(2011)

IMPORT COUNTRIES

India

China

MERCHANDISE IMPORTED

Cleaning materials

Medical consumable products

EXPORT VALUE

0 TL	(2010)
0 TL	(2011)

HEAD OFFICE ADDRESS

Mahfesigmaz Mah. 79057 Sok. Kocaman Apt. Zemin Kat Cukurova Adana / Turkey ( rented )

BRANCHES

Head Office/Warehouse : Mahfesigmaz Mah. 79057 Sok. Kocaman Apt. Zemin Kat Cukurova Adana/Turkey (rented) (500 sqm)

Production Plant : Nigde/Turkey

TREND OF BUSINESS	:	There was an upwards trend in 2011.
SIZE OF BUSINESS	:	Modest

FINANCE

MAIN DEALING BANKS

Akbank Barajyolu Branch

Anadolubank Ataturk Cad. Branch

Kuveyt Turk Katilim Bankasi Adana Branch

T. Is Bankasi Hal 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

	(2010) TL	(2011) TL
Net Sales	461.906	1.393.715
Profit (Loss) Before Tax	32.648	55.953
Stockholders' Equity	64.283	120.236
Total Assets	107.847	379.065
Current Assets	69.543	283.072
Non-Current Assets	38.304	95.993
Current Liabilities	38.895	258.829
Long-Term Liabilities	4.669	0
Gross Profit (loss)	65.399	134.486
Operating Profit (loss)	31.879	58.333
Net Profit (loss)	32.648	55.953

COMMENT ON FINANCIAL POSITION

Capitalization	Good As of 31.12.2011
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	Low As of 31.12.2011
Remarks On Liquidity	A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.
Profitability	Good Operating Profitability in 2010 High Net Profitability in 2010 In Order Operating Profitability in 2011 In Order Net Profitability in 2011
Gap between average collection and payable periods	Favorable in 2011
General Financial Position	Unsatisfactory

	Incr. in producers’ price index	Average USD/TL	Average EUR/TL	Average GBP/ TL
( 2010 )	8,87 %	1,5128	2,0096	2,3410
( 2011 )	13,33 %	1,6797	2,3378	2,6863
( 01.01-31.03.2012)	0,65 %	1,7995	2,3799	2,8402

BALANCE SHEETS

	( 31.12.2010 ) TL		( 31.12.2011 ) TL
CURRENT ASSETS	69.543	0,64	283.072	0,75
Not Detailed Current Assets	0	0,00	0	0,00
Cash and Banks	24.265	0,22	1.472	0,00
Marketable Securities	0	0,00	0	0,00
Account Receivable	3.133	0,03	0	0,00
Other Receivable	0	0,00	0	0,00
Inventories	33.458	0,31	196.996	0,52
Advances Given	0	0,00	53.460	0,14
Accumulated Construction Expense	0	0,00	0	0,00
Other Current Assets	8.687	0,08	31.144	0,08
NON-CURRENT ASSETS	38.304	0,36	95.993	0,25
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)	38.304	0,36	95.993	0,25
Intangible Assets	0	0,00	0	0,00
Deferred Tax Assets	0	0,00	0	0,00
Other Non-Current Assets	0	0,00	0	0,00
TOTAL ASSETS	107.847	1,00	379.065	1,00
CURRENT LIABILITIES	38.895	0,36	258.829	0,68
Not Detailed Current Liabilities	0	0,00	0	0,00
Financial Loans	38.855	0,36	65.455	0,17
Accounts Payable	0	0,00	53.460	0,14
Loans from Shareholders	0	0,00	139.296	0,37
Other Short-term Payable	0	0,00	0	0,00
Advances from Customers	0	0,00	0	0,00
Accumulated Construction Income	0	0,00	0	0,00
Taxes Payable	40	0,00	618	0,00
Provisions	0	0,00	0	0,00
Other Current Liabilities	0	0,00	0	0,00
LONG-TERM LIABILITIES	4.669	0,04	0	0,00
Not Detailed Long-term Liabilities	0	0,00	0	0,00
Financial Loans	4.669	0,04	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	64.283	0,60	120.236	0,32
Not Detailed Stockholders' Equity	0	0,00	0	0,00
Paid-in Capital	30.000	0,28	30.000	0,08
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	1.635	0,02	34.283	0,09
Revaluation Fund	0	0,00	0	0,00
Accumulated Losses(-)	0	0,00	0	0,00
Net Profit (loss)	32.648	0,30	55.953	0,15
TOTAL LIABILITIES AND EQUITY	107.847	1,00	379.065	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 will be given under "Account Receivable" figure and "Account Payable" figure respectively.

INCOME STATEMENTS

	(2010) TL		(2011) TL
Net Sales	461.906	1,00	1.393.715	1,00
Cost of Goods Sold	396.507	0,86	1.259.229	0,90
Gross Profit	65.399	0,14	134.486	0,10
Operating Expenses	33.520	0,07	76.153	0,05
Operating Profit	31.879	0,07	58.333	0,04
Other Income	769	0,00	268	0,00
Other Expenses	0	0,00	425	0,00
Financial Expenses	0	0,00	2.223	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	32.648	0,07	55.953	0,04
Tax Payable	0	0,00	0	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	32.648	0,07	55.953	0,04

FINANCIAL RATIOS

	(2010)	(2011)
LIQUIDITY RATIOS
Current Ratio	1,79	1,09
Acid-Test Ratio	0,70	0,01
Cash Ratio	0,62	0,01
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,31	0,52
Short-term Receivable/Total Assets	0,03	0,00
Tangible Assets/Total Assets	0,36	0,25
TURNOVER RATIOS
Inventory Turnover	11,85	6,39
Stockholders' Equity Turnover	7,19	11,59
Asset Turnover	4,28	3,68
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,60	0,32
Current Liabilities/Total Assets	0,36	0,68
Financial Leverage	0,40	0,68
Gearing Percentage	0,68	2,15
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,51	0,47
Operating Profit Margin	0,07	0,04
Net Profit Margin	0,07	0,04
Interest Cover		26,17
COLLECTION-PAYMENT
Average Collection Period (days)	2,44	0,00
Average Payable Period (days)	0,00	15,28
WORKING CAPITAL	30648,00	24243,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.04
UK Pound	1	Rs.81.08
Euro	1	Rs.67.39

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
--	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.