MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	DIMOL BOYA LABORATUAR MALZEMELERI KIMYA TEKSTIL SANAYI VE TICARET LTD. STI.

Registered Office :	Kazimkarabekir Mah. 2. Karaagac Sk. No:9/19 Yildirim Bursa

Country :	Turkey

Financials (as on) :	31.12.2010

Date of Incorporation :	01.11.2010

Com. Reg. No.:	73385

Legal Form :	Limited Company

Line of Business :	Trade of textile dye and laboratory materials

No. of Employees :	17

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 :	Slow

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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Turkey

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

COMPANY IDENTIFICATION

NAME	:	DIMOL BOYA LABORATUAR MALZEMELERI KIMYA TEKSTIL SANAYI VE TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Kazimkarabekir Mah. 2. Karaagac Sk. No:9/19 Yildirim Bursa / Turkey
PHONE NUMBER	:	90-224-211 00 32 90-532-488 00 78(Contact number of Omer Akgun)
FAX NUMBER	:	90-224-212 00 57

LEGAL STATUS AND HISTORY

TAX OFFICE	:	Yildirim
TAX NO	:	2970609615
REGISTRATION NUMBER	:	73385
REGISTERED OFFICE	:	Bursa Chamber of Commerce and Industry
DATE ESTABLISHED	:	01.11.2010
ESTABLISHMENT GAZETTE DATE/NO	:	12.11.2010/7689
LEGAL FORM	:	Limited Company
TYPE OF COMPANY	:	Private
REGISTERED CAPITAL	:	TL 50.000
PAID-IN CAPITAL	:	TL 12.760

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Nazligul Akgun	50 %
Yasemin Gelmedi	50 %

SISTER COMPANIES

Declared to be: None

SUBSIDIARIES

None

DIRECTORS

Omer Akgun
Nazligul Akgun
Yasemin Gelmedi

OPERATIONS

BUSINESS ACTIVITIES

Trade of textile dye and laboratory materials.

NACE CODE

G .51.55

SECTOR

Commerce

NUMBER OF EMPLOYEES

NET SALES

153.211 TL	(01.11-31.12.2010)
4.154.753 TL	(2011)

CAPACITY

None

PRODUCTION

None

IMPORT COUNTRIES

China

India

Germany

MERCHANDISE IMPORTED

Laboratory materials

Textile dye

EXPORT VALUE

0 TL	(01.11-31.12.2010)
0 TL	(2011)
0 TL	(01.01-31.03.2012)

HEAD OFFICE ADDRESS

Kazimkarabekir Mah. 2. Karaagac Sk. No:9/19 Yildirim Bursa / Turkey

BRANCHES

Liaison Office : Buttim Is Merkezi C Blok D:199 Osmangazi Merkez Bursa/Turkey

TREND OF BUSINESS	:	Undetermined; young business.
SIZE OF BUSINESS	:	Modest

FINANCE

MAIN DEALING BANKS

Akbank Visne Caddesi Branch

CREDIT FACILITIES

No credit facility has come to our knowledge.

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

	(01.11-31.12.2010) TL	(2011) TL
Net Sales	153.211	4.154.753
Profit (Loss) Before Tax	340	368.592
Stockholders' Equity	13.032
Total Assets	350.600
Current Assets	339.040
Non-Current Assets	11.560
Current Liabilities	337.568
Long-Term Liabilities	0
Gross Profit (loss)	4.739	684.962
Operating Profit (loss)	353	372.848
Net Profit (loss)	272	368.592

COMMENT ON FINANCIAL POSITION

Capitalization	Not in order As of 31.12.2010
Liquidity	Fair As of 31.12.2010
Remarks On Liquidity	The favorable gap between average collection and average payable period has a positive effect on liquidity.
Profitability	Low Operating Profitability (01.11-31.12.2010) Low Net Profitability (01.11-31.12.2010) Good Operating Profitability in 2011 High Net Profitability in 2011
Gap between average collection and payable periods	Favorable in 2010
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
CURRENT ASSETS	339.040	0,97
Not Detailed Current Assets	0	0,00
Cash and Banks	60.616	0,17
Marketable Securities	0	0,00
Account Receivable	101.826	0,29
Other Receivable	0	0,00
Inventories	147.987	0,42
Advances Given	0	0,00
Accumulated Construction Expense	0	0,00
Other Current Assets	28.611	0,08
NON-CURRENT ASSETS	11.560	0,03
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	0	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	11.428	0,03
Intangible Assets	132	0,00
Deferred Tax Assets	0	0,00
Other Non-Current Assets	0	0,00
TOTAL ASSETS	350.600	1,00
CURRENT LIABILITIES	337.568	0,96
Not Detailed Current Liabilities	0	0,00
Financial Loans	0	0,00
Accounts Payable	337.240	0,96
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	260	0,00
Provisions	68	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	13.032	0,04
Not Detailed Stockholders' Equity	0	0,00
Paid-in Capital	12.760	0,04
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)	272	0,00
TOTAL LIABILITIES AND EQUITY	350.600	1,00

INCOME STATEMENTS

	(01.11-31.12.2010) TL		(2011) TL
Net Sales	153.211	1,00	4.154.753	1,00
Cost of Goods Sold	148.472	0,97	3.469.791	0,84
Gross Profit	4.739	0,03	684.962	0,16
Operating Expenses	4.386	0,03	312.114	0,08
Operating Profit	353	0,00	372.848	0,09
Other Income	0	0,00	5.605	0,00
Other Expenses	0	0,00	1.065	0,00
Financial Expenses	13	0,00	8.796	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	340	0,00	368.592	0,09
Tax Payable	68	0,00	0	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	272	0,00	368.592	0,09

FINANCIAL RATIOS

	(01.11-31.12.2010)
LIQUIDITY RATIOS
Current Ratio	1,00
Acid-Test Ratio	0,48
Cash Ratio	0,18
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,42
Short-term Receivable/Total Assets	0,29
Tangible Assets/Total Assets	0,03
TURNOVER RATIOS
Inventory Turnover	1,00
Stockholders' Equity Turnover	11,76
Asset Turnover	0,44
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,04
Current Liabilities/Total Assets	0,96
Financial Leverage	0,96
Gearing Percentage	25,90
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,02
Operating Profit Margin	0,00
Net Profit Margin	0,00
Interest Cover	27,15
COLLECTION-PAYMENT
Average Collection Period (days)	239,26
Average Payable Period (days)	817,71
WORKING CAPITAL	1472,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.79
UK Pound	1	Rs.85.17
Euro	1	Rs.69.53

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.

COMPANY IDENTIFICATION

LEGAL STATUS AND HISTORY

OWNERSHIP / MANAGEMENT

OPERATIONS

FINANCE

COMMENT ON FINANCIAL POSITION

BALANCE SHEETS

INCOME STATEMENTS

FINANCIAL RATIOS

Unit