x

MIRA INFORM REPORT

Report Date :

18.02.2012

IDENTIFICATION DETAILS

Name :	RSK KIMYA SANAYI VE TICARET LTD. STI.
Registered Office :	Egitim Mah. Kasap Ismail Sk. Cemkes Uras Ism. No.5 K.4 D.11 Hasanpasa Istanbul
Country :	Turkey
Financials (as on) :	31.12.2010
Date of Incorporation :	11.06.2008
Com. Reg. No.:	669003
Legal Form :	Limited Company
Line of Business :	Wholesale trade of food chemicals
No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	5.000 USD
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	A2	A2

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

COMPANY IDENTIFICATION

NAME	:	RSK KIMYA SANAYI VE TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Egitim Mah. Kasap Ismail Sk. Cemkes Uras Ism. No.5 K.4 D.11 Hasanpasa Istanbul / Turkey
PHONE NUMBER	:	90-216-330 96 58
FAX NUMBER	:	90-216-330 96 59
WEB-ADDRESS	:	www.rskkimya.com
E-MAIL	:	info@rskkimya.com

LEGAL STATUS AND HISTORY

TAX OFFICE

:

Kadikoy

TAX NO

:

7350636681

REGISTRATION NUMBER

:

669003

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

11.06.2008

ESTABLISHMENT GAZETTE DATE/NO

:

17.06.2008/7085

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL 50.000

PAID-IN CAPITAL

:

TL 42.455

HISTORY

:

Previous Address	:	Egitim Mah. 1. Acikgoz Sok. No:20 D.14 Kadikoy Istanbul
Changed On	:	06.04.2011 (Commercial Gazette Date /Number 12.04.2011/ 7792)

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

:

Rifat Tepret	34 %
Abdulkadir Tepret	33 %
Mehmet Sertac Tepret	33 %

SUBSIDIARIES

:

None

DIRECTORS

:

Rifat Tepret

OPERATIONS

BUSINESS ACTIVITIES

:

Wholesale trade of food chemicals.

NACE CODE

:

G .51.55

SECTOR

:

Chemicals

NUMBER OF EMPLOYEES

:

4

NET SALES

:

474.391 TL	(2009)
583.815 TL	(2010)
1.017.438 TL	(01.01-30.09.2011)

CAPACITY

:

None

PRODUCTION

:

None

IMPORT VALUE

:

150.000 EUR

(2011)

IMPORT COUNTRIES

:

China

Germany

MERCHANDISE IMPORTED

:

Chemicals

EXPORT VALUE

:

0 TL	(2009)
0 TL	(2010)
0 TL	(01.01-30.09.2011)

HEAD OFFICE ADDRESS

:

Egitim Mah. Kasap Ismail Sk. Cemkes Uras Ism. No.5 K.4 D.11 Hasanpasa Istanbul / Turkey

BRANCHES

:

Warehouse : Dudullu Istanbul/Turkey

INVESTMENTS

:

None

TREND OF BUSINESS	:	There was an upwards trend in 2010. There appears an upwards trend in 1.1 - 30.9.2011.
SIZE OF BUSINESS	:	Modest

FINANCE

MAIN DEALING BANKS

:

T. Finans Katilim Bankasi Kadikoy Branch

Turkiye Garanti Bankasi Hasanpasa 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	(01.01-30.09.2011) TL
Net Sales	583.815	1.017.438
Profit (Loss) Before Tax	10.094	19.946
Stockholders' Equity	52.308
Total Assets	638.679
Current Assets	602.553
Non-Current Assets	36.126
Current Liabilities	586.371
Long-Term Liabilities	0
Gross Profit (loss)	188.899	158.619
Operating Profit (loss)	18.250	16.975
Net Profit (loss)	8.208	19.946

COMMENT ON FINANCIAL POSITION

Capitalization	Low As of 31.12.2010
Remarks on Capitalization	A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.
Liquidity	High As of 31.12.2010
Remarks On Liquidity	A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.
Profitability	Fair Operating Profitability in 2010 Low Net Profitability in 2010 Fair Operating Profitability (01.01-30.09.2011) Fair Net Profitability (01.01-30.09.2011)
Gap between average collection and payable periods	Unfavorable in 2010
General Financial Position	Passable

CREDIT OPINION WITHOUT OBLIGATION

CREDIT LIMIT	:	5.000 USD
CREDIT OPINION WITHOUT OBLIGATION	:	We are of the opinion that, a max. credit of 5.000 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
( 2010 )	8,87 %	1,5128	2,0096	2,3410
( 01.01-30.09.2011)	9,72 %	1,6335	2,3016	2,6294
( 2011 )	13,33 %	1,6797	2,3378	2,6863
( 01.01-31.01.2012)	0,38 %	1,8353	2,3964	2,8635

BALANCE SHEETS

	( 31.12.2010 ) TL
CURRENT ASSETS	602.553	0,94
Not Detailed Current Assets	0	0,00
Cash and Banks	102.261	0,16
Marketable Securities	0	0,00
Account Receivable	224.367	0,35
Other Receivable	574	0,00
Inventories	252.264	0,39
Advances Given	0	0,00
Accumulated Construction Expense	0	0,00
Other Current Assets	23.087	0,04
NON-CURRENT ASSETS	36.126	0,06
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	0	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	33.988	0,05
Intangible Assets	899	0,00
Deferred Tax Assets	0	0,00
Other Non-Current Assets	1.239	0,00
TOTAL ASSETS	638.679	1,00
CURRENT LIABILITIES	586.371	0,92
Not Detailed Current Liabilities	0	0,00
Financial Loans	143.683	0,22
Accounts Payable	97.544	0,15
Loans from Shareholders	337.522	0,53
Other Short-term Payable	0	0,00
Advances from Customers	0	0,00
Accumulated Construction Income	0	0,00
Taxes Payable	6.036	0,01
Provisions	1.586	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	52.308	0,08
Not Detailed Stockholders' Equity	0	0,00
Paid-in Capital	42.455	0,07
Cross Shareholding Adjustment of Capital	0	0,00
Inflation Adjustment of Capital	0	0,00
Equity of Consolidated Firms	0	0,00
Reserves	3.065	0,00
Revaluation Fund	0	0,00
Accumulated Losses(-)	-1.420	0,00
Net Profit (loss)	8.208	0,01
TOTAL LIABILITIES AND EQUITY	638.679	1,00

INCOME STATEMENTS

	(2010) TL		(01.01-30.09.2011) TL
Net Sales	583.815	1,00	1.017.438	1,00
Cost of Goods Sold	394.916	0,68	858.819	0,84
Gross Profit	188.899	0,32	158.619	0,16
Operating Expenses	170.649	0,29	141.644	0,14
Operating Profit	18.250	0,03	16.975	0,02
Other Income	8	0,00	7.187	0,01
Other Expenses	8.164	0,01	4.216	0,00
Financial Expenses	0	0,00	0	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	10.094	0,02	19.946	0,02
Tax Payable	1.886	0,00	0	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	8.208	0,01	19.946	0,02

FINANCIAL RATIOS

	(2010)
LIQUIDITY RATIOS
Current Ratio	1,03
Acid-Test Ratio	0,56
Cash Ratio	0,17
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,39
Short-term Receivable/Total Assets	0,35
Tangible Assets/Total Assets	0,05
TURNOVER RATIOS
Inventory Turnover	1,57
Stockholders' Equity Turnover	11,16
Asset Turnover	0,91
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,08
Current Liabilities/Total Assets	0,92
Financial Leverage	0,92
Gearing Percentage	11,21
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,16
Operating Profit Margin	0,03
Net Profit Margin	0,01
Interest Cover
COLLECTION-PAYMENT
Average Collection Period (days)	138,35
Average Payable Period (days)	88,92
WORKING CAPITAL	16182,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

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.