MIRA INFORM REPORT

Report Date :

10.03.2012

IDENTIFICATION DETAILS

Name :	VASCOMED MEDIKAL DIS TICARET-ORHAN YILDIZ

Registered Office :	Ataturk Havalimani Serbest Bolge (Free Zone) No:909 Bakirkoy Istanbul

Country :	Turkey

Financials (as on) :	31.12.2010

Date of Incorporation :	31.07.2003

Com. Reg. No.:	502459

Legal Form :	Sole-Proprietorship

Line of Business :	Wholesale trade of medical devices

No. of Employees :	Not Available

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 :	1.480.000 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 – September 30^th, 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

NOTES

Full name of the firm was missing at your inquiry.

COMPANY IDENTIFICATION

NAME	:	VASCOMED MEDIKAL DIS TICARET-ORHAN YILDIZ
HEAD OFFICE ADDRESS	:	Ataturk Havalimani Serbest Bolge (Free Zone) No:909 Bakirkoy Istanbul / Turkey
PHONE NUMBER	:	90-212-541 98 17 (Liaison Office)
FAX NUMBER	:	90-212-592 13 15 (Liaison Office)

LEGAL STATUS AND HISTORY

NOTES ON LEGAL STATUS AND HISTORY	:	Liability of the subject is not limited to the capital.
TAX OFFICE	:	Bakirkoy
TAX NO	:	22408600620
REGISTRATION NUMBER	:	502459
REGISTERED OFFICE	:	Istanbul Chamber of Commerce
DATE ESTABLISHED	:	31.07.2003
ESTABLISHMENT GAZETTE DATE/NO	:	05.08.2003/5856
LEGAL FORM	:	Sole-Proprietorship
TYPE OF COMPANY	:	Private

HISTORY

Previous Address	:	Ataturk Havalimani Serbest Bolge (Free Zone) No:572 Bakirkoy – Istanbul
Changed On	:	22.01.2008 (Commercial Gazette Date /Number 25.01.2008/ 6985)

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Orhan Yildiz	100 %

REMARKS ON SHAREHOLDERS

The owner, Orhan Yildiz was born in 1957.

DIRECTORS

Orhan Yildiz

OPERATIONS

BUSINESS ACTIVITIES

Wholesale trade of medical devices.

NACE CODE

G .51.46

SECTOR

Commerce

NET SALES

3.800.513 TL	(2006)
4.157.837 TL	(2007)
4.550.387 TL	(2008)
12.165.677 TL	(2009)
14.939.397 TL	(2010)
18.007.868 TL	(2011)

CAPACITY

None

PRODUCTION

None

IMPORT VALUE

5.068.000 USD	(2009)

IMPORT COUNTRIES

Italy

U.K.

U.S.A.

Germany

Belgium

MERCHANDISE IMPORTED

Medical devices

EXPORT VALUE

3.800.513 TL	(2006)
4.157.837 TL	(2007)
4.550.387 TL	(2008)
12.165.677 TL	(2009)
14.939.396 TL	(2010)
18.007.868 TL	(2011)

REMARKS ON EXPORT

As the subject is located at Free Zone all of its sales are regarded as exports.

HEAD OFFICE ADDRESS

Ataturk Havalimani Serbest Bolge (Free Zone) No:909 Bakirkoy Istanbul / Turkey ( rented )

BRANCHES

Liaison Office : Sogutlu Cesme Mah. Fevzi Cakmak Cad. Olcay Is Merkezi Sefakoy Istanbul/Turkey (rented)

INVESTMENTS

None

TREND OF BUSINESS	:	There was an upwards trend in 2011.
SIZE OF BUSINESS	:	Upper-Medium

FINANCE

MAIN DEALING BANKS

Garanti Bankasi Ege Serbest Bolge Branch

CREDIT FACILITIES

No credit facility has come to our knowledge.

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

	(2007) TL	(2008) TL	(2009) TL	(2010) TL	(2011) TL
Net Sales	4.157.837	4.550.387	12.165.677	14.939.397	18.007.868
Profit (Loss) Before Tax	1.279.744	1.160.795	3.857.330	4.696.718	3.372.976
Stockholders' Equity	3.796.823	1.192.695	3.889.230	4.752.374
Total Assets	4.551.587	2.991.273	7.924.523	8.871.508
Current Assets	4.546.752	2.986.473	7.924.523	8.871.508
Non-Current Assets	4.835	4.800	0	0
Current Liabilities	754.764	1.798.578	4.035.293	4.119.134
Long-Term Liabilities	0	0	0	0
Gross Profit (loss)	1.380.476	1.194.215	4.077.504	4.909.504	3.391.362
Operating Profit (loss)	1.279.207	1.071.293	3.790.497	4.510.523	2.849.880
Net Profit (loss)	1.279.744	1.160.795	3.857.330	4.696.718	3.372.976

COMMENT ON FINANCIAL POSITION

Capitalization	In Order As of 31.12.2010
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.
Liquidity	High As of 31.12.2010
Remarks On Liquidity	The favorable gap between average collection and average payable period has a positive effect on liquidity. The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.
Profitability	High Operating Profitability in 2007 High Net Profitability in 2007 High Operating Profitability in 2008 High Net Profitability in 2008 High Operating Profitability in 2009 High Net Profitability in 2009 High Operating Profitability in 2010 High Net Profitability in 2010 High Operating Profitability in 2011 High Net Profitability in 2011
Gap between average collection and payable periods	Favorable in 2010
General Financial Position	In Order

CREDIT OPINION WITHOUT OBLIGATION

We are of the opinion that, a max. credit of 1.480.000 USD may be granted to the subject company.

	Incr. in producers’ price index	Average USD/TL	Average EUR/TL	Average GBP/ TL
( 2006 )	11,58 %	1,4309	1,7987	2,6377
( 2007 )	5,94 %	1,3075	1,7901	2,6133
( 2008 )	8,11 %	1,2858	1,8876	2,3708
( 2009 )	5,93 %	1,5460	2,1529	2,4094
( 2010 )	8,87 %	1,5128	2,0096	2,3410
( 2011 )	13,33 %	1,6797	2,3378	2,6863
( 01.01-29.02.2012)	0,29 %	1,8055	2,3806	2,8364

BALANCE SHEETS

	( 31.12.2007 ) TL		( 31.12.2008 ) TL		( 31.12.2009 ) TL		( 31.12.2010 ) TL
CURRENT ASSETS	4.546.752	1,00	2.986.473	1,00	7.924.523	1,00	8.871.508	1,00
Not Detailed Current Assets	0	0,00	0	0,00	0	0,00	0	0,00
Cash and Banks	1.441.096	0,32	139.069	0,05	80.267	0,01	102.061	0,01
Marketable Securities	0	0,00	0	0,00	0	0,00	0	0,00
Account Receivable	0	0,00	374.684	0,13	471.507	0,06	642.057	0,07
Other Receivable	3.078.172	0,68	2.206.548	0,74	7.347.731	0,93	6.721.140	0,76
Inventories	17.644	0,00	241.654	0,08	0	0,00	1.379.203	0,16
Advances Given	0	0,00	10.880	0,00	17.787	0,00	19.594	0,00
Accumulated Construction Expense	0	0,00	0	0,00	0	0,00	0	0,00
Other Current Assets	9.840	0,00	13.638	0,00	7.231	0,00	7.453	0,00
NON-CURRENT ASSETS	4.835	0,00	4.800	0,00	0	0,00	0	0,00
Not Detailed Non-Current Assets	0	0,00	0	0,00	0	0,00	0	0,00
Long-term Receivable	0	0,00	0	0,00	0	0,00	0	0,00
Financial Assets	0	0,00	0	0,00	0	0,00	0	0,00
Tangible Fixed Assets (net)	0	0,00	0	0,00	0	0,00	0	0,00
Intangible Assets	0	0,00	0	0,00	0	0,00	0	0,00
Deferred Tax Assets	0	0,00	0	0,00	0	0,00	0	0,00
Other Non-Current Assets	4.835	0,00	4.800	0,00	0	0,00	0	0,00
TOTAL ASSETS	4.551.587	1,00	2.991.273	1,00	7.924.523	1,00	8.871.508	1,00
CURRENT LIABILITIES	754.764	0,17	1.798.578	0,60	4.035.293	0,51	4.119.134	0,46
Not Detailed Current Liabilities	0	0,00	0	0,00	0	0,00	0	0,00
Financial Loans	0	0,00	0	0,00	0	0,00	0	0,00
Accounts Payable	637.388	0,14	1.529.034	0,51	3.334.526	0,42	3.214.920	0,36
Loans from Shareholders	0	0,00	0	0,00	0	0,00	0	0,00
Other Short-term Payable	0	0,00	0	0,00	0	0,00	0	0,00
Advances from Customers	117.376	0,03	269.544	0,09	700.767	0,09	904.214	0,10
Accumulated Construction Income	0	0,00	0	0,00	0	0,00	0	0,00
Taxes Payable	0	0,00	0	0,00	0	0,00	0	0,00
Provisions	0	0,00	0	0,00	0	0,00	0	0,00
Other Current Liabilities	0	0,00	0	0,00	0	0,00	0	0,00
LONG-TERM LIABILITIES	0	0,00	0	0,00	0	0,00	0	0,00
Not Detailed Long-term Liabilities	0	0,00	0	0,00	0	0,00	0	0,00
Financial Loans	0	0,00	0	0,00	0	0,00	0	0,00
Securities Issued	0	0,00	0	0,00	0	0,00	0	0,00
Long-term Payable	0	0,00	0	0,00	0	0,00	0	0,00
Loans from Shareholders	0	0,00	0	0,00	0	0,00	0	0,00
Other Long-term Liabilities	0	0,00	0	0,00	0	0,00	0	0,00
Provisions	0	0,00	0	0,00	0	0,00	0	0,00
STOCKHOLDERS' EQUITY	3.796.823	0,83	1.192.695	0,40	3.889.230	0,49	4.752.374	0,54
Not Detailed Stockholders' Equity	3.796.823	0,83	1.192.695	0,40	3.889.230	0,49	4.752.374	0,54
Paid-in Capital	0	0,00	0	0,00	0	0,00	0	0,00
Cross Shareholding Adjustment of Capital	0	0,00	0	0,00	0	0,00	0	0,00
Inflation Adjustment of Capital	0	0,00	0	0,00	0	0,00	0	0,00
Equity of Consolidated Firms	0	0,00	0	0,00	0	0,00	0	0,00
Reserves	0	0,00	0	0,00	0	0,00	0	0,00
Revaluation Fund	0	0,00	0	0,00	0	0,00	0	0,00
Accumulated Losses(-)	0	0,00	0	0,00	0	0,00	0	0,00
Net Profit (loss)	0	0,00	0	0,00	0	0,00	0	0,00
TOTAL LIABILITIES AND EQUITY	4.551.587	1,00	2.991.273	1,00	7.924.523	1,00	8.871.508	1,00

INCOME STATEMENTS

	(2007) TL		(2008) TL		(2009) TL		(2010) TL		(2011) TL
Net Sales	4.157.837	1,00	4.550.387	1,00	12.165.677	1,00	14.939.397	1,00	18.007.868	1,00
Cost of Goods Sold	2.777.361	0,67	3.356.172	0,74	8.088.173	0,66	10.029.893	0,67	14.616.506	0,81
Gross Profit	1.380.476	0,33	1.194.215	0,26	4.077.504	0,34	4.909.504	0,33	3.391.362	0,19
Operating Expenses	101.269	0,02	122.922	0,03	287.007	0,02	398.981	0,03	541.482	0,03
Operating Profit	1.279.207	0,31	1.071.293	0,24	3.790.497	0,31	4.510.523	0,30	2.849.880	0,16
Other Income	537	0,00	89.502	0,02	66.833	0,01	186.195	0,01	1.767.820	0,10
Other Expenses	0	0,00	0	0,00	0	0,00	0	0,00	1.244.724	0,07
Financial Expenses	0	0,00	0	0,00	0	0,00	0	0,00	0	0,00
Minority Interests	0	0,00	0	0,00	0	0,00	0	0,00	0	0,00
Profit (loss) of consolidated firms	0	0,00	0	0,00	0	0,00	0	0,00	0	0,00
Profit (loss) Before Tax	1.279.744	0,31	1.160.795	0,26	3.857.330	0,32	4.696.718	0,31	3.372.976	0,19
Tax Payable	0	0,00	0	0,00	0	0,00	0	0,00	0	0,00
Postponed Tax Gain	0	0,00	0	0,00	0	0,00	0	0,00	0	0,00
Net Profit (loss)	1.279.744	0,31	1.160.795	0,26	3.857.330	0,32	4.696.718	0,31	3.372.976	0,19

FINANCIAL RATIOS

	(2007)	(2008)	(2009)	(2010)
LIQUIDITY RATIOS
Current Ratio	6,02	1,66	1,96	2,15
Acid-Test Ratio	5,99	1,51	1,96	1,81
Cash Ratio	1,91	0,08	0,02	0,02
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,00	0,08	0,00	0,16
Short-term Receivable/Total Assets	0,68	0,86	0,99	0,83
Tangible Assets/Total Assets	0,00	0,00	0,00	0,00
TURNOVER RATIOS
Inventory Turnover	157,41	13,89		7,27
Stockholders' Equity Turnover	1,10	3,82	3,13	3,14
Asset Turnover	0,91	1,52	1,54	1,68
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,83	0,40	0,49	0,54
Current Liabilities/Total Assets	0,17	0,60	0,51	0,46
Financial Leverage	0,17	0,60	0,51	0,46
Gearing Percentage	0,20	1,51	1,04	0,87
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,34	0,97	0,99	0,99
Operating Profit Margin	0,31	0,24	0,31	0,30
Net Profit Margin	0,31	0,26	0,32	0,31
Interest Cover
COLLECTION-PAYMENT
Average Collection Period (days)	0,00	29,64	13,95	15,47
Average Payable Period (days)	82,62	164,01	148,42	115,39
WORKING CAPITAL	3791988,00	1187895,00	3889230,00	4752374,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.02
UK Pound	1	Rs.79.00
Euro	1	Rs.66.18

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.

COMPANY IDENTIFICATION

LEGAL STATUS AND HISTORY

OWNERSHIP / MANAGEMENT

OPERATIONS

FINANCE

COMMENT ON FINANCIAL POSITION

CREDIT OPINION WITHOUT OBLIGATION

BALANCE SHEETS

INCOME STATEMENTS

FINANCIAL RATIOS

Unit