MIRA INFORM REPORT

Report Date :

20.03.2012

IDENTIFICATION DETAILS

Name :	EKMEN PLASTIK SANAYI VE TICARET LTD. STI.

Registered Office :	Aydinli Istanbul Deri Organize Sanayi Bolgesi 1. Yol H-1 Parsel Tuzla Istanbul /

Country :	Turkey

Financials (as on) :	31.12.2010

Date of Incorporation :	24.01.1983

Com. Reg. No.:	192565

Legal Form :	Limited Company

Line of Business :	Manufacture and trade of PVC granule.

No. of Employees :	15

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 – 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	:	EKMEN PLASTIK SANAYI VE TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Aydinli Istanbul Deri Organize Sanayi Bolgesi 1. Yol H-1 Parsel Tuzla Istanbul / Turkey
PHONE NUMBER	:	90-216-394 25 50
FAX NUMBER	:	90-216-394 25 93
WEB-ADDRESS	:	www.ekmenplastik.com
E-MAIL	:	info@pvcgranul.com

LEGAL STATUS AND HISTORY

TAX OFFICE

Tuzla

TAX NO

3300007824

REGISTRATION NUMBER

192565

REGISTERED OFFICE

Istanbul Chamber of Commerce

DATE ESTABLISHED

24.01.1983

ESTABLISHMENT GAZETTE DATE/NO

27.01.1983/680

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 400.000

PAID-IN CAPITAL

TL 400.000

HISTORY

Previous Address	:	Guzelyali Mah. Ataturk Cad. Yanyol Sok. No:9 Pendik Istanbul
Changed On	:	13.11.2009 (Commercial Gazette Date /Number 19.11.2009/ 7442)
Previous Shareholder	:	Please vide Previous Shareholders section for the former shareholders' names.
Changed On	:	21.11.2011 (Commercial Gazette Date /Number 25.11.2011/ 7948)

PREVIOUS SHAREHOLDERS

Ali Ekmen	87,50 %
Mahmut Ekmen	12,50 %

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Mahmut Ekmen	40 %
Oguzhan Ekmen	30 %
Ali Ekmen	30 %

SISTER COMPANIES

Declared to be: None

SUBSIDIARIES

None

DIRECTORS

Mahmut Ekmen
Ali Ekmen

OPERATIONS

BUSINESS ACTIVITIES

Manufacture and trade of PVC granule.

NACE CODE

DG.24.16

NUMBER OF EMPLOYEES

NET SALES

5.238.810 TL	(2009)
6.786.086 TL	(2010)
9.814.682 TL	(2011)

IMPORT COUNTRIES

Ukraine

Russia

Kazakhstan

Azerbaijan

Pakistan

MERCHANDISE IMPORTED

Raw material

EXPORT VALUE

75.985 TL	(2009)
89.813 TL	(2010)
582.831 TL	(2011)

EXPORT COUNTRIES

Azerbaijan

Pakistan

Kazakhstan

Georgia

Ukraine

Russia

MERCHANDISE EXPORTED

PVC granule

HEAD OFFICE ADDRESS

Aydinli Istanbul Deri Organize Sanayi Bolgesi 1. Yol H-1 Parsel Tuzla Istanbul / Turkey

BRANCHES

Head Office/Production Plant : Aydinli Istanbul Deri Organize Sanayi Bolgesi 1. Yol H-1 Parsel Tuzla Istanbul/Turkey

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

FINANCE

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	6.786.086	9.814.682
Profit (Loss) Before Tax	-626.482	-1.068.509
Stockholders' Equity	603.439
Total Assets	7.991.091
Current Assets	7.551.071
Non-Current Assets	440.020
Current Liabilities	7.387.652
Long-Term Liabilities	0
Gross Profit (loss)	-80.145	-218.865
Operating Profit (loss)	-477.238	-818.453
Net Profit (loss)	-626.482	-1.068.509

COMMENT ON FINANCIAL POSITION

Capitalization	Negative Stockholders’ Equity
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. The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.
Liquidity	Satisfactory 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	Gross Loss in 2010 Operating Loss in 2010 Net Loss in 2010 Gross Loss in 2011 Operating Loss in 2011 Net Loss in 2011
Gap between average collection and payable periods	Unfavorable in 2010
General Financial Position	Poor

	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
( 2011 )	13,33 %	1,6797	2,3378	2,6863
( 01.01-29.02.2012)	0,29 %	1,8055	2,3806	2,8364

BALANCE SHEETS

	( 31.12.2010 ) TL
CURRENT ASSETS	7.551.071	0,94
Not Detailed Current Assets	0	0,00
Cash and Banks	486.256	0,06
Marketable Securities	0	0,00
Account Receivable	2.306.917	0,29
Other Receivable	202.058	0,03
Inventories	4.353.959	0,54
Advances Given	84.793	0,01
Accumulated Construction Expense	0	0,00
Other Current Assets	117.088	0,01
NON-CURRENT ASSETS	440.020	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)	399.607	0,05
Intangible Assets	31.797	0,00
Deferred Tax Assets	0	0,00
Other Non-Current Assets	8.616	0,00
TOTAL ASSETS	7.991.091	1,00
CURRENT LIABILITIES	7.387.652	0,92
Not Detailed Current Liabilities	0	0,00
Financial Loans	2.107.029	0,26
Accounts Payable	1.041.442	0,13
Loans from Shareholders	3.968.908	0,50
Other Short-term Payable	9.060	0,00
Advances from Customers	245.440	0,03
Accumulated Construction Income	0	0,00
Taxes Payable	15.773	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	603.439	0,08
Not Detailed Stockholders' Equity	0	0,00
Paid-in Capital	400.000	0,05
Cross Shareholding Adjustment of Capital	0	0,00
Inflation Adjustment of Capital	0	0,00
Equity of Consolidated Firms	0	0,00
Reserves	829.921	0,10
Revaluation Fund	0	0,00
Accumulated Losses(-)	0	0,00
Net Profit (loss)	-626.482	-0,08
TOTAL LIABILITIES AND EQUITY	7.991.091	1,00

INCOME STATEMENTS

	(2010) TL		(2011) TL
Net Sales	6.786.086	1,00	9.814.682	1,00
Cost of Goods Sold	6.866.231	1,01	10.033.547	1,02
Gross Profit	-80.145	-0,01	-218.865	-0,02
Operating Expenses	397.093	0,06	599.588	0,06
Operating Profit	-477.238	-0,07	-818.453	-0,08
Other Income	51.957	0,01	91.570	0,01
Other Expenses	14.092	0,00	35.086	0,00
Financial Expenses	187.109	0,03	306.540	0,03
Minority Interests	0	0,00	0	0,00
Profit (loss) of consolidated firms	0	0,00	0	0,00
Profit (loss) Before Tax	-626.482	-0,09	-1.068.509	-0,11
Tax Payable	0	0,00	0	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	-626.482	-0,09	-1.068.509	-0,11

FINANCIAL RATIOS

	(2010)
LIQUIDITY RATIOS
Current Ratio	1,02
Acid-Test Ratio	0,41
Cash Ratio	0,07
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,54
Short-term Receivable/Total Assets	0,31
Tangible Assets/Total Assets	0,05
TURNOVER RATIOS
Inventory Turnover	1,58
Stockholders' Equity Turnover	11,25
Asset Turnover	0,85
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,08
Current Liabilities/Total Assets	0,92
Financial Leverage	0,92
Gearing Percentage	12,24
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	-1,04
Operating Profit Margin	-0,07
Net Profit Margin	-0,09
Interest Cover	-2,35
COLLECTION-PAYMENT
Average Collection Period (days)	122,38
Average Payable Period (days)	54,60
WORKING CAPITAL	163419,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.12
UK Pound	1	Rs.79.37
Euro	1	Rs.66.00

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.