MIRA INFORM REPORT

Report Date :

09.05.2012

IDENTIFICATION DETAILS

Correct Name :	NB DENIZCILIK MUMESSILLIK TASIMACILIK MADENCILIK ITHALAT IHRACAT VE TICARET LTD. STI.

Registered Office :	Mersin Chamber of Commerce and Industry

Country :	Turkey

Financials (as on) :	31.12.2011

Date of Incorporation :	11.01.2011

Com. Reg. No.:	36895

Legal Form :	Limited Company

Line of Business :	Wholesale trade of pumice stone

No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

New Business

Status :	New Company
Payment Behaviour :	Unknown
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

(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	:	NB DENIZCILIK MUMESSILLIK TASIMACILIK MADENCILIK ITHALAT IHRACAT VE TICARET LTD. STI.
HEAD OFFICE ADDRESS	:	Kultur Mahallesi Ataturk Cadde 4312. Sok. Park Apartmani No:1/6 33010 Akdeniz Mersin / Turkey
PHONE NUMBER	:	90-324-325 12 65
FAX NUMBER	:	90-324-325 12 60

LEGAL STATUS AND HISTORY

TAX OFFICE	:	Uray
TAX NO	:	6300406349
REGISTRATION NUMBER	:	36895
REGISTERED OFFICE	:	Mersin Chamber of Commerce and Industry
DATE ESTABLISHED	:	11.01.2011
ESTABLISHMENT GAZETTE DATE/NO	:	17.01.2011/7731
LEGAL FORM	:	Limited Company
TYPE OF COMPANY	:	Private
REGISTERED CAPITAL	:	TL 5.000

HISTORY

Previous Name	:	NB Denizcilik Mumessillik Tasimacilik ve Ticaret Ltd. Sti.
Changed On	:	11.01.2012 (Commercial Gazette Date /Number 17.01.2012/ 7985)
Previous Address	:	Mecidiye Mah. Ismail Pasa Sokak No:37 Kosuyolu Kadikoy Istanbul
Changed On	:	24.01.2012 (Commercial Gazette Date /Number 02.02.2012/ 7997)
Previous Shareholder	:	Please vide Previous Shareholders section for the former shareholders’ names.
Changed On	:	11.01.2012 (Commercial Gazette Date /Number 17.01.2012/ 7985)
Other Changes	:	The firm was firstly established in Istanbul and registered at Istanbul Commercial Registry with registration number 760580 and then the firm moved to Mersin and registered at Mersin Commercial Registry under the registration number 36895.
Changed On	:	24.01.2012 (Commercial Gazette Date /Number 02.02.2012/ 7997)

PREVIOUS SHAREHOLDERS

Sedat Basak	50 %
Antuvan Nakkas	50 %

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Lorine Nakkas	50 %
Antuvan Nakkas	50 %

SISTER COMPANIES

BN NAKLIYAT GIDA INSAAT SANAYI VE TICARET LTD. STI.

NAKKAS DENIZCILIK VE TICARET LTD. STI.

SUBSIDIARIES

None

DIRECTORS

Antuvan Nakkas

OPERATIONS

BUSINESS ACTIVITIES	:	The subject was established on 11.01.2011 to deal with wholesale trade of pumice stone and it has declared that, it started active operation at the beginning of 2012.
NACE CODE	:	G .51.52
SECTOR	:	Commerce
NUMBER OF EMPLOYEES	:	5

NET SALES

0 TL	(11.01-31.12.2011)
256.600 TL	(01.01-31.03.2012)

REMARKS ON NET SALES

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

The subject has declared that, it started active operation at the beginning of 2012.

CAPACITY

None

PRODUCTION

None

IMPORT VALUE

0 TL	(11.01-31.12.2011)
0 TL	(01.01-30.04.2012)

EXPORT VALUE

0 TL	(11.01-31.12.2011)

HEAD OFFICE ADDRESS

Kultur Mahallesi Ataturk Cadde 4312. Sok. Park Apartmani No:1/6 33010 Akdeniz Mersin / Turkey ( owned by shareholder(s) )

BRANCHES

Warehouse : Mersin/Turkey (1.250 sqm)

Head Office/Warehouse : Kultur Mah. Ataturk Caddesi 4312 Sokak Park Apartmani No:1/6 33010 Akdeniz Mersin/Turkey (owned by shareholder(s)) )

INVESTMENTS

None

FINANCE

MAIN DEALING BANKS

Yapi ve Kredi Bankasi Mersin Liman Branch

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

	(11.01-31.12.2011) TL
Net Sales	0
Profit (Loss) Before Tax	-50.038
Stockholders' Equity	-50.038
Total Assets	3.916
Current Assets	3.916
Non-Current Assets	0
Current Liabilities	53.954
Long-Term Liabilities	0
Gross Profit (loss)	0
Operating Profit (loss)	-51.740
Net Profit (loss)	-50.038

COMMENT ON FINANCIAL POSITION

Capitalization	Negative Stockholders’ Equity As of 31.12.2011
Remarks on Capitalization	A part of liabilities consist of loans from shareholders.
Liquidity	High 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	Operating Loss (11.01-31.12.2011) Net Loss (11.01-31.12.2011)
General Financial Position	Poor

Incr. in producers’ price index

Average USD/TL

Average EUR/TL

Average GBP/ TL

( 2011 )

13,33 %

1,6797

2,3378

2,6863

( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

BALANCE SHEETS

	( 31.12.2011 ) TL
CURRENT ASSETS	3.916	1,00
Not Detailed Current Assets	0	0,00
Cash and Banks	3.055	0,78
Marketable Securities	0	0,00
Account Receivable	0	0,00
Other Receivable	0	0,00
Inventories	0	0,00
Advances Given	0	0,00
Accumulated Construction Expense	0	0,00
Other Current Assets	861	0,22
NON-CURRENT ASSETS	0	0,00
Not Detailed Non-Current Assets	0	0,00
Long-term Receivable	0	0,00
Financial Assets	0	0,00
Tangible Fixed Assets (net)	0	0,00
Intangible Assets	0	0,00
Deferred Tax Assets	0	0,00
Other Non-Current Assets	0	0,00
TOTAL ASSETS	3.916	1,00
CURRENT LIABILITIES	53.954	13,78
Not Detailed Current Liabilities	0	0,00
Financial Loans	0	0,00
Accounts Payable	0	0,00
Loans from Shareholders	53.000	13,53
Other Short-term Payable	0	0,00
Advances from Customers	0	0,00
Accumulated Construction Income	0	0,00
Taxes Payable	954	0,24
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	-50.038	-12,78
Not Detailed Stockholders' Equity	0	0,00
Paid-in Capital	0	0,00
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)	-50.038	-12,78
TOTAL LIABILITIES AND EQUITY	3.916	1,00

REMARKS ON FINANCIAL STATEMENT

The subject was established on 11.01.2011. Although at least 1/4 of the registered capital has to be paid within 3 months following the date of establishment, the paid-in capital appears to be still unpaid at the balance sheets.

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 STATEMENT

	(11.01-31.12.2011) TL
Net Sales	0	0,00
Cost of Goods Sold	0	0,00
Gross Profit	0	0,00
Operating Expenses	51.740	0,00
Operating Profit	-51.740	0,00
Other Income	1.702	0,00
Other Expenses	0	0,00
Financial Expenses	0	0,00
Minority Interests	0	0,00
Profit (loss) of consolidated firms	0	0,00
Profit (loss) Before Tax	-50.038	0,00
Tax Payable	0	0,00
Postponed Tax Gain	0	0,00
Net Profit (loss)	-50.038	0,00

FINANCIAL RATIOS

	(11.01-31.12.2011)
LIQUIDITY RATIOS
Current Ratio	0,07
Acid-Test Ratio	0,06
Cash Ratio	0,06
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,00
Short-term Receivable/Total Assets	0,00
Tangible Assets/Total Assets	0,00
TURNOVER RATIOS
Inventory Turnover
Stockholders' Equity Turnover	0,00
Asset Turnover	0,00
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	-12,78
Current Liabilities/Total Assets	13,78
Financial Leverage	13,78
Gearing Percentage	-1,08
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	1,00
Operating Profit Margin
Net Profit Margin
Interest Cover
COLLECTION-PAYMENT
Average Collection Period (days)
Average Payable Period (days)
WORKING CAPITAL	-50038,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.85
UK Pound	1	Rs.85.44
Euro	1	Rs.68.80

INFORMATION DETAILS

Report Prepared by :

PDT

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.

MIRA INFORM REPORT

COMPANY IDENTIFICATION

LEGAL STATUS AND HISTORY

OWNERSHIP / MANAGEMENT

OPERATIONS

FINANCE

COMMENT ON FINANCIAL POSITION

BALANCE SHEETS

INCOME STATEMENT

FINANCIAL RATIOS

Unit