MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	SILCO SA
Registered Office :	Rue Pierre-Fatio 15, 1204 Genève/GE
Country :	Switzerland
Date of Incorporation :	14.05.1998
Com. Reg. No.:	660.0.944.998-0 / 428285
Legal Form :	Company Limited By Shares
Line of Business :	· The company procures and sells textile, plastic raw materials and sources automotive part and components. · Agents involved in the sale of textiles, clothing, fur, footwear and leather goods · Agents involved in the sale of machinery, industrial equipment, ships and aircraft · Agents specialized in the sale of other particular products
No. of Employee :	15

RATING & COMMENTS

MIRA’s Rating :

B

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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Switzerland	A1	A1

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

SWITZERLAND - ECONOMIC OVERVIEW

Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of all Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession. The Swiss National Bank (SNB) during this period effectively implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy began to recover in 2010. The sovereign debt crises currently unfolding in neighboring euro-zone countries pose a significant risk to Switzerland's financial stability and are driving up demand for the Swiss franc by investors seeking a safe-haven currency. The independent SNB has upheld its zero-interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell below 2% per year during 2011-13. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and is considering the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy.

Source : CIA

Company name & address

SILCO SA

Operating address:

Rue Pierre-Fatio 15

1204 Genève/GE

Switzerland/CH

Telephone: 022 7074860

Fax: 022 7074879

Web site: http://www.silcotex.com

E-mail: naciman@silco.ch

WIN Worldbox No.: CH0000106279

VAT-No.: CHE104526170

Profile

Established: 1998

Line of Business: Trade brokers

Industry Division: Wholesale trade

Industry-code (NACE): 4616 Agents involved in the sale of textiles, clothing, fur, footwear and leather goods

4614 Agents involved in the sale of machinery, industrial equipment, ships and aircraft

4618 Agents specialized in the sale of other particular products

Import/Export: Agency

Banks: unknown

Operational Figures

Coverage: Company

Figures: estimated

Financial year: 2014

Employees: 15

Sales: CHF 100-200 Mio

Activity

The company procures and sells textile, plastic raw materials and sources automotive part and components. With its headquarters located in Switzerland, the textile business line of the company has branches and subsidiaries in its main markets Turkey, Morocco and Algeria.

Branches Turkey:

Buttim Plaza 24.Kat No:1683

16250 Bursa

Tel: +90 224 211 30 26 - 27 - 28

Fax: +90 224 211 20 84

Keresteciler Sitesi,Mehmet Akif Cad.

Taflan Sok.Uras Iş Merkezi No:2 Daire:8

Merter - Istanbul 34169

Tel: +90 (212) 644 67 87

Fax: +90 (212) 644 67 84

Real Estate

Real Estate: The company does not appear to own any property.

Company Register

Company No: 660.0.944.998-0 / 428285

Legal form: Company limited by shares

Registration: 14.05.1998

Legal status: active

Responsible Register: Registre du commerce du canton de Genève

History: Date of Incorporation Statutes: 11.05.1998

Entry Deleted Name

14.05.1998 SILCO SA

Entry Deleted Legal domicile

14.05.1998 Genève, Switzerland

Entry Deleted Address

02.12.2002 Rue Pierre-Fatio 15, 1200 Genève/GE, Switzerland/CH

14.05.1998 02.12.2002 boulevard Helvétique 36, 1200 Genève/GE, Switzerland/CH

Entry Deleted Capital

14.05.1998 Share Capital CHF 1,400,000, paidup CHF 1,400,000

Entry Deleted Capital Structure

14.05.1998 1,400 Bearer shares of CHF 1,000.--

Official Administration

Title Name

President, Chief Executive Claude Nahum

Citizen: Genève, Switzerland

Residential address: Founex, Switzerland

joint signature of two

Director Nissim Acimann

Citizen: Lausanne, Switzerland

Residential address: Cologny, Switzerland

joint signature of two

Director Lionel Halpérin

Citizen: Genève, Switzerland

Residential address: Collonge-Bellerive, Switzerland

joint signature of two

Registered since: 17.09.2014

Director Aksel Kahmi

Citizen: Genève, Switzerland

Residential address: Genève/GE, Switzerland

joint signature of two

Director Inan Kiraç

Citizen: Turkey

Residential address: Istanbul, Turkey

joint signature of two

Director Ipek Kiraç

Citizen: Turkey

Residential address: Istanbul, Turkey

joint signature of two

Registered since: 09.02.2012

Management

Title Name

Member with procuration Leyla Elçi-Yigitbasi

Citizen: Versoix, Switzerland

Residential address: Cologny, Switzerland

joint power of attorney of two

Registered since: 19.12.2012

Member with procuration Sinangil Hacer Tunçelli

Citizen: Pully, Switzerland

Residential address: Pully, Switzerland

joint power of attorney of two

Registered since: 19.12.2012

External Positions

Title Name

Auditor PricewaterhouseCoopers AG

Residential address: Genève, Switzerland

Registered since: 12.03.2002

Ultimate Parent Company

Name: SILCOLUX S.A.

City/Country: Luxembourg, Luxembourg/LU

Owner/-s

No. of Owner/-s: 1

Owner: The company is foreign owned.

Class: 100%

Type: direct, Group-Level 1

Name: SILCOLUX S.A.

City/Country: Luxembourg, Luxembourg/LU

Interest: 100,00% voting right, 100,00% capital interest

Investments

Class: 100%

Name: NITORA Handels GmbH

City/Country: Wien, Austria/AT

Interest: 100,00% voting right, 100,00% capital interest

Class: 100%

Name: SILCO POLYMERS SA

City/Country: Genève/GE, Switzerland/CH

Interest: 100,00% voting right, 100,00% capital interest

Legal Actions

Control date Year No. Amount CHF Status

16.07.2013 2013 0

16.07.2013 2012 0

16.07.2013 2011 0

16.07.2013 2010 0

08.08.2008 2008 0

08.08.2008 2007 0

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

Credit Information

Financial Statements: The company does not disclose any financial statements. Third parties are not permitted any insight into the financial affairs. It is therefore difficult to make a proper assessment of the actual situation.

Financial Situation: The financial situation is difficult to assess.

Payment experiences: There are no objections regarding the payment of financial obligations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.17
UK Pound	1	Rs.98.85
Euro	1	Rs.77.42

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.