MIRA INFORM REPORT

Report Date :

24.12.2011

IDENTIFICATION DETAILS

Name :	BRIGHT COLORS S.A.
Registered Office :	97 Zan Moreas 15231 Halandri Attiki
Country :	Greece
Financials (as on) :	31.12.2010
Date of Incorporation :	11.01.2008
Com. Reg. No.:	065103
Legal Form :	Societe Anonyme
Line of Business :	Manufactures Inorganic Pigments
No. of Employees :	14

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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Greece	A2	A2

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

COMPANY NAME

BRIGHT COLORS S.A.
Icon no: 215798

IDENTIFICATION DETAILS

ADDRESS: 97 ZAN MOREAS

15231 HALANDRI

ATTIKI

GREECE

TELEPHONE: 30 2106728490

TELEFAX: 30 2106754678

E-MAIL ADDRESS: info@britecolors.gr

WEB ADDRESS: www.brightcolors.gr

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED 

SENIOR COMPANY PERSONNEL

John Dim. Gogos
member
 
Stylianos Ant. Magoulakis
vice-chairman
shareholder
 
Aristos Neo. Doritis
chief executive
 
Aristos Neo. Doritis
chairman
 
Christos Kon. Gryllias
member
 
George Arm. Stylianakis
member
shareholder

WORKFORCE

EMPLOYS: 14 as at Oct 19, 2010 including 0 part-time staff.
The number of employees varies according to needs.
The number of employees peaks to 14.

PAYMENTS

Informants report that subject's payments are prompt.

RATINGS

Above average

BANKERS

EFG EUROBANK ERGASIAS S.A., Moschato Branch branch., 67 Makrygianni,
Moschato 18345, Greece.
Telephone: 30 2109417900
Probank S.A., Nikaia Branch branch., 227 P. Ralli, Nikaia 18450,
Greece.
Telephone: 30 2104257110

FINANCIALS

Fiscal Fiscal
Dec 31,2009 Dec 31,2010
Turnover 1,061,960 2,040,811
Pre-Tax Profit -833,852 -223,881
Net Worth 1,516,148 2,879,226
Fixed Assets 3,259,724 3,278,436
Total Assets  4,220,842 4,895,132
Current Assets 878,932 1,534,510
Current Liabilities 2,704,694 2,015,906
Working Capital -1,825,762 -481,396
Financial Assets 12,913 12,913
Intangibles 69,271 69,271
Employees 10  14
 
Net Worth and Total Assets are tangible figures shown after the deduction of
intangible assets.
 
RATIOS |
+--------+
Dec 31,2009 Dec 31,2010
Current Ratio (X) 0.32 0.76
Solvency Ratio (%)  278.39 170.02
Fixed Assets/Net Worth (%) 215.00 113.87
Current Liabs/Net Worth (%) 178.39 70.02
Asset Turnover (%)  25.16 41.69
Sales / Net Working Cap (X) -0.58 -4.24
Assets / Sales (%) 397.46 239.86
Profit Margin (%) -78.52 -10.97
S/holders Return (%) -55.00 -7.78
Return On Assets (%) -19.76 -4.57
Sales / Employees 106,196.00 145,772.21
Profit / Employees -83,385.20 -15,991.50
 
 Abstract from individual fiscal balance sheet as at Dec 31, 2010 
 
LIABILITIES ASSETS
Capital 2,150,000 Land/Buildings  85,847
Retained Profits -1,063,852 Plant/Machinery 3,753,851
Misc Reserves 1,793,078 Depreciation 561,262
Net Worth 2,879,226 Total Fixed Ass 3,278,436
 
Misc Fin'cl Ass 12,913
Total Fin'cl Ass 12,913
 
Misc Intangible 69,271
Total Intangible 69,271
 
CURRENT LIABILITIES: CURRENT ASSETS:
Trade Creditors  547,745 Stock 312,472
Short term Loans 825,405 Trade Debtors 1,026,954
Misc Debtors 137,383
Cash 57,703
 
TOTAL CURRENT 2,015,906 TOTAL CURRENT 1,534,512
 
TOTAL LIABS & NW 4,895,132 TOTAL ASSETS 4,895,132
 
Profit & Loss Account from Jan 1, 2010 to Dec 31, 2010
 
Net Sales 2,040,811
Cost of Goods Sold  1,884,072
 
Gross Profit 156,739
Misc Operating Charges 298,007
Misc Operating Income 10,998
 
Net Operating Income -130,270
Misc Financial Income 2,343
Total Financial Income 2,343
 
Interest Payable 94,507
Misc Financial Expenses 1,447
Total Financial Expenses 95,954
 
Profit Before Taxes -223,881
 
Profit After Tax -223,881
 
Net Loss 223,881
 
According to the balance sheet as of Dec 31, 2010.
 
The below mentioned financial figures are in Euro on 22.12.2011
 
Sales for the 09 month period ending Sep 30, 2011 were 1,500,000.
 
On Dec 22, 2011 subject confirmed general details in this report.
 
On Dec 22, 2011 local informants stated that:
Subject is an industrial economoic unit.Subject commenced full business
activities in February 2009.

LEGAL STATUS

Societe anonyme registered on Jan 11, 2008 for a period ending Dec 31,2038.
Registration Number: 065103
Government Gazette Number: 00255 / 2008
Tax Registration Number: 998381384
 
Subject commenced full business activities in February 2009.

CAPITAL DETAILS

Nominal capital is divided into:

86,000 shares of 25 each and fully paid-up.

SHAREHOLDERS

The company is a subsidiary of MARMORA HOLDING LTD (CYPR FOREIGN
PARTICIPANTS, which holds 75.00% interest.
Stylianos Magoulakis holds 20.00% of the voting capital.
George Stylianakis holds 5.00% of the voting capital.

LINKED COMPANIES

The following are related through principal(s) and/or financial
interest(s):
MAGOULAKIS STYLIANOS 'CHROMATEK' Sole Proprietorship, Kalochori, Greece
Year started: 2000.
This concern is related through common shareholders.
INTERNATIONAL QUALITY SERVICES LTD Limited Liability Company, Irakleio,
Greece (Duns: 50-329-6446)
Year started: 2005.
This concern is related through common shareholders.
ANDASUN HELLAS LTD Limited Liability Company, Irakleio, Greece
Year started: 2007.
This concern is related through common shareholders.
Q.A. SYSTEMS GEORGE STYLIANAKIS Sole Proprietorship, Irakleio, Greece
Year started: 1993.
This concern is related through common shareholders.

ACTIVITIES

Local Activity Code:  2012
Local Activity Code Type:  STAKOD
Equivalent to:  NACE 1
 
Manufactures inorganic pigments
Production of dyes

IMPORTS

Imports 95% from Belgium, Germany, India, Italy, U K

Normal importing terms are open account

EXPORTS

Exports 30% to Bulgaria, Poland, Portugal, Romania, Slovakia, Spain
Normal exporting terms are cash against documents

PREMISES / REAL ESTATE

Operates from rented office, at heading address.
REGISTERED OFFICE: At heading address.

BRANCHES

Subject has 1 branches/divisions
Industrial Area, 61100, Kilkis, Greece. These are rented factory premises.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.72
UK Pound	1	Rs.82.70
Euro	1	Rs.68.90

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.