MIRA INFORM REPORT

Report Date :

29.01.2011

IDENTIFICATION DETAILS

Name :	HERMES-HARISIADIS S.A
Formerly Known As :	HERMES HARISIADIS LTD
Registered Office :	59 Mykalis Street & 18 Erymanthou Street, 8540 Piraeus, Attika, Greece
Country :	Greece
Financials (as on) :	31.12.2009
Date of Incorporation :	05.01.1998
Com. Reg. No.:	55061
Legal Form :	Societe Anonyme
Line of Business :	Wholesales Groceries, General Line

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 735,890
Status :	Moderate
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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

HERMES-HARISIADIS S.A.

IDENTIFICATION DETAILS

NAME: HERMES-HARISIADIS S.A.

TRADING STYLE: 'HERMES-HARISIADIS S.A.'

(FORMER NAME: HERMES HARISIADIS LTD)

ADDRESS: 59 MYKALIS STREET & 18 ERYMANTHOU STREET

8540 PIRAEUS

ATTIKA

GREECE

TELEPHONE: 30 2104122272

TELEFAX: 30 2104121540

E-MAIL ADDRESS: admin@hermes-harisiadis.gr

WEB ADDRESS: www.hermes-harisiadis.gr

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

SUMMARY

STARTED : 1998

SALES : 25,023,804

YEAR INC : 2003

PROFIT : 434,578

LEGAL FORM : SOCIETE ANONYME

NET WORTH : 1,614,148

REG NO : 55061

NOM CAPITAL : 1,741,200

GOVT GAZ NO : 9206/09,01,2003

ISS CAPITAL : 1,741,200

EMPLOYS : 100

SIC : 5141

ACTIVITY : "WHOLESALES GROCERIES, GENERAL LINE"

SENIOR COMPANY PERSONNEL

DIMITRA CHARISIADI

chairman

managing director

Legal representative

APOSTOLOS CHARISIADIS

vice-chairman

STERGIOS CHARISIADIS

member

MARKOS HARISIADIS

member

PRINCIPALS ANTECEDENTS

NAME: DIMITRA CHARISIADI

Nationality: Greek

NAME: APOSTOLOS CHARISIADIS

Nationality: Greek

NAME: STERGIOS CHARISIADIS

Nationality: Greek

NAME: MARKOS HARISIADIS

Nationality: Greek

WORKFORCE

EMPLOYS: 100

PAYMENTS

In 2006 3 mortgages for total value of 4799799 EUR. have been reported. In 2008 1 mortgages for total value of 8034000 EUR. Have been reported.

RATINGS

CONDITION: FAIR

AVG CREDIT (USD): 735,890

PAYMENTS: UNDETERMINED

BANKERS

BANK OF ATTICA S.A., PIRAEUS branch., 40, Ir.Polytechniou & Sot. Dios

Str., PIRAEUS 18535, Greece.

EMPORIKI BANK OF GREECE S.A., KAMINIA branch., 61, Athinon & Ipeirou

St., PIRAEUS 18540, Greece.

FINANCIALS

 
   Fiscal Fiscal   Fiscal
   Dec 31,2007  Dec 31,2008   Dec 31,2009
Turnover   29,110,556  29,808,106   25,023,804
Pre-Tax Profit   903,308  26,110   434,578
Net Worth   1,220,172  1,340,312   1,614,148
Fixed Assets   3,657,967  3,485,072   3,285,583
Total Assets   22,740,258  21,566,244  18,911,498
Current Assets  18,073,043  17,284,917  15,126,688
Current Liabilities   15,758,083  15,111,134  12,893,426
Working Capital   2,314,960 2,173,783   2,233,262
Long Term Debt   5,762,002  5,114,797  4,403,923
Financial Assets   212,922  265,371  233,785
Intangibles   796,326  530,884  265,442
 
Net Worth and Total Assets are tangible figures shown after the deduction of intangible assets. 
 
 

RATIOS

   Dec 31, 2007 Dec 31, 2008   Dec 31, 2009
Current Ratio (X) 1.15 1.14 1.17
Solvency Ratio (%) 1,863.69 1,609.05 1,171.61
Fixed Assets/Net Worth (%) 299.79 260.02 203.55
Current Liabs/Net Worth (%) 1,291.46 1,127.43 798.78
Asset Turnover (%) 128.01  138.22 132.32
Sales / Net Working Cap (X) 12.57 13.71 11.21
Assets / Sales (%) 78.12 72.35 75.57
Profit Margin (%) 3.10 0.09 1.74
S/holders Return (%)  74.03 1.95 26.92
Return On Assets (%) 3.97 0.12 2.30
 
Abstract from individual fiscal balance sheet as at Dec 31, 2009 
 
 LIABILITIES ASSETS  
Capital 1,741,200 Misc Fixed Ass 3,285,583
Legal Reserves 1,793,753 Total Fixed Ass 3,285,583
Revaltn Reserve 508,884 
Profit For Year  -2,429,689 Investments 232,562
Net Worth 1,614,148 Misc Fin'cl Ass 1,223
 Total Fin'cl Ass 233,785
Misc Provisions 3,050 
Misc Def Liabs 4,400,874 Misc Intangible 265,442
 Total Intangible 265,442
 
 CURRENT LIABILITIES: CURRENT ASSETS:  
Trade Creditors 1,351,445 Stock 3,351,252
Misc Creditors 2,313,746 Trade Debtors 4,522,569
Short term Loans 8,023,880 Bad Debt Provision 195,865
Loan Instalments 616,000 Misc Debtors 6,457,597
Taxation 333,441 Cash 491,601
Advances Received 254,914 Market Securities 107,804
 
TOTAL CURRENT  12,893,426 TOTAL CURRENT 15,126,688
 
TOTAL LIABS & NW 18,911,498 TOTAL ASSETS 18,911,498
 
 Profit & Loss Account from Jan 01, 2009 to Dec 31, 2009 
 
 Net Sales  25,023,804
 Cost of Goods Sold 19,728,726
 
 Gross Profit 5,295,078
 Selling/Admin Expenses 1,741,112
 Misc Operating Charges  2,654,107
 Misc Operating Income 178,528
 
 Net Operating Income 1,078,387
 Misc Financial Income 31,228
 Total Financial Income 31,228
 
 Interest Payable 633,995
 Total Financial Expenses 633,995
 
 Profit Before Taxes 434,578
 Income Tax 110,058
 
  Profit After Tax 324,520
 
 Net Profit 324,520

According to the balance sheet as of Dec 31, 2009.

Financial statement obtained from outside sources on Jun 08, 2010.

LEGAL STATUS

Societe anonyme registered on Sep 01, 2003 in PIRAEUS for a period ending Sep 01, 2053.

Registration Number: 55061

Government Gazette Number: 9206/09,01,2003

Tax Registration Number: 095754378

Subject's name was changed from 'HERMES HARISIADIS LTD' on Sep 01, 2003.

CAPITAL DETAILS

Nominal capital: 1,741,200 Euro. Issued capital: 1,741,200 Euro.

Issued/paid-up capital was last increased on Jan 01, 2006.

Nominal capital is divided into: 580,400 ordinary shares of 3.00 each.

SHAREHOLDERS

CHARISIADI DIMITRA

CHARISIADIS APOSTOLOS MARKOS

HARISIADIS MARKOS APOSTOLOS

CHARISIADIS STERGIOS MARKOS

LINKED COMPANIES

Non Retrievable

ACTIVITIES

"Wholesales groceries, general line"

General trade and ship supplies

IMPORTS

Imports from Argentina, Africa, Brazil, Europe, New Zealand, U S A

Normal importing terms are 60 days

EXPORTS

Exports to Spain, Italy, Netherlands, Turkey

Normal exporting terms are net 90 days

Normal exporting terms are open account

PREMISES / REAL ESTATE

Operates from owned office, at heading address.

The site covers approximately 780 square metres.

REGISTERED OFFICE: 59 Mykalis street, 18540 PIRAEUS, ATTIKA.

BRANCHES

End of Aristotelous street, 57008, IONIA, Greece. These are shop premises.

12th klm Iraklio-Malades road, 71306, IRAKLIO, Greece. These are shop premises.

6 Aristotelous street, 18648, DRAPETSONA, Greece. These are warehouse premises.

12th klm Patra-Korinthos Old National Road, 26225, PATRAS, Greece. These are warehouse premises.

5B Marathonos street, 18540, PIRAEUS, Greece. These are warehouse premises.

GENERAL COMMENTS

BACKGROUND

Business started Jan 05, 1998 as a Limited liablity company.

Business continued from Sep 01, 2003 as a Societe anonyme.

Subject acquired the business of DANDOULAKIS S.A., a Societe anonyme with effect from Aug 11, 2005.

Subject acquired the business of COLD STORAGES OF GREECE S.A., a Societe anonyme with effect from Jan 03, 2006.

Subject acquired the business of NAVIGATOR S.A, a Societe anonyme with effect from Feb 03, 2006.

Mr. Damigos confirmed general details in this report.

Local informants stated that:

Subject has also transactions with EFG EUROBANK and HELLENIC BANK.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.74
UK Pound	1	Rs.72.73
Euro	1	Rs.62.73

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.