MIRA INFORM REPORT

Report Date :

24.06.2011

IDENTIFICATION DETAILS

Correct Name :	THALTRITON LTD FROZEN PRODUCTS

Registered Office :	12 Korinnis Street, 10553 Athens, Attika

Country :	Greece

Financials (as on) :	31.12.2009

Date of Incorporation :	01.02.1984

Legal Form :	Limited Liability Company

Line of Business :	Wholesales Packaged Frozen Goods

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 :	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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Greece

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

Bottom of Form

Credit Report

COMPNAY NAME THALTRITON LTD FROZEN PRODUCTS

ADDRESS: 12 KORINNIS STREET

10553 ATHENS

ATTIKA

GREECE

TELEPHONE: 30 2103218377

30 2103252210

30 2103467035

TELEFAX: 30 2103214744

E-MAIL ADDRESS: thaltriton@thaltriton.gr

CREDIT RATING SUMMARY

Payments: Undetermined

SUMMARY

STARTED: 1984

YEAR INC: 1984

LEGAL FORM: LIMITED LIABLITY COMPANY

GOVT GAZ NO: 262/02,01,1984

EMPLOYS: 8

SIC: 5142

ACTIVITY: WHOLESALES PACKAGED FROZEN GOODS

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

SALES: 3,737,337

PROFIT: -52,909

NET WORTH: 227,951

NOM CAPITAL: 300,000

ISS CAPITAL: 300,000

PRINCIPALS

PRINCIPALS ANTECEDENTS:

CONSTANTINOS POLITIS

Administrator /Partner

PERIKLIS POLITIS

Administrator /Partner

BANKERS

ALPHA BANK, PETROU RALLI branch., 8, Petrou Ralli Avenue, ATHENS 11855, Greece.

EFG EUROBANK ERGASIAS S.A., SYGRU AVENUE branch., 112, Sygru Ave. ATHENS 11741, Greece.

PAYMENTS REPORTED

In 2008 a payment order was registered against the subject for an amount of 7370 Euro.

CAPITAL

Nominal capital: 300,000 Euro. Issued capital: 300,000 Euro.

Issued/paid-up capital was last increased on Dec 30, 2004.

Nominal capital is divided into:

10,000 shares of 30.00 each.

POLITIS CONSTANTINOS PERIKLIS holds 99.00% of the voting capital.

POLITIS PERIKLIS CONSTANTINOS holds 1.00% of the voting capital.

FINANCIALS

Fiscal Fiscal Fiscal

Dec 31,2007 Dec 31,2008 Dec 31,2009

Turnover 5,988,844 5,180,767 3,737,337

Pre-Tax Profit 86,940 26,549 -52,909

Net Worth 345,545 342,595 227,951

Fixed Assets 50,850 33,900 25,664

Total Assets 3,653,285 3,760,031 2,109,839

Current Assets 3,592,313 3,625,539 2,048,542

Current Liabilities 3,268,740 3,378,965 1,856,819

Working Capital 323,573 246,574 191,723

Long Term Debt 38,999 38,470 25,068

Financial Assets 10,122 100,592 35,633

Intangibles 0 0 0

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)                           1.10                     1.07                   1.10

Solvency Ratio (%)                       1,057.25          1,097.51             925.57

Fixed Assets/Net Worth (%)        14.72                 9.90                   11.26

Current Liabs/Net Worth (%)     945.97              986.29                814.57

Asset Turnover (%)                       163.93               137.79               177.14

Sales / Net Working Cap (X)       18.51                  21.01                 19.49

Assets / Sales (%)                          61.00                 72.58                 56.45

Profit Margin (%)                          1.45                    0.51                   -1.42

S/holders Return (%)                   25.16                  7.75                   -23.21

Return On Assets (%)                  2.38                     0.71                   -2.51

     Abstract from individual fiscal balance sheet as at Dec 31, 2009

                                                      LIABILITIES                             ASSETS

Capital                                              300,000                              Misc Fixed Ass                  25,664

Legal Reserves                                 45,546                                Total Fixed Ass                 25,664

Profit For Year                                 -117,595

Net Worth                                         227,951                              Investments                      1,016

                                                                                                         Misc Fin'cl Ass                 34,617

Misc Provisions                                   58                                      Total Fin'cl Ass                35,633

Misc Def Liabs                                  25,011

                 CURRENT LIABILITIES:                                                CURRENT ASSETS:

          Trade Creditors                 80,959                         Stock                          570,482

           Misc Creditors                 132,343                       Trade Debtors                  334,106

           Short term Loans             1,562,813                     Misc Debtors                 1,134,874

           Taxation                        45,329                               Cash                             8,297

           Advances Received               35,375                    Market Securities                  783

          TOTAL CURRENT                1,856,819                     TOTAL CURRENT                2,048,542

           TOTAL LIABS & NW             2,109,839                   TOTAL ASSETS                 2,109,839

Profit & Loss Account from Jan 01, 2009 to Dec 31, 2009

             Net Sales                                            3,737,337

             Cost of Goods Sold                           3,166,906

             Gross Profit                                        570,431

             Selling/Admin Expenses                   89,638

             Misc Operating Charges                   408,990

             Net Operating Income                     71,803

             Misc Financial Income                        96

             Total Financial Income                       96

             Interest Payable                                  125,266

             Total Financial Expenses                   125,266

             Profit Before Taxes                            -52,909

             Profit After Tax                                  -52,909

             Net Loss                                               52,909

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

     Financial statement obtained from outside sources

OPERATIONS

Wholesales packaged frozen goods, trade of frozen fish,poultry and vegetables.

Number of accounts: 200

Territory: 100% National

Subject does not export.

Imports from Africa, France, Germany, U S A, India, Ireland, Iceland, Spain, Italy, New Zealand Normal importing terms are open account.

BRANCHES/DIVISIONS

8 Petrou Ralli street, 11855, ATHENS, Greece.

EMPLOYS: 8 as at Jun 07, 2011.

Operates from office, at heading address.

REGISTERED OFFICE: 12 Korinnis street, 10553 ATHENS, ATTIKA.

GENERAL COMMENTS

The business started Feb 01, 1984.

The subject is a Limited liability company registered on Feb 01, 1984 in ATHENS for a period ending Feb 01, 2049. Government Gazette Number: 262/02,01,1984 Tax Registration Number: 095227751

Ms. Papanastasiou confirmed general details in this report.

Local informants stated that: Subject has also transactions with NATIONAL BANK OF GREECE, in Sokratous street branch.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.93
UK Pound	1	Rs.72.09
Euro	1	Rs.64.21

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.