MIRA INFORM REPORT

Report Date :

14.10.2011

IDENTIFICATION DETAILS

Name :	ATTRATTIVO S.A.

Registered Office :	Messogiti & Sorou 14452 Metamorfossi Attiki

Country :	Greece

Financials (as on) :	31.12.2010

Date of Incorporation :	12.01.1999

Com. Reg. No.:	041896

Legal Form :	Societe anonyme

Line of Business :	Manufactures women's and misses' outerwear

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
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

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

COMPANY NAME

ATTRATTIVO S.A.

IDENTIFICATION DETAILS

ADDRESS:              MESSOGITI & SOROU

                               14452 METAMORFOSSI

                               ATTIKI

                               GREECE

TELEPHONE:          30  2102853813

TELEFAX:                30  2102853141

E-MAIL ADDRESS:     info@attrattivo.gr

WEB ADDRESS: www.attrattivo.gr

SENIOR COMPANY PERSONNEL

      Konstantina Leo. Papanikolaou - Avramidou

             member

      Iraklis Emm. Xilouris

             member

             shareholder

      Asterios Emm. Xilouris

             member

             shareholder

      Pantelis Kon. Avramidis

             chief executive

             shareholder

      Evrykleia Kon. Avramidou - Xilouri

             chief executive

             shareholder

      Pantelis Kon. Avramidis

             vice-chairman

             shareholder

      Evrykleia Kon. Avramidou - Xilouri

             chairman

             shareholder

     PRINCIPALS ANTECEDENTS

     NAME: Konstantina Leo. Papanikolaou - Avramidou

     Also a director of SNAPSHOT LTD.

     Also a partner in SNAPSHOT LTD.

     NAME: Iraklis Emm. Xilouris

     Also a director of XILOURIS, EMM., BROS S.A..

     Also associated with XILOURIS, EMM., BROS S.A..

     NAME: Asterios Emm. Xilouris

     Also a director of XILOURIS, EMM., BROS S.A..

     Also associated with XILOURIS, EMM., BROS S.A..

     NAME: Pantelis Kon. Avramidis

     Also a director of POSITIVE GIANNOPOULOS BROS S.A..

     NAME: Pantelis Kon. Avramidis

     Also a director of POSITIVE GIANNOPOULOS BROS S.A..

WORKFORCE

250 as at Jul 27, 2011

PAYMENTS

A check against all available information sources of revealed that no late payment incidents against Subject Company exist.

RATINGS

Low Risk

BANKERS

Alpha Bank A.E., Maroussi Branch branch., 60 Kifissias Ave., Maroussi

      15125, Greece.

      Telephone: 30 2106197710

National Bank of Greece S.A., Nea Ionia Branch branch., 243 Irakleiou

      Ave & 2 Ag. Vassileiou, Nea Ionia 14231, Greece.

      Telephone: 30 2102777014

Emporiki Bank, Panepistimiou Branch branch., 11 Panepistimiou &

      Amerikis, Athens 10564, Greece.

      Telephone: 30 2103221424

EFG EUROBANK ERGASIAS S.A., N. Ionia Branch branch., 342 Irakleiou Ave & A. Panagouli, Nea Ionia 14231, Greece.

      Telephone: 30 2102799870

Bank of Piraeus S.A., Athinon - Lamias National Rd B branch.,

      Athinon-Lamias National Rd (17th km), Kifissia 14564, Greece.

      Telephone: 30 2106256400

FINANCIALS

                            Fiscal           Fiscal          Fiscal

                         Dec 31,2008      Dec 31,2009     Dec 31,2010

Turnover                  31,938,106       32,627,318      28,416,982

Pre-Tax Profit             1,214,668        1,707,766       1,053,403

Net Worth                  6,301,558        7,579,216       8,250,834

Fixed Assets               4,582,427        4,353,404       4,318,047

Total Assets              30,288,137       29,258,886      35,728,948

Current Assets            23,714,340       22,712,422      29,305,341

Current Liabilities       15,042,735       13,278,057      19,669,556

Working Capital            8,671,605        9,434,365       9,635,785

Long Term Debt             8,943,844        8,401,613       7,808,558

Financial Assets           1,507,426        1,732,804       1,663,023

Intangibles                  483,944          460,256         442,537

Employees                        150              170             150

Net Worth and Total Assets are tangible figures shown after the deduction of intangible assets.

+--------+

| RATIOS |

+--------+

                         Dec 31,2008      Dec 31,2009     Dec 31,2010

Current Ratio (X)             1.58             1.71            1.49

Solvency Ratio (%)          480.65           386.04          433.03

Fixed Assets/Net Worth (%)   72.72            57.44           52.33

Current Liabs/Net Worth (%) 238.71           175.19          238.39

Asset Turnover (%)          105.45           111.51           79.53

Sales / Net Working Cap (X)   3.68             3.46            2.95

Assets / Sales (%)           94.83            89.68          125.73

Profit Margin (%)             3.80             5.23            3.71

S/holders Return (%)         19.28            22.53           12.77

Return On Assets (%)          4.01             5.84            2.95

Sales / Employees       212,920.71       191,925.40      189,446.55

Profit / Employees        8,097.79        10,045.68        7,022.69

LEGAL STATUS

BACKGROUND

Business started Jan 12, 1999.

Subject moved from 20 Evripidou, 14122 Irakleio Attiki on Jul 12, 2004.

LEGAL FORM

Societe anonyme registered on Jan 12, 1999 for a period ending Dec 31, 2029.

     Registration Number: 041896

     Government Gazette Number: 00082 / 1999

     Chamber of Commerce Number: 156576

     Tax Registration Number: 094533271

Subject was established following a merger of the firms : ATTRATTIVO S.A. (1979). On 29/7/2004 (Gov. Gaz. No. 09758/2004) a change of subject's head office was published. Subject was established following a merger of the firms AVRAMIDOU, EFT. & E. P., O.E., established in 1962 and ATTRATIVE IRAKLIS XYLOURIS & CO. O.E., estalbished in 1982 (pre-existed since 1979).

CAPITAL DETAILS

     Nominal capital: 1,467,802. Issued capital: 1,467,802.

     Issued/paid-up capital was last increased on Sep 6, 2006.

     Nominal capital is divided into:

     49,756 shares of 29.5 each and fully paid-up.

SHAREHOLDERS

Pantelis Avramidis holds 50.00% of the voting capital.

Evrykleia Avramidou - Xilouri holds 48.19% of the voting capital.

Iraklis Xilouris holds 0.91% of the voting capital.

Asterios Xilouris holds 0.90% of the voting capital.

LINKED COMPANIES

   SUBSIDIARIES

     ATTRATTIVO S.R.O. Foreign Participants, Slovakia, Slovakia

     Subject owns 100% of the capital.

     ATTRATTIVO S.R.O. Foreign Participants, Czech, Czech Republic

     Subject owns 100% of the capital.

     ATTRATTIVO NETHERLANDS B.V. Foreign Participants, Netherlands,

     Netherlands

     Subject owns 100% of the capital.

     ATTRATIVO DOO Miscellaneous

     Year started: 2009.

     Subject owns 100% of the capital.

     MANTZORIS, E., O.E. General Partnership, Glyfada, Greece

     Year started: 2001.

     Subject owns 60% of the capital.

   AFFILIATES

     The following are related through principal(s) and/or financial

     interest(s):

     AVRAMIDIS, PANT., & CO. O.E. 'ATTRATTIVO' General Partnership,

     Metamorfossi, Greece

     This is a dormant concern.

     Year started: 2000.

     This concern is related through common shareholders.

     XILOURIS, EMM., BROS S.A. Societe Anonyme, Pefki, Greece

     Year started: 1998.

     This concern is related through common shareholders.

     POSITIVE GIANNOPOULOS BROS S.A. Societe Anonyme, Metamorfossi, Greece

     Year started: 1998.

     Subject has a 50.0% share interest.

ACTIVITIES

Local Activity Code:          1413

Local Activity Code Type:     STAKOD

Equivalent to:                NACE 1

     Manufactures women's and misses' outerwear

     Operates knit outerwear mills

     Mfg, imports and trade of women's wear, shoes, handbags and accessories.

     Franchising

     Subject produces the following brand(s):

     A.L.E.

     ATTRATTIVO

     J.C. RAGS

     SALSA

IMPORTS

Imports 60% from China, India, Italy, Turkey

Normal importing terms are cash against documents

EXPORTS

Exports 20% to Cyprus, Czech Republic, Netherlands, Poland, Serbia and Montenegro, Slovakia

Normal exporting terms are cash against documents

PREMISES / REAL ESTATE

REGISTERED OFFICE: At heading address.

BRANCHES

     Subject has 14 branches/divisions

     76 Athinon - Peiraios Ave, 18547, Piraeus, Greece.

     35 A. Papandreou, 'The Mall' Shopping Center, 15122, Maroussi, Greece.

     276 Vouliagmenis Ave, 'ATHENS METRO MALL' Shopping Centre, 17343, Agios

     Dimitrios, Greece.

     Sorou & Messogiti, 14452, Metamorfossi, Greece. These are rented

     warehouse premises.

     26 A. Metaxa & Zissimopoulou, 16675, Glyfada, Greece.

     Thessi Gialou, 'Mc Arthur-Glen' Shopping Centre, 19004, Spata, Greece.

     41 Theomitoros, 'Shopping House' Shopping Centre, 17455, Alimos, Greece.

     Kifissias Ave & Sp. Loui, 'GOLDEN HALL' Shopping Centre, 15124, Maroussi,

     Greece.

     Airport Shopping Park, 19002, Paiania, Greece.

     Stadiou & Aiolou, 10551, Athens, Greece.

     9 Panepistimiou, 10676, Athens, Greece.

     35 Konstantinoupoleos, 12132, Peristeri, Greece.

     Thessalonikis - Moudanion National Rd (11th km), 'Mediterranean, 54626,

     Thessaloniki, Greece.

     43 Georgikis Scholis Ave, 55500, Pylaia, Greece.

GENERAL COMMENTS

Subject is a family run economic unit. It is noted that its products are quite known in the local market and well accepted by consumers.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.02
UK Pound	1	Rs.77.13
Euro	1	Rs.67.55

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.