MIRA INFORM REPORT

Report Date :

29.08.2012

IDENTIFICATION DETAILS

Name :	AGRI.FE.M. LTD

Registered Office :	Agios Ioannis, Stefani, 19300 Aspropyrgos, Attiki

Country :	Greece

Financials (as on) :	31.12.2010

Date of Incorporation :	01.01.1991

Legal Form :	Limited Liability Company

Line of Business :	Wholesales chemicals and allied products

No. of Employees :	27 employees

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 :	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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Greece

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

COMPANY NAME

AGRI.FE.M. LTD

IDENTIFICATION DETAILS

ADDRESS: AGIOS IOANNIS, STEFANI

19300 ASPROPYRGOS

ATTIKI

GREECE

TELEPHONE: 30 2105580621

30 2105579824

TELEFAX: 30 2105580268

E-MAIL ADDRESS: agrifem@hol.gr

WEB ADDRESS: www.agrifem.gr

SENIOR COMPANY PERSONNEL

Panagiotis John Pantelis – administrator

Other directorships

Also a director of ARAL LTD, ONISSIS S.A.

Also a partner in ARAL LTD, AGRI.FE.M. LTD.

Also associated with ONISSIS S.A.

Nikolaos John Pantelis – administrator

Other directorships

Also a director of KAVOS FOKIDOS SOLE SHAREHOLDER CO. LTD.

Also a partner in AGRI.FE.M. LTD, KAVOS FOKIDOS SOLE SHAREHOLDER CO. LTD.

Also associated with ONISSIS S.A.

WORKFORCE

27 employees

PAYMENTS

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

BANKERS

The subject cooperates with the following banks:

1.             Alpha Bank A.E., Pyrgou Athinon Branch branch., 2 Messogeion Ave,

      Athens 11527, Greece.

      Telephone: 30 2107708311

2.             National Bank of Greece S.A., Ampelokipoi Branch branch., 2 Kifissias

      Ave., Athens 11526, Greece.

      Telephone: 30 2107727280

3.             ATEBANK S.A., Ampelokipoi Branch branch., 227 Alexandras Ave, Athens

      11523, Greece.

      Telephone: 30 2106428909

4.             Probank S.A., Ambelokipoi Branch branch., 95 Sevastoupoleos &

      Xiromerou, Athens 11526, Greece.

      Telephone: 30 2106830110

Please note that a registered charge for an amount of 240.000 EURO was found against the subject. The charge was registered on January 2000.

FINANCIALS

                              Fiscal           Fiscal          Fiscal

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

Turnover                   6,894,041        6,963,784       7,514,084

Pre-Tax Profit               303,561          803,914       1,099,006

Net Worth                  1,069,233          181,608       1,017,065

Fixed Assets                 224,083          210,681         582,898

Total Assets               4,802,366        4,722,754       6,307,053

Current Assets             4,457,833        4,391,622       5,601,297

Current Liabilities        3,733,133        2,898,625       4,824,744

Working Capital              724,700        1,492,997         776,553

Long Term Debt                              1,642,521         465,245

Financial Assets             120,450          120,450         121,869

Intangibles                                         0             990

Employees                                          25              25

Ratios

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

Current Ratio (X)               1.19             1.52            1.16

Solvency Ratio (%)            449.14         2,600.52          620.12

Fixed Assets/Net Worth (%)     20.96           116.01           57.31

Current Liabs/Net Worth (%)   349.14         1,596.09          474.38

Asset Turnover (%)            143.56           147.45          119.14

Sales / Net Working Cap (X)     9.51             4.66            9.68

Assets / Sales (%)             69.66            67.82           83.94

Profit Margin (%)               4.40            11.54           14.63

S/holders Return (%)           28.39           442.66          108.06

Return On Assets (%)            6.32            17.02           17.43

Sales / Employees               0.00       278,551.36      300,563.36

Profit / Employees              0.00        32,156.56       43,960.24

     Abstract from individual fiscal balance sheet as at Dec 31, 2010

             LIABILITIES                             ASSETS

Capital              189,000   Land/Buildings               1,199,639

Retained Profits     713,634   Depreciation                   616,741

Misc Reserves        114,431   Total Fixed Ass                582,898

Net Worth          1,017,065

                               Shares in Group                120,450

Misc Def Liabs       465,245   Misc Fin'cl Ass                  1,419

                               Total Fin'cl Ass               121,869

                               Misc Intangible                    990

                               Total Intangible                   990

     CURRENT LIABILITIES:                         CURRENT ASSETS:

Trade Creditors    1,831,587   Stock                          723,038

Short term Loans     908,057   Trade Debtors                4,740,540

Proposed Dividends 1,561,000   Misc Debtors                    12,074

                               Cash                           125,644

TOTAL CURRENT      4,824,743   TOTAL CURRENT                5,601,296

TOTAL LIABS & NW   6,307,053   TOTAL ASSETS                 6,307,053

             Profit & Loss Account from Jan 1, 2010 to Dec 31, 2010

             Net Sales                             7,514,084

             Cost of Goods Sold                    5,299,393

             Gross Profit                          2,214,691

             Misc Operating Charges                1,008,279

             Misc Operating Income                    26,375

             Net Operating Income                  1,232,787

             Misc Financial Income                    25,000

             Total Financial Income                   25,000

             Interest Payable                        117,076

             Misc Financial Expenses                  41,706

             Total Financial Expenses                158,782

             Profit Before Taxes                   1,099,005

             Income Tax                              274,314

             Profit After Tax                        824,691

             Net Profit                              824,691

LEGAL STATUS

BACKGROUND

Business started Jan 1, 1991.

Subject moved from 24 Kifissias Ave, 11526 Athens Attiki on Feb 23, 2000.

LEGAL FORM

Limited liability company registered on Jan 1, 1991 for a period ending Dec 31, 2031.

     Government Gazette Number: 00947 / 1991

     Chamber of Commerce Number: 41308

     Tax Registration Number: 095444352

The company in question was established in Athens (62 Kifissias Str.), on 16.4.1991. In December 1994, subject moved its head office at 24 Kifissias Ave., Athens. On 18/2/2000 (Gov. Gaz. No. 01313/2000) a change of subject's head office was published.

CAPITAL DETAILS

Nominal Capital: 6,300 shares of 30 EURO each.

SHAREHOLDERS

Panagiotis Pantelis - 70.00%

Nikolaos Pantelis - 30.00%

LINKED COMPANIES

Subsidiaries

ARAL LTD Limited Liability Company, Aspropyrgos, Greece.

Year started: 1983.

Subject owns 90% of the capital.

Related Entities

ONISSIS S.A. Societe Anonyme, Athens, Greece

This is a dormant concern.

Year started: 2006.

Subject has a 10.0% share interest.

ARAL LTD Limited Liability Company, Aspropyrgos, Greece

Year started: 1983.

Subject has a 10.0% share interest.

PANTELIS, P., & CO. O.E. General Partnership, Athens, Greece

Year started: 1987.

This concern is related through common shareholders.

PANTELIS PANAGIOTIS Sole Proprietorship, Athens, Greece

This is a dormant concern.

Year started: 1989.

This concern is related through common shareholders.

KAVOS FOKIDOS SOLE SHAREHOLDER CO. LTD Sole Shareholder Limited Liability Company, Nafpaktos, Greece

Year started: 2009.

This concern is related through common shareholders.

ACTIVITIES

Wholesales chemicals and allied products

Manufactures nitrogenous fertilizers

Exclusive imports and wholesale trade of agricultural supplies.

Production of fertilisers

Its clientele comprises approximately 500 customers all over Greece

Subject reportedly acts as agents for:

Stender, Germany

Kronos, Germany

ADP - Adubos de Portugal, Portugal

Macasa, Spain

IMPORTS

Imports from: 80% from Belgium, China, Germany, Israel, Netherlands, Portugal, South Africa, Spain, U S A

Importing Terms: cash against documents

EXPORTS

Exports to: 20% to Albania, Bulgaria, Croatia, Cyprus, Former Yugoslav Rep of Macedonia, Lebanon, Syria, UAE

Exporting Terms: cash against documents

PREMISES / REAL ESTATE

Operates from owned warehouse, covering approximately 1,700 square metres at heading address.

The site covers approximately 6,000 square metres.

REGISTERED OFFICE: At heading address.

BRANCHES

Subject has 2 branches as follows:

1.             Agios Ioannis, Stefani, 19300, Aspropyrgos, Greece - owned factory premises.

2.             4 Stadiou, 57009, Kalochori, Greece - rented warehouse premises.

GENERAL COMMENTS

Subject is a long established, family run, economic unit. It operates mainly as a trading firm, as its trading activities contribute by 85% to its total Net Sales. Finally, it is noted that it operates in close connection with the affiliated firm, mentioned above, PANTELIS, P., & CO. O.E.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.78
UK Pound	1	Rs.88.04
Euro	1	Rs.69.62

INFORMATION DETAILS

Report Prepared by :

MNL

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.