MIRA INFORM REPORT

Report Date :

13.01.2012

IDENTIFICATION DETAILS

Correct Name :	KARPOS S.A

Registered Office :	205 Karditsis 41335 Larissa Larissa

Country :	Greece

Financials (as on) :	31.12.2010

Date of Incorporation :	18.05.2006

Com. Reg. No.:	060617

Legal Form :	Societe anonyme

Line of Business :	Crop Planting and Protection

No. of Employees :	10

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 – 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

IDENTIFICATION DETAILS

NAME: KARPOS S.A.

ADDRESS: 205 KARDITSIS

41335 LARISSA

LARISSA

GREECE

TELEPHONE: 30 2410670773

TELEFAX: 30 2410670792

E-MAIL ADDRESS: karpos1@otenet.gr

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

SENIOR COMPANY PERSONNEL

Athanassios Kon. Dimakos

vice-chairman

Basil Geo. Antoniou

member

Vyron And. Diamantas

chairman

Dimitrios Chr. Skyftas

member

Athanassios Nik. Doungos

Deputy Managing Director

Panagiotis Chr. Zitoudis

member

shareholder

Athanassios Geo. Zafeiris

member

Athanassios Sty. Hatzopoulos

member

Petros Ath. Kotarelas

chief executive

shareholder

History

PRINCIPALS ANTECEDENTS

NAME: Athanassios Kon. Dimakos

Also a director of AGRODIM LTD, AGROTIKI DIMAKOS S.A..

Also a partner in AGRODIM LTD.

NAME: Athanassios Nik. Doungos

Also associated with GEOPONIKI SYNERGASSIA S.A..

NAME: Panagiotis Chr. Zitoudis

Also a director of AGRONET HELLAS S.A..

Also associated with AGRONET HELLAS S.A..

NAME: Athanassios Geo. Zafeiris

Also associated with AGROS S.A..

NAME: Petros Ath. Kotarelas

Also a director of GEOGONIA S.A., G.E.AN.ET. S.A..

Also associated with GEOGONIA S.A., G.E.AN.ET. S.A

WORKFORCE

EMPLOYS: 10 as at Dec 30, 2009 including 0 part-time staff.

The number of employees varies according to needs.

The number of employees peaks to 10.

PAYMENTS

Informants report that subject's payments are prompt.

Note:

Subject has registered secured charges which include the below:

A charge for an amount of 3,500,150 Euro was registered on 1, 2000. The charge is secured against Number Of Items: 2.

RATINGS

Normal risk

BANKERS

Alpha Bank A.E., Rail Way Station Branch branch., 72 Iroon

Polytechneiou, Larissa 41223, Greece.

Telephone: 0030 2410552708

Bank of Piraeus S.A., Larissa Branch branch., 4 M. Alexandrou, Larissa 41222, Greece.

Telephone: 0030 2410539570

FINANCIALS

                                       Fiscal           Fiscal          Fiscal

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

Turnover                           10,687,739       14,241,296      20,850,077

Pre-Tax Profit                         28,840           15,730        -974,574

Net Worth                             723,434          735,232        -438,924

Fixed Assets                          250,313          263,624         234,671

Total Assets                        8,863,778       12,053,475       9,492,710

Current Assets                      8,581,778       11,763,183       9,236,392

Current Liabilities                 8,140,344       11,318,243       9,931,634

Working Capital                       441,434          444,940        -695,242

Financial Assets                       12,697           12,697          12,697

Intangibles                            18,991           13,971           8,951

Employees                                                   10              10

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)                        1.05             1.04            0.93

Solvency Ratio (%)                   1,225.24         1,639.41       -2,162.72

Fixed Assets/Net Worth (%)              34.60            35.86          -53.47

Current Liabs/Net Worth (%)          1,125.24         1,539.41       -2,262.72

Asset Turnover (%)                     120.58           118.15          219.64

Sales / Net Working Cap (X)             24.21            32.01          -29.99

Assets / Sales (%)                      82.93            84.64           45.53

Profit Margin (%)                        0.27             0.11           -4.67

S/holders Return (%)                     3.99             2.14          222.04

Return On Assets (%)                     0.33             0.13          -10.27

Sales / Employees                        0.00     1,424,129.60    2,085,007.70

Profit / Employees                       0.00         1,573.00      -97,457.40

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

             LIABILITIES                             ASSETS

Capital                        660,000   Land/Buildings                 298,733

Retained Profits            -1,126,625   Plant/Machinery                 27,097

Misc Reserves                   27,702   Depreciation                    91,159

Net Worth                     -438,923   Total Fixed Ass                234,671

                                         Misc Fin'cl Ass                 12,697

                                         Total Fin'cl Ass                12,697

                                         Misc Intangible                  8,951

                                         Total Intangible                 8,951

     CURRENT LIABILITIES:                         CURRENT ASSETS:

Trade Creditors              4,922,159   Stock                          807,407

Short term Loans             4,033,804   Trade Debtors                6,075,430

Misc Current Liabs             975,671   Misc Debtors                    42,026

                                         Cash                           756,143

                                         Market Securities            1,555,386

TOTAL CURRENT                9,931,634   TOTAL CURRENT                9,236,392

TOTAL LIABS & NW             9,492,711   TOTAL ASSETS                 9,492,711

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

Net Sales                            20,850,077

Cost of Goods Sold                   21,176,119

Gross Profit                           -326,042

Misc Operating Charges                  419,029

Misc Operating Income                     2,292

Net Operating Income                   -742,779

Misc Financial Income                   414,360

Total Financial Income                  414,360

Interest Payable                        298,776

Misc Financial Expenses                 347,378

Total Financial Expenses                646,154

Profit Before Taxes                    -974,573

Profit After Tax                       -974,573

Net Loss                                974,573

LEGAL STATUS

Societe anonyme registered on May 18, 2006

For a period ending Dec 31,2056.

Registration Number: 060617

Government Gazette Number: 03242 / 2006

Tax Registration Number: 998890848

CAPITAL DETAILS

Nominal capital: 660,000. Issued capital: 660,000.

Issued/paid-up capital was last increased on Feb 1, 2008.

Nominal capital is divided into:

660,000 shares of 1 each and fully paid-up.

SHAREHOLDERS

Assimina Gavrielidou holds 1.80% of the voting capital.

Petros Kotarelas holds 1.80% of the voting capital.

Panagiotis Zitoudis holds 1.50% of the voting capital.

Theodoros Katsis holds 0.04% of the voting capital.

Athanassios Lokas is a principal shareholder.

LINKED COMPANIES

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

interest(s):

G.E.AN.ET. S.A. Societe Anonyme, Larissa, Greece

Year started: 2007.

This concern is related through common shareholders.

PANTELIDIS, N., & CO. E.E. 'ALFA TECHNIKI' Limited Partnership, Larissa,

Greece

This is a dormant concern.

Year started: 1997.

This concern is related through common shareholders.

GEOGONIA S.A. Societe Anonyme, Athens, Greece

This is a dormant concern.

Year started: 1997.

This concern is related through common shareholders.

AGRONET HELLAS S.A. Societe Anonyme, Spercheiada, Greece

Year started: 1998.

This concern is related through common shareholders.

AVGERINOS, K., - P. ZITOUDIS O.E. General Partnership, Domokos, Greece

This is a dormant concern.

Year started: 1993.

This concern is related through common shareholders.

ZITOUDIS PANAGIOTIS Sole Proprietorship, Domokos, Greece

Year started: 1997.

This concern is related through common shareholders.

KATSIS, THEODOROS, O.E. General Partnership, Larissa, Greece

This is a dormant concern.

Year started: 2004.

This concern is related through common shareholders.

KATSIS THEODOROS Sole Proprietorship, Larissa, Greece

Year started: 2000.

This concern is related through common shareholders.

GEOPONIKO SPITI S.A. Societe Anonyme, Kifissia, Greece

This is a dormant concern.

Year started: 1989.

This concern is related through common shareholders.

GEOPONIKI S.A. Societe Anonyme, Koropi, Greece

Year started: 1995.

This concern is related through common shareholders.

FAYTOS S.A. Societe Anonyme, Larissa, Greece

Year started: 2003.

This concern is related through common shareholders.

LOKAS, A., & CO. O.E. 'GEOPONIKO SPITI' General Partnership, Larissa,

Greece

This is a dormant concern.

Year started: 1991.

This concern is related through common shareholders.

LOKAS, A. & TH., & CO. O.E. General Partnership, Larissa, Greece

This is a dormant concern.

Year started: 1977.

This concern is related through common shareholders.

LOKAS, D, & G., & CO. O.E. General Partnership, Larissa, Greece

This is a dormant concern.

Year started: 2002.

This concern is related through common shareholders.

ACTIVITIES

Local Activity Code:          0163

Local Activity Code Type:     STAKOD

Equivalent to:                NACE 1

Engaged in crop planting and protection

Cotton ginning, Subject distributes its goods mainly by wholesale.

IMPORTS

Subject does not import

EXPORTS

Exports 75% to Egypt, Germany, Turkey

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

Ermitsi, 43300, Sofades, Greece. These are rented factory premises.

GENERAL COMMENTS

Please note that The mentioned financial figures are in Euro.

The subject confirmed general details in this report and provided the financial statements.

Please note that local informants stated that:

Subject is an industrial unit. It is noted that the significant increase in subject's sales is attributed to the expansion of its clientele. It is noted that the above report is according to published data and other information available in our files.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

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.