MIRA INFORM REPORT

Report Date :

03.07.2012

IDENTIFICATION DETAILS

Name :	PALANDJIAN S.A. 'PALATEX-TEXTIL'

Formerly Known As :	PALANDJIAN S.A.

Registered Office :	24 Kapodistriou, 10682 Athens, Attiki

Country :	Greece

Financials (as on) :	31.12.2011

Date of Incorporation :	01.01.1937

Com. Reg. No.:	000195

Legal Form :	Societe Anonyme

Line of Business :	Wholesales piece goods and notions

No. of Employees :	06

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

IDENTIFICATION DETAILS

NAME: PALANDJIAN S.A. 'PALATEX-TEXTIL'

(FORMER NAME: PALANDJIAN S.A.)

ADDRESS: 74 AG. DIMITRIOU & SFAKTIRIAS

18546 PIRAEUS

ATTIKI

GREECE

TELEPHONE: 30 2104617597

30 2104617524

TELEFAX: 30 2104612104

E-MAIL ADDRESS: serko@otenet.gr

WEB ADDRESS: www.palatex.gr

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

SENIOR COMPANY PERSONNEL

Isabelle-Sylvia Onik Palandjian

chairman

shareholder

Rita Mateossian

member

Isabelle-Sylvia Onik Palandjian

chief executive

shareholder

Artim-Aram Onik Palandjian

member

shareholder

WORKFORCE

EMPLOYS: 6 as at Dec 16, 2011

PAYMENTS

Informants report that subject's payments are prompt.

CHARGES

Subject has registered secured charges which include the below:

A charge for an amount of 845,000 Euro was registered on 1, 2000. The charge is secured against Number Of Items: 2.

A charge for an amount of 1,000,000 Euro was registered on 1, 2000. The charge is secured against Number Of Items: 1.

A charge for an amount of 1,121,519 Euro was registered on 1, 2000. The charge is secured against Number Of Items: 4.

A charge for an amount of 990,000 Euro was registered on 1, 2000. The charge is secured against Number Of Items: 1, On: A plot of land 425m2 with buildings, at.

BANKERS

Alpha Bank A.E., Ethnikis Antistassis Branch branch., 9 Ethnikis

Antistasseos, Piraeus 18531, Greece.

Telephone: 30 2104121721

National Bank of Greece S.A., Ethnikis Antistassis Branch branch., 3

Ethnikis Antistassis Ave., Piraeus 18531, Greece.

Telephone: 30 2104144311

FINANCIALS

FINANCES

                         Fiscal           Fiscal          Fiscal

                      Dec 31,2009      Dec 31,2010     Dec 31,2011

Turnover               1,512,202        1,429,275       1,120,827

Pre-Tax Profit            12,786           12,769           9,931

Net Worth              2,461,154        2,577,809       2,749,147

Fixed Assets           1,998,032        1,989,270       1,967,486

Total Assets           5,447,328        5,952,307       5,470,005

Current Assets         3,432,896        3,946,637       3,479,318

Current Liabilities    1,466,101        1,872,234       1,811,749

Working Capital        1,966,795        2,074,403       1,667,569

Long Term Debt         1,520,072        1,502,263         909,108

Intangibles               16,400           16,400          23,200

Employees                     10               10               6

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

RATIOS

                      Dec 31,2009      Dec 31,2010     Dec 31,2011

Current Ratio (X)         2.34             2.11            1.92

Solvency Ratio (%)      221.33           230.91          198.97

Fixed Assets/Net         81.18            77.17           71.57

Worth (%)

Current Liabs/Net        59.57            72.63           65.90

Worth (%)

Asset Turnover (%)       27.76            24.01           20.49

Sales / Net Working       0.77             0.69            0.67

Cap (X)

Assets / Sales (%)      360.22           416.46          488.03

Profit Margin (%)         0.85             0.89            0.89

S/holders Return (%)      0.52             0.50            0.36

Return On Assets (%)      0.23             0.21            0.18

Sales / Employees   151,220.20       142,927.50      186,804.50

Profit / Employees    1,278.60         1,276.90        1,655.17

     Abstract from individual fiscal balance sheet as at Dec 31, 2011

             LIABILITIES                             ASSETS

Capital                 1,895,639   Land/Buildings          2,566,957

Retained Profits           -7,681   Depreciation            599,471

Misc Reserves             861,190   Total Fixed Ass         1,967,486

Net Worth               2,749,148

                                    Misc Intangible         23,200

Misc Def Liabs            909,108   Total Intangible        23,200

     CURRENT LIABILITIES:                         CURRENT ASSETS:

Trade Creditors           681,695        Stock              2,358,829

Short term Loans          950,021        Trade Debtors      1,101,114

Misc Current Liabs        180,033        Misc Debtors          13,344

                                         Cash                   6,032

TOTAL CURRENT             1,811,749      TOTAL CURRENT      3,479,319

TOTAL LIABS & NW          5,470,005      TOTAL ASSETS       5,470,005

             Profit & Loss Account from Jan 1, 2011 to Dec 31, 2011

             Net Sales                             1,120,827

             Cost of Goods Sold                      722,669

             Gross Profit                            398,158

             Misc Operating Charges                  233,013

             Net Operating Income                    165,145

             Misc Financial Income                     1,291

             Total Financial Income                    1,291

             Interest Payable                        155,374

             Misc Financial Expenses                   1,131

             Total Financial Expenses                156,505

             Profit Before Taxes                       9,931

             Income Tax                                2,544

             Profit After Tax                          7,387

             Net Profit                                7,387

LEGAL STATUS

STARTED: 1937

YEAR INC: 1937

LEGAL FORM: SOCIETE ANONYME

REG NO: 000195

LEGAL FORM

Societe anonyme registered on Jan 1, 1937 for a period ending Dec 31, 2027.

Registration Number: 000195

Chamber of Commerce Number: 186230

Tax Registration Number: 094011223

Subject's name was changed from 'PALANDJIAN S.A.'.

Established in Athens in 1937, following the change of the legal status of the sole proprietorship PALANDJIAN, ARTIN, originally founded in 1923. In 1983, subject's title changed from PALATEX S.A. to the above mentioned (Gov.Gaz. No. 2660/83) and its head office was moved to 39 Didotou Str., Athens. On 31.3.92, it was again moved to 24 Kapodistriou Str., Athens (Gov.Gaz. No. 6212/93). On 3/12/2007 (Gov. Gaz. No. 13711/2007) subject absorbed the firm(s) TEXTIL S.A., PALANDJIAN, SERKO, & CO. O.E. 'ROYAL COVERS'. On 20/9/2010 (Gov. Gaz. No. 10873/2010) a change of subject's head office was published.

CAPITAL DETAILS

NET WORTH:                 2,749,148

NOM CAPITAL:              1,895,638

ISS CAPITAL:                1,895,638

CAPITAL

Nominal capital: 1,895,638. Issued capital: 1,895,638.

Issued/paid-up capital was last increased on Sep 18, 2009.

Nominal capital is divided into:

25,791 shares of 73.5 each and fully paid-up.

SHAREHOLDERS

Serko-Alexan Palandjian holds 98.00% of the voting capital.

Isabelle-Sylvia Palandjian holds 1.00% of the voting capital.

Artim-Aram Palandjian holds 1.00% of the voting capital.

LINKED COMPANIES

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

TEXTIL S.A. Societe Anonyme, Piraeus, Greece

This is a dormant concern.

Year started: 1986.

This concern is related through common shareholders.

PALANDJIAN, ISABELLE - SYLVIA, & CO. O.E. General Partnership, Maroussi, Greece

This is a dormant concern.

Year started: 1988.

This concern is related through common shareholders.

WALL STREET ISABELLE - SYLVIA PALANDJIAN & CO. O.E. General Partnership, Kifissia, Greece

This is a dormant concern.

Year started: 1988.

This concern is related through common shareholders.

PALANDJIAN, SERKO, & CO. O.E. 'ROYAL COVERS' General Partnership,

Piraeus, Greece

This is a dormant concern.

Year started: 1978.

This concern is related through common shareholders.

ACTIVITIES

SIC: 5131 5199

ACTIVITY: WHOLESALES PIECE GOODS AND NOTIONS

Local Activity Code:                 4641

Local Activity Code Type:         STAKOD

Equivalent to:                          NACE 1

Wholesales piece goods and notions

Wholesales nondurable goods

IMPORTS

Imports and trade of white linen, curtains, curtain rods and mechanisms

Imports 85% from Italy, Pakistan

Normal importing terms are promissory notes

EXPORTS

Exports 3% to Cyprus

Normal exporting terms are cash against documents

PREMISES / REAL ESTATE

Operates from owned office, at heading address.

REGISTERED OFFICE: 24 Kapodistriou, 10682 Athens, Attiki.

GENERAL COMMENTS

BACKGROUND

Business started Jan 1, 1937.

Subject acquired the business of PALANDJIAN, SERKO, & CO. O.E. 'ROYAL COVERS', a General partnership which started in 1978 with effect from Dec 3, 2007.

Subject acquired the business of TEXTIL S.A., a Societe anonyme which started in 1986 with effect from Dec 3, 2007.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.83
UK Pound	1	Rs.87.41
Euro	1	Rs.70.43

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.