MIRA INFORM REPORT

Report Date :

26.07.2012

IDENTIFICATION DETAILS

Name :	AL-CO PURE PRODUCTS S.A

Registered Office :	Langada - Sochou Rd (3th Km), 57200 Langadas, Thessaloniki

Country :	Greece

Financials (as on) :	31.12.2011

Date of Incorporation :	19.10.2000

Com. Reg. No.:	047172

Legal Form :	Societe anonyme

Line of Business :	Subject is engaged in food preparations

No. of Employees :	20

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

AL-CO PURE PRODUCTS S.A

IDENTIFICATION DETAILS

ADDRESS: LANGADA - SOCHOU RD (3TH KM)

57200 LANGADAS

THESSALONIKI

GREECE

TELEPHONE: 30 2394023667

TELEFAX: 30 2394023136

E-MAIL ADDRESS: alcosa@otenet.gr

WEB ADDRESS: www.al-co.gr

SENIOR COMPANY PERSONNEL

Theodora Konstantinos Tsamou

             member

             shareholder

      John Alexandros Mouratidis

             chief executive

             shareholder

      Apostolos Alexandros Mouratidis

             vice-chairman

             shareholder

      John Alexandros Mouratidis

             chairman

             shareholder

      Konstantinos Marannas

             member

      Maria Pazvanti

             member

      Paschalina Mouratidi

             member

      Chrysso Tsamou, member

WORKFORCE

Number of employees: 20 as at Jan 11, 2011 including 0 part-time staff. The number of employees varies according to needs.

The number of employees peaks to 20.

PAYMENTS

Informants report that subject's payments are prompt.

BANKERS

· National Bank of Greece S.A., Langadas Branch branch., 3 N.

Papageorgiou, Langadas 57200, Greece.

Telephone: 30 2394022666

· ATEBANK S.A., Lagadas Branch branch., 27 Meg. Alexandrou, Langadas

57200, Greece.

Telephone: 30 2394023624

· Emporiki Bank, Langadas Branch branch., 9 Loutron 1 Gossiou, Langadas 57200, Greece.

Telephone: 30 2394022122

FINANCIALS

FINANCES |

+----------+

Fiscal Fiscal Fiscal

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

Turnover 1,430,914 1,408,716 1,569,753

Pre-Tax Profit 13,475 17,518 30,479

Net Worth 891,620 877,093 899,172

Fixed Assets 476,167 409,461 309,070

Total Assets 1,688,148 1,583,079 1,553,972

Current Assets 1,195,038 1,171,676 1,242,959

Current Liabilities 796,528 705,986 654,800

Working Capital 398,510 465,690 588,159

Financial Assets 1,127 1,127 1,127

Intangibles 15,816 815 815

Employees 15 15 15

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) 1.50 1.66 1.90

Solvency Ratio (%) 189.33 180.49 172.82

Fixed Assets/Net Worth (%) 53.40 46.68 34.37

Current Liabs/Net Worth (%) 89.33 80.49 72.82

Asset Turnover (%) 84.76 88.99 101.02

Sales / Net Working Cap (X) 3.59 3.03 2.67

Assets / Sales (%) 117.98 112.38 98.99

Profit Margin (%) 0.94 1.24 1.94

S/holders Return (%) 1.51 2.00 3.39

Return On Assets (%) 0.80 1.11 1.96

Sales / Employees 95,394.27 93,914.40 104,650.20

Profit / Employees 898.33 1,167.87 2,031.93

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

LIABILITIES ASSETS

Capital 595,805 Land/Buildings 719,345

Retained Profits 36,479 Plant/Machinery 591,261

Misc Reserves 266,888 Depreciation 1,001,536

Net Worth 899,172 Total Fixed Ass 309,070

Misc Fin'cl Ass 1,127

Total Fin'cl Ass 1,127

Misc Intangible 815

Total Intangible 815

CURRENT LIABILITIES: CURRENT ASSETS:

Trade Creditors 252,476 Stock 621,971

Short term Loans 355,882 Trade Debtors 510,001

Misc Current Liabs 46,442 Misc Debtors 851

Cash 110,137

TOTAL CURRENT 654,800 TOTAL CURRENT 1,242,960

TOTAL LIABS & NW 1,553,972 TOTAL ASSETS 1,553,972

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

Net Sales 1,569,753

Cost of Goods Sold 1,283,434

Gross Profit 286,319

Misc Operating Charges 220,939

Net Operating Income 65,380

Interest Payable 24,142

Misc Financial Expenses 10,760

Total Financial Expenses 34,902

Profit Before Taxes 30,478

Income Tax 7,522

Profit After Tax 22,956

Net Profit 22,956

According to the balance sheet as of Dec 31, 2011.

The below mentioned financial figures are in Euro

Financial statement obtained from subject on Jul 5, 2012

LEGAL STATUS

Business started Oct 19, 2000.

LEGAL FORM

Societe anonyme registered on Oct 19, 2000 for a period ending Dec 31,2050.

Registration Number: 047172

Government Gazette Number: 09694 / 2000

Tax Registration Number: 800175220

On 4/4/2003(Gov. Gaz. No. 02651/2003) subject absorbed a sector of the firms(s) ALCO S.A. SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTSPUBLISHED IN THE GOV.GAZ.: The Gov.Gaz.No.: 2651/03 refers to the absorption of the processing sector.

CAPITAL DETAILS

Nominal capital: 595,805. Issued capital: 595,805.

Issued/paid-up capital was last increased on Nov 10, 2010.

Nominal capital is divided into:

20,300 shares of 29.35 each and fully paid-up

SHAREHOLDERS

Konstantinos Tsamos holds 40.00% of the voting capital.

Alexandros Mouratidis holds 40.00% of the voting capital.

Theodora Tsamou holds 5.00% of the voting capital.

John Mouratidis holds 5.00% of the voting capital.

Apostolos Mouratidis holds 5.00% of the voting capital.

Foteini Tsamou holds 5.00% of the voting capital

LINKED COMPANIES

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

     ALCO S.A. Societe Anonyme, Langadas, Greece

     Year started: 1992.

     This concern is related through common shareholders.

     MOURATIDIS, A., - K. TSAMOS O.E. General Partnership, Langadas, Greece

     This is a dormant concern.

     Year started: 1984.

     This concern is related through common shareholders.

ACTIVITIES

Local Activity Code: 1084

Local Activity Code Type: STAKOD

Equivalent to: NACE 1

Engaged in food preparations

Manufactures canned fruits and specialties: Processing of spices, nuts, confectionery raw materials, dried fruit herbs, ready-to-drink instant coffee, pet food, incense and personal hygiene products.

Subject's customers are 1200 firms all over the Greece.

Subject produces the following brand(s): ALCO

IMPORTS

Imports 80% from Brazil, France, Germany, Indonesia, Netherlands, Spain,Sri Lanka, U K

Normal importing terms are cash against documents

EXPORTS

Exports 5% to Austria, Belgium, Germany, Netherlands

Normal exporting terms are open account

PREMISES / REAL ESTATE

Operates from owned factory, covering approximately 2,000 square meters at heading address.

The site covers approximately 20,000 square meters.

REGISTERED OFFICE: At heading address:

LANGADA - SOCHOU RD (3TH KM)

57200 LANGADAS

THESSALONIKI

GREECE

GENERAL COMMENTS

No other information is available for the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.38
UK Pound	1	Rs.87.44
Euro	1	Rs.68.05

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.