MIRA INFORM REPORT

Report Date :

19.11.2012

IDENTIFICATION DETAILS

Name :	A MISAILIDIS SONS CO

Registered Office :	Thessalonikis - Kavalas National Rd (7.5 Km), Nea Efkarpiam 56404 Stavroupoli, Thessaloniki

Country :	Greece

Date of Incorporation :	01.01.1965

Legal Form :	General Partnership

Line of Business :	Manufacturer of fabricated metal products

No. of Employees :	10 employees

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 :	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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Greece

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

greece - ECONOMIC OVERVIEW

Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. But the economy went into recession in 2009 as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit. The economy contracted by 2.3% in 2009, 3.5% in 2010, and 6.0% in 2011. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP. Austerity measures reduced the deficit to 11% of GDP in 2010 and about 9% in 2011. Eroding public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, and has led the country into a financial crisis. Under intense pressure from the EU and international market participants, the government adopted a medium-term austerity program that includes cutting government spending, decreasing tax evasion, reworking the health-care and pension systems, and reforming the labor and product markets. Athens, however, faces long-term challenges to push through unpopular reforms in the face of widespread unrest from the country's powerful labor unions and the general public. In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in May 2010, the International Monetary Fund and Eurozone governments provided Greece emergency short- and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. In exchange for the largest bailout ever assembled, the government announced combined spending cuts and tax increases totaling $40 billion over three years, on top of the tough austerity measures already taken. Greece, however, struggled to meet 2010 targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for 2009 and 2010. European leaders and the IMF agreed in October 2011 to provide Athens a second bailout package of $169 billion. The second deal however, calls for Greece's creditors to write down a significant portion of their Greek government bond holdings. In exchange for the second loan Greece has promised to introduce an additional $7.8 billion in austerity measures during 2013-15. However, these massive austerity cuts are lengthening Greece's economic recession and depressing tax revenues. Greece's lenders are calling on Athens to step up efforts to increase tax collection, privatize public enterprises, and rein in health spending, and are planning to give Greece more time to shore up its economy and finances. Many investors doubt that Greece can sustain fiscal efforts in the face of a bleak economic outlook, public discontent, and political instability.

Source : CIA

COMPANY name

Company name: A MISAILIDIS SONS CO (Correct)

MISAILIDIS, A., SONS O.E. (Requested)

IDENTIFICATION DETAILS

ADDRESS: THESSALONIKIS - KAVALAS NATIONAL RD (7.5 KM), NEA EFKARPIA

56404 STAVROUPOLI

THESSALONIKI

GREECE

TELEPHONE: 30 2310681657

TELEFAX: 30 2310681033

E-MAIL ADDRESS: info@misailidi.gr

WEB ADDRESS: www.misailidi.gr

SENIOR COMPANY PERSONNEL

Anestis Grigorios Misailidis - administrator & partner

EMPLOYEES

10 employees

PAYMENTS

Informants report that subject's payments are prompt.

BANKERS

Alpha Bank A.E., Stavroupoli Branch branch., 190 Langada, Thessaloniki 54629, Greece.

Telephone: 30 2310668458

National Bank of Greece S.A., Stavroupoli Branch branch., 239 Langada, Stavroupoli 56430, Greece.

Telephone: 30 2310651062

Bank of Piraeus S.A., Stavroupoli Branch branch., 188 Langada & 1 Lambraki, Efkarpia 56429, Greece.

Telephone: 30 2310643750

FINANCIALS

Sales for the 12 month period ending Dec 31, 2011 were 2,200,000 EURO.

Sales for the 12 month period ending Dec 31, 2010 were 1,700,000 EURO.

Sales for the 12 month period ending Dec 31, 2009 were 2,000,000 EURO.

LEGAL STATUS AND HISTORY

BACKGROUND

Business started Jan 1, 1965.

LEGAL FORM

General partnership registered on Jan 1, 1965 for a period ending

Chamber of Commerce Number: 46543

Tax Registration Number: 091346804

SHAREHOLDERS

Anestis Misailidis holds 45.00% of the voting capital.

Theofilos Misailidis holds 17.00% of the voting capital.

Basil Misailidis holds 16.50% of the voting capital.

Anestis Misailidis holds 16.50% of the voting capital.

Orthodoxia Misailidou holds 5.00% of the voting capital.

ACTIVITIES

Local Activity Code: 2599

Local Activity Code Type: STAKOD

Equivalent to: NACE 1

Manufactures fabricated metal products

Contractors structural steel erection

Mfg., imports and trade of metal drainage accessories, lighting towers, fireplaces, lighting fixtures, pavement bars, plumbing fixtures, garbage containers, stoves (wood and pellet) and boilers , Subject's clientele consists mainly of building contractors and municipalities.

IMPORTS

Imports 50% from Bulgaria, China, Germany, Italy

Normal importing terms are cash against documents

EXPORTS

Exports 10% to Albania, Bulgaria, Cyprus, Former Yugoslav Rep of Macedonia

Normal exporting terms are cash against documents

PROPERTIES

Subject has 2 branches/divisions

Perivolaki, 57200, Langadas, Greece. These are owned office premises.

Thessalonikis - Kavalas National Rd (7.5 km), Nea Efkarpia, P.O., 56404, Stavroupoli, Greece. These are owned warehouse premises.

Operates from owned workshop, covering approximately 1,000 square metres at heading address.

The site covers approximately 5,750 square metres.

RELATED ENTITIES

MISSAILIDIS, ANESTIS, & CO O.E. General Partnership, Stavroupoli, Greece

This is a dormant concern.

Year started: 2004.

This concern is related through common shareholders.

GENERAL COMMENT

Subject is a long established family run economic unit, which operates mainly as a manufacturing firm, as its manufacturing activities contribute by 75% to its total Net Sales.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

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.