MIRA INFORM REPORT

Report Date :

03.08.2013

IDENTIFICATION DETAILS

Name :	SOVIMO HELLAS SA

Registered Office :	Athinon - Lamias National Rd (16th Km) & 61 Elaion, 14564 Kifissia Attiki

Country :	Greece

Financials (as on) :	3112.2012

Date of Incorporation :	01.01.1997

Com. Reg. No.:	038180

Legal Form :	Societe anonyme

Line of Business :	Subject is engaged in food preparations

No. of Employees :	34 people

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,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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, 6.9% in 2011, and 6.0% in 2012. 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 about 8% in 2012. Deteriorating public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies to downgrade Greece's international debt rating in late 2009, 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, overhauling 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 Euro-Zone 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

IDENTIFICATION DETAILS

Trading Style: 'SOVIMO HELLAS SA'

Address: Athinon - Lamias National Rd (16th Km) & 61 Elaion, 14564 Kifissia Attiki

Greece

Telephone: 30 2130084500

Telefax: 30 2130084550

E-Mail Address: info@sovimo.gr

Web Address: www.sovimo.gr

BANKS

Alpha Bank A.E., Kifissia Branch branch., 1 Kolokotroni, Kifissia 14562, Greece.

Telephone: 30 2108084780

National Bank of Greece S.A., Kifissia Branch branch., 273 Kifissias Ave, Kifissia 14561, Greece.

Telephone: 30 2106283137

Emporiki Bank, Maroussi Branch branch., 58, KifisiasAv. & Delfon Str., Maroussi 15125, Greece.

Telephone: 30 2108063403

EFG EUROBANK ERGASIAS S.A., Peristeri (Pelasgias) Branch branch., 5 Pelasgias, Peristeri 12131, Greece.

Telephone: 30 2105740104

Bank of Piraeus S.A., Peristeri Branch branch., 73 Panagi Tsaldari &Irodotou, Peristeri 12134, Greece.

Telephone: 30 2105788100

New Proton Bank S.A., Peristeri Branch branch., 75-77 P. Tsaldari, Peristeri 12134, Greece.

Telephone: 30 2106970381

PAYMENTS

According to information available to us, the subject's payments are prompt.

Trade Payment Summary

EXP. DATE PAYING RECORD HIGH CREDIT NOW OWES PAST DUE TERM LAST SALE

31/1/2013 PROMPT 2,095 2,002 0 30 31/12/2012

31/1/2013 PROMPT 1,172 0 0 30 31/12/2012

31/1/2013 PROMPT 2,095 2,095 0 30 31/12/2012

31/1/2013 PROMPT 2,095 0 0 30 31/12/2012

31/12/2012 PROMPT 1,172 1,172 0 30 30/11/2012

31/12/2012 PROMPT 103 103 0 30 30/11/2012

31/8/2012 PROMPT 2,493 2,493 0 30 31/7/2012

FINANCIAL STATEMENTS

Fiscal Fiscal Fiscal

Dec 31,2010 Dec 31,2011 Dec 31,2012

Turnover 7,145,054 8,122,055 10,072,844

Pre-Tax Profit 21,340 -298,227 -86,910

Net Worth 9,387,496 10,083,655 10,956,985

Fixed Assets 11,304,825 15,122,150 15,221,926

Total Assets 21,153,263 23,290,303 24,012,515

Current Assets 9,684,520 7,824,598 8,518,759

Current Liabilities 9,996,017 9,262,416 9,568,361

Working Capital -311,497 -1,437,818 -1,049,602

Long Term Debt 1,769,751 3,944,232 3,487,168

Financial Assets 10,077 5,995 17,183

Intangibles 153,842 337,560 254,648

Employees 31 34

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

intangible assets.

RATIOS

Dec 31,2010 Dec 31,2011 Dec 31,2012

Current Ratio (X) 0.97 0.84 0.89

Solvency Ratio (%) 125.33 130.97 119.15

Fixed Assets/Net Worth (%) 120.42 149.97 138.92

Current Liabs/Net Worth (%) 106.48 91.86 87.33

Asset Turnover (%) 33.78 34.87 41.95

Sales / Net Working Cap (X) -22.94 -5.65 -9.60

Assets / Sales (%) 296.06 286.75 238.39

Profit Margin (%) 0.30 -3.67 -0.86

S/holders Return (%) 0.23 -2.96 -0.79

Return On Assets (%) 0.10 -1.28 -0.36

Sales / Employees 0.00 262,001.77 296,260.12

Profit / Employees 0.00 -9,620.23 -2,556.18

Abstract from individual fiscal balance sheet as at Dec 31, 2012

LIABILITIES ASSETS

Capital 7,424,070 Land/Buildings 12,671,440

Retained Profits -436,443 Plant/Machinery 4,368,619

Misc Reserves 3,969,358 Depreciation 1,818,133

Net Worth 10,956,985 Total Fixed Ass 15,221,926

Misc Def Liabs 3,487,168 Misc Fin'cl Ass 17,183

Total Fin'cl Ass 17,183

Misc Intangible 254,648

Total Intangible 254,648

CURRENT LIABILITIES: CURRENT ASSETS:

Trade Creditors 4,640,044 Stock 940,709

Short term Loans 4,838,960 Trade Debtors 5,781,182

Misc Current Liabs 89,358 Misc Debtors 1,263,229

Cash 533,638

TOTAL CURRENT 9,568,362 TOTAL CURRENT 8,518,758

TOTAL LIABS & NW 24,012,515 TOTAL ASSETS 24,012,515

Profit & Loss Account from Jan 1, 2012 to Dec 31, 2012

Net Sales 10,072,844

Cost of Goods Sold 8,409,636

Gross Profit 1,663,208

Misc Operating Charges 1,029,964

Misc Operating Income 122,971

Net Operating Income 756,215

Misc Financial Income 30,621

Total Financial Income 30,621

Interest Payable 783,973

Misc Financial Expenses 89,774

Total Financial Expenses 873,747

Profit Before Taxes -86,911

Profit After Tax -86,911

Net Loss 86,911

The above figures are as per the balance sheet as of Dec 31, 2012 and are in Euro

The financial statement was obtained from subject on Jun 28, 2013.

SENIOR COMPANY PERSONNEL

Name: Apostolos Antonios Prevezanos

Position: Chairman

Shareholder

Chief executive

Name: John Michail Moulianitakis

Position: Vice-chairman

Name: Panagiotis Pantelis Scourtis

Position: Chief executive

Position: Shareholder

SHAREHOLDERS

The company is a subsidiary of SCOURTIS, P., S.A. SOCIETE ANONYME, KIFISSIA, GREECE, which holds 52.95% interest. Parent began operations 2 Sep 1998.

PAPAYANNIS, S., S.A. holds 8.26% of the voting capital (Shareholder).

Panagiotis Scourtis holds 12.27% of the voting capital.

Apostolos Prevezanos holds 8.74% of the voting capital.

Nikolaos Stamelos holds 8.74% of the voting capital.

Nikolaos Scourtis holds 4.52% of the voting capital.

LEGAL STATUS & HISTORY

Business started: Jan 1, 1997.

Legal form: Societe anonyme registered on Jan 1, 1997 for a period ending Dec 31, 2096.

Registration No: 038180

Government Gazette No: 02808 / 1997

Chamber of Commerce No: 272181

Tax Registration No: 094457896

CAPITAL

Nominal capital: 7,424,070. Issued capital: 7,424,070.

Issued/paid-up capital was last increased on Dec 6, 2012.

Nominal capital is divided into: 247,469 shares of 30 each and fully paid-up.

HISTORY

The subject was established in Polydendri, Attiki, on 5.06.97. On 6/4/1998 (Gov. Gaz. No.01771/1998) a change of subject's head office was published.

On 1/4/2010 (Gov. Gaz. No. 02309/2010) a change of subject's head office was published. Subject moved from Schimatariou - Dilessi Rd, Patima, Ag. Athanassios,32009 Schimatari Voiotia on Mar 12, 2010.

PRINCIPALS

Name: Apostolos Antonios Prevezanos

Also a director of: PAPAYANNIS, S., S.A., GOLDEN EGGS S.A..

Also associated with: PAPAYANNIS, S., S.A., GOLDEN EGGS S.A., PARADELIS, P., - A. PREVEZANOS S.A..

Name: Panagiotis Pantelis Scourtis

Also a director of: GOLDEN EGGS S.A., AGROFER S.A., SCOURTIS, P., S.A..

Also associated with: SCOURTIS, P., S.A., GOLDEN EGGS S.A..

AFFILIATED COMPANIES

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

SCOURTIS, P., S.A. Societe Anonyme, Kifissia, Greece

Year started: 1998.