MIRA INFORM REPORT

Report Date :

07.12.2013

IDENTIFICATION DETAILS

Name :	FRAGOS S.A.

Registered Office :	423b Vouliagmenis Ave 16346 Ilioupoli Athens

Country :	Greece

Financials (as on) :	31.12.2012

Date of Incorporation :	01.01.1989

Com. Reg. No.:	018696

Legal Form :	Societe Anonyme

Line of Business :	Manufactures women's and misses' outerwear

No. of Employees :	149

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 – 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

Company name and address

Company : FRAGOS SA

: Mandarino International Sa

423B vouliagments Ave

Athens 17456

Greece

Bankers : Alpha Bank AE

154 Branch

106 Vouliagments Avenue, Gr 16777

Elliniko, Athens , Greece

IDENTIFICATION DETAILS

Name: FRAGOS S.A.

ADDRESS: 423B VOULIAGMENIS AVE

16346 ILIOUPOLI

ATHENS

GREECE

TELEPHONE: 30 2109971000

TELEFAX: 30 2109971099

E-MAIL ADDRESS: mailbox@mandarino.gr

WEB ADDRESS: www.mandarino.gr

FURTHER INFORMATION

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

STARTED: 1989

YEAR INC: 1989

LEGAL FORM: SOCIETE ANONYME

REG NO: 018696

GOVT GAZ NO:00092 / 1989

EMPLOYS: 145

SIC: 2339 5651

ACTIVITY: MANUFACTURES WOMEN'S AND MISSES' OUTERWEAR

PRINCIPALS

Panagiotis Anastassios Fragos

chairman

shareholder

Andreas George Zacharopoulos

vice-chairman

Panagiotis Anastassios Fragos

chief executive

shareholder

John Aristotelis Vontzalidis

member

BANKERS

Alpha Bank A.E., Elliniko Branch branch., 106 Vouliagmenis Ave.,

Elliniko 16777, Greece.

Telephone: 30 2109647250

National Bank of Greece S.A., Makrygianni Branch branch., 44 Syngrou

Ave., Athens 11742, Greece.

Telephone: 30 2103348630

Alpha Bank S.A. (ex Emporiki Bank), Dafni Branch branch., 244

Vouliagmenis Ave, Agios Dimitrios 17343, Greece.

Telephone: 30 2109710627

EFG EUROBANK ERGASIAS S.A., Kalamiotou Branch (Ex Ergobank branch., 3

Kalamiotou, Athens 10563, Greece.

Telephone: 30 2103226683

PAYMENTS REPORTED

Informants report that subject's payments are prompt.

HISTORY

PRINCIPALS ANTECEDENTS

NAME: Panagiotis Anastassios Fragos

Also a director of FRANGOS, P., S.A., PAIDIKI ENDYSSI KIFISSIAS LTD,

MARASIL THESSALONIKIS LTD.

Also a partner in PAIDIKI ENDYSSI KIFISSIAS LTD.

Also associated with FRANGOS, P., S.A., ITONIA S.A..

NAME: Andreas George Zacharopoulos

Also a director of SMM-HELLAS LTD.

Also a partner in PAIDIKI ENDYSSI KIFISSIAS LTD.

NAME: Panagiotis Anastassios Fragos

Also a director of FRANGOS, P., S.A., PAIDIKI ENDYSSI KIFISSIAS LTD,

MARASIL THESSALONIKIS LTD.

Also a partner in PAIDIKI ENDYSSI KIFISSIAS LTD.

Also associated with FRANGOS, P., S.A., ITONIA S.A..

BACKGROUND

Business started Jan 1, 1989.

Subject moved from 536 Vouliagmenis Ave, 17456 Alimos Attiki on Jul 1,

2001.

LEGAL FORM

Societe anonyme registered on Jan 1, 1989 for a period ending Dec 31, 2039.

Registration Number: 018696

Government Gazette Number: 00092 / 1989

Chamber of Commerce Number: 193814

Tax Registration Number: 094232960

Established in Nea Smyrni, Attiki, in 1989, following the merger of the

companies: a) MANDARINO INTERNATIONAL CO FRANGOS S.A., a societe anonyme,

established in August 1986 and b) P. FRANGOS & CO O.E., a general

partnership, established in 1983. In 1991 (Gov.Gaz. No. 3324/91), subject

moved its head office from 58 Aigaiou Str., N. Smyrni, at 536 Vouliagmenis

Ave., Alimos. It is noted that the company's trade style is MANDARINO

INTERNATIONAL S.A. On 13/7/2001 (Gov. Gaz. No. 05980/2001) a change of

subject's head office was published.

SHARE CAPITAL

Nominal capital is divided into:

1,635,749 shares of 2.93 each and fully paid-up.

SHAREHOLDERS

Panagiotis Fragos holds 94.12% of the voting capital.

Sotiria Moschona - Fragou holds 5.88% of the voting capital.

AFFILIATES

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

interest(s):

PAIDIKI ENDYSSI KIFISSIAS LTD Limited Liability Company, Ilioupoli,

Greece

Year started: 2004.