MIRA INFORM REPORT

Report Date :

31.05.2013

IDENTIFICATION DETAILS

Name :	MEDICON HELLAS S.A.

Registered Office :	5-7 Melitona 15344 Gerakas Attiki

Country :	Greece

Financials (as on) :	31.12.2012

Date of Incorporation :	01.01.1988

Com. Reg. No.:	016439

Legal Form :	Societe anonyme

Line of Business :	Wholesales of drugs, proprietaries, and sundries

No. of Employees :	74

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

Company name

MEDICON HELLAS S.A.

IDENTIFICATION DETAILS

ADDRESS: 5-7 MELITONA

15344 GERAKAS

ATTIKI

GREECE

TELEPHONE: 30 2106606000

TELEFAX: 30 2106612666

E-MAIL: man@mediconsa.com

WEBSITE: www.mediconsa.com

SENIOR COMPANY PERSONNEL

Chairman : Spyridon Stylianos Dimotsantos

vice-chairman: Evangelos Iordanis Baltzoglou

chief executive: Spyridon Stylianos Dimotsantos

Deputy Managing Director: Evangelos Iordanis Baltzoglou

Member: Chryssanthos George Mitropoulos

Dimitrios Stamboulis

John Damianos Prassinos

Dimitrios John Kapetanakis

Theodora Athanasios Mitsiou

PRINCIPALS ANTECEDENTS:

NAME: Spyridon Stylianos Dimotsantos

Also a director of MEDICON COSMETICS S.A., BIOSTAT S.A., MEDICON HELLAS LTD, MEDILAB LTD.