MIRA INFORM REPORT

Report Date :

31.08.2014

IDENTIFICATION DETAILS

Name :	PAPAGEORGIOU BROS SA
Registered Office :	5 Ileias, Kato Ovria, Patra 26500, Achaea
Country :	Greece
Financials (as on) :	31.12.2013
Date of Incorporation :	07.04.2007
Legal Form :	Socieete Anomyne
Line of Business :	· Wholesale of other food, including fish, crustaceans and molluscs · Wholesale of sugar and chocolate and sugar confectionery · Wholesale of dairy produce, eggs and edible oils and fats · Wholesale of coffee, tea, cocoa and spices
No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Greece	B2	B2

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 18% 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 averaged growth of about 4% per year between 2003 and 2007, 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. By 2013 the economy had contracted 26%, compared with the pre-crisis level of 2007. Greece met the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP in 2007-08, but violated it in 2009, with the deficit reaching 15% of GDP. Austerity measures have reduced the deficit to about 4% in 2013, including government debt payments. 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 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 continue pushing 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, called for holders of Greek government bonds to write down a significant portion of their holdings. As Greek banks held a significant portion of sovereign debt, the banking system was adversely affected by the write down and €41 billion of the second bailout package was set aside to ensure the banking system was adequately capitalized. In exchange for the second loan Greece promised to introduce an additional $7.8 billion in austerity measures during 2013-15. However, the massive austerity cuts have prolonged Greece's economic recession and depressed tax revenues. Throughout 2013, Greece's lenders called on Athens to step up efforts to increase tax collection, dismiss public servants, privatize public enterprises, and rein in health spending. In June 2013 Prime Minister Antonis SAMARAS's efforts to meet bailout conditions led to the departure of one party, the Democratic Left, from the governing coalition when his government made the controversial decision to shut down and restructure the state-owned television and radio company. Subsequent reluctance to institute further cuts and delays in meeting public sector reform targets prompted Greek lenders to withhold bailout fund disbursements until December 2013. However, investor confidence began to show signs of strengthening by the end of 2013 as leading macroeconomic indicators suggested the economy’s freefall had been arrested

Source : CIA

Company name

Name: PAPAGEORGIOU BROS SA

IDENTIFICATION DETAILS

Name: PAPAGEORGIOU BROS SA

Address: 5 Ileias, Kato Ovria, Patra 26500, Achaea, Greece

Tel.: 2610526001-3,

Fax: 2610525970

Web: www.papageorgioufoods.gr

Email: info@papageorgioufoods.gr

COMPANY DETAILS

Tax Id: 082272665

Reg. No.: 63622/022/B/07/38

G.E.Mi.: 36396216000

Date Started: 07/04/2007

WORKFORCE

25

ACTIVITY

SECTOR: Miscellaneous food products

NACE INDUSTRY

51.38 Wholesale of other food, including fish, crustaceans and molluscs

51.36 Wholesale of sugar and chocolate and sugar confectionery

51.47 Wholesale of other household goods

51.33 Wholesale of dairy produce, eggs and edible oils and fats

51.37 Wholesale of coffee, tea, cocoa and spices

CERTIFICATIONS: ISO 9001:2008, TUV HELLAS (TUV NORD) S.A.

PRODUCTS RELATION

Spices Import, Trade

Fresh bakery products Import, Trade

Frozen confectionery products Import, Trade

Frozen bakery products Import, Trade

Food products Import, Trade

Bakery & confectionery raw materials & additives Import, Trade

Fresh confectionery products Import, Trade

Cheese Import, Trade

Milk Import, Trade

Frozen vegetables Import, Trade

Tissue paper products Import, Trade

IMPORTS

Bulgaria

United States Minor Outlying Islands

India

Poland

Romania

Turkey

EXPORTS

The subject does not export.

PRINCIPALS

NAME TAX ID ID NUMBER DOC DATE

Anastasios Bas. Papageorgiou 023639013 Χ800503 4664 - 26.07.2013

Board Chairman, Chief Financial Officer,

Legal Representative

Sofia Bas. Papageorgiou 126542710 ΑΕ224207 4664 - 26.07.2013

Board Vice Chairman

Dimitrios Bas. Papageorgiou 042639227 ΑΖ 710393 4664 - 26.07.2013

Chief Executive Officer,

Legal Representative,

Business Development Director

SHAREHOLDERS

NAME TAX ID ID NUMBER

Dimitrios Bas. Papageorgiou 042639227 ΑΖ 710393

Anastasios Bas. Papageorgiou 023639013 Χ800503

COMPANY VEHICLES

VEHICLE TYPE NUMBER

TRUCKS 13

CARS 7

BANKS

BANK NAME AREA BANK NUM

ALPHA BANK PATRA 0140530

NATIONAL BANK OF GREECE S.A. PATRA 0110225

PIRAEUS BANK S.A. PATRA 0172504

BRANCHES

Retail Store

5 Ileias, Kato Ovria, Patra 26500, Achaea

Ownership: Owned

FINANCIALS

GENERAL COMMENTS

Established in July 2007 under the name "PAPAGEORGIOU BROS SA COMMERCIAL FOOD" and object of activity the trade of various food items, bakery materials and stationery. It came from the conversion of the company B BROS PAPAGEORGIOU Ο.Ε. established in 1960 in Patras (Naumahias Elli 4). In 1970, moved its headquarters at 48

Athens, Patras and finally in 1996 to the current address.

Please note that the information provided in this report was obtained from official and publicly available sources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.48
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.