MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	NIKOLIS S.A. (NIKOLIS S.A.)

Registered Office :	35 26th Oktovriou, Thessaloniki 54627, Thessaloniki

Country :	Greece

Financials (as on) :	30.06.2013

Year of Establishments :	1993

Legal Form :	Private Company

Line of Business :	· Engaged in designing, production and sales of Casual Clothing under the brand names ‘BROKERS, ‘CAMARO’, ‘SOGO’ and ‘QUATTRO’ and kids’ wear under ‘MISS ONE’ and ‘M-ONE’. · Engaged in Manufacturing of work wear

No of Employees :	20

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 :	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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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

IDENTIFICATION DETAILS

Company name: NIKOLIS S.A. (NIKOLIS S.A.)

TRADΕ STYLE: NIKOLIS S.A.

Address: 35 26th Oktovriou, Thessaloniki 54627, Thessaloniki, Greece

Phone: 2310539761

Fax: 2310525323

Web- page: www.nikolis.gr

Email: nikolis@nikolis.gr

COMPANY DETAILS

Status: Active

TAX ID: 094373130

REG. NO.: 29325/062/Β/93/148

G.E.MI.: 38317405000

YEAR STARTED: 1993

SHARE CAPITAL

INITIAL CAPITAL 2,493,000 EUR

MANAGEMENT/DIRECTORS

NAME TAX ID

George Ale. Nikolis 010701844

Board Chairman,

Chief Executive Officer,

Legal Representative

Anna Efr. Nikoli

Board Vice Chairman

Evangelia Efr. Nikoli 128072008

Board Member

SHAREHOLDERS

FULLENAME PERCENT TAX ID

George Nikolis 50.00% 010701844

Efraim Nikolis 50.00% 010701856

ACTIVITY

Engaged in designing, production and sales of Casual Clothing under the brand names ‘BROKERS, ‘CAMARO’, ‘SOGO’ and ‘QUATTRO’ and kids’ wear under ‘MISS ONE’ and ‘M-ONE’.

SECTOR: Manufacture of clothes

NACE INDUSTRY

18.21 Manufacture of work wear

PRODUCTS

KIND RELATION

Men's fabric garments Production, Trade

Women's fabric garments Production, Trade

IMPORT

The subject company imports from Austria and Spain.

EXPORT

The subject company exports to Cyprus.

SUPPLIERS

FULLNAME TAX NUMBER COUNTRY

IONTEX LTD 095476990 Greece

HELLENIC FABRICS S.A. 094043731 Greece

TINTOTEX Italy

PREMISES

Address: 35 26th Oktovriou, Thessaloniki 54627, Thessaloniki, Greece

OWNERSHIP: Owned

BUILDINGS m2: 6500

HEAD OFFICE - WORKSHOP: 2310520506 (Phone)

WORKFORCE

No. of employees 20

BANKS

BANK NAME AREA BANK NUM

NATIONAL BANK OF GREECE S.A. THESSALONIKI 0110236

PIRAEUS BANK S.A. THESSALONIKI 0172223

FINANCIAL INFORMATION

GENERAL COMMENTS

Company was established in 1993 having a legal seat at Thessaloniki and is engaged in the manufacturing and trade of garments. Subject continues business activities of the pre existing general partnership CAMARO G. NIKOLIS & CO O.E., originally founded in 1984.

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

Further information was not available.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.88
UK Pound	1	Rs.96.90
Euro	1	Rs.76.29

INFORMATION DETAILS

Analysis Done by :	RAS

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.