MIRA INFORM REPORT

Report Date :

11.03.2014

IDENTIFICATION DETAILS

Name :	THRACE PLASTICS S.A.

Registered Office :	Magiko, 67100 Xanthi

Country :	Greece

Financials (as on) :	31.12.2012

Date of Incorporation :	01.01.1977

Com. Reg. No.:	011188

Legal Form :	Societe Anonyme

Line of Business :	· Manufacturer of plastics products · Wholesaler of piece goods and notions · Manufacturer and trader of plastic packaging materials for agricultural and similar products and plastic materials in general

No. of Employees	71 (Nov 25, 2013 including 0 part-time staff) 1,577 (Group)

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 :	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 – december 01, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

THRACE PLASTICS S.A.

IDENTIFICATION DETAILS

ADDRESS: 20 MARINOU ANTYPA

17455 ALIMOS

ATTIKI

GREECE

TELEPHONE: 30 2109875000

30 2109875064

TELEFAX: 30 2109875001

E-MAIL ADDRESS: info@thraceplastics.gr

WEB ADDRESS: www.thracegroup.gr

LEGAL INFORMATION

Subject acquired the business of THRA-PLAST - MEGABAG S.A., a Societe anonyme which started in 1993 with effect from Dec 19, 2006.

Legal Form: Societe anonyme registered on Jan 1, 1977 for a period ending Dec 31,

2107.

Registration Number: 011188

Government Gazette Number: 02620 / 1977

Chamber of Commerce Number: 7316

Tax Registration Number: 094084320

CAPITAL

Nominal capital: 22,547,310.

Issued capital: 22,547,310.

Issued/paid-up capital was last increased on Jan 16, 2008.

Nominal capital is divided into:

45,094,620 and fully paid-up.

PRINCIPALS

Konstantinos Stavros Halioris

Chairman

Shareholder

CEO

Also a director of THRA-PLAST - MEGABAG S.A., THERMOKIPIA THRAKIS S.A.,

THRACE PLASTICS PACKAGING CO. S.A., MOURIADIS, J. TH., S.A., THRACE

SARANTIS S.A., THRACE LIQUID PACK S.A., CAPSNAP HELLAS S.A., THRACE

PLASTICS PACK S.A., ERATO TECHNIKI TOURISTIKI KTIMATIKI EMBORIKI S.A.,

THRACE PACK S.A., THRACE XPS S.A., THRACE NONWOVENS & GEOSYNTHETICS S.A.,

THRATEX S.A., KLEIO S.A., MEGABAG S.A., EFTERPI S.A., FOTOVOLTAIKO PARKO

XANTHIS S.A., FOTOVOLTAIKO PARKO PAROU S.A., THRACE MANAGEMENT &

CONSULTING S.A., THALEIA S.A..

Also associated with THRACE MANAGEMENT & CONSULTING S.A., THALEIA S.A.,

ERATO TECHNIKI TOURISTIKI KTIMATIKI EMBORIKI S.A., FOTOVOLTAIKO PARKO

PAROU S.A., FOTOVOLTAIKO PARKO XANTHIS S.A., MEGABAG S.A., THRACE

PLASTICS PACK S.A..

Theodossios Antonios Kolyvas

Vice-Chairman

Also a director of GENERAL PLASTICS S.A., GENIKI POLYMERON S.A..

Also associated with GENIKI POLYMERON S.A..

Christos Siatis

Member

George Periklis Braimis

Member

Also a director of PERIPAK S.A., DANIEL, E., & CO. GRAPHIC ARTS S.A.,

THRACE XPS S.A., THRACE PLASTICS PACK S.A., CAPSNAP HELLAS S.A..

Petros Fronistas

Member

Stephen Duffy

Member

John George Apostolakos

Member

Also a director of GAEA PRODUCTS S.A..

Konstantinos Gianniris

Member

Also a director of VALCO LTD.

Also a partner in VALCO LTD.

Efimia Stavros Haliori

Shareholder

SHAREHOLDERS

Konstantinos Halioris holds 41.96% of the voting capital.

Efimia Haliori holds 19.80% of the voting capital.

SUBSIDIARIES

PAREEN LTD Miscellaneous, Cyprus, Cyprus

Year started: 2010.

Subject owns 100% of the capital.

MARZENA LIMITED Foreign Participants, Cyprus, Cyprus

Subject owns 100% of the capital.

DON & LOW LTD Foreign Participants, United Kingdom, UK

Subject owns 100% of the capital.

THRACE NONWOVENS & GEOSYNTHETICS S.A. Societe Anonyme, Xanthi, Greece

Year started: 1999.

Subject owns 100% of the capital.

SYNTHETIC HOLDING LTD Foreign Participants, Ireland, Ireland

Year started: 1992.

Subject owns 100% of the capital.

THERMOKIPIA THRAKIS S.A. Miscellaneous, Xanthi, Greece

Year started: 2013.

Subject owns 100% of the capital.

THRACE PLASTICS PACK S.A. Societe Anonyme, Ioannina, Greece

Year started: 2002.

Subject owns 93% of the capital.

AFFILIATES

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

THRACE MANAGEMENT & CONSULTING S.A. Societe Anonyme, Xanthi, Greece

This is a dormant concern.

Year started: 1991.