MIRA INFORM REPORT

Report No. :	315829
Report Date :	14.04.2015

IDENTIFICATION DETAILS

Name :	SYSTEMS SUNLIGHT SA
Registered Office :	2, Postal Code: 10563, Attica
Country :	Greece
Date of Incorporation :	01.01.1994
Com. Reg. No.:	31055/004/Β/94/157
Legal Form :	Public Company
Line of Business :	Manufacture of accumulators, primary cells and primary batteries Manufacture of electric motors, generators and transformers Manufacture of electricity distribution and control apparatus Wholesale of electrical household appliances and radio and television goods Manufacture of electronic valves and tubes and other electronic components Wholesale of other machinery for use in industry, trade and navigation
No. of Employee :	450 (April 2015)

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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 reduced the deficit to about 4% in 2013, including government debt payments, but the deficit spiked to 12.7% of GDP in 2014. 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, faced 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, and 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 $60 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. Greece's lenders have continually called on Athens to step up efforts to increase tax collection, dismiss public servants, privatize public enterprises, and rein in health spending. INVESTORconfidence, however, began to show signs of strengthening by the end of 2013, and the decline in GDP slowed to 3.9% that year, Greece’s best performance since 2009. Greece subsequently marked three significant milestones in 2014: balancing its 2013 budget—not including debt repayments; re-entering financial markets in April with the first issue of government debt since 2010; and posting its first quarter of positive growth since 2008. Buoyed by Greece’s success, Prime Minister Antonios SAMARAS in October announced plans to exit its bailout program early, provoking a plunge in the Greek stock and debt markets that pushed Greece back to the negotiating table with its creditors and ultimately resulted in an agreement to extend the EU portion of Greece’s bailout through February 2015.

Source : CIA

Company summary

Registered Name	SYSTEMS SUNLIGHT SA
Trade Name	Systems Sunlight Sa
Registered Address	2, Postal Code: 10563, Attica, Greece
Telephone	+30 2106245400
Fax	+30 2106245479
E-mail	info@sunlight.gr
Web Site	www.systems-sunlight.com
Status	Registered and operational
Legal Type	SA

VAT Number	094401108
Registration No	31055/004/Β/94/157	Registration Date	01/01/1994
Start Date	01/01/1994	Years of Operation	21
Last return	08/04/2015
CINFO ID	27270750

Summary

Employees	Apr 2015
Total Number	450

Payment

Assessment:	Above Average Risk
Payment habits:	UNDETERMINED	Please note that no payment information is available for the subject company.
Financial strength	Moderate

Capital

Issued capital

68,115,957.00 EUR

Corporate Structure

Directors		Position		ID	Nationality	Occupation	Age	Appointed	Other dir.
Petrolegkas, Panagiotis		Director		-	Greece	Chief Financial Officer	-	-	No
MICHELIS, MICHAIL		Director		-	Unknown	Board Member	9	-	No
GERMANOS, PANOS		Director		-	Unknown	Board Member	-	-	No
NGUMAS, DIMITR		Director		-	Unknown	Board Member	-	-	No
Ang. Bilis, Basil	Director		029922131		Greece	Chairman	-	-	No

Secretary	Position	ID	Nationality	Occupation	Age	Appointed	Other dir.
No information available

Other Relations	Position	ID	Nationality	Appointed
Kon. Latinos, Stefanos	Marketing Director	061022903	Greece
Naoumidis, Dimitrios	Sales Director		Greece
METAXAS, KONSTANTINOS	Sales Director		Unknown

Shareholders		ID/Reg. No.	Nationality	Shares	%
OLYMPIA DEVELOPMENT A.E.		998806655	Unknown
25, Ermou, 14 km National Road Athinon- Lamias, Neas Kifisias, 14564, Athens
Other Directorship:
Name	Registration date	Reg. No	Status	Position	Update date
No information available
Other Shareholding:
Name	Registration date	Reg. No	Status	%	Update date
GREY SQUIRREL SERVICES LTD	06/11/2007	C211746	Registered and operational	100	06/03/2014
TOLLERTON INVESTMENTS LIMITED	28/04/2006	C175495	Registered and operational	80	06/03/2014
GERMANOS, PANOS			Unknown	0	0
102, Tatoiou
Other Directorship:
Name	Registration date	Reg. No	Status	Position	Update date
No information available
Other Shareholding:
Name	Registration date	Reg. No	Status	Update date
No information available

Operation

Activity Code	Description
31.40	Manufacture of accumulators, primary cells and primary batteries
31.10	Manufacture of electric motors, generators and transformers
31.20	Manufacture of electricity distribution and control apparatus
51.43	Wholesale of electrical household appliances and radio and television goods
32.10	Manufacture of electronic valves and tubes and other electronic components
51.87	Wholesale of other machinery for use in industry, trade and navigation
	[45.31] Installation of electrical wiring and fittings
29.56	Manufacture of other special purpose machinery n.e.c.

Line of business

SECTOR: Electronic equipment

The subject company operating in:
Manufacturing, assembly, representations, imports and wholesale trade of advanced technology cells and batteries, industrial cells and batteries, consumer batteries, autonomous or grid connected power supply systems, generating sets, power supply systems, voltage and industrial rectifiers, UPS systems and LED lighting systems. EPC contractors. Energy projects. Technical support

PRODUCTS
Batteries- Production, Import, Trade
Industrial use batteries- Production, Import, Trade
Power generators-Production, Import, Trade
Uninterruptable power supply equipment (UPS)-Production, Import, Trade
Generator sets-Production, Import, Trade
Voltage rectifiers-Production, Import, Trade
Photovoltaic systems-Trade
Machinery & equipment maintenance & service-Services
Electric material-Trade
Lighting fixtures-Trade
Industrial energy works-Services
Technical works-Services

Sells to

No information available

Purchases

No information available

Export to	Payment terms	Percentage
-	-	N/A
The subject company does not engage in any export activities.

Import from	Payment terms	Percentage
-	-	N/A
The subject company imports from: Vietnam Bulgaria Brazil United States Minor Outlying Islands Japan India China Taiwan, Province of China Thailand Turkey

Banks	Swift code
BNP PARIBAS SECURITIES SERVICES AMPELOKIPI, Greece
Comment
0390001
EFG EUROBANK ERGASIAS S.A. ATHENS, CENTER, Greece
Comment
0260248
NATIONAL BANK OF GREECE S.A. ATHENS CENTER, Greece
Comment
0110040
ALPHA BANK NEA IONIA, Greece
Comment
0140137

Premises	Date Updated
Operates as: Plant, BUILDINGS m2: 42000	08/04/2015
Owned
Postal Code: 174981, PO Box Postal Code: 174981, 2541095446 (Fax), Evlalo, Greece

Affiliates and Subsidiaries	Country	Relation	Date Reg.
HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.	Greece	Customer
HELLENIC RAILWAYS ORGANIZATION S.A.	Greece	Customer
TKMS SHIPYARD - HDW GMBH	Germany	Customer
GREEK NAVY	Greece	Customer
HELLENIC POST (ELTA) S.A.	Greece	Customer
PUBLIC POWER CORPORATION S.A.	Greece	Customer
ROMANIA ELECTRICA	Romania	Customer

Agencies and Suppliers	Country	Relation	Date Reg.
No information available

CHARGES

No	Date Registered	Date Prepared	Type	Description	Amount	Secondary amount	Property	Unit	Beneficiary
No information available

Charges History

No	Date Registered	Date Prepared	Date End	Type	Description	Amount	Secondary amount	Property	Unit	Beneficiary
No information available

Negatives

According to our against the subject no negatives have been registered.

CORPORATE STRUCTURE DETRIMENTALS

Financial information

Please note that the latest financial details were not available at the file of the company at the official companies' registry house; as the law provides for all companies. No financial details were available from other public sources.

Additional Information

CONCLUSION

Subject company`s G.E.MI.: 1579901000

Subject company`s full name: SYSTEMS SUNLIGHT S.A. INDUSTRIAL COMPANY OF DEFENSIVE ENERGY ELECTRONIC & TELECOM. SYSTEMS

It was established in 1994, in Athens under the name ARION S.A., dealing with the trade of fabrics. In 2006 (Gov. Gaz. No. 10931/2006) it absorbed the sector of manufacture and trade of batteries of the firm GERMANOS SA.

In 2006, it was renamed into SYSTEMS SUNLIGHT S.A. INDUSTRIAL COMPANY OF DEFENSIVE ENERGY ELECTRONIC & TELECOM. SYSTEMS, with district name SUNLIGHT SYSTEMS, dealing with the manufacturing and trade of advanced technology cells and batteries, and it moved in new premises in Ag. Stefano in Attica. On 25/6/2013 (Gov. Gaz. No. 03748/2013) a change of subject`s head office was published.

Up to October 2014 shareholder by 100% was Panos Pan. Germanos.

Please note that no further information regarding the shareholders was provided.

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

Contact Information

No information available

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.91.06
Euro	1	Rs.66.16

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ANK

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.