MIRA INFORM REPORT

Report No. :	314811
Report Date :	16.04.2015

IDENTIFICATION DETAILS

Name :	PISTIOLAS EV.GE. S.A.
Registered Office :	20, National Rd, Postal Code: 30100, Agrinio, Etolo-Akarnania
Country :	Greece
Date of Incorporation :	31.12.1982
Com. Reg. No.:	9579/010/Β/86/20
Legal Form :	Public Company
Line of Business :	Subject is engaged in Growing, Manufacturing and Trading of Rice
No. of Employee :	160

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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. Investor confidence, 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

Basic Information

Registered Name	PISTIOLAS EV.GE. S.A.
Trade Name	AGRINO, EV.GE. S.A.
Registered Address	20, National Rd, Postal Code: 30100, Agrinio, Etolo-Akarnania, Greece
Telephone	+30 2641049480, +30 2641027717
Fax	+30 2310795334, +30 2106126677
E-mail	agrinio@agrino.gr
Web Site	www.agrino.gr
Status	Registered and operational
Legal Type	SRL

VAT Number	094108961
Registration No	9579/010/Β/86/20	Registration Date	31/12/1982
Start Date	31/12/1982	Years of Operation	33
Registration End Date	31/12/2032
Last return	03/04/2015
CINFO ID	27141070

Summary

Employees	Apr 2015
Comment	No of employees: 160

Payment

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

Capital

Authorized Capital

8,503,641.00 EUR

Corporate Structure

Directors	Position	ID	Nationality	Occupation	Age	Appointed	Other dir.
Nik. Pistiolas, Konstantinos	Director	034039744	Greece	Chairman & CEO	-	-	No
Eft. Pistiolas, Anastassios	Director	056653282	Greece	Executive Vice Chairman	-	-	No
Kostakis, John	Director	-	Greece	Chief Financial Officer	-	-	No
Nik. Pistiolas, John	Director	051858840	Greece	Board Member	-	-	No
Eft. Pistiolas, Konstantinos	Director	035265782	Greece	Board Member	-	-	No

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

Other Relations	Position	ID	Nationality	Appointed
Eft. Pistiolas, Agis	Director / Marketing Manager	076593677	Greece
Tassopoulos, Anastassios	Asst. General Manager / Administrative Manager		Greece

Shareholders	ID/Reg. No.	Nationality	Shares	%
Eft. Pistiolas, Agis	076593677	Greece	n/a	n/a
Eft. Pistiolas, Anastassios	056653282	Greece	n/a	n/a
Nik. Pistiolas, John	051858840	Greece	n/a	n/a
Pistiola, Vassiliki	050116127	Greece	n/a	n/a
Pistiolas, Konstantinos	045256191	Greece	n/a	n/a
Pistiola, Loukia	046035367	Greece	n/a	n/a
Eft. Pistiolas, Konstantinos	035265782	Greece	n/a	n/a
Pistiolas, George	004122252	Greece	n/a	n/a

Operation

Activity Code	Description
2044	Rice milling manufacturing
0112	Growing of rice

Line of business

The subject company operates in:
Rice Production, Trade
Granulated rice Production, Trade
Rice milling by-products Production, Trade
Legumes Production, Trade

ISO 9001:2008, TUV HELLAS (TUV NORD) S.A.
H.A.C.C.P., TUV HELLAS (TUV NORD) S.A.

Sells to

Group Companies, General Public

Purchases

Products

Export to	Payment terms	Percentage
The subject company exports to: Albania Austria Cyprus Malta Romania Finland

Import from	Payment terms	Percentage
The subject company imports from: Mexico Pakistan Thailand

Banks	Swift code
PIRAEUS BANK S.A. AGRINIO, Greece
Comment
0172150
EFG EUROBANK ERGASIAS S.A. AGRINIO, CENTER, Greece
Comment
0260132
EFG EUROBANK ERGASIAS S.A. AGRINIO, CENTER, Greece
Comment
0260132
AGRICULTURAL BANK OF GREECE AGRINIO, Greece
Comment
0430610
NATIONAL BANK OF GREECE S.A. AGRINIO, Greece
Comment
0110303
NATIONAL BANK OF GREECE S.A. AGRINIO, Greece
Comment
0110303
ALPHA BANK Agrinio, Greece
Comment
0140220
ALPHA BANK Agrinio, Greece
Comment
0140220
Premises

	Date Updated
Operates as: The subject company operates from Office at the above mentioned address OWNERSHIP: Owned, LAND m2: 10000, BUILDINGS m2: 5000	03/04/2015
Operates as: Plant, LAND m2: 14000, BUILDINGS m2: 1200	03/04/2015
Owned
PO Box: 57400, Building name: Industrial Area, Sindos, Greece
Operates as:	03/04/2015
Warehouse
Leased
PO Box: 30100, Agrinio , Greece
Operates as: LAND m2: 1400, BUILDINGS m2: 3000	03/04/2015
Office
Owned
57, PO Box: 14123, Attica, irakleio, Greece

Affiliates and Subsidiaries	Country	Relation	Date Reg.
No information available

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.

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.

Additional Information

CONCLUSION

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

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

Please note that the subject declined to release any further detailed and latest financial information neither such data was found being officially published.

Contact Information

No information available

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.40
UK Pound	1	Rs.92.15
Euro	1	Rs.66.48

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ASH

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.