MIRA INFORM REPORT

Report No. :	347074
Report Date :	14.10.2015

IDENTIFICATION DETAILS

Name :	PAVLIDES P. S.A.
Registered Office :	Giannitson - Edessas Rd (2nd km), LAND m2: 180000, BUILDINGS m2: 38000, 58100, Giannitsa, Pella,
Country :	Greece
Date of Incorporation :	01.01.1992
Com. Reg. No.:	26664/062/Β/92/160
Legal Form :	Société Anonyme
Line of Business :	The subject company is engaging with the production and trade of stewed fruit. Trade of fruit & vegetables.
No. of Employee :	48

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	USD 2205939
Status :	Moderate
Payment Behaviour :	Slow
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Greece	C1	C1

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 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. The Greek economy posted an annual economic growth rate of 0.8 percent in 2014, the first year of positive growth since 2008. However, widespread discontent with austerity measures resulted in a victory for the anti-austerity SYRIZA in the January 2015 parliamentary elections. In February, Greece reached a tentative agreement with its creditors that would provide emergency liquidity to Greece in exchange for significant economic reforms. Uncertainty regarding Greece’s future in the Eurozone has dampened investor confidence and lowered growth projections for 2015.

Source : CIA

Basic Information

Registered Name	PAVLIDES P. S.A.
Trade Name	PAVLIDES PRODROMOS S.A.
Registered Address	Giannitson - Edessas Rd (2nd km), LAND m2: 180000, BUILDINGS m2: 38000 , 58100, Giannitsa, Pella, Greece
Telephone	+30 2382083590 HEAD OFFICE - PLANT, +30 2382022066 HEAD OFFICE - PLANT
Fax	+30 2382022065
E-mail	info@pavlides-group.gr
Web Site	www.pavlides-group.gr
Status	Registered and operational
Legal Type	SA - Société Anonyme

VAT Number	094344195
Registration No	26664/062/Β/92/160	Registration Date	01/01/1992
Start Date	01/01/1992	Years of Operation	24
CR number	26664/062/Β/92/160
CINFO ID	23410246

Summary

Employees	Nov 2015
Total Number	48

Payment

Assessment:	Low Risk
Payment habits:	UNDETERMINED	Please note that no payment information is available for the subject company.
Maximum credit	2500000€	Please note that our rating system has the amount of 2 500 000 EUR as a maximum credit amount ceiling.

Capital

Authorized Capital

12,695,040.00 EUR

Corporate Structure

Directors	Position	ID	Nationality	Occupation	Age	Appointed	Other dir.
Mr Pav. Pavlidis, Prodromos	Director	002095354	Greece	Chairman & CEO	-	-	Yes
Other directorship:
Name	Registration Date	Reg. No.	Status	Position	Update Date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/Β/07/10	Registered and operational	Director	03/11/2015
Other shareholding:
Name	Registration Date	Reg. No.	Status	%	Update Date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/ÎÂ’/07/10	Registered and operational	10	03/11/2015
Mr Pro. Pavlidis , Pavlos	Director	061274461	Greece	Vice President	-	-	Yes
Other directorship:
Name	Registration Date	Reg. No.	Status	Position	Update Date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/Β/07/10	Registered and operational	Director	03/11/2015
Other shareholding:
Name	Registration Date	Reg. No.	Status	%	Update Date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/ÎÂ’/07/10	Registered and operational	10	03/11/2015
Mrs Grigoriadou, Melina	Director	-	Unknown	Marketing Director	-	-	No
Mr Laz. Ioannidis , Christos	Director	022692940	Greece	Business Development Director	-	-	Yes
Other directorship:
Name	Registration Date	Reg. No.	Status	Position	Update Date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/Β/07/10	Registered and operational	Director	03/11/2015
Other shareholding:
Name	Registration Date	Reg. No.	Status	%	Update Date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/ÎÂ’/07/10	Registered and operational	10	03/11/2015
Mr Dim. Danas, Fotios	Director	-	Unknown	Chief Financial Officer	-	-	No
Mrs Pro. Pavlidou, Maria	Director	070538120	Greece	Board Member	-	-	Yes
Other directorship:
Name	Registration Date	Reg. No.	Status	Position	Update Date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/Β/07/10	Registered and operational	Director	03/11/2015
Other shareholding:
Name	Registration Date	Reg. No.	Status	%	Update Date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/ÎÂ’/07/10	Registered and operational	50	03/11/2015
Mr Pro. Pavlidis, John	Director	070538038	Greece	Deputy Chief Executive Officer	-	-	Yes
Other directorship:
Name	Registration Date	Reg. No.	Status	Position	Update Date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/Β/07/10	Registered and operational	Director	03/11/2015
Other shareholding:
Name	Registration Date	Reg. No.	Status	%	Update Date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/ÎÂ’/07/10	Registered and operational	10	03/11/2015

Other Relations	Position	ID	Nationality	Appointed
Mr Vakalis, John	Manager	(Reg. No)	Unknown
Mr Laz. Ioannidis , Christos	General Manager	022692940	Greece

Shareholders		ID/Reg. No.	Nationality	Shares	%
Mr Pro. Pavlidis , Pavlos		061274461	Greece	-	10
Other Directorship:
Name	Registration date	Reg. No	Status	Position	Update date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/Β/07/10	Registered and operational		03/11/2015
Other Shareholding:
Name	Registration date	Reg. No	Status	Update date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/ÎÂ’/07/10	Registered and operational	10	03/11/2015
Mr Laz. Ioannidis , Christos		022692940	Greece	-	10
Other Directorship:
Name	Registration date	Reg. No	Status	Position	Update date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/Β/07/10	Registered and operational		03/11/2015
Other Shareholding:
Name	Registration date	Reg. No	Status	Update date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/ÎÂ’/07/10	Registered and operational	10	03/11/2015
Mr Pro. Pavlidis, John		070538038	Greece	-	30
Other Directorship:
Name	Registration date	Reg. No	Status	Position	Update date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/Β/07/10	Registered and operational		03/11/2015
Other Shareholding:
Name	Registration date	Reg. No	Status	Update date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/ÎÂ’/07/10	Registered and operational	10	03/11/2015
Mr Pav. Pavlidis, Prodromos		002095354	Greece	-	50
Other Directorship:
Name	Registration date	Reg. No	Status	Position	Update date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/Β/07/10	Registered and operational		03/11/2015
Other Shareholding:
Name	Registration date	Reg. No	Status	Update date
COTTON MILLS PAVLIDES SA	21/06/2007	63448/057/ÎÂ’/07/10	Registered and operational	10	03/11/2015

Operation

Activity Code	Description
15.33	Processing and preserving of fruit and vegetables n.e.c.
51.31	Wholesale of fruit and vegetables

Line of business

The subject company is engaging with the production and trade of stewed fruit. Trade of fruit & vegetables.

PRODUCTS:
Stewed fruit-Production, Trade

Export to	Payment terms	Percentage
No information available

Import from	Payment terms	Percentage
Cyprus, Thailand	-	N/A

Banks	Swift code
PIRAEUS BANK S.A. - GIANNITSON GIANNITSA, Greece
Comment
Bank Number: 0172252
EFG EUROBANK ERGASIAS S.A. - GIANNITSON GIANNITSA, CENTER, Greece
Comment
Bank Number: 0260219
NATIONAL BANK OF GREECE S.A. - YANNITSA YANNITSA , Greece
Comment
Bank Number: 0110330
ALPHA BANK - YANNITSA YANNITSA , Greece
Comment
Bank Number: 0140871

Premises	Date Updated
Operates as: PLANT Skydra 58500, Pella, Greece, LAND m2: 32500, BUILDINGS m2: 17000	11/11/2015
Owned
Operates as:	11/11/2015
Owned
Giannitson - Edessas Rd (2nd km), 192568, LAND m2: 180000, BUILDINGS m2: 38000 , 192568, Giannitsa, Pella, Greece

Affiliates and Subsidiaries	Country	Relation	Date Reg.
ALDI	Germany	Customer
LIDL	Germany	Customer

Agencies and Suppliers	Country	Relation	Date Reg.
HELLENIC SUGAR INDUSTRY S.A.	Unknown	Supplier

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

No financial information available

Additional Information

GENERAL COMMENTS

Company was established in 1992 having a legal seat at Giannitsa and is mainly engaged in the production of stewed fruits. It is noted that until August of 2008 subject was also activated in cotton ginning, activity that was taken over by the firm EKKOKKISTIRIA PAVLIDIS S.A. In 1995 subject absorbed the firm PAVLIDES P. P. AGRICULTURAL PRODUCTS S.A. established in 1993. In 2000 the company`s name was changed from P & T AGRICULTURAL PRODUCTS S.A. to the present one. In 2000 subject absorbed the
firm PAVLIDIS PR. S.A. On 29/10/2008 subject contributed the ginning sector to the firm EKKOKKISTIRIA PAVLIDIS SA. It is noted that the report is according to published data and other information available in our files.

CONCLUSION

G.E.MI.: 24226747000

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

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

Recent Enquiries

Recent Enquiries on this subject

Last 1 months: 1

Last 3 months: 1

Last 6 months: 1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.14
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	SDA

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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