MIRA INFORM REPORT

Report No. :	490175
Report Date :	10.02.2018

IDENTIFICATION DETAILS

Name :	DEMO S.A. PHARMACEUTICAL INDUSTRY (DEMO S.A.)
Registered Office :	Athinon - Lamias National Rd (21st km), Kryoneri, 14568 Attiki
Country :	Greece
Financials (as on) :	December 2016
Date of Incorporation :	01.01.1973
Com. Reg. No.:	13182/004/Β/86/139
Legal Form :	Anonimous society
Line of Business :	· Manufacture of pharmaceutical preparations · Wholesale of pharmaceutical goods
No. of Employees :	822

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Greece	C1	C1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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, when the deficit reached 15% of GDP. 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 accepted a bailout program that called on Athens to cut government spending, decrease tax evasion, overhaul the civil-service, health-care, and pension systems, and reform the labor and product markets. Austerity measures reduced the deficit to 1.3% in 2017. Successive Greek governments, however, failed to push through many of the most unpopular reforms in the face of widespread political opposition, including 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 IMF 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. Greece, however, struggled to meet the 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 called for holders of Greek government bonds to write down a significant portion of their holdings to try to alleviate Greece’s government debt burden. However, Greek banks, saddled with a significant portion of sovereign debt, were 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 2014, the Greek economy began to turn the corner on the recession. Greece achieved three significant milestones: balancing the budget - not including debt repayments; issuing government debt in financial markets for the first time since 2010; and generating 0.7% GDP growth — the first economic expansion since 2007.

Despite the nascent recovery, widespread discontent with austerity measures helped propel the far-left Coalition of the Radical Left (SYRIZA) party into government in national legislative elections in January 2015. Between January and July 2015, frustrations between the SYRIZA-led government and Greece’s EU and IMF creditors over the implementation of bailout measures and disbursement of funds led the Greek government to run up significant arrears to suppliers and Greek banks to rely on emergency lending, and also called into question Greece’s future in the euro zone. To stave off a collapse of the banking system, Greece imposed capital controls in June 2015 shortly before rattling international financial markets by becoming the first developed nation to miss a loan payment to the IMF. Unable to reach an agreement with creditors, Prime Minister Alexios TSIPRAS held a nationwide referendum on 5 July on whether to accept the terms of Greece’s bailout, campaigning for the ultimately successful “no” vote. The TSIPRAS government subsequently agreed, however, to a new $96 billion bailout in order to avert Greece’s exit from the monetary bloc. On 20 August, Greece signed its third bailout which allowed it to cover significant debt payments to its EU and IMF creditors and ensure the banking sector retained access to emergency liquidity. The TSIPRAS government — which retook office on 20 September after calling new elections in late August — successfully secured disbursal of two delayed tranches of bailout funds. Despite the economic turmoil, Greek GDP did not contract as sharply as feared, with official estimates of a -0.2% contraction in 2015, boosted in part by a strong tourist season.

In 2017, Greece saw improvements in GDP and unemployment. Unfinished economic reforms, a massive non-performing loan problem, and ongoing uncertainty regarding the political direction of the country hold the economy back. Some estimates put Greece’s black market at 20- to 25% of GDP, as more people have stopped reporting their income to avoid paying taxes that, in some cases, have risen to 70% of an individual’s gross income. These issues will continue to be a drag on the economy in 2018 and further delay recovery from the financial crisis.

Source : CIA

Basic Details

Registered Name	DEMO S.A. PHARMACEUTICAL INDUSTRY (DEMO S.A.)
English Name	DEMO S.A. PHARMACEUTICAL INDUSTRY (DEMO S.A.)
Trade Name	DEMO S.A.
Registered Address	Athinon - Lamias National Rd (21st km), Kryoneri, 14568 Attiki, Greece
Activities	Manufacture of pharmaceutical preparations, Wholesale of pharmaceutical goods
Company Status	Registered and operational
Company Reg. No	13182/004/Β/86/139
Company Reg. Date	01/01/1973
Start Date	01/01/1973
Tax Reg. No	094041553
Telephone	+30 2108161802, HEAD OFFICE - PLANT: 2108161824	Fax	+30 2111813565
E-mail	info@demo.gr	Websites	www.demo.gr

Payment Behaviour

Payment habits

No complaints

Financial Summary

Basic Financial Figures	2016 (EUR)	2015 (EUR)
Revenue	136,328,806	123,333,187
Gross Profit	54,769,397	53,138,406
Operating Profit	21,305,469	22,918,579
Profit Before Tax	17,883,632	18,984,548
Net Profit	11,990,319	13,180,505
Working Capital	70,748,832	58,310,923
Total Equity - Net Worth	82,825,391	70,892,612
Long-term Debt	56,965,103	0
Accounts Payable	0	0
Accounts Receivable	141,147	0
Days Sales Outstanding	0.377899994224	0
Revenue Per Employee	74,410,534	70,894,897
Trend	EVEN	EVEN
Key Ratios	2016	2015
Gross Profit margin on sales	40.17	43.09
Current Ratio	2.22	1.92
Solvency Ratio	0.09	0.1
Debtor Days	137.88	212.98
Creditor Days	182.53	0
Probability of Default	Safe zones	Safe zones

Legal Status

CR Number	13182/004/Β/86/139
Legal Type	SA - Anonimous society
Auditors	SOL S.A. THEODOROPOULOS GEORG. PANAGIOTIS

Capital

Authorized Capital

31,908,992 EUR

Corporate Structure

Directors

Name	Position	ID	Occupation	Age	Nationality	Other Rel.	Appointment date
Mrs Demou , Dimitra Stavrou	Director	062192569 (Reg. No)	Board Member	-	Greece	No	-
Mrs Demou, Stella Stavrou	Director	035133539 (Reg. No)	Board Member	-	Greece	No	-
Mrs Demou, Ioanna Stavrou	Director	035134930 (Reg. No)	Board Member	-	Greece	No	-
Mr Demos, Stavros Dimitriou	Director	002747650 (Reg. No)	Chairman & CEO	-	Greece	No	-
Comment: Legal Representative
Mr Demos, Dimitrios Stavrou	Director	062568184 (Reg. No)	Executive Vice Chairman	-	Greece	No	-
Comment: Deputy Chief Executive Officer

Other Key Personnel

Name	Reg. No. / ID	Occupation	Country	Relation	Date Registered
Mr Mytilinaios, Thanos	-	Human Resource Manager	Unknown	Manager
Mr Vassilopoulos, Aristotelis Geo.	028883011 -	-	Unknown	Marketing Director
Mr Alexopoulos, Antonios	-	-	Unknown	Chief Financial Officer

Shareholders

Name	ID/Reg. No	Nationality	Number of Shares	Percentage of Shares	Other Rel
Mr Demos, Dimitrios Stavrou	062568184 (Reg. No.)	Greece		49
Other Directorship of: Demos, Dimitrios Stavrou
No information available
Other Shareholding of: Demos, Dimitrios Stavrou
No information available
Mrs Demou, Ioanna Stavrou	035134930 (Reg. No.)	Greece		18.5
Other Directorship of: Demou, Ioanna Stavrou
No information available
Other Shareholding of: Demou, Ioanna Stavrou
No information available
Mrs Demou, Stella Stavrou	035133539 (Reg. No.)	Greece		18.5
Other Directorship of: Demou, Stella Stavrou
No information available
Other Shareholding of: Demou, Stella Stavrou
No information available
Mr Demos, Stavros Dimitriou	002747650 (Reg. No.)	Greece		7.5
Other Directorship of: Demos, Stavros Dimitriou
No information available
Other Shareholding of: Demos, Stavros Dimitriou
No information available
Mrs Demou , Dimitra Stavrou	062192569 (Reg. No.)	Greece		6.5
Other Directorship of: Demou , Dimitra Stavrou
No information available
Other Shareholding of: Demou , Dimitra Stavrou
No information available

Operation and Activities

Activity Code	Description
NACE Code	NACE Description
24.42	Manufacture of pharmaceutical preparations
51.46	Wholesale of pharmaceutical goods

Line of business

SECTOR: Pharmaceuticals

The subject is a manufacturer of hospital generics, specialized in the production of Iv Solutions, Antibiotics and OTC products and pharmaceuticals-hospital products.

The subject is also engaged in the import, export and wholesale trade of medicines and medicated products.

Products:
Serums, vaccines, antihistamine - Production
OTC health products - Production
Medicines - Production

CERTIFICATION:
ISO 9001:2008, ETHNIKO KENTRO AXIOLOGISSIS TIS POIOTITAS & TECHNOLOGIAS STIN YGEIA "EKAPTY" S.A.
ISO 13485, ETHNIKO KENTRO AXIOLOGISSIS TIS POIOTITAS & TECHNOLOGIAS STIN YGEIA "EKAPTY" S.A.

Export to	Payment terms	Percentage
South Africa, Saudi Arabia, Australia, Cyprus, Korea (South), Ethiopia, Philippines, Hong Kong, UAE, Jordan, Iraq, Iran (Islamic Republic Of), Israel, Kenya, Lebanon, Macau, Malaysia, New Zealand, Oman, Sri Lanka, Sudan, Tanzania, United Republic Of, Thailand, Yemen, Guam, Vietnam, Trinidad and Tobago, Ivory Coast Republic	-	N/A

Import from	Payment terms	Percentage
Canada, Czech Republic, Cyprus, Hong Kong, India, Israel, Malta, Poland, Slovenia, Taiwan, Hungary, Slovakia, United States Minor Outlying Islands	-	N/A

Banks	Swift code	Comments
PIRAEUS BANK S.A. - NATIONAL ROAD KIFISSIA, Greece	0172024
EFG EUROBANK ERGASIAS S.A. - 20 KM ATHINON - LAMIAS EKALI, Greece	0260028
NATIONAL BANK OF GREECE S.A. - PSYCHIKO PSYCHIKO, Greece	0110100
ALPHA BANK - ETHNIKIS ODOU LAMIAS NEA KIFISSIA, Greece	0140117

Premises	Comprise of	Address	Square Meters	Type	Comment
Registered Address	Office,Factory	Athinon - Lamias National Rd (21st km), Kryoneri, Attiki, 14568, Greece	-	Owned	LAND m2: 26100 BUILDINGS m2: 37000
Branch	Office	Thessalonikis-N. Moudanion Rd 15th km, Thermi, 57001, Thessaloniki, Greece	-	Owned	-

Employees	Feb 2018
Full Time Employees of Company	822

Negative Incidents

TRADING BEHAVIOR:
Year 2017, QTY 2 Mortgages, Amount: 14,200,000 EUR

Year 2015, QTY 1 Mortgage, Amount: 16,800,000 EUR

Financial information

Currency	Euro - €
Group Consolidated Accounts	No
Type	Trading & Manufacturing

Corporate financial statement	December 2016	December 2015
STATEMENT OF FINANCIAL POSITION
ASSETS
Non current Assets
Property, Plant & Equipment	76,238,766 €	73,557,627 €
Intangible assets	10,005,203 €	9,774,333 €
Investment in subsidiaries	58,564 €
Other Financial Assets	43,413 €
Other Assets		144,626 €
Receivables	141,147 €
Total Non current Assets	86,487,093 €	83,476,586 €
Current Assets
Inventories	27,434,849 €	25,412,444 €
Receivables	51,499,131 €	71,964,700 €
Prepayments	447,748 €
Other Financial Assets	965,229 €
Other Assets	181,112 €	8,272,687 €
Current Tax Receivables	9,142,859 €
Cash at bank and in hand	39,071,124 €	15,720,047 €
Total current Assets	128,742,052 €	121,369,878 €
Total Assets	215,229,145 €	204,846,464 €
EQUITY AND LIABILITIES
Equity
Share capital	31,908,992 €	31,908,992 €
Other reserves	37,894,015 €	38,983,620 €
Retained Earnings	13,022,384 €
Total Equity	82,825,391 €	70,892,612 €
LIABILITIES
Non-current liabilities
Borrowings	56,965,103 €
Post-Employment Benefit Obligation	1,625,156 €
Deferred tax liabilities	7,012,699 €
Other liabilities and charges	8,807,576 €	70,894,897 €
Total non-current liabilities	74,410,534 €	70,894,897 €
Current liabilities
Trade and other payables	40,786,063 €
Accrued Liabilities	833,078 €
Interest-Bearing Borrowings		8,128,183 €
Current Portion of Long Term Debt	2,540,000 €
Other Liabilities	3,215,458 €	54,930,772 €
Current tax liabilities	7,404,028 €
Provisions for other liabilities and charges	3,214,593 €
Total current liabilities	57,993,220 €	63,058,955 €
Total Liabilities	132,403,754 €	133,953,852 €
Total Equity and liabilities	215,229,145 €	204,846,464 €
STATEMENT OF COMPREHENSIVE INCOME
Revenue	136,328,806 €	123,333,187 €
Cost of Sales	-81,559,409 €	-70,194,781 €
Gross Profit	54,769,397 €	53,138,406 €
Other income	1,014,882 €
Other expenses	-34,478,810 €	-30,219,827 €
Operating Loss/Profit	21,305,469 €	22,918,579 €
Finance costs	-3,421,837 €
Net finance costs	-3,421,837 €	0 €
Other Non-Operating Expenses		-3,934,031 €
Profit before tax	17,883,632 €	18,984,548 €
Tax	-5,893,313 €	-5,804,043 €
Net profit/loss for the year*	11,990,319 €	13,180,505 €
Other comprehensive income
Total comprehensive income for the year	11,990,319 €	13,180,505 €
CASH FLOW STATEMENT
Profit before tax	17,883,632 €	18,984,548 €
Adjustments for:
Cash flows (used in)/ from operations	17,883,632 €	18,984,548 €
Net Cash flows (used in)/ from operating activities	17,883,632 €	18,984,548 €
Net (decrease)/increase in cash and cash equivalents	17,883,632 €	18,984,548 €
Cash and cash equivalents:
At end of the year	17,883,632 €	18,984,548 €

Key Ratios	December 2016	December 2015
Profitability Ratios
Gross Profit margin on sales	0.4	0.43
Return on assets (ROA)	0.06	0.06
Return on Equity	14.48	18.59
Operating Income margin	15.63	18.58
Liquidity Ratios
Current Ratio	2.22	1.92
Quick Ratio	1.75	1.52
Turnover Ratios
Sales to Net Working Capital Ratio	1.93	2.12
Total assets turnover (times)	0.63	0.6
Debtor Days	137.88	212.98
Creditor Days	182.53	0
Leverage Ratios
Debt to Equity	1.6	1.89
Interest Coverage Ratio	-4.23	N/A

Additional Information

Conclusion

G.E.MI.: 283801000

COMPANY`S HISTORY
Established in Kryoneri, in 1973, following the merger of the general partnership firm DEMOS S. & CO. E.E., established in 1967 and the sole proprietorship STAVROS DEMOS, established in 1965. It deals with the production and trade of medicines and medicated products. According to reports, the company in 2017 completes a three-year investment program concerning further modernization and expansion of its facilities.

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

Industry Developments

INDUSTRY HIGHLIGHTS
The sector consists of more than 100 multinationals and Greek companies, operating in production or/and imports of pharmaceutical and parapharmaceutical products.
The domestic market is dominated by multinational pharmaceutical companies through subsidiaries; hence, it is heavily influenced by international trends (mergers, acquisitions, expenditures in
R&D, patent expiration of original medicines etc.). The vast majority of these companies are involved only in the trade of medicines that they import from their parent groups and not in production
activity.
Most of the 38 Greek companies focus on the production of generics or original pharmaceuticals on behalf of foreign firms or rarely for their own exploitation. Market share of domestic industries
stands at around 20%.
According to the Price Bulletin issued in June 2016, around 430 companies that hold licenses for pharmaceuticals operate in the market, circulating more than 9,500 medicines in total.
Economic recession had a negative impact on the activity and fiscal figures of the country, causing the decline of GDP. These adverse conditions led to the implementation of the fiscal consolidation
program, which included the reduction of public pharmaceutical expenditure, so that the deficits of pension funds would be reduced.
Therefore, in recent years measures such as change of pricing method, increase of rebates and clawback to insurance funds, increase of citizens' participation etc. are implemented. Hence, net
public expenditure was estimated at around ?2 billion in 2015, remaining stable over 2014. At the end of the year that figure was lower than 2009 levels by 60.5% (or ?3 billion).
Therefore, after 2009 -when medicines sales had reached the highest level- a continuous decrease is observed, excluding 2014 (due to revision of the relative figure of pharmacies and pharmaceutical
warehouses). Afterwards, total market value decreased further by 3.6% in 2015, at ?6.1 billion, while the cumulative decline of the last 6 years reached 28%.
Also, total volume sales decreased by 6.1% to 466.1 million. Therefore, the drop in volume terms is greater than the reduction of market value, as more expensive pharmaceutical products were
released during the year, a trend particularly evident in hospital medicines.
Regarding market segments, sales to wholesalers and pharmacies decreased by 5.8% to ?4.61 billion, representing 76% of the total. At the same time, sales volume decreased by 6.7% to 388.1
million packages.
Also, in the segment of hospitals and EOPYY pharmacies an increase of 3.9% to ?1.48 billion occurred (24% of the market). On the contrary, a reduction of 2.6% to about 78 million packages was
recorded in volume terms.
The debts of public hospitals and EOPYY caused by deficits of pension funds and slow repayment rates constitute a major disadvantage for the industry. Indicatively, debts to SFEE members exceed ?
1.1 billion, while average payment period approximates one year.
The charges of companies each year increase, as they contributed 9.4% of real pharmaceutical expenditure in 2012, 13.9% in 2013 and 21.6% in 2014, paying ?226.4 million in rebate and ?201.8
million in clawback. In 2015 the sector paid a total of ?630 million, an amount increased by 45% compared to the previous year.
Also, the repricing process causes distortions, leading to far greater reductions in the prices of old, inexpensive medicines compared to expensive new drugs. Indicatively, the new Price Bulletin has
brought a weighted average decrease of 3%; the average decline of the old medicines -many of them being out of patent- reached 15%-17%, while the reduction for new and expensive products
(priced from ?30 to ?150) was only 1%.
The above-mentioned measures (lower pricing, mandatory rebates and clawback) reduced significantly the real selling prices of medicines and therefore the turnover of most companies of the sector; this trend, combined with public debts, makes their survival difficult.

Financial benchmarking analysis
The company does not employ short-term bank debt, according to its latest published financial statements.
Total liabilities decrease as percentage of total assets, at 61.52% , (65.39% in 2015) , whereas the median ratio for the sector is estimated at 68.46% . Debt to equity ratio
(leverage) is estimated at low -and lower compared to 2015- levels, at 1.60 to 1, whereas the median ratio for the sector is estimated at 1.84 to 1. Interest coverage by
operating profit is estimated at rather high levels, at 7.60 times, whereas the median ratio for the sector is estimated at 7.52 times.
Total current assets grow as percentage of total assets, at 59.82% , (59.25% in 2015) , whereas the median ratio for the sector is estimated at 98.17% . In the same time,
current liabilities are relatevily low as a portion of total assets (26.94%) driving the quick ratio to a very high level of 2.22 -and increased compared to 2015- , whereas
the median ratio for the sector is estimated at 1.36 . Inventory as percentage of total assets are 21.31% , (20.94% in 2015) , whereas the median ratio for the sector is
estimated at 23.75% . In addition, acid test ratio is rather high at 1.75 -and increased compared to 2015- , whereas the median ratio for the sector is estimated at 0.98 .
Trade cycle is estimated at 32 days, (89 days the median ratio for the sector) while its duration shortens compared to 2015 by 46 days . Total assets turnover slightly
improves at 0.63 times (0.60 in 2015), which compared to the sector (1.15 times) is relatively low.
Gross profit margin drops to 40.17% , (from 43.09% in 2015) , which is in line with the median ratio in the sector (39.68% ). EBITDA margin drops to 19.07% , (from 22.41% in 2015) , which is very high compared to the median ratio in the sector (4.78% ). Return on equity (RoE) drops to 21.59% , (from 26.78% in 2015) , which is sufficiently high compared to the median ratio in the sector (14.97% ).

.

Country Developments
Below information is taken from World Bank Report of 2015
Ease of Doing Business rank (1-189)	61
Overall Distance to frontier (DTF) Score (0-100)	66.70
GNI per Capita (US$)	22.530
Getting Credit(rank)
Protecting minority investors (rank)	62
Trading across borders (rank)	48
Population	11.
Resolving insolvency (0-100)	52

Press and Media Information

Media 1
Title:	Demo S.A. awarded two Golden Awards at the ‘Healthcare Business Awards 2017’
Date:	19/09/2017	Source:	https://www.demo.gr/demos-news/
The pharmaceutical industry Demo S.A. was honoured with two Golden Awards in the pharmaceutical companies category at the ‘Healthcare Business Awards 2017’, which were organised for the 2nd year by Health Daily and Boussias Communications, and took place on Wednesday, 13 September at the Divani Apollon Palace and Thalasso. The awards ceremony – which showcased and rewarded business excellence, innovation, development initiatives and best practices in businesses, institutions, and organisations in the healthcare sector – was attended by over 400 distinguished representatives from the field. — Demo was awarded one Golden Award in the Extroversion category (International Sales), and another Gold in the Social Responsibility category. The award was accepted on behalf of Demo’s board of directors by Ioanna Demos, who, among other things, stated: ‘The international successes of our company came as the culmination of the hard work of the Export Department, to which, on behalf of Demo’s board of directors, I would like to extend our most sincere thanks today and to which I would like to dedicate this award, as well as to all the departments who worked to achieve quality and to meet the needs of patients all over the world. In closing, I would like to remind you that at this event last year the president and founder of Demo, Stavros Demos, was recognised for his many years of service to the pharmaceutical sector. When he received his award, he said just one phrase. It is with that phrase that I would like to finish today, ‘Our greatest satisfaction is when the Greek flag and Greek medicines are depicted on the boxes of the medicines and reach all the countries worldwide’. — When she received the Gold award for social responsibility, she also stated that, ‘For Demo, the most important pillar of development was, from the day we started, the human. Human – as an employee. Human – as a patient. Human – as a citizen. Today, Demo employs 850 workers. It should be noted that since 2011, when the economic downturn in Greece essentially began, not only has Demo not laid staff off and reduced its workforce but, on the contrary, has continued to create new jobs and employment opportunities. ‘Our mission is great and began a long time ago’, continued Ms Demou, ‘as we have always contributed to the institutions and organisations in the health sector and also to vulnerable social groups. Throughout our history of community service, we have met associations and organisations consisting of very worthy people with very worthy causes, but at the heart of Demo’s social awareness is the volunteer work of its staff, with a blood bank, a marathon team, a children’s theatre group for hospitals, etc. A great “well done!” to all the staff of the Health and Safety Departments as well as the Communications Department. In closing I would like to say that even Demo’s production process is always at the service of every human life. The company produces specially formulated pharmaceuticals to order for rare individual, even for a single patient, following special licencing. Demo’s ability to halt a production line, producing 15,000 vials per hour for an entire 8-hour shift, in order to produce 20 or 30 vials that might save one human life is perhaps the most important measure of Demo’s commitment to social responsibility’. — The award for extroversion was presented to Demo by Nikos Vettas, Professor of Economics at the Economic University of Athens and General Director of the Foundation for Economic and Industrial Research, and the award for social awareness by Theodoros Karoutzos, Managing Director of Affidea Euroiatriki Hellas.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.37
UK Pound	1	INR 89.71
Euro	1	INR 78.89
Euro	1	INR 78.64

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.