3decades

MIRA INFORM REPORT

Report No. :	485493
Report Date :	12.01.2018

IDENTIFICATION DETAILS

Name :	ALFA DEVELOPMENTS LIMITED CONSTRUCTION RURAL TOURISM AND SERVICE ORGANIZATION AND BUSINESS ADMINISTRATION TRADING COMPANY

Registered Office :	1 Elpidos, 10434 Attiki, Athens

Country :	Greece

Financials (as on) :	31.12.2015

Date of Incorporation :	25.10.2002

Com. Reg. No.:	52963/001/Β/02/582

Legal Form :	SA - Société Anonyme

Line of Business :	Wholesale of Other Food, including Fish, Crustaceans and Molluscs

No. of Employees :	10 [2018]

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Medium Risk

Business dealings permissible on a regular monitoring basis

Status :	Moderate

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Greece

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 4.5% in 2016. 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 2016, Greece saw slight improvements in GDP and unemployment. The economy remains stagnant, because of unfinished economic reforms, a massive non-performing loan problem, and ongoing uncertainty regarding the political direction of the country. 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 2017 and further delay recovery from the financial crisis.

Source : CIA

Basic Details

Registered Name	ALFA DEVELOPMENTS LIMITED CONSTRUCTION RURAL TOURISM AND SERVICE ORGANIZATION AND BUSINESS ADMINISTRATION TRADING COMPANY
English Name	ALFA DEVELOPMENTS LIMITED CONSTRUCTION RURAL TOURISM AND SERVICE ORGANIZATION AND BUSINESS ADMINISTRATION TRADING COMPANY
Trade Name	ALFA DEVELOPMENT S.A.
Registered Address	1 Elpidos, 10434 Attiki, Athens, Greece
Activities	Wholesale of other food, including fish, crustaceans and molluscs
Company Status	Registered and operational
Company Reg. No	52963/001/Β/02/582
Company Reg. Date	25/10/2002
Start Date	25/10/2002
Tax Reg. No	999632507
Telephone	+30 2108830137	Fax	+30 2108830137

E-mail	info@alfadevelop.gr	Websites	www.alfadevelop.gr

Payment Behaviour

Payment habits

Slow but correct

Financial Summary

Basic Financial Figures	2015 (EUR)	2014 (EUR)
Revenue	1,508,409	1,446,472
Gross Profit	301,473	286,854
Operating Profit	13,695	21,975
Profit Before Tax	7,715	16,622
Net Profit	3,214	9,164
Working Capital	195,168	197,797
Total Equity - Net Worth	333,006	333,858
Long-term Debt	0	0
Accounts Payable	0	0
Accounts Receivable	0	0
Days Sales Outstanding	0	0
Revenue Per Employee	0	0
Trend	EVEN	EVEN
Key Ratios	2015	2014
Gross Profit margin on sales	19.99	19.83
Current Ratio	1.57	1.53
Solvency Ratio	0.01	0.02
Debtor Days	61.73	59.69
Creditor Days	92.61	86.86
Probability of Default	Safe zones	Safe zones

Legal Status

CR Number	52963/001/Β/02/582
Legal Type	SA - Société Anonyme

Capital

Authorized Capital

331,200 EUR

Corporate Structure

Directors

Name	Position	ID	Occupation	Age	Nationality	Other Rel.	Appointment date
Mrs Sta. Goudi, Panagiota	Director	037272260 (Reg. No)	Board Member	-	Unknown	No	-


Mrs Beniadou, Chryssoula-Elef	Director	069307000 (Reg. No)	Chairman of the Board	-	Unknown	No	-

Mrs And. Kontogianni, Alkistis	Director	142902142 (Reg. No)	Executive Vice Chairman	-	Unknown	No	-

Shareholders

Name	ID/Reg. No	Nationality	Number of Shares	Percentage of Shares	Other Rel
LEXCOM LIMITED		Cyprus		49	No


Mrs And. Kontogianni, Alkistis	142902142 (Reg. No.)	Unknown		45


Mrs Beniadou, Chryssoula-Elef	069307000 (Reg. No.)	Unknown		3

Other Related Companies

Name	Country	Relation	Date Registered	Comment
LEXCOM LIMITED	Cyprus	Shareholder Company	-	-

Operation and Activities

Activity Code	Description
NACE Code	NACE Description
51.38	Wholesale of other food, including fish, crustaceans and molluscs

Line of business

SECTOR: Miscellaneous food products

The subject company is engaged in the following activities:
Representations, imports and trade of bakery raw materials

PRODUCTS
Bakery & confectionery raw materials & additives - Trade

Import from	Payment terms	Percentage
Bulgaria, India	-	N/A

Agencies, Suppliers & Brands	Country	Relation	Comment
ZACH - ART S.A.	Greece	Customer	TAX NUMBER: 998669054

Banks	Swift code	Comments
PIRAEUS BANK S.A. DIMOKRATIAS SQ., IOANNINA, Ioannina, Greece	0172405
ALPHA BANK - AGHIOS SOSTIS Nea Smyrni, Greece	0140993

Premises	Comprise of	Address	Square Meters	Type	Comment
Branch	Office	Chatziznesti 26B, 18233, Attica, Greece	-	Leased	-
Headquarters Office	Office	1 Elpidos, Attiki, 10434, Athens, Greece	-	Owned	BUILDINGS m2: 70

Employees	2018
Full Time Employees of Company	10

Negative Incidents

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

Financial information

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

Corporate Financial Statement	December 2015	December 2014
STATEMENT OF FINANCIAL POSITION
ASSETS
Non current Assets
Property, Plant & Equipment	137,838 €	136,060 €
Total Non current Assets	137,838 €	136,060 €
Current Assets
Inventories	91,630 €	84,380 €
Receivables	255,127 €	236,543 €
Cash at bank and in hand	193,002 €	249,540 €
Total current Assets	539,759 €	570,463 €
Total Assets	677,597 €	706,523 €
EQUITY AND LIABILITIES
Equity
Share capital	331,200 €	331,200 €
Retained Earnings	1,806 €	2,658 €
Total Equity	333,006 €	333,858 €
Trade and other payables	306,244 €	275,948 €
Borrowings	10,235 €	79,999 €
Current tax liabilities	21,118 €	13,223 €
Other liabilities and charges	6,994 €	3,496 €
Total current liabilities	344,591 €	372,666 €
Total Liabilities	344,591 €	372,666 €
Total Equity and liabilities	677,597 €	706,524 €
STATEMENT OF COMPREHENSIVE INCOME
Revenue	1,508,409 €	1,446,472 €
Cost of Sales	-1,206,936 €	-1,159,618 €
Gross Profit	301,473 €	286,854 €
Other income	1,967 €
Other expenses	-289,745 €	-264,879 €
Operating Loss/Profit	13,695 €	21,975 €
Finance costs	-7,867 €	-5,419 €
Net finance costs	-7,867 €	-5,419 €
Income (Loss) from Investments	1,887 €	66 €
Profit before tax	7,715 €	16,622 €
Tax	-4,501 €	-7,458 €
Net profit/loss for the year*	3,214 €	9,164 €
Other comprehensive income
Total comprehensive income for the year	3,214 €	9,164 €
CASH FLOW STATEMENT
Profit before tax	7,715 €	16,622 €
Adjustments for:
Cash flows (used in)/ from operations	7,715 €	16,622 €
Net Cash flows (used in)/ from operating activities	7,715 €	16,622 €
Net (decrease)/increase in cash and cash equivalents	7,715 €	16,622 €
Cash and cash equivalents:
At end of the year	7,715 €	16,622 €

Key Ratios	December 2015	December 2014
Profitability Ratios
Gross Profit margin on sales	0.2	0.2
Return on assets (ROA)	0	0.01
Return on Equity	0.97	2.74
Operating Income margin	0.91	1.52
Liquidity Ratios
Current Ratio	1.57	1.53
Quick Ratio	1.3	1.3
Turnover Ratios
Sales to Net Working Capital Ratio	7.73	7.31
Total assets turnover (times)	2.23	2.05
Debtor Days	61.73	59.69
Creditor Days	92.61	86.86
Leverage Ratios
Debt to Equity	1.03	1.12
Interest Coverage Ratio	0.02	-2.07

Additional Information

Conclusion

G.E.MI.: 4941801000

COMPANY`S HISTORY
Estanlished in October 2002 under the name "ALFA DEVELOPMENTS LIMITED CONSTRUCTION TOURIST AGRICULTURAL AND COMMERCIAL SA" and is activated in the sector food products. Up to the summer of 2014 subject`s shareholder had been Andreas Chr. Kontogiannis, who passed away, participated by 3%.
Subject`s exact shareholding structure is not available.

Not available published financial data for the year 2016.

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

Industry Developments

Financial benchmarking analysis
The company's short-term bank debt is very limited compared to its size, whereas the median ratio in the sector is 9.20% (short term bank debt to sales).
Total liabilities decrease as percentage of total assets, at 50.85% , (52.75% in 2014) , whereas the median ratio for the sector is estimated at 62.56% . Debt to equity ratio
(leverage) is estimated at low -and lower compared to 2014- levels, at 1.03 to 1, whereas the median ratio for the sector is estimated at 1.46 to 1. Interest coverage by
operating profit is estimated at rather high -but lower compared to 2014- levels, at 4.41 times, whereas the median ratio for the sector is estimated at 6.09 times.
Total current assets decrease as percentage of total assets, at 79.66% , (80.74% in 2014) , whereas the median ratio for the sector is estimated at 87.14% . In the
same time, current liabilities as a portion of total assets do not deviate from the average level in the sector (50.85%) driving the quick ratio to a high level of 1.57 -and
increased compared to 2014- , whereas the median ratio for the sector is estimated at 1.38 . Inventory as percentage of total assets are 16.98% , (14.79% in 2014) ,
whereas the median ratio for the sector is estimated at 19.39% . In addition, acid test ratio is relatevily high at 1.30 , whereas the median ratio for the sector is estimated
at 1.11 .
Total assets turnover slightly improves at 2.23 times (2.05 in 2014), which compared to the sector (1.28 times) which is very high.
Gross profit margin remains rather stable at 19.99% , (from 19.83% in 2014) , which is in line with the median ratio in the sector (22.06% ). EBITDA margin drops to
2.30% , (from 3.18% in 2014) , which is very low compared to the median ratio in the sector (5.38% ). Return on equity (RoE) drops to 2.32% , (from 4.98% in 2014) ,
which is very low compared to the median ratio in the sector (15.26% ).

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

No information available

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.74
UK Pound	1	INR 86.01
Euro	1	INR 76.14
Euro	1	INR 76.87

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	TPT

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.