MIRA INFORM REPORT

Report No. :	495977
Report Date :	05.03.2017

IDENTIFICATION DETAILS

Name :	SPICES KAYA S.A. (SPICES KAGIA)
Registered Office :	8-10 Faidonos, Perivolaa, Patra 26335, Achaia, PATRA
Country :	Greece
Financials (as on) :	December 2016
Date of Incorporation :	29.11.2002
Com. Reg. No.:	53213/022/Β/02/54
Legal Form :	Anonimous society
Line of Business :	· Manufacture of condiments and seasonings · Processing of tea and coffee · Manufacture of sugar · Manufacture of grain mill products · Manufacture of photographic chemical material · Other manufacturing n.e.c. · Manufacture of plastic packing goods · Manufacture of other food products n.e.c.
No. of Employees :	41

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	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 (30.09.2017)	Current Rating (31.12.2017)
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 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	SPICES KAYA S.A. (SPICES KAGIA)
English Name	SPICES KAYA S.A. (SPICES KAGIA)
Trade Name	SPICES KAGIA
Registered Address	8-10 Faidonos, Perivolaa, Patra 26335, Achaia, PATRA, Greece
Activities	Manufacture of condiments and seasonings, Processing of tea and coffee, Manufacture of sugar, Manufacture of grain mill products, Manufacture of photographic chemical material, Other manufacturing n.e.c., Manufacture of plastic packing goods, Manufacture of other food products n.e.c.
Company Status	Registered and operational
Company Reg. No	53213/022/Β/02/54
Company Reg. Date	29/11/2002
Start Date	29/11/2002	Last Return	23/06/2017
Tax Reg. No	999947960
Telephone	+30 2610640557 / 2610640310	Fax	+30 2610640412
E-mail	info@spiceskagia.gr	Websites	www.kagiaspices.gr
Suggested Maximum Credit	260,000 €

Payment Behaviour

Payment habits

Slow but correct

Financial Summary

Basic Financial Figures	2016 (EUR)	2015 (EUR)	2014 (EUR)
Revenue	6,496,590	6,100,090	5,781,222
Gross Profit	2,648,812	2,426,679	2,471,620
Operating Profit	836,241	649,494	682,258
Profit Before Tax	834,982	648,827	680,695
Net Profit	561,955	426,200	473,324
Working Capital	5,294,197	4,832,212	4,501,519
Total Equity - Net Worth	7,055,103	6,656,147	6,403,946
Long-term Debt	0	0	0
Accounts Payable	50,000	50,000	50,000
Accounts Receivable	2,105	800	1,473
Days Sales Outstanding	0.118265890259	0.047868146208	0.092998504468
Revenue Per Employee	50,000	50,000	50,000
Trend	EVEN	EVEN	EVEN
Key Ratios	2016	2015	2014
Gross Profit margin on sales	40.77	39.78	42.75
Current Ratio	9.06	7.08	7.92
Solvency Ratio	0.8	0.33	0.53
Debtor Days	126.18	113.32	101.2
Creditor Days	47.79	66.66	63.59
Probability of Default	Safe zones	Safe zones	Safe zones

Legal Status

CR Number	53213/022/Β/02/54
Legal Type	SA - Anonimous society
Auditors	OLYMPIA CERTIFIED AUDITORS ACCOUNTANTS S.A. KOUTROUMANIS IOANN. GEORGIOS

Capital

Issued Capital

2,047,000 EUR

Corporate Structure

Directors

Name	Position	ID	Occupation	Age	Nationality	Other Rel.	Appointment date
Ms Kaya, Pinelopi Nik.	Director	132200923 (Reg. No)	Board Member	-	Greece	No	-
Ms Xypolia, Panagiota Dim.	Director	116219370 (Reg. No)	Board Member	-	Greece	No	-
Mr Faitatzoglou, Efthymios	Director	062967158 (Reg. No)	Board Member	-	Greece	No	-
Faitatzoglou, Konstantinos Laz.	Director	047586267 (IDcard)	Chairman & CEO	-	Greece	No	-
Comment: Legal Representative

Secretary

No information available

Other Key Personnel

No information available

Shareholders

Name	ID/Reg. No	Nationality	Number of Shares	Percentage of Shares	Other Rel
Ms Kaya, Pinelopi Nik.	132200923 (Reg. No.)	Greece	0	0
Other Directorship of: Kaya, Pinelopi Nik.
No information available
Other Shareholding of: Kaya, Pinelopi Nik.
No information available
Ms Faitatzoglou , Georgia	118843045 (Reg. No.)	Greece	0	0
Other Directorship of: Faitatzoglou , Georgia
No information available
Other Shareholding of: Faitatzoglou , Georgia
No information available
Ms Madenidou, Panagiota	(Reg. No.)	Greece	0	0
Other Directorship of: Madenidou, Panagiota
No information available
Other Shareholding of: Madenidou, Panagiota
No information available
Ms Kagia, Margarita	(Reg. No.)	Greece	0	0
Other Directorship of: Kagia, Margarita
No information available
Other Shareholding of: Kagia, Margarita
No information available

Other Related Companies

No related companies

Operation and Activities

Activity Code	Description
NACE Code	NACE Description
15.87	Manufacture of condiments and seasonings
15.86	Processing of tea and coffee
15.83	Manufacture of sugar
15.61	Manufacture of grain mill products
24.64	Manufacture of photographic chemical material
36.63	Other manufacturing n.e.c.
25.22	Manufacture of plastic packing goods
15.89	Manufacture of other food products n.e.c.

Line of business

The subject company is engaged in the following activities:

Processing and standardization of spices, herbs, sugar, ready-to-drink instant coffee, flour, semolina, wheat, egg dyes, incense, ecclesiastical ware, sponges, food product wrapping film, non-stick kitchen paper, aluminium foil and roasting bags.

Trade:

Ecclesiastical ware
Wheat
Herbs
Flour
Personal hygiene and care products
Aluminum foil
Incense
Egg dyes
Food product film wrapping
Wheat flour
Food product bags
Ready-to-drink instant coffee
Sugar
Kitchen paper

Production:

Spices


Brands:
Kayia

Sells to	Method of Payment	Average % of Sales	Country	Comments
Group Companies, General Public	90-120 days	-	-	-

Purchases From	Method of Payment	Average % of purchases	Country	Comments
-	90-120 days	-	-	-

Export to	Payment terms	Percentage
-	-	N/A
The subject company exports to Cyprus, Canada and Montenegro.

Import from	Payment terms	Percentage
-	-	N/A
The subject company imports from China, Indonesia, India, Brazil, United States Minor Outlying Islands and Egypt.

Agencies, Suppliers & Brands	Country	Relation	Comment
No information available

Banks	Swift code	Comments
EFG EUROBANK ERGASIAS S.A. - AG. ANDREU STR. - PATRA		PATRA HARBOUR Bank Num: 0260247
NATIONAL BANK OF GREECE S.A. - PATRA		BANK NUM: 0110225

Premises	Comprise of	Address	Square Meters	Type	Comment
Branch:	Office	Thesi Pyritsa, Ionia 57008, Thessaloniki, Greece, Thessaloniki, Greece	-	-	Phone: 2310 781474 fax: 2310 783000
Branch:	Office	Souri 6 & Corinth 5 Metamorphosis , 14451 Attica, Attica, Greece	-	-	Tel: 210 2850201 fax: 210 2850202
Plant	Factory	40 Aristotelous, Patra 26335, Achaia, Patra, Greece	-	Owned	-
Headquarter Premises	-	8-10 Faidonos, Perivolaa, Patra 26335, Achaia, LAND m2: 6000 BUILDINGS m2: 4000, PATRA, Greece	-	Owned	-

Vehicles	Number
Cars	8
Trucks	28
Total Vehicles	36

Employees	Dec 2017	Jun 2017
Full Time Employees of Company	41	41
Part Time Employees of Company	-	-
Employees of Group	-	-
Comment for Dec 2017
-
Comment for Jun 2017
-

Negative Incidents

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

Financial information

Currency	Euro - €
Group Consolidated Accounts	No
Type	Trading & Manufacturing
Auditors Opinion
Accounts obtained from

Corporate financial statement	December 2016	December 2015	December 2014
STATEMENT OF FINANCIAL POSITION
ASSETS
Non current Assets
Property, Plant & Equipment	1,798,621 €	1,859,665 €	1,934,195 €
Intangible assets	10,180 €	13,470 €	16,760 €
Receivables	2,105 €	800 €	1,473 €
Total Non current Assets	1,810,906 €	1,873,935 €	1,952,428 €
Current Assets
Inventories	1,607,577 €	1,573,650 €	1,632,331 €
Receivables	2,245,831 €	1,893,854 €	1,602,926 €
Other Assets	17,989 €	15,468 €	6,524 €
Cash at bank and in hand	2,079,311 €	2,143,617 €	1,910,703 €
Total current Assets	5,950,708 €	5,626,589 €	5,152,484 €
Total Assets	7,761,614 €	7,500,524 €	7,104,912 €
EQUITY AND LIABILITIES
Equity
Share capital	2,047,000 €	2,047,000 €	2,047,000 €
Other reserves	1,362,347 €	1,325,946 €	1,288,622 €
Retained Earnings	3,645,756 €	3,283,201 €	3,068,324 €
Total Equity	7,055,103 €	6,656,147 €	6,403,946 €
LIABILITIES
Non-current liabilities
Trade and other payables	50,000 €	50,000 €	50,000 €
Total non-current liabilities	50,000 €	50,000 €	50,000 €
Current liabilities
Trade and other payables	503,774 €	670,881 €	576,558 €
Borrowings	5,575 €	5,736 €	3,945 €
Current tax liabilities	125,311 €	90,240 €	67,412 €
Provisions for other liabilities and charges	21,851 €	27,520 €	3,050 €
Total current liabilities	656,511 €	794,377 €	650,965 €
Total Liabilities	706,511 €	844,377 €	700,965 €
Total Equity and liabilities	7,761,614 €	7,500,524 €	7,104,911 €
STATEMENT OF COMPREHENSIVE INCOME
Revenue	6,496,590 €	6,100,090 €	5,781,222 €
Cost of Sales	-3,847,778 €	-3,673,411 €	-3,309,602 €
Gross Profit	2,648,812 €	2,426,679 €	2,471,620 €
Other income	8,297 €	1,535 €	1,503 €
Depreciation and amortisation expense		-148,852 €	-103,032 €
Other expenses	-1,820,868 €	-1,629,868 €	-1,687,833 €
Operating Loss/Profit	836,241 €	649,494 €	682,258 €
Finance costs	-1,263 €	-1,502 €	-1,568 €
Net finance costs	-1,263 €	-1,502 €	-1,568 €
Dividend income	4 €	835 €	5 €
Profit before tax	834,982 €	648,827 €	680,695 €
Tax	-273,027 €	-222,627 €	-207,371 €
Net profit/loss for the year*	561,955 €	426,200 €	473,324 €
Other comprehensive income
Total comprehensive income for the year	561,955 €	426,200 €	473,324 €
CASH FLOW STATEMENT
Profit before tax	834,982 €	648,827 €	680,695 €
Adjustments for:
Cash flows (used in)/ from operations	834,982 €	648,827 €	680,695 €
Net Cash flows (used in)/ from operating activities	834,982 €	648,827 €	680,695 €
Net (decrease)/increase in cash and cash equivalents	834,982 €	648,827 €	680,695 €
Cash and cash equivalents:
At end of the year	834,982 €	648,827 €	680,695 €

Key Ratios	December 2016	December 2015	December 2014
Profitability Ratios
Gross Profit margin on sales	0.41	0.4	0.43
Return on assets (ROA)	0.07	0.06	0.07
Return on Equity	7.97	6.4	7.39
Operating Income margin	12.87	10.65	11.8
Liquidity Ratios
Current Ratio	9.06	7.08	7.92
Quick Ratio	6.62	5.1	5.41
Turnover Ratios
Sales to Net Working Capital Ratio	1.23	1.26	1.28
Total assets turnover (times)	0.84	0.81	0.81
Debtor Days	126.18	113.32	101.2
Creditor Days	47.79	66.66	63.59
Leverage Ratios
Debt to Equity	0.1	0.13	0.11
Interest Coverage Ratio	-660.11	-331.87	-367.41

Additional Comments on Financial Statement

Comments

2016
FINANCIAL ANALYSIS
Financial benchmarking analysis
The company does not employ short-term bank debt, according to its latest published financial statements, whereas the median ratio in the sector is 3.82% (short term
bank debt to sales).
Total liabilities decrease as percentage of total assets, at 9.10% , (11.26% in 2015) , whereas the median ratio for the sector is estimated at 65.18% . Debt to equity ratio
(leverage) is estimated at very low -and lower compared to 2015- levels, at 0.10 to 1, whereas the median ratio for the sector is estimated at 1.57 to 1. Interest coverage
by operating profit is estimated at rather high -and increased compared to 2015- levels, at 761.51 times, whereas the median ratio for the sector is estimated at 6.13
times.
Total current assets grow as percentage of total assets, at 76.67% , (75.02% in 2015) , whereas the median ratio for the sector is estimated at 67.65% . In the same time,
current liabilities are relatevily low as a portion of total assets (8.46%) driving the quick ratio to a very high level of 9.06 -and increased compared to 2015- , whereas
the median ratio for the sector is estimated at 1.36 . Inventory as percentage of total assets are 27.01% , (27.97% in 2015) , whereas the median ratio for the sector is
estimated at 40.19% . In addition, acid test ratio is rather high at 6.62 -and increased compared to 2015- , whereas the median ratio for the sector is estimated at 1.06 .
Trade cycle is estimated at 212 days, (100 days the median ratio for the sector) while its duration extents compared to 2015 by 29 days . Total assets turnover slightly
improves at 0.84 times (0.81 in 2015), which compared to the sector (1.25 times) is relatively low.
Gross profit margin slightly improves at 40.77% , (from 39.78% in 2015) , which is very high compared to the median ratio in the sector (22.06% ). EBITDA margin
improves at 14.81% , (from 13.09% in 2015) , which is very high compared to the median ratio in the sector (5.67% ). Return on equity (RoE) improves at 11.84% , (from
9.75% in 2015) , which is relatively low compared to the median ratio in the sector (16.02% )

Additional Information

Conclusion

G.E.MI.: 35537316000

FULL NAME: TREATMENT - COMMERCIAL SPICES - FOODS INDUSTRIAL COMPANY S.A.

COMPANY`S HISTORY
Established in November 2002 under the name " SPICES KAYA S.A. " and is activated in the sector of food products Established following the change in the legal status of the
sole proprietorship NIKOLAOS EF. KAYAS, which existed since 1982. According to statement, subject`s shareholding structure has been changed. However, further data, are
not available

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

Please note that the subject company is a holder of ISO 9001:2008.

Please note that the subject company has been rated with a high score by Icap Group and certificated as a member of the community “Strongest Companies in Greece”.

Please note that the subject company has been certificated with the “ΕΛ.Ο.Τ. 1416” by “RWTUV Systems GmbH”.

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

Industry Developments

.

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 65.22
UK Pound	1	INR 89.70
Euro	1	INR 79.50
Euro	1	INR 80.22

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	DNS

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.