MIRA INFORM REPORT

Report No. :	509790
Report Date :	24.05.2018

IDENTIFICATION DETAILS

Name :	TOP GAS S.A.
Registered Office :	Gefyra, Plot of land 106, 57011 , P O Box 53, Thessaloniki
Country :	Greece
Financials (as on) :	December 2016
Date of Incorporation :	16.06.1999
Com. Reg. No.:	43084/062/Β/99/152
Legal Form :	SA - Société Anonyme
Line of Business :	The subject is engaged in bottling, distribution, imports and wholesale trade of liquefied gas. Imports and wholesale trade of tank-trucks, liquefied gas tanks and LPG car systems and also Construction of LPG station.
No. of Employees :	43 [May 2018]

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 :	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

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 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	TOP GAS S.A.
English Name	TOP GAS S.A.
Registered Address	Gefyra, Plot of land 106, 57011 , PoBox 53, Thessaloniki, Greece
Activities	Manufacture of refined petroleum products, Other construction work involving special trades, Wholesale of solid, liquid and gaseous fuels and related products, Wholesale of wood, construction materials and sanitary equipment, Sale of motor vehicle parts and accessories
Company Status	Registered and operational
Company Reg. No	43084/062/Β/99/152
Company Reg. Date	16/06/1999
Start Date	16/06/1999
Tax Reg. No	099357167
Telephone	302310773337 / 2310715800	Fax	+30 2310773339
E-mail	info@topgas.com.gr	Websites	www.topgas.com.gr

Payment Behaviour

Payment habits

No Complaints

Financial Summary

Basic Financial Figures	2016 (EUR)	2015 (EUR)
Revenue	27,403,319	28,788,148
Gross Profit	3,276,637	3,328,156
Operating Profit	453,225	515,313
Profit Before Tax	413,322	485,379
Net Profit	280,116	329,105
Working Capital	1,378,715	1,213,343
Total Equity - Net Worth	2,912,839	2,632,723
Revenue Per Employee	27,925	19,844
Trend	EVEN	EVEN
Key Ratios	2016	2015
Gross Profit margin on sales	11.96	11.56
Current Ratio	1.49	1.59
Solvency Ratio	0.1	0.16
Debtor Days	40.32	27.15
Creditor Days	24.32	28.47
Probability of Default	Safe zones	Safe zones

Legal Status

CR Number	43084/062/Β/99/152
Legal Type	SA - Société Anonyme
Auditors	METRON AUDITING S.A. PLASTARAS GEORG. DIMITRIOS

Capital

Authorized Capital

1,487,253 EUR

Corporate Structure

Directors

Name	Position	ID	Occupation	Age	Nationality	Other Rel.	Appointment date
Mrs Tsengelidou, Eirini-Chryssov	Director	056468562 (Reg. No)	Board Member	-	Greece	No	-
Mr Tsengelidis, Savvas Par.	Director	046428267 (Reg. No)	Board Member	-	Greece	No	-
Mr Pezos, John Nik.	Director	030413420 (Reg. No)	Board Member	-	Greece	No	-
Mr Kallidis, Chrysostomos Bas.	Director	047651371 (Reg. No)	Board Member	-	Greece	No	-
Mr Tsengelidis , Paraskevas Sav.	Director	024934990 (Reg. No)	Chairman & CEO	-	Greece	No	-
Comment: Legal Representative
Mrs Tsengelidou, Despoina Par.	Director	056123260 (Reg. No)	Executive Vice Chairman	-	Greece	No	-

Shareholders

Name	ID/Reg. No	Nationality	Number of Shares	Percentage of Shares	Other Rel
Mr Tsengelidis, Savvas Par.	046428267 (Reg. No.)	Greece		29.36
Mrs Tsengelidou, Despoina Par.	056123260 (Reg. No.)	Greece		29.36
Mrs Tsengelidou, Eirini-Chryssov	056468562 (Reg. No.)	Greece		29.36
Mrs Tsengelidou, Despoina	047634478 (Reg. No.)	Greece		9.37
Mr Tsengelidis , Paraskevas Sav.	024934990 (Reg. No.)	Greece		2.55

Operation and Activities

Activity Code	Description
NACE Code	NACE Description
2320	Manufacture of refined petroleum products
4525	Other construction work involving special trades
5151	Wholesale of solid, liquid and gaseous fuels and related products
5153	Wholesale of wood, construction materials and sanitary equipment
5030	Sale of motor vehicle parts and accessories

Line of business

SECTOR: Refinery & gas products

The subject is engaged in bottling, distribution, imports and wholesale trade of liquefied gas. Imports and wholesale trade of tank-trucks, liquefied gas tanks and LPG car systems and also Construction of LPG station.

Products:
Prefabrications - Services
Bottled liquefied gas - Production, Trade
Technical works - Services
Vehicle spare parts - Trade
Liquefied gas - Trade
Special use vehicles - Trade

Export to	Payment terms	Percentage
Albania, Macedonia, The Former Yugoslav Republic Of	-	N/A

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

Agencies, Suppliers & Brands	Country	Relation	Comment
HELLENIC PETROLEUM S.A.	Greece	Customer

Banks	Swift code	Comments
PIRAEUS BANK S.A. - CHARILAOU, THESSALONIKI THESSALONIKI, Greece	0172239
NATIONAL BANK OF GREECE S.A. - CHARILAOU THES/NIKI CHARILAOU, Greece	0110218
ALPHA BANK - CHARILAOU CHARILAOU, Greece	0140705

Premises	Comprise of	Address	Square Meters	Type	Comment
Branch	Warehouse	Neochorouda, Thessaloniki , 54500 , Greece	-	Leased	-
Registered Address	Office	Gefyra, Plot of land 106, 57011 , PoBox 53, Thessaloniki, Greece	-	Owned	LAND m2: 10000 BUILDINGS m2: 980

Vehicles	Number
TANK-TRUCKS	8
Total Vehicles	8

Employees	May 2018
Full Time Employees of Company	43

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

Corporate financial statement	December 2016	December 2015
STATEMENT OF FINANCIAL POSITION
ASSETS
Non current Assets
Property, Plant & Equipment	1,560,889 €	1,438,362 €
Investment in subsidiaries	1,160 €	860 €
Total Non current Assets	1,562,049 €	1,439,222 €
Current Assets
Inventories	694,841 €	656,519 €
Prepayments	6,581 €	15,963 €
Receivables	3,027,043 €	2,141,172 €
Other Assets		2,000 €
Cash at bank and in hand	437,496 €	462,816 €
Total current Assets	4,165,961 €	3,278,470 €
Total Assets	5,728,010 €	4,717,692 €
EQUITY AND LIABILITIES
Equity
Share capital	1,447,248 €	1,447,248 €
Other reserves	172,084 €	152,953 €
Retained Earnings	1,293,507 €	1,032,522 €
Total Equity	2,912,839 €	2,632,723 €
LIABILITIES
Non-current liabilities
Post-Employment Benefit Obligation, NonCurrent	27,925 €	19,844 €
Total non-current liabilities	27,925 €	19,844 €
Current liabilities
Trade and other payables	1,607,720 €	1,985,828 €
Short term loans	96,687 €	76,335 €
Other Liabilities, Current	949,633 €
Current tax liabilities	133,206 €	2,964 €
Total current liabilities	2,787,246 €	2,065,127 €
Total Liabilities	2,815,171 €	2,084,971 €
Total Equity and liabilities	5,728,010 €	4,717,694 €
STATEMENT OF COMPREHENSIVE INCOME
Revenue	27,403,319 €	28,788,148 €
Cost of Sales	-24,126,682 €	-25,459,992 €
Gross Profit	3,276,637 €	3,328,156 €
Other income	56,479 €	257,739 €
Other expenses	-2,879,891 €	-3,070,582 €
Operating Loss/Profit	453,225 €	515,313 €
Finance income	1,323 €	1,395 €
Finance costs	-41,226 €	-31,329 €
Net finance costs	-39,903 €	-29,934 €
Profit before tax	413,322 €	485,379 €
Tax	-133,206 €	-156,274 €
Net profit/loss for the year*	280,116 €	329,105 €
Other comprehensive income
Total comprehensive income for the year	280,116 €	329,105 €
CASH FLOW STATEMENT
Profit before tax	413,322 €	485,379 €
Adjustments for:
Cash flows (used in)/ from operations	413,322 €	485,379 €
Net Cash flows (used in)/ from operating activities	413,322 €	485,379 €
Net (decrease)/increase in cash and cash equivalents	413,322 €	485,379 €
Cash and cash equivalents:
At end of the year	413,322 €	485,379 €

Key Ratios	December 2016	December 2015
Profitability Ratios
Gross Profit margin on sales	0.12	0.12
Return on assets (ROA)	0.05	0.07
Return on Equity	9.62	12.5
Operating Income margin	1.65	1.79
Liquidity Ratios
Current Ratio	1.49	1.59
Quick Ratio	1.25	1.27
Turnover Ratios
Sales to Net Working Capital Ratio	19.88	23.73
Total assets turnover (times)	4.78	6.1
Debtor Days	40.32	27.15
Creditor Days	24.32	28.47
Leverage Ratios
Debt to Equity	0.97	0.79
Interest Coverage Ratio	-8.99	-14.45

Additional Comments on Financial Statement

No information available

Additional Information

Conclusion

G.E.MI.: 58250304000

COMPANY`S HISTORY
It was established in 1999, in Menemeni in Thessaloniki, under the name TOP GAS S.A., dealing with the trade of liquefied gas, tankers and tanks. However, it should be noted that since late May of 2011 titled principally engaged in the bottling, distribution and trade of liquefied gas. On 17/3/2009 (Gov. Gaz. No. 01931/2009) a change of subject`s head office was published.

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

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)
GNI per Capita (US$)	20,290
Getting Credit(rank)
Protecting minority investors (rank)
Trading across borders (rank)
Population	10,823,732
Resolving insolvency (0-100)	52

Press and Media Information

No information available

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.21
UK Pound	1	INR 91.43
Euro	1	INR 80.24
Euro	1	INR 80.01

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

INFORMATION DETAILS

Analysis Done by :	VAR
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.