Credit Information on Greek companies

STANDARD REPORT

Confidential

STANDARD REPORT

Use of : PAPADOPOULOS SA.

Att.: PAPADOPOULOS KOSTAS - ETEST

Reference No.: LKTEST/21/03/2006

Our Ref.: 1366995/21/03/2006 Date : 21/03/2006

CAPS A.E.

ICAP ID: 3923900

1 Gerokostopoulou

26221, Patra, Achaia

Tel.: 2610 620273

Fax: 2610 623910

U.R.L.: www.sample.com

E-mail: sample@sample.com

Sector	:	Business Services
Year Established	:	1971
Year Founded	:	1964
Chairman	:	Michail Emm. Papadopoulos
Capital	:	Euro 10.080.000
Owners Equity	:	Euro 17.717.390 (1/1/2004)
Total Net Sales	:	Euro 17.968.997 (1/1/2004 - 31/12/2004)
Net Income for the Year Before Tax	:	Euro 2.586.347 (1/1/2004 - 31/12/2004)
Staff of employees	:	3.000

         FINANCIAL STATUS    : -

         PAYMENT RECORD      : Bad

         TREND               : -

ICAP RATING: NC (20/3/2006)

*   *   *   *   *   *   *   *   *   *   *   *

        S P E C I A L   E V E N T S

*   *   *   *   *   *   *   *   *   *   *   *

Subject's major shareholder has abrupty withdrawn from the

firm,laying aside outstanding debts.

Subject declared bankruptcy.

Subject is inactive.

Subject has been inactive since its establishment.

The company's business activities are uncertain.

*   *   *   *   *   *   *   *   *   *   *   *

GOV. GAZETTE No:01533/1971  TAX REGISTR. No: 194012141

No OF THE REGISTER OF SOCIETE ANONYME:001639 /001 /Β /86 /1638

ISO Certificate:        ISO 9001:2000

Testifying Company:     TUV - AUSTRIA - HELLAS LTD

LEGAL FORM:             Societe Anonyme

DATE ESTABLISHED:       27/09/1971

HEAD OFFICE:            Athens, Attiki

DURATION:               Up to year 2051

HISTORY:

Established in Athens, in 1971, under the name CAPS HELLAS A.E.

following the change in the legal status of the pre-existing

Limited Liability Company CAPS HELLAS LTD, that was originally

founded in 1964 (Gov. Gaz. No. 0060/1964) by a group of Greek and

foreign economists and business people. On 15.04.1997 the General

Meeting of shareholders decided upon changing the firm's name to

CAPS A.E. (Gov. Gaz. No. 2430/97).

Note that subject operates at a limited scale. Subject was

converted. The above event has not been published in the Gov.

Gaz. yet.

ACTIVITY:

Feasibility and Sector studies. Franchising Consultants.

Industrial and Marketing Research. Market Research. Training and

Development of Human Resources. Personnel Selection. Remuneration

Studies. Management of Payments. Direct Mail Services. Planning,

editing and printing of promotional matter and special editions

ACTIVITY NACE (Main) :

 7240 Data base activities

PRODUCTS/SERVICES:      [EM=Exports manufacturing ET=Exports

commerce EY=Exports services F=Facon FT=On third party facilities

A=Representation D=Local agent I=Import]

SERVICES :

Data banks

Credit risk evaluation services

Business information services

Studies, feasibility

Studies, business

Business consultants

Management consultants

Market research - Opinion polling

Personnel selection

Direct mail

European programme administration

Seminars

MANUFACTURING :

Directories

Editing

Publications

Publications, digital

Publishing, desktop (DTP)

FRANCHISEE

Subject operates as franchisee.

Of the following firm(s):

COMPANY S.A

CUSTOMERS:

Subject operates a network of local agents.

Subject provides franchising facilities

PREMISES (as declared ):

HEAD OFFICE: 64 Panepistimiou Ave, 115-28 Athens, Attiki, owned.

OFFICES: 7 Panepistimiou, 115-28 Athens, Attiki, owned,

covered area 1,200 m2.

        -4 Panepistimiou, 115-28 Athens, Attiki, rented.

        -2 Panepistimiou, 115-28 Athens, Attiki, rented.

MINES: 1 TEST, 124-56 Haidari, Attiki.

Total covered area of all above mentioned premises is

approximately 3,850m2. Noted that a part of subject's premise, at

its head office, is owned (2,500m2) and acquired partially in

1994, 1996 and 1999. The offices at 7 Panepistimiou, Athens

were acquired in July 2001.

STAFF:

Employees      :  3000 persons

Staff's evolution annually:

3000 (2005), 305 (2004), 305 (2003)

GROUP DATA:

Subject belongs to the Group:

TEST BANK A.E.(GROUP OF COMPANIES)

ICAP ID:216435

SHAREHOLDERS(as declared):

by 26.96% TEST BANK A.E.

(Code No: 1078000  VAT: EL094014249)

DATE ESTABLISHED: 1918

SECTOR: Banks

Share capital : 1,274,272,000

Shareholders equity : 2,497,065,000

Revenue  :  1,348,632,000

Net profit : 431,539,000

Balance sheet details as at (31.12.2004) EURO

HEAD OFFICE: 40 Stadiou 102 52, Athens, Attiki

by 20.00% MYCOMP S.A.

(Code No: 0176986)

HEAD OFFICE: 12 Cours Michelet La Defense 10 928000 Puteaux

France

by 20.00% TEST BANK OF GREECE S.A.

(Code No: 1050000  VAT: EL094014237)

DATE ESTABLISHED: 1907

SECTOR: Banks

Share capital : 485,435,379

Shareholders equity : 1,328,862,959

Revenue  :  811,683,674

Net profit : -43,390,517

Balance sheet details as at (31.12.2004) EURO

HEAD OFFICE: 11 Sofokleous 102 35, Athens, Attiki

by 17.63%  INVESTEMENTS LTD

(Code No: 0176423)

HEAD OFFICE:  U.S.A.

by 9.00% Dimitrios Leo. Papadopoulos (born in 1939)

The remaining 6.41% is held by other shareholders and

executives. TEST BANK A.E. is the leader of the private Banks in

Greece, which is marked by high profitability. It offers all the

range of banking products and up to-date services to its clients.

Subject's shareholding company MYCOMP S.A. (founded in 1946) is

the leading export credit insurer in France and one of the

largest corporations internationally. MYCOMP S.A., provides

credit insurance in the private market, also managing French

State guarantees of commercial and political risks that are not

insurable in the private market. TEST BANK is a large size

commercial bank, actually controlled by the Greek State.

The Creditor Banks hold the majority of subject's shares.

Noted that individual(s) with solvency problems is(are) Actively

engaged in subject's business activities.

The shareholder firm faces financial problems.

BOARD OF DIRECTORS:

Michail Emm. Papadopoulos      Chairman

Dimitrios Papadopoulos         Vice-Chairman A'

John Mar. Papadopoulos         Vice-Chairman B'

Dimitrios Mar. Papadopoulos    Member

Rigas Dim. Papadopoulos        Member

Lazaros Alk. Papadopoulos      Member

Above mentioned Board of Directors' structure is in effect since

30.06.2005. Mr. Kostas V. Papadopoulos was the General Manager of

CAPS A.E. during the period 1996 - 2005. Papadopoulos

is Deputy Manager Group International Dept. of MYCOMP S.A., Mr.

Michael Papadopoulos Economic Studies & Investor Relations Manager

of TEST BANK A.E. Mr. John Papadopoulos is Manager Adviser of

TEST BANK. Mr. Dimitrios Papadopoulos was one of the executives of

TEST BANK S.A., while Mr. Lazaros Papadopoulos was one of

the executives of TEST BANK A.E. Finally, Mr. Rigas Papadopoulos

is an Economist and Chairman of ICBS.

PARTICIPATIONS:

Subject participates in the following firm(s)

by 49.00% TNS CAPS S.A.

(Code No: 0252732  VAT: EL999846061)

DATE ESTABLISHED: 2002

SECTOR: Business Services

Share capital : 400,000

Shareholders equity : 542,066

Net Sales : 2,559,127

Net profit : 127,935

Balance sheet details as at (31.12.2004) in Euro.

HEAD OFFICE: 64 Panepistimiou 115 28, Athens, Attiki

Said firm dissolved in 2005

by 8.00% EOS - EUROPEAN OMNIBUS SURVEY

(Code No: 0322762)

ACTIVITY: Programmes promotion and market research in almost all

European Countries (recently expanding into Eastern European

Countries as well).

HEAD OFFICE:  Brussels, Belgium

-    TEST CIGARETTE MFG CO. S.A.

(Code No: 5005000  VAT: EL094011481)

DATE ESTABLISHED: 1930

SECTOR: Industry (Tobacco Products)

Share capital : 45,528,529

Shareholders equity : 133,227,695

Net Sales : 502,854,813

Net profit : 34,044,474

Balance sheet details as at (31.12.2004) in Euro.

HEAD OFFICE-PLANT: K. Mavromichali & Gravias 185 45, Piraeus,

Attiki

The firm TNS CAPS S.A. is engaged in market research services.

The rest 51% of its shares is held by the British firm TAYLOR

NELSON SOFRES, which is the leading European firm in market

research, holding also the fourth place among the largest firms

of the sector worldwide.

FINANCIAL DATA:

Share capital amounts to Euro 10,080,000 divided into 6,720,000

shares at EURO 1.50 each.

Prior to the last increase in 2001 (Gov.Gaz.1278/2002) share

capital amounted to 9,860,602 Euro. The above increase was

decided to be covered as follows: 219,398 Euro being the

capitalization of part of capital surplus.

The latest published balance sheets are attached.

BUSINESS TRANSACTION PROFILE:

Subject's business transaction profile has not been affected by

any incidents up to 15.02.2006

FINANCIAL COMMENTS:

An important remark noted by the Certified Auditors in 2002

B/S,is that the company is necessary to increase its share

capital,following the decrease in its net property.

An important remark noted by the Certified Auditors in 2003

B/S,is that the company is necessary to increase its share

capital,following the decrease in its net property.

According to 2002 balance sheet, subject has not commenced

business activities.

According to 2003 balance sheet, subject has not commenced

business activities.

According to 2004 balance sheet, subject has not commenced

business activities

CLASSIFICATION WITHIN PARTICULAR SECTOR

Subject, among 888 sample of companies of its sector, was ranked as follows, based in 2004 B/S details :

-Fixed Assets	15
-Total Fixed Assets	13
-Owners Equity	8
-Total Net Sales	13
-Net Income for the Year Before Tax	6

COMMENTS :

Subject is a large size, service rendering company, well

established in the market, that displays profitable results and

an excellent financial structure. Subject owns and operates a

state-of-the-art Databank, unique in Greece, where analytical and

processed data for over 250,000 enterprises can be found. Since

29.12.2000 subject holds the International Quality Certificate EN

ISO 9001. Subject can supply financial and credit information,

ON-LINE, to its customers, both in Greece and abroad. This has

brought subject on an equal basis with the largest European and

American companies in this field of business. It should be noted

that the presence of CAPS in Europe and internationally is

considered of most importance. Over 15% of its annual turnover

comes from foreign customers, among which, major business

information and export insurance firms from England, Germany,

France, Italy, Austria, the U.S.A. and many others. Subject also

is a member of TEST INTERNATIONAL. Furthermore, bearer of E.U.

programme SPRINT C-352 (transfer of know-how and technology

between firms from E.U. member countries) and one of the two

private European companies, to which EUROSTAT has formally

assigned the task of supplying statistical information. Finally,

it should be remarked that subject's interest is also directed

and substantially expanding, towards the assignment,

administration, technical support and evaluation of E.U.

programmes.

BANKS:

TEST Bank A.E.

  Head Office (tel.:21-03260000)

TEST Bank A.E.

  Zografou Branch (tel.:21-07754305)

TEST Bank A.E.

  Mitropoleos Branch (tel.:231-0267311)

Test Bank of Greece S.A.

  Ampelokipoi Branch (tel.:21-07727280)

TEST Bank

  Ilissia Branch (tel.:21-07785811)

American Test Bank Ltd

  Head Office (tel.:21-03234781-4)

ICAP CREDIT RATING

The following table shows the company's ICAP Credit Rating evolution.

	2006	2005	2004	2003	2002
RATING	NC (20/3/2006)	NT	A	A	AA

RATING: AA, A, BB, C, D, E, F, G, H, NT(NOT TRADING), NR(NOT RATED), NC(NOT CALCULABLE)

SECTOR ICAP CREDIT RATING

The following table shows ICAP Credit Rating evolution for the sector's S.A. & L.T.D. companies.

	2005	2004	2003	2002	2001
Sector	C	D	C	C	C
Total Number Of Companies	363	1.147	1.150	1.126	1.037

SHORT FINANCIAL STATEMENT (Figures in Euro)

ASSETS

ACCOUNTS	31/12/2004	CHANGE 04/03 (%)	31/12/2003	CHANGE 03/02 (%)	31/12/2002
Fixed Assets	6.736.328	-7,90	7.313.764	0,16	7.301.876
Land	1.660.639	0	1.660.639	0	1.660.639
Buildings / Means of Transport / Furniture and Other Equipment	9.162.923	1,42	9.034.747	5,71	8.547.021
Machinery and Mechanical Equipment	0	N/A	0	N/A	0
Intangibles Assets and Estabishment Expenses	2.396.099	16,56	2.055.656	31,63	1.561.712
Accumulated Depreciation	6.732.727	18,35	5.688.754	20,79	4.709.703
Depreciation of Buildings / Furniture / Means of Transport	5.064.163	15,11	4.399.513	18,10	3.725.130
Depreciation of Machinery and Mechanical Equipment	0	N/A	0	N/A	0
Depreciation of Intangible Assets and Establishment Expenses	1.668.564	29,42	1.289.241	30,94	984.573
Long Term Receivables	53.394	-3,75	55.475	20,06	46.206
Participations	196.000	0	196.000	0	196.000
Inventories	0	N/A	0	N/A	0
Finished Products / Merchandise	0	N/A	0	N/A	0
Semifinished Goods	0	N/A	0	N/A	0
Raw Direct and Indirect Material	0	N/A	0	N/A	0
Receivables / Transit balances	10.520.965	7,95	9.746.180	6,68	9.135.654
Receivables from Customers / Bills and Cheques	10.187.910	7,82	9.448.844	7,11	8.821.318
Marketable Securities	266.200	-2,00	271.632	0	271.632
Other Receivables / Transit Debit Balances	66.855	160,08	25.705	-39,81	42.705
Cash and Deposits	3.508.314	21,03	2.898.612	-9,27	3.194.764
Total Assets	20.765.607	4,04	19.958.557	1,66	19.632.294

LIABILITIES

ACCOUNTS	31/12/2004	CHANGE 04/03 (%)	31/12/2003	CHANGE 03/02 (%)	31/12/2002
Shareholders Equity	17.717.390	8,45	16.336.526	5,17	15.534.015
Share Capital	10.080.000	0	10.080.000	0	10.080.000
Capital Surplus	7.632.728	22,05	6.253.715	14,67	5.453.715
Earned Surplus / Accumulated Losses	4.663	65,94	2.810	839,80	299
Long Term Liabilities and Provisions	0	N/A	0	N/A	33.998
Long Term Liabilities	0	N/A	0	N/A	33.958
Provisions	0	N/A	0	N/A	40
Current Liabilities / Transit Balances	3.048.217	-15,84	3.622.031	-10,88	4.064.282
Short Term Bank Debt	0	N/A	33.958	-75	135.832
Suppliers / Bills Notes Payable & Cheques / Creditors	950.834	-29,47	1.348.068	-11,68	1.526.369
Dividends Payable	612.845	28,99	475.107	13,74	417.729
Partners / Shareholders Accounts	0	N/A	0	N/A	0
Other Liabilities / Transit Credit Balances	1.484.538	-15,88	1.764.899	-11,06	1.984.351
Total Liabilities and Net Worth	20.765.607	4,04	19.958.557	1,66	19.632.294

PROFIT AND LOSS ACCOUNT

ACCOUNTS	1/1/2004 - 31/12/2004	CHANGE 04/03 (%)	1/1/2003 - 31/12/2003	CHANGE 03/02 (%)	1/1/2002 - 31/12/2002
Total Net Sales	0	N/A	0	N/A	0
Net Sales	17.968.997	7,82	16.665.067	-5,56	17.645.647
Cost of Net Sales	11.342.560	7,53	10.548.522	-10,96	11.847.050
Gross Margin	6.626.437	8,34	6.116.545	5,48	5.798.597
Commission and Other Operating Income	180.511	4,60	172.574	-23,77	226.382
Interest Expenses	36.454	-10,51	40.736	28,61	31.673
Other Operating Expenses	4.098.177	3,06	3.976.353	4,99	3.787.395
Operating Results	2.672.318	17,62	2.272.031	3,00	2.205.911
Non Operating Income	165.753	1.159,42	13.161	-50,30	26.480
Non Operating Expenses	251.723	18,23	212.915	-79,17	1.022.277
Depreciation Out of Cost	0	N/A	0	N/A	0
Total Depreciation	1.056.366	0,31	1.053.132	15,65	910.589
Depreciation Included in the Operation Cost	1.056.366	0,31	1.053.132	15,65	910.589
Net Income for the Year Before Tax	2.586.347	24,81	2.072.276	71,25	1.210.114
Net Dividends	604.800	N/A	470.400	N/A	403.200
Income Tax	518.682	-28,88	729.365	-2,32	746.724

COMPANY RATIOS

PROFITABILITY RATIOS

RATES	31/12/2004	CHANGE 04/03 (%)	31/12/2003	CHANGE 03/02 (%)	31/12/2002
Return on Equity - ROE (Before Income Tax) (%)	15,19	16,85%	13,00	N/A	N/A
Return on Equity - ROE (Before Interest and Income Tax) (%)	15,40	16,14%	13,26	N/A	N/A
Return on Capital Employed -ROCE (Before Interest and Income Tax) (%)	12,88	20,71%	10,67	N/A	N/A
Gross Profit Margin (%)	36,88	0,49%	36,70	N/A	N/A
Operating Profitability (%)	14,80	9,06%	13,57	N/A	N/A
Net Profit Margin (Before Income Tax) (%)	14,39	15,77%	12,43	N/A	N/A
Net Profit Margin EBITDA ((before Interest, Income Tax, Depreciation and Non Operating Income)) (%)	20,68	3,97%	19,89	N/A	N/A

VIABILITY AND CAPITAL STRUCTURE RATIOS

RATES	31/12/2004	CHANGE 04/03 (%)	31/12/2003	CHANGE 03/02 (%)	31/12/2002
Financial Leverage (:1)	0,15	-16,67%	0,18	N/A	N/A
Total Debt Equity Ratio (:1)	0,17	-22,73%	0,22	N/A	N/A
Interest Coverage (Before Interest and Income Tax) (X)	71,95	38,71%	51,87	N/A	N/A

LIQUITIDY RATIOS

RATES	31/12/2004	CHANGE 04/03 (%)	31/12/2003	CHANGE 03/02 (%)	31/12/2002
Current Ratio (Χ)	4,00	23,08%	3,25	N/A	N/A
Quick Ratio (Acid Test) (Χ)	4,00	23,08%	3,25	N/A	N/A
Working Capital (EURO)	10.981.062,38	21,70%	9.022.761,37	N/A	N/A

ACTIVITY RATIOS

RATES	31/12/2004	CHANGE 04/03 (%)	31/12/2003	CHANGE 03/02 (%)	31/12/2002
Collection Period (DAYS)	190,02	0,28%	189,49	N/A	N/A
Payable Period (DAYS)	31,70	-27,90%	43,96	N/A	N/A
Inventory Turnover (DAYS)	N/C	N/A	N/C	N/A	N/A
Equity Turnover (Χ)	1,06	0,95%	1,04	N/A	N/A
Turnover of Capital Employed (Χ)	0,88	4,76%	0,84	N/A	N/A

INVESTOR RATIOS

RATES	31/12/2004
Share Internal Value (EURO)	2,64
Earnings Per Share (EPS) (EURO)	0,38

SYMBOLS EXPLANATION

N/A: Not Available

N/C: Not Calculable


	Credit Report