MIRA INFORM REPORT

Report Date :

24.12.2008

IDENTIFICATION DETAILS

Name :	MITSIOS TRADING LIMITED
Registered Office :	201A, Agiou Ilarionos Street, Kaimakli Area, Nicosia
Country :	Cyprus
Financials (as on) :	2007
Date of Incorporation :	01.01.1972
Com. Reg. No.:	C14068
Legal Form :	Private Limited Liability Company
Line of Business :	Groceries and Related Products, NEC Nondurable Goods, NEC

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	EUR 352,000.00
Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

Name & address

Correct Registered Name:

MITSIOS TRADING LIMITED

Address:

201A, Agiou Ilarionos Street, Kaimakli Area Nicosia 1028 Nicosia CYPRUS

P.O.Box:

28090 - 2060 Nicosia

Telephone:

+357-22346557 +357-22346558

Fax:	+357-22346561

Email:

mitsios@cytanet.com.cy

Summary of Ratings

Maximum Credit:

EUR 352,000.00

Payment

Good For Amount & Terms Of Inquiry:

Too high Safer to split the amount in 2 or more lots.

Commercial Morality:

Moderate

Financial Strength:

Good

Credit Rating:

Low Risk

Legal Status

Legal Form:

Private Limited Liability Company Private Limited Liability Company: It is incorporated by one or more individuals or companies (maximum: 50). It is managed by a board of directors consisted of minimum two individuals or juridical persons. Capital is required. The shareholders are liable for the companys debts to the extent of their respective interests in the capital. Its shares are not to be sold through public subscription. Private Limited Liability companies are obliged to file their accounts with the Registrar of Companies (Company Registry).

Date of foundation:

01.01.1972

Registration number and city:

C14068 Nicosia

Registration date:

13.05.1980

Former legal form:

Sole Proprietorship, valid since: 1972

Former Legal Form:

Sole Proprietorship valid since: 1972

Company Status

Registration status: 1980 - registered company
Activity status: 1980 - active company

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Panayiotis Panayiotou	714263	Shareholder	CYPRUS	99.96% 24,646 Ordinary	11,Moyson Street 2060 Nicosia CYPRUS
Ms. Christina Nicolaou	691576	Shareholder	CYPRUS	0.04% 10 Ordinary	11, Mouson Street 2060 Nicosia CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Christakis Christodoulou	586821	42	Director	CYPRUS	Non Retrievable.	Non Retrievable.	3th Floor Flat 301, 12,Promitheis Street 1065 Nicosia CYPRUS
Mr. Panayiotis Panayiotou	714263	38	Managing Director	CYPRUS	Non Retrievable.	Non Retrievable.	11,Moyson Street 2060 Nicosia CYPRUS
Mr. Panayiotis Iona	151523	62	Secretary	CYPRUS	Non Retrievable.	Non Retrievable.	2A, Nafpaktou Street, Strovolos Area 2060 Nicosia CYPRUS
Mr. Michalis Avraam	613204	48	Director	CYPRUS	Non Retrievable.	Non Retrievable.	14, Athinon street 6307 Larnaca CYPRUS

Activities

Activities:

Importers & Wholesalers & Distributors & Retailers

Operations:

SIC main activity 5149 Groceries and Related Products, NEC (bottling mineral or spring water) 5199 Nondurable Goods, NEC (except specialty advertising) Importers (100%) Distributors The company is involved in the import and trade on a wholesale (90%) and on a retail (10%) of basis of chocolates, candies and other related products. In addition they are also involved in the trade of raw materials used by bakeries and confectioneries. The company sells to the general public, supermarkets, grocery stores and big kiosks. Business Activities Candy & Confectionery Industry Classifications - NAICS » Confectionery Merchant Wholesalers Detailed Description of Industry Classifications Confectionery Merchant Wholesalers NAICS # 42445 | This industry comprises establishments primarily engaged in the merchant wholesale distribution of confectioneries; salted or roasted nuts; popcorn; potato, corn, and similar chips; and/or fountain fruits and syrups. Merchant wholesale distribution of frozen pretzels--are classified in Industry 424420, Packaged Frozen Food Merchant Wholesalers; and Merchant wholesale distribution of pretzels (except frozen)--are classified in Industry 424490, Other Grocery and Related Products Merchant Wholesalers.

Motor Vehicles

	2008
Number of vans	owned: 8
Total number of vehicles	8

Imports

ITALY, GERMANY, SPAIN
Payment terms:
O/A (Open Account) 90 days
L/C Base (Letter of Credit)

ITALY, GERMANY, SPAIN, UNITED STATES
Payment terms:
O/A (Open Account) 90 days
L/C Base (Letter of Credit)

Exports

The subject does not engage in any export activities.

Agencies

Name	Country	Product
"Sisma"	ITALY	household
"Ludwing Schokolade"	GERMANY	chocolates
"Nuova Witors"	ITALY	chocolates
"Irca"	ITALY	raw materials
"Sanchex Cano"	SPAIN	candies

Workforce

Number Of Employees:

25

Description Of Premises

Address:	201A, Agiou Ilarionos Street, Kaimakli Area 1028 Nicosia CYPRUS
Type of premises:	Premises
Type of ownership:	rented

Headquarters:

The premises comprise of warehouses and stores.

Branches:

The subject does not maintain any branches.

Related Companies

Affiliated Company
PATHIN IMPORTS-EXPORTS COMPANY LIMITED , CYPRUS , National ID: NIC490009

"Pathin Imports Exports Company Limited" - Registration number C93822. The company is involved in the import of products including promotional gifts used by local publishers with their magazines. Recently the company started importing fast moving products which arre widely sold in kiosks and supermarkets such as cigarette lighters, charcoals and pet food.

Affiliate companies History:

"Kronos Distribution Agency Ltd” – This company used to hold the 29% of the shares of the subject in question. The company is involved in the distribution of newspapers, magazines, books and other related products, in the local market and overseas.

Bankers

CO-OPERATIVE CENTRAL BANK LIMITED
1096 Nicosia, 8, Gregori Afxentiou Street

HELLENIC BANK PUBLIC COMPANY LIMITED
Corner of 92 Dighenis Akritas Ave. & Kritis,1061 Nicosia,Tel:357 22500500,Fax:357 22500560,Email: dhigeniakrita@hellenicbank.com


Account numbers are not disclosed.

Press

27.04.2001, http://www.xak.com/main/newsshow.asp?id=6838
Kronos: Buys into Mitsios Trading
CSE

The company Kronos Press Agency Ltd. announced that it has reached an agreement with Mitsios Trading Ltd. for acquisition of 27% of the share capital of the company. Mitsios Trading is a confectionery trading company with turnover for 2001 anticipated to reach CYP 2 million and net profits of CYP 170.000 without taking into consideration benefits which may be derived from the synergy with Kronos Press Agency. By the agreement, Kronos will undertake the exclusive distribution rights for Cyprus of all Mitsios Trading products.

In exchange for the acquisition, Kronos Press Agency will pay the sum of CYP 400.000.

04.10.2007, http://www.xak.com/main/newsshow.asp?id=78206
KRO: Sale of 29% of Mitsios Trading against £200k
CSE

Kronos Press Agency Public Company Ltd announces that it has reached an agreement for the sale of the stake of 29% that it holds in Mitsios Trading Ltd against the sum of £200,000.

From this sale, the Company suffers losses of £3,583.

Auditors / Accountants

Date: 31.12.2007
Financials have been audited
Company: Savvides & Savvides Chartered Accountants, 3,Archibishop Makariou iii Avenue, Flat 401,3724 Limassol -Cyprus

Share Capital

Registered capital:	EUR 42,161.76 since 01.01.2008
Number of Ordinary:	24,656
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 42,161.76 since 01.01.2008
Number of Ordinary:	24656
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 42,161.76 since 01.01.2008
of which paid in cash:	EUR 42,161.76

Charges

06.06.2001	Floating Charge on all Company's Assets	CYP 10,000.00	in f/o:Cyprus Development Bank
03.07.2001	Mortgage	CYP 71,000.00	in f/o:Cyprus Development Bank
15.02.2007	Floating Charge on all Company's Assets	CYP 300,000.00	in f/o:Hellenik Bank Public Company Limited
26.11.2007	Mortgage	CYP 200,000.00	in f/o:Cooperative Society of Makrasika

Finance

Amounts shown in Cyprus Pounds (CYP)		2007	2006	2005	2004
PROFIT & LOSS
	Sales Turnover	4,120,174.00	3,351,953.00	2,510,193.00	2,211,082.00
	Cost of Sales	-3,424,808.00	-2,780,810.00	-1,979,209.00	-1,752,215.00
	Gross Profit	695,366.00	571,143.00	530,984.00	458,867.00
	Other Operating Income	343.00			482.00
	Selling / Distribution / Promotional Expenses	-243,057.00	-187,286.00	-200,160.00	-166,739.00
	Administrative Expenses	-222,517.00	-207,681.00	-169,104.00	-127,785.00
	Operational Profit	230,135.00	175,254.00	161,720.00	164,825.00
	Finance Costs	-94,904.00	-73,630.00
	Financial Income		1,464.00
	Profit Before Taxation	135,231.00	103,088.00	96,117.00
	Other (Expenses) / Income		-922.00
	Financial Costs			-64,782.00	-81,515.00
	Taxation	-17,093.00	-14,160.00	-14,414.00	-13,221.00
	Profit for the year	118,138.00	88,928.00	81,703.00	70,089.00
	BALANCE SHEET
	Property, Plant & Equipment	203,388.00	187,436.00	167,844.00	167,795.00
	Intangible Assets	3,288.00	127.00	3,934.00	7,758.00
	Investments Avaialable for Sales			22,990.00	23,811.00
	Total Fixed Assets	206,676.00	187,563.00	171,778.00	175,553.00
	Inventory / Stock	915,383.00	823,853.00	725,495.00	535,017.00
	Trade Debtors (receivables from customer)	1,471,399.00	1,377,451.00	1,172,387.00	1,012,356.00
	Cash in Hand & at Bank	64,366.00	125,287.00	95,479.00	151,359.00
	Other Current Assets	21,609.00	23,520.00
	Total Current Assets	2,472,757.00	2,350,111.00	2,016,351.00	1,722,543.00
	Total Assets	2,679,433.00	2,537,674.00	2,188,129.00	1,898,096.00
	Reserves			462,154.00	243,346.00
	Other Reserves	243,346.00	243,346.00	243,346.00
	Retained Profit / Earnings) for the year	552,807.00	543,498.00		384,084.00
	Total Equity	820,809.00	811,500.00	730,156.00	652,086.00
	Non-Current Liabilities		404.00	425.00	736.00
	Long - Term Loans	153,705.00	177,140.00	106,592.00	82,938.00
	Taxation Payable	3,258.00	5,108.00	8,619.00	19,582.00
	Trade Creditors	562,855.00	633,223.00	679,290.00	552,979.00
	Short - Term Borrowings, Loans	1,138,806.00	910,299.00	663,047.00	589,775.00
	Total Current Liabilities	1,704,919.00	1,548,630.00	1,350,956.00	1,162,336.00
	Total Equity & Liabilities	2,679,433.00	2,537,674.00	2,188,129.00	1,898,096.00
	SHARE CAPITAL	24,656.00	24,656.00	24,656.00	24,656.00
	Total Liabilities				1,246,010.00

Ratios

	2007	2006	2005	2004
Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice Current Assets / Current Liabilities	1.45	1.52	1.49	1.48
Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good (Current Assets - Inventory) / Current Liabilities	1.45	1.52	1.49	1.48
Debt ratio (%) (Total Liabilities / Total Assets) x 100	-	-	-	0.66
Day's supply in inventory Sales Turnover / Inventory	4.50	4.07	3.46	4.13
Collection Period Ratio (in days) Accounts Receivable x 365 / Sales Turnover	130.35	149.99	170.47	167.12
Cash Liquidity Ratio Liquid Assests / Current Liabilities x 100	3.78	8.09	7.07	13.02
Receivables Ratio (%) Accounts Receivable / Current Liabilities x 100	86.30	88.95	86.78	87.10
Current Assets Ratio (%) (Current Assets - Accounts Receivable) / Current Liabilities x 100	145.04	151.75	149.25	148.20
Shareholder Equity Increase Ratio (%) Total Equity / Share Capital x 100	3,329.04	3,291.29	2,961.37	2,644.74

GENERAL COMMENTS

The present limited liability company was incorporated on 13/05/1980 and took over the activities of the private concern, originally established in 1972, by the late Demetris Andreou, father of the present owner.

The concern is engaged in the trade of consumer goods (i.e. foodstuff & household items) and raw materials for the confectionery and bakery industries. The distribution of products to customers, is effected through their own well organised distribution fleet (8 vans).

Please note that we tried to contact the an official of the company for further information with no success. All the information included in this report are from the file of the company at the Official Companies Registry House, from previous records and other public sources.

Contact Person:

None at current stage.

CREDIT RISK EVALUATION
A credit rating assesses the credit worthiness of a company. A poor credit rating indicates a high risk of defaulting on a loan. A Credit rating is estimated based on an analysis of commercial, financial and trading data.

MAXIMUM CREDIT RECOMMENDED
The amount advised is a recommended maximum credit exposure at any one time.

CYPRUS-FACTS AND FIGURES

Population: 792,604
Area: 9,251 SQ KM (about 35.4 percent of land is under Turkish control, and a further 1.8 percent forms part of the buffer zone along the cease-fire line.)
Capital: Nicosia
Currency: Euro
Currency Code: EUR

GDP (Purchasing Power Parity): $36.53 Billion	GDP - Composition by Sector:
GDP (Official Exchange Rate):$21.3 Billion	Agriculture: 2.7%
GDP - Real Growth Rate:4.4%	Industry: 19.2%
GDP - Per Capita (PPP): $46,900	Services: 78%

Industries:
Tourism, Food And Beverage Processing, Cement And Gypsum Production, Ship Repair And Refurbishment, Textiles, Light Chemicals, Metal Products, Wood, Paper, Stone, And Clay Products.

The area of the republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for 78% of GDP.
Tourism, financial services and real estate are the most important sectors.
Erratic growth rates over the past decade reflect the economy's reliance on tourism.
The economy in the area under government control grew by an average of 3.6% per year during the period of 2000-06, well above the EU average.

Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the Euro as its national currency on 1 January 2008.

LAST UPDATED: JUNE 2008

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.99
UK Pound	1	Rs.72.49
Euro	1	Rs.68.44

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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