MIRA INFORM REPORT

Report Date :

21.04.2011

IDENTIFICATION DETAILS

Name :	CHARALAMBOS MORFAKIS LIMITED
Registered Office :	Meneou, 19 Archibishop Makarios III Avenue, Larnaca, 7000 Larnaca
Country :	Cyprus
Date of Incorporation :	01.01.1955
Com. Reg. No.:	C9720 Nicosia
Legal Form :	Private Limited Liability Company.
Line of Business :	Importers & Wholesalers & Manufacturers & Retailers & Exporters

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 150000
Status :	Moderate
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Cyprus	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Name & Address

NAME INQUIRED UNDER:

Charalambox Morphakis Ltd

Correct Registered Name:

CHARALAMBOS MORFAKIS LIMITED International Name: ΧΑΡΑΛΑΜΠΟΣ ΜΟΡΦΑΚΗΣ ΛΙΜΙΤΕΔ

Address:

Meneou, 19 Archibishop Makarios III Avenue Larnaca 7000 Larnaca CYPRUS

Telephone:

+357-24422749

Fax:	+357-24424722

Email:

ch.morphakis@cytanet.com.cy

Web:	Not Applicable

Business address:

Meneou, 19 Archibishop Makarios III Avenue Larnaca 7000 Larnaca CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Comment:

A check against all available information sources of revealed that no late payment incidents against Subject Company exist.

Good For Amount & Terms Of Inquiry:

Unable to comment Given the fact that no detailed financial statements were released to us , we feel unable to comment on a maximum credit.

Commercial Morality:

Moderate

Financial Strength:

Unable to comment Given the fact that no recent detailed financial statements were released to us, we feel unable to express a safe and reliable opinion on their creditability, payment records and Financial Strength.

Credit Rating:

Average 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 company�s 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:

01.01.1955

Registration number and city:

C9720 Nicosia

Registration date:

13.07.1977

National ID: C9720

Company Status

Registration status: 13.07.1977 - registered company
Activity status: 13.07.1977 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Morfakis Panayiotis	551006	Shareholder	CYPRUS	100.00% 1,000 Ordinary	5 Minoos Street Larnaca Larnaca CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Morfakis Panayiotis 13.07.2007 - Present	551006		Director	CYPRUS	Mechanic	Non Retrievable	5 Minoos Street Larnaca Larnaca CYPRUS
Mr. Morfakis Panayiotis 20.02.2006 - Present	551006		Secretary	CYPRUS	Mechanic	Non Retrievable	5 Minoos Street Larnaca Larnaca CYPRUS

Activities

Activities:

Importers & Wholesalers & Manufacturers & Retailers & Exporters

Operations:

SIC   3221 Glass Containers The present company is involved with the imports, the manufacture and the trade of canning and packing of fruit vegetables, marmalades and other relate products. Business Activities Bags - Plastic\nPackaging - Canning\nPlastic - Industry Industry Classifications - NAICS » Fruit and Vegetable Canning, Pickling, and Drying » Plastics, Foil, and Coated Paper Bag Manufacturing » Plastics and Rubber Products Manufacturing

Motor Vehicles

	2011
Number of cars	owned: 4
Total number of vehicles	4

Imports

GERMANY, UNITED KINGDOM, SPAIN, GREECE

Exports

Payment terms:

O/A (Open Account) 60 days

UNITED KINGDOM, AUSTRALIA, GREECE

Agencies:

Non Retrievable

Trade Suppliers:

Non Retrievable

Workforce

Number Of Employees:

20

Description Of Premises

Address:	Meneou, 19 Archibishop Makarios III Avenue Larnaca 7000 Larnaca CYPRUS
Type of premises:	Premises
Type of ownership:	owned
Address:	5, Minoos Street Larnaca CYPRUS
Type of premises:	Registered Address

Headquarters:

Subject operates from owned office, factory, warehouse, at heading address

Bankers

BANK OF CYPRUS PUBLIC COMPANY LIMITED
2002 Nicosia, 51, Stasinou Street, Ayia Paraskevi, Strovolos


Account numbers are not disclosed.

Press

20.04.2011, No press / media available at present.

Auditors / Accountants:

Auditors: KPMG METAXAS LOIZIDES SYRIMES, 10,Georgiou Aradippioti Street, 6016
Larnaca, Cyprus

Share Capital

Registered capital:	EUR 17,090.00 since 01.01.2008
Number of Ordinary:	1,000
Value per share of Ordinary:	EUR 17.09
Issued capital:	EUR 17,090.00 since 01.01.2008
Number of Ordinary:	1000
Value per share of Ordinary:	EUR 17.09
Paid-up capital:	EUR 17,090.00 since 01.01.2008

Charges

14.09.1985	Mortgage	CYP 42,000.00	in f/o:Bank of Cyprus Public Company Ltd
02.08.2001	Mortgage	CYP 80,000.00	in f/o:Bank of Cyprus Public Company Ltd
30.09.2004	Mortgage	CYP 50,000.00	in f/o:Bank of Cyprus Public Company Ltd
06.03.2007	Mortgage	CYP 100,000.00	in f/o:Bank of Cyprus Public Company Ltd

Finance

Amounts shown in (Approximately)		2009	2008	2007	2006
	PROFIT & LOSS
	Sales Turnover	1500000 EUR	1450000 EUR	1450000 EUR	700000 CYP

Please note that the latest financial details have not been released to us. The latest financial details are not available at the file of the company at the Official Companies Registry House; as the law provides for all companies. Further financial details are not available from other public sources.

Financial accounts are available at the Department of Registrar of Companies, provided that the company has submitted the compulsory accounts.

The annual general meeting of a company is convened within eighteen months of the date of its registration. Forty two days later the company should file its first annual return with the Registrar of Companies. Once a year, the annual return must be submitted. This should be done within fifteen months from the previous annual return, without disregarding the calendar year (sections 118, 120 and 125 cap. 113).

All Cypriot Companies, whether local or international, must maintain accurate books of accounts, which should reflect the true and correct position of their conduct, as well as give adequate explanation of their operations.

The Cypriot Company Law, which is closely modeled on its English counterpart, entails that company accounts must comprise of the following:

- Directors' report.

- Auditor's report.

- Financial statements as prescribed by International Financial Reporting Standards (IFRS) and consolidated Financial Statements in case of parent companies (unless specifically exempted).

Audited financial statements and an Income Tax Return are required for all companies, even companies with no taxable income and/or dormant companies.

Registered Branches (in Cyprus) of foreign companies are not legally bound to compile full separate branch accounts however when taxed on the island, are obliged to do so for income tax purposes.

Additionally they have to submit accounts of the main company, translated into Greek, to the Department of Registrar of Companies.

Partnerships are exempt from any requirement to prepare audited accounts, but they are legally bound to keep proper books of account which must be available for scrutiny by individual partners.

GENERAL COMMENTS

MAIN SOURCES OF INFORMATION - FOR THIS REPORT

i. Visited Official Companies’ Registry
ii. Interview with Company / Correspondence
iii. Desk Research
iv. Search through Internet Subscription Databases (Business Information)
v. Specialized Media Search Global & Local
vi. Search through internet Social Networks
vii. Infocredit Negative Record Database
viii. Relationship/Directorship Search through Infocredit Database
ix. Search in VAT Registry
x. Unofficial Sources (Data not confirmed through Official Sources)

The present limited liability company was established on 13/07/1977 By Mr. Charalampos Morfakis.

The present company is involved with the imports, the manufacture and the
trade of canning and packing of fruit vegetables, marmalades and other relate
products.

We contacted the company in question and talked with the information desk, who informed us that the company Director Mr. Panayiotis Morfakis, was not at his office at the moment due to Easter Holidays and that she could not confirm or provide us any information regarding the subject.

Should any additional information becomes available we will forward them to you as soon as possible.

Please note that all information disclosed in this report was obtained from the Official Company's Registrar and from previous interviews with Mr. Morfakis.

A check against our records revealed that no negative payment incidents against Subject Company, such as unpaid invoices and utility bills, bankruptcies exist etc.

Solicitors: Ms Constantina M Varda, 7,Georgiou Aradippioti Street, 6016 Larnaca,
Cyprus

Wholesale, Industrial, Retail & Services Sectors

The industrial sector, the wholesale and retail trade sector and the services sector are all open to non-resident investors. For the industrial and the wholesale and retail trade sectors, the Central Bank handles applications where foreign participation is below 50%. Where foreign participation exceeds 50%, or the investment is more than CyP750.000, applications are handled jointly by the Central Bank and the Ministry of Commerce, Industry and Tourism.
For services, up to 100% foreign participation is allowed and the Central Bank handles the applications.
Tremetoushiotis Developers Ltd
Ref: http://www.top-properties.com/legal-information.html

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: 1,084,748
Area: 9,251 SQ KM (about 33.4 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): $22.85 Billion	GDP - Composition by Sector:
GDP (Official Exchange Rate):$23.22 Billion	Agriculture: 2.1%
GDP - Real Growth Rate: -0.8%	Industry: 19.%
GDP - Per Capita (PPP): $21,200	Services: 78.9%

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.
Changing growth rates over the past decade reflect the economy's reliance on tourism.
Due to the global crisis, Cyprus economy entered into recession in the middle of 2009. The budget deficit reached the level of 3.5% of GDP, violating EU's budget deficit criteria of no more than 3% of GDP.

Therefore, in order to prevent country's weakening finances, the government intents to implement measures to cut the cost of the state payroll, tax evasion, and amend social benefits.

Last Updated: March 2010

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.72.56
Euro	1	Rs.63.92

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	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
--	NB	New Business	--

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

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