MIRA INFORM REPORT

Report Date :

21.04.2011

IDENTIFICATION DETAILS

Name :	TAKIS GEORGIADES AND SON LIMITED

Registered Office :	25, Xanthis Xenierou Street, 1015 Nicosia

Country :	Cyprus

Date of Incorporation :	01.01.1963

Com. Reg. No.:	C9199 Nicosia

Legal Form :	Private Limited Liability Company

Line of Business :	Importers & Wholesalers & Retailers

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	EUR 6,000.00

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

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:

Takis Georgiades And Son Limited

Correct Registered Name:

TAKIS GEORGIADES AND SON LIMITED

Address:

25, Xanthis Xenierou Street
1015 Nicosia CYPRUS

Telephone:

+357-22757075
357-22-757075

Fax:

+357-22758115

Email:

pgsmin@cytanet.com.cy

Web:

Non Retrievable

Business address:

25, Xanthis Xenierou Street
1015 Nicosia CYPRUS

Summary of Ratings

Maximum Credit:

EUR 6,000.00

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:

Too high
Its safer to split the amount in several lots

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 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:

01.01.1963

Registration number and city:

C9199 NICOSIA

Registration date:

23.03.1977

National ID: C9199

Company Status

Registration status: 23.03.1977 - registered company
Activity status: 23.03.1977 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Georgiades Costas	574434	Shareholder	CYPRUS	100.00% 37,500 Ordinary	Acropoli, Apt.101, Strovolos, 14 Dorieon Street 2023 Nicosia CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Georgiades Costas 19.10.1983 - Present	574434		Director	CYPRUS	Non Retrievable	Non Retrievable	Acropoli, Apt.101, Strovolos, 14 Dorieon Street 2023 Nicosia CYPRUS
Ms. Agathi Konizou 23.10.1982 - Present	603206		Secretary	CYPRUS	Non Retrievable	Non Retrievable	Latsia, 131 Filippou Papakyprianou Street 2236 Nicosia CYPRUS

Activities

Activities:

Importers & Wholesalers & Retailers

Operations:

SIC
  main activity
  5013 Motor Vehicle Supplies and New Parts (except parts sold via retail methods)

  3714 Motor Vehicle Parts and Accessories (dump truck lifting mechanisms and fifth wheels)

The subject in question acts as : Importer {95% - (40% finished goods & 60% raw materials)}, Local Purchaser , Wholesaler , Retailer: motor vehicles spare parts (i.e. brake linings hydraulic bake fluid, dic brake pads, drum brake shoes, clutch spares, etc.).

Business Activities
Trading and Repairing of Vehicles and Motor Bicycles
General Maintenance
Car Dealers
Specialized Vehicles Trading
Auto Spare Parts and Components Trading
Building Hardware and Tools Trading

Industry Classifications - NAICS
» Automobile and Other Motor Vehicle Merchant Wholesalers
» Motor Vehicle Supplies and New Parts Merchant Wholesalers
» Hardware Merchant Wholesalers
» New Car Dealers
» Services to Buildings and Dwellings
» Automotive Repair and Maintenance

Motor Vehicles

	2011
Number of commercial vans	owned: 3
Number of motor cycles	owned: 2
Total number of vehicles	5

Imports

Payment terms:

O/A (Open Account) 30 - 60 days

INDIA, GERMANY, UNITED KINGDOM, JAPAN

Exports:

The subject does not engage in any export activities

Agencies

Name	Country	Product
None.
Mindex	UNITED KINGDOM
DOM	UNITED KINGDOM
PVS	INDIA

Trade Suppliers:

Same as agencies

Workforce

Number Of Employees:

Description Of Premises

Address:	25, Xanthis Xenierou Street 1015 Nicosia CYPRUS
Type of premises:	Premises
Address:	JULIA HOUSE, 3 Themistokli Dervi street 1015 Nicosia CYPRUS
Type of premises:	Registered Address

Headquarters:

The company is operating from rented premises, which are located at the address given overleaf. Premises comprised of offices, the workshop / factory, storage facilities, and the retail store.

Related Companies:

Bankers

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

MARFIN POPULAR BANK PUBLIC CO LTD
2025 Nicosia, 154, Limassol Avenue, Strovolos

Account numbers are not disclosed.

Press

20.04.2011, No press / media available at present.

Auditors / Accountants:

Non Retrievable.

Share Capital

Registered capital:	EUR 85,500.00 since 01.01.2008
Number of Ordinary:	50,000
Value per share of Ordinary:	EUR 1.71

Issued capital:	EUR 64,125.00 since 01.01.2008
Number of Ordinary:	37500
Value per share of Ordinary:	EUR 1.71

Paid-up capital:	EUR 64,125.00 since 01.01.2008

Charges

03.08.1994	Floating Charge on all Company's Assets	CYP 5,000.00	in f/o:Marfin Popular Bank Ltd
15.05.2000	Floating Charge on all Company's Assets	CYP 5,000.00	in f/o:Marfin Popular Bank Ltd
14.03.2008	Floating Charge on all Company's Assets	EUR 20,000.00	in f/o:Marfin Popular Bank Ltd

Finance

	2009	2008	2000
PROFIT & LOSS
Sales Turnover(Approximately) (Approximately)	350000 EUR	350000 EUR	100000 CYP
BALANCE SHEET
Average Stock			120000 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.

The maximum credit provided was calculated based on the company's issued capital.

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 incorporated on 23/03/1977 and took over the activities of a private business, established in 1963 by Mr. Takis Georgiades. The company is involved in the trade, mainly on wholesale base of motor spare parts such as motor vehicles spare parts (i.e. brake linings hydraulic brake fluid, disc brake pads, drum brake shoes, clutch spares, etc.). About 60% of these products are manufactured by the company itself, locally, through its own workshop/factory, where as the rest are imported as finished goods. This is a family business, managed by Mr. Costas Georgiades.

We contacted the company in question and talked with Mr Costas Georgiades, company Director who confirmed the above information regarding the subject.

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

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

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.