MIRA INFORM REPORT

Report Date :

30.04.2011

IDENTIFICATION DETAILS

Name :	G. PH. IOANNIDES LIMITED
Registered Office :	Aradippou Area, 25, Acropoleos Avenue, Larnaca, 7101 Larnaca
Country :	Cyprus
Financials (as on) :	2009
Date of Incorporation :	01.01.1943
Com. Reg. No.:	C26570 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Importers & Distributors & Exporters & Tenderers of Housefurnishings, Except Curtains and Draperies

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 113,000.00
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 – 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

company Name & Address

NAME INQUIRED UNDER:

G Ph Ioannides Limited

Correct Registered Name:

G. PH. IOANNIDES LIMITED International Name: Γ. Φ. ΙΩΑΝΝΙΔΗΣ ΛΙΜΙΤΕΔ

Address:

Aradippou Area, 25, Acropoleos Avenue Larnaca 7101 Larnaca CYPRUS

P.O.Box:

40591 - 6305 Larnaca

Telephone:

+357-24823150

Fax:	+357-24532255

Email:

inquiry@gfi.com.cy

Web:	Not Applicable

Business address:

Aradippou Area, 25, Acropoleos Avenue Larnaca 7101 Larnaca CYPRUS

Summary of Ratings

Maximum Credit:

EUR 113,000.00

Payment

PAYMENT HABITS:

No Complaints

Comment:

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

Good For Amount & Terms Of Inquiry:

Yes

Commercial Morality:

Good

Financial Strength:

Moderate

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:

01.01.1943

Registration number and city:

C26570 Nicosia

Registration date:

31.03.1986

Former legal form:

Public Limited Liability Company, valid since: 10.01.2005 Private Limited Liability Company, valid since: 14.12.2000

National ID: C26570

Former Legal Form:

Public Limited Liability Company valid since: 10.01.2005 Private Limited Liability Company valid since: 14.12.2000

Company Status

Registration status: 31.03.1986 - registered company
Activity status: 1943 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
G.F. IOANNIDES HOLDINGS LIMITED Registration: No. C184488, 26.09.2006, Nicosia, CYPRUS		Shareholder		100.00% 2,750,000 Ordinary	25, Acropoleos Avenue Larnaca 7101 Aradippou CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Photis G. Ioannides	601358	50	Director	CYPRUS	Non Retrievable	Also director of AKINITA THALEIA LIMITED, G. F. IOANNIDIS LIMITED and G.F. IOANNIDES HOLDINGS LIMITED	1, Leonidou & Savva Rotside Street Larnaca Larnaca CYPRUS
Mr. Christos G. Ioannides	659025	44	Director	CYPRUS	Non Retrievable	Also director of AKINITA THALEIA LIMITED, G. F. IOANNIDIS LIMITED and G.F. IOANNIDES HOLDINGS LIMITED	1, Leonidou & Savva Rotside Street Nicosia Larnaca CYPRUS
Ms. Maria Hadjisoteriou	589813	50	Secretary	CYPRUS	Non Retrievable	Also director of AKINITA THALEIA LIMITED, G. F. IOANNIDIS LIMITED and G.F. IOANNIDES HOLDINGS LIMITED	25, Acropoleos Avenue Larnaca 7101 Aradippou CYPRUS

Activities

Activities:

Importers & Distributors & Exporters & Tenderers

Operations:

NACE   0000 SIC   main activity   2392 Housefurnishings, Except Curtains and Draperies (except mops and bags)   2273 Carpets and Rugs   2211 Broadwoven Fabric Mills, Cotton   5023 Homefurnishings (except homefurnishings sold via retail method) The company in question was established in order to get involved with the wholesale trade of textiles, carpets, and homefurnishings, along with the production of sheets, table cloths and bed covers. The company sells on a wholesale basis (100%) in the national market and exports occasionally to Greece. The subject sells mainly to the general public, handicraft industries, clothing stores and supermarkets. Business Activities Textiles - Industry Importers & Traders of Dowry Products Industry Classifications - NAICS » Textile Mills NAICS # 313 » Textile Product Mills NAICS # 314 » Curtain and Linen Mills (NAICS # 31412) » Other Household Textile Product Mills (NAICS # 314129)

Motor Vehicles

	2011
Number of Vehicles	owned: 12
Total number of vehicles	12

Imports

EUROPEAN UNION, FAR EAST, TAIWAN, PROVINCE OF CHINA, CHINA, SPAIN, FRANCE, ITALY, INDIA, PAKISTAN, KOREA, REPUBLIC OF: 100%
Payment terms:
O/A (Open Account) 120 days
L/C Base (Letter of Credit)
CAD (Cash Against Documents)

From: Europe (i.e. Italy, Spain, Belgium, Greece, U.K., France, etc.)
Asia (i.e. Japan, Korea, Taiwan, Hong-Kong, Thailand,
China, Indonesia, India Pakistan, etc.), the U.S.A.
Terms: L/C base, CAD, Open Account, etc. all with 90-120 days
credit facilities.

Exports

The subject does not engage in any export activities.

Agencies

Non Retrievable

Trade Suppliers

Non Retrievable

Workforce

Number Of Employees: 30

Description Of Premises

Address:	Aradippou Area, 25, Acropoleos Avenue Larnaca 7101 Larnaca CYPRUS
Type of premises:	Premises
Size:	4700 Sq. Metres
Type of ownership:	owned
Area:	Business / Commercial Area
Address:	16, Mavroeidou Street Larnaca CYPRUS
Type of premises:	Previous Registered Address

Headquarters:

The company is operating from owned large sized premises, which are located at the address given overleaf. Premises comprised of offices and a warehouse. Please note that the address mentioned above is also the subjects' registered address.

Branches:

Subject maintains 1 branch: Aradippou Industrial Area, Aradippou, Larnaca, Cyprus. These are owned warehouse premises. Size: 1500 square metres. Operates as a warehouse.

Related Companies

Sister Company
AKINITA THALIA LIMITED , CYPRUS , National ID: C10455

Sister Company
G. PH. IOANNIDES FINANCE AND INVESTMENTS LIMITED , CYPRUS , National ID: C48289

Subsidiary Company
G. Ph. Ioannides S.A. , GREECE

Parent Company
G.F. IOANNIDES HOLDINGS LIMITED , CYPRUS , National ID: C184488

*PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

“Akinita Thalia Limited” - Sister company registered in Cyprus on 27.12.1977 under the registration number C10455. Estate and Land Developers.

“G. Ph. Ioannides S.A.” – Wholly owned subsidiary company that is established in Greece. It is operating on the same line of business, as the subject in question. It employees 4 people and is operating from 9, Laskaratou street, Ano Patisia, Athens, Greece. The company’s Sales Turnover is about CYP 500.000.

"G. PH. IOANNIDES FINANCE AND INVESTMENTS LIMITED" - Sister Company registered in Cyprus on 26.03.1992 under the registration number C48289.

"G.F. IOANNIDES HOLDINGS LIMITED" - Parent Company registered in Cyprus on 26.09.2006 under the registration number C184488.

Bankers

BANK OF CYPRUS PUBLIC COMPANY LIMITED
45, Makariou III Ave, Panagides Building, 6017 Larnaca tel:+357 24844700 Fax:+357 24624414

HELLENIC BANK PUBLIC COMPANY LIMITED
2 Corner Averof & Stratigou Timayia Avenue, Larnaca Tel:+357 24503000 Fax:+357 24669590 Email: stratigoutimayia@hellenicbank.com


Account numbers are not disclosed.

Reportedly, an overdraft facility of 1,800,000 is available and utilised.

Press

29.04.2011, No press / media available at present.

Auditors / Accountants

Date: 31.12.2009
Financials have been audited
Company: PricewaterhouseCoopers, 4, Artemidos Avenue, 6030 Larnaca, Cyprus. Tel:357 24555000.

Share Capital

Registered capital:	EUR 85,000,000.00 since 01.01.2008
Number of Ordinary:	250,000,000
Value per share of Ordinary:	EUR 0.34
Issued capital:	EUR 935,000.00 since 01.01.2008
Number of Ordinary:	2750000
Value per share of Ordinary:	EUR 0.34
Paid-up capital:	EUR 935,000.00 since 01.01.2008

Charges

23.01.1998	Floating Charge	CYP 50,000.00	in f/o:Bank of Cyprus Public Company Limited
29.05.2000	Mortgage	CYP 160,000.00	in f/o:Hellenic Bank Public Co Limited
29.08.2001	Floating Charge on all Company's Assets	CYP 300,000.00	in f/o:Hellenic Bank Public Co Limited
17.10.2002	Mortgage	CYP 160,000.00	in f/o:Bank of Cyprus Public Company Limited
11.04.1990	Floating Charge on all Company's Assets	CYP 100,000.00	in f/o:Hellenic Bank Public Co Limited
26.06.2008	Mortgage	EUR 700,000.00	in f/o:Bank of Cyprus Public Company Limited
10.08.2009	Mortgage	EUR 273,376.00	in f/o:Hellenic Bank Public Co Limited
10.08.2009	Mortgage	EUR 1,000,000.00	in f/o:Hellenic Bank Public Co Limited

Finance

	2009	2008	2007	2006
PROFIT & LOSS
Sales Turnover	4598935 EUR	5504932 EUR	5804406 EUR	3191354 CYP
Cost of Sales	-2759390 EUR	-3650970 EUR	-3586651 EUR	-1962668 CYP
Gross Profit	1839545 EUR	1853962 EUR	2217755 EUR	1228686 CYP
Other Operating Income	253084 EUR	208548 EUR	197855 EUR	245491 CYP
Selling / Distribution / Promotional Expenses	-906522 EUR	-783492 EUR	-841487 EUR	-345882 CYP
Administrative Expenses	-624938 EUR	-583336 EUR	-540257 EUR	-304255 CYP
Operational Profit	562169 EUR	695682 EUR	1033866 EUR	824040 CYP
Finance Costs	-444769 EUR	-328253 EUR	-220245 EUR	-114147 CYP
Profit Before Taxation	117400 EUR	367429 EUR	813621 EUR	709893 CYP
Corporate Income Tax	-23821 EUR	-62287 EUR	-94640 EUR	-124249 CYP
Profit After Taxation	93579 EUR	305142 EUR	718981 EUR	585644 CYP
BALANCE SHEET
Property, Plant & Equipment	3006924 EUR	3086689 EUR	3097665 EUR	1724282 CYP
Investment in Affiliated and Associated Units	286722 EUR	286722 EUR	286722 EUR	167811 CYP
Investment Property	939731 EUR	939731 EUR	939731 EUR	550000 CYP
Total Fixed Assets	4233377 EUR	4313142 EUR	4324118 EUR	2442093 CYP
Inventory / Stock	668585 EUR	1082321 EUR	950560 EUR	545690 CYP
Trade Debtors (receivables from customer)	8558168 EUR	8318584 EUR	7173793 EUR	3912496 CYP
Taxation Receivable	19427 EUR
Cash in Hand & at Bank	126117 EUR	64704 EUR	169379 EUR	570165 CYP
Total Current Assets	9372287 EUR	9465609 EUR	8248732 EUR	5028351 CYP
Total Assets	13605664 EUR	13778751 EUR	12572850 EUR	7470444 CYP
Reserves	1314924 EUR	1327645 EUR	1340372 EUR	790048 CYP
Retained Profit / Earnings) for the year	3130754 EUR	3541381 EUR	3823973 EUR	2094429 CYP
Total Equity	5380678 EUR	5804026 EUR	6104076 EUR	3434477 CYP
Long - Term Loans	3074812 EUR	1902047 EUR	1843662 EUR	1612930 CYP
Taxation Payable	461770 EUR	465802 EUR	471854 EUR	279412 CYP
Trade Creditors	1677920 EUR	1442025 EUR	648389 EUR	692728 CYP
Short - Term Borrowings, Loans	3010484 EUR	4148212 EUR	3496615 EUR	1431919 CYP
Taxation Due		16639 EUR	8254 EUR	18978 CYP
Total Current Liabilities	4688404 EUR	5606876 EUR	4153258 EUR	2143625 CYP
Total Equity & Liabilities	13606664 EUR	13778751 EUR	12572850 EUR	7470444 CYP
SHARE CAPITAL	935000 EUR	935000 EUR	939731 EUR	550000 CYP

Financial statements were provided by the subject

Ratios

	2009	2008	2007	2006
Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice Current Assets / Current Liabilities	2.00	1.69	1.99	2.35
Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good (Current Assets - Inventory) / Current Liabilities	2.00	1.69	1.99	2.35
Day's supply in inventory Sales Turnover / Inventory	6.88	5.09	6.11	5.85
Collection Period Ratio (in days) Accounts Receivable x 365 / Sales Turnover	679.23	551.56	451.11	447.48
Cash Liquidity Ratio Liquid Assests / Current Liabilities x 100	2.69	1.15	4.08	26.60
Receivables Ratio (%) Accounts Receivable / Current Liabilities x 100	182.54	148.36	172.73	182.52
Current Assets Ratio (%) (Current Assets - Accounts Receivable) / Current Liabilities x 100	199.90	168.82	198.61	234.57
Shareholder Equity Increase Ratio (%) Total Equity / Share Capital x 100	575.47	620.75	649.56	624.45

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

The present company was established in 1943 and became a public limited liability company on 14/12/2000.

It is a long and well-established concern operating successfully under the management of Mr. George Ioannides, who is assisted by his two sons.

The company is involved in the import and trade of home furnishing, textiles for the clothing industry, and ladies underwear. Products are imported from European and Asian Countries, and sold mainly in the local market.

We contacted the company in question and talked with Ms Maria Hadjisoteriou who confirmed the details of this report and also provided us with the subjects' latest audited financial statements (for the year 2009).

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

SECTOR ANALYSIS
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

Contact Person:

Ms Maria Hadjisoteriou

Company Financial Manager

Tel:357 24823150

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.73.88
Euro	1	Rs.65.83

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%)

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