MIRA INFORM REPORT

Report Date :

30.08.2011

IDENTIFICATION DETAILS

Name :	THEOPHANIS KYTHREOTIS TRADING LIMITED
Registered Office :	Ayioi Omologites, 35, Kyriakou Matsi Avenue, Nicosia, 1082 Nicosia
Country :	Cyprus
Date of Incorporation :	01.01.1957
Com. Reg. No.:	C96011 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Importers & Wholesalers & Distributors & Retailers of textiles and yarns, ladies fabrics and other related material.

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 :	EUR 8,000.00
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
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

Correct Registered Name:

THEOPHANIS KYTHREOTIS TRADING LIMITED

Address:

Ayioi Omologites, 35, Kyriakou Matsi Avenue Nicosia 1082 Nicosia CYPRUS

P.O.Box:

22003 - 1515 Nicosia

Telephone:

+357-22311538 +357-22311916 +357-22316837 +357-22317112

Fax:	+357-22318796

Email:

psum@spidernet.net

Web:	Not Applicable

Business address:

Ayioi Omologites, 35, Kyriakou Matsi Avenue Nicosia 1082 Nicosia CYPRUS

Summary of Ratings

Maximum Credit:

EUR 8,000.00

Payment

PAYMENT HABITS:

No Complaints

Comment:

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

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 and Financial Strength.

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:

01.01.1957

Registration number and city:

C96011 Nicosia

Registration date:

14.07.1998

National ID: C96011
VAT number: CY10096011A

Company Status

Registration status: 14.07.1998 - registered company
Activity status: 01.01.1957 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Michael Kythreotis	696099	Shareholder	CYPRUS	24.99% 12,250 Ordinary - B	Strovolos, 47, Archimidous street, Nicosia 2018 Nicosia CYPRUS
Mr. Nicolas Kythreotis	795507	Shareholder	CYPRUS	24.99% 12,250 Ordinary - B	Strovolos, 47, Archimidous street, Nicosia, 2018 Nicosia CYPRUS
Mr. Theofanis Kythreotis	191420	Shareholder	CYPRUS	25.03% 9 Ordinary - A 12,250 Ordinary - B	Strovolos, 47, Archimidous street, Nicosia, 2018 Nicosia CYPRUS
Ms. Koulla Kythreotou	107751	Shareholder	CYPRUS	24.99% 1 Ordinary - A 12,250 Ordinary - B	47, Archimidous street Nicosia, 2018 Strovolos CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Nicolas Kythreotis	795507	36	Director	CYPRUS	Has a degree in Law	Also shareholder of SAMLEVA PRODUCT (CYPRUS) LIMITED	Strovolos, 47, Archimidous street Nicosia 2018 Nicosia CYPRUS
Mr. Theofanis Kythreotis	191420	79	Managing Director	CYPRUS	Non Retrievable	Also director of SAMLEVA PRODUCT (CYPRUS) LIMITED	Strovolos, 47, Archimidous street Nicosia 2018 Nicosia CYPRUS
Mr. Michael Kythreotis	696099	40	Director	CYPRUS	Has a degree in Economics	Also shareholder of SAMLEVA PRODUCT (CYPRUS) LIMITED	Strovolos, 47, Archimidous street Nicosia 2018 Nicosia CYPRUS
Ms. Eleni Kythreotou	667894	42	Secretary	CYPRUS	Non Retrievable	Non Retrievable	Strovolos, 47, Archimidous street Nicosia 2018 Nicosia CYPRUS

Activities

Activities:

Importers & Wholesalers & Distributors & Retailers

Operations:

NACE 4641 Wholesale of textiles The company in question was established to get involved in the import and trade on both a wholesale and retail base of textiles and yarns, ladies fabrigs and other related material. According to the person interviewed, the subject is also involved in triangular trade of fabrics and textiles through its owned factory based in Romania. More specifically, the subject places the orders for Romania and the goods are delivered from their factory. Business Activities Textiles - Industry Industry Classifications - NAICS » Textile Mills NAICS # 313 » Textile Product Mills NAICS # 314

Motor Vehicles

	2011
Number of vans	owned: 3
Total number of vehicles	3

Imports

ITALY, GEORGIA, UNITED KINGDOM, CHINA, TAIWAN, PROVINCE OF CHINA, ROMANIA, INDIA
Payment terms:
Draft Acceptance 90 - 120 days
L/C Base (Letter of Credit) 120 days
Sight Draft - With document against acceptance

Exports

The subject does not engage in any export activities.
However it operates in Romania through triangular trade.

Agencies

Name	Country	Product
Merss Yiangitis S.A.	GREECE	yarns
White View Industry Co. Ltd	TAIWAN, PROVINCE OF CHINA	textiles
Modern Suiting	INDIA	textiles
Ret Textile Co. Ltd	TAIWAN, PROVINCE OF CHINA	textiles
Mangharant Thailand Ltd	THAILAND	Textiles
Yiannitsis AE	GREECE	textiles
Miroglio	ITALY	textiles
Pointer Investment Ltd	CHINA	textiles
Xillouris Brothers	GREECE	textiles

Trade Suppliers

Name	Country	Product
Non Retrievable

Workforce

Number Of Employees:

6

Description Of Premises

Address:	Ayioi Omologites, 35, Kyriakou Matsi Avenue Nicosia 1082 Nicosia CYPRUS
Type of premises:	Premises
Address:	Ayioi Omoloyites, 28, Kyriacou Matsi Avenue 1082 Nicosia CYPRUS
Type of premises:	Registered Address

Headquarters:

The company is operating from owned premises, which are located at the address given overleaf, in a main commercial avenue in Nicosia city. Premises comprised of offices, a small showroom and warehouses.

Branches:

The subject has three (3) branches as follows: (1) 45, Grigori Afxentiou Street, Mesa Yeitonia, Limassol. These are owned showroom premises. (2) Stylianou Lena Street, Strovolos, Nicosia. These are rented warehouse premises. (3) Agios Dometios, Nicosia. These are owned warehouse premises

Related Companies

Affiliated Company
S.C. TRIMS DIRECT S.R.L. , ROMANIA

Sister Company
SAMLEVA PRODUCT (CYPRUS) LIMITED , CYPRUS , National ID: C104806

*PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

"SAMLEVA PRODUCT (CYPRUS) LIMITED" - Sister Company registered in Cyprus on 09.09.1999 under the registration number C104806. This concern is involved with the trade of plastic bags and hangers.

"S.C. TRIMS DIRECT S.R.L." - Affiliated Company registered in Romania. This concern is involved with the import and trade of raw materials for the clothing industry. Sales Turnover 2,500,000 - 3,000,000 EURO.

Bankers

BANK OF CYPRUS PUBLIC COMPANY LIMITED
12,Kyr. Matsis Ave., Ay.Omolotitae,1082 Nicosia Tel:+357 22475400 Fax:+357 22318375

MARFIN POPULAR BANK PUBLIC LIMITED
Demosthenis Severis Avenue & Vezienou Corner, 1080 Ayioi Omoloyitae Ayioi Omoloyitae, Nicosia Tel:+357 22887766, Fax:+357 22667454

Account numbers are not disclosed

Press

30.08.2011, No press / media available at present.

Auditors / Accountants

Non Retrievable

Share Capital

Registered capital:	EUR 171,000.00 since 01.01.2008
Number of Ordinary - B:	99,000
Value per share of Ordinary - B:	EUR 1.71
Number of Ordinary - A:	10
Value per share of Ordinary - A:	EUR 171.00
Issued capital:	EUR 85,500.00 since 01.01.2008
Number of Ordinary - B:	49000
Value per share of Ordinary - B:	EUR 1.71
Number of Ordinary - A:	10
Value per share of Ordinary - A:	EUR 171.00
Paid-up capital:	EUR 85,500.00 since 01.01.2008

Charges

None in current years

Finance

Amounts shown in Euro (EUR)		2010	2009	2008	2007
	PROFIT & LOSS
	Sales Turnover(Estimated) (Estimated) (Approximately) (Projected)	1,250,000.00	1,500,000.00	1,300,000.00	1,300,000.00

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.

In addition, note that the maximum credit is based on the subject'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

The business was founded in 1957 by Mr. Theophanis Kythreotis, as a sole proprietorship. On 14/07/1998 the present limited liability company was incorporated (for taxes reasons as Mr. Kythreotis explained) and took over the private concern.

They continue the same line of the import and wholesale trade of textiles and yarns,ladies fabrig and sportswear covering the whole island. Their main customers are workshops producing ready made clothes as well as retail textile shops. Furthermore, as we were informed they are cooporating with famous fashion designers in Cyprus.

We contacted the company in question and talked to Mr Theofanis Kythreotis, company managing director, who requested a written questionnaire in order to provide us with information regarding the subject. A written questionnaire was sent. Should any additional information becomes available we will forward them to you as soon as possible.

Please note that the information included in the report was obtained from the Official Companies’ Registrar and from a previous interview with Mr Kythreotis.

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
According to Tremetoushiotis Developers Ltd (http://www.top-properties.com/legal-information.html):
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.

Contact Person

Mr Theophanis Kythreotis

Shareholder / Managing Director

Tel: +35722311538

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.57
UK Pound	1	Rs.75.14
Euro	1	Rs.66.67

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.