MIRA INFORM REPORT

Report Date :

10.12.2011

IDENTIFICATION DETAILS

Name :	QUEEN EMILY ART COLLECTIONS LIMITED
Registered Office :	Engomi, 10-A, Ionos Street, 2406 Nicosia
Country :	Cyprus
Date of Incorporation :	04.02.1998
Com. Reg. No.:	C92342 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Importers & Retailers & Wholesalers of Floor Coverings Stores
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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

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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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:

Queen Emily Art Collections Ltd

Correct Registered Name:

QUEEN EMILY ART COLLECTIONS LIMITED

Address:

Engomi, 10-A, Ionos Street 2406 Nicosia CYPRUS

Telephone:

+357-22660071 357-99-686624

Fax:	+357-22660080

Email:

Non Retrievable

Web:	Non Retrievable

Business address:

Engomi, 10-A, Ionos Street 2406 Nicosia CYPRUS

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:

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:

Satisfactory

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 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).

Registration number and city:

C92342 Nicosia

Registration date:

04.02.1998

Company Status

Registration status: 04.02.1998 - registered company
Activity status: 04.02.1998 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Christos Antoniou		Shareholder	CYPRUS	51.00% 2,550 Ordinary	Makedonitissa, 17, Alexandrou Ypsilanti Street Nicosia CYPRUS
Ms. Rebekka Christou Antoniou		Shareholder	CYPRUS	49.00% 2,450 Ordinary	17, Alexandrou Ypsilanti Street Nicosia CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Christos Antoniou			Director / Secretary	CYPRUS	Non Retrievable	Non Retrievable	Makedonitissa, 17, Alexandrou Ypsilanti Street Nicosia CYPRUS
Ms. Rebekka Christou Antoniou			Director	CYPRUS	Non Retrievable	Non Retrievable	17, Alexandrou Ypsilanti Street Nicosia CYPRUS

Activities

Activities:

Importers & Retailers & Wholesalers

Operations:

SIC   5713 Floor Coverings Stores The company in question deals with the imports and trade of carpets in Nicosia, Cyprus. Business Activities Trade of Carpets Industry Classifications - NAICS  » Floor Covering Stores (NAICS #44221)

Imports:

Non Retrievable

Exports:

Non Retrievable

Agencies:

Non Retrievable

Trade Suppliers:

Non Retrievable

Description Of Premises:

Address:	Engomi, 10-A, Ionos Street 2406 Nicosia CYPRUS
Type of premises:	Premises
Address:	17, Alexandrou Ypsilanti Street Nicosia CYPRUS
Type of premises:	Registered Address

Headquarters:

The company is operating from the offices of the address given overleaf.

Bankers

ALPHA BANK CYPRUS LTD
2112 Nicosia, 3, Lemesou Avenue Aglantzia, Alpha Bank Building

Account numbers are not disclosed.

Press

08.12.2011, No press / media available at present.

Share Capital

Registered capital:	EUR 8,550.00 since 01.01.2008
Number of Ordinary:	5,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 8,550.00 since 01.01.2008
Number of Ordinary:	5000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 8,550.00 since 01.01.2008

Charges:

15.03.2011	Floating Charge on all Company's Assets	EUR 50,000.00	in f/o:Alpha Bank Cyprus Limited
08.10.2001	Floating Charge on all Company's Assets	CYP 40,000.00	in f/o:Alpha Bank Cyprus Limited

Finance

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

The company in qyestion deals with the imports and trade of carpets in Nicosia, Cyprus.

We contacted the company in question, where we talked with Mr Christos Antoniou, company director, who requested a written questionnaire in order to provide us with information regarding the subject.

Please note that the information included in the report was obtained from the Official Companies’ Registrar and through desk research. 

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.

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 

COUNTRY DEVELOPMENTS: 

On, 04th of November 2011 published that: Moody's Investors Service has today downgraded Cyprus's government bond ratings to Baa3 from Baa1 and placed the ratings on review for further possible downgrade. The rating agency has also downgraded Cyprus's short-term rating to Prime-3 from Prime-2 and placed it on review for further possible downgrade.
The key drivers for today's rating announcement are: 1. The high likelihood that the Cypriot banking system will require state support in 2012 as a result of the large expected write-downs on its exposures to Greek government bonds... 2. The Cypriot government's loss of international market access and the resulting likelihood that the government will need to seek emergency funding from official sources. 3. Cyprus's weaker-than-expected institutional capacity to approve and implement the budgetary and structural changes that are needed to correct the government's rising debt trajectory and improve the longer-term sustainability of its public finances.

On 10th of August 2011 Cyprus mail published that: Fitch cut Cyprus’ credit rating by two notches to BBB on Wednesday due to fiscal slippages, saying the island state was likely to require a bailout to meet its funding needs.

"The two-notch downgrade of ratings to 'BBB' reflects the actual and anticipated fiscal slippage, compounded by Fitch's expectation that the sovereign will be unable to access the international debt markets in order to refinance an increasing debt maturity profile in H211 and H112," Fitch said in a statement.

The other two main rating agencies, Standard and Poor’s and Moody’s, both cut the island's rating at the end of July. Moody's rates Cyprus Baa1, Standard and Poor's BBB-plus. 

On 19th of August 2011 Financial Mirror News published that: The industrial turnover index for reached 129.8 in May (base 2005=100) according to the Statistical Service, recording an increase of 3.8% compared with May 2010. Industrial production in the same period rose by 1.1%. For the period January-May 2011, the turnover index recorded an increase of 1.9% over the same period of the previous year. For manufacturing alone, the turnover index for May 2011 reached 121.0, recording an increase of 1,5% compared with May 2010.

The price index of construction materials reached 126.11 units (base year 2005=100,00) in July according to the Statistical Service Cystat, recording a marginal increase of 0.02% over the previous month. In the period January - July 2011, the index recorded an increase of 4.13% compared to the same period last year. The biggest increase so far has been in electromechanical products, price of which rose compared with the year earlier by 8.1% in the first seven months of the year. Metallic products rose by 6.9% and minerals rose by 4.3% in the same period. A milder increase of 2.9% was recorded for mineral products, while a decline of 0.4% was recorded for wood, insulation materials, chemicals and plastics. (End of Country Developments).

Contact information:

Telephone number:

357 99 686624

Mr Christos Antoniou (Company Director)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.23
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

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.