MIRA INFORM REPORT

Report Date :

17.12.2011

IDENTIFICATION DETAILS

Name :	DEMETRIADES HANDLING LIMITED
Registered Office :	Agios Athanasios Industrial Area, Corner of Phalea and Koutsoventis Street 4101 Limassol
Country :	Cyprus
Date of Incorporation :	11.07.2005
Com. Reg. No.:	C162880 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Importers & Wholesalers of Industrial Machinery and Equipment
No. of Employees :	20

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, 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

Name & Address

NAME INQUIRED UNDER:

Demetriades Handling Limited

Correct Registered Name:

DEMETRIADES HANDLING LIMITED

Address:

Agios Athanasios Industrial Area, Corner of Phalea and Koutsoventis Street 4101 Limassol CYPRUS

P.O.Box:

59617, 4011

Telephone:

+357-25755866 357-25-755866

Fax:	+357-25725940

Email:

elena@demetriadesgroup.com

Web:	www.demetriadesgroup.com

Business address:

Agios Athanasios Industrial Area, Corner of Phalea and Koutsoventis Street 4101 Limassol CYPRUS

Payment

PAYMENT HABITS:

No Complaints

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.

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).

Registration number and city:

C162880 Nicosia

Registration date:

11.07.2005

National ID: C162880

Company Status

Registration status: 11.07.2005 - registered company
Activity status: 11.07.2005 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Giorgos Demetriades	710291	Shareholder	CYPRUS	33.33% 2,000 Ordinary	Agios Athanasios, 11, Stavraetou Machaira Street 4104 Limassol CYPRUS
Mr. Demetris Demetriades	852817	Shareholder	CYPRUS	33.33% 2,000 Ordinary	Kato Polemidia, 23, Myroforon Street 4151 Limassol CYPRUS
Mr. Vasos Demetriades	728729	Shareholder	CYPRUS	33.34% 2,000 Ordinary	Ypsonas, 23, Eleutherias Street 4180 Limassol CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Giorgos Demetriades	710291	43	Director	CYPRUS	Non Retrievable	Also director of DEMETRIADES GROUP OF COMPANIES LIMITED, DEMETRIADES HYDRAULICS LIMITED, DEMETRIADES SERVICE & PARTS LIMITED, DEMETRIADES RENTALS LIMITED, HYDROCARE INDUSTRIAL LIMITED, MINISTOP EXPRESS LTD and MINISTOP BAKERY LTD.	Agios Athanasios, 11, Stavraetou Machaira Street 4104 Limassol CYPRUS
Mr. Demetris Demetriades	852817	32	Director	CYPRUS	Non Retrievable	Also director of DEMETRIADES GROUP OF COMPANIES LIMITED, DEMETRIADES HYDRAULICS LIMITED, DEMETRIADES SERVICE & PARTS LIMITED, DEMETRIADES RENTALS LIMITED, HYDROCARE INDUSTRIAL LIMITED, MINISTOP EXPRESS LTD and MINISTOP BAKERY LTD.	Kato Polemidia, 23, Myroforon Street 4151 Limassol CYPRUS
Mr. Vasos Demetriades	728729	42	Director / Secretary	CYPRUS	Non Retrievable	Also director of DEMETRIADES SERVICE & PARTS LIMITED, DEMETRIADES RENTALS LIMITED, HYDROCARE INDUSTRIAL LIMITED, MINISTOP EXPRESS LTD and MINISTOP BAKERY LTD.	Ypsonas, 23, Eleutherias Street 4180 Limassol CYPRUS

Activities

Activities:

Importers & Wholesalers

Operations:

SIC   main activity   5084 Industrial Machinery and Equipment   8742 Management Consulting Services (administrative management and general management consulting) The company in question started in 1995 as an importer and supplier of used forklifts. By 1996 it became the sole agent of LINDE forklifts, the world leaders in material handling equipment and hydraulics. Seeking out the market needs and representing other well known brands and products, Demetriades Handling, specialises in consulting, designing and supplying racking, storage, and logistics systems. Demetriades Handling Ltd is a member of the Demetriades Group. Demetriades Group, while continuously moving forward has been operating as a sufficiently structured, multi disciplinary, consulting and engineering company. Demetriades Group was separated in two big departments: the sales and after sales departments. Which were recently registered as companies. Demetriades Handling Limited is responsible for the Groups sales. It specializes in consulting, designing and supplying racking, storage, and logistics systems. Under the Demetriades Group which as Ms Ioannou stated is not the official name of the Group yet (they are waiting for the acceptance from the official companies' registry, current name: G. & V. DEMETRIADES TRADING LIMITED) are the following companies: -Demetriades Service & Parts -Demetriades Hydraulics -Demetriades Rentals -PGD Cones Manufacturing -Demastel Limited -Panastel Limited. All the imports for the companies of the Group are undertaken by G. & V. DEMETRIADES TRADING LIMITED (Demetriades Group). However the imports are mainly from China and Europe and especially from U.K and Germany. Business Activities Consulting, designing and supplying racking, storage, and logistics systems Industry Classifications - NAICS » General Warehousing and Storage (NAICS #49311)

Motor Vehicles

	2011
Number of vans	owned: 6
Total number of vehicles	6

Imports

CHINA, EUROPEAN UNION
Payment terms:
Special Agreements

Exports

The subject does not engage in any export activities.

Agencies

Non Retrievable

Trade Suppliers

Non Retrievable

Workforce

Number Of Employees:

20

Description Of Premises

Address:	Agios Athanasios Industrial Area, Corner of Phalea and Koutsoventis Street 4101 Limassol CYPRUS
Type of premises:	Premises
Type of ownership:	shared
Address:	Agios Athanasios, 11, Stavraetou Street 4104 Limassol CYPRUS
Type of premises:	Registered Address

Headquarters:

The subject operates from shared offices, with group companies at heading address.

Related Companies

Affiliated Company
DEMETRIADES GROUP OF COMPANIES LIMITED , CYPRUS , National ID: C26260

Affiliated Company
DEMETRIADES HYDRAULICS LIMITED , CYPRUS , National ID: C125448

Affiliated Company
DEMETRIADES RENTALS LIMITED , CYPRUS , National ID: C179859

Affiliated Company
DEMETRIADES SERVICE & PARTS LIMITED , CYPRUS , National ID: C162019

Affiliated Company
HYDROCARE INDUSTRIAL LIMITED , CYPRUS , National ID: C206427

Affiliated Company
MINISTOP BAKERY LTD , CYPRUS

Affiliated Company
MINISTOP EXPRESS LTD , CYPRUS

*PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

" MINISTOP EXPRESS LTD” - Affiliated company, registered in Cyprus on 04.09.2009 with registration number C254468.

" MINISTOP BAKERY LTD” - Affiliated company, registered in Cyprus on 20.12.2010 with registration number C278935.

" HYDROCARE INDUSTRIAL LIMITED” - Affiliated company, registered in Cyprus on 27.08.2007 with registration number C206427.

" DEMETRIADES SERVICE & PARTS LIMITED” - Affiliated company, registered in Cyprus on 16.06.2005 with registration number C162019.

" DEMETRIADES RENTALS LIMITED” - Affiliated company, registered in Cyprus on 06.07.2006 with registration number C179859.

" DEMETRIADES HYDRAULICS LIMITED” - Affiliated company, registered in Cyprus on 20.11.2001 with registration number C125448.

" DEMETRIADES GROUP OF COMPANIES LIMITED” - Affiliated company, registered in Cyprus on 14.02.1986 with registration number C26260.

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.

An overdraft facility is available and utilised.

Press

15.12.2011, No press / media available at present.

Share Capital

Registered capital:	EUR 10,260.00 since 01.01.2008
Number of Ordinary:	6,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 10,260.00 since 01.01.2008
Number of Ordinary:	6000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 10,260.00 since 01.01.2008

Charges

05.03.2008

Floating Charge on all Company's Assets

EUR 200,000.00

in f/o:Bank of Cyprus Public Co. Limited

Finance

Amounts shown in Euro (EUR)		25.08.2009	2008
	PROFIT & LOSS
	Sales Turnover	2,480,405.00	6,332,492.00

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.

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 question started in 1995 as an importer and supplier of used
forklifts. By 1996 it became the sole agent of LINDE forklifts, the world
leaders in material handling equipment and hydraulics.

We contacted the company in question, where we talked to a company officer, who requested a written questionnaire in order to provide us with information regarding the subject. A written questionnaire was sent to Ms Elena Kokkinou; however there was no response yet. 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 the subject.

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.

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 25 755866

Company officer

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.81

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.