MIRA INFORM REPORT

Report Date :

21.12.20114

IDENTIFICATION DETAILS

Name :	TROFOEMPORIKI LIMITED
Registered Office :	Ayios Sylas New Industrial Area, Alpeon Street 4193 Limassol
Country :	Cyprus
Financials (as on) :	2010
Date of Incorporation :	23.06.2005
Com. Reg. No.:	C162239 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Groceries and Related Products, (bottling mineral or spring water)
No. of Employees :	25

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor
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:

Trofoemporiki Ltd

Correct Registered Name:

TROFOEMPORIKI LIMITED

Address:

Ayios Sylas New Industrial Area, Alpeon Street 4193 Limassol CYPRUS

P.O.Box:

51760, 3508

Telephone:

+357-25396090 357-25-396090

Fax:	+357-25396633

Email:

trofoemporiki@cytanet.com.cy

Web:	Not Applicable

Business address:

Ayios Sylas New Industrial Area, Alpeon Street 4193 Limassol CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Good For Amount & Terms Of Inquiry:

No credit

Commercial Morality:

Satisfactory

Financial Strength:

Bad

Credit Rating:

High 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:

C162239 Nicosia

Registration date:

23.06.2005

Company Status

Registration status: 23.06.2005 - registered company
Activity status: 23.06.2005 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Aristofanis Pouris	731912	Shareholder	CYPRUS	100.00% 50,000 Ordinary	Tsirio, 4A, Therapontos Street Limassol CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Aristofanis Pouris	731912	40	Director / Secretary	CYPRUS	Non Retrievable	Non Retrievable	Tsirio, 4A, Therapontos Street Limassol CYPRUS
Mr. Iosif Savva	490675	56	Director	CYPRUS	Non Retrievable	Non Retrievable	34, Athinon Street 8035 Paphos CYPRUS

Activities

Activities:

Wholesalers & Importers

Operations:

SIC   5149 Groceries and Related Products, NEC (bottling mineral or spring water) The company was established in order to acquire the business that was operating under the name Vyzantia Emporiki Limited and to undertake its activities. Hence it is involved with the import (95%) and trade on a wholesale basis of legumes, canned fruits and vegetables, dried fruits, sugar, dry food and other consumable goods. They also act as distributors. The Company's major clients are: shipping companies (i.e. Louis Cruise Lines, etc), airlines (i.e. Cyprus Airways Public Company Limited, etc), hotels (i.e. Amathus, Atlantica, Libra, Hilton Park, etc) and many others Please note that the registered name of the company is written in greek. Business Activities Grocery and Related Products Merchant Wholesalers Industry Classifications - NAICS » Other Grocery and Related Products Merchant Wholesalers (NAICS #42449)

Motor Vehicles

	2011
Number of vans	owned: 10
Number of trucks	owned: 6
Total number of vehicles	16

Imports

SPAIN, GREECE, ITALY, THAILAND, PHILIPPINES, ARGENTINA, CANADA, UNITED KINGDOM
Payment terms:
O/A (Open Account) 60 days

Exports

The subject does not engage in any export activities.

Agencies

Name	Country	Product
Pavlides	GREECE
AYEQUE	SPAIN
Naousa	GREECE
Kalimera	GREECE
Vesu	ITALY
Millas	SPAIN
Avenosta	ITALY
Meletiadi	GREECE
Makedoniki	GREECE
Air Industry	ITALY

Trade Suppliers

Same as agencies

Workforce

Number Of Employees:

25

Description Of Premises

Address:	Ayios Sylas New Industrial Area, Alpeon Street 4193 Limassol CYPRUS
Type of premises:	Premises
Type of ownership:	owned
Address:	Agios Athanasios, 21, Kolonakiou Street 4003 Limassol CYPRUS
Type of premises:	Registered Address
Address:	Roussos Limassol Tower, 10th Floor, 3, Anexartisias & Kyriakou Matsi Corner 3317 Limassol CYPRUS
Type of premises:	Premises

Headquarters:

The company in question operates from owned office, warehouse, covering approximately 2,000 square metres at heading address.

Bankers

Alpha Bank Cyprus Limited
Maximos Plaza, Corner of Archbishop Makarios III Avenue & Grivas Digeni Street,, Limassol 3030, Cyprus, Telephone: 357 25832600.

BANK OF CYPRUS PUBLIC COMPANY LIMITED
(c/o: Mr Christos Taliadoros), 0331 branch.,117 Archbishop Makarios Avenue 3021, Cyprus, Telephone: 357 25855700

MARFIN POPULAR BANK PUBLIC LIMITED
021 branch. City Area, 121-123 Archbishop Makarios III Avenue, Limassol 3105, Cyprus, Telephone: 357 25815000


Account numbers are not disclosed.

Press

20.12.2011, No press / media available at present.

Auditors / Accountants

Date: 31.12.2010

Company: Dinos Antoniou & Co Ltd Certified Public Accountant, 9 Vassili Michaelides, CY-3026 Limassol, Cyprus. Tel: 25824545

Share Capital

Registered capital:	EUR 50,000.00 since 14.01.2008
Number of Ordinary:	50,000
Value per share of Ordinary:	EUR 1.00
Issued capital:	EUR 50,000.00 since 14.01.2008
Number of Ordinary:	50000
Value per share of Ordinary:	EUR 1.00
Paid-up capital:	EUR 50,000.00 since 14.01.2008

Charges

19.02.2008	Floating Charge on all Company's Assets	EUR 300,000.00	in f/o:Marfin Popular Bank Public Limited
19.12.2005	Floating Charge on all Company's Assets	CYP 60,000.00	in f/o:Marfin Popular Bank Public Limited
03.12.2005	Floating Charge on all Company's Assets	CYP 200,000.00	in f/o:Marfin Popular Factors Limited

Finance

Amounts shown in Euro (EUR)		2010	2009
	PROFIT & LOSS
	Sales Turnover	3,037,189.00	2,921,547.00
	Cost of Sales	-2,370,656.00	-2,357,690.00
	Gross Profit	666,533.00	563,857.00
	Other Operating Income	31,167.00	864.00
	Selling / Distribution / Promotional Expenses	-498,834.00	-404,204.00
	Administrative Expenses	-141,731.00	-123,250.00
	Operational Profit	57,135.00	37,267.00
	Finance Costs	-96,452.00	-92,774.00
	Financial Income	410.00	3,896.00
	Profit Before Taxation	-38,907.00	-51,611.00
	Corporate Income Tax	-41.00	-193.00
	Net Profit	-38,948.00	-51,804.00
	BALANCE SHEET
	Property, Plant & Equipment	189,955.00	108,010.00
	Total Fixed Assets	189,955.00	108,010.00
	Inventory / Stock	715,788.00	788,674.00
	Trade Debtors (receivables from customer)	782,746.00	730,118.00
	Taxation Receivable	5,139.00	4,389.00
	Cash in Hand & at Bank	16,561.00	12,420.00
	Total Current Assets	1,520,234.00	1,535,601.00
	Total Assets	1,710,189.00	1,643,611.00
	Retained Profit / Earnings) for the year	-34,696.00	-38,665.00
	Total Equity	15,304.00	88,665.00
	Non-Current Liabilities	2,009.00	5,468.00
	Long - Term Loans	25,724.00
	CURRENT LIABILITIES	14,278.00	8,645.00
	Trade Creditors	578,930.00	475,965.00
	Short - Term Borrowings, Loans	1,073,944.00	1,064,868.00
	Total Current Liabilities	1,667,152.00	1,549,478.00
	Total Equity & Liabilities	1,710,189.00	1,643,611.00
	SHARE CAPITAL	50,000.00	50,000.00

Please note that the financial statements were provided by the subject's accountant, Dinos Antoniou & Co Ltd Certified Public Accountant.

Ratios

	2010	2009
Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice Current Assets / Current Liabilities	0.91	0.99
Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good (Current Assets - Inventory) / Current Liabilities	0.91	0.99
Return on assets ( ROA ) Net Profit After Tax / Total assets	-0.02	-0.03
Return on equity ( ROE ) Net Profit After Tax / Total Equity	-2.54	-0.58
Return on sales ( ROS ) Net Profit x 100 / Sales Turnover	-1.28	-1.77
Day's supply in inventory Sales Turnover / Inventory	4.24	3.70
Collection Period Ratio (in days) Accounts Receivable x 365 / Sales Turnover	94.07	91.22
Cash Liquidity Ratio Liquid Assests / Current Liabilities x 100	0.99	0.80
Receivables Ratio (%) Accounts Receivable / Current Liabilities x 100	46.95	47.12
Current Assets Ratio (%) (Current Assets - Accounts Receivable) / Current Liabilities x 100	91.19	99.10
Shareholder Equity Increase Ratio (%) Total Equity / Share Capital x 100	30.61	177.33

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 was established in order to acquire the business that was
operating under the name Vyzantia Emporiki Limited and to undertake its
activities. Hence it is involved with the import (95%) and trade on a
wholesale basis of legumes, canned fruits and vegetables, dried fruits, sugar,
dry food and other consumable goods. They also act as distributors.

We contacted the company in question and talked to Mr. Aristophanis Pouris,
company director, who confirmed the details of this report. He also told us to
contact the subject's accountant, Dinos Antoniou & Co Ltd Certified Public
Accountant, who provided us with the subject's latest financial statements for
the year 2010.

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

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 396090

Mr Aristos Pouris, company director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.03
UK Pound	1	Rs.82.34
Euro	1	Rs.68.99

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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