MIRA INFORM REPORT

Report Date :

13.01.2011

IDENTIFICATION DETAILS

Name :	PAVLOS ZENONOS AND SONS LIMITED
Registered Office :	22, Nicou Pattichi Street, 3071 Limassol
Country :	Cyprus
Date of Incorporation :	01.01.1974
Com. Reg. No.:	C6590 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Importers & Wholesalers & Manufacturers & Retailers & Exporters of Bridge, Tunnel, and Elevated Highway Construction

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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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:

Pavlos Zenonos & Sons Ltd

Correct Registered Name:

PAVLOS ZENONOS AND SONS LIMITED International Name: ΠΑΥΛΟΣ ΖΗΝΩΝΟΣ ΚΑΙ ΥΙΟΙ ΛΙΜΙΤΕΔ

Address:

22, Nicou Pattichi Street 3071 Limassol CYPRUS

Telephone:

+357-25334138 +357-25633575 +357-25733162 +357-22320488 +357-99627780

Fax:	+357-25381240

Email:

info@pz-scaffolding.com

Web:	www.pz-scaffolding.com

Business address:

22, Nicou Pattichi Street 3071 Limassol 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 recent detailed financial statements were released to us, we feel unable to express a safe and reliable opinion on the maximum credit of your inquiry.

Commercial Morality:

Good

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, payment records 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:

01.01.1974

Registration number and city:

C6590 Nicosia

Registration date:

11.04.1974

National ID: C6590

Company Status

Registration status: 11.04.1974 - registered company
Activity status: 11.04.1974 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Kyriacos Zinonos	584199	Shareholder	CYPRUS	25.00% 2,500 Ordinary	Penny Court, 4th Floor, Apt. 1, 13, Nikou Pattichi Street 3071 Limassol CYPRUS
Mr. Zinon Zinonos	568670	Shareholder	CYPRUS	25.00% 2,500 Ordinary	Penny Court, 4th Floor, Apt. 1, 13, Nikou Pattichi Street 3071 Limassol CYPRUS
Mr. Andreas Zinonos	559448	Shareholder	CYPRUS	25.00% 2,500 Ordinary	Panthea, 7, Gennadiou Street 4007 Limassol CYPRUS
Mr. Stavros Zinonos	641587	Shareholder	CYPRUS	25.00% 2,500 Ordinary	Panthea, 7, Geraniou Street 4007 Limassol CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Kyriacos Zinonos	584199	50	Director	CYPRUS	Non Retrievable	Also shareholder of P.Z. STEEL TRADING LIMITED.	Penny Court, 4th Floor, Apt. 1, 13, Nikou Pattichi Street 3071 Limassol CYPRUS
Mr. Zinon Zinonos	568670	52	Director	CYPRUS	Non Retrievable	Also director of P.Z. STEEL TRADING LIMITED.	Penny Court, 4th Floor, Apt. 1, 13, Nikou Pattichi Street 3071 Limassol CYPRUS
Mr. Andreas Zinonos	559448	54	Director / Secretary	CYPRUS	Non Retrievable	Also director of P.Z. STEEL TRADING LIMITED and AAG STEELTRADING LTD.	Panthea, 7, Gennadiou Street 4007 Limassol CYPRUS

Activities

Activities:

Importers & Wholesalers & Manufacturers & Retailers & Exporters

Operations:

SIC   main activity   1622 Bridge, Tunnel, and Elevated Highway Construction   1623 Water, Sewer, Pipeline, and Communications and Power Line Construction (water, sewer, and pipeline construction)   8741 Management Services (single family housing construction management) Pavlos Zenonos & Sons Ltd manufactures, imports and supplies on both retail (80%) and wholesale (20%) basis, the Cyprus market with scaffolding, steel formwork, moulds, Concrete Vibrators, Safety Equipment, Generators, accessories, staircases, mixers, heavy-duty building machinery, and timber & plywood, mobile structures for offices & general use, Waffle Systems and many other specialized equipment for the building industry. Business Activities Import & Trade of timber and building materials Industry Classifications – NAICS » Building Material and Supplies Dealers » Other Building Material Dealers » Other Construction Material Merchant Wholesalers Detailed Description of Industry Classifications Building Material and Supplies Dealers NAICS # 4441 Other Building Material Dealers (NAICS # 44419) Other Construction Material Merchant Wholesalers (NAICS # 42339)

Motor Vehicles

	2011
Number of Vehicles	owned: 20
Total number of vehicles	20

Imports

EUROPE, GREECE, CHINA, RUSSIAN FEDERATION, ITALY, INDIA, IRAN (ISLAMIC REPUBLIC OF), FINLAND, DENMARK, SWEDEN: 100%
Payment terms:
Special Agreements

Exports

EUROPE, RUSSIAN FEDERATION, SPAIN, GREECE, UNITED ARAB EMIRATES, ROMANIA, BULGARIA

Payment terms:
Special Agreements

Agencies

Non Retrievable

Trade Suppliers

Non Retrievable

Workforce

Number Of Employees: 60

Approximately

Description Of Premises

Address:	22, Nicou Pattichi Street 3071 Limassol CYPRUS
Type of premises:	Premises
Type of ownership:	owned
Area:	Business / Commercial Area

Headquarters:

The company is operating from owned premises, which are located at the address given overleaf. Premises comprised of offices, the workshops / factory and storage facilities, with an exhibition center.

Branches:

Subject maintains 3 branches: 1) 103 B Strovolos Avenue, K. Lakatamia, Nicosia, 2321, Cyprus. These are owned office premises. 2) Industrial Area of Pentakomo, Pentakomo, Limassol, Cyprus. These are owned factory premises. Size: 6500 square metres. 3) 7 Kyriakou Matsi Avenue, Paphos, Cyprus. These are office premises. Size: 2000 square metres.

Related Companies

Sister Company
AAG STEELTRADING LTD , CYPRUS , National ID: C251104

Sister Company
P.Z. STEEL TRADING LIMITED , CYPRUS , National ID: C146500

Sister Company
VIOSCAL METAL CONSTRUCTION LIMITED , CYPRUS , National ID: C40647

"Vioscal Metal Construction Ltd" - Sister company. According to the person interviewed, a new sister company has recently been registered, but not yet began to carry out any activities. It will start soon. As it has already been said, the company will take over the manufacturing activities of the company’s in question. Thus, this company will be involved in the manufacture of metal scafford and formwork systems. It will be located at the new Ypsonas Industrial Area. (Please see general comments).

Bankers

BANK OF CYPRUS PUBLIC COMPANY LIMITED
1 Saripolos Street, 3036 Limassol, Cyprus. Tel: 357 25155000

EMPORIKI BANK - CYPRUS LIMITED
203 Chr. Hadjipavlou Street,Limassol 3036, Cyprus. Tel: 357 25696700

HELLENIC BANK PUBLIC COMPANY LIMITED
131 Archbishop Makarios Avenue & Ioanni Polemi Street, Limassol 3021, Cyprus. Tel:357 25502000

MARFIN POPULAR BANK PUBLIC CO LTD
Corner Athinon Road & N.Xiouta Street, Limassol 3041, Cyprus. Telephone: 357 25815000

Account numbers are not disclosed.

Press

12.01.2011, No press / media available at present

Auditors / Accountants

Non Retrievable

Share Capital

Registered capital:	EUR 34,200.00 since 01.01.2008
Number of Ordinary:	20,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 17,100.00 since 01.01.2008
Number of Ordinary:	10000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 17,100.00 since 01.01.2008

Charges

14.04.1993	Floating Charge	CYP 20,000.00		in f/o:Cyprus Popular Bank Ltd
08.08.2001	Mortgage	CYP 60,000.00		in f/o:Cyprus Popular Bank Ltd
24.04.2003	Mortgage	CYP 60,000.00		in f/o:Commercial Bank Of Greece (Cyprus) Ltd
27.06.2003	Mortgage	CYP 60,000.00		in f/o:Bank of Cyprus Ltd
23.09.2003	See description	CYP 101,877.00	Assignment of Pledge of Shares	in f/o:Bank of Cyprus Ltd
09.06.2004	Floating Charge	CYP 30,000.00		in f/o:Cyprus Popular Bank Ltd
11.06.2004	Mortgage	CYP 6,000.00		in f/o:Cyprus Popular Bank Ltd
11.06.2004	Mortgage	CYP 35,000.00		in f/o:Cyprus Popular Bank Ltd
11.06.2004	Mortgage	CYP 60,000.00		in f/o:Cyprus Popular Bank Ltd
21.01.2005	Mortgage	CYP 200,000.00		in f/o:Marfin Popular Bank Public Co. Limited
22.09.2005	Mortgage	CYP 270,000.00		in f/o:Hellenic Bank Public Company Limited
20.12.2005	Mortgage	CYP 476,000.00		in f/o:Bank of Cyprus Public Company Limited
20.12.2005	Mortgage	CYP 66,000.00		in f/o:Bank of Cyprus Public Company Limited
19.12.2005	Floating Charge on all Company's Assets	CYP 300,000.00		in f/o:Bank of Cyprus Public Company Limited
26.02.2008	Mortgage	EUR 1,000,000.00		in f/o:Hellenic Bank Public Company Limited
18.03.2008	Mortgage	EUR 500,000.00		in f/o:Hellenic Bank Public Company Limited
08.05.2008	Mortgage	EUR 683,000.00		in f/o:Bank of Cyprus Public Company Limited
29.10.2009	Mortgage	EUR 300,000.00		in f/o:Bank of Cyprus Public Company Limited
02.03.2010	Floating Charge on all Company's Assets	EUR 1,500,000.00		in f/o:Marfin Popular Bank Public Co. Limited
03.03.2010	Mortgage	EUR 170,000.00		in f/o:Marfin Popular Bank Public Co. Limited
03.03.2010	Mortgage	EUR 80,000.00		in f/o:Marfin Popular Bank Public Co. Limited
03.03.2010	Mortgage	EUR 1,000,000.00		in f/o:Marfin Popular Bank Public Co. Limited

Finance

Amounts shown in (Approximately)  2008 2007

PROFIT & LOSS

 Sales Turnover 13000000 EUR 5000000 CYP

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.

GENERAL COMMENTS

The present limited liability company was incorporated on 11/04/1974. The company is involved in the trade of metal scafford and formwork systems, plywood, timber, building materials and other related products, all used in the construction industry. They also construct prefabricated offices and houses.

The metal scaffords and formworks systems are produced locally by the company in question. Thus, the company imports not only finished goods, but also all raw materials needed for production.

We contacted the company in question and talked to Mr Zenon Zenonos, company director who confirmed general details of this report; however declined to release any financial information regarding the subject.

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

SECTOR ANALYSIS
Retail Sector
The retail and consumer sector is developing rapidly in Cyprus as in Central and Eastern Europe especially following the accession of Cyprus to EU in May 2004. This development has signaled a period of uncertainty for companies in the industry where traditional boundaries that used to define geography, store types, trade channels, trading partners and organizations functions are very volatile. Companies in order to be successful must be able to respond quickly to increased competition and regulatory changes.

Consumers are becoming more demanding and able to shop around in order to pay less. New competitors are continuously entering the market coupled with the impact of e-commerce, smartcard schemes, and parallel importing.
Companies in the sector must rethink their earnings strategies and look to new efficiencies to drive bottom line growth. Maintenance of margins through balancing costs and pricing will remain a challenge in this ever-competitive industry.

PWC
(Ref: http://www.pwc.com/extweb/industry.nsf/docid/e3fdd093df3497b88025711400448a3a)


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:

Mr Zenon Zenonos Company Director 357-25334138

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.45.16
UK Pound	1	Rs.70.64
Euro	1	Rs.58.68

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.