MIRA INFORM REPORT

Report Date :

28.01.2011

IDENTIFICATION DETAILS

Name :	J & M Karayianni Trading Co Limited
Registered Office :	Agios Athanasios, 85 Michali Zavou Street, 4107 Limassol
Country :	Cyprus
Date of Incorporation :	05.09.1989
Com. Reg. No.:	C37182 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesale Trade Agents and Brokers

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 :	Unknown
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

Name & Address

NAME INQUIRED UNDER:

J & M Karayianni Trading Co Limited

Correct Registered Name:

J & M KARAYIANNI TRADING CO LIMITED

Address:

Agios Athanasios, 85 Michali Zavou Street 4107 Limassol CYPRUS

P.O.Box:

53387-3302, Limassol

Telephone:

+357-25727225 357-25-727225

Fax:	+357-25727220

Email:

Non Retrievable

Web:	Non Retrievable

Business address:

Agios Athanasios, 85 Michali Zavou Street 4107 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.

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 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:

C37182 Nicosia

Registration date:

05.09.1989

National ID: c37182

Company Status

Registration status: 05.09.1989 - registered company
Activity status: 05.09.1989 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Ioannis Karagiannis	476861	Shareholder	CYPRUS	20.00% 20 Ordinary	8 Myrtiotissis Street Limassol CYPRUS
Mr. Maria Karagianni	540810	Shareholder	CYPRUS	80.00% 80 Ordinary	Germasogia, 8 Myrtiotissis Street Limassol CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Ioannis Karagiannis	476861		Secretary	CYPRUS	Non Retrievable	Non Retrievable	8 Myrtiotissis Street Limassol CYPRUS
Mr. Maria Karagianni	540810		Director	CYPRUS	Non Retrievable	Non Retrievable	Germasogia, 8 Myrtiotissis Street Limassol CYPRUS

Activities

Activities:

General Traders

Operations:

SIC   main activity   5199 Nondurable Goods, NEC (except specialty advertising)   6799 Investors, NEC (commodity contract trading companies) According to the Article of Associations the current company deals with general trade although this was not confirmed. However the article makes provision for other activities as well. Business Activities General Trading Industry Classifications - NAICS » Wholesale Trade Agents and Brokers » Wholesale Trade » Other Miscellaneous Durable Goods Merchant Wholesalers » Apparel, Piece Goods, and Notions Merchant Wholesalers » Other Miscellaneous Nondurable Goods Merchant Wholesalers Detailed Description of Industry Classifications Wholesale Trade Agents and Brokers NAICS #42512 Wholesale Trade NAICS #42 Other Miscellaneous Durable Goods Merchant Wholesalers NAICS #42399 Apparel, Piece Goods, and Notions Merchant Wholesalers NAICS #4243

Motor Vehicles:

Non Retrievable

Imports:

Non Retrievable

Exports:

Non Retrievable

Agencies:

Non Retrievable

Trade Suppliers:

Non Retrievable

Workforce:

Non Retrievable

Description Of Premises

Address:	Agios Athanasios, 85 Michali Zavou Street 4107 Limassol CYPRUS
Type of premises:	Premises
Address:	69L, Gladstonos Street Limassol CYPRUS
Type of premises:	Registered Address

Headquarters:

The subject operates from premises given on the address listed overhead.

Branches:

Non Retrievable

Related Companies:

Non Retrievable

Bankers

MARFIN POPULAR BANK PUBLIC CO LTD
2025 Nicosia, 154, Limassol Avenue, Strovolos

Account number is not disclosed

Press:

26.01.2010, No press / media available at present.

Auditors / Accountants:

Non Retrievable

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 171.00 since 01.01.2008
Number of Ordinary:	100
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 171.00 since 01.01.2008

Charges

04.02.2009	Floating Charge on all Company's Assets	EUR 250,000.00	in f/o:Marfin Popular Bank Public Company Limited
17.12.2003	Mortgage	CYP 104,000.00	in f/o:Marfin Popular Bank Public Company Limited
07.06.2002	Mortgage	CYP 68,000.00	in f/o:Marfin Popular Bank Public Company Limited
19.02.2001	Mortgage	CYP 108,000.00	in f/o:Marfin Popular Bank Public Company Limited
11.06.1999	Assignment of buying-selling contract	CYP 42,000.00	in f/o:Marfin Popular Bank Public Company Limited

Finance

Please note that no detailed Financial Information became available to us; neither it was released by the subject at present. Furthermore, no Published Final Accounts were filled in the company's file kept with the local official companies' registry, as the law provides for all companies. Please also note that maximum credit was calculated from 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

We contacted the company in question and talked to Ms. Maria Karayianni, company director, who refused to release any information regarding the subject, unless we reveal the person or company who asked for this report.

Please note that the information included in the report was obtained from the Official Companies Registrar. In addition, the subject's address was verified from the Official Telephone Authority.

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:

Wholesale, Industrial, Retail & Services Sectors

According to Tremetoushiotis Developers Ltd (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 information:

Telephone number: 357 25 727225 Ms. Maria Karayianni, company director

CREDIT RISK EVALUATION
A credit rating assesses the credit worthiness of a company. A poor credit rating indicates a high risk of defaulting on a loan. A Credit rating is estimated based on an analysis of commercial, financial and trading data.

MAXIMUM CREDIT RECOMMENDED
The amount advised is a recommended maximum credit exposure at any one time.

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.45.57
UK Pound	1	Rs.72.50
Euro	1	Rs.62.46

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 Company	----

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.