MIRA INFORM REPORT

Report Date :

09.07.2011

IDENTIFICATION DETAILS

Name :	CHARILAOS STAVRAKIS LIMITED
Registered Office :	29, Georgiou Griva Digeni Avenue, 1082 Nicosia
Country :	Cyprus
Date of Incorporation :	14.04.1978
Com. Reg. No.:	C10944 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Importers & Wholesalers & Distributors & Retailers of Furniture

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Cyprus	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Company Name & Address

NAME INQUIRED UNDER:

Charilaos Stavrakis Limited

Correct Registered Name:

CHARILAOS STAVRAKIS LIMITED International Name: ΧΑΡΙΛΑΟΣ ΣΤΑΥΡΑΚΗΣ ΛΙΜΙΤΕΔ

Address:

29, Georgiou Griva Digeni Avenue 1082 Nicosia CYPRUS

P.O.Box:

21919 - 1514 Nicosia

Telephone:

+357-22763964 +357-22898112 357-22-763964

Fax:	+357-22761192

Email:

stavrakis@logos.cy.net

Web:	Non Retrievable

Business address:

29, Georgiou Griva Digeni Avenue 1082 Nicosia CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Comment:

A check against all available information sources credit revealed that no late payment incidents against Subject Company exist.

Good For Amount & Terms Of Inquiry:

Unable to comment Given the fact that no updated financial information was release at this stage we fel unable to comment on the amount given in you 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 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).

Date of foundation:

01.01.1910

Registration number and city:

C10944 Nicosia

Registration date:

14.04.1978

National ID: C10944 
VAT number: CY10010944Z

Company Status

Registration status: 14.04.1978 - registered company
Activity status: 14.04.1978 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Charis L. Stavrakis		Shareholder	CYPRUS	35.00% 13,475 Ordinary	17, Androkleous Street Nicosia CYPRUS
Mr. Leonidas L. Stavrakis	NIC006608194	Shareholder	CYPRUS	35.00% 13,475 Ordinary	17, Androkleous Street Nicosia Nicosia CYPRUS
Ms. Androulla N. Lazaraki	428569	Shareholder	GREECE	30.00% 11,550 Ordinary	12, Kivelis Street Nicosia Acropoli, Nicosia CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Charis R. Stavrakis	496127	59	Director	CYPRUS	Non Retrievable.	Non Retrievable.	1, Costaki Pantelide Street Nicosia CYPRUS
Ms. Nicos Lazarakis			Director	GREECE	Non retrievable	Non retrievable	Acropoli,, 12, Kivelis Street Nicosia Nicosia CYPRUS
Mr. Charis L. Stavrakis			Director / Secretary	CYPRUS	Non retrievable	Non retrievable	17, Androkleous Street Nicosia CYPRUS
Ms. Androulla N. Lazaraki	428569		Manager	GREECE	Non retrievable	Non retrievable	12, Kivelis Street Nicosia Acropoli, Nicosia CYPRUS
Mr. George Constantinides	NIC00660815946		Manager

Activities

Activities:

Importers & Wholesalers & Distributors & Retailers

Operations:

SIC   main activity   5021 Furniture (except furniture sold via retail method)   5023 Homefurnishings (except homefurnishings sold via retail method)   5231 Paint, Glass, and Wallpaper Stores (paint and wallpaper)   5712 Furniture Stores (custom wood cabinets)   5713 Floor Coverings Stores   5714 Drapery, Curtain, and Upholstery Stores (custom drapes)   5719 Miscellaneous Homefurnishings Stores (blinds and shades) The Company's main activities centre around the import (100%), wholesale (10%) and retail (90%) trade of upholstery, curtains, bed sheets and covers, carpets, wall paper, suspended and false ceilings, dowry clothing, plastic floor tiles, office furniture and lighting & fittings, etc.  The company also undertakes projects which involved the renovation of hotels, offices etc.  Business Activities Importers & Traders of Dowry Products Industry Classifications - NAICS  » Curtain and Linen Mills (NAICS # 31412) » Other Household Textile Product Mills (NAICS # 314129)

Motor Vehicles:

	2011
Number of trucks	owned: 5
Number of vans	owned: 3
Number of cars	owned: 2
Total number of vehicles	10

Imports:

NETHERLANDS, UNITED KINGDOM, ITALY, BELGIUM, GERMANY, AUSTRALIA, CHINA, UNITED STATES, IRAQ, SOUTH AFRICA, PAKISTAN: 100%
Payment terms: 
O/A (Open Account) 90 days

Exports:

The subject does not engage in any export activities.

Agencies:

Name	Country	Product
Nicolletti	ITALY	furniture
Canon	UNITED STATES	bed sheets and face towels
Balta	BELGIUM	carpets
Betap	NETHERLANDS	carpets
Baumann	AUSTRIA	curtains & upholstery
Texoprint	NETHERLANDS	curtains & upholstery
Artex	UNITED STATES	carpets
Armstrong	UNITED KINGDOM, GERMANY	suspended ceilings
Chigaco Metallic	BELGIUM	suspended ceilings' parts
Xiasuig	CHINA	upholstery & curtain fabrics
Hanghou	CHINA	upholstery & curtain fabrics
Ema	ITALY	Furniture

Trade Suppliers:

Non Retrievable

Workforce:

Number Of Employees:

125

Description Of Premises:

Address:	29, Griva Digeni Avenue 1082 Nicosia CYPRUS
Type of premises:	Premises
Type of ownership:	owned
Area:	Business / Commercial Area

Headquarters:

The company is operating from owed premises, which are located at the address given overleaf, a main commercial street. Premises are newly constructed and spacious, comprised of offices (head offices), Showrooms and warehouses.  Please note that the address provided above is also the subjects' registered address.

Branches:

Subject maintains 5 branches: 1) 177 Archbishop Makarios III Avenue, Ariel Area, Limassol, Cyprus. These are rented shop premises.  Operates as retail shop.  2) 14 Archbishop Makarios Avenue III, 6017, Larnaca, Cyprus. These are rented shop premises.  Operates as retail shop.  3) 9 Athenon Street, 8035, Paphos, Cyprus. These are rented shop premises.  Operates as retail shop.  4) Latsia Area,11-12 Kalamon Street, 2032, Nicosia, Cyprus. These are warehouse premises.  5)Latsia, Nicosia, Cyprus. These are owned warehouse premises.

Related Companies:

Affiliated Company
CHARILAOS STAVRAKIS (ESTATES) LIMITED , CYPRUS , National ID: C20758

Affiliated Company
CHARILAOS STAVRAKIS (PAPHOS) LIMITED , CYPRUS , National ID: C23346

Affiliated Company
INTER DECOR LIMITED. , UNITED ARAB EMIRATES , National ID: DXB027603

Affiliated Company
K L S GENERAL AGENCIES , CYPRUS , National ID: C9678

Affiliated Company
Residence Furnishings Redistribution Company , UNITED ARAB EMIRATES

Subsidiary Company
RESIDENT FURNISHING CO.INC - AJMAN , UNITED ARAB EMIRATES , National ID: NEM004910

Affiliated Company
RODINA LIMITED , CYPRUS , National ID: C29817

Affiliated Company
WINDOW HARMONY , UNITED ARAB EMIRATES , National ID: NEM033109

*PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

"Residence Furnishing Redistribution Co” - Associate co. Operating in the same line of business, located in Dubai - UAE.

"Window Harmony” – The company is operating in the same line of business as the company in question, and is located in Dubai-UAE.

"K.L.S. General Agencies Ltd”- Sister company registered in Cyprus on 05.07.1977 under the registration number C9678. This concern is currently dormant.

"Interdecor” – The company is operating in Dubai

"Ruwi Valley” – The company is involved in the same line of business a s the company in question, and is Iocated in Lythrodontas village in Nicosia city.

"Rodina Limited" - Affiliated company registered in Cyprus on 06.06.1987 under the registration number C29817.

"Charilaos Stavrakis (Estates) Limited" - Affiliated company registered in Cyprus on 19.11.1983 under the registration number C20758.

"Charilaos Stavrakis (Paphos) Limited" - Affiliated company registered in Cyprus on 15.11.1984 under the registration number C23346.

Bankers:

BANK OF CYPRUS PUBLIC COMPANY LIMITED
2002 Nicosia, 51, Stasinou Street, Ayia Paraskevi, Strovolos

Cyprus Development Bank
Cyprus Development Bank Limited 50 Archbishop Makarios III Avenue, 1065, Nicosia, Tel:0035722846500, Fax:0035722846603

HELLENIC BANK PUBLIC COMPANY LIMITED
Corner of 92 Digenis Akritas Avenue & Kritis Street, 1061, Nicosia Tel:0035722860000 Fax:0035722750669

MARFIN POPULAR BANK PUBLIC LIMITED
2025 Nicosia, 154, Limassol Avenue Strovolos Area


Account numbers are not disclosed.

Press:

08.07.2011, No press / media available at present.

Auditors / Accountants:

Non Retrievable

Share Capital:

Registered capital:	EUR 85,500.00 since 01.01.2008
Number of Ordinary:	50,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 65,835.00 since 01.01.2008
Number of Ordinary:	38500
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 65,835.00 since 01.01.2008

Charges:

20.11.1982	Mortgage	CYP 60,000.00	in f/o:Barclays Bank Plc.
07.04.1988	Mortgage	CYP 90,000.00	in f/o:Hellenic Bank Public Company Limited
17.01.1989	Mortgage	CYP 40,000.00	in f/o:Hellenic Bank Public Company Limited
24.05.1991	Mortgage	CYP 60,000.00	in f/o:Barclays Bank Plc.
24.05.1991	Mortgage	CYP 87,500.00	in f/o:Marfin Popular Public Bank Limited
24.05.1991	Mortgage	CYP 100,000.00	in f/o:Bank of Cyprus Public Limited
24.05.1991	Mortgage	CYP 100,000.00	in f/o:Bank of Cyprus Public Limited
24.05.1991	Mortgage	CYP 80,000.00	in f/o:Bank of Cyprus Public Limited
24.05.1991	Mortgage	CYP 80,000.00	in f/o:Bank of Cyprus Public Limited
02.11.2004	Floating Charge on all Company's Assets	CYP 250,000.00	in f/o:Bank of Cyprus Public Company Limited
06.11.1989	Floating Charge on all Company's Assets	CYP 75,000.00	in f/o:Bank of Cyprus Public Company Limited
27.08.2010	Mortgage	EUR 200,000.00	in f/o:Hellenic Bank Public Co Limited

Finance

(Approximately) (Approximately)

Amounts shown in Cyprus Pounds (CYP)		2008	2007	2006	2005
	PROFIT & LOSS
	Sales Turnover	4,200,000.00	4,200,000.00	4,100,000.00	4,000,000.00

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 present limited liability company was incorporated on 14/01/1978 and took over the activities of a private concern founded in 1910. 

It is a long and well established company, operating successfully in the local market. It is among the leading companies in its field. 

The company deals with the import and sales on retail and wholesale basis of upholstery and curtains fabrics, bed sheets and covers, carpets, wallpaper, 
suspended ceiling, furniture (office and other kind), lighting and fittings and other related products.

Apart from their sales in the local market the company undertakes projects in Greece. Cypriot Companies, owners of Hotels in Greece assign to them projects for renovation and redecoration. Thus the company in question exports products for their own projects.

Their products are of good quality and are aiming to the middle and upper class. The company imports its products mainly from Europe, Far East, South Africa and the USA. Further, they are agents for several foreign firms, names of which are given overleaf.

The home textiles business is suffering from strong competition as many shops operating in the same line are continuously being set up. Like many other Cypriot companies, the present concern has to deal with the delays of customers’ payments, either these are retailers or individuals. 

Thus, inflow of cash is sometimes slow. Therefore someone should be careful with his dealing with companies operating in this line of business.

We contacted the company in question ant spoke to an official who informed us that Mr Antranik Kerimitzian, company financial controler, was not available to talk to us. Therefore a message was left in order to contact us back as soon as possible. Should any additional information becomes available we will forward them to you as soon as possible. 

Please note that the information provided in this report was obtained from the Official Companies' Registrar and from a previous record.

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.

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 information:

Telephone number:

357 22 763964

Company's Officer

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.33
UK Pound	1	Rs.70.74
Euro	1	Rs.63.65

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.