MIRA INFORM REPORT

Report Date :

12.03.2011

IDENTIFICATION DETAILS

Name :	ICELINE (CYPRUS) LTD
Formerly Known As :	AMASA (CYPRUS) LIMITED
Registered Office :	Dali Industrial Area, 12 Filippou Street 2546 Nicosia
Country :	Cyprus
Date of Incorporation :	30.09.2002
Com. Reg. No.:	C133256 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Retail sale of fruit and vegetables in specialised stores

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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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:

Iceline(Cyprus)Ltd

Correct Registered Name:

ICELINE (CYPRUS) LTD

Address:

Dali Industrial Area, 12 Filippou Street 2546 Nicosia CYPRUS

Telephone:

+357-22720404 357-22-720404

Fax:	+357-22720403

Email:

grebird@cytanet.com.cy

Web:	Non Retrievable

Business address:

Dali Industrial Area, 12 Filippou Street 2546 Nicosia CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Good For Amount & Terms Of Inquiry:

Unable to comment Given the fact that no detailed financial statements were released to us , we feel unable to comment on a maximum credit

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:

C133256 Nicosia

Registration date:

30.09.2002

Former registration name:

AMASA (CYPRUS) LIMITED, valid since: 27.07.2005, until: 19.12.2008 THE GREEN BIRD LIMITED, valid since: 30.09.2002, until: 27.01.2005

National ID: C133256

Former company names:

AMASA (CYPRUS) LIMITED THE GREEN BIRD LIMITED

Company Status

Registration status: 30.09.2002 - registered company
Activity status: 30.09.2002 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Ms. Lella Aristidou	187881	Shareholder	CYPRUS	33.33% 1,000 Ordinary	Aglantzia, 11,Aristofanous Street 2122 Nicosia CYPRUS
Mr. Giorgos Aristidou	529852	Shareholder	CYPRUS	66.67% 2,000 Ordinary	10,Octaviou Street 2035 Nicosia CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Giorgos Aristidou	529852	55	Managing Director / Secretary	CYPRUS	Non Retrievable	Non Retrievable	10,Octaviou Street 2035 Nicosia CYPRUS
Ms. Lella Aristidou	187881	82	Director	CYPRUS	Non Retrievable	Non Retrievable	Aglantzia, 11,Aristofanous Street 2122 Nicosia CYPRUS

Activities

Activities:

Importers & Local Purchasers & Wholesalers & Retailers & Distributors

Operations:

NACE   4721 Retail sale of fruit and vegetables in specialised stores   4722 Retail sale of meat and meat products in specialised stores   4723 Retail sale of fish, crustaceans and molluscs in specialised stores   4631 Wholesale of fruit and vegetables   4632 Wholesale of meat and meat products   4638 Wholesale of other food, including fish, crustaceans and molluscs SIC   main activity   5142 Packaged Frozen Foods   5146 Fish and Seafoods   5411 Grocery Stores (except convenience stores and grocery stores with substantial general merchandise) The company in question was established to get involved in the import (75%), local purchases (25%) and wholesale (75%) and retail (25%) trade of frozen food stuff, such as vegetables, meat products, fish, crustaceans and molluscs. Business Activities Food Processing & Packaging Services Food Stuff & Beverages Industry Wafra Brand Processing a Wide Range of High Quality F Frozen French Fries Potato Chips Breakfast Cereals Frozen & Chilled Meat & Chicken products A Wide Range of Pastas Industry Classifications - NAICS » Frozen Food Manufacturing » Frozen Specialty Food Manufacturing » Fresh and Frozen Seafood Processing Detailed Description of Industry Classifications Frozen Food Manufacturing NAICS #31141 Frozen Specialty Food Manufacturing NAICS #311412 Fresh and Frozen Seafood Processing NAICS #311712

Motor Vehicles

	2011
Number of delivery vans	owned: 2
Number of Vehicles	owned: 2
Total number of vehicles	4

Imports

GREECE, CHINA, VIET NAM, BULGARIA, NETHERLANDS, INDIA
Payment terms:
Special Agreements

Exports

The subject does not engage in any export activities.

Agencies

Non Retrievable

Trade Suppliers

Name	Country	Product
Not disclosed

Workforce

Number Of Employees:

10

Description Of Premises

Address:	Dali Industrial Area, 12 Filippou Street 2546 Nicosia CYPRUS
Type of premises:	Premises
Address:	Strovolos, 10 Oktaviou Street 2035 Nicosia CYPRUS
Type of premises:	Registered Address

Headquarters:

The company operates from owned premises which are located at the address given overleaf.Premises comprise from offices,shop and wearehouses.

Branches:

The subject does not maintain any branches.

Related Companies

None

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

Press

10.03.2011, 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 5,130.00 since 01.01.2008
Number of Ordinary:	3000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 5,130.00 since 01.01.2008

Charges

06.03.2009	Mortgage	EUR 150,000.00	in f/o:Bank of Cyprus Public Company Limited
27.05.2008	Mortgage	EUR 2,350,000.00	in f/o:Bank of Cyprus Public Company Limited
20.05.2008	Floating Charge on all Company's Assets	any amount that is owed today or in the future or from time to time	in f/o:Bank of Cyprus Public Company Limited
15.02.2006	Floating Charge on all Company's Assets	CYP 20,000.00	in f/o:Marfin Popular Bank Public Co Limited
04.11.2005	Floating Charge on all Company's Assets	CYP 50,000.00	in f/o:Laiki Factors Limited
02.09.2004	Floating Charge on all Company's Assets	CYP 20,000.00	in f/o:Laiki Factors Limited

Finance

Amounts shown in Cyprus Pounds (CYP)		2007	2006	2005
	PROFIT & LOSS
	Sales Turnover(Projected)	2,000,000.00	2,000,000.00	1,500,000.00

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.

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 private limited liability company was established on 30.09.2002 in order to get involved in the import, local purchases and trade of frozen food stuff.

We contacted the company in question and talked with Ms. Chrystalla Kalli, company's accountant who provided us with the general details of the report. However, Ms. Kalli refused to release any financial information about 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:

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 720404

Ms. Chrystalla Kalli, company accountant

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.45.21
UK Pound	1	Rs.72.55
Euro	1	Rs.62.43

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.