MIRA INFORM REPORT

Report Date :

12.03.2011

IDENTIFICATION DETAILS

Name :	PAFILI SCAFFOLDING & TRADING LIMITED
Registered Office :	Dali Industrial Estate, 15, Lefkosias Street, Nicosia
Country :	Cyprus
Date of Incorporation :	30.01.2003
Com. Reg. No.:	C135965 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Construction and Mining and Equipment

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :
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

company Name & Address

NAME INQUIRED UNDER:

Pafili Scaffolding And Trading Ltd

Correct Registered Name:

PAFILI SCAFFOLDING & TRADING LIMITED

Address:

Dali Industrial Estate, 15, Lefkosias Street Nicosia CYPRUS

P.O.Box:

16242 - 2087 Nicosia

Telephone:

+357-22571390 +357-99626587 357-99-626587

Fax:	+357-22610103

Email:

info@scaffolding-pafili.com , pafilialtd@gmail.com

Web:	www.scaffolding-pafili.com

Business address:

Dali Industrial Estate, 15, Lefkosias Street Nicosia 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:

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.

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:

C135965 Nicosia

Registration date:

30.01.2003

company Status:

Registration status: 30.01.2003 - registered company
Activity status: 30.01.2003 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Iakovos Petrides	460338	Shareholder	CYPRUS	4.99% 499 Ordinary	Nisou, 19 Dimokratias Street 2571 Nicosia CYPRUS
Mr. Evangelos Pafilis	O887024	Shareholder	GREECE	47.50% 4,750 Ordinary	Soros Metamorfosis Attikis 14452 Athens GREECE
Mr. Nicolas Pafili	0592562	Shareholder	GREECE	47.50% 4,750 Ordinary	Soros Metamorfosis Attikis 14452 Athens GREECE
Ms. Elena Petridou	520141	Shareholder	CYPRUS	0.01% 1 Ordinary	Nisou, 19 Dimokratias Street 2571 Nicosia CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Iakovos Petrides	460338	59	Director / Secretary	CYPRUS	Non Retrievable	Non Retrievable	Nisou, 19 Dimokratias Street 2571 Nicosia CYPRUS
Ms. Elena Petridou	520141	61	Director	CYPRUS	Non Retrievable	Non Retrievable	Nisou, 19 Dimokratias Street 2571 Nicosia CYPRUS

Activities

Activities:

Importers & Exporters & Wholesalers

Operations:

SIC   main activity   5082 Construction and Mining (Except Petroleum) Machinery and Equipment   3446 Architectural and Ornamental Metal Work The subject began as a wholesale outlet for Pafili s.a. Greece, (a member of S.I.A. Scaffold Industry Association) an industry producing internationally acclaimed Metallic Formwork, Shoring systems and Scaffolding complying with EU and International standards. Pafili Scaffolding has since moved on to offer to its clients a wider range of options and solutions for their needs in the construction industry. In addition to the initial painted steel, galvanised and lightweight aluminium scaffolding systems are also available According to the person interviewed, in the last six months the subject is not only trading with the local market but started exporting a small amount (about 5%) of its products to countries like Qatar, Australia and Ukraine. Business Activities Scaffolding Suppliers and Services Scaffolding Hire Scaffolding Systems Access Platform Industry Classifications - NAICS » Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers » Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing » Services to Buildings and Dwellings Detailed Description of Industry Classifications Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers NAICS #42381 Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing NAICS #532412 Services to Buildings and Dwellings NAICS #5617

Motor Vehicles

	2011
Number of vans	owned: 2
Total number of vehicles	2

Imports

GREECE, GERMANY, INDIA
Payment terms:
Special Agreements 180 days

Exports:

UKRAINE, QATAR, AUSTRALIA
Payment terms:
Special Agreements 180 days

Agencies

Non Retrievable

Trade Suppliers

Non Retrievable

Workforce

Number Of Employees:

4

Description Of Premises

Address:	Dali Industrial Estate, 15 Lefkosias Street Nicosia CYPRUS
Type of premises:	Premises
Address:	Nisou, 19 Dimokratias Street 2571 Nicosia CYPRUS
Type of premises:	Registered Address

Headquarters:

The subject operates from owned premised that are comprised from an office and a warehouse given on the address listed overhead.

Branches:

The subject does not maintain any branches.

Related Companies

Non Retrievable

Bankers:

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


Account number is not disclosed

Press

10.03.2011, No press / media available at present.

Auditors / Accountants

Non Retrievable

Share Capital:

Registered capital:	EUR 17,100.00 since 01.01.2008
Number of Ordinary:	10,000
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:

None in current years

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 in question was established on 30/01/2003 in order to act as as a wholesale outlet for Pafili s.a. Greece, (a member of S.I.A. Scaffold Industry Association) an industry producing internationally acclaimed Metallic Formwork, Shoring systems and Scaffolding complying with EU and International standards. In addition to the initial painted steel, galvanised and lightweight aluminium scaffolding systems are also available.

Apart from its own products, Pafili Scaffolding cooperates with Streif Baulogistik in Germany and Ringer Austria in Austria to provide an even wider range of options.

We contacted the company in question and talked with Mr. Iacovos Petrides, company director, who provided us the general details of this report. However, Mr. Petrides refused to release any financial information of 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 99 626587

Mr. Iakovos Petrides, company director

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

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.