MIRA INFORM REPORT

Report Date :

28.03.2011

IDENTIFICATION DETAILS

Name :	CARPETS IN THE CENTER CYPRUS LIMITED
Registered Office :	Engomi, 3 Dorou Loizou Street, Nicosia, 2416 Nicosia
Country :	Cyprus
Date of Incorporation :	26.02.1999
Com. Reg. No.:	C100433 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Importers & Distributors & Retailers of Floor Coverings 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

Maximum Credit Limit :	EUR 8,000.00
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:

Carpets In The Center Cyprus Ltd

Correct Registered Name:

CARPETS IN THE CENTER CYPRUS LIMITED

Address:

Engomi, 3 Dorou Loizou Street Nicosia 2416 Nicosia CYPRUS

Telephone:

+357-22570048 +357-99698669 357-99-698669

Fax:	+357-22592671

Email:

carpet.center@cytanet.com.cy

Web:	Not Applicable

Business address:

Engomi, 3 Dorou Loizou Street Nicosia 2416 Nicosia CYPRUS

Summary of Ratings

Maximum Credit:

EUR 8,000.00

Payment

PAYMENT HABITS:

No Complaints

Comment:

A check against all available information no late payment incidents against Subject Company exist.

Good For Amount & Terms Of Inquiry:

Too high Its safer to split the amount in several lots.

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, 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:

01.01.1999

Registration number and city:

C100433 Nicosia

Registration date:

26.02.1999

National ID: C100433

Company Status

Registration status: 26.02.1999 - registered company
Activity status: 26.02.1999 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Alexandros Aspris	721373	Shareholder		51.00% 25,000 Ordinary	3, Dorou Loizou street Nicosia 2416 Engomi CYPRUS
Mr. Baruch Shkalim		Shareholder	ISRAEL	49.00% 24,000 Ordinary	Hashechaarim street Raanama ISRAEL

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Alexandros Aspris	721373	41	Director / Secretary		M.B.A. Graduate	More than 5 years in the Carpoet Industry	3, Dorou Loizou street Nicosia 2416 Engomi CYPRUS
Mr. Baruch Shkalim		51	Director	ISRAEL	Non Retrievable.	He has more than 20 years experince in the field of carpet business	Hashechaarim street Raanama ISRAEL

Activities

Activities:

Importers & Distributors & Retailers

Operations:

SIC   5713 Floor Coverings Stores The company ion question has been established in order to run and manage a retail store, a shop in shop store, by renting space in every "Superhome Center (D.I.Y)" in Nicosia city. At a later stage the company, diversified its activities and consentrade on the import and trade (100% on a retail basis) of all kinds of carpets(bathroom mats, laminates etc). About 90% of the products are imported and the rest of them are purchased locally. All products are promoted and sold to the local market. According to the person interviewed, the company does not carry out any export activities. Business Activities Carpets and Curtains - Retail Industry Classifications - NAICS » Floor Covering Stores NAICS # 44221

Motor Vehicles

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

Imports

INDIA, GERMANY, SPAIN, ISRAEL
Payment terms:
Credit Facilities 90 days plus
O/A (Open Account)

INDIA, GERMANY, ISRAEL, CHINA, BELGIUM
Payment terms:
Credit Facilities 120 days

Exports

The subject does not engage in any export activities.

Agencies

Name	Country	Product
McThree	BELGIUM	rugs
Ideal	FRANCE	confortex, rugs, etc
Prado	BELGIUM	rugs
Friedola	GERMANY	bathroom floor coverings
Multi-Fix	BELGIUM	Self Adhesive Film
Associated Weavers	BELGIUM	printed plain carpets
Cenfas	SPAIN	borders
Sanchit	INDIA	bath-mats
I.T.C.	INDIA	door-mats
Varinon	BELGIUM	bath-mats

Trade Suppliers

Same as agencies

Workforce

Number Of Employees:

12

Description Of Premises

Address:	3, Dorou Loizou street Nicosia 2416 Engomi CYPRUS
Type of premises:	Registered Address
Type of ownership:	owned
Area:	Business / Commercial Area
Address:	20, Omirou Street Nicosia CYPRUS
Type of premises:	Previous Registered Address

Headquarters:

The company is operating from owned premises that are located at the address given above. Premises covering a total area of about 200sq.mtrs. and comprised of offices and the showroom / exibition center. Please note that this is also the subject's registered address.

Branches:

The company maintains 4 shop-in-shop retail outlets, all operating under the trade name "CARPETS IN THE CENTER" and are located at the following addresses: (1) 30, Kambou street, 2030 Stovolos (Strovolos Industrial Area), Nicosia city, Cyprus. This is a showroom / exibition center, operating under the roof of "SUPER HOME CENTER (D.I.Y.) LIMITED". The space that is used by the company is rented. (2) 2, Demokratias Avenue, Paphos City, Cyprus. This is a showroom / exibition center, operating under the roof of "SUPER HOME CENTER (D.I.Y.) LIMITED". The space that is used by the company is rented. (3) 8, Pavlou Liaside Street, Mesa Yetonia Area, Limassol City, Cyprus. This is a showroom / exibition center, operating under the roof of "SUPER HOME CENTER (D.I.Y.) LIMITED". The space that is used by the company is rented. (4) 7-9, 28th October Street, 2414 Engomi, Nicosia, Cyprus. This is a showroom / exibition center, operating under the roof of "THE MALL OF ENGOMI", which is a shopping mall, newly established and is operating in Engomi Area, in Nicosia City, Cyprus. The space that is used by the company is rented.

Related Companies

Affiliated Company
CARPETS IN THE CENTER ISRAEL , ISRAEL

"CARPETS IN THE CENTER ISRAEL" - This is an Affiliated company, with common principals and shareholders. The company is operating in the same line of business as the subject in question.

Bankers

BANK OF CYPRUS PUBLIC COMPANY LIMITED - Account no. 0130-01-117569
Branch 0130 - 21, Evangou Avenue, 1066 Nicosia, Cyprus. Tel.: +357-22848800

BANK OF CYPRUS PUBLIC COMPANY LIMITED - Account no. 0130-05-105662
Branch 0130 - 21, Evangou Avenue, 1066 Nicosia, Cyprus. Tel.: +357-22848800


According to the person interviewed an overdraft facility is not required.

Press

28.03.2011, No press / media available at present.

Auditors / Accountants

Auditor: Mr. George Strovolides
Date: 2006

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 85,500.00 since 01.01.2008
Number of Ordinary:	50000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 85,500.00 since 01.01.2008

Charges

None in current years

Finance

	2009	2008	2006	2005
PROFIT & LOSS
Sales Turnover(Estimated) (Projected)	1500000 EUR	1500000 EUR
BALANCE SHEET
Issued and Paid Up Capital			50000 CYP	50000 CYP
SHARE CAPITAL			50000 CYP	50000 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.

In addition note that the maximum credit is based on 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

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 26/02/1999. The company has been established in order to run and manage a retail store - a shop in shop store- by renting some space in every "Superhome Center (D.I.Y)" store.
The company maintains 4 shop-in-shop retail outlets, all operating under the trade name "CARPETS IN THE CENTER", situated in very well selected places, such as popular shopping centers and mall, mainly dealing with the trade of household products in general.

At a later stage the company, diversified its activities and consentrade on the import and trade (100% on a retail basis) of all kinds of carpets. About 90% of the products are imported and the rest of them are purchased locally. Furthemore, all products are promoted and sold in the local market. The company does not carry out any export activities.

We contacted the company in question and spoke to Mr Alexandros Aspris, company's managing director, who confirmed all details of this report, but refused to release any further financial statements regarding the subject.

Please note that according to Mr Alexandros Aspris, subject has an expansion plan which include opening another shop-in-shop store in the "Superhome Center (D.I.Y)" located in Larnaca; however further information was not available.

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.

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

Contact information:

Telephone number:

357 99 698669

Mr Alexandros Aspris (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.44.65
UK Pound	1	Rs.71.91
Euro	1	Rs.63.28

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%)

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