MIRA INFORM REPORT

Report Date :

26.11.2011

IDENTIFICATION DETAILS

Name :	FOOD RAM TRADING LIMITED
Formerly Known As :	FOODRA M. TRADING CO LIMITED
Registered Office :	Strovolos, 5, Kissavou Street, Nicosia, 2052 Nicosia
Country :	Cyprus
Financials (as on) :	2007
Date of Incorporation :	01.01.1991
Com. Reg. No.:	C42824 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Importers & Wholesalers & Distributors & Exporters & Commission Agents of Dry, Condensed and Evaporated Dairy Products
No. of Employees :	8 Persons

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 :	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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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:

Food Ram Trading Ltd.

Correct Registered Name:

FOOD RAM TRADING LIMITED

Address:

Strovolos, 5, Kissavou street Nicosia 2052 Nicosia CYPRUS

P.O.Box:

28216 - 2092 Nicosia

Telephone:

+357-22320831 +357-99646597 357-22-320831

Fax:	+357-22324208

Email:

foodram@cytanet.com.cy

Web:	Not Applicable

Business address:

Strovolos, 5, Kissavou street Nicosia 2052 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).

Date of foundation:

01.01.1991

Registration number and city:

C42824 Nicosia

Registration date:

31.01.1991

Former registration name:

FOODRA M. TRADING CO LIMITED, valid since: 31.01.1991, until: 05.09.1997

National ID: C42824
VAT number: CY10042824B

Former company names:

FOODRA M. TRADING CO LIMITED

Company Status

Registration status: 31.01.1991 - registered company
Activity status: 31.01.1991 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Andreas Frantzias		Shareholder	CYPRUS	50.00% 10,000 Ordinary	Tsirio Area, 9, AnastasiAndreou street Nicosia 3081 Limassol CYPRUS
Ms. VeronikaMavri		Shareholder	CYPRUS	50.00% 10,000 Ordinary	Tsirio Area, 9, AnastasiAndreou street Limassol 3081 Limassol CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Andreas Frantzias			Director / General Manager	CYPRUS	Non retrievable	Non retrievable	Tsirio Area, 9, AnastasiAndreou street Nicosia 3081 Limassol CYPRUS
Ms. VeronikaMavri			Director	CYPRUS	Non retrievable	Non retrievable	Tsirio Area, 9, AnastasiAndreou street Limassol 3081 Limassol CYPRUS
Ms. EleniMavri			Secretary	CYPRUS	Non retrievable	Non retrievable	Tsirio Area, 9, AnastasiAndreou Street Limassol 3081 Limassol CYPRUS

Activities

Activities:

Importers & Wholesalers & Distributors & Exporters & Commission Agents

Operations:

SIC   main activity   2023 Dry, Condensed and Evaporated Dairy Products   2034 Dehydrated Fruits, Vegetables and Soup Mixes (vegetable flour)   2045 Prepared Flour Mixes and Doughs   5169 Chemicals and Allied Products, NEC The company is involved in the import raw materials (98%) and manufacturing (50%) of premises for the food industry. The products and part of the imported raw materials are sold on a wholesale basis and 40% of the production is exported mainly to Saudi Arabia, Lebanon and Syria. Subject sells to the general public, manufacturers of soft drinks, juices, alcoholic, drinks, snacks, confectionery and bakery products. Terms of sale are net 90 days open account. Business Activities Foodstuff and Drinks - Wholesalers Trading Foodstuff and Drinks - Retail Industry Classifications - NAICS » All Other Food Manufacturing NAICS # 31199 » Soft Drink Manufacturing (NAICS # 312111)

Motor Vehicles

	2011
Number of distribution vehicles	owned: 2
Number of vans	owned: 1
Total number of vehicles	3

Imports

EUROPE, UNITED ARAB EMIRATES, INDIA, PERU, CHINA: 98%
Payment terms:
O/A (Open Account) 90 - 120 days

From: European Countries – Denmark, France, Germany, U.K., Belgium, Holland, Italy, Ireland, - UAE-Dubai, India, Peru, etc.

Exports

SAUDI ARABIA, LEBANON, SYRIAN ARAB REPUBLIC, EGYPT, OMAN: 60%
Payment terms:
CAD (Cash Against Documents)

Agencies

Name	Country	Product
"I.F.F"		flavors & fragrances
"C. P. Kelco"	DENMARK, FRANCE	pectin, C.MC, carrageenans
"Tate & Lyle Citric Acid"	UNITED KINGDOM	citric acid
Kerry Ingredients	IRELAND

Trade Suppliers

Non Retrievable

Workforce

Number Of Employees:

8

Description Of Premises

Address:	5, Kissavou street, Strovolos Nicosia 2052 Nicosia CYPRUS
Type of premises:	Premises
Type of ownership:	owned
Area:	Business / Commercial Area
Address:	Tsirio Area, 9, AnastasiAndreou Street Limassol CYPRUS
Type of premises:	Previous Registered Address

Headquarters:

The company is operating from owned offices and warehouse which are located at the address given overleaf. Please note that this is also the company's registered address.

Branches:

They maintain a branch in Limassol city. Premises there are owned comprised of offices and warehouses (400m²) and are located on: 9, AnastasiAndreous street, Tsiriou Area, Limassol, Cyprus. P.O.Box: 54792 - Limassol Tel.: 253831481, Fax: 25339276 The company's factory is located in Industrial Zone of Lakatamia, 31, Paragogikotitas Street, 2326, Nicosia, Cyprus. The factory is owned by the company and the total size of factory is 1400 square meters.

Related Companies

Non Retrievable

Bankers

MARFIN POPULAR BANK PUBLIC LIMITED
Chr. Mylona & GrivasDighenis 7, Court Square, City Area, Limassol

Tel:+357 25815000, Fax:+357 25815713


Account numbers are not disclosed.

Reportedly, an overdraft facility is not required.

Press

25.11.2011, No press / media available at present.

Auditors / Acc

untants:

Date: 31.12.2007
Financials have been audited
Company: BDO Philippides& Partners, 70 John Kennedy Avenue, Papavassiliou Court, 1076 Nicosia, Cyprus, Tel: 357 22496000

Share Capital

Registered capital:	EUR 34,200.00since 01.01.2008
Number of Ordinary:	20,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 34,200.00since 01.01.2008
Number of Ordinary:	20000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 34,200.00since 01.01.2008

Charges

None in current years

Finance

Amounts shown in Cyprus Pounds (CYP)		2007	2006	2005	2004
	PROFIT & LOSS
	Sales Turnover	767,821.00	859,682.00	847,441.00	1,039,661.00
	Cost of Sales	-517,907.00	-575,961.00	-570,699.00	-711,339.00
	Gross Profit	249,914.00	283,721.00	276,742.00	328,322.00
	Other Operating Income	21,197.00	24,070.00	4,860.00
	Selling / Distribution / Promotional Expenses	-8,738.00
	Administrative Expenses	-93,803.00	-81,514.00	-102,808.00	-96,572.00
	Other Operating Expenses				-68.00
	Operational Profit	168,570.00	226,277.00	178,794.00	231,682.00
	Finance Costs	-19,180.00	-4,597.00	-8,997.00	-10,152.00
	Net Financial Items	25,249.00	18,471.00	27,652.00	4,271.00
	Profit Before Taxation	174,639.00	240,151.00	197,449.00	225,801.00
	Net Profit	156,731.00	212,166.00	174,405.00	181,136.00
	Taxation	-17,908.00	-27,985.00	-23,044.00	-44,665.00
	BALANCE SHEET
	Property, Plant & Equipment	544,307.00	469,402.00	192,084.00	99,531.00
	Total Fixed Assets	544,307.00	469,402.00	192,084.00	99,531.00
	Inventory / Stock	40,466.00	29,751.00	38,652.00	39,739.00
	Trade Debtors (receivables from customer)	309,233.00	418,659.00	394,031.00	470,041.00
	Cash in Hand & at Bank	508,790.00	398,993.00	459,724.00	402,774.00
	Short - Term Investements	1,990.00	2,997.00	13,283.00	9,885.00
	Total Current Assets	860,479.00	850,400.00	905,724.00	922,439.00
	Total Assets	1,404,786.00	1,319,802.00	1,097,808.00	1,021,970.00
	Retained Profit / Earnings) for the year	875,606.00	840,875.00	756,709.00	698,304.00
	Total Equity	895,606.00	860,875.00	776,709.00	718,304.00
	Taxation Payable	4,143.00	14,277.00	11,855.00	41,154.00
	Trade Creditors	504,365.00	444,534.00	309,244.00	262,512.00
	Short - Term Borrowings, Loans	672.00	116.00
	Total Current Liabilities	509,180.00	458,927.00	321,099.00	303,666.00
	Total Equity & Liabilities	1,404,786.00	1,319,802.00	1,097,808.00	1,021,970.00
	SHARE CAPITAL	20,000.00	20,000.00	20,000.00	20,000.00

Financial statements were provided by the subject.

Sales Turnover estimation for the year 2008: 700,000 CYP.
Sales Turnover estimation for the year 2009: 700,000 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.

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.

Ratios

	2007	2006	2005	2004
Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice Current Assets / Current Liabilities	1.69	1.85	2.82	3.04
Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good (Current Assets - Inventory) / Current Liabilities	1.69	1.85	2.82	3.04
Return on assets ( ROA ) Net Profit After Tax / Total assets	0.11	0.16	0.16	0.18
Return on equity ( ROE ) Net Profit After Tax / Total Equity	0.17	0.25	0.22	0.25
Return on sales ( ROS ) Net Profit x 100 / Sales Turnover	20.41	24.68	20.58	17.42
Day's supply in inventory Sales Turnover / Inventory	18.97	28.90	21.92	26.16
Collection Period Ratio (in days) Accounts Receivable x 365 / Sales Turnover	147.00	177.75	169.71	165.02
Cash Liquidity Ratio Liquid Assests / Current Liabilities x 100	99.92	86.94	143.17	132.64
Receivables Ratio (%) Accounts Receivable / Current Liabilities x 100	60.73	91.23	122.71	154.79
Current Assets Ratio (%) (Current Assets - Accounts Receivable) / Current Liabilities x 100	168.99	185.30	282.07	303.77
Shareholder Equity Increase Ratio (%) Total Equity / Share Capital x 100	4,478.03	4,304.38	3,883.55	3,591.52

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 31/01/1991. It’s a trading and manufacturing firm.

The company is involved in the production and trade of raw materials and premises for the food industry. 50% of company's production is exported and the local market absorbs the rest.

Their clientele includes manufacturers of:

Soft drinks, juices and beverages,
Alcoholic and non-alcoholic drinks,
Snacks,
Confectionery products,
Bakery products
and many others.

The company is operating under the management of Mr. Andreas Frantzias. He is a Chemist by profession. Mr. Andreas Frantzias used to work as Plan Manager for 8 years, with the local firm, manufacturers of foodstuff, CORAL. During those years, he used to travel a lot, overseas, visiting suppliers (manufacturers of raw materials for the food industry). He has also attended many seminars and training courses in Europe for the application of raw materials by the food industry. He has a long and vast experience in his field. Due to his vast experience, he is also acting as Consultant to local and overseas food manufacturing firms. He has already carried out successfully some projects in Saudi Arabia.

We contacted the company in question, where we talked with a company officer, who informed us that Mr. Andreas Frantzias, company director, 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 interview with Mr. Andreas Frantzias.

A check against our revealed that no negative payment incidents against Subject Company, such as unpaid invoices, dishonouredcheques 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)


COUNTRY DEVELOPMENTS:

On, 04th of November 2011 published that: Moody's Investors Service has today downgraded Cyprus's government bond ratings to Baa3 from Baa1 and placed the ratings on review for further possible downgrade. The rating agency has also downgraded Cyprus's short-term rating to Prime-3 from Prime-2 and placed it on review for further possible downgrade.
The key drivers for today's rating announcement are: 1. The high likelihood that the Cypriot banking system will require state support in 2012 as a result of the large expected write-downs on its exposures to Greek government bonds... 2. The Cypriot government's loss of international market access and the resulting likelihood that the government will need to seek emergency funding from official sources. 3. Cyprus's weaker-than-expected institutional capacity to approve and implement the budgetary and structural changes that are needed to correct the government's rising debt trajectory and improve the longer-term sustainability of its public finances.

On 10th of August 2011 Cyprus mail published that: Fitch cut Cyprus’ credit rating by two notches to BBB on Wednesday due to fiscal slippages, saying the island state was likely to require a bailout to meet its funding needs.

"The two-notch downgrade of ratings to 'BBB' reflects the actual and anticipated fiscal slippage, compounded by Fitch's expectation that the sovereign will be unable to access the international debt markets in order to refinance an increasing debt maturity profile in H211 and H112," Fitch said in a statement.

The other two main rating agencies, Standard and Poor’s and Moody’s, both cut the island's rating at the end of July. Moody's rates Cyprus Baa1, Standard and Poor's BBB-plus.

On 19th of August 2011 Financial Mirror News published that: The industrial turnover index for reached 129.8 in May (base 2005=100) according to the Statistical Service, recording an increase of 3.8% compared with May 2010. Industrial production in the same period rose by 1.1%. For the period January-May 2011, the turnover index recorded an increase of 1.9% over the same period of the previous year. For manufacturing alone, the turnover index for May 2011 reached 121.0, recording an increase of 1,5% compared with May 2010.

The price index of construction materials reached 126.11 units (base year 2005=100,00) in July according to the Statistical Service Cystat, recording a marginal increase of 0.02% over the previous month. In the period January - July 2011, the index recorded an increase of 4.13% compared to the same period last year. The biggest increase so far has been in electromechanical products, price of which rose compared with the year earlier by 8.1% in the first seven months of the year. Metallic products rose by 6.9% and minerals rose by 4.3% in the same period. A milder increase of 2.9% was recorded for mineral products, while a decline of 0.4% was recorded for wood, insulation materials, chemicals and plastics. (End of Country Developments).

Contact information

Telephone number:

357 22 320831

Company Officer

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.17
UK Pound	1	Rs.80.64
Euro	1	Rs.69.43

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%)

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.