MIRA INFORM REPORT

Report Date :

22.09.2011

IDENTIFICATION DETAILS

Name :	ELLINAS & SOLOMONIDES MOSAICS LIMITED
Registered Office :	Dhali, 10, Filippou Street, Nicosia, 2230 Nicosia
Country :	Cyprus
Date of Incorporation :	20.01.2005
Com. Reg. No.:	C156601 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Importers & Manufacturers & Distributors & Retailers & Wholesalers of Ceramic Wall and Floor Tile

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
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:

Ellinas & Solomonides Mosaika Ltd,

Correct Registered Name:

ELLINAS & SOLOMONIDES MOSAICS LIMITED International Name: ΕΛΛΗΝΑΣ & ΣΟΛΟΜΩΝΙΔΗΣ ΜΩΣΑΪΚΑ ΛΙΜΙΤΕΔ

Address:

Dhali, 10, Filippou Street Nicosia 2230 Nicosia CYPRUS

P.O.Box:

12579 - 2251 Latsia

Telephone:

+357-22485895 357-22-444104

Fax:	+357-22485815

Email:

info@ellinasmarbles.com.cy

Web:	www.ellinasmarble.com.cy (under construction)

Business address:

Dhali, 10, Filippou Street Nicosia 2230 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.

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.

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).

Registration number and city:

C156601 Nicosia

Registration date:

20.01.2005

National ID: C156601

Company Status

Registration status: 20.01.2005 - registered company
Activity status: 20.01.2005 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Nikos Solomonides	589631	Shareholder	CYPRUS	100.00% 1,000 Ordinary	36, Lykourgou street Larnaca Athienou CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Nikos Solomonides	589631	52	Director	CYPRUS	Non Retrievable	Non Retrievable	36, Lykourgou street Larnaca Athienou CYPRUS
Mr. Stavros Ellinas	8332		Director (Former)	CYPRUS	Non Retrievable.	Non Retrievable.	59,Esopou street Nicosia Platy Aglantzias CYPRUS
Ms. Fotini Solomonidou	604985	51	Director / Secretary	CYPRUS	Non Retrievable	Non Retrievable	36, Lykourgou street Larnaca Athienou CYPRUS

Activities

Activities:

Importers & Manufacturers & Distributors & Retailers & Wholesalers

Operations:

SIC   main activity   3253 Ceramic Wall and Floor Tile   3281 Cut Stone and Stone Products   5211 Lumber and Other Building Materials Dealers (home center stores)   5032 Brick, Stone, and Related Construction Materials (except construction materials sold via retail method) The company in question is involved in the import, manufacturing and trade on both wholesale (20%) and retail sale (80%) basis of mosaics, marbles, granites, building stones, ceramic tiles and other related products. Please note that after some desk research, we found that the subject acts a distributor of Tsimentodomi S.A, which operates in Greece; however this could not be confirmed from official sources. Business Activities Carpets and Curtains – Retail Marble Tiles Sanitary ware Supplies\nCeramic Products Industry Classifications - NAICS  » Floor Covering Stores NAICS # 44221 » Tile and Terrazzo Contractors NAICS # 23834 » Ceramic Wall and Floor Tile Manufacturing NAICS # 327122

Motor Vehicles

	2011
Number of Vehicles	owned: 7
Total number of vehicles	7

Imports

ITALY, GREECE, SPAIN, CHINA, EGYPT, SYRIAN ARAB REPUBLIC, INDIA
Payment terms: 
O/A (Open Account) 90 days

Exports

The subject does not engage in any export activities.

Agencies

Name	Country	Product
Marmin Conversi	ITALY	Marbles
F.T.L Kyriakides	GREECE	Granites
Mesollogi	GREECE	Marbles
Bretsiana Granita	ITALY	Granites
Benicantil Marmoles S.A.	SPAIN	Marbles, Granites

Trade Suppliers

Name	Country	Product
Presiana	ITALY	Granites
and others

Workforce

Number Of Employees:

35

Description Of Premises

Address:	Dhali, Geri - Dali Industrial Area Nicosia 2251 Nicosia CYPRUS
Type of premises:	Registered Address
Size:	5000 Sq. Metres
Type of ownership:	owned
Address:	10, Filippou Street Nicosia CYPRUS
Type of premises:	Premises

Headquarters:

The Comnpany operates from owned premises which are located at the address given overleaf.Premises comprised of offices, warehouse, factory and a showroom.

Related Companies

Sister Company
STAVROS ELLINAS MOSAICS COMPANY LIMITED , CYPRUS , National ID: C3553

*PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:
"Stavros Ellinas Mosaics Company Limited" - Sister Company registered in Cyprus on 07.04.1971 under the registration number C3553. It is involved in the import and local purchases, manufacturing and trade of marble, ceramic tiles and other related products.

Bankers

BANK OF CYPRUS PUBLIC COMPANY LIMITED
116, Strovolos Ave., 2042 Strovolos Tel:+357 22881450 Fax:+357 22316912 

MARFIN POPULAR BANK PUBLIC LIMITED
33, Lord Byron Street, 6023 Larnaca City Centre, Larnaca Tel: +357 24815400, Fax: +357 24814111


Account numbers are not disclosed.

Press

22.09.2011, No press / media available at present.

Share Capital

Registered capital:	EUR 1,710.00 since 01.01.2008
Number of Ordinary:	1,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 1,710.00 since 01.01.2008
Number of Ordinary:	1000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 1,710.00 since 01.01.2008

Charges

18.02.2005	Floating Charge on all Company's Assets	CYP 150,000.00	in f/o:Marfin Popular Bank Public Company Limited
14.11.2006	Floating Charge on all Company's Assets	CYP 150,000.00	in f/o:Marfin Popular Bank Public Company Limited
17.11.2010	Floating Charge on all Company's Assets	EUR 200,000.00	in f/o:Marfin Laiki Factors Limited
05.10.2009	Floating Charge on all Company's Assets	EUR 325,000.00	in f/o:Marfin Popular Bank Public Co Limited

Finance

Amounts shown in Cyprus Pounds (CYP)		2006	2005
	PROFIT & LOSS
	Sales Turnover	1,800,000.00	1,500,000.00
	BALANCE SHEET
	Average Stock	500,000.00

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

Ellinas & Solomonides Mosaica Ltd was established in 2005 to continue the activities of Stavros Ellinas Mosaics Co. Ltd and claim their role as a leading provider of the construction industry on the island of Cyprus. 

With some 35 employees running the factory and 650sq.m. showroom and office area, in the Yeri-Dhali industrial estate, off the Nicosia ? Limassol highway, their principal activity is to provide the market with a complete palette of marble, granite building stone and terrazzo tiles. 

Their clientele includes individuals, architects and contractors.

Ellinas & Solomonides Mosaica Ltd has supplied for several major projects on the island, and abroad including the following: 

United States Embassy in Nicosia 

Foreign Affairs Building in Nicosia 

Eurolife Insurane Co. Headquarters Nicosia 

Hanseatic Shipping Co. Headquarters Limassol 

Silvex Building Nicosia 

Anasa Hotel in Polis (Paphos)

We contacted the company in question, where we talked with a company officer, who informed us that Mr Nicos Solomonides, company director, was not available to talk to us, since he will be abroad until next week. A message was left in rder 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 included in the report was obtained from the Official Companies’ Registrar and from a previous interview with Mr Solomonides. 

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.

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 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 444104

Company officer

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.89
UK Pound	1	Rs.75.31
Euro	1	Rs.65.64

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.