MIRA INFORM REPORT

Report Date :

06.08.2012

IDENTIFICATION DETAILS

Name :	BLUE GREEN WAVE FROZEN FOOD LIMITED
Registered Office :	77 Giannaki Aeroporou, Larnaka, 6045
Country :	Cyprus
Financials (as on) :	31.12.2010
Date of Incorporation :	15.09.1999
Legal Form :	Limited Company
Line of Business :	Trade of frozen food
No. of Employees :	16

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 :	Slow but correct
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

BASIC INFORMATION

Registered Name	BLUE GREEN WAVE FROZEN FOOD LIMITED
English Name	BLUE GREEN WAVE FROZEN FOOD LIMITED
Registered Address	77 Giannaki Aeroporou, Larnaka, 6045, Cyprus
Headquarters:	Industrial Area, PO BOX: 42324, 6035, Aradippou, 7101, Larnaka, Cyprus
Telephone	+035724533444 / +035799640470
Fax	+35724813321
E-mail	blue_greenwave@yahoo.com
WebSite	Non Retrievable
Legal Type	Limited Company
Registration No	C104896	Registration Date	15/09/1999
Start Date	15/09/1999	Years of Operation:	13
Last annual report	31/12/2006	Latest Annual Account Date	01/12/2010
Last return	01/12/2010
CINFO ID:	CYC11668824

Summary

Employees	August 2012
	Company
Total Number	16
Financial Summary	December 2010	December 2009
	EUR	EUR
Revenue Sales	1737080.00	1644381.00
Pre Tax Profit	76196.00	42500.00
Working Capital	368990.00	368847.00
Total Equity	63259.00	53835.00
Long Term Debts	568484.00	599414.00
Trend	-	-
Additional Info:
Legal Advisor: MARKOS GEORGIADIS, 16, Kyriakou Matsi, Eagle House, 10th Floor, Agioi Omologites, Nicosia Correspondence: P.K.P. MANAGEMENT SERVICES LTD, P.O.Box: 42777, 6534, Larnaca, Tel: 24660160

Payment

Assessment:	Normal Risk
Payment Habits:	NO COMPLAINTS	A check against all available information sources revealed that no late payment incidents against Subject Company exist.
Good for amount and terms of inquiry:	Too high	Its safer to split the amount in several lots.
Commercial morality	Moderate
Financial strength	Moderate

Business History

Date	Event Name	Old Value	New Value
01/01/2008	Authorised Capital Changed	5000.00 CYP	8550.00 EUR
01/01/2008	PaidUp Capital Changed	1000.00 CYP	1710.00 EUR
01/01/2008	Nominal Values of Shares Changed	1.00 CYP	1.71 EUR

Previous Locations

Headquarters	From:	To:
37, Konstantinou Palaiologou Avenue, Larnaka, 6036, , Cyprus,	15/09/1999	01/01/2002

Capital

Authorized Capital	8,550.00	EUR	Issued Capital
Nominal No Of Shares	5,000.00		Issued No Of Shares	1,000.00
Nominal value	1.71	EUR	Paid Up	1,710.00	EUR

Corporate Structure

Directors

Position

ActsAs

ID

Occupation

Age

Appointed

Other dir.

GEORGIOU MARIA

Director

845702(ID)

28

01/12/2010

No

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

GEORGIOU DIMITRA

Director

540775(ID)

Businesswoman

54

15/09/1999

No

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Secretary

Position

ActsAs

ID

Occupation

Age

Appointed

Other dir.

CHRISTODOULOU. GEORGIOS

Company Secretary

455261(ID)

Businessman

59

15/09/1999

No

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Shareholders

ID / Reg. No.

ActsAs

Nationality

Shares

%

Shares Breakdown

Class

Type

GEORGIOU DIMITRA

540775(ID)

CYPRIOT

511

51.10000

-

-

-

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

GEORGIOU ELENI

830161(ID)

CYPRIOT

163

16.30000

-

-

-

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

GEORGIOU MARIA

845702(ID)

CYPRIOT

163

16.30000

-

-

-

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

GEORGIOU CHRISTIANA

896644(ID)

CYPRIOT

163

16.30000

-

-

-

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Operation

Activity Code		Description
NACE 1.1	51.9	Other wholesale
NACE 1.1	63.12	Storage and warehousing
NACE 2.1	4638	Wholesale of other food, including fish, crustaceans and molluscs - - This class also includes: - wholesale of feed for pet animals -

Line of Business

The company in question was established in order to get involved with the trade of frozen food.

Their main customers are:
Athienitis Supermarket
Papantoniou Supermarket
Stelios Andreou Supermarket
Sarris Supermarket
Demos Supermarket.

The subject's sales terms are 90 days open account 90% and cash against documents 10%.

Business Activities
Trade of Frozen Food

Industry Classifications – NAICS
» Frozen Food Manufacturing
» Frozen Specialty Food Manufacturing

Please note that the subject also cooperates with Cooperative Credit Society Of Makrasykas and an overdraft facility of 800000 Eur is available and utilised.

They have 5 vehicles including 4 vans and 1 truck.

Export to	Percentage
Comments	The subject does not engage in any export activities

Import from	Percentage
Bangladesh, Belgium, China, India, Viet Nam

Import Terms	Percentage
Letters of credit	50%
Cash Against Documents	25%
Open account	25%

Market Terittory
Local Presence:	100%

Premises
		Type	Headquarters
Address:	Industrial Area, PO BOX: 42324, 6035, Aradippou, 7101, Larnaka, Cyprus
Country	Cyprus
Headquarters comprise of	Offices, Warehouse
Headquarters are	Leased
Size (sq m):	900

Banks

HELLENIC BANK PUBLIC COMPANY LIMITED

200 Lemesou Avenue, & Athalassas Corner, Strovolos, 2025, Nicosia, Cyprus

EMPORIKI BANK - CYPRUS LIMITED

4 Ionos, Egkomi, 2406, Nicosia, Cyprus

Affiliates and Subsidiares	Relation	Year Reg.
CODAGO	Trade Supplier
HOMIFREEZE	Trade Supplier
SEABERD	Trade Supplier

Charges

No	Date registered	Date prepared		Type		Description/No	Amount	Sequence	Beneficiary
1	03/08/2009	27/07/2009		Mortgage		Y3411/09	260,000.00 EUR	-	CCS Makrasykas
2	03/08/2009	27/07/2009		Mortgage		Y3410/09	427,000.00 EUR	-	CCS Makrasykas
3	06/02/2007	22/01/2007		Floating Charge on all Company's Assets			30,000.00 CYP	-	Emporiki Bank - Cyprus Ltd
			Total Number		Total Amount (EUR)
Mortgage			2		687,000.00
Floating Charge on all Company's Assets			1		51,258.04
TOTAL CHARGES			3		738,258.04

Charges History

No	Date registered	Date prepared	Date End	Type	Description/No	Amount	Sequence	Beneficiary
1	11/12/2008	08/12/2008	27/07/2009	Mortgage	Y8144/08	130,000.00 EUR	-	CCS Makrasykas
2	30/04/2007	23/04/2007	27/07/2009	Mortgage	Y2589/07	250,000.00 CYP	-	CCS Makrasykas
3	27/10/2006	17/10/2006	23/04/2007	Mortgage	Y6308/06	70,000.00 CYP	-	CCS Makrasykas
4	16/12/2005	19/11/2004	23/04/2007	Mortgage	Y5025/04	30,000.00 CYP	-	CCS Makrasykas
5	08/11/2004	09/03/2004	02/08/2010	Floating Charge on all Company's Assets		10,000.00 CYP	-	Hellenic Bank Public Co. Limited
6	19/11/2001	12/11/2001	23/01/2007	Floating Charge on all Company's Assets		15,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd
7		07/12/2004	17/10/2006	Mortgage	Y5276/04	20,000.00 CYP	-	CCS Makrasykas
8		29/07/2003	01/12/2003	Mortgage	Y3087/03	80,000.00 CYP	-	CCS Makrasykas

Negatives

No negative data

Financial Statement

Corporate financial statement	Financial Figures are Individual
Balance Sheet	December 2010	December 2009
	EUR	EUR
FIXED ASSETS
Property, plant and equipment	262763	284402
Total fixed assets	262763	284402
CURRENT ASSETS
Inventories	85801	129899
Trade and other receivables	430546	436682
Debtors	381120	345692
Cash and cash equivalents	335467	193963
Total current assets	1232934	1106236
Total assets	1495697	1390638
CAPITAL AND RESERVES
Share capital	1710	1710
Reserves	61549	52125
Total equity	63259	53835
LONG-TERM LIABILITIES
Long-term Borrowings	568484	599414
Total long-term liabilities	568484	599414
CURRENT LIABILITIES
Trade and other payables	83516	113597
Current income tax liabilities	12476	4065
Bank overdraft	646575	503104
Borrowings	121377	116623
Total Current Liabilities	863944	737389
Total liabilities	1432428	1336803
Total equity and liabilities	1495687	1390638

Profit & Loss	December 2010	December 2009
	EUR	EUR
Sales	1737080	1644381
Cost of goods sold	1256673	1185120
Gross profit	480407	459261
Other Operating income	22958	3480
Selling and distribution expenses	245023	252937
Administrative expenses	101333	83212
OPERATING PROFIT/LOSS	157009	126592
Finance costs	80813	84092
Profit/Loss before income tax	76196	42500
Income tax expense	11658	7718
Profit/Loss for the year	64538	34782

Key Ratios	December 2010	December 2009
PROFITABILITY RATIOS
Gross Profit margin on sales	0.28		0.28
Return on assets (ROA)	0.04		0.02
LIQUIDITY RATIOS
Current Ratio	1.43		1.50
TURNOVER RATIOS
Sales to Net Working Capital Ratio	4.71		4.46
Total assets turnover (times)	1.16		1.18

Financial Estimates
Interview Date:	02 Aug 2012	Submitted:	Estimates	Currency	EUR
Period	31 Dec 2011	Month Ended	12	Sales were	1751022

Additional Information

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 in order to get involved with the trade of frozen food.

We contacted the company in question, where we talked with Mr George Chr. Georgiou, company secretary, who provided us with the above information regarding the subject.

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.

COUNTRY DEVELOPMENTS:

On 13 June 2012, Moody’s Investor Service once again downgraded Cyprus’s government bond ratings by two notches to Ba3 from Ba1 and research is now being carried out for further possible downgrade.

The Cypriot banks’ exposure to Greece totals 29 billion Euros, or 160% of GDP, including both Greek government bonds and loans to Greek residents. As a result, it is expected that an increase of support by the government may have to be offered to the Cypriot banks due to their exposure to the Greek government and economy and Moody’s will be reflecting these in the Cypriot sovereign ratings.

On 25 June 2012 Financial Mirror published that, Cyprus has applied for the European bailout fund due to its need of 1.8 billion Euros to recapitalize its second largest lender, Cyprus Popular Bank. Stefanos Stefanou, a government spokesman, said that negotiations are yet to be made to determine the precise amount of money which will be lent to Cyprus. He also noted that despite the aid request from the EU, the Cypriot government will continue seeking for a loan from a country outside the EU, such as China and Russia, needed to help cover its budget deficit (2011 deficit: 6.3% of GDP, one of the highest in the Eurozone).

The country has already borrowed 2.5bn euros from Russia, whose business people are important customers of Cyprus's relatively large offshore financial sector which offers low tax rates. If Russia accepts to supply another loan with a low interest rate then Cyprus may be more willing to borrow the money to cover their refinancing needs from Russia instead of the EU.

On 25 June 2012 Fitch announced a downgrade of Cyprus’s rating by one notch from BBB- to BB+; a decision due to Cyprus’s heavy exposure to the Greek economy.

Cyprus is keen to protect its low 10% corporate taxation rate which makes it an attractive base for foreign companies. The government is reluctant to acquire loans from the EU due to fear of further austerity measures placed, which may obstruct corporations from situating themselves in Cyprus. (End of Country Developments)

Contact Information
Name:	Mr George Chr. Georgiou
Quality:	company
Title:	secretary
Confirm general details

Recent Enquiries

Recent Enquiries on this subject
Last 6 months:	2
Last 3 months:	2
Last 1 month:	2

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.08
UK Pound	1	Rs.87.03
Euro	1	Rs.68.36

INFORMATION DETAILS

Report Prepared by :

SDA

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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