MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	CHRISTAKIS PITTAS MOSAIKA MARMARA LIMITED
Registered Office :	Kalo Chorio Lemesou, Limassol,
Country :	Cyprus
Date of Incorporation :	04.12.1995
Com. Reg. No.:	C75665
Legal Form :	Limited Company
Line of Business :	import (100%) and process of marbles and trade on a retail basis (100%) of marble finished goods such as stairs, ceramic bathrooms etc.
No. of Employees :	10

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 :	Unknown
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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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	ΧΡΙΣΤΑΚΗΣ ΠΙΤΤΑΣ ΜΩΣΑΙΚΑ ΜΑΡΜΑΡΑ ΛΙΜΙΤΕΔ
English Name	CHRISTAKIS PITTAS MOSAIKA MARMARA LIMITED
Registered Address	Kalo Chorio Lemesou, Limassol, Cyprus
Headquarters:	29 Spyrou Kyprianou, G΄VIOMICHANIKI PERIOCHI AGIOU SYLA, Ypsonas, 4193, Limassol, Cyprus
Telephone	+35725780400 / +35725780401
Fax	+35725780402
E-mail	chr.pittas@cytanet.com.cy
WebSite	Not Applicable
Legal Type	Limited Company
Registration No	C75665	Registration Date	04/12/1995
Last annual report	31/12/2004
Last return	01/01/2008
CINFO ID:	CYC11639588

Summary

Employees	June 2012
	Company
Total Number	10
Approximately
Additional Info:
Legal Advisor: FOKAS A. SOFRONIOU, Emmanouil Roidi, Kirzis Center, Block B, Apt. D25, Limassol. Correspondence: NTINOS ANTONIOU, P.O.Box 57048, 3311, Limassol, Tel. 25824545.

Payment

Assessment:	Average 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:	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.

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	5000.00 CYP	8550.00 EUR
01/01/2008	Nominal Values of Shares Changed	1.00 CYP	1.71 EUR

Capital

Authorized Capital	8,550.00	EUR	Issued Capital	0.00	EUR
Nominal No Of Shares	5,000.00		Issued No Of Shares	5,000.00
Nominal value	1.71	EUR	Paid Up	8,550.00	EUR

Corporate Structure

Directors

Position

ActsAs

ID

Occupation

Age

Appointed

Other dir.

PITTAS CHRISTOFOROS

Director

600154(ID)

Businessman

50

04/12/1995

No

Kalo Chorio Lemesou, Limassol, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Secretary

Position

ActsAs

ID

Occupation

Age

Appointed

Other dir.

PITTA ANASTASIA

Company Secretary

634933(ID)

Accountant

46

04/12/1995

No

Kalo Chorio Lemesou, Limassol, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Shareholders

ID / Reg. No.

ActsAs

Nationality

Shares

%

Shares Breakdown

Class

Type

PITTAS CHRISTOFOROS

600154(ID)

CYPRIOT

4000

80

-

-

-

Kalo Chorio Lemesou, Limassol, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

PITTA ANASTASIA

634933(ID)

CYPRIOT

1000

20

-

-

-

Kalo Chorio Lemesou, Limassol, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Operation

Activity Code		Description
NACE 1.1	C	Mining and quarrying
NACE 2.1	2370	Cutting, shaping and finishing of stone - This class includes: - cutting, shaping and finishing of stone for use in construction, in cemeteries, on roads, as roofing etc. - manufacture of stone furniture - - This class excludes: - activities carried out by operators of quarries, e.g. production of rough cut stone, see 08.11 - production of millstones, abrasive stones and similar products, see 23.9

Line of Business

The company in question was established in order to get involved with the import (100%) and process of marbles and trade on a retail basis (100%) of marble finished goods such as stairs, ceramic bathrooms etc.

Please note that from a previous interview we have obtained that the subject has 4 vehicles including: 4 vans; which are used in the running of the business.

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

Import from	Percentage
China, Greece, Italy

Import Terms	Percentage
Special agreements

Market Terittory
Local Presence:	100%

Premises
		Type	headquarters
Address:	29 Spyrou Kyprianou, G΄VIOMICHANIKI PERIOCHI AGIOU SYLA, Ypsonas, 4193, Limassol, Cyprus
Headquarters comprise of	Offices, Factory, Shop
Headquarters are	Owned

Charges

No	Date registered	Date prepared	Type	Description/No	Amount	Sequence	Beneficiary
1	06/03/2009	04/03/2009	Mortgage	Y1439/09	136,000.00 EUR	-	Cyprus Popular Bank Public Co Ltd
2	06/03/2009	27/02/2009	Floating Charge on all Company's Assets		70,000.00 EUR	-	Cyprus Popular Bank Public Co Ltd
3	06/03/2009	11/02/2008	Floating Charge on all Company's Assets		80,000.00 EUR	-	Cyprus Popular Bank Public Co Ltd
4	25/05/2005	18/05/2005	Mortgage	Y3546/05	65,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd

	Total Number	Total Amount (EUR)
Mortgage	2	247,059.09
Floating Charge on all Company's Assets	2	150,000.00
TOTAL CHARGES	4	397,059.09

Charges History

No	Date registered	Date prepared	Date End	Type	Description/No	Amount	Sequence	Beneficiary
1	20/10/2004	13/10/2004	18/05/2005	Mortgage	Y8128/04	65,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd

Negatives

No negative data

Financial Statement

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 import (100%) and process of marbles and trade on a retail basis (100%) ofmarble finished goods such as stairs, ceramic bathrooms etc.

We contacted the company in question, where we talked with Mr Pittas, who could not provide us with any information regarding the subject, due to his busy schedule.

Please note that the information included in the report was obtained from the Official Companies’ Registrar and from a previous interview with the subject. In addition, note that 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.

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, 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).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

PRL

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.