MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	G. PEGKAS & YIOS LIMITED
Registered Office :	46 Aischylou, Nicosia
Country :	Cyprus
Financials (as on) :	December 2010
Date of Incorporation :	17.02.1989
Com. Reg. No.:	C34712
Legal Form :	Limited Company
Line of Business :	Import and trade of embroideries
No. of Employees :	3

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 – 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	Γ. ΠΕΓΚΑΣ & ΥΙΟΣ ΛΙΜΙΤΕΔ
English Name	G. PEGKAS & YIOS LIMITED
Registered Address	46 Aischylou, Nicosia, Cyprus
Headquarters:	46 Aischylou, & 11, Archangelou Michael Street, Nicosia, 1011, Cyprus
Telephone	+35722764726 / +35799484456
Fax	+35722761577
E-mail	pengas@cytanet.com.cy
WebSite	Not Applicable
Legal Type	Limited Company
Registration No	C34712	Registration Date	17/02/1989
Start Date	17/02/1989	Years of Operation:	23
Last annual report	31/12/2002	Latest Annual Account Date	01/12/2010
Last return	16/09/2010
CINFO ID:	CYC11597627

Summary

Employees	May 2012
	Company
Total Number	3
Financial Summary	December 2010	December 2009	December 2008
	EUR	EUR	EUR
Revenue Sales	654799.00	727579.00	747259.00
Pre Tax Profit	30250.00	25827.00	18062.00
Working Capital	161471.00	151001.00	151360.00
Total Equity	278732.00	263476.00	251374.00
Long Term Debts	36683.00	41257.00	57988.00
Trend	-	-	-
Additional Info:
Auditors: MGI Gregoriou & Co Ltd (c/o Mr Gregoris Petsas, gpetsas@gregoriou.com), 7, Florina Street, GREG TOWER, P.O.Box 24854, 1304, Nicosia, Cyprus, Tel: 357 22451592.

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.
Commercial morality	Moderate
Financial strength	Good

Business History

Date	Event Name	Old Value	New Value
01/01/2008	Shares number changed	0	10000
01/01/2008	Authorised Capital Changed	10000.00 CYP	17100.00 EUR
01/01/2008	Issued Capital Changed	0.00 CYP	0.00 EUR
01/01/2008	PaidUp Capital Changed	10000.00 CYP	17100.00 EUR
01/01/2008	Asked Capital Changed	0.00 CYP	0.00 EUR
01/01/2008	Foreign Capital Changed	0.00 CYP	0.00 EUR
01/01/2008	Nominal number of shares Changed	0	10000
01/01/2008	Nominal Values of Shares Changed	1.00 CYP	1.71 EUR

Capital

Authorized Capital	17,100.00	EUR	Issued Capital	0.00	EUR
Nominal No Of Shares	10,000.00		Issued No Of Shares	10,000.00
Nominal value	1.71	EUR	Paid Up	17,100.00	EUR

Corporate Structure

Directors

Position

ActsAs

ID

Occupation

Age

Appointed

Other dir.

PEGKAS GEORGIOS

Director

841161(ID)

29

23/01/2003

No

12 Papadiamandi, Aglantzia, Nicosia, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

PEGKAS ANDREAS

Director

518041(ID)

Merchant

63

17/02/1989

No

12 Papadiamandi, Aglantzia, Nicosia, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Secretary

Position

ActsAs

ID

Occupation

Age

Appointed

Other dir.

PEGKAS ANDREAS

Company Secretary

518041(ID)

Merchant

63

06/08/2009

No

12 Papadiamandi, Aglantzia, Nicosia, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Shareholders

ID / Reg. No.

ActsAs

Nationality

Shares

%

Shares Breakdown

Class

Type

PEGKAS ANDREAS

518041(ID)

CYPRIOT

8000

80

-

-

-

12 Papadiamandi, Aglantzia, Nicosia, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

PEGKAS GEORGIOS

108686(ID)

CYPRIOT

1000

10

-

-

-

12 Papadiamanti, Aglantzia, Nicosia, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

PEGKA MARIANNA

(-)

-

1000

10

-

-

-

12 Papadiamanti, Aglantzia, Nicosia, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Operation

Activity Code		Description
NACE 2.1	4771	Retail sale of clothing in specialised stores - This class includes: - retail sale of articles of clothing - retail sale of articles of fur - retail sale of clothing accessories such as gloves, ties, braces etc. - - This class excludes: - retail sale of textiles, see 47.51

Line of Business

The company in question is involved with the import and trade of embroideries, bed line such as blankets, bed covers, linen and other related products. The subject imports (100%) its products from Portugal, Spain, Italy, Greece, China and India and sells to the general public of Cyprus.

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

Import from	Percentage
Italy, Portugal, Spain

Import Terms	Percentage
Special agreements

Market Terittory
Local Presence:	100%

Premises
		Type	headquarters
Address:	46 Aischylou, & 11, Archangelou Michael Street, Nicosia, 1011, Cyprus
Headquarters comprise of	Offices

Banks

CYPRUS POPULAR BANK PUBLIC CO LTD

39 Archiepiskopou Makariou C' Avenue, 2025, Nicosia, Cyprus

Affiliates and Subsidiares	Relation	Year Reg.
Finera Conficoes	Trade Supplier
Feras Pinto	Trade Supplier
Golden Text	Trade Supplier
Jose Fontao	Trade Supplier
Tessi Plus	Trade Supplier

Charges

No	Date registered	Date prepared	Type	Description/No	Amount	Sequence	Beneficiary
1	25/11/1993	19/11/1993	Mortgage	Y9252/93	50,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd

	Total Number	Total Amount (EUR)
Mortgage	1	85,430.07
TOTAL CHARGES	1	85,430.07

Negatives

No negative data

Financial Statement

Financial Figures are Individual

Corporate financial statement

Balance Sheet		December 2010		December 2009
		EUR		EUR
FIXED ASSETS
Property, plant and equipment	102686		102474		106744
Goodwill	51258		51258		51258
Total fixed assets	153944		153732		158002
CURRENT ASSETS
Inventories	161200		156750		223463
Trade and other receivables	65322		60659		76699
Directors Current Accounts	76385		68886		44003
Cash and cash equivalents	263187		249399		239946
Total current assets	566094		535694		584111
Total assets	720038		689426		742113
CAPITAL AND RESERVES
Share capital	17100		17100		17100
Reserves	261632		246376		234274
Total equity	278732		263476		251374
LONG-TERM LIABILITIES
Long-term Borrowings	28413		32987		49718
Long term debt	8270		8270		8270
Total long-term liabilities	36683		41257		57988
CURRENT LIABILITIES
Trade and other payables	79236		131548		149972
Current income tax liabilities	4976		3878		2300
Bank overdraft	308347		239422		264033
Borrowings	7200		7200		15979
Directors Account	1906
Contribution to State Defence System	2958		2645		467
Total Current Liabilities	404623		384693		432751
Total liabilities	441306		425950		490739
Total equity and liabilities	720038		689426		742113

Profit/Loss Account	December 2010	December 2009
	EUR	EUR

Sales	654799	727579	747259
Cost of goods sold	552096	609783	624750
Gross profit	102703	117796	122509
Other Operating income	19119	12712	9998
Selling and distribution expenses	27791	32351	42392
Administrative expenses	40972	43441	46038
Other expenses	22809	28889	26015
OPERATING PROFIT/LOSS	30250	25827	18062
Profit/Loss before income tax	30250	25827	18062
Income tax expense	3786	2730	2427
Profit/Loss for the year	26464	23097	15635

Key Ratios December 2010		December 2009
PROFITABILITY RATIOS
Gross Profit margin on sales	0.16		0.16
Return on assets (ROA)	0.04		0.03
LIQUIDITY RATIOS
Current Ratio	1.40		1.39
TURNOVER RATIOS
Sales to Net Working Capital Ratio	4.06		4.82
Total assets turnover (times)	0.91		1.06

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 is involved with the import and trade of embroideries, bed line such as blankets, bed covers, linen and other related products. The subject imports (100%) its products from Portugal, Spain, Italy, Greece, China and India and sells to the general public of Cyprus.

We contacted the company in question and talked to Mr Andreas Pegkas, company director, who confirmed the above information and also informed us that we should contant the subject's accountants in order to provide us with the subject's latest financials.

Therefore, we contacted MGI Gregoriou & Co Ltd, where we talked with Mr Gregoris Petsas, company accountant who provided us with the subject's latest financials.

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).

Contact Information
Name:	Mr Andreas Pegkas
Quality:	company
Title:	director
Confirm general details

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.93
UK Pound	1	Rs.88.14
Euro	1	Rs.70.87

INFORMATION DETAILS

Report Prepared by :

PDT

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.