MIRA INFORM REPORT

Report Date :

17.04.2013

IDENTIFICATION DETAILS

Name :	CHRIKAR TRADING COMPANY LIMITED
Registered Office :	6 Kilkis Avenue, Latsia, 2234, Nicosia
Country :	Cyprus
Financials (as on) :	December 2011
Date of Incorporation :	11.06.1985
Com. Reg. No.:	C24499
Legal Form :	Limited Company
Line of Business :	Wholesaler of sugar and chocolate and sugar confectionery
No. of Employees :	54

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Cyprus	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

CypRus - ECONOMIC OVERVIEW

The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, the profitability of which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control has grown at a rate well above the EU average since 2000. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. An aggressive austerity program in the preceding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.2% in 2008, and reduced inflation to 4.7%. This prosperity came under pressure in 2009, as construction and tourism slowed in the face of reduced foreign demand triggered by the ongoing global financial crisis. Although Cyprus lagged behind its EU peers in showing signs of stress from the global crisis, the economy tipped into recession in 2009, contracting by 1.7%, and has been slow to bounce back since, posting an anemic growth rate of 1.0% in 2010. A massive munitions blast in July 2011 at a Cypriot naval base triggered country-wide energy outages, a collapse of the governing coalition, and a cabinet shuffle intensifying Cyprus's economic problems. The economy experienced no economic growth in 2011. Serious Cypriot financial sector problems surfaced in early 2011 as the Greek fiscal crisis and euro zone debt crisis deepened. Two of Cyprus's biggest banks are among the largest holders of Greek bonds in Europe and have a substantial presence in Greece through bank branches and subsidiaries. A liquidity squeeze is choking the financial sector and the real economy as many global investors doubt the Cypriot economy can weather the EU crisis. Cyprus's borrowing costs have risen steadily because of its exposure to Greek debt. The budget deficit is on the rise and reached 7.4% of GDP in 2011, a violation of the EU's budget deficit criteria - no more than 3% of GDP. In response to the country's deteriorating finances and serious risk of contagion from the Greek debt crisis, Nicosia is promising to implement measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits. However, it has been slow to act, lacking a consensus in parliament and among the social partners for its proposed measures.

Source : CIA

Basic Information

Registered Name	CHRIKAR TRADING COMPANY LIMITED
English Name	CHRIKAR TRADING COMPANY LIMITED
Registered Address	6 Kilkis Avenue, Latsia, 2234, Nicosia, Cyprus
Headquarters:	18A Kilkis -leoforos, Latsia, 2234, PoBox 12542, Nicosia, Cyprus
Telephone	+35722486697 / +35722486698
Fax	+35722486237
E-mail	a.panayi@chrikar.com
Web Site	www.chrikar.com
Legal Type	Limited Company
Registration No	C24499	Registration Date	11/06/1985
Start Date	11/06/1985	Years of Operation:	28
Last annual report	14/01/2003	Latest Annual Account Date	01/12/2011
Last return	26/03/2009	Tax Reg No:	CY10024499U
CINFO ID:	CYC11586512

Summary

Employees	April 2013
	Company
Total Number	54
Approximately There are 2 people for the top management, 17 in sales & marketing, 8 administration, 17 in logistics, 10 at the factory.
Financial Summary	December 2011	December 2010	December 2009
	EUR	EUR	EUR
Revenue Sales	14,034,996.00	13,541,930.00	12,197,532.00
Pre Tax Profit	71,270.00	222,273.00	211,689.00
Working Capital	851,758.00	1,469,862.00	1,657,139.00
Total Equity	1,810,102.00	2,079,511.00	1,553,410.00
Long Term Debts	2,531,648.00	2,921,327.00	3,033,269.00
Trend	-	-	-
Additional Info:
Legal Advisor: PAPANTONIOU GEORGIOS - Correspondence: SFS CUSTODIAN & TRUST SERVICES LIMITED - 6, Theotoki, Ellinas House, Nicosia - Tel. 22554402

Payment

Assessment:	Low Risk
Payment Habits:	NO COMPLAINTS
Commercial morality	Good
Financial strength	Moderate

Business history

Date	Event Name	Old Value	New Value
10/11/2000	Authorized Capital Increased	20000.00 CYP	720000.00 CYP

Previous Locations

Headquarters	From:	To:
122, Trikoupi, Nicosia, , Cyprus,	11/06/1985	29/12/1995

Capital

Authorized Capital	1,231,200.00	EUR	Issued Capital	1,231,200.00	EUR
Nominal No Of Shares	720,000.00		Issued No Of Shares	720,000.00
Nominal value	1.71	EUR	Paid Up	1,231,200.00	EUR

Corporate structure

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

KAROULLAS GIORGOS

Director

514204(ID)

Businessman

57

11/06/1985

Yes

6 Kilkis Avenue, Latsia, 2234, Nicosia, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	P & P STAVRINOU LIMITED	01/02/1994	C59807	Registered and operational	Director	28/01/2011
	EMPORIA TROFIMON VERZANLI LIMITED	24/02/1995	C69109	Registered and operational	Director	14/01/2011
	CHRIKAR OLIVES LIMITED	09/10/1996	C81799	Registered and operational	Director	11/01/2011
	PLAMACON LIMITED	23/05/1998	C94846	Registered and operational	Director	11/01/2011

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	EBONY DEVELOPERS LIMITED	16/05/1988	C32131	Registered and operational	10	08/02/2010

KIRKOS COSTAS

Director

529385(ID)

Accountant

56

26/03/2009

Yes

4 Boumpoulinas, Nicosia, 1060, Cyprus

Other Directorship:
	Name		Registration Date	Reg. No.	Status	Position	Update Date
	SFS LEDRA PROPERTIES LIMITED		06/03/2000	C109596	Registered and operational	Director	03/04/2013
	FORUMFRONT LIMITED		14/12/1999	C107313	Registered and operational	Director	03/04/2013
	CARMOUNT LIMITED		07/02/2000	C108802	Registered and operational	Director	21/02/2013
	S & P CATERING ENTERPRISES LIMITED	*	28/06/1994	C63152	Registered and operational	Director	18/01/2013
	SFS CORPORATE MANAGEMENT LIMITED		17/03/2000	C109795	Registered and operational	Director	04/12/2012
	BARISTOL LIMITED		10/11/2009	C257519	Registered and operational	Director	29/11/2012
	CONMER LIMITED		23/11/2005	C168443	Registered and operational	Director	25/09/2012
	TRIKERA TRADING LIMITED		08/12/1999	C107072	Registered and operational	Director	01/08/2012
	WORLDPREMIER ENTERTAINMENT LIMITED		14/12/1999	C107312	Registered and operational	Director	19/07/2012
	ANIMALIA GENETICS LIMITED		08/10/1986	C27960	Registered and operational	Director	23/05/2012
	Note: In order to view a full list please order a directorship report.

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	BARISTOL LIMITED	10/11/2009	C257519	Registered and operational	80	29/11/2012

SFS CORPORATE MANAGEMENT LIMITED

Director

C109795

0

18/10/2006

Yes

6 Theotoki, Agios Antonios, Ellinas House, Nicosia, 1087, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	FORUMFRONT LIMITED	14/12/1999	C107313	Registered and operational	Director	03/04/2013
	CARMOUNT LIMITED	07/02/2000	C108802	Registered and operational	Director	21/02/2013
	S. MARKIDES ENTERPRISES LIMITED	18/07/2002	C131864	Registered and operational	Director	22/08/2012
	WORLDPREMIER ENTERTAINMENT LIMITED	14/12/1999	C107312	Registered and operational	Director	19/07/2012
	M. KALIMERA DAIRIES LIMITED	04/10/1999	C105280	Registered and operational	Director	10/05/2012
	BEKEROS & CO LIMITED	18/05/1992	C49204	Registered and operational	Director	25/05/2011
	WHITE WISE LIMITED	05/04/2006	C174659	Registered and operational	Director	13/01/2011
	LEMISSOLER SHIPPING GROUP PUBLIC COMPANY LIMITED	17/09/1997	C88971	Registered and operational	Director	12/01/2011
	RAPITON TRADING LIMITED	10/05/2000	C111241	Registered and operational	Director	12/01/2011
	A & C UNITED ESTATE AGENCY LIMITED	21/03/1996	C77798	Registered and operational	Director	10/01/2011
	Note: In order to view a full list please order a directorship report.

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	FORNO TRADING LIMITED	06/09/2002	C132795	Registered and operational	100	07/01/2011
	LARCHFIELD CONSULTANTS LIMITED	06/09/2002	C132786	Registered and operational	100	07/01/2011

Secretary

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

SFS CUSTODIAN & TRUST SERVICES LIMITED

Company Secretary

C98849

0

28/01/2004

Yes

6 Theotoki, Ellinas Bldg, 3rd Floor, Po Box 21357, Nicosia, 1055, Cyprus

Other Directorship:
	Name		Registration Date	Reg. No.	Status	Position	Update Date
	S & P CATERING ENTERPRISES LIMITED	*	28/06/1994	C63152	Registered and operational	Director	18/01/2013
	WALFAX INVESTMENTS LIMITED		10/07/2000	C112944	Registered and operational	Director	20/07/2011
	ARESTIS PREMIUM TOOLS LIMITED		24/02/1998	C92704	Registered and operational	Director	11/01/2011
	AAA UNITED PROPERTY CONSULTANTS LIMITED		07/05/2004	C148209	Registered and operational	Director / Secretary	15/03/2010
	WKH LARNAKA BAY RESORT MANAGEMENT LIMITED		16/07/2008	C233920	Registered and operational	Director / Secretary	22/01/2010
	K. MORPHAKIS TRADING CO. LIMITED		09/06/1994	C62727	Registered and operational	Director	12/01/2010
	LARCHFIELD CONSULTANTS LIMITED		06/09/2002	C132786	Registered and operational	Director	19/01/2009
	M.H. VALUE ADDED ONLINE LIMITED		26/08/2005	C164701	Registered and operational	Director / Secretary	16/01/2009
	FORNO TRADING LIMITED		06/09/2002	C132795	Registered and operational	Director	16/01/2009
	A. PHILIPPOU CATERING LIMITED		21/05/1988	C32191	Registered and operational	Director	12/01/2009
	Note: In order to view a full list please order a directorship report.

Other Shareholding:
	Name		Registration Date	Reg. No.	Status	%	Update Date
	S & P CATERING ENTERPRISES LIMITED	*	28/06/1994	C63152	Registered and operational	0.1	27/10/2008
	WALFAX INVESTMENTS LIMITED		10/07/2000	C112944	Registered and operational	0.1	20/07/2011
	KALLINIKISIS PROPERTIES LIMITED		27/01/2000	C108504	Registered and operational	0.07143	09/01/2012
	ERGOLIPTIKOS OIKOS SATA LIMTIED		30/05/1977	C9509	Registered and operational	0.05	12/12/2008
	SHARELINK ADMINISTRATION MANAGEMENT LIMITED		17/10/1997	C89671	Registered and operational	0.05	17/10/2008
	LUANDA HOLDINGS LIMITED		06/05/2000	C111165	Registered and operational	0.04167	11/04/2011
	CHRIKAR OLIVES LIMITED		09/10/1996	C81799	Registered and operational	0.02	11/01/2011
	EMPORIA TROFIMON VERZANLI LIMITED		24/02/1995	C69109	Registered and operational	0.02	14/01/2009
	A. PHILIPPOU CATERING LIMITED		21/05/1988	C32191	Registered and operational	0.01	12/01/2009
	P & P STAVRINOU LIMITED		01/02/1994	C59807	Registered and operational	0.01	30/03/2008
	Note: In order to view a full list please order a directorship report.

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

WHITE KNIGHT HOLDINGS LIMITED

*

C80209

-

504000

70

-

-

-

6 Theotoki, Ellinas House, 3rd Floor, Nicosia, 1055, Cyprus

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	WHITE WISE LIMITED	05/04/2006	C174659	Registered and operational	100	16/06/2010
	M. KALIMERA DAIRIES LIMITED	04/10/1999	C105280	Registered and operational	100	10/05/2012
	WHITE KNIGHT PROPERTIES LIMITED	08/06/1990	C40318	Registered and operational	100	15/01/2009
	OCEAN CHALLENGE LIMITED	10/05/2000	C111240	Registered and operational	99.99998	09/01/2012
	CARMOUNT LIMITED	07/02/2000	C108802	Registered and operational	99.99995	21/02/2013
	VASTUAT LIMITED	11/02/2000	C108917	Registered and operational	99.99986	10/05/2012
	WORLDPREMIER ENTERTAINMENT LIMITED	14/12/1999	C107312	Registered and operational	90	19/07/2012
	KOGIO LIMITED	14/05/1981	C15629	Registered and operational	70	15/01/2010
	VASTUAT FARM LIMITED	01/11/2002	C133976	Registered and operational	60	23/01/2009
	TRICYP LIMITED	20/12/2001	C126265	Registered and operational	30	04/02/2011
	Note: In order to view a full list please order a directorship report.

KAROULLAS GIORGOS

514204(ID)

CYPRIOT

216000

30

-

-

-

6 Kilkis Avenue, Latsia, 2234, Nicosia, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	P & P STAVRINOU LIMITED	01/02/1994	C59807	Registered and operational	Director	28/01/2011
	EMPORIA TROFIMON VERZANLI LIMITED	24/02/1995	C69109	Registered and operational	Director	14/01/2011
	CHRIKAR OLIVES LIMITED	09/10/1996	C81799	Registered and operational	Director	11/01/2011
	PLAMACON LIMITED	23/05/1998	C94846	Registered and operational	Director	11/01/2011

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	EBONY DEVELOPERS LIMITED	16/05/1988	C32131	Registered and operational	10	08/02/2010

Operations

Activity Code		Description
NACE 1.1	51.9	Other wholesale
NACE 1.1	52.1	Retail sale in non-specialized stores
NACE 2.1	4636	Wholesale of sugar and chocolate and sugar confectionery - This class includes: - wholesale of sugar, chocolate and sugar confectionery - wholesale of bakery products - -
US SIC 1987	5145	Confectionery wholesale dealing in
US SIC 1987	5148	Fresh fruits and vegetables wholesale dealing in
US SIC 1987	5149	Groceries and related products, not elsewhere classified wholesale dealing in

Line of Business

The company in question is involved in the import , local purchase, wholesale trade, Export(10% of production) and distribution of raw materials and ingredients for the bakery and confectionery industry, food products for the retail market, raw materials and aids for hotels, catering and food industry.
The subject is a leading trader and distributor in Cyprus.

Subject's products range include: raw materials for the food industry (Shortenings, Speciality fats for chocolates (CBE, CBR, CBS), Fats for dairy industry, Biscuits industry, Ice-cream industry. Margarines - Dairy fats (Butter - Butter oil). Fats for frying, Frying - Corn - Rapeseed - Soya - Speciality oils - Culinary oils - Baking oils - Lubricants for baking machinery, Green - Black - Sliced - Bilted - Stuffed with almonds, pepper, garlic, Skimmed milk powder, Full cream milk powder 26% - Filled cream milk powder 26% vegetable fat, whey protein, sodium caseinates, calcium caseins, rennet caseins, rennet powders, stabilisers, emulsifiers, Wheat flour, soy flour, specialty flours (pizza, croissant), potato starch, maize starch, starches, modified starches, Hulled sesame, natural sesame, tahini natural (various colours 0,5kg up to 20kg), carob syrup (0,5kg up to 20kg), Natural cocoa, alkalised cocoa of various colours and fat content, cocoa mass (kibbled or block), cocoa butter, cocoa butter equivalent, cocoa butter substitutes,
milk powders, lecithin, Vegetable topping cream liquid and powder, shortenings, margarines, sponge cake mix, all kind of nuts, all kind of fruits, pie fillings and farcitures. Various types of cheese and cheese
powders, eggs liquid pasteurised and egg powders. All kind of flours and starches, sugar, dextrose, glucose, etc. Ready to fill pastries: Sable, Bouchees, Zakouski, Abericoers, Chou Geant, Quiche etc, Any colour, flavour or paste for the food industry liquid, powder or paste. Water soluble or oil soluble, All fruit fillings - flan jellies, farcitures, mixed peels, glace cherries, Almond various sizes, sliced, powder, cubes, natural or blanched.
Hazelnuts, Walnuts, Pistachio nuts, Pinenuts, Raisins, Mixed peel, Glace cherries, Lactic acid, Citric acid, Potassium nitrate, Potassium sorbate, Sorbate acid, Calcium propionate, Xantham gum, Guar gum, Arabic gum, CMC, Ice cream stabiliser and emulsifiers, All kind of seasonings and all kind of
herbs, Helador (vegetable taste enhancer). Garlic liquid paste or powder, onion granules or powder, Pasteurised chilled: Whole, White, Yolk in 5 litres plastic Powder: Whole, White, Yolk, Sugar cone, Sugar powder, Raftisugar, Inverted sugar, Brown sugar, Yellow - White malt, Dextrose, Glucose,
Maltrodextrin, Aspartame, Maltitol, Salt fine, Salt powder, Salt for cooking, and LoSalt, White, Dark, Milk different qualities, Drops, Pailletes, Chips, Decorations, Vermicelli liquid, Pralines (with hazelnut)) , food products for the retail market(cheese, Sauces & Condiments, Rice), beers (Sapporo, Tiger,
Tsingtao) raw materials and aids for hotels, catering and food industry.

Please note that negative information was found against Subjects' shareholder, WHITE KNIGHT HOLDINGS LIMITED (Reg. No.: C80209):

Date of claim: 15/10/2010

Request for dissolution by a creditor

Provincial court of Nicosia

Gazette Page:4019

Case No.: 774/2010

In Cyprus subject is considered to be a large concern in this field.

They sell to the general public, restaurants, hotels, confectioneries, bakeries, retailers, supermarkets, various industry, pubs/bars on a regular basis.

Reportedly, an overdraft facility is available and utilised.

Export to	Percentage
	United Kingdom

Export Terms		Percentage
	Open account	100%

Import from	Percentage
	Austria, Belgium, China, Denmark, France, Germany, Greece, Indonesia, Ireland, Italy, Malaysia, United Kingdom, Netherlands, United States of America, Singapore, Spain, Sweden

Import Terms		Percentage
	Open account	100%

Market Territory
	Local Presence:	90%	International Presence	10%

Suppliers - Agencies
	Company Name	Country	Product	Description
	Remia Oils & Fats	Netherlands	industrial catering products
	D M V	Netherlands	confectionery items
	Vereeninge Oils Fabrigen	Netherlands	oils
	Corman	Belgium	milk butter
	Roquette	France	confectionery ingredients
	Allantini	Greece	flour
	HermanLawe	Germany	spices
	Lee Kum Kee	Hong Kong	ethnic food
	Kievit	Netherlands	food ingredients
	Ring & Kulhmann	Germany	edible coloring material
	Aromatic	Sweden	bakery ingredients
	Nederland	Spain	cocoa chocolate
	Borges	Spain	dry nuts
	Parmalat	Italy	drinks, biscuits, dairy products
	Dairygold	Ireland	milk products
	Aldia	Belgium
	Angel Yeast	China
	Datraco Trading Co	Netherlands	milk powder
	Karshamns Oils & Fats	Sweden
	Stern - lecithin	Germany

Premises
			Type	Headquarters
	Address:	18A Kilkis -leoforos, Latsia, 2234, PoBox 12542, Nicosia, Cyprus
	Headquarters comprise of	Offices, Warehouse
	Headquarters are	Owned
	Size (sq m):	1600
			Type	Warehouse in Nicosia
	Country	Cyprus
	Town/City:	Nicosia
			Secondary Street:	Latsia
	Headquarters comprise of	Warehouse
	Headquarters are	Rented
			Type	production plant / factory
	Country	Cyprus
	Town/City:	Nicosia	Minor Town:	Kaimakli Industrial Zone
	Headquarters comprise of	Factory
	Headquarters are	Owned

Banks

CYPRUS POPULAR BANK PUBLIC CO LTD

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

BANK OF CYPRUS PUBLIC COMPANY LIMITED

51 Stasinou, Agia Paraskevi, Strovolos, 2002, Nicosia, Cyprus

HELLENIC BANK PUBLIC COMPANY LIMITED

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

Affiliates and Subsidiaries	Relation	Year Reg.
WHITE KNIGHT HOLDINGS LIMITED	Parent Company	1996
Dromos Larnakas-Dekelias, Larnaka Bldg Resort, House 40, Pyla, Larnaka, 7081, Cyprus
P & P STAVRINOU LIMITED	Subsidiary	1994
6 Theotoki, Ellina Bldg, Nicosia, Cyprus
CHRIKAR OLIVES LIMITED	Subsidiary	1996
6 Theotoki, Ellina Bldg., 3rd Floor, Nicosia, Cyprus
EMPORIA TROFIMON VERZANLI LIMITED	Subsidiary	1995
18 Kilkis Avenue, Latsia, Nicosia, Cyprus
PLAMACON LIMITED	Subsidiary	1998
1 Faidonos, Nicosia, 1037, PoBox 29712, Cyprus

Charges

No	Date registered	Date prepared	Type	Description/No	Amount	Sequence	Beneficiary
1	09/04/2009	03/04/2009	Mortgage	Y3331/09	500,000.00 EUR	-	Cyprus Popular Bank Public Co Ltd
2	31/12/2002	30/01/2002	Floating Charge on all Company's Assets		100,000.00 CYP	-	Laiki Factors Limited
3	07/11/2001	29/10/2001	Mortgage	Y9200/01	400,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd
4	04/05/1987	02/05/1987	Fixed Charge on the Company's Machinery		1,130.00 CYP	-	Bank of Cyprus Public Company Limited

	Total Number	Total Amount (EUR)
Mortgage	2	1,183,440.58
Floating Charge on all Company's Assets	1	170,860.14
Fixed Charge on the Company's Machinery	1	1,930.72
TOTAL CHARGES	4	1,356,231.44

Negatives

No negative data

Corporate Structure Detrimental

Legal Entities - Status
Company Name	Reg. No.	Status
ANDREAS ZANNETIDIS & YIOS LIMITED	C26084	Dissolved
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	Registered - Self Liquidation
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	167/05
S & P CATERING ENTERPRISES LIMITED	C63152	Registered and operational
WHITE KNIGHT HOLDINGS LIMITED	C80209	Registered and operational

Legal Entities
Company Name	Reg. No.	Case No/ Invoice No.	Default Desc.	Amount	Claimant	Date of Claim
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	461/03 Provincial court of Nicosia	Request for dissolution by a creditor		-	16/10/2003
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	489/05 Provincial court of Nicosia	Request for dissolution by a creditor		-	13/02/2006
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	211/06 Provincial court of Nicosia	Request for dissolution by a creditor		-	28/04/2006
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	95/04 Provincial court of Larnaca	Request for dissolution by a creditor			29/07/2004
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	276/04 Provincial court of Nicosia	Request for dissolution by a creditor			10/05/2004
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	339/06 Provincial court of Nicosia	Request for dissolution by a creditor			11/07/2006
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	300/07 Provincial court of Nicosia	Request for dissolution by a creditor		-	09/07/2007
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	237/04 Provincial court of Nicosia	Request for dissolution by a creditor			19/04/2004
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	389/04 Provincial court of Nicosia	Request for dissolution by a creditor			20/12/2004
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	8/08 Provincial court of Nicosia	Request for dissolution by a creditor	0.00 EUR	Social Insurance	10/12/2008
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	252/09 Provincial court of Nicosia	Request for dissolution by a creditor		-	14/04/2009
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	390/04 Provincial court of Nicosia	Request for dissolution by a creditor			15/12/2004
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	396/04 Provincial court of Nicosia	Request for dissolution by a creditor			01/07/2004
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	722/10 Provincial court of Nicosia	Request for dissolution by a creditor		-	27/09/2010
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	75/2009 Provincial court of Nicosia	Request for dissolution by a creditor		-	05/02/2009
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	373/04 Provincial court of Nicosia	Request for dissolution by a creditor			17/12/2004
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	501/04 Provincial court of Nicosia	Request for dissolution by a creditor			28/02/2005
NEW MARATHON TOURS PUBLIC CO LIMITED	C34457	722/10 Provincial court of Nicosia	Notice of Liquidation Order		-	21/01/2011
S & P CATERING ENTERPRISES LIMITED	C63152	02KEO	Unpaid bills	8567.60 EUR	-	24/11/2008
WHITE KNIGHT HOLDINGS LIMITED	C80209	774/2010 Provincial court of Nicosia	Request for dissolution by a creditor		-	15/10/2010

Financial statements

Corporate financial statement

Financial Figures are Individual

Balance Sheet	December 2011	December 2010	December 2009
	EUR	EUR	EUR

FIXED ASSETS
Property, plant and equipment	1,524,866	1,565,974	1,012,966
Intangible assets	425	301	3,332
Investment property	1,460,001	1,460,000	1,430,000
Investment in associates	504,700	504,701	483,242
Total fixed assets	3,489,992	3,530,976	2,929,540
CURRENT ASSETS
Inventories	2,442,850	2,984,078	2,913,022
Trade and other receivables	6,538,318	6,980,625	6,039,908
Other financial assets at fair value through profit or loss	17,275	32,035	36,353
Cash and cash equivalents	5,224	539	4,977
Total current assets	9,003,667	9,997,277	8,994,260
Total assets	12,493,659	13,528,253	11,923,800
CAPITAL AND RESERVES
Share capital	1,231,200	1,231,200	1,231,200
Reserves	578,902		-39,341
Other reserves		785,465	361,551
Retained earnings		62,846
Total equity	1,810,102	2,079,511	1,553,410
LONG-TERM LIABILITIES
Long-term Borrowings	2,203,673	2,586,346	2,801,882
Deferred income tax liabilities	327,975	334,981	231,387
Total long-term liabilities	2,531,648	2,921,327	3,033,269
CURRENT LIABILITIES
Trade and other payables	5,992,263	6,690,628	5,422,070
Current income tax liabilities	132,657	1,836,787	90,579
Bank overdraft	1,613,604		1,380,203
Borrowings			444,269
Current Installments	413,385
Total Current Liabilities	8,151,909	8,527,415	7,337,121
Total liabilities	10,683,557	11,448,742	10,370,390
Total equity and liabilities	12,493,659	13,528,253	11,923,800

Profit/Loss Account	December 2011	December 2010	December 2009
	EUR	EUR	EUR

Sales	14,034,996	13,541,930	12,197,532
Cost of goods sold	11,349,360	10,619,858	9,177,911
Gross profit	2,685,636	2,922,072	3,019,621
Other Operating income	44,554	65,531	10,262
Selling and distribution expenses	1,337,380	1,338,353	1,325,097
Administrative expenses	804,174	838,022	802,488
Other expenses	12,960	588,955
OPERATING PROFIT/LOSS	575,676	222,273	902,298
OtherExpenses			266,138
Finance costs	504,406		424,471
Profit/Loss before income tax	71,270	222,273	211,689
Income tax expense	37,774	3,987	93,888
Profit/Loss for the year	33,496	218,286	117,801

Key Ratios	December 2011		December 2010	December 2009
	EUR		EUR	EUR
PROFITABILITY RATIOS
Gross Profit margin on sales		0.19	0.22	0.25
Return on assets (ROA)		0	0.02	0.01
LIQUIDITY RATIOS
Current Ratio		1.1	1.17	1.23
TURNOVER RATIOS
Sales to Net Working Capital Ratio		16.48	9.21	7.36
Total assets turnover (times)		1.12	1	1.02

Additional Information

MAIN SOURCES OF INFORMATION

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 in the import, local purchase, wholesale trade, Export(10% of production) and distribution of raw materials and ingredients for the bakery and confectionery industry, food products for the retail market, raw materials and aids for hotels, catering and food industry. The subject is a leading trader and distributor in Cyprus.

We contacted the company in question, where we talked with Mr Andreas Panayi, company financial controller, who confirmed the above information regarding the subject and also promised to provide us with the draft financial statements for the year 2012.

Please note that, financial statements for the year 2011 are draft.

A check against our records revealed that no negative payment incidents against Subject Company, such as unpaid invoices, dishonoured cheques and utility bills, bankruptcies exist etc.

COUNTRY DEVELOPMENTS:

The Eurozone struck a dealon Saturday (16.03.2013) to hand Cyprus a bailout worth €10 billion, but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risks of a wider bank run.

Cyprus becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help in the wake of the region's debt crisis.

In a radical departure from previous aid packages, Eurozone ministers forced Cyprus' savers, almost half of whom are believed to be non-resident Russians, to pay up to 10 per cent of their deposits to raise almost €6 billion.

Without a rescue, Cyprus would default and threaten to unravel investor confidence in the euro zone that has been fostered by the European Central Bank's promise last year to do whatever it takes to shore up the currency bloc. The bailout was smaller than initially expected and is mainly needed to recapitalize the island's banks that were hit by a sovereign debt restructuring in Greece. Banks in Cyprus will be shut on Tuesday and Wednesday (19.03.2013 and 20.03.2013) pending a decision by parliament to approve a levy on bank depositors. In return for emergency loans, Cyprus also agreed to increase its corporate tax rate by 2.5 percentage points to 12.5 per cent.

Cyprus's parliament is set to reject the proposed package in a vote scheduled for Tuesday 19.03.2013, pushing the island closer to a debt default and banking collapse (End of Country Developments).

Contact Information

Name: Mr Andreas Panayi

Quality: company Area: financial

Title: controller

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.33
UK Pound	1	Rs.83.17
Euro	1	Rs.71.05

INFORMATION DETAILS

Report Prepared by :

MNL

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.