MIRA INFORM REPORT

Report Date :

05.08.2013

IDENTIFICATION DETAILS

Name :	AFOI I. CHATZIGIANNAKOU LIMITED
Registered Office :	79 Theokritou, Athienou, 7600, Larnaka,
Country :	Cyprus
Date of Incorporation :	04.05.1984
Com. Reg. No.:	C21926
Legal Form :	Limited Company
Line of Business :	Subject involved in the Farming and Agricultural Activities.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Cyprus	B2	B2

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 can fluctuate 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 anemic growth in 2010-11 before contracting again by 2.3% in 2012. Serious problems surfaced in the Cypriot financial sector in early 2011 as the Greek fiscal crisis and euro zone debt crisis deepened. Cyprus's borrowing costs have risen steadily because of its exposure to Greek debt. 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. Cyprus experienced numerous downgrades of its credit rating in 2012 and has been cut off from international money markets. The Cypriot economy contracted in 2012 following the writedown of Greek bonds. A liquidity squeeze is choking the financial sector and the real economy as many global investors are uncertain the Cypriot economy can weather the EU crisis. The budget deficit rose to 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 implemented measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits, and trimmed the deficit to 4.2% of GDP in 2012. In July, Nicosia became the fifth euro zone government to request an economic bailout program from the European Commission, the European Central Bank, and the International Monetary Fund - known collectively as the "Troika". Negotiations over the final details of the plan are ongoing.

Source : CIA

Basic Information

Registered Name	Α/ΦΟΙ Ι. ΧΑΤΖΗΓΙΑΝΝΑΚΟΥ ΛΙΜΙΤΕΔ
English Name	A/FOI I. CHATZIGIANNAKOU LIMITED
Registered Address	79 Theokritou, Athienou, 7600, Larnaka, Cyprus
Headquarters:	79 Theokritou, Athienou, 7600, Larnaka, Cyprus
Telephone	+35724522079
E-mail	Non Retrievable
Web Site	Non Retrievable
Legal Type	Limited Company
Registration No	C21926	Registration Date	04/05/1984
Status	Registered and operational
Start Date	04/05/1984	Years of Operation:	29
Last annual report	31/12/1998	Latest Annual Account Date	01/12/2006
Last return	30/10/2012	Tax Reg No:	VAT: CY10021926X
CINFO ID:	CYC11583939

Summary
Employees	August 2013
	Company
Total Number	Not Available
Financial Summary	December 2006	December 2005
	CYP	CYP
Revenue Sales	604,602.00	746,297.00
Pre Tax Profit	146,523.00	-29,623.00
Working Capital	283,880.00	-345,488.00
Total Equity	-175,723.00	-318,900.00
Long Term Debts	717,582.00	715,910.00
Trend
Additional Info:
Legal Advisor: KOURTIS KYRIAKOS, 1, Zinonos Kitieos, Larnaka Correspondence: P. KALOPETRIDES & CO (LARNAKA) LTD, 89E, Panagioti Koumeni, Apt. 24 + 25, Lykavitos Bldg., Athienou, 7600, Larnaka, Tel.: 24811488 Please Note That: CHATZIGIANNAKOU KOSTAS Was Deseaced On 02/04/1999

Payment

Assessment:	Above Average Risk
Payment Habits:	NO COMPLAINTS	A check against all available information sources revealed that no late payment incidents against Subject Company exist.
Commercial morality	Satisfactory
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	Authorized Capital Changed	20000.00 CYP	34200.00 EUR
01/01/2008	Paid Up Capital Changed	8000.00 CYP	13680.00 EUR
01/01/2008	Nominal Values of Shares Changed	1.00 CYP	1.71 EUR

Previous Locations

Headquarters	From:	To:
Athienou, Larnaka, Cyprus,	04/05/1984	01/01/2006

Capital

Authorized Capital	34,200.00	EUR	Issued Capital	13,680.00	EUR
Nominal No Of Shares	20,000.00		Issued No Of Shares	8,000.00
Nominal value	1.71	EUR	Paid Up	13,680.00	EUR

Corporate Structure

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

CHATZIGIANNAKOU I. ANDREAS

Director

554384(ID)

Farmer

56

04/05/1984

No

79 Theokritou, Athienou, 7600, Larnaka, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

CHATZIGIANNAKOU I. LOUKAS

Director

500708(ID)

Farmer

61

04/05/1984

Yes

79 Theokritou, Athienou, 7600, Larnaka, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	ETAIREIA AVGOPARAGOGON KYPROU LIMITED	14/10/2003	C142038	Registered and operational	Director	29/09/2009

Other Shareholding:

No Information Found

Secretary

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

CHATZIGIANNAKOU KONSTANTINOS

Company Secretary

846497(ID)

Businessman

30

01/10/2009

No

79 Theokritou, Athienou, 7600, Larnaka, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

CHATZIGIANNAKOU I. LOUKAS

500708(ID)

CYPRIOT

6850

85.62500

-

-

-

79 Theokritou, Athienou, 7600, Larnaka, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	ETAIREIA AVGOPARAGOGON KYPROU LIMITED	14/10/2003	C142038	Registered and operational	Director	29/09/2009

Other Shareholding:

No Information Found

CHATZIGIANNAKOU K. MARIA

577226(ID)

CYPRIOT

1050

13.12500

-

-

-

79 Theokritou, Athienou, 7600, Larnaka, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

CHATZIGIANNAKOU L. KYRIAKI

623448(ID)

CYPRIOT

100

1.25000

-

-

-

79 Theokritou, Athienou, 7600, Larnaka, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Operation

Activity Code		Description
NACE 2.1	0150	Mixed farming - This class includes the combined production of crops and animals without a specialised production of crops or animals. The size of the overall farming operation is not a determining factor. If either production of crops or animals in a given unit is 66% or more of standard gross margins, the combined activity should not be included here, but allocated to crop or animal farming. - - This class excludes: - mixed crop farming, see groups 01.1 and 01.2 - mixed animal farming, see group 01.4

Line of Business

The company in question was established in order to get involved in the farming and agricultural activities.

The subject maintains a chicken farm in Athienou farming Area for the production of eggs which are sold to the local market.

Please note that the registered name of the company is written in GREEK letters.

All Other Animal Production (NAICS #11299)

Export to		Percentage
Comments	Non Retrievable

Import from		Percentage
Comments	Non Retrievable

Premises
		Type	Headquarters
Address:	79 Theokritou, Athienou, 7600, Larnaka, Cyprus
Headquarters comprise of	Offices, Farm

Affiliates and Subsidiaries	Relation	Year Reg.
ETAIREIA AVGOPARAGOGON KYPROU LIMITED	Affiliate	2003
10 Dimosthenous, Yiannis Maria Bldg, Apt. 206, Larnaka, Cyprus

Charges

No	Date registered	Date prepared	Type	Description/No	Amount	Sequence	Beneficiary
1	08/09/2010	02/09/2010	Floating Charge on all Company's Assets		200,000.00 EUR	-	Laiki Factors Limited
2	12/03/2007	07/03/2007	Floating Charge on all Company's Assets		940,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd
3	12/03/2007	07/03/2007	Mortgage	Y1421/07	115,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd
4	12/03/2007	07/03/2007	Mortgage	Y1426/07	30,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd
5	12/03/2007	07/03/2007	Mortgage	Y1440/07	380,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd
6	09/04/2003	08/04/2003	Floating Charge on all Company's Assets		50,000.00 CYP	-	Laiki Factors Limited
7	10/09/2002	08/08/2002	Floating Charge on all Company's Assets		40,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd
8	21/03/2002	13/03/2002	Fixed Charge on the Company's Motor Vehicle		25,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd
9	26/04/2001	20/04/2001	Mortgage	Y1182/01	23,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd
10	04/04/2001	23/03/2001	Mortgage	Y922/01	19,500.00 CYP	-	Cyprus Popular Bank Public Co Ltd
11	23/12/1988	13/12/1988	Mortgage	Y2879/88	6,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd
12	03/07/1987	20/02/1987	Mortgage	Y330/87	6,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd

	Total Number	Total Amount (EUR)
Floating Charge on all Company's Assets	4	1,959,859.48
Mortgage	7	990,134.54
Fixed Charge on the Company's Motor Vehicle	1	42,715.04
TOTAL CHARGES	12	2,992,709.06

Negatives

No negative data

Financial Statement

Corporate financial statement

Balance Sheet

December 2006

December 2005

CYP

CYP

FIXED ASSETS
Property, plant and equipment	243,308	725,541
Deferred income tax assets	14,671	16,957
Total fixed assets	257,979	742,498
CURRENT ASSETS
Inventories	312,145	257,035
Debtors	420,085	401,300
Cash and cash equivalents	41,032	11,491
Total current assets	773,262	669,826
Total assets	1,031,241	1,412,324
CAPITAL AND RESERVES
Share capital	8,000	8,000
Reserves	-33,200	-33,200
Other reserves	-150,523	-293,700
Total equity	-175,723	-318,900
LONG-TERM LIABILITIES
Long-term Borrowings	717,582	715,910
Total long-term liabilities	717,582	715,910
CURRENT LIABILITIES
Trade and other payables	34,778	93,314
Current income tax liabilities	8,460	7,400
Bank overdraft	124,562	455,813
Derivative financial instruments	321,582	458,787
Total Current Liabilities	489,382	1,015,314
Total liabilities	1,206,964	1,731,224
Total equity and liabilities	1,031,241	1,412,324

Profit/Loss Account

December 2006

December 2005

CYP

CYP

Sales	604,602	746,297
Cost of goods sold	-431,475	-571,714
Gross profit	173,127	174,583
Other Operating income	163,689	42,868
Selling and distribution expenses	-67,553	-81,164
Administrative expenses	-51,017	-61,595
OPERATING PROFIT/LOSS	218,246	74,692
Finance costs	-71,723	-104,315
Profit/Loss before income tax	146,523	-29,623
Income tax expense	-3,346	436
Profit/Loss for the year	143,177	-29,187

Key Ratios

December 2006

December 2005

PROFITABILITY RATIOS
Gross Profit margin on sales	0.29	0.23
Return on assets (ROA)	0.24	-0.04
LIQUIDITY RATIOS
Current Ratio	1.58	0.66
TURNOVER RATIOS
Sales to Net Working Capital Ratio	2.13	-2.16
Total assets turnover (times)	0.59	0.53

Balance Sheet

December 2006

December 2005

EUR

EUR

EUR

FIXED ASSETS
Property, plant and equipment	415,716.4	1,239,660.4
Deferred income tax assets	25,066.89	28,972.75
Total fixed assets	440,783.29	1,268,633.15
CURRENT ASSETS
Inventories	533,331.4	439,170.37
Debtors	717,757.84	685,661.76
Cash and cash equivalents	70,107.33	19,633.54
Total current assets	1,321,196.57	1,144,465.67
Total assets	1,761,979.86	2,413,098.82
CAPITAL AND RESERVES
Share capital	13,668.81	13,668.81
Reserves	-56,725.57	-56,725.57
Other reserves	-257,183.81	-501,816.24
Total equity	-300,240.57	-544,873
LONG-TERM LIABILITIES
Long-term Borrowings	1,226,061.64	1,223,204.86
Total long-term liabilities	1,226,061.64	1,223,204.86
CURRENT LIABILITIES
Trade and other payables	59,421.74	159,436.43
Current income tax liabilities	14,454.77	12,643.65
Bank overdraft	212,826.81	778,802.75
Derivative financial instruments	549,455.47	783,884.13
Total Current Liabilities	836,158.79	1,734,766.96
Total liabilities	2,062,220.43	2,957,971.82
Total equity and liabilities	1,761,979.86	2,413,098.82

Profit/Loss Account

December 2006

December 2005

EUR

EUR

EUR

Sales	1,033,023.85	1,275,124.13
Cost of goods sold	-737,218.81	-976,831.36
Gross profit	295,805.04	298,292.77
Other Operating income	279,679.26	73,244.33
Selling and distribution expenses	-115,421.15	-138,676.93
Administrative expenses	-87,167.72	-105,241.31
OPERATING PROFIT/LOSS	372,895.43	127,618.86
Finance costs	-122,546.02	-178,232.76
Profit/Loss before income tax	250,349.41	-50,613.9
Income tax expense	-5,716.98	744.95
Profit/Loss for the year	244,632.43	-49,868.95

Key Ratios

December 2006

December 2005

PROFITABILITY RATIOS
Gross Profit margin on sales	0.29	0.23
Return on assets (ROA)	0.24	-0.04
LIQUIDITY RATIOS
Current Ratio	1.58	0.66
TURNOVER RATIOS
Sales to Net Working Capital Ratio	2.13	-2.16
Total assets turnover (times)	0.59	0.53

Additional Information

We tried to contact with the company in question but our efforts were unsuccessful since there was no answer to our calls. Please note that the information included in the report was obtained from the Official Companies' Registrar and desk research.

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 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 deal on 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).

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. Local Correspondent Negative Record Database

viii. Relationship/Directorship Search through Local Correspondent Database

Contact Information

Attempts to contact an official were unsuccessful

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.80
UK Pound	1	Rs.91.95
Euro	1	Rs.80.36

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%)

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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.