MIRA INFORM REPORT

Report Date :

07.01.2013

IDENTIFICATION DETAILS

Name :	KALLAS PAPADOPOULOS CYPRUS LTD
Registered Office :	8 Evristhea, Industrial Area Agiou Syla, Ypsonas, 4193, Limassol
Country :	Cyprus
Date of Incorporation :	17.04.2012
Com. Reg. No.:	C304721
Legal Form :	Limited Company
Line of Business :	Import and trade of food raw materials for confectionery, dairy products, chocolate, biscuits, ice creams, bakery, charcuterie, catering etc
No. of Employees :	4 Employees

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Status :	New Business
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 – 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	KALLAS PAPADOPOULOS CYPRUS LTD
English Name	KALLAS PAPADOPOULOS CYPRUS LTD
Registered Address	8 Evristhea, Industrial Area Agiou Syla, Ypsonas, 4193, Limassol, Cyprus
Headquarters:	8 Evristhea, Industrial Area Agiou Syla, Ypsonas, 4193, Limassol, Cyprus
Telephone	+35725714585
Fax	+35725714595
E-mail	kallaspap@cytanet.com.cy
Web Site	www.kallas-pap.com (Parent Web-site)
Legal Type	Limited Company
Registration No	C304721	Registration Date	17/04/2012
Start Date	17/04/2012	Years of Operation:	1
Last return	17/04/2012
CINFO ID:	CYC23311894

Summary

Employees	January 2013
	Company
Total Number	4

Payment

Assessment:
Payment Habits:	No complaints	A check against all available information sources revealed that no late payment incidents against Subject Company exist.
Commercial morality	Too Early To Comment
Financial strength	Too Early To Comment	Given the fact that the company is newly established, we feel unable to express a safe and reliable opinion on their creditability and payment.

Capital

Authorized Capital	500,000.00	EUR	Issued Capital	0.00	EUR
Nominal No Of Shares	500,000.00		Issued No Of Shares	500,000.00
Nominal value	1.00	EUR	Paid Up	500,000.00	EUR

Corporate Structure

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

MICHAILIDIS AVGOUSTINOS

Director / Secretary

(-)

17/04/2012

No

8 Evristheas, Agiou Syla Industrial Area, Ypsonas, Limassol, 4193, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Secretary

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

MICHAILIDIS AVGOUSTINOS

Director / Secretary

(-)

17/04/2012

No

8 Evristheas, Agiou Syla Industrial Area, Ypsonas, Limassol, 4193, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

KALLAS - PAPADOPOULOS A.E.E.

-

500000

100

-

-

-

13 Filippou Damianou, Acharnai, 13671, Greece

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Operation

Activity Code		Description
NACE 1.1	51.9	Other wholesale
NACE 1.1	52.12	Other retail sale in non-specialized stores

Line of Business

The subject in question deals with the import and trade of food raw materials for confectionery, dairy products, chocolate, biscuits, ice creams, bakery, charcuterie, catering etc. Subject does not export.

Confectionery Merchant Wholesalers NAICS #42445

Subject has 3 vehicles including: 2 trucks; 1 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
Belgium, Germany, India, Italy, Netherlands, Romania

Import Terms	Percentage
Special agreements

Banks

BANK OF CYPRUS PUBLIC COMPANY LIMITED

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

Affiliates and Subsidiaries	Relation	Year Reg.
KALLAS - PAPADOPOULOS A.E.E.	Parent Company
13 Filippou Damianou, Acharnai, 13671, Greece

Charges

No	Date registered	Date prepared	Type	Description/No	Amount	Sequence	Beneficiary
0	N/A	N/A	N/A	N/A	N/A	N/A	No charges found

	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 subject in question deals with the import and trade of food raw materials for confectionery, dairy products, chocolate, biscuits, ice creams, bakery, charcuterie, catering etc.

The information provided was obtained from the Official Companies Registrar and from a previous interview with Mr. Avgousinos Michaelides Company Director.

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

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:	Not Disclosed
Quality:	company
Title:	official
Couldn't supply
Any info

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.84
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

INFORMATION DETAILS

Report Prepared by :

NLM

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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