MIRA INFORM REPORT

Report Date :

29.05.2014

IDENTIFICATION DETAILS

Name :	CHRISTOFOROS SOTERIOU LIMITED
Registered Office :	11 Tripoleos Street, 2024 Nicosia
Country :	Cyprus
Financials (as on) :	2009
Date of Incorporation :	28.12.1992
Com. Reg. No.:	C52930 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Importers & Wholesalers & Distributors of Homefurnishings

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 – September 30, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Cyprus	b1	b1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 have traditionally been the most important sectors. Cyprus has been a member of the European Union (EU) since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 2004 and 2008 averaging about 3%. An overextended banking sector with excessive exposure to Greek debt resulted in a contraction in economic growth. Two of Cyprus' biggest banks were among the largest holders of Greek bonds in Europe and had a substantial presence in Greece through bank branches and subsidiaries. Following numerous downgrades of its credit rating, Cyprus lost access to international capital markets in May 2011. The economy contracted by an accumulated 8.2% between 2009 and 2013 and is not expected to return to positive growth before 2015. Unemployment is currently over 17% and expected to reach 19% in 2014. In July 2012, Cyprus became the fifth eurozone government to request an economic bailout program from the European Commission, European Central Bank and the International Monetary Fund - known collectively as the "Troika". Shortly after the election of President Nicos ANASTASIADES in February 2013, Cyprus faced an economic crisis and agreed with the Troika to a $13 billion bailout that included losses on uninsured bank deposits. The bailout triggered a two-week bank closure and the imposition of capital controls, some of which remained in place through 2014. Cyprus' two largest banks merged and the combined entity was recapitalized through conversion of some large bank deposits to shares and imposition of losses on some bank bondholders. The Troika conditioned the bailout on progress in financial and structural reforms and privatization of state-owned enterprises. Cyprus has downsized and restructured its banking sector significantly. Three positive reviews by the Troika since May 2013 indicate that Cyprus’ bailout program is on track with a fourth review scheduled in May 2014. In October 2013, Cyprus completed preliminary appraisal of hydrocarbon deposits in its territorial waters, which revealed less than anticipated natural gas reserves. Additional exploration drilling is likely to continue in 2014-2015.

Source : CIA

company Name & Address

NAME INQUIRED UNDER:

Christoforos Soteriou Ltd

Correct Registered Name:

CHRISTOFOROS SOTERIOU LIMITED

Address:

11 Tripoleos Street 2024 Nicosia CYPRUS

Telephone:

+357-22311971 357-22-311971

Fax:	+357-22314926

Email:

info@csoteriou.com

Web:	www.csoteriou.com

Business address:

11 Tripoleos Street 2024 Nicosia CYPRUS

Summary of Ratings

Maximum Credit: EUR 52,000.00

Payment

PAYMENT HABITS:

No Complaints

Comment:

A check against all available information sources revealed that no late payment incidents against Subject Company exist.

Good For Amount & Terms Of Inquiry:

Too high its safer to split the amount in two lots.

Commercial Morality:

Moderate

Financial Strength:

Moderate

Legal Status

Legal Form:

Private Limited Liability Company Private Limited Liability Company: It is incorporated by one or more individuals or companies (maximum: 50). It is managed by a board of directors consisted of minimum two individuals or juridical persons. Capital is required. The shareholders are liable for the companys debts to the extent of their respective interests in the capital. Its shares are not to be sold through public subscription. Private Limited Liability companies are obliged to file their accounts with the Registrar of Companies (Company Registry).

Date of foundation:

01.01.1967

Registration number and city:

C52930 Nicosia

Registration date:

28.12.1992

National ID: C52930

Registration status: 28.12.1992 - registered company
Activity status: 1992 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Petros Soteriou	671353	Shareholder	CYPRUS	85.00% 8,500 Ordinary	Lakatamia, 6 Oktavianou Street 2332 Nicosia CYPRUS
Ms. Ourania Soteriou	705029	Shareholder	CYPRUS	15.00% 1,500 Ordinary	Strovolos, 13 Stylianou Lena Street 2019 Nicosia CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Christoforos Soteriou	157408		Director	CYPRUS	Non Retrievable	Non Retrievable	Strovolos, 13 Stylianou Lena Street 2019 Nicosia CYPRUS
Mr. Petros Soteriou	671353		Director / Secretary	CYPRUS	Non Retrievable	Non Retrievable	Lakatamia, 6 Oktavianou Street 2332 Nicosia CYPRUS

Activities

Activities:

Importers & Wholesalers & Distributors

Operations:

SIC   main activity   5023 Homefurnishings (except homefurnishings sold via retail method)   5719 Miscellaneous Homefurnishings Stores (blinds and shades)   5199 Nondurable Goods, NEC (except specialty advertising) The company was established in order to get involved int he import and trade on a wholesale basis of household utensils eg. flatware, Cookware, Dinnerware, Glassware, Kitchenware, Gadgets, Gifts, Premiums, Decoratives and Lamps. Company's activities also include the distribution and promotion imported products. Business Activities Household Implements and Electrical Goods Wholesalers Trading Industry Classifications - NAICS » Home Furnishing Merchant Wholesalers » Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers Detailed Description of Industry Classifications Home Furnishing Merchant Wholesalers NAICS #42322 Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers NAICS #42361

Motor Vehicles

	2011
Number of Vehicles	owned: 14
Total number of vehicles	14

Imports

CHINA, HONG KONG, ITALY, GERMANY, SPAIN, GREECE, SPAIN, PORTUGAL, NETHERLANDS, TAIWAN, PROVINCE OF CHINA, INDONESIA
Payment terms:
O/A (Open Account) 90 days

Exports

The subject does not engage in any export activities.

Agencies

Name	Country	Product
Bormioli Raco	ITALY	glassware
Cari Schmidt	GERMANY	flatware - cookware
T.V.S.	ITALY	non-stick cookware
Rayen	SPAIN	household articles
Eternal	HONG KONG, KOREA, REPUBLIC OF	frames
Delta Group	ITALY	melamine wares
Milikoni	ITALY	general household

Trade Suppliers

Non Retrievable

Workforce

Number Of Employees:

20

Description Of Premises

Address:	11 Tripoleos Street 2024 Nicosia CYPRUS
Type of premises:	Premises

Headquarters:

The company is operating from owned premises, which are located at the address given overleaf. Premises comprised of offices, the showrooms and limited storage space.

Branches:

The subject has one branch in Latsia Village Area. These are warehouse premises.

Related Companies

None.

Bankers

BANK OF CYPRUS PUBLIC COMPANY LIMITED
2002 Nicosia, 51, Stasinou Street, Ayia Paraskevi, Strovolos


Account number is not disclosed.

Press

08.03.2011, No press / media available at present.

Auditors / Accountants

Non Retrievable

Share Capital

Registered capital:	EUR 17,100.00 since 01.01.2008
Number of Ordinary:	10,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 17,100.00 since 01.01.2008
Number of Ordinary:	10000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 17,100.00 since 01.01.2008

Charges

13.05.1993	Floating Charge	CYP 10,000.00	in f/o:Bank of Cyprus Ltd
20.09.1996	Floating Charge	CYP 70,000.00	in f/o:Bank of Cyprus Ltd
17.10.1997	Mortgage	CYP 80,000.00	in f/o:Bank of Cyprus Ltd
16.03.2006	Floating Charge on all Company's Assets	CYP 200,000.00	in f/o:Bank of Cyprus Public Company Limited
24.03.2006	Mortgage	CYP 760,000.00	in f/o:Bank of Cyprus Public Company Limited

Finance

	2009	2008	2007	2003
PROFIT & LOSS
Sales Turnover	2096113 EUR	2337589 EUR	2172305 CYP	900000 CYP
Cost of Sales	-1270639 EUR	-1417429 EUR	-1303324 CYP
Gross Profit	825474 EUR	920160 EUR	868981 CYP
Other Operating Income	3246 EUR	18461 EUR	733 CYP
Selling / Distribution / Promotional Expenses	-445426 EUR	-509069 EUR	-430500 CYP
Administrative Expenses	-230022 EUR	-241278 EUR	-229837 CYP
Operational Profit	153272 EUR	188274 EUR	209377 CYP
Finance Costs	-79681 EUR	-98534 EUR	-69634 CYP
Financial Income	8988 EUR	5868 EUR	3929 CYP
Profit Before Taxation	82579 EUR	95608 EUR	143672 CYP
Corporate Income Tax	-10321 EUR	-11262 EUR	-16724 CYP
Net Profit	72258 EUR	84346 EUR	126948 CYP
BALANCE SHEET
Property, Plant & Equipment	1636550 EUR	1688196 EUR	572962 CYP
Intangible Assets	1715 EUR	7706 EUR
Total Fixed Assets	1638265 EUR	1695902 EUR	572962 CYP
Inventory / Stock	575763 EUR	695714 EUR	160169 CYP
Average Stock				250000 CYP
Trade Debtors (receivables from customer)	1172781 EUR	1247610 EUR	592461 CYP
Cash in Hand & at Bank	17209 EUR	7652 EUR	1607 CYP
Total Current Assets	1765753 EUR	1950976 EUR	754237 CYP
Total Assets	3404018 EUR	3646878 EUR	1327199 CYP
Retained Profit / Earnings) for the year	945616 EUR	963060 EUR	601997 CYP
Total Equity	962716 EUR	980160 EUR	611997 CYP
Long - Term Loans	849866 EUR	897507 EUR	119866 CYP
Trade Creditors	1037065 EUR	1027768 EUR	335322 CYP
Short - Term Borrowings, Loans	553050 EUR	739181 EUR	248418 CYP
Taxation Due	1321 EUR	2262 EUR	11596 CYP
Total Current Liabilities	1591436 EUR	1769211 EUR	595336 CYP
Total Equity & Liabilities	3404018 EUR	2666718 EUR	1327199 CYP
SHARE CAPITAL	17100 EUR	17100 EUR	10000 CYP

Please note that the financial statements were provided by the subject. Figures for 2009 and 2008 are stated in Euro where as figures for 2007 and before are stated in Cyprus Pounds.

Ratios

	2009	2008	2007	2003
Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice Current Assets / Current Liabilities	1.11	1.10	1.27	-
Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good (Current Assets - Inventory) / Current Liabilities	1.11	1.10	1.27	-
Return on assets ( ROA ) Net Profit After Tax / Total assets	0.02	0.02	0.10	-
Return on equity ( ROE ) Net Profit After Tax / Total Equity	0.08	0.09	0.21	-
Return on sales ( ROS ) Net Profit x 100 / Sales Turnover	3.45	3.61	5.84	-
Day's supply in inventory Sales Turnover / Inventory	3.64	3.36	13.56	-
Collection Period Ratio (in days) Accounts Receivable x 365 / Sales Turnover	204.22	194.81	99.55	-
Cash Liquidity Ratio Liquid Assests / Current Liabilities x 100	1.08	0.43	0.27	-
Receivables Ratio (%) Accounts Receivable / Current Liabilities x 100	73.69	70.52	99.52	-
Current Assets Ratio (%) (Current Assets - Accounts Receivable) / Current Liabilities x 100	110.95	110.27	126.69	-
Shareholder Equity Increase Ratio (%) Total Equity / Share Capital x 100	5,629.92	5,731.93	6,119.97	-

GENERAL COMMENTS

The company was established in order to get involved int he import and trade on a wholesale basis of household utensils eg. flatware, Cookware, Dinnerware, Glassware, Kitchenware, Gadgets, Gifts, Premiums, Decoratives and Lamps. Company's activities also include the distribution and promotion imported products.

We contacted the company in question and talked to Mr. Christoforos Soteriou, company director, who confirmed the general details of this report. Moreover, Mr. Soteriou provided us with the subject's latest financial statements.

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.

Sector Analysis:

Retail Sector
The retail and consumer sector is developing rapidly in Cyprus as in Central and Eastern Europe especially following the accession of Cyprus to EU in May 2004. This development has signaled a period of uncertainty for companies in the industry where traditional boundaries that used to define geography, store types, trade channels, trading partners and organizations functions are very volatile. Companies in order to be successful must be able to respond quickly to increased competition and regulatory changes.

Consumers are becoming more demanding and able to shop around in order to pay less. New competitors are continuously entering the market coupled with the impact of e-commerce, smartcard schemes, and parallel importing.
Companies in the sector must rethink their earnings strategies and look to new efficiencies to drive bottom line growth. Maintenance of margins through balancing costs and pricing will remain a challenge in this ever-competitive industry.

PWC
Ref: http://www.pwc.com/extweb/industry.nsf/docid/e3fdd093df3497b88025711400448a3a

Contact Person:

Mrs. Maro Giakoumi

Assistant Manager

Contact information:

Telephone number:

357 22 311971

Mr. Petros Soteriou, company's director

CYPRUS-FACTS AND FIGURES
Population: 1,084,748
Area: 9,251 SQ KM (about 33.4 percent of land is under Turkish control, and a further 1.8 percent forms part of the buffer zone along the cease-fire line.)
Capital: Nicosia
Currency: Euro
Currency Code: EUR

GDP (Purchasing Power Parity): $22.85 Billion	GDP - Composition by Sector:
GDP (Official Exchange Rate):$23.22 Billion	Agriculture: 2.1%
GDP - Real Growth Rate: -0.8%	Industry: 19.%
GDP - Per Capita (PPP): $21,200	Services: 78.9%

Industries:
Tourism, Food And Beverage Processing, Cement And Gypsum Production, Ship Repair And Refurbishment, Textiles, Light Chemicals, Metal Products, Wood, Paper, Stone, And Clay Products.

The area of the republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for 78% of GDP.
Tourism, financial services and real estate are the most important sectors.
Changing growth rates over the past decade reflect the economy's reliance on tourism.
Due to the global crisis, Cyprus economy entered into recession in the middle of 2009. The budget deficit reached the level of 3.5% of GDP, violating EU's budget deficit criteria of no more than 3% of GDP.

Therefore, in order to prevent country's weakening finances, the government intents to implement measures to cut the cost of the state payroll, tax evasion, and amend social benefits.

Last Updated: March 2010

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 59.07
UK Pound	1	Rs. 99.20
Euro	1	Rs. 80.53

INFORMATION DETAILS

Report Prepared by :

DPT

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