MIRA INFORM REPORT

Report Date :

24.12.2008

IDENTIFICATION DETAILS

Name :	CAPRIZO LIMITED
Registered Office :	Nicosia Tower Centre, 8th Floor, Apt 801, 36, Vyronos Avenue Nicosia 1096 Nicosia
Country :	Cyprus
Year of Establishment :	2005
Com. Reg. No.:	C165960 Nicosia
Legal Form :	Private Limited Liability Company / International Business Company
Line of Business :	Investors Metals Service Centers and Offices

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Offshore Company
Payment Behaviour :	Unknown
Litigation :	Clear

NAME & ADDRESS

Correct Registered Name:

CAPRIZO LIMITED

Address:

Nicosia Tower Centre, 8th Floor, Apt 801, 36, Vyronos Avenue Nicosia 1096 Nicosia CYPRUS

P.O.Box:

21341 - 1506 Nicosia

Telephone:

+357-22677000 +357-22456000

Fax:	+357-22670040

Email:

sarrilaw@spidernet.com.cy (Correspondence E-mail)

Web:	www.sarris.com.cy (Correspondence Web-page)

PAYMENT: Unknown

COMMERCIAL MORALITY:

Unknown Given that the present is an International Business Company - IBC (Offshore Company) and most of its activities are carried out outside Cyprus, coupled with the fact that no further detailed financial information is available, we feel unable to express a safe and reliable opinion on their creditability and commercial morality of the subject.

FINANCIAL STRENGTH:

Unknown

LEGAL STATUS

Legal Form:

Private Limited Liability Company / International Business Company (IBC) (offshore) The term International Business Company came to substitute the term offshore company. Following the latest changes in the Cyprus Tax laws, a Cyprus registered company is taxed at 10% on its net profits provided that the company has management and control in Cyprus. An IBC must submit accounts with the Tax authorities and the Registrar of Companies. An IBC may be operated from abroad or may have a fully-fledged office in Cyprus.

Date of foundation:

2005

Registration number and city:

C165960 Nicosia

Registration date:

28.09.2005

Registration status: 2005 - registered company
Activity status: 2005 - active company

PRINCIPALS

SHAREHOLDERS:

Full Name	Personal ID	Function	Nationality	EQUITY	Address
SELESTA HOLDING CO LIMITED REGISTRATION: No. C149947, 28.09.2005, Nicosia, CYPRUS		Shareholder		100.00% 1,000 Ordinary	Nicosia Tower Centre, 8th Floor, Apt 801, 36, Vyronos Avenue Nicosia 1506 Nicosia CYPRUS

MANAGEMENT

Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Kyriakos Kyriakou	792411	31	Director	CYPRUS	Not Disclosed	Not Disclosed	3A, Dionisiou street Nicosia 2060 Strovolos CYPRUS
Ms. Christina Sarri	782678		Director / Secretary	CYPRUS	Degree in Law	Not Disclosed	Nicosia Tower Center, 8th Floor, Apt. 8, 36, Vyronos Avenue Nicosia 1096 Nicosia CYPRUS

ACTIVITIES

General Traders

OPERATIONS:

SIC   main activity   6799 Investors, NEC (commodity contract trading companies)   5051 Metals Service Centers and Offices Territory: 100% International According to the article of association, the company in question was established in order to get involved with the purchase and trade of various steel products. However, this was not confirmed. Of course, the article makes provision of other activities as well. This is an International Business Company. Business Activities Stainless Steel Stockiest Steel and Steel Products Trading Non Ferrous Metal Trading Steel and Basic Steel Products Trading Iron and Steel Products Trading Industry Classifications - NAICS » Iron and Steel Mills and Ferroalloy Manufacturing » Metal Service Centers and Other Metal Merchant Wholesalers Detailed Description of Industry Classifications Iron and Steel Mills and Ferroalloy Manufacturing NAICS # 3311 | Metal Service Centers and Other Metal Merchant Wholesalers NAICS # 42351 | This industry comprises establishments primarily engaged in the merchant wholesale distribution of products of the primary metals industries. Service centers maintain inventory and may perform functions, such as sawing, shearing, bending, leveling, cleaning, or edging, on a custom basis as part of sales transactions. Merchant wholesale distribution of gold, silver, and platinum--are classified in Industry 423940, Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers; Merchant wholesale distribution of automotive, industrial, and other recyclable metal scrap--are classified in Industry 423930, Recyclable Material Merchant Wholesalers; and Merchant wholesale distribution of insulated wire--are classified in Industry 423610, Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers.

MOTOR VEHICLES:

Non Retrievable.

IMPORTS:

Non Retrievable.

EXPORTS:

Non Retrievable.

AGENCIES:

Non Retrievable.

TRADE SUPPLIERS:

Non Retrievable.

NUMBER OF EMPLOYEES:

2 The company does not maintain offices of its own in Cyprus. Under these circumstances no staff is employed. In such cases, companies utilize staff (2-3 people) from their auditors or lawyers or consultants' offices.

DESCRIPTION OF PREMISES

HEADQUARTERS:

The company does not maintain offices of its own in Cyprus. The address given above is the company's Registered Address, which is also the company's Official Correspondence Address.

BRANCHES:

Non Retrievable.

RELATED COMPANIES

Parent Company
SELESTA HOLDING CO LIMITED , CYPRUS

"Selesta Holdings Co Limited" - This is stated to be the Parent Company of the subject. However, we have the impression that this is an in-house firm which is used from the subject correspondence - legal firm Polakis Sarris & Co for the registration of International Business Companies.

BANKERS

Non Retrievable.

PRESS

29.09.2008, No press / media available at present.

SHARE CAPITAL

Registered capital:		EUR 1,710.00	since 01.01.2008
Number of Ordinary:		1,000
Value per share of Ordinary:		EUR 1.71
Issued capital:		EUR 1,710.00	since 01.01.2008
Number of	Ordinary:	1000
Value per share of	Ordinary:	EUR 1.71
Paid-up capital:		EUR 1,710.00	since 01.01.2008
of which paid in cash:		EUR 1,710.00

CHARGES

None in current years

GENERAL COMMENTS

The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 29.09.2005. According to the company's Articles of Association, the company was established in order to deal with the purchase and trade of various steel products. However, this information has not been confirmed. Of course the Articles make provision for other activities as well.

IBC companies, being covered by the law of confidentiality, may use nominee shareholders that hold the shares in trust for beneficial owners. Until recently beneficial owners were made known only to the Central Bank of the Republic of Cyprus that used to grant the permission for the company’s registration in Cyprus. After Cyprus accession in the EU this practice changed. Beneficial owners of an IBC are now known to the Lawyers and / or Auditors that undertake the registration of such companies in Cyprus.

In the past IBC’s (ex offshore companies & offshore branches) used to be benefited from a corporation tax rate on their profits of 4.25%. However, according to new tax legislation which has been in effect as of 1st January 2003, there is no longer a distinction between local companies and International Business Companies (IBC’s) and thus, the net profits of all companies registered in Cyprus are taxed at the rate of 10%.

Further more, in the past the law required the IBC’s (ex offshore companies & offshore branches), beneficial owners to be non-Cypriot residents and the business activities to be carried out, outside Cyprus only. Currently, this law has changed. IBC entities may have activities worldwide, including Cyprus. However, in order for an IBC entity to have activities locally, their Memorandum and Articles of Association should provide for that. Most of the IBC entities that were registered before the change of the law have already proceeded with the amendments in their Memorandum and Articles of Association.

We contacted the company’s correspondence (Legal firm Polakis Sarris & Co) and talked to Ms Chrystalla Giallourou who confirmed that the subject is their client and an International Business Company that does not maintain offices of its own in Cyprus. However, she could not provide further details due to confidentiality reasons. A written questionnaire was also send in order to forward it to the company in question for us. There was no reply up to now.

Contact Person:

Ms Chrystalla Giallourou

Position:

Correspondence Official

Contact Tel.No.:

+357 22456000

CYPRUS-FACTS AND FIGURES
Population: 792,604
Area: 9,251 SQ KM (about 35.4 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): $36.53 Billion	GDP - Composition by Sector:
GDP (Official Exchange Rate):$21.3 Billion	Agriculture: 2.7%
GDP - Real Growth Rate:4.4%	Industry: 19.2%
GDP - Per Capita (PPP): $46,900	Services: 78%

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.
Erratic growth rates over the past decade reflect the economy's reliance on tourism.
The economy in the area under government control grew by an average of 3.6% per year during the period of 2000-06, well above the EU average.

Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the Euro as its national currency on 1 January 2008.

LAST UPDATED: JUNE 2008

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.99
UK Pound	1	Rs.72.49
Euro	1	Rs.68.44

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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