MIRA INFORM REPORT

Report Date :

30.12.2011

IDENTIFICATION DETAILS

Name :	ELIASCO TRADING LIMITED
Registered Office :	Nafi, Petrou & Pavlou, 31, Gropius Street, 3076 Limassol
Country :	Cyprus
Date of Incorporation :	27.01.2005
Com. Reg. No.:	C156908 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers & Importers & Wholesalers of Plastics Product
No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Cyprus	b1	b1

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

Company Name & Address

NAME INQUIRED UNDER:

Eliasco Trading Limited

Correct Registered Name:

ELIASCO TRADING LIMITED

Address:

Nafi, Petrou & Pavlou, 31, Gropius Street 3076 Limassol CYPRUS

Telephone:

+357-99549999 357-99-549999

Fax:	+357-25586528

Email:

m.r.eliasco@cytanet.com.cy

Web:	Not Applicable

Business address:

Nafi, Petrou & Pavlou, 31, Gropius Street 3076 Limassol CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Comment:

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.

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 company’s 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).

Registration number and city:

C156908 Nicosia

Registration date:

27.01.2005

Company Status

Registration status: 27.01.2005 - registered company
Activity status: 27.01.2005 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Mansour Rachid Nemr	Pass: 0562000	Shareholder	LEBANON	100.00% 1,000 Ordinary	Petrou & Pavlou, 31, Gropious Street 3076 Limassol CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Mansour Rachid Nemr	Pass: 0562000		Director	LEBANON	Non Retrievable	Non Retrievable	Petrou & Pavlou, 31, Gropious Street 3076 Limassol CYPRUS
Ms. Ainta Farach	1209120		Secretary	LEBANON	Non Retrievable	Non Retrievable	Petrou & Pavlou, 31, Gropious Street 3076 Limassol CYPRUS

ADDITIONAL INFORMATION ON DIRECTOR/SHAREHOLDER:

Please note that the address of Mr Mansour Rachid Nemr in Lebanon, according to the official coumpanies' registrar is: 34, Rmeilh El Chouf, Nemr Bldg, 1st Floor (Mount Lebanon) 03/782569, Lebanon.

Activities

Activities:

Manufacturers & Importers & Wholesalers

Operations:

SIC   main activity   3089 Plastics Product, NEC (plastics sausage casings)   5999 Miscellaneous Retail Stores, NEC (typewriters and telephones) The company in question deals with the import, manufacture and trade of plastic bag, foam, container etc. and raw materials for plastic. Some of the subject's main clients are: ESEL - SPOLP LIMITED PRANOVIA LTD MORPACK (CYPRUS) LIMITED  KEAN SOFT DRINKS LIMITED YIANNOU PLAST TRADING LIMITED LORDOS PLASTICS LIMITED. Reportedly, the company's sales payment terms are 45-90 days postdated checks. Business Activities Plastics and Plastic Products Manufacturers and Suppliers Industry Classifications - NAICS  » Plastics Product Manufacturing NAICS # 3261

Motor Vehicles

Not Applicable

Imports

LEBANON
Payment terms: 
O/A (Open Account) 120 days

Exports

Non Retrievable

Agencies

Name	Country	Product
EQUIPLAST SRL	LEBANON

Trade Suppliers

Name	Country	Product
EQUIPLAST SRL	LEBANON

Workforce

Number Of Employees:

2

Description Of Premises

Address:	Petrou & Pavlou, 31, Gropius Street 3076 Limassol CYPRUS
Type of premises:	Premises
Address:	3rd Floor, 243, 28th October Street Limassol CYPRUS
Type of premises:	Previous Registered Address

Headquarters:

The company is operating from the offices of the address given overleaf. Please note that this is also the subject's registered address.

Branches:

The subject maintains a warehouse at Ypsonas Area, Limassol, which is shared with its affiliated company, 3MC RECYCLING LTD. Reportedly, in April 2012, will open a new warehouse in Agios Sylas Industrial Area in Limassol.

Related Companies

Affiliated Company
3MC RECYCLING LTD , CYPRUS

*PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

"3MC RECYCLING LTD” - Affiliated company, registered in Cyprus on 04.10.2010 with registration number C274674.

Bankers

BANK OF CYPRUS PUBLIC COMPANY LIMITED
1 Saripolos Street, Limassol, Cyprus, Tel: 357 25155000.


Account numbers are not disclosed.

Reportedly an overdraft facility is available and utilised.

Press

30.12.2011, No press / media available at present.

Share Capital

Registered capital:	EUR 8,550.00 since 01.01.2008
Number of Ordinary:	5,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 8,550.00 since 01.01.2008
Number of Ordinary:	5000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 8,550.00 since 01.01.2008

Charges

None in current years

GENERAL COMMENTS

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 company in question deals with the import, manufacture and trade of plastic bag, foam, container etc. and raw materials for plastic.

We contacted the company in question, where we talked with Mr Mansour Rachd Nemr, company director, who provided us with the above information regarding the subject. In addition, Mr Mansour requested a written questionnaire in order to provide us with the subject's latest financials. However nothing received yet. Should any additional information becomes available we will forward them to you as soon as possible.

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

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:

Telephone number:

357 99 549999

Mr Mansour Rachid Nemr (Company director)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.27
UK Pound	1	Rs.82.09
Euro	1	Rs.68.90

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%)

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

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