MIRA INFORM REPORT

Report Date :

19.02.2011

IDENTIFICATION DETAILS

Name :	NORDCAPE MANAGEMENT LTD.
Registered Office :	Limassol Bay, 13-14, Amathus Street, Limasol
Country :	Cyprus
Date of Incorporation :	28.09.1995
Com. Reg. No.:	C73945 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	General Trader

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	No office in Cyprus
Payment Behaviour :	--
Litigation :	--

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, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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

Correct Registered Name:

NORDCAPE MANAGEMENT LIMITED

Address:

LIMASSOL BAY, 13-14, Amathus Street Limasol CYPRUS

Telephone:

+357-25313500 357-25-313500

Fax:	+357-25314062

Email:

info@stjames.com.cy (Correspondence Email)

Web:	www.stjames.com.cy (Correspodence Website)

Business address:

LIMASSOL BAY, 13-14, Amathus Street Limasol CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Comment:

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

Commercial Morality:

Unable to comment

Financial Strength:

Unable to comment 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 financial strength of the subject.

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 may be operated from abroad or may have a fully-fledged office in Cyprus.

Registration number and city:

C73945 Nicosia

Registration date:

28.09.1995

Former registration name:

VIGOUR ENTERPRISE LIMITED, valid since: 28.09.1995, until: 21.07.2006

Former company names:

VIGOUR ENTERPRISE LIMITED

Company Status

Registration status: 28.09.1995 - registered company
Activity status: 28.09.1995 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Vladislav Safin	M710242	Shareholder	RUSSIAN FEDERATION	100.00% 10,000 Ordinary	9-1-99, Khlopina 194021 Khlopina RUSSIAN FEDERATION

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Giorgos Ioannides	501673	57	Secretary	CYPRUS	Non Retrievable	Non Retrievable	3rd floor, 206, Archbishop Makarios C Avenue Limassol CYPRUS
Mr. Vladislav Safin	M710242	47	Director	RUSSIAN FEDERATION	Non Retrievable	Non Retrievable	9-1-99, Khlopina 194021 Khlopina RUSSIAN FEDERATION

Activities

Activities:

General Traders

Operations:

SIC   5199 Nondurable Goods, NEC (except specialty advertising) According to the article of associations, the company in question was established in order to get involved with general trade activities. However, this was not confirmed. Of course the article makes provision of other activities as well. We have the impression that this is an International Business Company registered in Cyprus. Through desk research we found out that NordCape Management LTD was founded in 1992. Their first entrance into production was wooden trays for export to the European market. In 1995, the company implemented exports of ferrous and non-ferrous scrap metals. The primary export consisted of operations with stainless steel scraps. There followed the development of manufacturing facilities for ferronickel and ferrotitanium alloys. In 1996, the company began its first successful transactions of importing scrap metals from Middle Asia. Presently, we purchase approximately 5000 tons of scrap metal each month. This area has developed into one of the primary activities of the company. By 2002, NordCape Management LTD began importing stainless steel products from the World's leading manufacturers. Since 2003, the company is importing nickel cathode products. In addition, a website was provided, http://www.nordcapeltd.com , but could not be confirmed as it was constantly under construction. Please note that the information found could not be confirmed either. Business Activities General Trading Industry Classifications - NAICS » Wholesale Trade Agents and Brokers » Wholesale Trade » Other Miscellaneous Durable Goods Merchant Wholesalers » Apparel, Piece Goods, and Notions Merchant Wholesalers » Other Miscellaneous Nondurable Goods Merchant Wholesalers

Motor Vehicles:

Non Retrievable

Imports:

Non Retrievable

Exports:

Non Retrievable

Agencies:

Non Retrievable

Trade Suppliers:

Non Retrievable

Workforce:

The company does not maintain offices in Cyprus. At least we did not trace any. Under these circumstances no staff is employed. In such cases, companies utilize staff (2-3 people) from their auditors� or lawyers� offices.

Description Of Premises

Address:	LIMASSOL BAY, 13-14, Amathus Street, Limasol CYPRUS
Type of premises:	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, ST MANAGEMENT SERVICES LIMITED.

Bankers:

Non Retrievable

Press

13.10.2010, http://www.alibaba.com /member/amgigel/aboutus.html
NordCape Management LTD was founded in 1992. Our first entrance into production was wooden trays for export to the European market. In 1995, the company implemented exports of ferrous and non-ferrous scrap metals.
The primary export consisted of operations with stainless steel scraps. There followed the development of manufacturing facilities for ferronickel and ferrotitanium alloys.
In 1996, the company began its first successful transactions of importing scrap metals from Middle Asia. Presently, we purchase approximately 5000 tons of scrap metal each month. This area has developed into one of the primary activities of the company.
By 2002, NordCape Management LTD began importing stainless steel products from the World's leading manufacturers. Since 2003, the company is importing nickel cathode products.

13.10.2010, http://www.gmdu.net /corp-230534.html
Nordcape Management LTD is a successful trader of stainless steel materials, as well as stainless steel and copper scrap. The company is one of the major exporters in the region. Lately it has successfully engaged in stainless steel coil and tube business, making it a very competitive player in the market...

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:

None in current years

Finance

Please note that the latest financial details have not been released to us. 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.

Financial accounts are available at the Department of Registrar of Companies, provided that the company has submitted the compulsory accounts.

The annual general meeting of a company is convened within eighteen months of the date of its registration. Forty two days later the company should file its first annual return with the Registrar of Companies. Once a year, the annual return must be submitted. This should be done within fifteen months from the previous annual return, without disregarding the calendar year (sections 118, 120 and 125 cap. 113).

All Cypriot Companies, whether local or international, must maintain accurate books of accounts, which should reflect the true and correct position of their conduct, as well as give adequate explanation of their operations.

The Cypriot Company Law, which is closely modeled on its English counterpart, entails that company accounts must comprise of the following:

- Directors' report.

- Auditor's report.

- Financial statements as prescribed by International Financial Reporting Standards (IFRS) and consolidated Financial Statements in case of parent companies (unless specifically exempted).

Audited financial statements and an Income Tax Return are required for all companies, even companies with no taxable income and/or dormant companies.

Registered Branches (in Cyprus) of foreign companies are not legally bound to compile full separate branch accounts however when taxed on the island, are obliged to do so for income tax purposes.

Additionally they have to submit accounts of the main company, translated into Greek, to the Department of Registrar of Companies.

Partnerships are exempt from any requirement to prepare audited accounts, but they are legally bound to keep proper books of account which must be available for scrutiny by individual partners.

GENERAL COMMENTS

The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 28.09.1995. According to the article of association the company is involved in general trade activities. However, this information was not confirmed. Of Course the article makes provision of other activities as well. We have the impression that this is an International Business Company.

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 were not able to trace any offices for the company in question in Cyprus, however we contacted the company's correspondence ST MANAGEMENT SERVICES LIMITED where the official declined to release any information such as if the company is an IBC or not and if they maintain offices of their own in Cyprus, due to the confidentiality policy owed to their clients. For this reason, a questionnaire was placed in order to be forwarded to the subject but there has been no response yet.

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.

Contact information:

Telephone number:

357 25 313500

Company representative

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.45.18
UK Pound	1	Rs.73.04
Euro	1	Rs.61.43

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 Company	----

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.