MIRA INFORM REPORT

Report Date :

15.03.2011

IDENTIFICATION DETAILS

Correct Name :	VIRMINA TRADING LIMITED
Registered Office :	3, Michail Koutsofta Street, 3031 Limassol
Country :	Cyprus
Date of Incorporation :	26.10.2006
Com. Reg. No.:	C186253 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	General Traders

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Offshore Company
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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

NAME INQUIRED UNDER:

VIrmina Trading Limited

Correct Registered Name:

VIRMINA TRADING LIMITED

Address:

3, Michail Koutsofta Street 3031 Limassol CYPRUS

P.O.Box:

56202 - 3305 Limassol

Telephone:

+357-25376919 357-25-376919

Fax:	+357-25340806

Email:

info@hermeslaw.com (Correspondence Email)

Web:	www.hermeslaw.com (Correspondence website)

Business address:

3, Michail Koutsofta Street 3031 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.

Good For Amount & Terms Of Inquiry:

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 the subjects creditability and commercial morality or comment on the amount and terms of your inquiry.

Commercial Morality:

Unable to comment

Financial Strength:

Unable to comment

Credit Rating:

Nil Rating

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:

C186253 Nicosia

Registration date:

26.10.2006

National ID: C186253

Company Status:

Registration status: 26.10.2006 - registered company
Activity status: 26.10.2006 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Sahar Wadih Chahine		Shareholder	LEBANON	100.00	75 Chefran Building Jounieh LEBANON

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
BOOMER SECRETARIAL LIMITED			Secretary				3 Michail Koutsofta Street 3031 Limassol CYPRUS
Mr. Stelios Stylianides		77	Director	CYPRUS	Non retrievable	Non retrievable	6 Myronos Street 3065 Limassol CYPRUS
Mr. Sahar Wadih Chahine		46	Director	LEBANON	Non retrievable	Non retrievable	75 Chefran Building Jounieh LEBANON

Activities

Activities:

General Traders

Operations:

SIC   main activity   5199 Nondurable Goods, NEC (except specialty advertising)   6799 Investors, NEC (commodity contract trading companies) According to the Article of Associations the current company deals with general trade although this was not confirmed. However the article makes provision for other activities as well. Business Activities General Trading Industry Classifications - NAICS » Wholesale Trade Agents and Brokers NAICS #42512 » Wholesale Trade NAICS #42 » Other Miscellaneous Durable Goods Merchant Wholesalers NAICS #42399 » Apparel, Piece Goods, and Notions Merchant Wholesalers NAICS #4243 » Other Miscellaneous Nondurable Goods Merchant Wholesalers NAICS #42499

Motor Vehicles:

Non retrievable

Imports:

Non retrievable

Exports:

Non retrievable

Agencies:

Non retrievable

Trade Suppliers:

Non retrievable

Workforce

Number Of Employees:

2

It seems that 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:	3, Michail Koutsofta Street 3031 Limassol CYPRUS
Type of premises:	Premises
Type of ownership:	shared

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, Hermes S. Stylianides & Co LLC. Solicitors: Hermes S. Stylianides & Co LLC, 3 Michael Koutsofta Street,Limassol, Cyprus

Branches:

Non retrievable

Bankers

Non retrievable

Press

15.03.2011, No press / media available at present

Auditors / Accountants

Non retrievable

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

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 present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 26.10.2006. According to the article of association the company was established in order to get involved with general trade activities. However, this information was not confirmed. Of Course the article makes provision of 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 Hermes S Stylianides & Co, where we talked with a company representative who refused to provide us with any information for the subject due to the confidentiality policy owed to their client. A questionnaire was sent in order to be forwarded to the company in question but there was no response yet.

Please note that the information included in the report was obtained from the Official Companies’ Registrar.

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 376919

Company correspondence

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.45.15
UK Pound	1	Rs.72.59
Euro	1	Rs.62.95

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

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.