MIRA INFORM REPORT

Report Date :

27.05.2011

IDENTIFICATION DETAILS

Name :	D. & G. SEA TREASURE ENTERPRISES LTD
Registered Office :	9 Valsamaki Street Larnaca Larnaca
Country :	Cyprus
Date of Incorporation :	16.04.2007
Com. Reg. No.:	C196573 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Nondurable Goods, (except specialty advertising)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Cyprus	B1	B1

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

Name & Address

Correct Registered Name:

D. & G. SEA TREASURE ENTERPRISES LTD

Address:

9 Valsamaki Street Larnaca Larnaca CYPRUS

Telephone:

+357-99684298 357-99-684298

Email:

Non retrievable

Web:	Non retrievable

Business address:

9 Valsamaki Street Larnaca Larnaca CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Comment:

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

Good For Amount & Terms Of Inquiry:

Unable to comment Given the fact that no detailed financial statements were released to us , we feel unable to comment on a maximum credit.

Commercial Morality:

Moderate

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, payment records and Financial Strength.

Credit Rating:

Average Risk

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:

C196573 Nicosia

Registration date:

16.04.2007

National ID: C196573

Company Status

Registration status: 16.04.2007 - registered company
Activity status: 16.04.2007 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. DimitrisAnastasiou		Shareholder	CYPRUS	50.00% 2,500 Ordinary	Meneou, 7 Onasagorou Street Larnaca 700 Larnaca CYPRUS
Ms. GiorgoullaAnastasiou		Shareholder	CYPRUS	50.00% 2,500 Ordinary	7 Onasagorou Street Larnaca 700 Larnaca CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. DimitrisAnastasiou 16.04.2007 - Present			Director / Secretary	CYPRUS	Non Retrievable.	Non Retrievable.	Meneou, 7 Onasagorou Street Larnaca 700 Larnaca CYPRUS
Ms. GiorgoullaAnastasiou 16.04.2007 - Present			Director	CYPRUS	Non Retrievable.	Non Retrievable.	7 Onasagorou Street Larnaca 700 Larnaca CYPRUS

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. Naics Codes – General Trade Business Activities General Trading  General Traders  Industry Classifications - NAICS  » Merchant Wholesalers, Durable Goods  » Merchant Wholesalers, Nondurable Goods  » Wholesale Trade Agents and Brokers » Wholesale Trade Agents and Brokers » Retail Trade

Motor Vehicles

Non Retrievable.

Imports

Non Retrievable

Exports

Non Retrievable

Agencies

Non Retrievable.

Trade Suppliers

Non Retrievable.

Workforce

Non Retrievable

Description Of Premises

Address:	9 Valsamaki Street Larnaca Larnaca CYPRUS
Type of premises:	Registered Address

Related Companies

Non Retrievable.

Bankers

Account numbers are not disclosed.

Press

27.05.2011, No press / media available at present

Auditors / Accountants

Non Retrievable.

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

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

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

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.

We contacted the subject in question and talked with Mr. DimitrisAnastasiou who declined to provide any information. 

Please note that all information disclosed in this report was obtained from the Official Company's Registrar.

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

SECTOR ANALYSIS

Wholesale, Industrial, Retail & Services Sectors 

The industrial sector, the wholesale and retail trade sector and the services sector are all open to non-resident investors. For the industrial and the wholesale and retail trade sectors, the Central Bank handles applications where foreign participation is below 50%. Where foreign participation exceeds 50%, or the investment is more than CyP750.000, applications are handled jointly by the Central Bank and the Ministry of Commerce, Industry and Tourism. 
For services, up to 100% foreign participation is allowed and the Central Bank handles the applications. 
Tremetoushiotis Developers Ltd
Ref: http://www.top-properties.com/legal-information.html 

Contact information

Mobile phone number:

357 99 684298

Mr. DimitrisAnastasiou

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.45.29
UK Pound	1	Rs.73.84
Euro	1	Rs.64.18

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.