MIRA INFORM REPORT

Report Date :

23.02.2012

IDENTIFICATION DETAILS

Name :	VENTOTERRA TRADING LTD
Registered Office :	Globalserve Business Centre, 9, Vassili Michaelide Street, 3026 Limassol
Country :	Cyprus
Financials (as on) :	2010
Date of Incorporation :	15.03.2008
Com. Reg. No.:	C225322 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesale Trade Agents and Brokers
No. of Employees :	01

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 :	Unknown
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 – 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:

Ventoterra Trading Ltd

Correct Registered Name:

VENTOTERRA TRADING LTD

Address:

Globalserve Business Centre, 9, Vassili Michaelide Street 3026 Limassol CYPRUS

P.O.Box:

57048, 3311

Telephone:

+357-25824545 +357-25206832 +357-99681505 357-25-206832

Fax:	+357-25824055

Email:

xenia@globalserve.com.cy (corresp. E-mail)

Web:	http://globalserve.com.cy (corresp. Web-site) www.dinoscpa.com (Auditor's website)

Business address:

Globalserve Business Centre, 9, Vassili Michaelide Street 3026 Limassol CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Commercial Morality:

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 commercial morality of the subject.

Financial Strength:

Unable to comment Please note that despite the fact that the subject is registered on 15.03.2008, according to Mr Efthimiou it recently started activities; therefore we consider it as a new established company. For this reason we feel unable to comment on the financial strength.

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:

C225322 Nicosia

Registration date:

15.03.2008

Company Status

Registration status: 15.03.2008 - registered company
Activity status: 15.03.2008 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
D.A ACCOUNTING & SECRETARIAL LIMITED Registration: No. C118886, 09.03.2001, CYPRUS		Shareholder		50.00% 9,000 Ordinary	16, Krinon Street 3110 Limassol CYPRUS
D.A SECRETARIAL LIMITED Registration: No. C118888, 09.03.2001, NICOSIA, CYPRUS		Shareholder		50.00% 9,000 Ordinary	16 Crinon CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
D.A SECRETARIAL LIMITED			Secretary				16 Crinon CYPRUS
Mrs. Athenoula Neophytou	538733	53	Director	CYPRUS	Non Retrievable	Also director of BALMARM STONE TRADING LIMITED, D.A SECRETARIAL LIMITED, RODOTEX ENTERPRISES LIMITED, FASTAHEAD LTD, STACCATO HOLDINGS LTD	THELMA COURT, 1st Floor, Office 102, 1, Karatza Street 3021 Limassol 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 Mr Efthimiou, company auditor the subject deals with general trade internationally. Please note that after some desk research we found that tha subject acts as an importer of agro products in Greece, with contact details 55 Itodotou Street, Piraeus, Athens, Telephone : 30-210-6240141, Fax : 30-210-6240141, Mobile : 0030-6955808573 and contact person Mr. Dimitris Koftis; however this could not be confirmed with official sources. 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

Imports:

Non Retrievable

Exports:

EUROPEAN UNION
Payment terms: 
Special Agreements

Agencies:

Non Retrievable

Trade Suppliers:

Non Retrievable

Workforce:

Number Of Employees: 1

Description Of Premises

Address:	Globalserve Business Centre, 9, Vassili Michaelide Street 3026 Limassol CYPRUS
Type of premises:	Premises
Type of ownership:	shared
Address:	16, Krinon Street 3110 Limassol CYPRUS
Type of premises:	Registered Address

Headquarters:

Please note that the subject has no offices of its own in Cyprus. The address given above is that of the company's Official Correspondence Address, Globalserve Consultants Ltd .

Bankers

MARFIN POPULAR BANK PUBLIC CO LTD
Corner of Athinon Road & N. Xiouta Street, 3041, Limassol, Tel: 357 25815000.


Account number: 179-11-079224

Press

22.02.2012, No press / media available at present.

Auditors / Accountants

Auditor: Mr Marios Efthimiou
Date: 31.12.2010
Financials have not been audited
Company: Dinos Antoniou & Co Ltd, 9 Vassili Michaelides Street, 3026 Limassol - Cyprus, Tel: 357 25824545.

Share Capital

Registered capital:	EUR 18,000.00 since 15.03.2008
Number of Ordinary:	18,000
Value per share of Ordinary:	EUR 1.00
Issued capital:	EUR 18,000.00 since 15.03.2008
Number of Ordinary:	18000
Value per share of Ordinary:	EUR 1.00
Paid-up capital:	EUR 18,000.00 since 15.03.2008

Charges:

None in current years

Finance

Amounts shown in Euro (EUR)		2010
	PROFIT & LOSS
	Sales Turnover	18,695.16
	Cost of Sales	-17,770.00
	Gross Profit	925.16
	Operational Profit	925.16
	Finance Costs	-153.53
	Profit Before Taxation	771.63
	BALANCE SHEET
	CURRENT ASSETS	-79.22
	Cash in Hand & at Bank	17,925.00
	Total Current Assets	17,845.78
	Profit & Loss Account	-3,951.00
	Total Equity	14,048.15
	CURRENT LIABILITIES	400.00
	Trade Creditors	2,626.00
	Total Current Liabilities	3,026.00
	SHARE CAPITAL	18,000.00

Please note that the financials were provided by the subject's auditor, Mr Mario Efthimiou.

In addition note that Mr Efthimiou informed as the subject has recently started activities, these are the only financial figures available.

Ratios

	2010
Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice Current Assets / Current Liabilities	5.90
Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good (Current Assets - Inventory) / Current Liabilities	5.90
Cash Liquidity Ratio Liquid Assests / Current Liabilities x 100	592.37
Current Assets Ratio (%) (Current Assets - Accounts Receivable) / Current Liabilities x 100	589.75
Shareholder Equity Increase Ratio (%) Total Equity / Share Capital x 100	78.05

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. Relationship/Directorship Search through Infocredit Database

The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 15.03.2008. The subject deals with general trade internationally.

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 subject's auditors, Dinos Antoniou & Co Ltd, where we talked with Mr Marios Efthimiou, company auditor, who provided us with the above information regarding the subject.

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:

Web-site:	www.dinoscpa.com (Auditor's website)
Telephone number:	357 25 206832	Mr Marios Efthimiou (company auditor)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.25
UK Pound	1	Rs.76.75
Euro	1	Rs.65.16

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.