MIRA INFORM REPORT

Report Date :

04.01.2012

IDENTIFICATION DETAILS

Name :	MANHIEM TRADING COMPANY LTD
Registered Office :	Papouri Court 301, Geroskipou, 18A, Anthipolochagou Georgiou Savva Street 8201 Paphos
Country :	Cyprus
Date of Incorporation :	29.11.2010
Com. Reg. No.:	C277705 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Nondurable Goods, (except specialty advertising)
No. of Employees :	4

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 :	Small Company
Payment Behaviour :	Unknown
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, 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

Name & Address

NAME INQUIRED UNDER:

Manhiem Trading Company Ltd. (NF)

Correct Registered Name:

MANHIEM TRADING COMPANY LTD

Address:

Papouri Court 301, Geroskipou, 18A, Anthipolochagou Georgiou Savva Street 8201 Paphos CYPRUS

Telephone:

+357-26101466 357-26-101466

Fax:	+357-26101467

Email:

sales@manhiemco.com

Web:	Not Applicable

Business address:

Papouri Court 301, Geroskipou, 18A, Anthipolochagou Georgiou Savva Street 8201 Paphos CYPRUS

Payment

PAYMENT HABITS:

Unknown

Commercial Morality:

Too early to comment Given the fact that the company is newly established, we feel unable to express a safe and reliable opinion on their creditability and commercial morality.

Financial Strength:

Too early to comment

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 companys 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:

C277705 Nicosia

Registration date:

29.11.2010

Company Status

Registration status: 29.11.2010 - registered company
Activity status: 29.11.2010 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Elham Bazyar		Shareholder	IRAN (ISLAMIC REPUBLIC OF)	35.00% 350 Ordinary	Westpark Court II, Office 201, Nikou Kazantzaki Street 8035 Paphos CYPRUS
Mr. Seyed Jalal Chavoshian Tabrizi		Shareholder	IRAN (ISLAMIC REPUBLIC OF)	60.00% 600 Ordinary	Kaveh-North Blv, No. 6, 2, 6th Ezad Street. Safa Street, 6, Roshannaei Street Tehran IRAN (ISLAMIC REPUBLIC OF)
Ms. Thekla Papouri		Shareholder	CYPRUS	5.00% 50 Ordinary	Geroskipou, 18, Michael Savva Street 8201 Paphos CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Seyed Jalal Chavoshian Tabrizi			Director	IRAN (ISLAMIC REPUBLIC OF)	Non Retrievable	Non Retrievable	Kaveh-North Blv, No. 6, 2, 6th Ezad Street. Safa Street, 6, Roshannaei Street Tehran IRAN (ISLAMIC REPUBLIC OF)
Mr. Seyed Jalal Chavoshian Tabrizi			Secretary	IRAN (ISLAMIC REPUBLIC OF)	Non Retrievable	Non Retrievable	Kaveh-North Blv, No. 6, 2, 6th Ezad Street. Safa Street, 6, Roshannaei Street Tehran IRAN (ISLAMIC REPUBLIC OF)

ADDITIONAL INFORMATION ON COMPANY DIRECTOR/SECRETARY:

Please note that according to the official companies' registrar, Mr Chavoshian Tabrizi Seyed Jalal has also an address in Cyprus: Nikou Kazantzaki Street, Westpark Court II, Office 201, 8035, Paphos.

Activities

Activities:

General Traders

Operations:

SIC   main activity   5199 Nondurable Goods, NEC (except specialty advertising)   6799 Investors, NEC (commodity contract trading companies) The company in question is a New Business company, which deals with general trade. They deal with the imports, exports and local sales of stationery, electrical equipment, ink etc. 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

	2012
Number of cars	owned: 1
Total number of vehicles	1

Imports

EUROPEAN UNION, UNITED STATES, CHINA
Payment terms:
Special Agreements

Exports

EUROPEAN UNION, UNITED STATES, CHINA
Payment terms:
Special Agreements

Agencies

Non Retrievable

Trade Suppliers

Non Retrievable

Workforce

Number Of Employees:

4

Description Of Premises

Address:	Papouri Court 301, Geroskipou, 18A, Anthipolochagou Georgiou Savva Street 8201 Paphos CYPRUS
Type of premises:	Premises
Type of ownership:	rented
Address:	Toulla Court 3, 2nd Floor, Office 22, 9, Sofias Tsirou Street 3021 Limassol CYPRUS
Type of premises:	Registered Address

Headquarters:

The company is operating from the rented offices of the address given overleaf. Please note that the company's address is also known as: 18A, Michael Savva Street, Papouri Court 301, Geroskipou, Paphos.

Bankers

Co-operative Credit Society Geroskipou
Paphos, 20, Archibishop Makariou III Avenue, Geroskipou

HELLENIC BANK PUBLIC COMPANY LIMITED
Corner of Ellados Avenue & Xinaridou Street, 8020, Paphos, Tel: 357 26505000.


Account numbers are not disclosed.

Reportedly an overdraft facility is not available.

Press

03.01.2012, No press / media available at present.

Share Capital

Registered capital:	EUR 5,000.00 since 31.08.2011
Number of Ordinary:	5,000
Value per share of Ordinary:	EUR 1.00
Issued capital:	EUR 1,000.00 since 31.08.2011
Number of Ordinary:	1000
Value per share of Ordinary:	EUR 1.00
Paid-up capital:	EUR 1,000.00 since 31.08.2011

Charges

None in current years

Finance

Amounts shown in Euro (EUR) (Approximately)		2011
	PROFIT & LOSS
	Sales Turnover	80,000.00

Given the fact that the company is newly established no financial statements are yet audited.

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

The company in question is a New Business company, which deals with general trade.

They deal with the imports, exports and local sales of stationery, electrical equipment, ink etc.

We contacted the company in question, where we talked with Ms Thekla Papouri, company shareholder, 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.

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 26 101466

Ms Thekla Papouri (Company correspondence)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.23
UK Pound	1	Rs.82.87
Euro	1	Rs.69.13

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%)

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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.