MIRA INFORM REPORT

Report Date :

07.01.2012

IDENTIFICATION DETAILS

Name :	A. N. NICOLAOU AGROCHEMICALS CO LTD
Formerly Known As :	AGRI GUARD CO LIMITED
Registered Office :	44, Agiou Georgiou Makri Street, 6036 Larnaca
Country :	Cyprus
Date of Incorporation :	11.07.2002
Com. Reg. No.:	C131669 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesalers of Chemical and Chemical Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – 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:

A N Nicolaou Agrochemicals Co. Ltd

Correct Registered Name:

A. N. NICOLAOU AGROCHEMICALS CO LTD

Address:

44, Agiou Georgiou Makri Street 6036 Larnaca CYPRUS

Telephone:

+357-24426515 +357-99450882

Fax:	+357-24426514

Email:

Non Retrievable

Web:	Non Retrievable

Business address:

44, Agiou Georgiou Makri Street 6036 Larnaca CYPRUS

Payment

PAYMENT HABITS:

No Complaints

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 and Financial Strength.

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:

C131669 Nicosia

Registration date:

11.07.2002

Former registration name:

AGRI GUARD CO LIMITED, valid since: 11.07.2002, until: 05.03.2010

National ID: C131669

Former company names:

AGRI GUARD CO LIMITED

Company Status

Registration status: 11.07.2002 - registered company
Activity status: 11.07.2002 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Andreas Nikolaou	799771	Shareholder	CYPRUS	75.00% 3,750 Ordinary	44, Agiou Georgiou Makri Street 6036 Larnaca CYPRUS
Mr. Andreas Nikolaou	799771	Shareholder	CYPRUS	25.00% 1,250 Ordinary	44, Agiou Georgiou Makri Street 6036 Larnaca CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Andreas Nicolaou			Director	CYPRUS	Non Retrievable	Non Retrievable	44, Agiou Georgiou Makri Street 6036 Larnaca CYPRUS
Mr. Andreas Nikolaou	799771	32	Secretary	CYPRUS	Non Retrievable	Non Retrievable	44, Agiou Georgiou Makri Street 6036 Larnaca CYPRUS

Activities

Activities:

Wholesalers

Operations:

SIC   5191 Farm Supplies (except lawn and garden supplies sold via retail method) According to the Article of Associations the current company deals with the trade of agrochemical products although this was not confirmed. However the article makes provision for other activities as well. Business Activities Chemical and Chemical Products Industry Classifications - NAICS » Chemical Manufacturing NAICS #325

Imports:

Non Retrievable

Exports:

Non Retrievable

Agencies:

Non Retrievable

Trade Suppliers:

Non Retrievable

Description Of Premises

Address:	44, Agiou Georgiou Makri Street 6036 Larnaca CYPRUS
Type of premises:	Premises

Headquarters:

The company is operating from the offices of the address given overleaf. Please note that this is also the subject's registered address.

Bankers:

Non Retrievable

Press:

05.01.2012, No press / media available at present.

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 the
trade of agrochemical products although this was not confirmed. However the
article makes provision for other activities as well.

We tried contacting the company in question several times; however our attempts were unsuccessful.

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.

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 Person:

None at current stage

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.81.79
Euro	1	Rs.67.46

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.