MIRA INFORM REPORT

Report Date :

05.01.2013

IDENTIFICATION DETAILS

Name :	IN LINE D. TSARPALIS LIMITED
Registered Office :	16 Zinas Kanther, Karantoki Bldg., 7th Floor, Apt. 25-26, Nicosia, 1065
Country :	Cyprus
Date of Incorporation :	30.12.2011
Com. Reg. No.:	C299231
Legal Form :	Limited Company
Line of Business :	Retail sale in non-specialized stores
No. of Employees :	Not Available

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 :	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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Cyprus	B1	B1

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

CypRus - ECONOMIC OVERVIEW

The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, the profitability of which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control has grown at a rate well above the EU average since 2000. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. An aggressive austerity program in the preceding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.2% in 2008, and reduced inflation to 4.7%. This prosperity came under pressure in 2009, as construction and tourism slowed in the face of reduced foreign demand triggered by the ongoing global financial crisis. Although Cyprus lagged behind its EU peers in showing signs of stress from the global crisis, the economy tipped into recession in 2009, contracting by 1.7%, and has been slow to bounce back since, posting an anemic growth rate of 1.0% in 2010. A massive munitions blast in July 2011 at a Cypriot naval base triggered country-wide energy outages, a collapse of the governing coalition, and a cabinet shuffle intensifying Cyprus's economic problems. The economy experienced no economic growth in 2011. Serious Cypriot financial sector problems surfaced in early 2011 as the Greek fiscal crisis and euro zone debt crisis deepened. Two of Cyprus's biggest banks are among the largest holders of Greek bonds in Europe and have a substantial presence in Greece through bank branches and subsidiaries. A liquidity squeeze is choking the financial sector and the real economy as many global investors doubt the Cypriot economy can weather the EU crisis. Cyprus's borrowing costs have risen steadily because of its exposure to Greek debt. The budget deficit is on the rise and reached 7.4% of GDP in 2011, a violation of the EU's budget deficit criteria - no more than 3% of GDP. In response to the country's deteriorating finances and serious risk of contagion from the Greek debt crisis, Nicosia is promising to implement measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits. However, it has been slow to act, lacking a consensus in parliament and among the social partners for its proposed measures.

Source : CIA

Basic Information

Registered Name	IN LINE D. TSARPALIS LIMITED
English Name	IN LINE D. TSARPALIS LIMITED
Registered Address	16 Zinas Kanther, Karantoki Bldg., 7th Floor, Apt. 25-26, Nicosia, 1065, Cyprus
Headquarters:	16 Zinas Kanther, Karandokis Bldg, 7th floor, Nicosia, 1065, PoBox 22571, Cyprus
Telephone	+35722818882
Fax	+35722818883
E-mail	merotokritou@jhi-cy.com (correspondence email)
Web Site	http://www.offshore-company.org (correspondence website)
Legal Type	Limited Company
Registration No	C299231	Registration Date	30/12/2011
Start Date	30/12/2011	Years of Operation:	2
Last return	30/12/2011
CINFO ID:	CYC23296034

Summary

Employees	January 2013
	Company
Total Number	Not Available

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.

Payment

Assessment:	N Rating
Payment Habits:	NO COMPLAINTS	A check against all available information sources revealed that no late payment incidents against Subject Company exist.
Commercial morality	Too Early To Comment	Given the fact that the company is newly established, coupled with the fact that this is an IBC (Offshore Company) and most of its activities are carried out outside Cyprus, we feel unable to express a safe and reliable opinion on their creditability and commercial morality of the subject, or comment on the amount and terms of your inquiry / suggest a maximum credit.
Financial strength	Too Early To Comment

Corporate Structure

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

KOSIARIS STAVROS

Director

651328(ID)

46

30/12/2011

Yes

21 Lefkonos, Apt. 101, Strovolos, 2064, Nicosia, Cyprus

Other Directorship:
Name	Registration Date	Reg. No.	Status	Position	Update Date
RDMA CONSULTING LIMITED	25/05/2010	C267862	Registered and operational	Director	26/07/2012
MAGARNO HOLDINGS LIMITED	12/06/2007	C201752	Registered and operational	Director	26/06/2012
DOMONOVO ENTERPRISES LIMITED	24/05/2005	C161156	Registered and operational	Director	29/12/2011
MOLDUS ENTERPRISES LIMITED	21/01/2009	C244889	Registered and operational	Director	07/12/2011
BEESWING CONSULTING LIMITED	06/10/2006	C185141	Registered and operational	Director	06/12/2011
VENTISCA ENTERPRISES LIMITED	06/07/2011	C290070	Registered and operational	Director	08/09/2011

Other Shareholding:

No Information Found

TSARPALIS DIMITRIOS

Director

(-)

30/12/2011

No

37 Themistokleous, Nea Chalkidona, Athens 14343, Greece

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Secretary

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

DARDEN SECRETARIAL LIMITED

Company Secretary

C94157

0

30/12/2011

No

16 Zinas Kanther, Karantoki Bldg, 7th Floor, Apt. 25-26, Nicosia, 1065, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	THANIO CONSULTING LIMITED	10/08/2005	C164156	Registered and operational	-	24/05/2007

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	RDMA CONSULTING LIMITED	25/05/2010	C267862	Registered and operational	100	26/07/2012
	BERRYSANDS OVERSEAS LIMITED	05/04/1999	C101225	Registered and operational	0.1	16/12/2008

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

DARDEN NOMINEES LIMITED

C94158

-

1000

100

-

-

-

16 Zinas Kanther, Karantoki Building, 7th Floor, Apt. 25-26, Nicosia, 1065, Cyprus

Other Directorship:

No Information Found

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	BARNSBURY SERVICES LIMITED	03/05/2006	C175771	Registered and operational	100	27/06/2007
	CBIT DISTRIBUTION HOLDINGS LIMITED	07/02/2008	C222074	Registered and operational	100	20/08/2009
	PROMEDICO LIMITED	26/09/2006	C184500	Registered and operational	100	17/03/2011
	TOPLAID VENTURES LIMITED	13/09/2007	C207899	Registered and operational	100	03/05/2011
	VENTISCA ENTERPRISES LIMITED	06/07/2011	C290070	Registered and operational	100	08/09/2011
	MOLDUS ENTERPRISES LIMITED	21/01/2009	C244889	Registered and operational	100	07/12/2011
	DOMONOVO ENTERPRISES LIMITED	24/05/2005	C161156	Registered and operational	100	29/12/2011
	LEMAIR LIMITED	05/09/2008	C237493	Registered and operational	100	29/06/2012
	CRUSETO HOLDINGS LIMITED	23/01/2009	C245009	Registered and operational	100	12/03/2010
	BERRYSANDS OVERSEAS LIMITED	05/04/1999	C101225	Registered and operational	99.9	16/12/2008
	Note: In order to view a full list please order a directorship report.

Operation

Activity Code		Description
NACE 1.1	51.9	Other wholesale
NACE 1.1	52.12	Other retail sale in non-specialized stores

Line of Business

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

Export to		Percentage
Comments	Non Retrievable

Import from		Percentage
Comments	Non Retrievable

Market Territory
	International Presence	100%
Subject is an International Business Company (IBC) with no offices of its own in Cyprus.

Premises
		Type	headquarters
Address:	16 Zinas Kanther, Karandokis Bldg, 7th floor, Nicosia, 1065, PoBox 22571, Cyprus
Headquarters comprise of	Offices
Headquarters operate as:	correspondence office

Charges

No	Date registered	Date prepared	Type	Description/No	Amount	Sequence	Beneficiary
0	N/A	N/A	N/A	N/A	N/A	N/A	No charges found

Negatives

No negative data

Additional Information

MAIN SOURCES OF INFORMATION

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 30/12/2011. According to the article of association the company deals with general trade. However, this information was not confirmed. Of Course the article makes provision of other activities as well. We have the impression that this is an International Business Company.

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%.

Furthermore, 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 were not able to trace any offices for the company in question in Cyprus, however we contacted the company's correspondence JHI Audit Kyriacou & Partners Ltd, where we talked with a, company representative, who refused to release any information such as if the company maintains offices of its own in Cyprus due to the confidentiality policy owed to their clients. A written questionnaire was sent in order to forward it to the company in question for us. There was no reply up to now. Should any additional information becomes available we will forward them to you as soon as possible.

Please note that the information included in the report was obtained from the Official Companies’ Registrar. Please note that no detailed Financial Information became available to us; neither it was released by the subject. Please note that 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.

A check against our revealed that no negative payment incidents against Subject Company, such as unpaid

d invoices, dishonoured cheques and utility bills, bankruptcies exist etc.

Contact Information

Name:	Ms Erotokritou
Quality:	company
Title:	representative
Couldn't supply
Any info
A questionnaire was sent - no reply received

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.84
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

INFORMATION DETAILS

Report Prepared by :

SDA

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.