Basic Information

Summary

operation

Basic Information

Summary

operation

MIRA INFORM REPORT

MIRA INFORM REPORT

Unit

Report Date :

08.07.2013

IDENTIFICATION DETAILS

Name :	THEMAR ENTERPRISES LIMITED

Registered Office :	5 Chytron, Agioi Omologites, Nicosia, 1085

Country :	Cyprus

Date of Incorporation :	14.04.2003

Com. Reg. No.:	C137613

Legal Form :	Limited Company

LINE OF BUSINESS :	· WHOLESALE TRADE AGENTS AND BROKERS · RETAIL SALE BY NON-STORE COMMISSION AGENTS

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

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

Registered Name	THEMAR ENTERPRISES LIMITED
English Name	THEMAR ENTERPRISES LIMITED
Registered Address	5 Chytron, Agioi Omologites, Nicosia, 1085, Cyprus
Headquarters:	44 Stasinou, 2nd Floor, Strovolos, 2002, Nicosia, Cyprus
Telephone	+35722466900
Fax	+35722466903
E-mail	kyprianou.maria@cytanet.com.cy
Web Site	www.eurofast.eu (correspondence web-site)
Legal Type	Limited Company
Registration No	C137613	Registration Date	14/04/2003
Start Date	14/04/2003	Years of Operation:	10
Last annual report	14/01/2005
Last return	01/01/2008

Payment

Assessment:	Nil Rating
Payment Habits:	No complaints	A check against all available information sources revealed that no late payment incidents against Subject Company exist.
Commercial morality	Unable to comment
Financial strength	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.

Business History

Date	Event Name	Old Value	New Value
01/01/2008	Authorized Capital Changed	5000.00 CYP	8550.00 EUR
01/01/2008	Paid Up Capital Changed	1000.00 CYP	1710.00 EUR
01/01/2008	Nominal Values of Shares Changed	1.00 CYP	1.71 EUR

Capital

Authorized Capital	8,550.00	EUR	Issued Capital	0.00	EUR
Nominal No Of Shares	5,000.00		Issued No Of Shares	1,000.00
Nominal value	1.71	EUR	Paid Up	1,710.00	EUR

Corporate Structure

Directors

Position

Acts As

Occupation

Age

Appointed

Other dir.

KOKONI CHRYSOULLA

Director

186809(ID)

10/02/2006

Yes

5 Chytron, Agioi Omologites, Nicosia, 1075, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	INTELLIMAX INVESTMENTS LIMITED	14/03/2002	C128542	Registered and operational	Director	23/06/2010
	FORLANI INVESTMENTS LTD	10/05/2006	C176487	Registered and operational	Director	04/07/2008

Other Shareholding:			No Information Found

Secretary

Position

Acts As

Occupation

Age

Appointed

Other dir.

VIRNA SECRETARIAL SERVICES LTD

Company Secretary

C41135

10/02/2006

5 Chytron, Agioi Omologites, Nicosia, 1075, Cyprus

Other Directorship:			No Information Found

Other Shareholding:			No Information Found

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

Shares Breakdown

Class

Type

BRAYMAR LTD

999

99.90000

1 Mapp Street, Belize City, Belize

Other Directorship:			No Information Found

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	INVEX (I.N.T.) LIMITED	14/12/2001	C126115	Registered and operational	99.99	24/02/2010

EUROFAST CONSULTANTS INC.

0.10000

P.O. Box: 873, Road Town, Tortola, British Virgin Islands

Other Directorship:			No Information Found

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	INVEX (I.N.T.) LIMITED	14/12/2001	C126115	Registered and operational	0.01	24/02/2010

Activity Code

Description

NACE 2.1

4618

Agents specialised in the sale of other particular products This class excludes: - wholesale trade in own name, see 46.2 to 46.9 - retail sale by non-store commission agents, see 47.99 - activities of insurance agents, see 66.22 - activities of real estate agents, see 68.31

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.

Premises

		Type	Headquarters
Address:	44 Stasinou, 2nd Floor, Strovolos, 2002, Nicosia, Cyprus
Headquarters comprise of	Offices

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

Financial Statement

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 14/04/2003. 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%.

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 in question and talked with a company official who declined to provide any information regarding the subject.

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, dishonouredcheques and utility bills, bankruptcies exist etc.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.34
UK Pound	1	Rs.90.78
Euro	1	Rs.77.81

INFORMATION DETAILS

Report Prepared by :

PRL

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.

Employees

February 2013

Company

Total Number

Not Available

Additional Info:

Correspondence: EUROFAST GLOBAL LTD, 5 Chitron Street, Nicosia, Cyprus, Tel.: 357 22699222, 22699211.