MIRA INFORM REPORT

Report Date :

05.04.2014

IDENTIFICATION DETAILS

Name :	FLORIMOND LIMITED
Registered Office :	1 Poseidonos, Ledra Business Centre, Egkomi, 2406, Nicosia
Country :	Cyprus
Date of Incorporation :	03.10.2007
Com. Reg. No.:	C209397
Legal Form :	Limited Company
Line of Business :	General Trading (We tried to confirm / obtain the detailed activity but the same is not available from any sources.)
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 :	International Business 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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Cyprus	B2	C1

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 have traditionally been the most important sectors. Cyprus has been a member of the European Union (EU) since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 2004 and 2008 averaging about 3%. An overextended banking sector with excessive exposure to Greek debt resulted in a contraction in economic growth. Two of Cyprus' biggest banks were among the largest holders of Greek bonds in Europe and had a substantial presence in Greece through bank branches and subsidiaries. Following numerous downgrades of its credit rating, Cyprus lost access to international capital markets in May 2011. The economy contracted by an accumulated 8.2% between 2009 and 2013 and is not expected to return to positive growth before 2015. Unemployment is currently over 17% and expected to reach 19% in 2014. In July 2012, Cyprus became the fifth eurozone government to request an economic bailout program from the European Commission, European Central Bank and the International Monetary Fund - known collectively as the "Troika". Shortly after the election of President Nicos ANASTASIADES in February 2013, Cyprus faced an economic crisis and agreed with the Troika to a $13 billion bailout that included losses on uninsured bank deposits. The bailout triggered a two-week bank closure and the imposition of capital controls, some of which remained in place through 2014. Cyprus' two largest banks merged and the combined entity was recapitalized through conversion of some large bank deposits to shares and imposition of losses on some bank bondholders. The Troika conditioned the bailout on progress in financial and structural reforms and privatization of state-owned enterprises. Cyprus has downsized and restructured its banking sector significantly. Three positive reviews by the Troika since May 2013 indicate that Cyprus’ bailout program is on track with a fourth review scheduled in May 2014. In October 2013, Cyprus completed preliminary appraisal of hydrocarbon deposits in its territorial waters, which revealed less than anticipated natural gas reserves. Additional exploration drilling is likely to continue in 2014-2015.

Source : CIA

Basic Information

Registered Name	FLORIMOND LIMITED
English Name	FLORIMOND LIMITED
Registered Address	1 Poseidonos, Ledra Business Centre, Egkomi, 2406, Nicosia, Cyprus
Headquarters:	15 Agiou Pavlou, Agios Andreas, 1105, Nicosia, Cyprus
Telephone	+35722556677
Fax	+35722556688
E-mail	cgv@vasslaw.net (Correspondent Email)
Web Site	www.vasslaw.com (Correspondent Website)
Legal Type	Limited Company
Status	Registered and Operational
Registration No	C209397	Registration Date	03/10/2007
Start Date	03/10/2007	Years of Operation:	7
Last return	20/05/2009
CINFO ID:	CYC23129546

Summary

Employees	April 2014
	Company
Total Number	Not Available
We have been unable to locate any offices for the subject and believe they do not maintain offices in Cyprus. Under these circumstances no staff is employed and companies may utilize staff (2-3 people) from their auditors’ or lawyers’ offices.

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.
Financial strength	Unable to comment	Given the fact the subject is and international business company IBC (offshore company) and most of its activities are carried out, outside Cyprus, coupled with the fact no further detailed financial information is available, we feel unable to express a safe and reliable opinion on the creditability and commercial morality of the subject

Correspondent

CHRISTODOULOS G. VASSILIADES & CO LLC

Business History

Previous Locations

Registered	From:	To:
5, Themistokli Dervi, Elenion Bldg, 2nd Floor, Nicosia, 1066, , Cyprus,	03/10/2007	20/05/2009

Capital

Authorized Capital	5,000.00	EUR	Issued Capital	2,000.00	EUR
Nominal No Of Shares	5,000.00		Issued No Of Shares	2,000.00
Nominal value	1.00	EUR	Paid Up	2,000.00	EUR

Corporate Structure

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

ANDREOU VASILIKI

Director

802986(ID)

34

20/05/2009

Yes

13 Modestou Panteli, Egkomi, 2407, Nicosia, Cyprus

Other Directorship:
	Name		Registration Date	Reg. No.	Status	Position	Update Date
	GAMERFIELD INVESTMENTS LIMITED		16/05/2011	C287022	Registered and operational	Director	28/02/2014
	POLA MARITIME LTD		19/08/2010	C272140	Registered and operational	Director	17/12/2013
	S & T EQUITY (OVERSEAS) LIMITED		02/09/1994	C64732	Registered and operational	Alternate Director	13/12/2013
	ERMELOR HOLDINGS LIMITED		14/05/2013	C322162	Registered and operational	Director	10/12/2013
	MARTEC HOLDINGS LIMITED	*	15/07/2008	C233851	Bankrupted (after court decision or after self liquidation)	Director	24/09/2013
	NOVA GROUP (CYPRUS) LIMITED		31/10/2006	C186467	Registered and operational	Director	24/09/2013
	RONDEN HOLDINGS LIMITED		22/07/2008	C234336	Registered and operational	Director	30/05/2013
	MIDSTON DEVELOPMENTS LIMITED		08/10/2007	C209819	Registered and operational	Director	17/05/2013
	EBENSON DEVELOPMENTS LIMITED		03/10/2007	C209442	Registered and operational	Director	17/05/2013
	DANIELSON SERVICES LIMITED		12/11/2007	C212044	Registered and operational	Director	24/04/2013
	Note: In order to view a full list please order a directorship report.

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	RABITURNA LIMITED	21/05/2008	C229609	Registered and operational	95.2381	10/10/2011
	BACKWOOD HOLDINGS LIMITED	27/04/2009	C248791	Registered and operational	9.48104	24/08/2012

KYROU CHR. GEORGIOS

Director

691470(ID)

45

20/05/2009

Yes

18 Onisilou, Agios Antonios, Nicosia, 1015, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	MONTACK LIMITED	23/06/2005	C162234	Registered and operational	Director	20/03/2014
	WATERBORD ENTERPRISES LIMITED	19/07/2010	C270682	Registered and operational	Director	20/03/2014
	DISBURY HOLDINGS LIMITED	07/05/2008	C228462	Registered and operational	Director	20/03/2014
	LAONA PUBLIC COMPANY LIMITED	16/09/2010	C273739	Registered and operational	Director	13/03/2014
	ELUTEK INVESTMENTS LIMITED	16/05/2002	C130111	Registered and operational	Director	12/03/2014
	CROSCOMBE INVESTMENTS LIMITED	11/02/2007	C191997	Registered and operational	Director	24/02/2014
	LEDRA SERVICES (NOMINEES) LIMITED	05/11/2002	C134031	Registered and operational	Director	19/02/2014
	ALASIAS NOMINEES LIMITED	21/09/2005	C165704	Registered and operational	Director	18/02/2014
	RION ALLIANCE LIMITED	23/11/2011	C297423	Registered and operational	Director	14/02/2014
	JALMEN FINANCE LIMITED	27/04/2012	C305500	Registered and operational	Director	30/12/2013
	Note: In order to view a full list please order a directorship report.

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	LABERG INVESTMENTS LIMITED	15/11/2005	C168001	Registered and operational	100	01/06/2011
	BACKWOOD HOLDINGS LIMITED	27/04/2009	C248791	Registered and operational	9.48104	24/08/2012

Secretary

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

IONICS SECRETARIES LIMITED

Company Secretary

C134023

0

20/05/2009

No

20 Vasilissis Freiderikis, El Greco House, 1st Floor, Apt. 104, Nicosia, 1066, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	GOLGOTA MANAGEMENT LIMITED	04/08/2005	C163966	Registered and operational	Director	10/09/2013

Other Shareholding:

No Information Found

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

FLORIMOND GROUP (HOLDING) LIMITED

-

2000

100

-

-

-

Trident Chambers Road Town, Tortola, British Virgin Islands

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Operation

Activity Code		Description
NACE 2.1	4690	Non-specialised wholesale trade - This class includes: - wholesale of a variety of goods without any particular specialisation
NACE 2.1	4719	Other retail sale in non-specialised stores - This class includes: - retail sale of a large variety of goods of which food products, beverages or tobacco are not predominant - activities of department stores carrying a general line of merchandise, including wearing apparel, furniture, appliances, hardware, cosmetics, jewellery, toys, sports goods etc.

Line of Business

According to the Articles of Association, the subject company is involved in general trade however; we were unable to confirm this. The Articles of Association also make provision for other activities.

Business Activities
General Trading
General Traders

Industry Classifications - NAICS
» Merchant Wholesalers, Durable Goods (NAICS # 423)
» Merchant Wholesalers, Nondurable Goods (NAICS # 424)
» Wholesale Trade Agents and Brokers (NAICS # 42512)
» Wholesale Trade (NAICS # 42)

Export to		Percentage
Comments	Non retrievable

Import from		Percentage
Comments	Non retrievable.

Market Territory
	International Presence	100%
We believe that the subject is an International Business Company (IBC) with no offices of its own in Cyprus.

Premises
Type	Headquarters
Address:	15 Agiou Pavlou, Agios Andreas, 1105, Nicosia, Cyprus
Headquarters comprise of	Offices
Headquarters operate as:	Correspondent office

Affiliates and Subsidiaries	Relation	Year Reg.
FLORIMOND GROUP (HOLDING) LIMITED	Parent Company
Trident Chambers Road Town, Tortola, British Virgin Islands

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

A check against our revealed that no negative payment incidents against the subject company, such as unpaid invoices, dishonored cheques, utility bills, bankruptcies etc. exist.

Financial Statement

Please note that the latest financial details were not available at the file of the company at the official companies' registry house; as the law provides for all companies. No financial details were available from other public sources.

Additional Information

The subject is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 03/10/2007.

IBC companies, being covered by the law of confidentiality, may use nominee shareholders that hold the shares in trust for the beneficial owners. Until recently beneficial owners were made known only to the Central Bank of the Republic of Cyprus, which used to grant permission for the company’s registration in Cyprus. After Cyprus accession into 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 benefit from a corporation tax rate on their profits of 4.25%. However, according to new tax legislation which has been in effect since the 1st January 2003, there is no longer a distinction between local companies and International Business Companies (IBC’s). The net profits of all companies registered in Cyprus are taxed at the rate of 12.5% effective since 1st January 2013.

Furthermore, in the past the law required IBC’s (ex offshore companies & offshore branches), beneficial owners to be non-Cypriot residents and the business activities to be carried out, outside of Cyprus only. This law has changed. IBC entities may have activities worldwide, including in 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.

The new provisions provide exemptions from tax of income related to Intellectual Property, specifically:

1. 80% of worldwide royalty income generated from Intellectual Property owned by Cypriot resident companies (net of any direct expenses) is exempt from income tax.

2. 80% of profit generated from the disposal of Intellectual Property owned by Cypriot resident companies (net of any direct expenses) is exempt from income tax.

3. There is no defense tax on dividends for non-Cypriot residents.

Any expenditure of a capital nature for the acquisition or development of IP is claimed as a tax deduction in the year in which it was incurred and the immediate four following years on a straight-line

All the above exemptions are also available for IPs acquired or developed before January 2012.

We have been unable to trace any offices for the subject company in Cyprus. During our investigation we have contacted the company's correspondent CHRISTODOULOS G. VASSILIADES & CO LLC. The official we spoke to, declined to release any information, such as if the company is an International Business Company (IBC) or not and if they maintain offices of their own in Cyprus, due to the client confidentiality policy in place.

Additionally, a questionnaire was forwarded to the subject but until now, we have received no reply. Should any additional information become available, we will provide you with a revised report.

We believe that the subject is an International Business Company (IBC) with no offices of its own in Cyprus. Please note that this information could not be confirmed from official sources.

CYPRUS COUNTRY DEVELOPMENT

For information concerning recent political, social and economic developments in Cyprus, follow the below link:

http://www.infocreditgroup.com/News/202/en/Cyprus-Country-Development-2014

Methodology Used For Report Preparation

Perform Searches in:

ü The Registrar of Companies and Official Receiver of the Republic of Cyprus.

ü In house databases for Detrimental Information:

- Bankruptcy and Dissolution procedures.

- Issuers of Bounced Cheques.

- Unpaid Bills.

ü Proprietary databases and global subscription sites.

ü Global and local media.

ü Internet social networks.

ü Relationship/Directorship Search through Local Database.

ü Other local databases as deemed appropriate.

Conduct Interviews with:

ü Official(s) / correspondent(s) of the company under review.

ü Supplier(s) or other associated entities of the company.

ü Other local resources with extensive knowledge of the market.

Analysis

ü Process and analyse all information gathered.

ü Perform a thorough quality check of the report prior to sending it to the client.

Contact Information
Name:	Not disclosed
Position:	Company’s representative
Couldn't supply any info
A questionnaire was sent - no reply received

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

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.