MIRA INFORM REPORT

Report Date :

11.04.2014

IDENTIFICATION DETAILS

Name :	VIRMINA TRADING LIMITED
Registered Office :	3 Michail Koutsofta, Limassol, 3031
Country :	Cyprus
Date of Incorporation :	26.10.2006
Com. Reg. No.:	C186253
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 :	Business International 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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	VIRMINA TRADING LIMITED
English Name	VIRMINA TRADING LIMITED
Registered Address	3 Michail Koutsofta, Limassol, 3031, Cyprus
Headquarters:	26 Nikou Patichi, Limassol, P.O Box 56538, Cyprus
Telephone	+35725332805
Fax	+35725381889
E-mail	info@leonidco.com (Correspondent Email)
Web Site	http://leonidco.com (Correspondent Website)
Legal Type	Limited Company
Status	Registered and Operational
Registration No	C186253	Registration Date	26/10/2006
MICHAIL KOUTSOFTA 3, P.C.3031 LIMASSOLStart Date	26/10/2006	Years of Operation:	8
Last return	01/08/2008
CINFO ID:	CYC23072160

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

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 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.

Correspondent

ANTHIMOS LEONIDOU AND PARTNERS LIMITED

Business History

Date	Event Name	Old Value	New Value
01/01/2008	Authorized Capital Changed	1000.00 CYP	1710.00 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	1,710.00	EUR	Issued Capital	1,710.00	EUR
Nominal No Of Shares	1,000.00		Issued No Of Shares	1,000.00
Nominal value	1.71	EUR	Paid Up	1,710.00	EUR

Corporate Structure

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

STYLIANIDES STELIOS

Director

377430(ID)

80

26/10/2006

Yes

6 Myronos, 3065, Limassol, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	GEOLSON LIMITED	06/06/2011	C288278	Registered and operational	Director	02/01/2014
	REGISTON HOLDINGS LIMITED	19/02/2010	C262774	Registered and operational	Director	17/05/2013
	Q.C. BIOMEDICAL LIMITED	03/07/2009	C251896	Registered and operational	Director	19/02/2013
	RACHIANI SERVICES LIMITED	21/09/2010	C273988	Registered and operational	Director	07/02/2013
	BOOMER SECRETARIAL LIMITED	02/04/1996	C77993	Registered and operational	Director / Secretary	02/08/2012
	TANGUERA LIMITED	30/09/2008	C239045	Registered and operational	Director	05/07/2012
	INTELMED CYPRUS LIMITED	06/07/2011	C290080	Registered and operational	Director	29/06/2012
	NAVOUHA SERVICES LIMITED	27/07/2007	C204669	Registered and operational	Director	20/04/2012
	L BIO SYSTEMS LIMITED	30/09/2006	C184817	Registered and operational	Director	02/04/2012
	ANGELIQUE LIMITED	08/06/2010	C268492	Registered and operational	Director	07/03/2012
	Note: In order to view a full list please order a directorship report.

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	REGISTON HOLDINGS LIMITED	19/02/2010	C262774	Registered and operational	10	17/05/2013
	BOOMER SECRETARIAL LIMITED	02/04/1996	C77993	Registered and operational	1	02/08/2012

SAHAR WADIH CHAHINE

Director

(-)

01/08/2008

No

75 Street, Cherfan Bldg, Sohoile Jounieh, Lebanon

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Secretary

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

BOOMER SECRETARIAL LIMITED

Company Secretary

C77993

0

26/10/2006

No

3 Michail Koutsofta, Limassol, 3031, Cyprus

Other Directorship:

No Information Found

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	MAVELOT SERVICES LIMITED	01/06/2009	C250624	Registered and operational	100	29/03/2012
	L BIO SYSTEMS LIMITED	30/09/2006	C184817	Registered and operational	100	02/04/2012
	NAVOUHA SERVICES LIMITED	27/07/2007	C204669	Registered and operational	100	20/04/2012
	WTD LIMITED	18/02/2009	C246071	Registered and operational	100	08/05/2012
	BARVIN ENTERPRISES LIMITED	11/07/2005	C162908	Registered and operational	100	19/06/2012
	TANGUERA LIMITED	30/09/2008	C239045	Registered and operational	100	05/07/2012
	RACHIANI SERVICES LIMITED	21/09/2010	C273988	Registered and operational	100	07/02/2013
	Q.C. BIOMEDICAL LIMITED	03/07/2009	C251896	Registered and operational	100	19/02/2013
	TWINFEX HOLDINGS LIMITED	09/05/2007	C198855	Registered and operational	100	28/12/2010
	VIVEKA ENTERPRISES LIMITED	21/05/2008	C229535	Registered and operational	100	28/12/2010
	Note: In order to view a full list please order a directorship report.

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

SAHAR WADIH CHAHINE

(-)

LEBANESE

1000

100

-

-

-

75 Street, Cherfan Bldg, Sohoile Jounieh, Lebanon

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)

According to desk research VIRMINA TRADING LIMITED is the owner of the EGOISTE trademark.
Further details regarding EGOISTE
Status: REGISTERED
Status Date: 10/9/2012
Goods and Services: Coffee; tea; cocoa; sugar; artificial coffee; flour and preparations made from cereals, namely, muesli, pasta, breakfast cereals, cereal based snack foods; pastry and confectionery, namely, sweets, candies, marzipan, cookies, cakes, chocolate; edible ices; honey
Mark Description: The mark consists of the configuration of a product container cap with the word "EGOISTE" positioned on the top rectangular surface thereof, with two of the opposite vertical corners of the same length and the remaining two opposite vertical corners of a different length but equal each other creating a curvature for the bottom edges on two sides of the cap design and their corresponding edges of the container. The dotted/dashed outline of the container is intended to show the position of the mark and is not part of the mark.
Correspondent: SIMOR L MOSKOWITZ, WESTERMAN HATTORI DANIELS & ADRIAN LLP, 1250 CONNECTICUT AVENUE, NW, WASHINGTON DC 20036

INFINITY was created on May 7th, 2009 by VIRMINA TRADING LIMITED
Correspondent Name: Alexander P. Dvornikov
Address continued: P.O. Box 33
City: RU-117556 Moscow
Country: RUSSIAN FEDERATION
Description: Coffee, tea, artificial coffee
Office Assigned: LAW OFFICE 109
Attorney Assigned:BIBB, SCOTT

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:	26 Nikou Patichi, Limassol, PoBox 56538, Cyprus
Headquarters comprise of	Offices
Headquarters operate as:	Correspondent 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

A check against our revealed that no negative payment incidents against the subject company, such as unpaid invoices, dishonored cheques, utility bills, bankruptcies 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 26/10/2006. According to the company's Articles of Association, the company was established to deal with investing activities.

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 ANTHIMOS LEONIDOU AND PARTNERS LIMITED. The official that is authorized to provide us information regarding the subject, Mrs. Yianna Zachariadou was away from the office.

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:

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

In house databases for Detrimental Information:

Bankruptcy and Dissolution procedures.

Issuers of Bounced Cheques.

Unpaid Bills.

Proprietary databases and global subscription sites.

Global and local media.

Internet social networks.

Relationship/Directorship Search through Local Database.

Other local databases as deemed appropriate.

Conduct Interviews with:

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

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

Other local resources with extensive knowledge of the market.

Analysis

Process and analyse all information gathered.

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

Contact Information
Name:	Not Disclosed yzachariadou@leonido.com
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.60.21
UK Pound	1	Rs.101.05
Euro	1	Rs.83.33

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NNA

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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