MIRA INFORM REPORT

Report Date :

14.02.2014

IDENTIFICATION DETAILS

Name :	PAC PADDUR LIMITED
Registered Office :	2 Argolidos, Lyssiotis Court 11, 2nd Floor, Apt. 203, Aradippou, 7101, Larnaka,
Country :	Cyprus
Date of Incorporation :	22.08.2004
Legal Form :	Limited Company
Line of Business :	Non-specialised wholesale trade [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 :	Offshore Company
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, 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 are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, the profitability of which can fluctuate 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 anemic growth in 2010-11 before contracting again by 2.3% in 2012. Serious problems surfaced in the Cypriot financial sector in early 2011 as the Greek fiscal crisis and euro zone debt crisis deepened. Cyprus's borrowing costs have risen steadily because of its exposure to Greek debt. 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. Cyprus experienced numerous downgrades of its credit rating in 2012 and has been cut off from international money markets. The Cypriot economy contracted in 2012 following the writedown of Greek bonds. A liquidity squeeze is choking the financial sector and the real economy as many global investors are uncertain the Cypriot economy can weather the EU crisis. The budget deficit rose to 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 implemented measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits, and trimmed the deficit to 4.2% of GDP in 2012. In July, Nicosia became the fifth euro zone government to request an economic bailout program from the European Commission, the European Central Bank, and the International Monetary Fund - known collectively as the "Troika". Negotiations over the final details of the plan are ongoing

Source : CIA

Company name and address

Registered Name	PAC PADDUR LIMITED
English Name	PAC PADDUR LIMITED
Registered Address	2 Argolidos, Lyssiotis Court 11, 2nd Floor, Apt. 203, Aradippou, 7101, Larnaka, Cyprus
Headquarters:	2 Argolidos, Lyssiotis Court 11, 2nd Floor, Apt. 203, Aradippou, 7101, Larnaka, Cyprus
Telephone	+35724030367
E-mail	info@kraus-industries.com (Correspondent Email)
Web Site	http://kraus-industries.com/ (Correspondent Website)
Legal Type	Limited Company
Status	Registered and operational
Registration No	C206054	Registration Date	22/08/2007
Start Date	22/08/2007	Years of Operation:	7
Last return	30/09/2013
CINFO ID:	CYC23126224

Employees	February 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. In such cases, 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.

Business History

Date	Event Name	Old Value	New Value
10/01/2008	Change of name	WORLDPOWER LIMITED	PAC PADDUR LIMITED
27/11/2007	Authorized Capital Changed	10000.00 EUR	14840.00 USD
27/11/2007	Nominal Values of Shares Changed	1.00 EUR	1.00 USD

Previous Locations

Registered	From:	To:
3, Themistokli Dervi, Julia House, Nicosia, 1066, Cyprus	22/08/2007	31/05/2012

Capital

Authorized Capital

14,840.00

USD

Issued Capital

5,507.00

USD

Nominal No Of Shares

14,840.00

Issued No Of Shares

5,507.00

Nominal value

1.00

USD

Paid Up

5,507.00

USD

Shares Breakdown	Value	Issued Shares Breakdown	Class	Type
14840	Value 1 USD	5507	Class A	-

Corporate Structure

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

A.E. WAY PROJECT LTD

Director

C244997

0

31/05/2012

Yes

2 Argolidos, Lyssiotis Court 11, 2nd Floor, Apt. 203, Aradippou, 7101, Larnaka, Cyprus

Other Directorship:
	Name		Registration Date	Reg. No.	Status	Position	Update Date
	PAC VENTURES LIMITED		23/08/2007	C206230	Registered and operational	Director	08/08/2013
	MENTOR GROUP HOLDINGS LIMITED		08/02/2011	C281451	Registered and operational	Director	13/03/2012
	EDENPARK HOLDINGS LIMITED		29/01/2004	C145139	Registered and operational	Director	30/03/2011
	HAVDEN HOLDINGS LIMITED		13/11/2008	C241815	Registered and operational	Director	29/03/2011
	BEXHAM COMPANY LIMITED		16/09/2005	C165576	Registered and operational	Director	23/03/2011
	DELTA INNOVATIONS EUROPE LTD	*	21/05/2009	C250100	Dissolved	Director / Secretary	06/12/2010

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	BEXHAM COMPANY LIMITED	16/09/2005	C165576	Registered and operational	100	23/03/2011
	EDENPARK HOLDINGS LIMITED	29/01/2004	C145139	Registered and operational	100	29/03/2011

DEEPAK ISRANI

Director

037289293(Passport)

14/01/2008

Yes

5414 Foxhound WY, San Diego, CA 92130-4836, United States of America

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	PAC VENTURES LIMITED	23/08/2007	C206230	Registered and operational	Director	27/01/2009
	PAC (OMR) VENTURES LIMITED	22/08/2007	C206106	Registered and operational	Director	26/01/2009
	PAC REOC LIMITED	22/08/2007	C206063	Registered and operational	Director	17/12/2008
	PAC VCOC LIMITED	13/08/2007	C205491	Registered and operational	Director	17/12/2008
	PAC HOST LIMITED	22/08/2007	C206045	Registered and operational	Director	12/12/2008

Other Shareholding:

No Information Found

Secretary	Position	Acts As	ID	Occupation	Age	Appointed	Other dir.
A. E. REALTY PROJECT LTD	Company Secretary		C244996		0	31/05/2012	Yes
2 Argolidos, Lyssiotis Court 11, 2nd floor, Flat/Office 203, Aradippou, 7101, Larnaka, Cyprus

Other Directorship:
	Name		Registration Date	Reg. No.	Status	Position	Update Date
	HAVDEN HOLDINGS LIMITED		13/11/2008	C241815	Registered and operational	Director	29/03/2011
	BEXHAM COMPANY LIMITED		16/09/2005	C165576	Registered and operational	Director / Secretary	23/03/2011
	DELTA INNOVATIONS EUROPE LTD	*	21/05/2009	C250100	Dissolved	Director	07/12/2010

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

PAC REOC LIMITED

C206063

-

5507

100

5507

Class A

-

2 Argolidos, Lyssiotis Court 11, 2nd Floor, Apt. 203, Aradippou, 7101, Larnaka, Cyprus

Other Directorship:

No Information Found

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	PAC (OMR) VENTURES LIMITED	22/08/2007	C206106	Registered and operational	100	26/01/2009
	PAC VENTURES LIMITED	23/08/2007	C206230	Registered and operational	100	27/01/2009
	PAC HOST LIMITED	22/08/2007	C206045	Registered and operational	100	12/12/2008

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 - -

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)
» Retail Trade (NAICS # 44)

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:	2 Argolidos, Lyssiotis Court 11, 2nd Floor, Apt. 203, Aradippou, 7101, Larnaka, Cyprus
Headquarters comprise of	Offices
Headquarters operate as:	Correspondent office

Affiliates and Subsidiaries	Relation	Year Reg.
PAC HOST LIMITED	Affiliated Company	2007
3 Themistokli Dervi, Julia House, Nicosia, 1066, Cyprus
PAC REOC LIMITED	Parent Company	2007
3 Themistokli Dervi, Julia House, Nicosia, 1066, Cyprus
PAC (OMR) VENTURES LIMITED	Affiliated Company	2007
3 Themistokli Dervi, Julia House, Nicosia, 1066, Cyprus
PAC BHUKUM LIMITED	Affiliated Company	2007
115 Griva Digeni, Trident Centre, Limassol, 3101, Cyprus
PAC VENTURES LIMITED	Affiliated Company	2007
2 Argolidos, Lyssiotis Court 11, 2nd Floor, Apt. 203, Aradippou, 7101, Larnaka, Cyprus

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 22.08.2007. According to the company's Articles of Association, the company was established to provide General Trade 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 not been able to trace any offices for the subject company in Cyprus. During our investigation we tried to contact with company's Correspondent KRAUS INDUSTRIES LTD; however with no success since there was no answer to our several calls. Furthermore, we tried locating contact details for the company but there was no relative information recorded at the local official telecommunication companies (CYTA and PRIMETEL). We have the impression that the subject is an IBC with no offices of its own in Cyprus. CYPRUS COUNTRY DEVELOPMENTS: 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 A.   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. B.   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. C.   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 Attempts to contact an official were unsuccessful

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.27
UK Pound	1	Rs.103.47
Euro	1	Rs.84.87

INFORMATION DETAILS

Report Prepared by :

NIS

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.