MIRA INFORM REPORT

Report Date :

22.02.2014

IDENTIFICATION DETAILS

Name :	STUBRICK LIMITED
Registered Office :	45 Digeni Akrita, Nicosia, 1070,
Country :	Cyprus
Date of Incorporation :	14.06.2010
Com. Reg. No.:	C268820
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 :	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 – 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

Basic Information

Registered Name	STUBRICK LIMITED
English Name	STUBRICK LIMITED
Registered Address	45 Digeni Akrita, Nicosia, 1070, Cyprus
Headquarters:	45 Digeni Akrita, Nicosia, 1070, Cyprus
Telephone	+35722752525
Fax	+35722752800
E-mail	info@pamboridis.com (Correspondent Email)
Web Site	www.pamboridis.com (Correspondent Website)
Legal Type	Limited Company
Registration No	C268820	Registration Date	14/06/2010
Start Date	14/06/2010	Years of Operation:	4
Last return	11/09/2012	Status	Registered and operational
CINFO ID:	CYC23241631

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 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.

Capital

Authorized Capital	5,000.00	EUR	Issued Capital	1,000.00	EUR
Nominal No Of Shares	5,000.00		Issued No Of Shares	1,000.00
Nominal value	1.00	EUR	Paid Up	1,000.00	EUR

Corporate Structure

Directors	Position	Acts As	ID	Occupation	Age	Appointed	Other dir.
KONSTANTINOU GEORGIA	Director / Secretary		853271(ID)		34	12/09/2011	Yes
45 Digeni Akrita Avenue, Pamborides Bldg, Nicosia, 1070, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	PANDALAW MANAGEMENT LIMITED	26/01/2005	C156838	Registered and operational	Director	13/09/2013
	PRUSEC LIMITED	14/02/2011	C281724	Registered and operational	Director	07/12/2011
	CYWORLD BUSINESS CENTRE LIMITED	14/03/1997	C84771	Registered and operational	Director	21/06/2010
	WJ HOLDING LIMITED	09/08/1999	C104090	Registered and operational	Director	12/03/2010

Other Shareholding:

No Information Found

PAPAKONSTANTINOU RODOTHEA	Director	844186(ID)	32	11/09/2012	Yes
45 Digeni Akrita, Pamboridis Bldg, Nicosia, 1070, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	CALIBRETTA LIMITED	14/06/2012	C307931	Registered and operational	Director	28/11/2013
	PRUSEC LIMITED	14/02/2011	C281724	Registered and operational	Director	22/11/2013
	PANDALAW MANAGEMENT LIMITED	26/01/2005	C156838	Registered and operational	Director	13/09/2013
	CENTRIFUGAL MILL TECHNOLOGIES LIMITED	09/09/2006	C183590	Registered and operational	Director	28/05/2012
	WJ HOLDING LIMITED	09/08/1999	C104090	Registered and operational	Director	15/12/2008

Other Shareholding:

No Information Found

Secretary	Position	Acts As	ID	Occupation	Age	Appointed	Other dir.
PAPAKONSTANTINOU RODOTHEA	Assistant Secretary		844186(ID)		32	11/09/2012	Yes
45 Digeni Akrita, Pamboridis Bldg, Nicosia, 1070, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	CALIBRETTA LIMITED	14/06/2012	C307931	Registered and operational	Director	28/11/2013
	PRUSEC LIMITED	14/02/2011	C281724	Registered and operational	Director	22/11/2013
	PANDALAW MANAGEMENT LIMITED	26/01/2005	C156838	Registered and operational	Director	13/09/2013
	CENTRIFUGAL MILL TECHNOLOGIES LIMITED	09/09/2006	C183590	Registered and operational	Director	28/05/2012
	WJ HOLDING LIMITED	09/08/1999	C104090	Registered and operational	Director	15/12/2008

Other Shareholding:

No Information Found

KONSTANTINOU GEORGIA	Director / Secretary	853271(ID)	34	12/09/2011	Yes
45 Digeni Akrita Avenue, Pamborides Bldg, Nicosia, 1070, Cyprus

Other Directorship:
Name	Registration Date	Reg. No.	Status	Position	Update Date
PANDALAW MANAGEMENT LIMITED	26/01/2005	C156838	Registered and operational	Director	13/09/2013
PRUSEC LIMITED	14/02/2011	C281724	Registered and operational	Director	07/12/2011
CYWORLD BUSINESS CENTRE LIMITED	14/03/1997	C84771	Registered and operational	Director	21/06/2010
WJ HOLDING LIMITED	09/08/1999	C104090	Registered and operational	Director	12/03/2010

Other Shareholding:

No Information Found

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

YURI DRUKKER

AO4179961(Passport)

MOLDOVAN

1000

100

-

-

-

1400 Avenue Z, Suite 402, 11235 Brooklyn New York, Republic Of Moldova

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 - -

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 subject is an International Business Company (IBC) with no offices of its own in Cyprus.

Premises
		Type	Headquarters
Address:	45 Digeni Akrita, Nicosia, 1070, 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 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 14/06/2010. According to the company's Articles of Association, the company was established to provide General Trade Activities. This information has not been confirmed, since no contact with the company was permitted. The Articles of Association make provision for other activities as well.

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 have contacted the company's Correspondent Pamboridis LLC. The official we spoke to, could not 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.

A questionnaire was sent to the company’s correspondent to be forwarded to the beneficial owners of the company. Until now, we have received no reply. Should any additional information becomes available, we will provide you with a revised report.

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
Quality:	company
Title:	representative

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.16
UK Pound	1	Rs.103.44
Euro	1	Rs.85.27

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.