MIRA INFORM REPORT

Report Date :

27.02.2014

IDENTIFICATION DETAILS

Name :	UNITED UMBER INDUSTRIES
Registered Office :	61 Archiepiskopou Makariou C' Avenue, Sergides House, Off. 202, Larnaka, 6017,
Country :	Cyprus
Date of Incorporation :	15.12.1995
Com. Reg. No.:	P9548
Legal Form :	Partnership
Line of Business :	Subject is involved with the process and the trade of Umber and Sienna products. It provides both Crude and Powder Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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

Basic Information

Registered Name	UNITED UMBER INDUSTRIES
English Name	UNITED UMBER INDUSTRIES
Registered Address	61 Archiepiskopou Makariou C' Avenue, Sergides House, Off. 202, Larnaka, 6017, Cyprus
Headquarters:	61 Archiepiskopou Makariou C', Megaro Sergide, Off. 202, Larnaka, 6017, PoBox 40342, Cyprus
Telephone	+35724652231
Fax	+35724651599
E-mail	eg.unumber@cytanet.com.cy
Web Site	http://unitedumber.com
Legal Type	Partnership
Status	Registered and operational
Registration No	P9548	Registration Date	15/12/1995
Start Date	15/12/1995	Years of Operation:	19
Last return	16/09/2011
CINFO ID:	CYC11742352

Employees

Employees	February 2014
	Company
Total Number	Not Available

Additional Info

Activities: Processing and Umber Industries

Please Note that the Directors are General Partners

Authorized Person: MANTOVANI UMBER INDUSTRIES (HOLDINGS) LIMITED, THE CYPRUS UMBER INDUSTRIAL CO (HOLDINGS) LIMITED are Authorized to Administrate, Manage and Sign for the Company Jointly

Time Limit: 20 Years

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 no recent detailed financial statements were released to us, we feel unable to express a safe and reliable opinion on the creditability and Financial Strength.

Business History

Previous Locations

Registered	From:	To:
7, Vasileos Pavlou Square, Larnaka, 6023, Cyprus	15/12/1995	16/09/2011

Corporate Structure

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

MANTOVANI UMBER INDUSTRIES (HOLDINGS) LIMITED

General Partner

C75912

0

15/12/1995

No

1 Vasileos Pavlou, Larnaka, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

THE CYPRUS UMBER INDUSTRIAL CO. (HOLDINGS) LIMITED

General Partner

C75465

0

15/12/1995

No

30 Dimitri Dimitriou N., Demetriou Commercial Center, Apt. 109, Larnaka, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Operation

Activity Code		Description
NACE 2.1	2399	Manufacture of other non-metallic mineral products n.e.c. - This class includes: - manufacture of friction material and unmounted articles thereof with a base of mineral substances or of cellulose - manufacture of mineral insulating materials: > slag wool, rock wool and similar mineral wools; exfoliated vermiculite, expanded clays and similar heat-insulating, sound-insulating or sound-absorbing materials - manufacture of articles of diverse mineral substances: > worked mica and articles of mica, of peat, of graphite (other than electrical articles) etc. - manufacture of articles of asphalt or similar material, e.g. asphalt-based adhesives, coal tar pitch etc. - manufacture of carbon and graphite fibres and products (except electrodes and electrical applications) - manufacture of artificial corundum - - This class excludes: - manufacture of glass wool and non-woven glass wool products, see 23.14 - manufacture of graphite electrodes, see 27.90 - manufacture of carbon or graphite gaskets, see 28.29

Line of Business

The company in question was established in order to get involved with the process and the trade of Umber and Sienna products. It provides both Crude and Powder Products. It also deals with the export of these products in North America, Europe and Asia.

Please note that the subject owns quarry licenses for several locations in Cyprus for both umber and sienna.

Export to		Percentage
Comments	Non Retrievable

Import from		Percentage
Comments	Non Retrievable

Premises
Type:	Headquarters
Address:	61 Archiepiskopou Makariou C', Megaro Sergide, Off. 202, Larnaka, 6017, PoBox 40342, Cyprus
Headquarters comprise of	Offices
Headquarters are	Rented

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

We contacted the company in question where we talked to the company’s official, who could not release any information regarding the subject, stating that the authorized person was away from the office. We left a message to the authorized person to call us back; however no response has been received to date. 

Should any additional information becomes available, we will provide you with a revised report.

Please note that the information included in the report was obtained from the Official Companies' Registrar and from company’s website.

Please note that registered companies in Cyprus are required to file their financial statements with the Department of Registrar of Companies and Official Receiver. The financial statements of a company are available at the Department of Registrar of Companies, provided that the company has submitted the necessary documents.

The annual general meeting of a company is convened within eighteen months of the date of its registration. Forty two days later, the company should file its first annual return with the Registrar of Companies. Once a year, the annual return must be submitted. This should be done within fifteen months from the previous annual return, without disregarding the calendar year (sections 118, 120 and 125 cap. 113).

All Cypriot Companies, whether local or international, must maintain accurate accounts, which should reflect the true and correct position of their conduct, as well as give adequate explanation of their operations.

The Cypriot Company Law, which is closely modeled on its English counterpart, entails that company accounts must comprise of the following:

- Directors' report.

- Auditor's report.

- Financial statements as prescribed by International Financial Reporting Standards (IFRS) and consolidated Financial Statements in case of parent companies (unless specifically exempt).

Audited financial statements and an Income Tax Return are required for all companies, even companies with no taxable income and/or dormant companies.

Registered Branches (in Cyprus) of foreign companies are not legally required to provide full separate branch accounts, however when taxed on the island, are obliged to do so for income tax purposes. Additionally the branch of a foreign company is required to submit accounts of the main company to the Department of Registrar of Companies.

Partnerships are exempt; they are not required to prepare audited accounts, but they are legally bound to keep proper books of account which must be available for review by individual partners.

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

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
Position:	Company’s Official
Couldn't supply Any info

Recent Enquiries

Recent Enquiries on this subject
Last 6 months:	4
	4
Last 3 months:
	4
Last 1 month:

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.94
UK Pound	1	Rs.103.31
Euro	1	Rs.85.11

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.