MIRA INFORM REPORT

Report No. :	306671
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	TERENTULA HOLDINGS LIMITED
Registered Office :	1 Avlonos, Maria house, 5^th Floor, Nicosia 1075
Country :	Cyprus
Date of Incorporation :	29.07.2010
Com. Reg. No.:	C271314
Legal Form :	Limited Company
Line of Business :	Investment and Finance Company
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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Cyprus	B2	B2

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	TERENTULA HOLDINGS LIMITED
English Name	TERENTULA HOLDINGS LIMITED
Registered Address	1 Avlonos, Maria House, 5th Floor, Nicosia, 1075, Cyprus
Headquarters:	1 Avlonos, Maria House, 5th Floor Nicosia, 1075, Cyprus
Telephone	+35722504000
Fax	+35722504100
E-mail	cyprus@amicorp.com (Correspondent Email)
Web Site	http://www.amicorp.com (Correspondent Website)
Legal Type	Limited Company
Status	Registered and Operational
Registration No	C271314
Registration Date	29/07/2010
Last return	29/01/2013
CINFO ID:	CYC23243972

Summary

Employees	February 2015
	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 are employed and companies may utilize staff (2-3 people) from their auditors’ or lawyers’ offices.

Additional Info:

Correspondent: AMICORP (CYPRUS) LTD, 1 Avlonos, Maria House, 5th Floor, 1075 Nicosia,

Tel:22504000

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 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

Capital

Authorized Capital	0.00 EUR	Asked	0.00 EUR
Nominal No Of Shares	7,000.00	Issued No Of Shares	6,500.00
Nominal value	0.00 EUR	Paid Up	0.00 EUR
Authorised Capital : 6000 EUR + 1000 USD
Paid Up Capital : 6000 EUR + 500 USD

Shares Breakdown	Value	Issued Shares Breakdown	Class	Type
6000	Value 1 EUR	6000	-	Ordinary
1000	Value 1 USD	500	-	Redeemable Preferred

Corporate structure

Directors	Position	Acts As	ID	Occupation	Age	Appointed	Other dir.
BRIANTSERVE LIMITED	Director		C200768		0	29/07/2010	Yes

1 Avlonos, Maria House, 5th Floor, Nicosia, 1075, Cyprus

Other Directorship:
Name	Registration Date	Reg. No.	Status	Position	Update Date
SYRICHELLO HOLDINGS CO.	31/03/2008	C226601	Registered and operational	Director	08/01/2015
LIMITED
ZEGURA HOLDINGS CO. LIMITED	19/07/2008	C234185	Registered and operational	Director	29/10/2014
KELLORZO HOLDINGS CO.	28/07/2008	C234738	Registered and operational	Director	15/10/2014
LIMITED
KEYBENCO HOLDINGS CO.	23/01/2008	C220185	Registered and operational	Director	15/10/2014
LIMITED
YIRIKI HOLDINGS CO. LIMITED	31/12/2007	C218839	Registered and operational	Director	15/10/2014
YERMICO HOLDINGS CO.	01/02/2008	C221466	Registered - Reminder note	Director	15/10/2014
LIMITED		was sent
HILTENOVA HOLDINGS CO.	06/02/2008	C222035	Registered - Reminder note	Director	06/08/2014
LIMITED		was sent
PENATES REAL ESTATE LIMITED	17/03/2009	C247168	Registered - Reminder note	Director	04/08/2014
		was sent
THERM-P HOLDINGS LIMITED	17/03/2009	C247170	Registered - Reminder note	Director	04/08/2014
		was sent
GLASS BEADS HOLDINGS	18/03/2009	C247279	Registered - Reminder note	Director	01/08/2014
(CYPRUS) LIMITED		was sent
Note: In order to view a full list please order a directorship report.
Other Shareholding:
Name	Registration Date	Reg. No.	Status	%	Update Date
MD MEDICAL GROUP INVESTMENTS PLC	05/08/2010	C271602	Registered and operational	0.00001	04/08/2014

Secretary	Position	Acts As	ID	Occupation	Age	Appointed	Other dir.
MENUSTRUST LIMITED	Company Secretary		C201284		0	29/07/2010 Yes
1 Avlonos, Maria House, 5th Floor, Nicosia, 1075, Cyprus
Other Directorship:
Name	Registration Date	Reg. No.	Status	Position		Update Date
WINDFLAME HOLDING LIMITED	08/09/2005	C165180	Registered - Reminder note was sent	Director		15/10/2014
PENATES REAL ESTATE LIMITED	17/03/2009	C247168	Registered - Reminder note was sent	Director		04/08/2014
THERM-P HOLDINGS LIMITED	17/03/2009	C247170	Registered - Reminder note was sent	Director		04/08/2014
GLASS BEADS HOLDINGS (CYPRUS) LIMITED	18/03/2009	C247279	Registered - Reminder note was sent	Director		01/08/2014
WCG FINANCE & LENDING LIMITED	17/03/2009	C247162	Registered and Operational	Director		01/08/2014
SWAN STONE HOLDINGS LIMITED	13/01/2010	C260703	Registered and Operational	Director		01/08/2014
VERTELLO VENTURES LIMITED	22/12/2008	C243874	Registered - Reminder note was sent	Director		26/02/2014
AERMO LIMITED	19/11/2009	C258028	Registered and Operational	Director		13/12/2013
IMS INSTRUMENTAL MARINE SERVICES (CYPRUS) LTD	22/11/2007	C212865	Registered - Reminder note was sent	Director		18/05/2011
CHANCERY HOLDING LIMITED	19/07/2005	C163233	Registered and Operational	Director		07/06/2010
Note: In order to view a full list please order a directorship report.
Other Shareholding:
Name	Registration Date	Reg. No.	Status	%		Update Date
REALTUNE INVESTMENTS LIMITED	09/04/2013	C321368	Registered and Operational	1		14/01/2014
MD MEDICAL GROUP INVESTMENTS PLC	05/08/2010	C271602	Registered and Operational	0.00001		04/08/2014

Shareholders	ID/Reg. No	Shares	%	Shares Breakdown	Type
CISTENIQUE INVESTMENT FUND B.V.	56109	6500	100	6000	Ordinary
45 Pareraweg, Curacao, Netherlands Antilles				500	Redeemable Preferred
Other Directorships
Not Information Found
Other Shareholding:
Name	Registration Date	Reg. No.	Status	%	Update Date
NEW LEAINA INVESTMENT LIMITED	22/01/2009	C244988	Registered and Operational	0.51427	20/03/2014

Operations

Activity Code		Description
NACE 2.1	6499	Other financial service activities, except insurance and pension funding n.e.c. - This class includes: - other financial service activities primarily concerned with distributing funds other than by making loans: > factoring activities > writing of swaps, options and other hedging arrangements > activities of viatical settlement companies - own-account investment activities, such as by venture capital companies, investment clubs etc. - - This class excludes: financial leasing, see 64.91 - security dealing on behalf of others, see 66.12 trade, leasing and renting of real estate property, see division 68 - bill collection without debt buying up, see 82.91 - grant-giving activities by membership organisations, see 94.99

LINE OF BUSINESS

According to the company's correspondent, the subject company acts as a holding company dealing with holding of shares.

Business Activities

Investment and Finance Company

Investments

Investment Consultants

Industry Classifications - NAICS

» Investment Banking and Securities Dealing (NAICS # 523110)

» Securities, Commodity Contracts, and Other Financial Investments and Related Activities (NAICS # 523)

» Investment Advice (NAICS # 523930)

Export to		Percentage
Comments	The subject company does not engage in any export activities.

Import from		Percentage
Comments	The subject company does not engage in any import activities.

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

Affiliates and Subsidiaries	Relation	Year Reg.
CISTENIQUE INVESTMENT FUND B.V.	Parent Company
45 Pareraweg, Curacao, Netherlands Antilles

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 bills or 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 29/07/2010.

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 nonCypriot 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 AMICORP (CYPRUS) LTD. 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.

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.

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 for up to 7 years:

• Bankruptcy and Dissolution procedures.

• Unpaid Bills including returned cheques.

• 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
Title:	Representative

Couldn't supply

Any info

A questionnaire was sent - no reply received

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.96
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.