MIRA INFORM REPORT

Report Date :

19.11.2008

IDENTIFICATION DETAILS

Name :	VECTRA HILL LIMITED
Registered Office :	Akara Building, 24 De Castro Street Wickhams Cay 1 Road Town Tortola Vg1110
Country :	Virgin Island (British)
Date of Incorporation :	02.01. 2003
Com. Reg. No.:	526827
Legal Form :	International Business Company
Line of Business :	Finance and Investment

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	150,000 USD
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

GEOPOLITICS

POLITICAL DATA

ECONOMIC DATA

FORM OF GOVERNMENT	British overseas territory - Parliamentary system
ECONOMIC RISK	Nil

CURRENCY	USD
BRANCH SITUATION	Stable

IDENTIFICATION

Company Name:
Trade Name:

Vectra Hill Limited
-

Legal Address

Akara Building, 24 De Castro Street Wickhams Cay 1 Road Town Tortola VG1110 BRITISH VIRGIN ISLANDS

Phone:	1-284-494-4840
Facsimile:	1-284-494-4841
Email:	N.A.
Website	N.A.
Manager	N.A.
Staff	0

Registration Number:	526827
Legal Form	International Business Company
Registered In:	BRITISH VIRGIN ISLANDS (BVI)
Date Created:	02 January 2003
Date Incorporated:	02 January 2003
Stock	N.A.
Value	50,000 USD

Activity

Finance and Investment

BANK(S)

Name of the Bank
SCOTIA BANK

BUSINESS

Activity:

Vectra Hill Limited is an International Business Company / Offshore Company incorporated in the British Virgin Islands for tax purposes.

However the company does not carry any operation in the British Virgin Islands.

STAFF : nil. It uses the registration agent's staff

LINE OF BUSINESS : Finance and investment

Subject has the following purposes and objects: The principal object is to engage either in the Virgin Islands or abroad, in the purchase, sell, disposal, dealing, transfer, barter, ownership, negotiate, finance, administration to grant guaranties in favor of obligation of third parties with or without mortgage or pledge of the corporation assets, give or borrowing money in loan, giving or taking in commission, mortgage, security, lease, use, usufruct, or receivership, any kind of property, whether real or personal stock or rights, and make and accept all kinds of deals, contracts, operations, business and transactions of lawful commerce.
The corporation could engage also in fulfilling all activities, contracts, operations, business or transactions allowed by Law to the Corporation.

In particular it is engaged in financial intermediation operations, participation in overseas companies, shareholdings, overseas investments in general, etc.

According to informed by subject's resident agent, it is legally registered in the British Virgin Islands, with head offices abroad.
It means that subject uses the British Virgin Islands territory only as its legal and administrative address, but all its operations are carried out abroad.

It is under the same condition as many companies that are established in the British Virgin Islands, founded in order to protect their shareholder's investments and, to avail of tax exemption laws in that country.

Subject's annual business volume is not disclosed by its Resident Agent.


Trade references : In virtue of the nature of its business activities its local transactions are seldom. Therefore, commercial sources consulted in the marketplace report that they are unable to establish subject's payment performance and general reputation regarding commitments contracted as same it is UNKNOWN as making use of credit facilities.

Location:

The Address provided by the client is that of the registered agent:

Mossack, Fonseca & Co. (BVI) Ltd.

Akara Building, 24 De Castro Street Wickhams Cay 1 Road Town Tortola VG1110 BRITISH VIRGIN ISLANDS

Tel# 1-284-494-4840 Fax# 1-284-494-4841


PHYSICAL ASSET HOLDINGS: No properties in the British Virgin Islands. Possible properties abroad are unknown.

Business Overview:

BVI International Business Companies (IBCs) are the off-shore companies with a great number of advantages, such as:

1) Exemption from payment of any income tax;
2) Can conduct most business transactions (except conducting banking and insurance activities and other businesses with residents of the BVI; or to possess real estate in BVI);
3) Requires a minimum of only one shareholder and one director;
4) The directors and shareholders can be entities or individuals resident in any country;
5) The shares can be issued to the bearer or registered;
6) The Board of Directors can meet in any part of the world and even by telephone;
7) The payment of minimum capital is not required, and the shares can be issued at par or non par value;
8) The names of the Directors, Officers and shareholders do not need to be registered in a public record
9) No need to file annual reports nor tax returns;
10) Can transfer its domicile and continue existing as a company incorporated under the laws of a jurisdiction outside of BVI; a foreign company can also become a BVI IBC;
11) Neither the minutes book nor the shares book need to be certified by any authority of BVI;
12) It is not necessary to carry out Directors or shareholder meetings on a regular basis.
13) The name of the company must include the word 'Limited', 'Corporation' or 'Incorporation', or the abbreviation 'Ltd.', 'Corp.', 'Inc.' or 'S.A.'. Names in Chinese characters may also be recorded.
14) It is not necessary to issue shares of the company, unless the Board of directors decides so.
15) The IBC can be dissolved by resolution of the Board of directors, if no shares have been issued. In case that the shares have been issued, the company must be dissolved through a shareholders resolution.
16) All the dividends, interest, rents, royalties, compensations and other amounts paid by company established under the IBC Act to persons that are non-residents of BVI are exempt from payment of income tax. The capital gains earned from the sale of whatever shares or other securities of an IBC are also exempt from payment of any tax.

SHAREHOLDERS - MANAGERS - RELATED COMPANIES

Shareholders/Parent Companies:

The company is owned by foreign shareholders.

Management:

It is locally managed by the registered agent mentioned above.

The agent declined to give any information on the subject, who is protected by the law of non disclosure.

FINANCIALS - COMMERCIAL TRENDS AND FORECAST

The Subject Company is registered as an International Business Company/ Offshore Company in the British Virgin Islands and is therefore exempt from filing and/or publishing Annual Audited Accounts.


However, our financial sources could provide us with the following figures:

Currency	Date
USD	2007
Turnover	0
Operating Income	2,600,000
Net Income	2,600,000
Net Worth	7,000,000
Liabilities	0

Debentures/Mortgages/Charges:

Our Legal searches in the Credit Bureau Data Base of The BVI, and the Companies registration file have revealed no evidence of any current registered Mortgage, Chattel Mortgage or Debentures filed in the name of the Company or any of its given Directors.

Other relevant data:

With reference to your request for a Business Credit Report on the above Subject, we hereby advise that according to the Credit Bureau files there are no reports of any Credit Delinquencies registered in the name of the subject Company or its given Directors in The BVI.

In addition, there was no record of any High Court or Petty Civil Court Judgments entered against the Company or its Directors in any civil suit and/or litigation matter during the period of our Judgment searches (6 years).

Based on our credit Bureau Data Base investigations we have found no evidence of any Reported Credit Delinquency or delay /default /caution on this Company.

RATING

Local credit bureau did not rate this company.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Payments are: made on a 40 days basis - monitored over the last 12 months.

The cash flow is very good.

Final opinion:

We are reporting upon a finance & investments company which belongs to foreign shareholders. Although it is registered in the British Virgin Islands, it uses such territory only as its legal and administrative address, but all its operations are carried out abroad. It is managed by a resident registration agent and it is unknown in the marketplace, so its commercial morality and general reputation cannot be assessed, although nothing detrimental is noted upon subject. As there are no visible assets, and taking into account also that it is unknown as making use of credit facilities, credit in general must be regarded as a matter of confidence, and amounts of certain importance would have to be secured by collateral.

A credit line may be considered for a maximum of USD 150,000.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
PROFITABILITY	GOOD	PUBLIC	NO
INDEBTEDNESS	NIL	PAYMENTS	REGULAR
CASH	VERY GOOD

ADVISED CREDIT

150,000 USD

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.52
UK Pound	1	Rs.75.54
Euro	1	Rs.63.12

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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