MIRA INFORM REPORT

Report Date :

22.08.2011

IDENTIFICATION DETAILS

Name :	MITAS GENERATORS LIMITED
Formerly Known As :	A. MITAS GENERATOR & MACHINERY LIMITED
Registered Office :	26, Ellados Avenue 8063 Paphos
Country :	Cyprus
Financials (as on) :	2009
Date of Incorporation :	23.02.1990
Com. Reg. No.:	C39159 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Diesel and Gasoline run Electrical Generators

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Moderate
Payment Behaviour :	Usually Correct
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Cyprus	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Name & Address

NAME INQUIRED UNDER:

Mitas Generators

Correct Registered Name:

MITAS GENERATORS LIMITED

Address:

26, Ellados Avenue 8063 Paphos CYPRUS

P.O.Box:

62397-8063, Paphos

Telephone:

+357-26932247 357-26-932247

Fax:	+357-26954575

Email:

mitas@mitasgenerators.com

Web:	www.mitasgenerators.com

Business address:

26, Ellados Avenue 8063 Paphos CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Commercial Morality:

Satisfactory

Financial Strength:

Bad

Legal Status

Legal Form:

Private Limited Liability Company Private Limited Liability Company: It is incorporated by one or more individuals or companies (maximum: 50). It is managed by a board of directors consisted of minimum two individuals or juridical persons. Capital is required. The shareholders are liable for the companys debts to the extent of their respective interests in the capital. Its shares are not to be sold through public subscription. Private Limited Liability companies are obliged to file their accounts with the Registrar of Companies (Company Registry).

Registration number and city:

C39159 Nicosia

Registration date:

23.02.1990

Former registration name:

A. MITAS GENERATOR & MACHINERY LIMITED, valid since: 05.07.2004, until: 16.11.2004 A. MITAS ILEKTROMICHANIKES EPICHIRISEIS LIMITED, valid since: 29.04.1997, until: 05.07.2004 M. MITAS TRADING CO LIMITED, valid since: 23.02.1990, until: 29.04.1997

Former company names:

A. MITAS GENERATOR & MACHINERY LIMITED A. MITAS ILEKTROMICHANIKES EPICHIRISEIS LIMITED M. MITAS TRADING CO LIMITED

Company Status

Registration status: 23.02.1990 - registered company
Activity status: 23.02.1990 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Andreas Mitas	740228	Shareholder	CYPRUS	99.99% 9,999 Ordinary	26, Ellados Street 8020 Paphos CYPRUS
Mr. Christos Mitas	054583	Shareholder	CYPRUS	0.01% 1 Ordinary	Pegeia, 12, NikouKarantoki Street 8560 Paphos CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Andreas Mitas	740228	37	Director / Secretary	CYPRUS	Non Retrievable	Non Retrievable	26, Ellados Street 8020 Paphos CYPRUS
Mr. Christos Mitas	054583	73	Director	CYPRUS	Non Retrievable	Non Retrievable	Pegeia, 12, NikouKarantoki Street 8560 Paphos CYPRUS

Activities

Activities:

Importers & Retailers

Operations:

SIC   3621 Motors and Generators Mitas Generators was established to answer to serve the requirements of the market, gained the most modern productive technologies both to better its products and to make them more and more consistent with the environmental and aesthetical requirements. Mitas Generators Ltd is engaged in business of manufacturing of Diesel and Gasoline run Electrical Generators since 1997. Having completed in-house manufacturing facility in the city of Paphos - Cyprus and dedicated professional workforce in operation the company has the privilege of being the sole manufacturer of Electrical Generators in Cyprus. Business Activities Motor and Generator Manufacturing Industry Classifications - NAICS » Motor and Generator Manufacturing Description of Classification Motor and Generator Manufacturing (NAICS #335312)

Motor Vehicles

	2011
Number of cars	owned: 14
Total number of vehicles	14

Imports

ITALY, GERMANY, UNITED KINGDOM, EUROPEAN UNION
Payment terms:
Cash Payment in Advance
CAD (Cash Against Documents)

Exports

The subject does not engage in any export activities.

Agencies

Non Retrievable

Trade Suppliers

Non Retrievable

Workforce

Number Of Employees:

15

Description Of Premises

Address:	26 Ellados Avenue 8063 Paphos CYPRUS
Type of premises:	Premises
Type of ownership:	owned

Headquarters:

Subject operates from owned offices, located at heading address. Please note that this is also the subject's registered address.

Bankers

National Bank of Greece (Cyprus) Limited

USB BANK PLC
1070 Nicosia, 83, DigeniAkrita Avenue, 5th Floor


Account numbers were not disclosed.

Press

22.08.2011, No press / media available at present.

Auditors / Accountants

Date: 31.12.2009
Financials have been audited
Company: FYLAKTOU & MILTIADOUS AUDITORS LTD, 7, LoizouFIlippou Street, 8011, Paphos, Cyprus

Share Capital

Registered capital:	EUR 17,100.00since 01.01.2008
Number of Ordinary:	10,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 17,100.00since 01.01.2008
Number of Ordinary:	10000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 17,100.00since 01.01.2008

Charges

20.12.2001	Floating Charge	CYP 100,000.00	in f/o:National Bank of Greece (Cyprus) Limited
30.11.2001	Floating Charge	CYP 150,000.00	in f/o:USB Bank PLC
02.06.2009	Floating Charge	CYP 750,000.00	in f/o:USB Bank PLC

Finance

Amounts shown in Euro (EUR)		2009	2008
	PROFIT & LOSS
	Sales Turnover	1,819,704.00	1,546,367.00
	Cost of Sales	-1,091,822.00	-957,982.00
	Gross Profit	727,882.00	588,385.00
	Other Operating Income	656.00	4.00
	Other Operating Expenses	-650,718.00	-475,324.00
	Operational Profit	77,820.00	113,065.00
	Net Profit	77,820.00	113,065.00
	BALANCE SHEET
	Property, Plant & Equipment	95,006.00	60,056.00
	Total Fixed Assets	95,006.00	60,056.00
	Inventory / Stock	1,412,895.00	1,091,247.00
	Trade Debtors (receivables from customer)	816,518.00	309,904.00
	Cash in Hand & at Bank	81,634.00	310,249.00
	Total Current Assets	2,311,047.00	1,415,109.00
	Total Assets	2,406,053.00	1,475,165.00
	Retained Profit / Earnings) for the year	-928,795.00	-997,722.00
	Total Equity	-911,695.00	-980,622.00
	Non-Current Liabilities	17,289.00	1,016.00
	Long - Term Loans	1,679,337.00	1,181,544.00
	CURRENT LIABILITIES	543,973.00	372,202.00
	Trade Creditors	13,855.00	218,716.00
	Short - Term Borrowings, Loans	199,935.00	159,857.00
	Taxation Due	1,334.00
	Cash and Amounts Due From Banks	862,025.00	522,452.00
	Total Current Liabilities	1,921,065.00	1,360,415.00
	Total Equity & Liabilities	2,406,053.00	1,475,165.00
	SHARE CAPITAL	17,100.00	17,100.00

Financial figures were provided by the subject on a previous interview.
Please note that the subject provided us with the following key figures for year 2010 (expressed in EURO):

Sales: 1.912.572
Cost of sales: (1.676.409)
Gross Profit: 236.162

Ratios

	2009	2008
Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice Current Assets / Current Liabilities	1.20	1.04
Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good (Current Assets - Inventory) / Current Liabilities	1.20	1.04
Return on assets ( ROA ) Net Profit After Tax / Total assets	0.03	0.08
Return on equity ( ROE ) Net Profit After Tax / Total Equity	-0.09	-0.12
Return on sales ( ROS ) Net Profit x 100 / Sales Turnover	4.28	7.31
Day's supply in inventory Sales Turnover / Inventory	1.29	1.42
Collection Period Ratio (in days) Accounts Receivable x 365 / Sales Turnover	163.78	73.15
Cash Liquidity Ratio Liquid Assests / Current Liabilities x 100	4.25	22.81
Receivables Ratio (%) Accounts Receivable / Current Liabilities x 100	42.50	22.78
Current Assets Ratio (%) (Current Assets - Accounts Receivable) / Current Liabilities x 100	120.30	104.02
Shareholder Equity Increase Ratio (%) Total Equity / Share Capital x 100	-5,331.55	-5,734.63

GENERAL COMMENTS

MAIN SOURCES OF INFORMATION - FOR THIS REPORT

i. Visited Official Companies’ Registry

ii. Interview with Company / Correspondence

iii. Desk Research

iv. Search through Internet Subscription Databases (Business Information)

v. Specialized Media Search Global & Local

vi. Search through internet Social Networks

vii. Infocredit Negative Record Database

viii. Relationship/Directorship Search through Infocredit Database

Mitas Generators Ltd is engaged in business of manufacturing of Diesel and Gasoline run Electrical Generators since 1997.

We contacted the company in question and talked to a company officer, who informed us that Mr Nikos Kyrillou, company financial controller, will be abroad until the Friday 26.08.

Please note that the information included in the report was obtained from the Official Companies’ Registrar and from a previous interview with Mr Kyrillou.

A check against our records revealed that no negative payment incidents against Subject Company, such as unpaid invoices, dishonored cheques and utility bills, bankruptcies exist etc.

SECTOR ANALYSIS

Wholesale, Industrial, Retail& Services Sectors

According to Tremetoushiotis Developers Ltd (www.top-properties.com/legal-information.html):

The industrial sector, the wholesale and retail trade sector and the services sector are all open to non-resident investors. For the industrial and the wholesale and retail trade sectors, the Central Bank handles applications where foreign participation is below 50%. Where foreign participation exceeds 50%, or the investment is more than CyP750.000, applications are handled jointly by the Central Bank and the Ministry of Commerce, Industry and Tourism.
For services, up to 100% foreign participation is allowed and the Central Bank handles the applications.

Contact information

Telephone number:

357 26 932247

company officer

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.61
UK Pound	1	Rs.75.32
Euro	1	Rs.65.68

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.