MIRA INFORM REPORT

Report Date :

17.01.2011

IDENTIFICATION DETAILS

Name :	ADVENTUS ENTERPRISES LTD
Registered Office :	Petoussis Bros Building, 3rd Floor, 18, Evagora Papachristophorou Street 3030 Limassol
Country :	Cyprus
Date of Incorporation :	31.12.2007
Com. Reg. No.:	C218233 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	General Traders

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 :	Offshore Company
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Cyprus	b1	b1

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

company Name & Address

NAME INQUIRED UNDER:

Adventus Enterprises Ltd

Correct Registered Name:

ADVENTUS ENTERPRISES LTD

Address:

Petoussis Bros Building, 3rd Floor, 18, Evagora Papachristophorou Street 3030 Limassol CYPRUS

Telephone:

+357-25342222 357-25-342222

Fax:	+357-25342888

Email:

gp_c@spidernet.com.cy (correspondence E-mail)

Web:	www.papachristoforou.com (correspondence Website)

Business address:

Petoussis Bros Building, 3rd Floor, 18, Evagora Papachristophorou Street 3030 Limassol CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Comment:

A check against all available information sources revealed that no late payment incidents against Subject Company exist.

Good For Amount & Terms Of Inquiry:

Unable to comment Given the fact that no detailed financial statements were released to us , we feel unable to comment on a maximum credit.

Commercial Morality:

Unable to comment

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.

Credit Rating:

Nil Rating

Legal Status

Legal Form: Private Limited Liability Company / International Business Company (IBC) (offshore)

The term International Business Company came to substitute the term offshore company. Following the latest changes in the Cyprus Tax laws, a Cyprus registered company is taxed at 10% on its net profits provided that the company has management and control in Cyprus. An IBC may be operated from abroad or may have a fully-fledged office in Cyprus.

Registration number and city : C218233 Nicosia

Registration date : 31.12.2007

National ID : C218233

Company Status

Registration status: 31.12.2007 - registered company
Activity status: 31.12.2007 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
WARNER GLOBAL MANAGEMENT INC Registration: VIRGIN ISLANDS (BRITISH)		Shareholder		100.00% 10,000 Ordinary	OMC CHAMBERS, Road Town Tortola VIRGIN ISLANDS (BRITISH)

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
WCS-WORLDWIDE CORPORATE SECRETARIAL LIMITED			Secretary				19, Levantas Street Limassol 4007 Limassol CYPRUS
Ms. Maria Iasonos	821603	30	Director	CYPRUS	Non retrievable	Also director of SKYLIFT LIMITED, P.P.T. SECRETARIAL LIMITED, P.P.T. NOMINEES LIMITED, MACFERSON LIMITED, MACHRICON LIMITED, MCARTHUR LLOYD CONSULTING LIMITED and TREMBLAY INVESTMENTS LIMITED	Ayia Fyla, 13, Tartaron Street Limassol 3115 Limassol CYPRUS

Activities

Activities:

General Traders

Operations:

SIC   main activity   6799 Investors, NEC (commodity contract trading companies)   5199 Nondurable Goods, NEC (except specialty advertising) According to the article of Association, the company in question was established in order to get involved with General Trade Activities. However, this information was not confirmed; of course the article makes provision of other activities as well. We have the impression that this is an International Business Company registered in Cyprus. 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 » Other Miscellaneous Durable Goods Merchant Wholesalers NAICS #42399 » Apparel, Piece Goods, and Notions Merchant Wholesalers NAICS #4243 » Other Miscellaneous Nondurable Goods Merchant Wholesalers NAICS #42499

Imports:

Non Retrievable

Exports:

Non Retrievable

Agencies:

Non Retrievable

Trade Suppliers:

Non Retrievable

Workforce

Number Of Employees:

2

The company does not maintain offices in Cyprus. At least we did not trace any. Under these circumstances no staff is employed. In such cases, companies utilize staff (2-3 people) from their auditors or lawyers offices.

Description Of Premises

Address:	Petoussis Bros Building, 3rd Floor, 18, Evagora Papachristophorou Street 3030 Limassol CYPRUS
Type of premises:	Registered Address
Type of ownership:	shared
Area:	Business / Commercial Area
Address:	Apt. 302, 48, Kefallinias Street, Aglantzia 2107 Nicosia CYPRUS
Type of premises:	Previous Registered Address

Headquarters:

The company does not maintain offices of its own in Cyprus. The address given above is the company's Registered Address, which is also the company's Official Correspondence Address PAPACHRISTOFOROU & CO LIMITED.

Related Companies

Parent Company
WARNER GLOBAL MANAGEMENT INC , VIRGIN ISLANDS (BRITISH)

*PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

"WARNER GLOBAL MANAGEMENT INC" - Parent Company registered in British Virgin Islands. Further information was not available.

Bankers:

Non Retrievable

Press:

17.01.2011, No press / media available at present.

Auditors / Accountants:

Non Retrievable

Share Capital

Registered capital:	EUR 10,000.00 since 31.07.2008
Number of Ordinary:	10,000
Value per share of Ordinary:	EUR 1.00
Issued capital:	EUR 10,000.00 since 31.07.2008
Number of Ordinary:	10000
Value per share of Ordinary:	EUR 1.00
Paid-up capital:	EUR 10,000.00 since 31.07.2008

Charges

None in current years

GENERAL COMMENTS

The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 31.12.2007. According to the article of association the company is involved with General Trade Activities. However, this information was not confirmed. Of Course the article makes provision of other activities as well. We have the impression that this is an International Business Company.

IBC companies, being covered by the law of confidentiality, may use nominee shareholders that hold the shares in trust for beneficial owners. Until recently beneficial owners were made known only to the Central Bank of the Republic of Cyprus that used to grant the permission for the company’s registration in Cyprus. After Cyprus accession in 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 be benefited from a corporation tax rate on their profits of 4.25%. However, according to new tax legislation which has been in effect as of 1st January 2003, there is no longer a distinction between local companies and International Business Companies (IBC’s) and thus, the net profits of all companies registered in Cyprus are taxed at the rate of 10%.

Further more, in the past the law required the IBC’s (ex offshore companies & offshore branches), beneficial owners to be non-Cypriot residents and the business activities to be carried out, outside Cyprus only. Currently, this law has changed. IBC entities may have activities worldwide, including 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.

We were not able to trace any offices for the company in question in Cyprus, however we contacted the company's correspondence PAPACHRISTOFOROU & CO LIMITED, where the official informed us that the person who is in charge for the company in question (Mr Papachristophorou) could not provide us with any information regarding the subject due to his very busy schedule. Furthermore, a message was also left in order for Mr Papachristophorou to contact us back; however there was no response up to now. Should any additional information becomes available we shall forward them to you as soon as possible.

In addition, we tried to contact the subject using the contact number provided on your inquiry (Tel: 302106604329), however the official we spoke with informed us that they have no relation with ADVENTUS ENTERPRISES LTD. The contact number provided on your inquiry locates a company in Greece operating under the name Pharmacen; however further information was not available.

Please note that, the information provided in this report was obtained from the Official Companies Registrar.

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

Contact information:

Telephone number:

357 25 342222

Official from Company's Representative Office

CYPRUS-FACTS AND FIGURES
Population: 1,084,748
Area: 9,251 SQ KM (about 33.4 percent of land is under Turkish control, and a further 1.8 percent forms part of the buffer zone along the cease-fire line.)
Capital: Nicosia
Currency: Euro
Currency Code: EUR

GDP (Purchasing Power Parity): $22.85 Billion	GDP - Composition by Sector:
GDP (Official Exchange Rate):$23.22 Billion	Agriculture: 2.1%
GDP - Real Growth Rate: -0.8%	Industry: 19.%
GDP - Per Capita (PPP): $21,200	Services: 78.9%

Industries:
Tourism, Food And Beverage Processing, Cement And Gypsum Production, Ship Repair And Refurbishment, Textiles, Light Chemicals, Metal Products, Wood, Paper, Stone, And Clay Products.

The area of the republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for 78% of GDP.
Tourism, financial services and real estate are the most important sectors.
Changing growth rates over the past decade reflect the economy's reliance on tourism.
Due to the global crisis, Cyprus economy entered into recession in the middle of 2009. The budget deficit reached the level of 3.5% of GDP, violating EU's budget deficit criteria of no more than 3% of GDP.

Therefore, in order to prevent country's weakening finances, the government intents to implement measures to cut the cost of the state payroll, tax evasion, and amend social benefits.

Last Updated: March 2010

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.30
UK Pound	1	Rs.71.73
Euro	1	Rs.60.40

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.