MIRA INFORM REPORT

Report Date :

18.01.2011

IDENTIFICATION DETAILS

Name :	MEDEXIM TRADING AND RESEARCH TECHNOLOGIES LIMITED
Registered Office :	Demtris Michael Tower, apt. 401, 7B, Nikou Kranidioti Street, Nicosia
Country :	Cyprus
Date of Incorporation :	03.12.2009
Com. Reg. No.:	C258797 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	General Traders

RATING & COMMENTS

MIRA’s Rating :

Nb

RATING		STATUS	PROPOSED CREDIT LINE
----	NB	New Business	----

Status :	New 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 – 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:

Medexim Trading And Research Technologies Ltd

Correct Registered Name:

MEDEXIM TRADING AND RESEARCH TECHNOLOGIES LIMITED

Address:

Demtris Michael Tower, apt. 401, 7B, Nikou Kranidioti Street Nicosia CYPRUS

Telephone:

+357-22375340

Fax:	+357-22375339

Email:

Non Retrievable

Web:	Non Retrievable

Business address:

Demtris Michael Tower, apt. 401, 7B, Nikou Kranidioti Street Nicosia CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Comment:

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

Commercial Morality:

Too early to comment

Financial Strength:

Too early to comment Given the fact that the company is newly established, coupled with the fact that this is an IBC (Offshore Company) and most of its activities are carried out outside Cyprus, we feel unable to express a safe and reliable opinion on their creditability and commercial morality of the subject, or comment on the amount and terms of your inquiry / suggest a maximum credit.

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:

C258797 Nicosia

Registration date:

03.12.2009

National ID: c258797

Company Status

Registration status: 03.12.2009 - registered company
Activity status: 30.12.2009 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
SUFFOLK NOMINEES LIMITED Registration: No. C251300, Nicosia, CYPRUS		Shareholder		100.00% 2,000 Ordinary	4th Floor, Office 401, Engomi, 7B, Nicou Kranidioti Street 2411 Nicosia CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
BARTONWAY SECRETARIAL LIMITED			Secretary				4th Floor, Office 401, Engomi, 7B, Nicou Kranidioti Street 2411 Nicosia CYPRUS
Mr. Michalis Stylianou	712882	41	Director	CYPRUS	Non retrievable	Also associated with Hargrove Limited, Stymic Trading Co Limited, Samwards (secretarial) Limited, Hillstine (nominees) Limited, Acretrend Holdings Limited and Tacbridge Trading & Services Limited.	DEMETRIS MICHAEL TOWER 2, 4th Floor, Off.401, 7B, Nicou Kranidioti Street, Engomi 2411 Nicosia CYPRUS

Activities

Activities:

General Traders

Operations:

SIC   main activity   5199 Nondurable Goods, NEC (except specialty advertising)   6799 Investors, NEC (commodity contract trading companies) According to the Article of Associations the current company deals with general trade although this was not confirmed. However the article makes provision for other activities as well. Business Activities General Trading Industry Classifications - NAICS » Wholesale Trade Agents and Brokers » Wholesale Trade » Other Miscellaneous Durable Goods Merchant Wholesalers » Apparel, Piece Goods, and Notions Merchant Wholesalers » Other Miscellaneous Nondurable Goods Merchant Wholesalers Wholesale Trade Agents and Brokers NAICS #42512 Wholesale Trade NAICS #42 Other Miscellaneous Durable Goods Merchant WholesalersNAICS #42399 Apparel, Piece Goods, and Notions Merchant Wholesalers NAICS #4243 Other Miscellaneous Nondurable Goods Merchant Wholesalers NAICS #42499

Motor Vehicles:

Non Retrievable

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:	Demtris Michael Tower, apt. 401, 7B, Nikou Kranidioti Street Nicosia CYPRUS
Type of premises:	Premises
Address:	1st floor, apt 106, 27, 25is Martiou Street 2408 Nicosia CYPRUS
Type of premises:	Registered Address

Headquarters:

Please note that we have not been able to trace offices of the company in Cyprus. The address given above is that of the company's Official Correspondence Address, I.F.B.C Limited.

Related Companies:

Non Retrievable

Bankers:

Account numbers are not disclosed.

Press:

17.01.2011, No press / media available at present.

Auditors / Accountants

Non Retrievable

Share Capital

Registered capital:	EUR 2,000.00 since 01.01.2008
Number of Ordinary:	2,000
Value per share of Ordinary:	EUR 1.00
Issued capital:	EUR 2,000.00 since 01.01.2008
Number of Ordinary:	2000
Value per share of Ordinary:	EUR 1.00
Paid-up capital:	EUR 2,000.00 since 01.01.2008

Charges

None in current years

GENERAL COMMENTS

The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 03.12.2009. According to the Article of Associations the current company deals with general trade although this was not confirmed. However the article makes provision for 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 I.F.B.C Limited where the official declined to release any information such as if the company is an IBC or not and if they maintain offices of their own in Cyprus, due to the confidentiality policy owed to their clients. For this reason, a questionnaire was placed in order to be forwarded to the subject but there has been no response yet. We have the impression that the subject is an International Business Company.

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.

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.45.59
UK Pound	1	Rs.72.31
Euro	1	Rs.60.73

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.