MIRA INFORM REPORT

Report Date :

21.01.2011

IDENTIFICATION DETAILS

Name :	MCAP EUROPE LIMITED

Registered Office :	Aib International Centre, International Financial Services Centre, Dublin 1, Dublin 1 216410

Country :	Ireland

Financials (as on) :	31.12.2009

Date of Incorporation :	21.08.2007

Com. Reg. No.:	IE444995

Legal Form :	Single Member Private Company Limited By Shares

Line of Business :	Leasing of aircraft

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	(€) 450,000
Status :	Good
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)

Ireland

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

Company Summary

Company Summary
Company Name	MCAP EUROPE LIMITED
Company Number	IE444995
Telephone Number
Address	AIB INTERNATIONAL CENTRE, INTERNATIONAL FINANCIAL SERVICES CENTRE, DUBLIN 1, DUBLIN 1
Town Code	216410
Company Type	SINGLE MEMBER PRIVATE COMPANY LIMITED BY SHARES
Incorporation Date	21/08/2007

Company Status Summary
Company Status	Active - Accounts Filed
Limit (€)	450,000
Active CCJ's	0
Value of CCJ's (€)	0
Writs	0

Director Summary
Directorships	4
Total Directorships	59

Financial Information
Date	31/12/2009	%	31/12/2008	%	31/12/2007
Currency	NaN		NaN		NaN
Turnover	48,082,371	40.8%	34,161,085	6,101.6%	550,843
Shareholder Equity	5,495,004	77.2%	3,101,477	759.1%	361,014
Number of employees	0	-	1	-	0

Accounts & Ratios

Period
Date From	01/01/2009	%	02/01/2008	%	20/08/2007
Date To	31/12/2009	-	31/12/2008	-	31/12/2007
Period of Month	12	-	12	-	5
Currency	EUR	-	EUR	-	EUR
Profit & Loss
Consolidated Accounts	N	-	N	-	N
Turnover	48,082,371	40.8%	34,161,085	6,101.6%	550,843
Export	-	-	-	-	-
Cost of Sales	-	-	-	-	275,291
Gross Profit	-	-	-	-	275,552
Operating Profit	29,595,635	40.3%	21,087,599	7,217.4%	288,183
Pre-Tax Profit	2,725,086	-11.7%	3,086,496	1,579.4%	-208,632
Tax	-331,559	18.3%	-405,840	-1,756.5%	24,500
Post-Tax Profit	2,393,527	-10.7%	2,680,656	1,555.8%	-184,132
Dividends	0	-	0	-	0
Retained Profit	2,393,527	-10.7%	2,680,656	1,555.8%	-184,132
Interest Payable	18,820,985	40.9%	13,362,273	-	0
Directors Remuneration	0	-	0	-	0
Wages & Salaries	-	-	36,098	-	0
Depreciation of Tangibles	20,639,180	40.9%	14,645,686	3,472.0%	410,011
Auditor Fees	21,008	-45.1%	38,256	113.4%	17,923

Capitals & Reserves
Called up Share Capital	635,457	0.0%	635,457	16.6%	545,146
P&L Account Reserve	4,859,547	97.1%	2,466,020	1,439.3%	-184,132
Sundry Reserves	0	-	0	-	0
Revaluation Reserve	0	-	0	-	0
Shareholder Funds	5,495,004	77.2%	3,101,477	759.1%	361,014
Net Worth	5,495,004	77.2%	3,101,477	759.1%	361,014

Miscellaneous
Net Cashflow from Operations	0	-	0	-	0
Net Cashflow before Financing	0	-	0	-	0
Net Cashflow from Financing	0	-	0	-	0
Capital Employed	505,130,193	17.7%	429,028,974	267.1%	116,884,451
No of Employees	0	-100.0%	1	-	0

Balance Sheet
Tangible Assets	508,012,471	18.1%	430,177,863	272.1%	115,603,051
Intangible Assets	0	-	0	-	0
Total Fixed Assets	508,012,471	18.1%	430,177,863	272.1%	115,603,051
Stocks & Work-in-Progress	0	-	0	-	0
Debtors
- Trade Debtors	22,708	-75.6%	93,163	2.5%	90,911
Cash	28,079,542	9.5%	25,648,930	295.2%	6,490,534
Misc. Current Assets	0	-	0	-	0
Total Current Assets
Creditors
- Trade Creditors	0	-	0	-	0
- Bank Overdraft	0	-	0	-	0
Increase in Cash	2,430,612	-87.3%	19,158,396	-	0
Total Current Liabilities	36,614,280	34.6%	27,197,705	409.3%	5,340,255
Other Short Term Loans	0	-	0	-100.0%	440,664
Miscellaneous Current Liabilities	36,614,280	34.6%	27,197,705	455.1%	4,899,591
Other Long Term Finance	499,635,189	17.3%	425,927,497	-	0
Total Long Term Liabilities	499,635,189	17.3%	425,927,497	265.5%	116,523,437
Overdraft Long Term Liabilites	499,635,189	17.3%	425,927,497	265.5%	116,523,437
Liabilities	536,249,469	18.3%	453,125,202	271.8%	121,863,692
Net Assets	5,495,004	77.2%	3,101,477	759.1%	361,014
Working Captial	-2,882,279	-150.9%	-1,148,889	-189.7%	1,281,400
Current Assets	33,732,001	29.5%	26,048,815	293.4%	6,621,655
Other Current Assets	5,629,752	1,735.5%	306,723	662.8%	40,210

Ratios
Date To	31/12/2009	%	31/12/2008	%	31/12/2007
Trading Performance
Pre-Tax Profit Margin	5.7 %	-	9.0 %	-	-37.9 %
Return on Capital Employed	0.5 %	-	0.7 %	-	-0.2 %
Return on Total Assets Employed	0.5 %	-	0.7 %	-	-0.2 %
Return on Net Assets Employed	49.6 %	-	99.5 %	-	-57.8 %
Sales/Net Working Capital	-16.68	-	-29.73	-	0.43
Operating Efficiency
Stock Turnover Ratio	0.0%	-	0.0%	-	0.0%
Debtor Days	0.17	-	1.00	-	60.24
Creditor Days	0.00	-	0.00	-	0.00
Short Term Stability
Current Ratio	0.92	-	0.96	-	1.24
Liquidity Ratio/Acid Ratio	0.92	-	0.95	-	1.23
Current Debt Ratio	6.7 %	-	8.8 %	-	14.8 %
Long Term Stability
Gearing	9092.5 %	-	13733.1 %	-	32276.7 %
Equity in Percentage	1.0 %	-	0.7 %	-	0.3 %
Total Debt Ratio	97.6 %	-	146.1 %	-	337.6 %

CCJ Summary

CCJ Summary
CCJ's Amount	0
CCJ's Value (€)	0
Writs	0

Record of Payments

No record of payments for company.

Group Structure

Ultimate Parent Company Name
Parent Company Name	MITSUBISHI CORPORATION
Number of company in Group	46
Company Name	Company Number	Accounts Date
MITSUBISHI CORPORATION	JAPAN
BOW BELLS HOUSE INVESTMENT L - 1 LIMITED	04108774	31/12/2009
DIAMOND REALTY INVESTMENTS UK LIMITED	06329001	31/03/2009
FINANCIAL SERVICES NORTH SEA LIMITED	06451865	31/12/2009
GUARANTEE SERVICES NORTH SEA LIMITED	06451857	31/12/2009
-INTERFLEX GROUP INC	U.S.A.
-THE INTERFLEX GROUP EUROPE LIMITED	03900677	31/12/2009
INTERFLEX SCOTLAND LIMITED	SC009850	31/12/2009
-MC CAPITAL EUROPE ADVISORS LIMITED	02197122	31/03/2010
-MC CAPITAL EUROPE LIMITED	04041139	31/03/2010
MILLENNIUM CAPITAL LIMITED	03443972	31/03/2010
-MC EUROPE HOLDINGS NV	NETHERLANDS
-MITSUBISHI CORPORATION INTERNATIONAL (EUROPE) PLC	02214224	31/03/2010
MC(OPERATIONS) LIMITED	02685626	31/03/2009
MC FUEL CELL INVESTMENTS LIMITED	04337680	31/03/2010
MC FUEL CELL INVESTMENTS II LIMITED	06413836	31/03/2010
MC UK INVESTMENT LTD	06686494	31/03/2010
MCX EXPLORATION (UK) LIMITED	05889471	31/12/2009
MCX OSPREY (UK) LIMITED	06451720	31/12/2009
-METAL ONE CORPORATION	JAPAN
METAL ONE UK LIMITED	04386308	31/03/2010
MITSUBISHI CORPORATION FINANCE PLC	01865061	31/03/2010
-MITSUBISHI CORPORATION	IE905143	31/03/2010
MCAP EUROPE LIMITED	IE444995	31/12/2009
PETRO-DIAMOND RISK MANAGEMENT LTD.	04682358	31/03/2010
PINNACLE RESOURCES LIMITED	04132069	31/03/2010
-PRINCES LIMITED	02328824	31/03/2010
WEST YORKSHIRE INDUSTRIAL ESTATES (MANAGEMENT) LIMITED	01570526	31/03/2010
ABBEY FOODS (LIVERPOOL) LIMITED	03706041	31/03/2010
BARRACLOUGH (1996) LIMITED	02528484	31/03/2010
BETA FOODS LIMITED	03376466	31/03/2010
CIMA FOODS LIMITED	01694576	31/03/2010
EDIBLE OILS LTD	05309847	31/03/2010
LEON FRENKEL LIMITED	00246315	31/03/2010
-GEE BEE LIMITED	03046293	31/03/2010
JACK L. ISRAEL LIMITED	03046306	31/03/2010
STRETTON HILLS MINERAL WATER COMPANY LIMITED	00564125	31/03/2010
NAPOLINA LIMITED	04186193	31/03/2010
-PRINCES FOODS (1989) LIMITED	01120353	31/03/2010
PRINCES FOODS LIMITED	00158330	31/03/2010
PRINCES SOFT DRINKS LIMITED	02295092	31/03/2010
C. SHIPPAM LIMITED	03403946	31/03/2010
WELL WELL WELL (UK) LIMITED	02502960	31/03/2010
TRILAND METALS LIMITED	01011637	31/03/2010
UCAR CARBON COMPANY INC	U.S.A.
WESTMINSTER SHIPPING LIMITED	06358101	31/12/2009

Company History

Event History
Date	Description
15/10/2010	LISA HAND has left the board
15/10/2010	New Board Member (LISA HAND) appointed
29/09/2010	ANNE FLOOD has left the board
29/09/2010	New Board Member (FERGAL MOLONY) appointed
02/09/2010	New Board Member (FERGAL BRIAN MOLONY) appointed
26/06/2010	Annual Returns
26/06/2010	New Accounts Filed
26/06/2010	New Accounts Filed
22/03/2010	MINORU KAWAHARA has left the board
28/09/2009	Annual Returns
28/09/2009	New Accounts Filed
28/09/2009	New Accounts Filed
08/06/2009	LISA HAND has left the board
14/11/2008	New Accounts Filed
13/11/2008	Annual Returns
17/09/2008	New Board Member (LISA HAND) appointed
14/08/2008	New Board Member (OTANI KEIICHI) appointed
07/04/2008	Annual Returns

Status History
No status history for this company.

Directors

Director
Directors Title
Name of Director	OTANI KEIICHI
Address of Director	33 FARMLEIGH CLOSE,, STILLORGAN, CO.DUBLIN
Postcode of Director
Date of Birth	15/05/1969
Nationality of Director
Director Honours
Present Appointments	3
Function	Director
Appointment Date	14/08/2008

Director
Directors Title
Name of Director	. AIB INTERNATIONAL FINANCIAL SERVICES LTD
Address of Director	AIB INTERNATIONAL CENTRE,, IFSC,, DUBLIN 1.
Postcode of Director
Date of Birth
Nationality of Director
Director Honours
Present Appointments	2
Function	Company Secretary
Appointment Date	21/08/2007

Director
Directors Title
Name of Director	FERGAL BRIAN MOLONY
Address of Director	50 WINDSOR PARK, MONKSTOWN, CO DUBLIN
Postcode of Director
Date of Birth	06/05/1966
Nationality of Director
Director Honours
Present Appointments	27
Function	Director
Appointment Date	02/09/2010

Director
Directors Title
Name of Director	FERGAL BRIAN MOLONY
Address of Director	50 WINDSOR PARK, MONKSTOWN, CO DUBLIN
Postcode of Director
Date of Birth	06/05/1966
Nationality of Director
Director Honours
Present Appointments	27
Function	Director
Appointment Date	29/09/2010

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.58
UK Pound	1	Rs.72.73
Euro	1	Rs.61.45

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

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.

Address Information
Company Name	MCAP EUROPE LIMITED
Company Number	IE444995
Registered Office Address	AIB INTERNATIONAL CENTREINTERNATIONAL FINANCIAL SERVICES CENTREDUBLIN 1DUBLIN 1
Registered Office Post Code	216410
Registered Telephone No.
TPS Registered	N
Trading Address
Trading Postal Code	216410
Trading Telephone Number
TPS Registered	N

Auditor/Banker's Information
Auditor Name	DELOITTE & TOUCHE
Auditor Qualification	No Adverse Comments
Banker Name
Banker Sort Code

Other Information
Website Address
Incorporation Date	21/08/2007
Company Type	SINGLE MEMBER PRIVATE COMPANY LIMITED BY SHARES
Type of Accounts	Full Accounts
Date of Latest Accounts	31/12/2009
Filing Date of Accounts
Annual Return Date	31/05/2010

Mortgage Information
Mortgages(s) Outstanding	0
Mortgages(s) Satisfied	0

Mortgage Type
Date Charge Created
Date Charge Registered
Date Charge Satisfied
Status
Person(s) Entitled
Amount Secured
Details

Shareholders information
Shares Held	550,000
Currency of Share	EUR

Name of Shareholder	MC AVIATION PARTNERS NC
Nominal Value of each Share
Currency of Share	EUR

Industry Information
Industry Description	Leasing of aircraft. Accounts data converted from US Dollars. T/O = Income.