MIRA INFORM REPORT

Report Date :

06.05.2011

Note:

Please note that the contact details provided on your inquiry, 21, Panteli Katelari Street, 4^th Floor, Flat 401, Libra House, Office Complex, 1097 Nicosia, Cyprus. Tel.: 35722668168, Fax No.: 35722668180, belong to Mr. Aris Kotsomitis (Lawyer), However, no relation with the subject could be confirmed since there was no answer.

From desk research we were able to identify that this address belongs to Focus Business Services (Cyprus) Limited – c/o Mr. Aris Kotsomitis (Lawyer).

IDENTIFICATION DETAILS

Name :	EVERSYS LIMITED
Registered Office :	Ayios Dometios, 56, Kyriacou Matsi Avenue 2368 Nicosia
Country :	Cyprus
Date of Incorporation :	31.05.2002
Com. Reg. No.:	C130516 Nicosia
Legal Form :	Private Limited Liability Company / International Business Company (IBC) (offshore)
Line of Business :	Business and management consultancy activities

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 :	Unknown
Litigation :	--

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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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

Correct Registered Name:

EVERSYS LIMITED

Address:

Ayios Dometios, 56, Kyriacou Matsi Avenue 2368 Nicosia CYPRUS

P.O.Box:

25621 - 1311, Nicosia

Telephone:

+357-22777802 357-22-777802

Fax:	+357-22771469

Email:

Non Retrievable

Web:	www.alfazeda.com (correspondence Web-site)

Business address:

Ayios Dometios, 56, Kyriacou Matsi Avenue 2368 Nicosia CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Comment:

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

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:

C130516 Nicosia

Registration date:

31.05.2002

Company Status

Registration status: 31.05.2002 - registered company
Activity status: 2002 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
MYRANKO SERVICES LIMITED Registration: CYPRUS		Shareholder		50.00% 2,500 Ordinary	Ayios Dometios, 56, Kyriakou Matsi Avenue 2368 Nicosia CYPRUS
ADVERSUS SERVICES LIMITED Registration: No. C137074, 20.03.2003, CYPRUS		Shareholder		50.00% 2,500 Ordinary

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
MYRANKO SERVICES LIMITED			Secretary				Ayios Dometios, 56, Kyriakou Matsi Avenue 2368 Nicosia CYPRUS
Ms. Demetra Kyprianou	841757	30	Director	CYPRUS	Non Retrievable	Also director of MYRANKO SERVICES LIMITED, ADVERSUS SERVICES LIMITED, HELECO DEVELOPMENT LIMITED, ZARINA ENTERPRISES LIMITED	Pallouriotissa, 19, Ayiou Georgiou Street 1040 Nicosia CYPRUS

Activities

Activities:

Services

Operations:

NACE   main activity:   7414 Business and management consultancy activities   7022 Business and other management consultancy activities According to the Article of Associations the current company acts as general or specialized consulting and management company although this was not confirmed. However the article makes provision for other activities as well. Business Activities Consulting and management services Industry Classifications - NAICS » All Other Business Support Services (NAICS # 561499) » Management Consulting Services (NAICS # 54161) » Administrative Management and General Management Consulting Services (NAICS #541611)

Imports

Non Retrievable

Exports

Non Retrievable

Agencies

Non Retrievable

Workforce

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:	Pallouriotissa, 19A, Ayiou Georgiou Street 1040 Nicosia CYPRUS
Type of premises:	Registered Address
Address:	Ayios Dometios, 56, Kyriacou Matsi Street 2368 Nicosia CYPRUS
Type of premises:	Premises
Address:	Ayios Dometios, 56, Kyriacou Matsi Street 2368 Nicosia CYPRUS
Type of premises:	Representative Office

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, Alfazeda Associates Limited.

Branches:

Non Retrievable

Regularlated Companies

Non Retrievable

Bankers

Non Retrievable

Press

03.05.2011, No press / media available at present.

Auditors / Accountants

Non Retrievable

Share Capital

Registered capital:	EUR 8,550.00 since 25.09.2008
Number of Ordinary:	5,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 8,550.00 since 25.09.2008
Number of Ordinary:	5000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 8,550.00 since 25.09.2008

Charges

None in current years

Finance

Please note that the latest financial details have not been released to us. The latest financial details are not available at the file of the company at the Official Companies Registry House; as the law provides for all companies. Further financial details are not available from other public sources.


Financial accounts are available at the Department of Registrar of Companies, provided that the company has submitted the compulsory accounts.

The annual general meeting of a company is convened within eighteen months of the date of its registration. Forty two days later the company should file its first annual return with the Registrar of Companies. Once a year, the annual return must be submitted. This should be done within fifteen months from the previous annual return, without disregarding the calendar year (sections 118, 120 and 125 cap. 113).

All Cypriot Companies, whether local or international, must maintain accurate books of accounts, which should reflect the true and correct position of their conduct, as well as give adequate explanation of their operations.

The Cypriot Company Law, which is closely modeled on its English counterpart, entails that company accounts must comprise of the following:

- Directors' report.

- Auditor's report.

- Financial statements as prescribed by International Financial Reporting Standards (IFRS) and consolidated Financial Statements in case of parent companies (unless specifically exempted).

Audited financial statements and an Income Tax Return are required for all companies, even companies with no taxable income and/or dormant companies.
Registered Branches (in Cyprus) of foreign companies are not legally bound to compile full separate branch accounts however when taxed on the island, are obliged to do so for income tax purposes.

Additionally they have to submit accounts of the main company, translated into Greek, to the Department of Registrar of Companies.
Partnerships are exempt from any requirement to prepare audited accounts, but they are legally bound to keep proper books of account which must be available for scrutiny by individual partners.

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



The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 31.05.2002. According to the article of association the company is involved with consulting & management servives. 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 Alfazeda Associates 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 however we were not able to trace the company's offices in Cyprus thus we assume that the subject utilizes staff from Alfazeda Associates Limited. Please note that this was not confirmed by an outside source.

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, dishonored cheques and utility bills, bankruptcies exist etc.


Please note that the contact details provided on your inquiry, 21, Panteli Katelari Street, 4th Floor, Flat 401, LIBRA HOUSE, OFFICE COMPLEX, 1097 Nicosia, Cyprus. Tel: 35722668168, Fax: 35722668180, belong to Mr. Aris Kotsomitis (Lawyer). However, no relation with the Subject could be confirmed since there was no answer.

Contact information

Telephone number:

357 22 777802

Official from Subjects' 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.44.57
UK Pound	1	Rs.73.58
Euro	1	Rs.66.23

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.