MIRA INFORM REPORT

Report Date :

14.09.2012

IDENTIFICATION DETAILS

Name :	PROBE TECHNOLOGIES LTD
Registered Office :	264/265, Dvm Buildings, Fleur De Lys Road, Bkr 9069 Birkirkara Malta
Country :	Melta
Date of Incorporation :	25.11.2002
Com. Reg. No.:	C30550 MFSA, TRIQ NOTABILE, BIRKIRKARA
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesale of hardware, plumbing and heating equipment and supplies
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Melta	B1	B1

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

MELTA - ECONOMIC OVERVIEW

Malta produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta's geographic position between Europe and North Africa makes it a target for illegal immigration, which has strained Malta's political and economic resources. Malta's fertility rate is below the EU average, and population growth in recent years has largely been from immigration, putting increasing pressure on the pension system. Malta adopted the euro on 1 January 2008. Malta's economy is dependent on foreign trade, manufacturing, and tourism, and was hurt by the global economic downturn. Malta has low unemployment relative to other European countries, and growth has recovered since the 2009 recession. Malta's financial services industry has grown in recent years and in 2008-09 it escaped significant damage from the international financial crisis, largely because the sector is centered on the indigenous real estate market and is not highly leveraged and the banking system is closely regulated. Fiscal stimulus measures contributed to a deterioration in Malta's public finances in 2011, leading the EU to warn Malta that it would risk sanctions if it failed to bring its deficit and debt levels within EU guidelines. Moody's downgraded Malta's sovereign credit rating in September 2011.

Source : CIA

Name & Address

NAME INQUIRED UNDER:

Probe Technologies Ltd

Correct Registered Name:

PROBE TECHNOLOGIES LIMITED

Address:

264/265, DVM BUILDINGS, FLEUR DE LYS ROAD BKR 9069 BIRKIRKARA MALTA

Telephone:

+356-21480176

Fax:	+356-21490429

Email:

sales@probe.com.mt

Web:	www.probe.com.mt

Business address:

264/265, DVM BUILDINGS, FLEUR DE LYS ROAD BKR 9069 BIRKIRKARA MALTA

Payment

Comment:

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

Commercial Morality:

Satisfactory

Financial Strength:

Unable to comment Given the fact that no recent detailed financial statements were released to us, we feel unable to express a safe and reliable opinion on their creditability and Financial Strength.

Credit Rating:

Above Average Risk

Legal Status

Legal Form:

Private Limited Liability Company Private Limited Liability A private limited liability company is one that, in its constitutive document, restricts the rights to transfer shares, limits the number of its members to fifty and prohibits any invitation to the public to subscribe for any shares or debentures of the company.

Registration number and city:

C30550 MFSA, TRIQ NOTABILE, BIRKIRKARA

Registration date:

25.11.2002

Company Status

Registration status: 25.11.2002 - registered company
Activity status: 25.11.2002 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
ETIENNE CINI	432577M	Shareholder		100.00% 45,000 Ordinary	47, THE PENTHOUSE, SIR LUIGI CAMILLERI STREET SLM 1844 SLIEMA MALTA

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
ETIENNE CINI	432577M		Legal representative				47, THE PENTHOUSE, SIR LUIGI CAMILLERI STREET SLM 1844 SLIEMA MALTA
ETIENNE CINI	432577M		Judicial Representative				47, THE PENTHOUSE, SIR LUIGI CAMILLERI STREET SLM 1844 SLIEMA MALTA
ETIENNE CINI	432577M		Company’s Official Secretary				47, THE PENTHOUSE, SIR LUIGI CAMILLERI STREET SLM 1844 SLIEMA MALTA
ETIENNE CINI	432577M		Director				47, THE PENTHOUSE, SIR LUIGI CAMILLERI STREET SLM 1844 SLIEMA MALTA

Activities

Activities:

Wholesalers

Operations:

NACE   4674 Wholesale of hardware, plumbing and heating equipment and supplies The company in question deals with the wholesale of hardware, plumbing and heating equipment and supplies. Business Activities Wholesale of hardware Industry Classifications - NAICS » Other Miscellaneous Durable Goods Merchant Wholesalers (NAICS #42399)

Imports:

Non Retrievable

Exports:

Non Retrievable

Agencies:

Non Retrievable

Trade Suppliers:

Non Retrievable

Description Of Premises

Address:	264/265, DVM BUILDINGS, FLEUR DE LYS ROAD BKR 9069 BIRKIRKARA MALTA
Type of premises:	Premises

Headquarters:

The company is operating from the offices of the address given overleaf.

Bankers:

This information is not available.

Press:

13.09.2012, No press/media available at present

Auditors / Accountants

Date: 2011
Financials have not been audited

No recent financial information was filed at the Company Registry.

Share Capital

Registered capital:	EUR 104,821.78
Number of Ordinary:	45,000
Value per share of Ordinary:	EUR 2.33
Issued capital:	EUR 104,821.78
Number of Ordinary:	45000
Value per share of Ordinary:	EUR 2.33
Paid-up capital:	EUR 104,821.78

Charges:

This information is not available.

GENERAL COMMENTS:

We have contacted the Company and sent an email, to date no reply has been received.

The Subject is a wholesaler for burglar alarm systems and CCTV systems. We have not found any further details on the Subject.

Court information:

No records of any Court information and defaulting debts, related to the company in question, were found.

CREDIT RISK EVALUATION
A credit rating assesses the credit worthiness of a company. A poor credit rating indicates a high risk of defaulting on a loan. A Credit rating is estimated based on an analysis of commercial, financial and trading data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.44
UK Pound	1	Rs.89.30
Euro	1	Rs.71.61

INFORMATION DETAILS

Report Prepared by :

PDT

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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