MIRA INFORM REPORT

Report Date :

24.12.2008

IDENTIFICATION DETAILS

Name :	NICOCARDIA PHARMA LIMITED
Formerly Known as :	OSIAN TRADING LIMITED
Registered Office :	Nicosia Tower Center, 8th Floor, Apt. 801, 36, Vyronos Avenue 1096 Nicosia
Country :	Cyprus
Date of Incorporation :	29.10.1997
Com. Reg. No.:	C89939 Nicosia
Legal Form :	Private Limited Liability Company / International Business Company
Line of Business :	General Traders of Nondurable Goods

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Offshore Company
Payment Behaviour :	Unknown
Litigation :	Clear

NAME & ADDRESS

Correct Registered Name:

NICOCARDIA PHARMA LIMITED

Address:

Nicosia Tower Center, 8th Floor,Apt. 801, 36, Vyronos Avenue 1096 Nicosia CYPRUS

P. O. Box:

21341 - 1506 Nicosia

Telephone:

+357-22677000 +357-22456000

Fax:	+357-22670040

Email:

sarrilaw@spidernet.com.cy (Correspondence E-mail)

Web:	www.sarris.com.cy (Correspondence Web-page)

PAYMENT: Unknown

COMMERCIAL MORALITY:

Unknown 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.

FINANCIAL STRENGTH:

Unknown

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 must submit accounts with the Tax authorities and the Registrar of Companies. An IBC may be operated from abroad or may have a fully-fledged office in Cyprus.

Registration number and city:

C89939 Nicosia

Registration date:

29.10.1997

Former registration name:

OSIAN TRADING LIMITED, valid since: 29.10.1997, until: 06.11.2003

Former company names:

OSIAN TRADING LIMITED

Registration status: 1997 - registered company
Activity status: 1997 - active company

PRINCIPALS

SHAREHOLDERS:

Full Name	Personal ID	Function	Nationality	EQUITY	Address
SELESTA HOLDING CO LIMITED REGISTRATION: No. C149947, 28.09.2005, Nicosia, CYPRUS		Shareholder		100.00% 100,000 Ordinary	Nicosia Tower Centre, 8th Floor, Apt 801, 36, Vyronos Avenue Nicosia 1506 Nicosia CYPRUS

MANAGEMENT

Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Ms. Christina Sarri	782678		Secretary	CYPRUS	Degree in Law	Not Disclosed	Nicosia Tower Center, 8th Floor, Apt. 8, 36, Vyronos Avenue Nicosia 1096 Nicosia CYPRUS
Ms. Alexia Charalambous	751652		Director	CYPRUS	Not Disclosed	Not Disclosed	12, Iacovou Patatsou Street 2722 Nicosia CYPRUS

ACTIVITIES

General Traders

OPERATIONS:

SIC   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 trading activities. However, this was not confirmed; of course the article makes provision of other activities as well. This is an International Business Company. Business Activities General Trading General Traders Industry Classifications - NAICS » Merchant Wholesalers, Durable Goods » Merchant Wholesalers, Nondurable Goods » Wholesale Trade Agents and Brokers » Wholesale Trade Agents and Brokers » Retail Trade Detailed Description of Industry Classifications Merchant Wholesalers, Durable Goods NAICS # 423 | Industries in the Merchant Wholesalers, Durable Goods subsector sell capital or durable goods to other businesses. Merchant wholesalers generally take title to the goods that they sell; in other words, they buy and sell goods on their own account. Durable goods are new or used items generally with a normal life expectancy of three years or more. Durable goods merchant wholesale trade establishments are engaged in wholesaling products, such as motor vehicles, furniture, construction materials, machinery and equipment (including household-type appliances), metals and minerals (except petroleum), sporting goods, toys and hobby goods, recyclable materials, and parts. Business-to-business electronic markets, agents, and brokers primarily engaged in wholesaling durable goods, generally on a commission or fee basis, are classified in Subsector 425, Wholesale Electronic Markets and Agents and Brokers. Merchant Wholesalers, Nondurable Goods NAICS # 424 | Industries in the Merchant Wholesalers, Nondurable Goods subsector sell nondurable goods to other businesses. Nondurable goods are items generally with a normal life expectancy of less than three years. Nondurable goods merchant wholesale trade establishments are engaged in wholesaling products, such as paper and paper products, chemicals and chemical products, drugs, textiles and textile products, apparel, footwear, groceries, farm products, petroleum and petroleum products, alcoholic beverages, books, magazines, newspapers, flowers and nursery stock, and tobacco products. The detailed industries within the subsector are organized in the classification structure based on the products sold. Business to business electronic markets, agents, and brokers primarily engaged in wholesaling nondurable goods, generally on a commission or fee basis, are classified in Subsector 425, Wholesale Electronic Markets and Agents and Brokers. Wholesale Trade Agents and Brokers NAICS # 42512 | This industry comprises wholesale trade agents and brokers acting on behalf of buyers or sellers in the wholesale distribution of goods. Agents and brokers do not take title to the goods being sold but rather receive a commission or fee for their service. Agents and brokers for all durable and nondurable goods are included in this industry. Establishments acting in the capacity of agents or brokers that operate using the Internet or other electronic means instead of a sales force are classified in Industry 425110, Business to Business Electronic Markets. Wholesale Trade NAICS # 42 | The Sector as a Whole The Wholesale Trade sector comprises establishments engaged in wholesaling merchandise, generally without transformation, and rendering services incidental to the sale of merchandise. The merchandise described in this sector includes the outputs of agriculture, mining, manufacturing, and certain information industries, such as publishing. The wholesaling process is an intermediate step in the distribution of merchandise. Wholesalers are organized to sell or arrange the purchase or sale of (a) goods for resale (i.e., goods sold to other wholesalers or retailers), (b) capital or durable nonconsumer goods, and (c) raw and intermediate materials and supplies used in production. Wholesalers sell merchandise to other businesses and normally operate from a warehouse or office. These warehouses and offices are characterized by having little or no display of merchandise. In addition, neither the design nor the location of the premises is intended to solicit walk-in traffic. Wholesalers do not normally use advertising directed to the general public. Customers are generally reached initially via telephone, in-person marketing, or by specialized advertising that may include Internet and other electronic means. Follow-up orders are either vendor-initiated or client-initiated, generally based on previous sales, and typically exhibit strong ties between sellers and buyers. In fact, transactions are often conducted between wholesalers and clients that have long-standing business relationships. This sector comprises two main types of wholesalers: merchant wholesalers that sell goods on their own account and business to business electronic markets, agents, and brokers that arrange sales and purchases for others generally for a commission or fee. (1) Establishments that sell goods on their own account are known as wholesale merchants, distributors, jobbers, drop shippers, and import/export merchants. Also included as wholesale merchants are sales offices and sales branches (but not retail stores) maintained by manufacturing, refining, or mining enterprises apart from their plants or mines for the purpose of marketing their products. Merchant wholesale establishments typically maintain their own warehouse, where they receive and handle goods for their customers. Goods are generally sold without transformation, but may include integral functions, such as sorting, packaging, labeling, and other marketing services. (2) Establishments arranging for the purchase or sale of goods owned by others or purchasing goods, generally on a commission basis are known as business to business electronic markets, agents and brokers, commission merchants, import/export agents and brokers, auction companies, and manufacturers' representatives. These establishments operate from offices and generally do not own or handle the goods they sell. Some wholesale establishments may be connected with a single manufacturer and promote and sell the particular manufacturers' products to a wide range of other wholesalers or retailers. Other wholesalers may be connected to a retail chain, or limited number of retail chains, and only provide a variety of products needed by that particular retail operation(s). These wholesalers may obtain the products from a wide range of manufacturers. Still other wholesalers may not take title to the goods, but act as agents and brokers for a commission. Although, in general, wholesaling normally denotes sales in large volumes, durable nonconsumer goods may be sold in single units. Sales of capital or durable nonconsumer goods used in the production of goods and services, such as farm machinery, medium and heavy duty trucks, and industrial machinery, are always included in wholesale trade. Retail Trade NAICS # 44 | The Sector as a Whole The Retail Trade sector comprises establishments engaged in retailing merchandise, generally without transformation, and rendering services incidental to the sale of merchandise. The retailing process is the final step in the distribution of merchandise; retailers are, therefore, organized to sell merchandise in small quantities to the general public. This sector comprises two main types of retailers: store and nonstore retailers. 1. Store retailers operate fixed point-of-sale locations, located and designed to attract a high volume of walk-in customers. In general, retail stores have extensive displays of merchandise and use mass-media advertising to attract customers. They typically sell merchandise to the general public for personal or household consumption, but some also serve business and institutional clients. These include establishments, such as office supply stores, computer and software stores, building materials dealers, plumbing supply stores, and electrical supply stores. Catalog showrooms, gasoline services stations, automotive dealers, and mobile home dealers are treated as store retailers. In addition to retailing merchandise, some types of store retailers are also engaged in the provision of after-sales services, such as repair and installation. For example, new automobile dealers, electronic and appliance stores, and musical instrument and supply stores often provide repair services. As a general rule, establishments engaged in retailing merchandise and providing after-sales services are classified in this sector. The first eleven subsectors of retail trade are store retailers. The establishments are grouped into industries and industry groups typically based on one or more of the following criteria: (a) The merchandise line or lines carried by the store; for example, specialty stores are distinguished from general-line stores. (b) The usual trade designation of the establishments. This criterion applies in cases where a store type is well recognized by the industry and the public, but difficult to define strictly in terms of commodity lines carried; for example, pharmacies, hardware stores, and department stores. (c) Capital requirements in terms of display equipment; for example, food stores have equipment requirements not found in other retail industries. (d) Human resource requirements in terms of expertise; for example, the staff of an automobile dealer requires knowledge in financing, registering, and licensing issues that are not necessary in other retail industries. 2. Nonstore retailers, like store retailers, are organized to serve the general public, but their retailing methods differ. The establishments of this subsector reach customers and market merchandise with methods, such as the broadcasting of "infomercials," the broadcasting and publishing of direct-response advertising, the publishing of paper and electronic catalogs, door-to-door solicitation, in-home demonstration, selling from portable stalls (street vendors, except food), and distribution through vending machines. Establishments engaged in the direct sale (nonstore) of products, such as home heating oil dealers and home delivery newspaper routes are included here. The buying of goods for resale is a characteristic of retail trade establishments that particularly distinguishes them from establishments in the agriculture, manufacturing, and construction industries. For example, farms that sell their products at or from the point of production are not classified in retail, but rather in agriculture. Similarly, establishments that both manufacture and sell their products to the general public are not classified in retail, but rather in manufacturing. However, establishments that engage in processing activities incidental to retailing are classified in retail. This includes establishments, such as optical goods stores that do in-store grinding of lenses, and meat and seafood markets. Wholesalers also engage in the buying of goods for resale, but they are not usually organized to serve the general public. They typically operate from a warehouse or office and neither the design nor the location of these premises is intended to solicit a high volume of walk-in traffic. Wholesalers supply institutional, industrial, wholesale, and retail clients; their operations are, therefore, generally organized to purchase, sell, and deliver merchandise in larger quantities. However, dealers of durable nonconsumer goods, such as farm machinery and heavy duty trucks, are included in wholesale trade even if they often sell these products in single units.

MOTOR VEHICLES:

Non Retrievable.

IMPORTS:

Non Retrievable.

EXPORTS:

Non Retrievable.

AGENCIES:

Non Retrievable.

TRADE SUPPLIERS:

Non Retrievable.

NUMBER OF EMPLOYEES:

2 The company does not maintain offices of its own in Cyprus. Under these circumstances no staff is employed. In such cases, companies utilize staff (2-3 people) from their auditors or lawyers or consultants' offices.

DESCRIPTION OF PREMISES

Address:	Nicosia Tower Center, 8th Floor,Apt. 801, 36, Vyronos Avenue 1506 Nicosia CYPRUS
Type of premises:	Premises
Type of ownership:	shared

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.

BRANCHES

Non Retrievable.

RELATED COMPANIES

Parent Company
SELESTA HOLDING CO LIMITED , CYPRUS

"Selesta Holdings Co Limited" - This is stated to be the Parent Company of the subject. However, we have the impression that this is an in-house firm which is used from the subject correspondence - legal firm Polakis Sarris & Co for the registration of International Business Companies.

BANKERS

Not Disclosed.

PRESS

29.09.2008, No press / media available at present.

SHARE CAPITAL

Registered capital:		EUR 171,000.00	since 01.01.2008
Number of Ordinary:		100,000
Value per share of Ordinary:		EUR 1.71
Issued capital:		EUR 171,000.00	since 01.01.2008
Number of	Ordinary:	100000
Value per share of	Ordinary:	EUR 1.71
Paid-up capital:		EUR 171,000.00	since 01.01.2008
of which paid in cash:		EUR 17,100.00

CHARGES

None in current years

GENERAL COMMENTS

The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 29.10.1997. According to the company's Articles of Association, the company was established in order to deal with general trading activities. However, this information has not been confirmed. Of course the Articles make provision for other activities as well.

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 contacted the company’s correspondence (Legal firm Polakis Sarris & Co) and talked to Mrs Chrystalla Giallourou who confirmed that the subject is their client and an International Business Company that does not maintain offices of its own in Cyprus. However, she could not provide further details due to confidentiality reasons. A written questionnaire was also send in order to forward it to the company in question for us. There was no reply up to now.

Contact Person:

Mrs Chrystalla Giallourou

Position:

Correspondence Official

Contact Tel.No.:

+357 22456000

CYPRUS-FACTS AND FIGURES
Population: 792,604
Area: 9,251 SQ KM (about 35.4 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): $36.53 Billion	GDP - Composition by Sector:
GDP (Official Exchange Rate):$21.3 Billion	Agriculture: 2.7%
GDP - Real Growth Rate:4.4%	Industry: 19.2%
GDP - Per Capita (PPP): $46,900	Services: 78%

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.
Erratic growth rates over the past decade reflect the economy's reliance on tourism.
The economy in the area under government control grew by an average of 3.6% per year during the period of 2000-06, well above the EU average.

Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the Euro as its national currency on 1 January 2008.

LAST UPDATED: JUNE 2008

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.99
UK Pound	1	Rs.72.49
Euro	1	Rs.68.44

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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