MIRA INFORM REPORT

Report Date :

17.07.2008

IDENTIFICATION DETAILS

Correct Name :	NICOCARDIA PHARMA LIMITED
Formerly Known As :	OSIAN TRADING LIMITED (valid since: 29.10.1997, until: 06.11.2003)
Registered Office :	Nicosia Tower Center, 8th Floor, Apt. 801, 36, Vyronos Avenue
Country :	Cyprus
Date of Incorporation :	29.10.1997
Com. Reg. No.:	C89939 Nicosia
Legal Form :	Private Limited Liability Company / International Business Company (IBC)
Line of Business :	Medical, Dental and Hospital Equipment and Supplies (except Medical, Dental, and Hospital Equipment and Supplies Sold Via Retail Method)

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 :	Small Company
Payment Behaviour :	No Complaints
Litigation :	Clear

NAME & ADDRESS

Correct Registered Name:

NICOCARDIA PHARMA LIMITED

Address:

Nicosia Tower Center, 8th Floor,Apt. 801, 36, Vyronos Avenue 1506 Nicosia CYPRUS

Telephone:

+357-22677000

Fax:	+357-22670040

Email:

sarrilaw@spidernet.com.cy

Web:	www.sarris.com.cy (correspondence web site)

LEGAL STATUS

Legal Form:

Private Limited Liability Company / International Business Company (IBC)

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

PAYMENT

COMMERCIAL MORALITY:	Unknown
FINANCIAL STRENGTH:	Unknown

PRINCIPALS

SHAREHOLDERS:

Full Name	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	Age	Function	Qualification	Experience	Address
Mr. Arora Kumar Hitesh	32	Director	N/A	N/A	C-4B/100 Pocket-13, Janak Puri 110058 New Delhi INDIA
Ms. Christina Sarri		Secretary	Degree in Law	N/A	Nicosia Tower Center, 8th Floor, Apt. 8, 36, Vyronos Avenue Nicosia 1096 Nicosia CYPRUS
Ms. Alexia Charalambous		Director	N/A	N/A	12, Iacovou Patatsou Street 2722 Nicosia CYPRUS

OPERATIONS

SIC
5047 Medical, Dental and Hospital Equipment and Supplies (except medical, dental, and hospital equipment and supplies sold via retail method)

Subject's main activities center around the Dental Equipment and supplies

IMPORTS:

Unknown

EXPORTS:

Unknown

AGENCIES:

Name	Country	Product
Unknown

TRADE SUPPLIERS:

Name	Country	Product
Unknown

NUMBER OF EMPLOYEES:

Unknown

DESCRIPTION OF PREMISES

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

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 Registered Address, which is also that of the company's Lawyes' and Official Correspondance Address.
BRANCHES:	Unknown

RELATED COMPANIES:

Parent Company SELESTA HOLDING CO LIMITED , CYPRUS

BANKERS:

Unknown

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

CHARGES

None

FINANCE

Please note that Financial Information is available. No published Final Accounts were filled in the company’s file kept with the local official companies’ registry, as the law provides for all companie

GENERAL COMMENTS

.

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.

NOTES:
======
(1) Please note that no previous data was held in our own databank on the subjcet question.
(2) No further detailed information was found on the company, in any of the local available to us trade / commercial directories

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 Per Capita: $27,100
GDP (Purchasing Power Parity): $36.53 billion
GDP (Official Exchange Rate): $21.3 billion
GDP - Real Growth Rate: 4.4%
GDP - Per Capita (PPP): $46,900
GDP - Composition by Sector:
Agriculture: 2.7%
Industry: 19.2%
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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.42.78
UK Pound	1	Rs.85.31
Euro	1	Rs.67.90

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