MIRA INFORM REPORT

Report Date :

17.10.2008

IDENTIFICATION DETAILS

Name :	AVIN NATURAL COSMETICS LIMITED
Registered Office :	Thelma Court, 2nd Floor, Apt. 202, 1, Karatzia Street, Limassol, 3021 Limassol
Country :	Cyprus
Date of Incorporation :	06.05.2004
Com. Reg. No.:	C148164
Legal Form :	Private Limited Liability Company / International Business Company (IBC)
Line of Business :	Importers and Exporter of Drugs, Drug Proprietaries, and Druggists' Sundries

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:

AVINATURAL COSMETICS LIMITED

Address:

Thelma court, 2nd floor, apt. 202, 1, Karatzia street Limassol 3021 Limassol CYPRUS

P.O.Box:

57048 - 3311 Limassol

Telephone:

+357-25824545

Fax:	+357-25824060

Email:

info@globalserve.com.cy (Correspondence E-mail) phschiza@cytanet.com.cy

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

PAYMENT

COMMERCIAL MORALITY:

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 the subjects creditability and commercial morality or suggest a maximum credit.

FINANCIAL STRENGTH:

Unable to comment

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.

Date of foundation:

06.05.2004

Registration number and city:

C148164 Nicosia

Registration date:

06.05.2004

Present Style Adopted on:

15.07.2005

Former registration name:

DARLIN LIMITED, valid since: 06.05.2004, until: 15.07.2005

Former company names:

DARLIN LIMITED

COMPANY STATUS

Registration status: 2004 - registered company

Activity status: 2004 - active company

PRINCIPALS

SHAREHOLDERS
Full Name	Personal ID	Function	Nationality	EQUITY	Address
Mr. Vidiartkhi Pankadzh	1978944	Shareholder	RUSSIAN FEDERATION	100.00% 10,000 Ordinary	109-1-26 Mikhalkovsaya Moscow RUSSIAN FEDERATION

MANAGEMENT
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Vidiartkhi Pankadzh	1978944	42	Director	RUSSIAN FEDERATION	Non Disclosed.	Non Disclosed.	109-1-26 Mikhalkovsaya Moscow RUSSIAN FEDERATION
D.A Secretarial Ltd			Secretary				16, Krinon Str, 3110 Limassol 3110 Limassol CYPRUS

ACTIVITIES

ACTIVITIES:

Importers & Exporters

OPERATIONS:

SIC   5122 Drugs, Drug Proprietaries, and Druggists' Sundries Territory: 100% International According to our informants, the company in question is an International Business Company registered in Cyprus that is involved with the trade of pharmaceutical and cosmetic products. According to the company’s correspondence, the subject operates 100% international at the current stage. However, it was stated that the subject requested authorization from the state in order to operate in Cyprus as well. Business Activities Pharmaceutical & Cosmetic Products Industry Classifications - NAICS » Pharmacies and Drug Stores » Cosmetics, Beauty Supplies, and Perfume Stores Detailed Description of Industry Classifications Pharmacies and Drug Stores NAICS # 44611 | This industry comprises establishments known as pharmacies and drug stores engaged in retailing prescription or nonprescription drugs and medicines. Retailing food supplement products, such as vitamins, nutrition supplements, and body enhancing supplements,--are classified in U.S. Industry 446191, Food (Health) Supplement Stores; and Retailing prescription and nonprescription drugs via electronic home shopping, mail-order, or direct sale--are classified in Subsector 454, Nonstore Retailers. Cosmetics, Beauty Supplies, and Perfume Stores NAICS # 44612 | This industry comprises establishments known as cosmetic or perfume stores or beauty supply shops primarily engaged in retailing cosmetics, perfumes, toiletries, and personal grooming products. Providing beauty parlor services--are classified in U.S. Industry 812112, Beauty Salons; and Retailing perfumes, cosmetics, and beauty supplies via electronic home shopping, mail-order, or direct sale--are classified in Subsector 454, Nonstore Retailers.

MOTOR VEHICLES

Non Disclosed.

IMPORTS

Non Disclosed.

EXPORTS

Non Disclosed.

AGENCIES

Name	Country	Product
Non Disclosed.

TRADE SUPPLIERS

Name	Country	Product
Non Disclosed.

WORKFORCE

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:	Thelma court, 2nd floor, apt. 202, 1, Karatzia street Limassol 3021 Limassol CYPRUS
Type of premises:	Premises

HEADQUARTERS:

The company does not maintain offices of its own in Cyprus. The address given above is the company's auditors address, which is also the company's Official Correspondence Address.

RELATED COMPANIES

Non Disclosed.

BANKERS

Non Disclosed.

PRESS

15.10.2008, No press / media available at present.

AUDITORS / ACCOUNTANTS

Date: 15.10.2008

Company: Dinos Antoniou audit firm, 1, Karatzia street, Thelma Court, 2nd floor, apt 202, 3021 Limassol. Tel.:+357 25824545, Fax.:+357 25824060

SHARE CAPITAL

Registered capital:	EUR 17,100.00 since 01.01.2008
Number of Ordinary:	10,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 17,100.00 since 01.01.2008
Number of Ordinary:	10000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 17,100.00 since 01.01.2008
of which paid in cash:	EUR 17,100.00

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.

GENERAL COMMENTS

The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 06.05.2004 According to our informants, the company was established in order to get involved with the trade of pharmaceutical and cosmetic products.

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 and talked to Ms Phani Schiza who confirmed that the subject is an International Business Company operating 100% international in the field of cosmetic and pharmaceutical products. As it was stated by Ms Phani Schiza the subject plans to operate in Cyprus as well. However, further information could not be provided. 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. In case further information becomes available, we will update this report as soon as possible.

CONTACT PERSON

Ms Phani Schiza

From Correspondence office

+357 25824545

Contact information

Email address:

phschiza@cytanet.com.cy

Ms Phani Schiza

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.48.68
UK Pound	1	Rs.84.37
Euro	1	Rs.65.70

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