MIRA INFORM REPORT

Report Date :

17.03.2011

IDENTIFICATION DETAILS

Correct Name :	EUROPHARMA LIMITED
Formerly Known As :	MIPE ENTERPRISES LIMITED
Registered Office :	Catalunya House, Catalunya Buildings, Psaila Street, Bkr 9076 Birkirkara
Country :	Malta
Financials (as on) :	28.02.2010
Date of Incorporation :	20.08.1969
Com. Reg. No.:	C 1822 Notabile Road, Mriehel, Birkirkara
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesaler of perfume and cosmetics

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 :	No Complaints
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Malta	b1	b1

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

Company Name & Address

NAME INQUIRED UNDER:

Europharma

Correct Registered Name:

EUROPHARMA LIMITED

Address:

Catalunya House, Catalunya Buildings, Psaila Street BKR 9076 BIRKIRKARA MALTA

P.O.Box:

N/A

Telephone:

+356-23859200 +356-00356-21482758

Fax:	+356-21482593

Email:

info@europharma.com.mt

Web:	www.europharma.com.mt

Business address:

Catalunya House, Catalunya Buildings, Psaila Street BKR 9076 BIRKIRKARA MALTA

Payment

Comment:

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

Good For Amount & Terms Of Inquiry:

Unable to comment Please note that the profit and loss financial figures were not available.

Commercial Morality:

Satisfactory

Financial Strength:

Unable to comment

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:

C 1822 NOTABILE ROAD, MRIEHEL, BIRKIRKARA

Registration date:

20.08.1969

Present Style Adopted on:

20.08.1969

Former registration name:

PERESSO BROS. LIMITED, valid since: 20.08.1969, until: 20.04.1987 MIPE ENTERPRISES LIMITED, valid since: 20.04.1987, until: 15.09.1992

National ID: C 1822
VAT number: MT12197413

Former company names:

PERESSO BROS. LIMITED MIPE ENTERPRISES LIMITED

Company Status

Registration status: 20.08.1969 - registered company
Activity status: 01.09.2004 - Company was re-activated / resumed activities

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Michele Peresso Limited Registration: No. C 6469, 18.08.1983, Birkirkara, MALTA		Shareholder		98.08% 10,200 Ordinary	Catalunya House, Catalunya Buildings, Psaila Street BKR 9076 Birkirkara MALTA
Mr. Emanuel Lorenzo Peresso	616452M	Shareholder	MALTA	1.92% 200 Ordinary	Lo Scoglietto, Triq il-Wied Iklin MALTA

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Emanuel Lorenzo Peresso	616452M	59	Director	MALTA	Not disclosed	Not disclosed	Lo Scoglietto, Triq il-Wied Iklin MALTA
Mr. Emanuel Lorenzo Peresso	616452M	59	Legal representative	MALTA	Not disclosed	Not disclosed	Lo Scoglietto, Triq il-Wied Iklin MALTA
Mr. Emanuel Lorenzo Peresso	616452M	59	Judicial Representative	MALTA	Not disclosed	Not disclosed	Lo Scoglietto, Triq il-Wied Iklin MALTA
Mr. Michele Jnr Peresso	68182M	29	Director	MALTA	Not Disclosed.	Not Disclosed.	Lo Scoglietto, Triq il-Wied Iklin MALTA
Ms. Maria Christina Peresso	587478M	33	Company’s Official Secretary	MALTA	Not disclosed	Not disclosed	Lo Scoglietto, Triq il-Wied Iklin MALTA
Ms. Maria Christina Peresso	587478M	33	Director	MALTA	Not disclosed	Not disclosed	Lo Scoglietto, Triq il-Wied Iklin MALTA
Mr. Michele Jnr Peresso	68182M	29	Director	MALTA	Not Disclosed.	Not Disclosed.	Lo Scoglietto, Triq il-Wied Iklin MALTA

PLEASE NOTE OTHER INVOLVEMENTS OF FUNCTIONARY PERSONS:-

Emanuel Lorenzo Peresso is also involved in the following companies:-

EURO SPORT LIMITED - C 32991
Director
Judicial Representative
Legal Representative

MICHELE PERESSO LIMITED - C 6469
Director
Judicial Representative
Legal Representative

MICHELE PERESSO SERVICES LIMITED - C 32992 - STRUCK OFF FOLLOWING MERGER
Director
Judicial Representative
Legal Representative

PERESSO TUDOR PRESS LIMITED - C 536
Director
Judicial Representative
Legal Representative

MICHELE PERESSO FASHION LIMITED - C 45807
Director
Legal Representative
Judicial Representative

E M P PROPERTIES LTD - C 29619
Director
Judicial Representative
Secretary
Legal Representative

EURO PERFUMERY LIMITED - C 32993 - STRUCK OFF FOLLOWING MERGER
Director
Judicial Representative
Legal Representative

EURO SAVE LIMITED - C 6928
Director
Judicial Representative
Legal Representative

MAICC LTD - C 28451
Director
Judicial Representative

MICHELE PERESSO HOLDINGS LIMITED - C 32046 - STRUCK OFF FOLLOWING MERGER
Director
Judicial Representative
Legal Representative

Miper 2009 Ltd - C 48001
Director
Secretary
Legal Representative
Judicial Representative

Maria Christina Peresso is also invovled in the following companies:-

MICHELE PERESSO LIMITED - C 6469
Secretary
Director

EURO PERFUMERY LIMITED - C 32993 - STRUCK OFF FOLLOWING MERGER
Director
Secretary

MAICC LTD - C 28451
Secretary

MICHELE PERESSO SERVICES LIMITED - C 32992 - STRUCK OFF FOLLOWING MERGER
Director
Secretary

EURO SAVE LIMITED - C 6928
Director
Secretary

EURO SPORT LIMITED - C 32991
Director
Secretary

MICHELE PERESSO FASHION LIMITED - C 45807
Director
Secretary

Michele JNR Peresso is also involved in the following companies:-

MICHELE PERESSO HOLDINGS LIMITED - C 32046 - STRUCK OFF FOLLOWING MERGER
Director
Secretary

EURO PERFUMERY LIMITED - C 32993 - STRUCK OFF FOLLOWING MERGER
Director

PERESSO TUDOR PRESS LIMITED - C 536
Secretary
Director

MICHELE PERESSO FASHION LIMITED - C 45807
Director

MICHELE PERESSO SERVICES LIMITED - C 32992 - STRUCK OFF FOLLOWING MERGER
Director

MICHELE PERESSO LIMITED - C 6469
Director

Activities

Activities:

Exporters & Distributors & Wholesalers & Retailers

Operations:

NACE   main activity:   4618 Agents specialised in the sale of other particular products   4645 Wholesale of perfume and cosmetics   4646 Wholesale of pharmaceutical goods SIC   5995 Optical Goods Stores (optical laboratories grinding of lenses to prescription)   2834 Pharmaceutical Preparations Activities: Import, export, buy, sell, distribute by wholesale or retail all kinds of medicines pharmaceutical goods, perfumes, toiletries, cereals, diet food, surgical and medical instruments and appliance plastic gooods optical goods and similar goods. Their clientele includes mainly, Individuals, State Institutions, Retailers, Companies, Pharmacies, etc. Products stocked at EuroPharma Medical Centre: A wide range of medical instruments Autoclaves Baby scales Baby lifters Baby stools Bed mattresses Bedside tables Bed lifting scales Blood pressure monitors Breast pumps Comfort armchairs Crutches Disposable syringes Doctor scales Doctor's cases Dressings (surgical) ECG Machines & paper Emergency chairs Emergency products Examination lamps First Aid boxes Glucometers Grab rails Hoist lifters Infusion poles Lifter scales Microscopes Motorized reclining orthopeadic armchairs Nebulizors Orthopaedic chairs Orthopaedic pillows Orthopaedic armchairs Orthopaedic supports Oxygen life packs Paper disposable Precision instruments Pharmacy scales Pressure scores products Refrigerators (clinical) Serving trays Sphygmomanometers Stainless steel furniture Suction pumps Toilet raisers Trolleys (various) Ultrasonic gel Ultrasound scanners Walkers Walking sticks Wall curtain partitions. Business Activities Other Professional Equipment and Supplies Merchant Wholesalers Industry Classifications - NAICS » Other Professional Equipment and Supplies Merchant Wholesalers (NAICS #42349)

Motor Vehicles:

This information is not disclosed.

Imports:

EUROPEAN UNION
Payment terms:
Special Agreements

Exports:

The subject does not engage in any export activities.

Agencies

Name	Country	Product
Grupo Uriach
Ferrer Grupo
Aldo
GreenCross
Chiron
Chiesi
Kedrion
Recordati
Rovi
Fardi
Anfarm
Putnams England
Dia Med
Acorn Stairlifts
Seba Med		Skin care products
Medochemie Ltd.
Herdegen Paris
SIDHIL

Sole distributors of: Grupo Uriach, Ferrer Grupo, Aldo, GreenCross, Chiron, Chiesi, Kedrion, Recordati, Rovi, Fardi, Anfarm etc.

Trade Suppliers:

Name	Country	Product
Same as Agencies

Workforce:

Number Of Employees:

1

All the work-force of the Group falls under Michele Peresso Ltd - averaging 100-150.

Description Of Premises

Address:	Catalunya House, Catalunya Buildings, Psaila Street BKR 9076 BIRKIRKARA MALTA
Type of premises:	Premises
Address:	HOMPESCH ROAD, EUROPHARMA MEDICAL CENTRE FGR 2010 FGURA MALTA
Type of premises:	Premises

Related Companies

Affiliated Company
EURO SAVE LIMITED , MALTA , National ID: C 6928

Affiliated Company
EURO SPORT LIMITED , MALTA , National ID: C 32991

Affiliated Company
MICHELE PERESSO FASHION LIMITED , MALTA , National ID: C 45807

Parent Company
Michele Peresso Limited , MALTA , National ID: C 6469

Affiliated Company
PERESSO TUDOR PRESS LIMITED , MALTA , National ID: C 536

PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:-

Registration No. C 6469
Company Name MICHELE PERESSO LIMITED
Registration Date Aug 18, 1983
Registered Office CATALUNYA HOUSE, CATALUNYA BUILDINGS
PSAILA STREET
City/Locality BIRKIRKARA
Country MALTA

15.08.07: Michele Peresso Holdings Limited C 32046 and Michele Peresso Services Limited C 32992 were amalgamated into Michele Peresso Limited C 6469 (Parent Company).

Registration No. C 536
Company Name PERESSO TUDOR PRESS LIMITED
Registration Date Jun 27, 1966
Registered Office CATALUNYA HOUSE,
CATALUNYA BUILDINGS, PSAILA STREET,
City/Locality BIRKIRKARA
Country MALTA

Registration No. C 6928
Company Name EURO SAVE LIMITED
Registration Date Jun 29, 1984
Registered Office CATALUNYA HOUSE, CATALUNYA BUILDINGS,
PSAILA STREET,
City/Locality BIRKIRKARA
Country MALTA

Registration No. C 32991
Company Name EURO SPORT LIMITED
Registration Date Jan 12, 2004
Registered Office CATALUNYA HOUSE, CATALUNYA BUILDINGS, PSAILA STREET
City/Locality BIRKIRKARA
Country MALTA

Registration No. C 45807
Company Name MICHELE PERESSO FASHION LIMITED
Registration Date Dec 10, 2008
Registered Office CATALUNYA HOUSE, CATALUNYA BUILDINGS
PSAILA STREET
City/Locality BIRKIRKARA BKR 9076
Country MALTA

Bankers

HSBC BANK MALTA plc
233, Republic Street, Valletta, Malta


Account number is not disclosed.

Press

01.04.2010, www.timesofmalta.com
Michele Peresso Group to have five new outlets at The Point

A Reebok brand shop is to open shortly at The Point.
After the successful two Upim department stores in Gozo and Valletta, together with a Bata store in Valletta last year, Michele Peresso Group is opening five new shops at The Point Shopping Mall in Tigné, Sliema.

The first two shops to be opened are a Bata store and a Reebok brand shop. Three other shops will be opened by the end of May, an Adidas, Skechers and Fergi brand stores.

Bata offers the very latest in classical and fashionable footwear, leather wear and accessories both for ladies, men and kids endorsed in Italian styles and colours, while Reebok new spring/summer collection is inspiring, young and very colourful.

Adidas, the brand of the threestripes will be the fourth brand store for Michele Peresso Group. It will stock both originals and performance new spring/summer collection. This new store will open in time for the forthcoming World Cup to be held in South Africa. The new official World Cup ball "Jabulani" together with a vast range of World Cup merchandise products will be available in this new adidas brand store. The Skechers store will be the second Skechers brand store to be opened in Malta. Besides the full new range of trendy, very comfortable shoes for all ages, Skechers will offer the new highly successful range of shape-ups which have hit the American, European and the Maltese market.

The fifth shop to open at The Point will be a new Fergi store, offering the best of Italian fashion in bags, luggages and accessories.

Michele Peresso Group of Companies operates three trading companies, EuroPharma Ltd, EuroSport Ltd and Michele Peresso Fashion Ltd.

These five new shops to be opened at The Point new shopping mall are part of the €6 million investment programme announced last year by the group's CEO Emanuel Peresso.

The group has employed 62 new staff personnel and this year will take on a further 20 employees.

Michele Peresso Group of Companies will now have a total complement of 30 strong retail outlets scattered around Malta and Gozo, representing reputable international brands.

14.04.2010, www.europharma.com.mt
Europharma Ltd awarded with the Tender for the Supply of Blood Bags Systems with Equipment

Europharma Ltd has just been awarded with the Tender for the Supply of Blood Bags Systems with Equipment on Loan. This systems including the Equipment are intended to be used at the Malta Blood Bank, and the Gozo General Hospital. All Equipment are of the latest technology and fully in line with European Standards.

The Blood Bag System, are manufactured by the World renowned Brand Fresenius Kabi. Apart from the Blood Bags the following equipment has also been supplied; 6 Automatic Blood Component Separators, 2 Filtration Rack Stations, 16 Automatic Blood Collection/Weighing and Mixing machines, and 9 Donation Couches. These are also manufactured by Freseniu Kabi. In addition the system also includes 2 Blood Bank state of the art Centrifuges manufactured by Andreas Hettich GmbH.

Auditors / Accountants

Auditor: Donald Sant
Date: 28.02.2010
Financials have been audited
Company: Baker Tilly International, Level 5, Rosa Marina Bldg., 216, Marina Seafront, Pieta PTA 9041, Malta

Only abridged accounts were available from the registry since the company is exempt from submitting full accounts on the grounds that the company does not exceed the limits of two of the three following criteria as outlined in the Maltese companies act:-

•Balance sheet total : EUR 2,562,310.74
•Turnover : EUR 5,124,621.48
•Average number of employees during the accounting period: 50

Share Capital

Registered capital:	EUR 24,225.48
Number of Ordinary:	10,400
Value per share of Ordinary:	EUR 2.33
Issued capital:	EUR 24,225.48
Number of Ordinary:	10400
Value per share of Ordinary:	EUR 2.33
Paid-up capital:	EUR 11,763.33

Issued capital is made up of 500 Ordinary Shares 20% paid up, and 9,900 Ordinary Shares 50% paid up.

As from 1 January 2008 the local currency is the Euro and no longer the Malta Lira – for conversion purposes the exchange rate is 2.329373 to 1 Malta Lira.

Charges

This information is not available.

Finance

Amounts shown in Euro (EUR)		01.03.2009-28.02.2010	01.03.2008-28.02.2009
	PROFIT & LOSS
	Profit for the year	131,647.00
	BALANCE SHEET
	Property, Plant & Equipment	14,830.00	12,796.00
	Intangible Assets	2.00	2.00
	Other Financial Fixed Assets	208,925.00	1,213,708.00
	Total Fixed Assets	223,757.00	1,226,506.00
	Inventory / Stock	1,079,550.00	972,534.00
	Trade Debtors (receivables from customer)	594,280.00	1,184,896.00
	Taxation Receivable	959.00	1,672.00
	Cash in Hand & at Bank	77,605.00	55,738.00
	Total Current Assets	1,752,394.00	2,214,840.00
	Deferred Taxation	5,418.00	772.00
	Total Assets	1,981,569.00	3,442,118.00
	Called up share capital (issued capital stock)	11,763.00	11,763.00
	Other Reserves	5,418.00	772.00
	Profit & Loss Account	510,330.00	383,329.00
	Total Equity	527,511.00	395,864.00
	Long - Term Loans	471,148.00	1,355,015.00
	Total Current Liabilities	982,910.00	1,691,239.00
	Total Equity & Liabilities	1,981,569.00	3,442,118.00
	Borrowings	113,951.00	410,322.00
	Creditors	868,959.00	1,280,917.00
	Total Liabilities	1,454,058.00	3,046,254.00

Please note that the financial information provided in the report was obtained from official sources.

GENERAL COMMENTS

Parent Michele Peresso Limited is the principal company in a group of companies. The origins of the business date back to 1934 when the late Michele Peresso set up a Printing Press, which is still in operation and now forming part of the Group.

Michele Peresso Ltd was registered as a private limited liability company on 18.08.83. Besides acting as a holding and management company, it acts also an importer distributor and wholesaler of any item related to sports ware and ancillary lines and products; perfumery and toiletries; Baby care Products and lines; Medical and Laboratory equipment and accessories; Pet and Garden supplies; and several other lines and ancillary products. Sales are conducted through the various subsidiary companies. BRANDS HANDLED: SKECHERS - KAPPA - HEAD - ADDIDAS - MIZUNO - PENN and others.

Euro Pharma Ltd imports and markets a range of both branded and generic ethical pharmaceuticals. The company is a contractor, supplying the Maltese Government through the Department of Health, with some of its products.

All pharmaceuticals imported and distributed are in accordance with international pharmacopeas and confirm with the World Health Organisation's (WHO) regulations and other European institutions.

The company has a fully stocked Medical Centre marketing a wide range of Medical and Laboratory Equipment, Disposables and Healthcare Consumables. This Healthcare outlet sells a vast range of Aids for the Elderly and Disabled.

Company Representation:
The legal and judicial represention of the company shall be exercised by Emmanuel Peresso or, in addition in any person or persons nominated by the Board.


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


Filed Changes:

30.09.2009: Horwath Malta have been removed from company auditors.

15.01.08: The company changed its accounting reference period from (1st January 2008 ending 31st December 2008) to (1st January 2008 ending 28th February 2008).

01.01.2008: HLB Falzon & Falzon have been removed from company auditors.

19.11.05: Euro Perfumery Ltd merged into subject company.

05.11.02: MAICC Ltd merged into subject company.

15.09.92: The company changed its name from: MIPE Enterprises Ltd to: Europharma Limited.

15.09.92: The company changed its registered address from: Lo Scoglietto, L-Iklin Road, Lija to: Catalunya Buildings, Psaila Street, Birkirkara.

07.05.91: The company changed its registered address from: 'San Mar', Triq It-Turisti, Bugibba to: Lo Scoglietto, L-Iklin Road, Lija.

20.04.87: The company changed its name from: Peresso Bros. Limited to: MIPE Enterprises Ltd.

20.04.87: The company changed its registered address from: 171, Merchants Street, Valletta to: 'San Mar', Triq It-Turisti, Bugibba.

MALTA FACTS AND FIGURES
Population: 405,165
Area: 316 SQ KM
Capital: Valletta
Currency: Euro
Currency Code: EUR

GDP (Purchasing Power Parity): $9.65 Billion	GDP - Composition by Sector:
GDP (Official Exchange Rate): $7.714 Billion	Agriculture: 1.4%
GDP - Real Growth Rate: -4%	Industry: 18%
GDP - Per Capita (PPP): $23,800	Services: 80.6%

Industries:
Tourism, Electronics, Ship Building And Repair, Construction, Food And Beverages, Pharmaceuticals, Footwear, Clothing, Tobacco

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 the EU and Africa makes it a target for illegal immigration, which has strained Malta's political and economic resources.

Malta's financial services industry has grown in recent years and in 2008 it escaped significant damage from the international financial crisis, in part because the sector is not fully modernized. The global economic downturn and high electricity and water prices have hurt Malta's real economy, which is dependent on foreign trade, manufacturing - especially electronics and pharmaceuticals - and tourism.

Following a few years of modest growth, Malta's economy contracted in 2009 by about 4%. In 2009, the government of Malta undertook steps to provide direct grants to struggling local businesses, but public expenditures have fuelled a budget deficit, which, at around 5% of GDP, places Malta above the EU's 3% maximum

Last Updated: March 2010

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.18
UK Pound	1	Rs.72.59
Euro	1	Rs.63.13

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

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.