MIRA INFORM REPORT

Report Date :

30.03.2011

IDENTIFICATION DETAILS

Correct Name :	GOLGI PHARMACEUTICALS LIMITED
Registered Office :	Strovolos, 5, Niriidon Street, 2045 Nicosia
Country :	Cyprus
Date of Incorporation :	14.02.1990
Com. Reg. No.:	C39045 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesale of pharmaceutical goods

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	EUR 6,000.00
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)
Cyprus	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

Correct Registered Name:

GOLGI PHARMACEUTICALS LIMITED

Address:

Strovolos, 5, Niriidon Street 2045 Nicosia CYPRUS

Telephone:

+357-22329959

Fax:	+357-22329958

Email:

golgipha@cytanet.com.cy

Web:	www.healthybrainaging.com

Business address:

Strovolos, 5, Niriidon Street 2045 Nicosia CYPRUS

Summary of Ratings

Maximum Credit:

EUR 6,000.00

Payment

PAYMENT HABITS:

No Complaints

Comment:

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

Good For Amount & Terms Of Inquiry:

Too high Safer to split the amount in several lots.

Commercial Morality:

Moderate

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, payment records and Financial Strength.

Legal Status

Legal Form:

Private Limited Liability Company Private Limited Liability Company: It is incorporated by one or more individuals or companies (maximum: 50). It is managed by a board of directors consisted of minimum two individuals or juridical persons. Capital is required. The shareholders are liable for the companys debts to the extent of their respective interests in the capital. Its shares are not to be sold through public subscription. Private Limited Liability companies are obliged to file their accounts with the Registrar of Companies (Company Registry).

Registration number and city:

C39045 Nicosia

Registration date:

14.02.1990

Company Status

Registration status: 14.02.1990 - registered company
Activity status: 14.02.1990 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
CHR G PAPALOIZOU LIMITED Registration: No. C5161, 19.02.1973, NICOSIA, CYPRUS		Shareholder		41.00% 16,400 Ordinary	Akropolis, 25, Akropoleos Avenue 2006 Nicosia CYPRUS
Mr. Christakis Christophorou	434007	Shareholder	CYPRUS	5.00% 2,000 Ordinary	Aglantzia, 73, Keryneias Avenue 2114 Nicosia CYPRUS
Mr. Ioannis Pierides	434008	Shareholder	CYPRUS	25.00% 10,000 Ordinary	17, Kyvelis Street 2321 Nicosia CYPRUS
Mr. Constantinos Michael	433611	Shareholder	CYPRUS	5.00% 2,000 Ordinary	Ayios Dometios, 14, Parthenonos Street 2364 Nicosia CYPRUS
Ms. Androulla Ioannou	507550	Shareholder	CYPRUS	24.00% 9,600 Ordinary	Lakatamia, 50, Arch. Michael Street 2321 Nicosia CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Ioannis Pierides	434008		Director	CYPRUS	Has a degree in Pharmaceuticals.	Also director of NEMESIS ERGOLIPTIKI DIMOSIA ETAIREIA LIMITED. Also shareholder of CYFIELD DEVELOPMENT PUBLIC LIMITED	17, Kyvelis Street 2321 Nicosia CYPRUS
Ms. Androulla Ioannou	507550	56	Director / Secretary	CYPRUS	Has a degree in Law	Non Retrievable	Lakatamia, 50, Arch. Michael Street 2321 Nicosia CYPRUS

Activities

Activities:

Distributors

Operations:

NACE   4646 Wholesale of pharmaceutical goods SIC   2834 Pharmaceutical Preparations The company in question was established to act as a distributor of pharmaceutical products in Cyprus. Business Activities Pharmaceutical Products Industry Classifications - NAICS » Pharmaceutical Preparation Manufacturing » Drugs and Druggists' Sundries Merchant Wholesalers » Medical Equipment and Supplies Manufacturing Detailed Description of Industry Classifications Pharmaceutical Preparation Manufacturing NAICS # 325412 Drugs and Druggists' Sundries Merchant Wholesalers NAICS # 4242 Medical Equipment and Supplies Manufacturing (NAICS # 33911)

Motor Vehicles:

Non Retrievable

Imports:

Non Retrievable

Exports:

Non Retrievable

Agencies

Name	Country	Product
Cognase	CYPRUS	an all-natural clinically researched proline-rich polypeptide (PRP) complex that supports healthy brain aging and the maintenance of normal mental function.

Trade Suppliers

Non Retrievable

Workforce

Non Retrievable

Description Of Premises

Address:	Lakatamia, 17, Kyvelis Street 2321 Nicosia CYPRUS
Type of premises:	Registered Address
Address:	Strovolos, 5, Niriidon Street 2045 Nicosia CYPRUS
Type of premises:	Premises

Headquarters:

The subject operates from premises located at the address given overleaf.

Related Companies

Shareholder Company
CHR G PAPALOIZOU LIMITED , CYPRUS , National ID: C5161

Affiliated Company
CYFIELD DEVELOPMENT CO LIMITED , CYPRUS , National ID: C38949

Affiliated Company
EKDOSEIS "EKDOCHI" LIMITED , CYPRUS

Affiliated Company
NEMESIS CONSTRUCTIONS PUBLIC COMPANY LTD. , CYPRUS , National ID: C3817

Affiliated Company
PARARLAMA LIMITED , CYPRUS

PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

"CHR G PAPALOIZOU LIMITED" - Shareholder company registered in Cyprus on 19.02.1973 under the registration number C5161. The subject in question deals with the import and wholesale trade of pharmaceutical products.

"CYFIELD DEVELOPMENT PUBLIC LIMITED " - Affiliated company registered in Cyprus on 06.02.1990 under the registration number C38949.

"NEMESIS CONSTRUCTIONS PUBLIC COMPANY LTD" - Affiliated company registered in Cyprus on 20.09.1971 under the registration number C3817.

"PARARLAMA LIMITED" - Affiliated company registered in Cyprus on 13.11.1987 under the registration number C30780.

"EKDOSEIS "EKDOCHI" LIMITED" - Affiliated company registered in Cyprus on 15.02.1990 under the registration number C30964.

Bankers:

Non Retrievable

Press:

29.03.2011, No press / media available at present.

Auditors / Accountants:

Non Retrievable

Share Capital

Registered capital:	EUR 85,500.00 since 01.01.2008
Number of Ordinary:	50,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 68,400.00 since 01.01.2008
Number of Ordinary:	40000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 68,400.00 since 01.01.2008

Charges

None in current years

GENERAL COMMENTS

We contacted the company in question and talked to Mr Giannis Pierides, company director, who declined to provide us with any information regarding the subject.

Please note that the information included in the report was obtained from the
Official Companies’ Registrar and the subject's website.

A check against our records revealed that no negative payment incidents against Subject Company, such as unpaid invoices, dishonored cheques and utility bills, bankruptcies exist etc.

SECTOR ANALYSIS

Wholesale, Industrial, Retail & Services Sectors

According to Tremetoushiotis Developers Ltd (www.top-properties.com/legal-information.html):

The industrial sector, the wholesale and retail trade sector and the services sector are all open to non-resident investors. For the industrial and the wholesale and retail trade sectors, the Central Bank handles applications where foreign participation is below 50%. Where foreign participation exceeds 50%, or the investment is more than CyP750.000, applications are handled jointly by the Central Bank and the Ministry of Commerce, Industry and Tourism.
For services, up to 100% foreign participation is allowed and the Central Bank handles the applications.

Contact Person:

Mr Giannis Pierides

Company director

357-22329959

CYPRUS-FACTS AND FIGURES
Population: 1,084,748
Area: 9,251 SQ KM (about 33.4 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): $22.85 Billion	GDP - Composition by Sector:
GDP (Official Exchange Rate):$23.22 Billion	Agriculture: 2.1%
GDP - Real Growth Rate: -0.8%	Industry: 19.%
GDP - Per Capita (PPP): $21,200	Services: 78.9%

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.
Changing growth rates over the past decade reflect the economy's reliance on tourism.
Due to the global crisis, Cyprus economy entered into recession in the middle of 2009. The budget deficit reached the level of 3.5% of GDP, violating EU's budget deficit criteria of no more than 3% of GDP.

Therefore, in order to prevent country's weakening finances, the government intents to implement measures to cut the cost of the state payroll, tax evasion, and amend social benefits.

Last Updated: March 2010

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.67
UK Pound	1	Rs.71.63
Euro	1	Rs.63.09

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.