MIRA INFORM REPORT

Report Date :

03.11.2011

IDENTIFICATION DETAILS

Name :	GENEPHARM TRADING LIMITED
Formerly Known As :	CROCI TRADING LIMITED
Registered Office :	Greco House, Nicosia, 20, Vasilissis Frederikis Street, 1066 Nicosia
Country :	Cyprus
Date of Incorporation :	22.04.2004
Com. Reg. No.:	C147610 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesalers of Drugs, Drug Proprietaries, and Druggists' Sundries

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 :	Offshore Company
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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

NAME INQUIRED UNDER:

Genepharm Trading Ltd. (nf)

Correct Registered Name:

GENEPHARM TRADING LIMITED

Address:

Greco House, Nicosia, 20, Vasilissis Frederikis Street 1066 Nicosia CYPRUS

Telephone:

+357-22662247

Email:

Non Retrievable

Web:	Non Retrievable

Business address:

Greco House, Nicosia, 20, Vasilissis Frederikis Street 1066 Nicosia CYPRUS

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:

Unable to comment Given the fact that no detailed financial statements were released to us , we feel unable to comment on a maximum credit.

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 their creditability and commercial morality of the subject.

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 may be operated from abroad or may have a fully-fledged office in Cyprus.

Registration number and city:

C147610 Nicosia

Registration date:

22.04.2004

Former registration name:

CROCI TRADING LIMITED, valid since: 22.04.2004, until: 04.10.2004

Former company names:

CROCI TRADING LIMITED

Company Status

Registration status: 22.04.2004 - registered company
Activity status: 22.04.2004 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Ms. Maria Mita	490706	Shareholder	CYPRUS	100.00% 1,000 Ordinary	Lakatamia, 39, Andrea Miaouli Street 2320 Nicosia CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mrs. Christalla Argyridou	565656	51	Director	CYPRUS	Non retrievable	Also director of MOODY'S INVESTORS SERVICE CYPRUS LIMITED, HCF HUNGARIAN CAPITAL FUND (CYPRUS) LIMITED, SPUTNIK MANAGEMENT SERVICES LIMITED, CESARO HOLDINGS LIMITED, LUCKYWORTH LIMITED, GATEDOOR HOLDINGS LIMITED, SPUTNIK INVESTMENT LIMITED	6B, Ardanon street, Pallouriotissa 1041 Nicosia CYPRUS
Ms. Gianna Alexandrou			Secretary	CYPRUS	Non Retrievable	Non Retrievable	Rita Court 7, 1st Floor, Office 103, Ayioi Omoloyites, 6, Pente Pigadion Street 1076 Nicosia CYPRUS

Activities

Activities:

Wholesalers

Operations:

SIC   5122 Drugs, Drug Proprietaries, and Druggists' Sundries According to the Article of Associations the current company deals with the trade of pharmaceutical products although this was not confirmed. However the article makes provision for other activities as well. We have the impression that the subject is related with GenePharm, Inc, (http://www.bioportfolio.com/corporate/company/25237/Genepharm-Inc.html) which is a biopharmaceutical company that focuses on the discovery, development and commercialization of pharmaceutical products in the field of dermatology in California; however this could not be confirmed from official sources.  Furthermore, from desk research we found that the subject might be also related with GENEPHARM AUSTRALASIA LIMITED (http://www.ascentpharmahealth.com/SiteMedia/w3svc1050/Uploads/Documents/Independent_Experts_Report-GAA_full.pdf); however this could not be confirmed from official sources. We have the impression that this is an International Business company with offices in Cyprus; however further information was not available. Business Activities Pharmaceutical Products Industry Classifications - NAICS  » Drugs and Druggists' Sundries Merchant Wholesalers

Imports:

Non Retrievable

Exports:

Non Retrievable

Agencies:

Non Retrievable

Trade Suppliers:

Non Retrievable

Description Of Premises

Address:	Greco House, Nicosia, 20, Vasilissis Frederikis Street 1066 Nicosia CYPRUS
Type of premises:	Premises
Address:	Strovolos, 9A, Idipodos Street 2063 Nicosia CYPRUS
Type of premises:	Registered Address
Address:	Paliometocho, 34, Dionysiou Solomou Street 2682 Nicosia CYPRUS
Type of premises:	Previous Registered Address

Headquarters:

The company is operating from the offices of the address given overleaf.

Bankers:

Non Retrievable

Press:

02.11.2011, No press / media available at present.

Auditors / Accountants:

Non Retrievable

Share Capital

Registered capital:	EUR 8,550.00 since 01.01.2008
Number of Ordinary:	5,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 1,710.00 since 01.01.2008
Number of Ordinary:	1000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 1,710.00 since 01.01.2008

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.

Financial accounts are available at the Department of Registrar of Companies, provided that the company has submitted the compulsory accounts.

The annual general meeting of a company is convened within eighteen months of the date of its registration. Forty two days later the company should file its first annual return with the Registrar of Companies. Once a year, the annual return must be submitted. This should be done within fifteen months from the previous annual return, without disregarding the calendar year (sections 118, 120 and 125 cap. 113). 

All Cypriot Companies, whether local or international, must maintain accurate books of accounts, which should reflect the true and correct position of their conduct, as well as give adequate explanation of their operations.

The Cypriot Company Law, which is closely modeled on its English counterpart, entails that company accounts must comprise of the following: 

- Directors' report. 

- Auditor's report. 

- Financial statements as prescribed by International Financial Reporting Standards (IFRS) and consolidated Financial Statements in case of parent companies (unless specifically exempted).

Audited financial statements and an Income Tax Return are required for all companies, even companies with no taxable income and/or dormant companies.

Registered Branches (in Cyprus) of foreign companies are not legally bound to compile full separate branch accounts however when taxed on the island, are obliged to do so for income tax purposes. 

Additionally they have to submit accounts of the main company, translated into Greek, to the Department of Registrar of Companies. 

Partnerships are exempt from any requirement to prepare audited accounts, but they are legally bound to keep proper books of account which must be available for scrutiny by individual partners.

GENERAL COMMENTS

MAIN SOURCES OF INFORMATION - FOR THIS REPORT

i. Visited Official Companies’ Registry

ii. Interview with Company / Correspondence 

iii. Desk Research 

iv. Search through Internet Subscription Databases (Business Information) 

v. Specialized Media Search Global & Local

vi. Search through internet Social Networks

vii. Infocredit Negative Record Database

viii. Relationship/Directorship Search through Infocredit Database

According to the Article of Associations the current company deals with the trade of pharmaceutical products although this was not confirmed. However the article makes provision for other activities as well.

We have the impression that the present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 22.04.2004. 

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 tried contacting the company in question; however our attempts were unsuccessful.

Please note that the information included in the report was obtained from the Official Companies’ Registrar. 

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.

Contact Person:

None at current stage

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.25
UK Pound	1	Rs.78.73
Euro	1	Rs.67.64

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
----	NB	New Business	----

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.