MIRA INFORM REPORT

Report Date :

19.11.2011

IDENTIFICATION DETAILS

Name :	ZVERIA PHARMACEUTICAL LIMITED
Registered Office :	Nicosia Tower Center, 8th Floor, Office 801, 36, Vyronos Street, Nicosia, 1096 Nicosia
Country :	Cyprus
Date of Incorporation :	28.05.2008
Com. Reg. No.:	C230164 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	General Traders

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	International Business Company
Payment Behaviour :	----
Litigation :	----

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

Bottom of Form

Company Name & Address

NAME INQUIRED UNDER:

Zveria Pharmaceutical Limited

Correct Registered Name:

ZVERIA PHARMACEUTICAL LIMITED

Address:

Nicosia Tower Center, 8th floor, office 801, 36, Vyronos street Nicosia 1096 Nicosia CYPRUS

P.O.Box:

21341 - 1506 Nicosia

Telephone:

+357-22456000 357-22-456000

Fax:	+357-22677000

Email:

sarrilaw@spidernet.com.cy (Correspondence E-mail)

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

Business address:

Nicosia Tower Center, 8th floor, office 801, 36, Vyronos street Nicosia 1096 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

Commercial Morality:

Unable to comment

Financial Strength:

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 comment on the amount and terms of your inquiry.

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:

C230164 Nicosia

Registration date:

28.05.2008

Former registration name:

PASTACOLLA TRADING CO. LIMITED, valid since: 28.05.2008, until: 27.10.2008

National ID: C230164

Former company names:

PASTACOLLA TRADING CO. LIMITED

Company Status

Registration status: 28.05.2008 - registered company
Activity status: 28.05.2008 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
VARIAN ENTERPRISES INC Registration: PANAMA		Shareholder		100.00% 2,000 Ordinary

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. George Trillides	785356	35	Director	CYPRUS	Degree in Law.	Non Retrievable	Office 53, Acropoli, 25, 28th October street Nicosia 2012 Nicosia CYPRUS
Ms. Chrystalla Yiallourou	842954	30	Director	CYPRUS	Non Retrievable	Also associated with SUBISHICO TRADING CO. LIMITED, FG VOLGA FARMING LIMITED and BENISE INVESTMENTS LIMITED.	Ayia Varvara, 10, Pavlou Liaside Street 2560 Nicosia CYPRUS
Mr. Elli Tsouri	603250		Director	CYPRUS	Non Retrievable	Non Retrievable	Akaki, 13, Demokratias street Nicosia 2720 Nicosia CYPRUS
Ms. Christina Sarri	782678	35	Secretary	CYPRUS	Degree in Law	Also a director of PRONTOSERVUS LIMITED, ZIMMER HOLDINGS LIMITED, SOLVOCHEM HOLDINGS LIMITED, ROYAL SPORTS BETTING (LARNACA) LIMITED, INTRALOT INTERNATIONAL LIMITED, SPANACO SHIPPING SERVICES LIMITED, MARE SHIPPING SERVICES LIMITED	Nicosia Tower Center, 8th Floor, Apt. 8, 36, Vyronos Avenue Nicosia 1096 Nicosia CYPRUS

Activities

Activities:

General Traders

Operations:

SIC   main activity   6799 Investors, NEC (commodity contract trading companies)   5199 Nondurable Goods, NEC (except specialty advertising) According to the article of Association, the company in question was established in order to get involved with General Trade Activites. However, this information was not confirmed; of course the article makes provision of other activities as well. Business Activities General Trading General Traders Industry Classifications – NAICS » Merchant Wholesalers, Durable Goods » Merchant Wholesalers, Nondurable Goods » Wholesale Trade Agents and Brokers » Wholesale Trade » Other Miscellaneous Durable Goods Merchant Wholesalers » Apparel, Piece Goods, and Notions Merchant Wholesalers » Other Miscellaneous Nondurable Goods Merchant Wholesalers Detailed Description of Industry Classifications Merchant Wholesalers Durable Goods NAICS # 424 Wholesale Trade Agents and Brokers NAICS #42512 Wholesale Trade NAICS #42 Other Miscellaneous Nondurable Goods Merchant Wholesalers NAICS #42499

Motor Vehicles

Non Retrievable.

Imports

Non Retrievable.

Exports

Non Retrievable.

Agencies

Non Retrievable.

Trade Suppliers

Non Retrievable.

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:	Nicosia Tower Center, 8th floor, office 801, 36, Vyronos street Nicosia 1096 Nicosia CYPRUS
Type of premises:	Premises
Address:	Agia Varvara, 10, Pavlou Liaside street Nicosia 2560 Nicosia CYPRUS
Type of premises:	Registered Address

Headquarters:

The company does not maintain offices of its own in Cyprus. The address given above is the company's Official Correspondence Address (Polakis Sarris & Co - Lawyers). Please also note that the address given on your inquiry (10, Pavlou Liaside street, 2560 Agia Varvara, Nicosia, Cyprus) is the registered address of the subject and it also seems to be the address of the private residence of Ms Chrystalla Yiallourou (Director).

Branches:

Non Retrievable.

Related Companies

Parent Company
VARIAN ENTERPRISES INC , PANAMA

PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

“Varian Enterprises Inc.” – Parent Company registered in Panama. (Federico Boyd Avenue, Torre Universal Building, 12th floor, 0186-02033 Panama).

Bankers

Non Retrievable.

Press

22.06.2011, No press / media available at present.

Auditors / Accountants

Non Retrievable

Share Capital

Registered capital:	USD 20,000.00 since 26.11.2008
Number of Ordinary:	20,000
Value per share of Ordinary:	USD 1.00
Issued capital:	USD 15,020.00 since 26.11.2008
Number of Ordinary:	15020
Value per share of Ordinary:	USD 1.00
Paid-up capital:	USD 15,020.00 since 26.11.2008

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

The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 28.05.2008. According to the article of association the company is involved with General Trade Activites. However, this information was not confirmed. Of Course the article makes provision of other activities as well. We have the impression that this is an International Business Company.

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 were not able to trace any offices for the company in question in Cyprus, however we contacted the company's correspondence Pollakis Sarris & Co, where the official informed us that Mr George Trillides, subject's representative, was away on business at the moment, thus no information regarding the subject could be provided.

Please note that, the information provided in this 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, utility bills, bankruptcies etc exist.

Contact information:

Telephone number:

357 22 456000

Official from Company's Representative Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.69.26

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.