MIRA INFORM REPORT

Report Date :

13.10.2011

IDENTIFICATION DETAILS

Name :	MEDICO UNO WORLDWIDE (CYPRUS) LTD
Formerly Known As :	UNOTRUST WORLDWIDE LIMITED
Registered Office :	Akamia Centre, off 401, 2, Gregori Afxentiou Street, 6023 Larnaca
Country :	Cyprus
Financials (as on) :	2007
Date of Incorporation :	17.02.2004
Com. Reg. No.:	C145743 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers & Wholesalers of Pharmaceutical Preparations

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Offshore company
Payment Behaviour :	Unknown
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:

Medico Uno Worldwide (Cyprus) Limited

Correct Registered Name:

MEDICO UNO WORLDWIDE (CYPRUS) LTD

Address:

Akamia Centre, off 401, 2, Gregori Afxentiou Street 6023 Larnaca CYPRUS

P.O.Box:

42083, 6530

Telephone:

+357-24656655

Fx:	+357-24656655

Email:

hq@medicouno.com

Web:	www.medicouno.com

Business address:

Akamia Centre, off 401, 2, Gregori Afxentiou Street 6023 Larnaca CYPRUS

Payment

PAYMENT HABITS:

No Complaints

Comment:

A check against all available information 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

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.

Date of foundation:

2004

Registration number and city:

C145743 Nicosia

Registration date:

17.02.2004

Former registration name:

UNOTRUST WORLDWIDE LIMITED, valid since: 17.02.2004, until: 21.10.2009

National ID: C145743

Former company names:

UNOTRUST WORLDWIDE LIMITED

Company Status

Registration status: 17.02.2004 - registered company
Activity status: 17.02.2004 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
MENDASSET LIMITED Registration: No. C145742, CYPRUS		Shareholder		95.00% 547,200 Ordinary	Akami Centre, off 401, 1, Archbishop Makarios C avenue 6017 Larnaca CYPRUS
Mr. Laszlo Molnar	BA 8469941	Shareholder	HUNGARY	5.00% 800 Ordinary	20 Sz Kilaryi Pal Street 1053 Budapest HUNGARY

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
Mr. Pavel Georgiou	739308	39	Director	CYPRUS	Non Retrievable	Also director of VISHNU ENTERPRISES COMPANY LIMITED, PRONGS CONSULTING COMPANY LIMITED, EMPEZIANA SERVICES COMPANY LIMITED, LAKSHA LIMITED, ZONITEX LIMITED, M.G.E. RENTACARSYSTEM FINANCE LTD, P & J RALUCO LIMITED.	Office 8, 8, Persefonis Street, Strovolos 2006 Nicosia CYPRUS
Mr. Laszlo Molnar	BA 8469941	41	Director	HUNGARY	Non Retrievable	Non Retrievable	20 Sz Kilaryi Pal Street 1053 Budapest HUNGARY
Mr. Norbert Magyar	BB4438218	38	Director	HUNGARY	Non Retrievable	Non Retrievable	10, Hangya Street 1121 Budapest HUNGARY
Ms. Eleni Kafkalidou Papakyriakou	623807	47	Director / Secretary	CYPRUS	Non Retrievable	Non Retrievable	Strovolos, 30, Prodromou Street 2063 Nicosia CYPRUS
Ms. Emily Kouma	820690	30	Director	CYPRUS	Non Retrievable	Non Retrievable	Aglantzia, 4, Demokritou Street 2123 Nicosia CYPRUS
Ms. Alexandra Aspri	818419	32	Director	CYPRUS	Non Retrievable	Non Retrievable	Lakatamia, 7, Panathineon Street 2333 Nicosia CYPRUS

Activities

Activities:

Manufacturers & Wholesalers

Operations:

SIC   2834 Pharmaceutical Preparations The company in question was established in order to supply the CEE & Balkans region with both prescription/non-prescription medicines as well as health and wellness products. Business Activities Medical and Surgical Equipment and Instruments Trading Medical and Laboratory Equipment Repairing Pharmaceutical Products - Wholesale and Manufacturers Medical and Healthcare Products Trading Para Pharmaceutical Products Trading Nutrition Products Pharmacies Health Food Trading Medicines Trading Medicines Distributors Industry Classifications - NAICS » Food Manufacturing » Pharmaceutical Preparation Manufacturing » Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers » Drugs and Druggists' Sundries Merchant Wholesalers » General Line Grocery Merchant Wholesalers » Pharmacies and Drug Stores » Other Electronic and Precision Equipment Repair and Maintenance Detailed Description of Industry Classifications Pharmaceutical Preparation Manufacturing NAICS #325412

Motor Vehicles:

Non Retrievable

Imports:

Non Retrievable

Exports:

Non Retrievable

Agencies:

Non Retrievable

Trade Suppliers:

Non Retrievable

Workforce:

Number Of Employees: 2

Description Of Premises

Address:	Ledra House, Ayios Andreas, 15, Ayiou Pavlou Street 1105 Nicosia CYPRUS
Type of premises:	Previous Registered Address
Type of ownership:	shared
Area:	Business / Commercial Area
Address:	20B, Stasikratous Street 1065 Nicosia CYPRUS
Type of premises:	Previous Registered Address
Address:	2, Gregori Afxentiou Street 6023 Larnaca CYPRUS
Type of premises:	Premises

Headquarters:

Please note that this is the address appearing on the subject's website. However, no contact was made in order to confirm this.

Branches:

Non Retrievable

Related Companies

Parent Company
MENDASSET LIMITED , CYPRUS

PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

"MENDASSET LIMITED" - Parent company registered in Cyprus. no further information available regarding the subject.

Please note that on the subject's website, the following companies appear to be connected with the subject:

MEDICO UNO CORPORATE SERVICES
MEDICO UNO PHARMA
MEDICO UNO RESEARCH

However, no details or registration data were provided in order to locate these companies.

Bankers:

Non Retrievable

Press:

11.10.2011, No press / media available at present.

Auditors / Accountants:

Non Retrievable

Share Capital

Registered capital:	EUR 991,800.00 since 23.03.2010
Number of Ordinary:	580,000
Value per share of Ordinary:	EUR 1.71
Issued capital:	EUR 984,960.00 since 23.03.2010
Number of Ordinary:	576000
Value per share of Ordinary:	EUR 1.71
Paid-up capital:	EUR 984,960.00 since 23.03.2010

Charges:

None in current years

Finance

Amounts shown in Euro (EUR)		2007	2006	2005
	PROFIT & LOSS
	Sales Turnover	11,074,509.00	11,237,702.00	6,684,089.00
	Cost of Sales	-10,005,785.00	-11,156,027.00	-6,534,834.00
	Gross Profit	1,068,724.00	81,675.00	152,255.00
	Other Operating Income		10,967.00
	Administrative Expenses	-993,869.00	-24,201.00	-34,180.00
	Operational Profit	74,855.00	68,441.00	118,075.00
	Finance Costs	-12,130.00	-24,655.00	-25,663.00
	Financial Income	657.00	239.00	615.00
	Profit Before Taxation	63,382.00	44,025.00	93,027.00
	Corporate Income Tax	-7,179.00	-4,394.00	-9,316.00
	Net Profit	56,203.00	39,631.00	83,711.00
	BALANCE SHEET
	Intangible Assets	210,474.00	42,612.00
	Investment in Affiliated and Associated Units	4,269,000.00	1,653,721.00	257,588.00
	Other Financial Fixed Assets	2,125,252.00	42,776.00
	Total Fixed Assets	6,604,726.00	1,739,109.00	257,588.00
	Inventory / Stock	115,811.00
	Trade Debtors (receivables from customer)	4,655,283.00	3,697,804.00	1,589,116.00
	Cash in Hand & at Bank	6,179.00	67,102.00	714,963.00
	Total Current Assets	4,777,273.00	3,764,906.00	2,818,926.00
	Total Assets	11,381,999.00	5,504,015.00	3,076,514.00
	Retained Profit / Earnings) for the year	567,284.00	511,081.00	471,450.00
	Total Equity	1,572,280.00	1,516,077.00	473,161.00
	Long - Term Loans	3,245,000.00	300,000.00	400,000.00
	Trade Creditors	6,563,996.00	3,686,807.00	2,201,643.00
	Taxation Due	723.00	1,131.00	1,710.00
	Total Current Liabilities	6,564,719.00	3,687,938.00	2,203,353.00
	Total Equity & Liabilities	11,381,999.00	5,504,015.00	3,076,514.00
	SHARE CAPITAL	1,004,996.00	1,004,996.00	1,711.00

Please note that no Financial Information is available. No published Final Accounts were filled in the company’s file kept with the local official companies’ registry, as the law provides for all companies.

Financial statements for years 2005-2007 were obtained from the Official Companies Registry House.

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.

Ratios

	2007	2006	2005
Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice Current Assets / Current Liabilities	0.73	1.02	1.28
Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good (Current Assets - Inventory) / Current Liabilities	0.73	1.02	1.28
Return on assets ( ROA )  Net Profit After Tax / Total assets	0.00	0.01	0.03
Return on equity ( ROE ) Net Profit After Tax / Total Equity	0.04	0.03	0.18
Return on sales ( ROS ) Net Profit x 100 / Sales Turnover	0.51	0.35	1.25
Day's supply in inventory Sales Turnover / Inventory	95.63	-	-
Collection Period Ratio (in days) Accounts Receivable x 365 / Sales Turnover	153.43	120.10	86.78
Cash Liquidity Ratio Liquid Assests / Current Liabilities x 100	0.09	1.82	32.45
Receivables Ratio (%) Accounts Receivable / Current Liabilities x 100	70.91	100.27	72.12
Current Assets Ratio (%) (Current Assets - Accounts Receivable) / Current Liabilities x 100	72.77	102.09	127.94
Shareholder Equity Increase Ratio (%) Total Equity / Share Capital x 100	156.45	150.85	27,654.06

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

ix. Search in VAT Registry

We have the impression that the present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 17.02.2004. According to the article of association the company is involved with General Trade Activities. 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 tried contacting the company in question using the telephone numbers of the subject's website; however our efforts were unsucessful as there was no answer to our calls.

The information provided in this report was obtained from the Official Companies Registry House 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.

Contact Person:

None at current stage

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.24
UK Pound	1	Rs.76.80
Euro	1	Rs.67.17

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.