MIRA INFORM REPORT

Report Date :

04.12.2012

IDENTIFICATION DETAILS

Name :	GENEPHARM TRADING LIMITED
Registered Office :	9A Oidipodos, Strovolos, 2063, Nicosia
Country :	Cyprus
Date of Incorporation :	22.04.2004
Com. Reg. No.:	C147610
Legal Form :	Limited Company
Line of Business :	Subject engaged in retail sale of pharmaceutical and medical goods, cosmetic and toilet articles, etc.
No. of Employees :	Not Available.

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 :	International Business 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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Cyprus	B1	B1

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

CypRus - ECONOMIC OVERVIEW

The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, the profitability of which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control has grown at a rate well above the EU average since 2000. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. An aggressive austerity program in the preceding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.2% in 2008, and reduced inflation to 4.7%. This prosperity came under pressure in 2009, as construction and tourism slowed in the face of reduced foreign demand triggered by the ongoing global financial crisis. Although Cyprus lagged behind its EU peers in showing signs of stress from the global crisis, the economy tipped into recession in 2009, contracting by 1.7%, and has been slow to bounce back since, posting an anemic growth rate of 1.0% in 2010. A massive munitions blast in July 2011 at a Cypriot naval base triggered country-wide energy outages, a collapse of the governing coalition, and a cabinet shuffle intensifying Cyprus's economic problems. The economy experienced no economic growth in 2011. Serious Cypriot financial sector problems surfaced in early 2011 as the Greek fiscal crisis and euro zone debt crisis deepened. Two of Cyprus's biggest banks are among the largest holders of Greek bonds in Europe and have a substantial presence in Greece through bank branches and subsidiaries. A liquidity squeeze is choking the financial sector and the real economy as many global investors doubt the Cypriot economy can weather the EU crisis. Cyprus's borrowing costs have risen steadily because of its exposure to Greek debt. The budget deficit is on the rise and reached 7.4% of GDP in 2011, a violation of the EU's budget deficit criteria - no more than 3% of GDP. In response to the country's deteriorating finances and serious risk of contagion from the Greek debt crisis, Nicosia is promising to implement measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits. However, it has been slow to act, lacking a consensus in parliament and among the social partners for its proposed measures.

Source : CIA

Basic Information

Registered Name	GENEPHARM TRADING LIMITED
English Name	GENEPHARM TRADING LIMITED
Registered Address	9A Oidipodos, Strovolos, 2063, Nicosia, Cyprus
Headquarters:	20 Vasilissis Freiderikis, Greco House, Office 302, Nicosia, 1066, Cyprus
Telephone	+35722662247
E-mail	Non Retrievable
Web Site	Non Retrievable
Legal Type	Limited Company
Registration No	C147610	Registration Date	22/04/2004
Start Date	22/04/2004	Years of Operation:	8
Last return	01/01/2008
CINFO ID:	CYC11711447

SUMMARY

Employees	November 2012
	Company
Total Number	Not Available

Payment

Assessment:	Nil Rating
Payment Habits:	NO COMPLAINTS	A check against all available information sources revealed that no late payment incidents against Subject Company exist.
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

Business History

Date	Event Name	Old Value	New Value
01/01/2008	Authorized Capital Changed	5000.00 CYP	8550.00 EUR
01/01/2008	Nominal Values of Shares Changed	1.00 CYP	1.71 EUR
04/10/2004	Change of name	CROCI TRADING LIMITED	GENEPHARM TRADING LIMITED

Previous Locations

Registered	From:	To:
34, Dionysiou Solomou, Paliometocho, 2682, Nicosia, Cyprus,	22/04/2004	01/11/2004

Capital

Authorized Capital	8,550.00	EUR	Issued Capital	0.00	EUR
Nominal No Of Shares	5,000.00		Issued No Of Shares	1,000.00
Nominal value	1.71	EUR	Paid Up	1,710.00	EUR

Corporate Structure

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

ARGYRIDOU CHRYSTALLA

Director

(-)

22/04/2004

No

6B Ardanon, Pallouriotissa, 1041, Nicosia, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Secretary

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

ALEXANDROU GIANNA

Company Secretary

(-)

22/04/2004

No

6 Pente Pigadion, Rita Court 7, 1st Floor, Apt. 103, Agioi Omologites, Nicosia, 1076, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

MITA MARIA

(-)

CYPRIOT

1000

100

-

-

-

39 Andrea Miaouli, Lakatameia, 2320, Nicosia, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

Operation

Activity Code		Description
NACE 1.1	52.3	Retail sale of pharmaceutical and medical goods, cosmetic and toilet articles

Line of Business

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

Export to		Percentage
Comments	Non Retrievable

Import from		Percentage
Comments	Non Retrievable

Market Territory
	International Presence	100%
Subject is an International Business Company (IBC) with no offices of its own in Cyprus.

Premises
		Type	headquarters
Address:	20 Vasilissis Freiderikis, Greco House, Office 302, Nicosia, 1066, Cyprus
Headquarters comprise of	Offices
Headquarters operate as:	correspondence office

CHARGES

No	Date registered	Date prepared	Type	Description/No	Amount	Sequence	Beneficiary
0	N/A	N/A	N/A	N/A	N/A	N/A	No charges found

NEGATIVES

No negative data

Additional Information

MAIN SOURCES OF INFORMATION

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

The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 22/04/2004. 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.

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%.

Furthermore, 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 subject’s offices in Cyprus; however our attempts were unsuccessful.

Please note that the information included in the report was obtained from the Official Companies’ Registrar. Please note that no detailed Financial Information became available to us; neither it was released by the subject. Please note that 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.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.56
UK Pound	1	Rs.87.45
Euro	1	Rs.71.08

INFORMATION DETAILS

Report Prepared by :

NLM

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.