MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	WAVE PHARMA LIMITED
Registered Office :	6 Dimostheni Severi Avenue, Presidium Bldg., 2nd Floor, Apt. 21, Nicosia, 1080
Country :	Cyprus
Date of Incorporation :	13.06.2006
Com. Reg. No.:	C178015
Legal Form :	Limited Company
Line of Business :	Other retail sale in non-specialized stores
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 :	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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Cyprus	B1	B1

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

Basic Information

Registered Name	WAVE PHARMA LIMITED
English Name	WAVE PHARMA LIMITED
Registered Address	6 Dimostheni Severi Avenue, Presidium Bldg., 2nd Floor, Apt. 21, Nicosia, 1080, Cyprus
Headquarters:	16 Kyriakou Matsi Avenue, Nicosia, 1082, PoBox 25389, Cyprus
Telephone	+35722410081
Fax	+35722510081
E-mail	anya.avraam@picyprus.com (Correspondence Email) , info@pan-invest.com.cy (correspondence email)
WebSite	www.picyprus.com (Correspondence Website)
Legal Type	Limited Company
Registration No	C178015	Registration Date	13/06/2006
Last return	29/02/2012
CINFO ID:	CYC23064130

Summary

Employees	June 2012
	Company
Total Number	Not Available
The company does not maintain offices in Cyprus. At least we did not trace any. Under these circumstances no staff is employed. In such cases, companies utilize staff (2-3 people) from their auditors’ or lawyers’ offices.
Additional Info:
Legal Advisor: MELINA DIONYSIOU, 17 Gr. Xenopoulou, 3106, Limassol. Correspondence: PAN - INVEST MANAGEMENT LIMITED, P.O.Box 25389, 1309, Nicosia, Tel.: 22410081.

Payment

Payment Habits:	NO COMPLAINTS	A check against all available information sources revealed that no late payment incidents against Subject Company exist.
Good for amount and 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

Business History

Date	Event Name	Old Value	New Value
01/01/2008	Authorised Capital Changed	1000.00 CYP	1710.00 EUR
01/01/2008	PaidUp Capital Changed	1000.00 CYP	1710.00 EUR
01/01/2008	Asked Capital Changed	0.00 CYP	0.00 EUR
01/01/2008	Nominal Values of Shares Changed	1.00 CYP	1.71 EUR
17/03/2007	Change of name	PETRANTRA TRADING LIMITED	KWU PHARMA MANAGEMENT AND FINANCE LIMITED
13/06/2006	Change of name	KWU PHARMA MANAGEMENT AND FINANCE LIMITED	WAVE PHARMA LIMITED

Capital

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

Corporate Structure

Directors

Position

ActsAs

ID

Occupation

Age

Appointed

Other dir.

GEORGIOU MARIA

Director

758421(ID)

Private Employee

38

29/02/2012

No

16 Kyriakou Matsi, Eagle Star House, 3rd Floor, Nicosia, 1082, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

PAN-INVEST MANAGEMENT LIMITED

Director

C185069

0

07/08/2008

Yes

6 Dimostheni Severi Avenue, Presidium Bldg, 2nd Floor, Apt. 21, Nicosia, 1080, Cyprus

Other Directorship:
	Name	Registration Date	RegNo	Status	Position	Update Date
	BLOOMSTONE LIMITED	06/11/2006	C186759	Registered and operational	Director	21/02/2012
	BORUBLITA HOLDINGS LIMITED	31/03/2009	C247783	Registered and operational	Director	03/11/2011
	MARICOMA SERVICES LIMITED	21/02/2007	C192655	Registered and operational	Director	05/10/2011
	ARASOT HOLDINGS LIMITED	09/07/2008	C233390	Registered and operational	Director	26/09/2011
	VULTRON ENTERPRISES LTD	14/05/2010	C267474	Registered and operational	Director	15/09/2011
	TRUSTONE ESCROW AGENCY SERVICES LTD	28/01/2009	C245213	Registered and operational	Director	24/05/2011
	PROMWEL HOLDINGS LIMITED	17/05/2007	C199709	Registered and operational	Director	02/05/2011
	RITEWOOD ENTERPRISES LIMITED	14/05/2007	C199324	Registered and operational	Director	14/04/2009
	RIDELO HOLDINGS LIMITED	20/06/2007	C202388	Registered and operational	Director	22/10/2008
	STORMWOOD ENTERPRISES LIMITED	15/05/2007	c199467	Registered and operational	Director	13/12/2007

Other Shareholding:

No Information Found

Secretary

Position

ActsAs

ID

Occupation

Age

Appointed

Other dir.

TRUSTONE SERVICES LIMITED

Company Secretary

C185258

0

07/08/2008

No

6 Dimostheni Severi Avenue, Presidium Bldg, 2nd Floor, Apt. 21, Nicosia, 1080, Cyprus

Other Directorship:
	Name	Registration Date	RegNo	Status	Position	Update Date
	MORAVEL INVESTMENTS LIMITED	13/05/2004	C148374	Registered and operational	Director / Secretary	19/03/2009

Other Shareholding:

No Information Found

Shareholders

ID / Reg. No.

ActsAs

Nationality

Shares

%

Shares Breakdown

Class

Type

TRUSTONE NOMINEES LIMITED

C185377

-

1000

100

-

-

-

6 Dimostheni Severi Avenue, Presidium Bldg, 2nd Floor, Apt. 21, Nicosia, 1080, Cyprus

Other Directorship:

No Information Found

Other Shareholding:
	Name	Registration Date	RegNo	Status	%	Update Date
	RIDELO HOLDINGS LIMITED	20/06/2007	C202388	Registered and operational	100	22/10/2008
	MARICOMA SERVICES LIMITED	21/02/2007	C192655	Registered and operational	100	05/10/2011

Operation

Activity Code		Description
NACE 1.1	51.90	Other wholesale
NACE 1.1	52.12	Other retail sale in non-specialized stores

Line of Business

The company in question is involved with triangular trade, purchasing pharmaceutical products from Non E.U countries which are then directly exported to Romania.

Please note that the subject has no activities in Cyprus.

Export to	Percentage
Romania

Export Terms	Percentage
Special agreements

Import from		Percentage
Comments	Non Retrievable

Market Terittory
	International Presence	100%

Premises
		Type	headquarters
Address:	16 Kyriakou Matsi Avenue, Nicosia, 1082, PoBox 25389, Cyprus
Headquarters comprise of	Offices
Headquarters operate as:	correspondence office

Banks

SOCIETE GENERALE BANK - CYPRUS LIMITED

20 Agias Paraskevis, Strovolos, 2002, Nicosia, Cyprus

Affiliates and Subsidiares	Relation	Year Reg.
TRUSTONE NOMINEES LIMITED	Parent Company	2006
6 Dimostheni Severi Avenue, Presidium Bldg, 2nd Floor, Apt.21, Nicosia, 1066, Cyprus
MARICOMA SERVICES LIMITED	Associated	2007
16 Kyriakou Matsi, Eagle House, 3rd Floor, Nicosia, 1082, Cyprus
RIDELO HOLDINGS LIMITED	Associated	2007
6 Dimostheni Severi Avenue, Presidium Bldg, 2nd Floor, Apt. 21, Nicosia, 1080, Cyprus

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

Financial Statement

Additional Information

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

The company in question is involved with triangular trade, purchasing pharmaceutical products from Non E.U countries which are then directly exported to Romania. This is an International Business Company registered in Cyprus.

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 PAN-INVEST MANAGEMENT LIMITED, where the official declined to release any information such as if the company is an IBC or not and if they maintain offices of their own in Cyprus, due to the confidentiality policy owed to their clients. For this reason, a questionnaire was placed in order to be forwarded to the subject but there has been no response yet.

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

PRL

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.