MIRA INFORM REPORT

Report Date :

25.02.2013

IDENTIFICATION DETAILS

Name :	ZVERIA PHARMACEUTICAL LIMITED

Formerly Known As :	PASTACOLLA TRADING CO. LIMITED

Registered Office :	10 Pavlou Liasidi, 2560, Agia Varvara, Nicosia

Country :	Cyprus

Date of Incorporation :	28.05.2008

Com. Reg. No.:	C230164

Legal Form :	Limited Company

Line of Business :	Retail trade, except of motor vehicles and motorcycles; repair of personal and household goods

No. of Employees :	Not available

RATING & COMMENTS

MIRA’s Rating :

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Cyprus

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	ZVERIA PHARMACEUTICAL LIMITED
English Name	ZVERIA PHARMACEUTICAL LIMITED
Registered Address	10 Pavlou Liasidi, 2560, Agia Varvara, Nicosia, Cyprus
Headquarters:	36 Vyronos Avenue, NICOSIA TOWER CENTER, 8th Floor, Office 801, Nicosia, 1506, PoBox 21341, Cyprus
Telephone	+35722456000
Fax	+35722670040
E-mail	sarrislaw@spidernet.com.cy (correspondence e-mail)
Web Site	www.sarris.com.cy (correspondence website)
Legal Type	Limited Company
Registration No	C230164	Registration Date	28/05/2008
Start Date	28/05/2008	Years of Operation:	5
Last return	26/11/2008
CINFO ID:	CYC23165469

Summary


Employees	February 2013
	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:
Correspondence: Pollakis Sarris & Co, Address: 36 Vyronos Avenue, Nicosia, Cyprus, Tel. 357 22456000

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.
Good for amount and 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 their creditability and commercial morality of the subject

Business History

Date	Event Name	Old Value	New Value
27/10/2008	Change of name	PASTACOLLA TRADING CO. LIMITED	ZVERIA PHARMACEUTICAL LIMITED

Capital

Authorized Capital	2,000.00	EUR	Issued Capital	0.00	EUR
Nominal No Of Shares	2,000.00		Issued No Of Shares	2,000.00
Nominal value	1.00	EUR	Paid Up	2,000.00	EUR

Corporate Structure

Directors

Position

Acts As

Occupation

Age

Appointed

Other dir.

EVANGELOU GIALLOUROU CHRYSTALLA

Director

842954(ID)

19/08/2008

Yes

10 Pavlou Liasidi, 2560, Agia Varvara, Nicosia, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	PIT PACE INVEST LIMITED	28/09/2006	C184631	Registered and operational	Director	19/02/2013
	ZUTOLA HOLDINGS CO. LIMITED	22/09/2010	C274014	Registered and operational	Director	15/02/2013
	CABLECOM MANAGEMENT CO. LIMITED	09/12/2004	C154990	Registered and operational	Director	15/01/2013
	BRISTACO HOLDINGS CO. LIMITED	22/12/2005	C169801	Registered and operational	Director	31/10/2012
	STROUTHINCO HOLDINGS CO. LIMITED	03/07/2009	C251898	Registered and operational	Director	14/08/2012
	R & S AUTO-MOTION CAR CHOICE LIMITED	22/01/2010	C261294	Registered and operational	Director	27/06/2012
	AEGEAN MARINE PETROLEUM S.A.	06/05/2005	O2000	Registered and operational	Director	05/06/2012
	FACELICO TRADING CO. LIMITED	13/10/2011	C295314	Registered and operational	Director	11/04/2012
	SIKALOP TRADING LIMITED	29/12/2009	C260073	Registered and operational	Director	06/06/2011
	ENERGEAN OIL & GAS (EGYPT) LIMITED	09/02/2010	C262224	Registered and operational	Director	22/02/2011
	Note: In order to view a full list please order a directorship report.

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	SUBISHICO TRADING CO. LIMITED	21/11/2005	C168317	Registered and operational	100	28/12/2007
	BENISE INVESTMENTS LIMITED	19/10/2006	C185862	Registered and operational	0.1	02/02/2009
	LASENTIO INVESTMENTS LIMITED	26/08/2005	C164688	Registered and operational	0.1	12/10/2012

TSOURI ELLI

Director

19/08/2008

13 Dimokratias, Akaki, 2720, Nicosia, Cyprus

Other Directorship:			No Information Found

Other Shareholding:			No Information Found

TRILLIDIS GEORGIOS

Director

785356(ID)

19/08/2008

Yes

25 28 Oktovriou, Apt. 53, Strovolos, 2012, Nicosia, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	POLAKIS SARRIS & SIA D.E.P.E.	15/01/2013	C317931	Registered and operational	Director	22/01/2013

Other Shareholding:			No Information Found

Secretary

Position

Acts As

Occupation

Age

Appointed

Other dir.

SARRI CHRISTINA

Company Secretary

782678(ID)

28/05/2008

Yes

36 Vyronos, Nicosia Tower Center, 8th Floor, Nicosia, 1506, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	POLAKIS SARRIS & SIA D.E.P.E.	15/01/2013	C317931	Registered and operational	Director / Secretary	22/01/2013
	INTRACOM TELECOM HOLDINGS INTERNATIONAL LIMITED	03/10/2003	C141720	Registered and operational	Director	13/07/2012
	AEGEAN MARINE PETROLEUM S.A.	06/05/2005	O2000	Registered and operational	Director / Secretary	05/06/2012
	KRONOSPAN HOLDINGS P.L.C.	07/03/1996	C77489	Registered and operational	Alternate Director	22/11/2011
	KRONOSPAN TECHNICAL HOLDINGS LIMITED	14/03/2007	C194308	Registered and operational	Director	11/10/2011
	POLAKIS SARRIS & SIA	14/01/1986	P7854	Registered and operational	Director	16/06/2011
	OXNARD ENTERPRISES LIMITED	05/08/1997	C87980	Registered and operational	Director	16/02/2011
	BURIED HILL ENERGY (CYPRUS) PUBLIC COMPANY LIMITED	26/02/2002	C128165	Registered and operational	Director	04/11/2010
	BURIED HILL SERDAR HOLDINGS LIMITED	02/11/2006	C186605	Registered and operational	Director	04/11/2010
	BURIED HILL AFRICA LIMITED	14/02/2006	C172266	Registered and operational	Director	04/11/2010
	Note: In order to view a full list please order a directorship report.

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	SIGMA RADIO T.V. PUBLIC LIMITED	31/05/1990	C40221	Registered and operational	13.70638	27/04/2009

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

Shares Breakdown

Class

Type

VARIAN ENTERPRISES INC.

2000

100

Federico Boyd Avenue, Torre Universal Bldg., 12th Floor, 0186-02033, Panama

Other Directorship:			No Information Found

Other Shareholding:			No Information Found

Operation

Activity Code

Description

NACE 1.1

Retail trade, except of motor vehicles and motorcycles; repair of personal and household goods

NACE 2.1

WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES - This section includes wholesale and retail sale (i.e. sale without transformation) of any type of goods, and rendering services incidental to the sale of merchandise. Wholesaling and retailing are the final steps in the distribution of merchandise. Also included in this section are the repair of motor vehicles and motorcycles. Sale without transformation is considered to include the usual operations (or manipulations) associated with trade, for example sorting, grading and assembling of goods, mixing (blending) of goods (for example sand), bottling (with or without preceding bottle cleaning), packing, breaking bulk and repacking for distribution in smaller lots, storage (whether or not frozen or chilled). Division 45 includes all activities related to the sale and repair of motor vehicles and motorcycles, while divisions 46 and 47 include all other sale activities. The distinction between division 46 (wholesale) and division 47 (retail sale) is based on the predominant type of customer. Wholesale is the resale (sale without transformation) of new and used goods to retailers, business-to-business trade, such as to industrial, commercial, institutional or professional users, or resale to other wholesalers, or involves acting as an agent or broker in buying merchandise for, or selling merchandise to, such persons or companies. The principal types of businesses included are merchant wholesalers, i.e. wholesalers who take title to the goods they sell, such as wholesale merchants or jobbers, industrial distributors, exporters, importers, and cooperative buying associations, sales branches and sales offices (but not retail stores) that are maintained by manufacturing or mining units apart from their plants or mines for the purpose of marketing their products and that do not merely take orders to be filled by direct shipments from the plants or mines. Also included are merchandise and commodity brokers, commission merchants and agents and assemblers, buyers and cooperative associations engaged in the marketing of farm products. Wholesalers frequently physically assemble, sort and grade goods in large lots, break bulk, repack and redistribute in smaller lots, for example pharmaceuticals; store, refrigerate, deliver and install goods, engage in sales promotion for their customers and label design. Retailing is the resale (sale without transformation) of new and used goods mainly to the general public for personal or household consumption or utilisation, in shops, department stores, stalls, mail-order houses, door-to-door sales persons, hawkers, consumer cooperatives, auction houses etc. Most retailers take title to the goods they sell, but some act as agents for a principal and sell either on consignment or on a commission basis. - -

Line of Business

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

Business Activities
General Trading

Industry Classifications - NAICS
» Wholesale Trade Agents and Brokers NAICS #42512
» Wholesale Trade NAICS #42
» Other Miscellaneous Durable Goods Merchant Wholesalers NAICS #42399
» Apparel, Piece Goods, and Notions Merchant Wholesalers NAICS #4243
» Other Miscellaneous Nondurable Goods Merchant Wholesalers NAICS #42499

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:	36 Vyronos Avenue, NICOSIA TOWER CENTER, 8th Floor, Office 801, Nicosia, 1506, PoBox 21341, Cyprus
Headquarters comprise of	Offices
Headquarters operate as:	correspondence office

Affiliates and Subsidiaries	Relation	Year Reg.
VARIAN ENTERPRISES INC.	Parent Company
Federico Boyd Avenue, Torre Universal Bldg., 12th Floor, 0186-02033, Panama

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 28/05/2008 According to the article of association the company deals with general trade. 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 of the company in question in Cyprus; however we contacted Subjects’ accountant, POLAKIS SARRIS & CO, where we spoke to Mr Stavros Achilleoudes who only confirmed that the Subject is their client. However, further information could not be provided due to the confidentiality policy owned to their client. For this reason, a questionnaire was sent but there was no response yet. Should any additional information becomes available we will forward them to you as soon as possible.

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

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.

	Contact Information

	Name:	Non Retrievable.
	Quality:	company
	Title:	representative
	Any info

Recent Enquiries

Recent Enquiries on this subject

Last 6 months:

Last 3 months:

Last 1 month:

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.43
UK Pound	1	Rs.83.20
Euro	1	Rs.71.91

INFORMATION DETAILS

Report Prepared by :

MNL

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.

MIRA INFORM REPORT

Basic Information

Summary

Payment

Corporate Structure

Negatives

Additional Information

Unit