MIRA INFORM REPORT

Report Date :

18.07.2013

IDENTIFICATION DETAILS

Name :	MEDOCHEMIE LIMITED

Registered Office :	1-10 Konstantinoupoleos, Tsiflikoudia, Limassol, 3011

Country :	Cyprus

Financials (as on) :	December 2011

Date of Incorporation :	11.02.1976

Com. Reg. No.:	C7761

Legal Form :	Limited Company

Line of Business :	Manufacturer of pharmaceuticals, medicinal chemicals and botanical products

No. of Employees :	680

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 can fluctuate 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 anemic growth in 2010-11 before contracting again by 2.3% in 2012. Serious problems surfaced in the Cypriot financial sector in early 2011 as the Greek fiscal crisis and euro zone debt crisis deepened. Cyprus's borrowing costs have risen steadily because of its exposure to Greek debt. 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. Cyprus experienced numerous downgrades of its credit rating in 2012 and has been cut off from international money markets. The Cypriot economy contracted in 2012 following the writedown of Greek bonds. A liquidity squeeze is choking the financial sector and the real economy as many global investors are uncertain the Cypriot economy can weather the EU crisis. The budget deficit rose to 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 implemented measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits, and trimmed the deficit to 4.2% of GDP in 2012. In July, Nicosia became the fifth euro zone government to request an economic bailout program from the European Commission, the European Central Bank, and the International Monetary Fund - known collectively as the "Troika". Negotiations over the final details of the plan are ongoing.

Source : CIA

Basic Information

Registered Name	MEDOCHEMIE LIMITED
English Name	MEDOCHEMIE LIMITED
Registered Address	1-10 Konstantinoupoleos, Tsiflikoudia, Limassol, 3011, Cyprus
Headquarters:	1-10 Konstantinoupoleos, Tsiflikoudia Area, P O Box 51409, 3505, Limassol, 3011, Cyprus
Telephone	+35725867600
Fax	+35725560863
E-mail	office@medochemie.com
Web Site	www.medochemie.com
Legal Type	Limited Company
Registration No	C7761	Registration Date	11/02/1976
Start Date	11/02/1976	Years of Operation:	37
Last annual report	24/08/2009	Latest Annual Account Date	01/12/2011
Last return	25/04/2012	Tax Reg No:	VAT:CY10007761P
CINFO ID:	CYC11569772

Summary

Employees	January 2013	November 2012
	Company	Company
Total Number	680	700


Financial Summary	December 2011	December 2010	December 2009
	EUR	EUR	EUR
Revenue Sales	106,441,422.00	94,448,148.00	82,271,834.00
Pre Tax Profit	5,034,352.00	4,504,068.00	1,701,362.00
Working Capital	23,623,746.00	22,654,103.00	22,238,304.00
Total Equity	43,666,386.00	42,741,397.00	42,964,320.00
Long Term Debts	18,868,052.00	20,726,375.00	18,048,438.00
Trend	-	-	-
Additional Info:
Legal Advisor: NIKOS A. ANGELIDES, Limassol Correspondence: STELIOS STYLIANIDES & CO DEPE,P.O. Box: 53114, 3300, Limassol----- Tel.: 25828900

Payment

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

Commercial morality	Good
Financial strength	Good

Business history

Date	Event Name	Old Value	New Value
01/01/2008	Authorized Capital Changed	100000000.00 CYP	170000000.00 EUR
01/01/2008	Nominal Values of Shares Changed	0.20 CYP	0.34 EUR
29/06/2005	Change of type	Public Limited Company	Limited Company
12/07/2000	Nominal number of shares Changed	100000000	500000000
12/07/2000	Nominal Value of Shares Decreased	1.00 CYP	0.20 CYP
12/07/2000	Change of type	Limited Company	Public Limited Company
21/12/1999	Authorized Capital Increased	3000000.00 CYP	100000000.00 CYP
15/01/1996	Authorized Capital Increased	1000000.00 CYP	3000000.00 CYP
05/12/1988	Authorized Capital Increased	500000.00 CYP	1000000.00 CYP
16/12/1985	Authorized Capital Increased	200000.00 CYP	500000.00 CYP
16/07/1979	Authorized Capital Increased	50000.00 CYP	200000.00 CYP

Previous Locations

Headquarters	From:	To:
Konstantinoupoleos, Tsiflikoudia, Limassol, , Cyprus,	17/04/1984	21/02/2012
Georgiou Griva Digeni, Megaro Panagidi, 6th Floor, Apt. 2, Limassol, , Cyprus,	05/02/1980	17/04/1984
Olympion, & Kanigkos corner, Themis Tower, 6th Floor, Limassol, , Cyprus,	15/08/1979	05/02/1980
Industrial Area, Limassol, , Cyprus,	11/02/1976	15/08/1979

Capital

Authorized Capital	170,000,000.00	EUR	Issued Capital	0.00	EUR
Nominal No Of Shares	500,000,000.00		Issued No Of Shares	67,694,500.00
Nominal value	0.34	EUR	Paid Up	23,016,130.00	EUR

Corporate structure


Directors	Position	Acts As	ID	Occupation	Age	Appointed	Other dir.

PITTAS ANDREAS

Director

375692(ID)

Doctor

05/11/1976

Yes

81 Anthimou Gazi, Limassol, 3077, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	ANDI - VENTIS LIMITED	03/03/2000	C109522	Registered and operational	Director	24/06/2011
	CYPRUS INTERNATIONAL INSTITUTE OF MANAGEMENT LIMITED	11/01/1991	C42590	Registered and operational	Director	27/01/2010
	DOROTHEA II LIMITED	24/05/2007	C200341	Registered and operational	Director	03/08/2009
	DURELL TRADING LTD	13/06/1974	C6814	Registered and operational	Director	10/12/2008
	OIA EPENDYSEIS LIMITED	27/06/2000	C112537	Registered and operational	-	15/11/2007

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	ALEKENTROS PROPERTIES LIMITED	07/10/2006	C185165	Registered and operational	99.98	23/01/2009
	DOROTHEA DEVELOPMENTS LIMITED	31/05/1994	C62539	Registered and operational	90	10/03/2010
	OIA EPENDYSEIS LIMITED	27/06/2000	C112537	Registered and operational	75	15/11/2007
	DOROTHEA II LIMITED	24/05/2007	C200341	Registered and operational	50	03/06/2008
	ANDI - VENTIS LIMITED	03/03/2000	C109522	Registered and operational	10	24/06/2011

DIOGENOUS PITTA DAPHNI

Director

747372(ID)

Pharmacist

29/12/1999

Yes

43 Ellados, Limassol, 3041, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	BIOGENA (API) LIMITED	29/12/1983	C21046	Registered and operational	Director	07/07/2011
	DELFIS EPENDYSEIS LIMITED	13/12/2007	C215757	Registered and operational	Director	10/02/2011
	K.I.D. PROPERTIES LIMITED	11/01/2000	C108145	Registered and operational	Director	21/09/2010

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	BIOGENA (API) LIMITED	29/12/1983	C21046	Registered and operational	81.49992	07/10/2009
	K.I.D. PROPERTIES LIMITED	11/01/2000	C108145	Registered and operational	33.33333	29/09/2009
	DELFIS EPENDYSEIS LIMITED	13/12/2007	C215757	Registered and operational	33	10/02/2011
	EVESTOR HOLDINGS LIMITED	09/08/1999	C104081	Registered and operational	0.1	03/02/2009

PITTA IOLI

Director

730523(ID)

Businesswoman

29/12/1999

Yes

81 Anthimou Gazi, Limassol, 3077, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	DELFIS EPENDYSEIS LIMITED	13/12/2007	C215757	Registered and operational	Director	10/02/2011
	K.I.D. PROPERTIES LIMITED	11/01/2000	C108145	Registered and operational	Director	21/09/2010
	SYNERGY INVESTMENTS LIMITED	23/05/1996	C79165	Registered and operational	Director	31/07/2009

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	K.I.D. PROPERTIES LIMITED	11/01/2000	C108145	Registered and operational	33.33333	29/09/2009
	DELFIS EPENDYSEIS LIMITED	13/12/2007	C215757	Registered and operational	33	10/02/2011

MAVRELLIS CHRISTODOULOS

Director

143585(ID)

Lawyer

29/12/1999

Yes

284 Archiepiskopou Makariou C' Avenue, Limassol, 3105, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	POWER D SHIPPING COMPANY LIMITED	05/02/1993	C53573	Registered and operational	Director	10/07/2013
	CUMI INTERNATIONAL LIMITED	07/06/2007	C201407	Registered and operational	Director	27/05/2013
	REEDEREI NORD LIMITED	22/11/1986	C28266	Registered and operational	Director	14/05/2013
	POLYKLINIKI YGEIA IDIOTIKO NOSOKOMEIO LIMITED	05/12/2012	C316163	Registered and operational	Director	09/04/2013
	BERNHARD SCHULTE ( CYPRUS ) LIMITED	01/12/2007	C214007	Registered and operational	Director	14/03/2013
	MM POLYGRAFOFORMLENIE LIMITED	22/08/2005	C164504	Registered and operational	Director	25/02/2013
	MONTENA INVEST LIMITED	31/08/2000	C114230	Registered and operational	Director	23/01/2013
	STADEMOS HOTELS PLC	02/03/1989	C34966	Registered and operational	Director	04/10/2012
	CHRYSSES DEMETRIADES & CO. LLC	19/11/2008	C242111	Registered and operational	Director	04/09/2012
	LOUIS PLC	31/12/1998	C99429	Registered and operational	Director	04/07/2012
	Note: In order to view a full list please order a directorship report.

Other Shareholding:
	Name		Registration Date	Reg. No.	Status	%	Update Date
	DNK HOLDINGS LIMITED		03/10/2011	C294702	Registered and operational	98	21/05/2013
	HNS HOLDINGS LIMITED		11/04/2007	C196245	Registered and operational	96.014	04/10/2012
	DEMLAW INVESTMENT LIMITED		17/05/1973	C5434	Registered and operational	14.36667	24/04/2013
	CYPROSERVUS CO. LIMITED		29/03/1977	C9231	Registered and operational	13.82114	13/07/2012
	GEODYNAMIKI LIMITED		22/06/1995	C71840	Registered and operational	9.5828	14/12/2009
	RAFITA TRADING LIMITED		23/06/2005	C162206	Registered and operational	5.87222	26/10/2009
	JOHN COTSAPAS & SONS LIMITED	*	11/06/1941	C140	Registered and operational	0	03/07/2013
	ELVORA HOLDINGS LIMITED		23/11/2009	C258152	Registered and operational	0	03/10/2012
	COSTAS GALATARIOTIS LIMITED		11/01/1980	C13339	Registered and operational	0	11/04/2013
	H N S LIMITED		08/06/1992	C49608	Registered and operational	0	03/10/2012

KARANTOKI DEMETRA

Director

450883(ID)

Businesswoman

29/12/1999

Yes

28 Oktovriou, Limassol, 3507, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	VELMA INVESTMENTS LIMITED	17/02/1969	C2376	Registered and operational	Alternate Director	03/04/2013
	VELMA INVESTMENTS LIMITED	17/02/1969	C2376	Registered and operational	Director	03/04/2013
	SYNDESMOS TOURISTIKON EPICHEIRISEON KYPROU (STEK)	26/06/1997	C86989	Registered and operational	Director	28/11/2012
	THE CHURCHILL HOTEL MANAGEMENT LIMITED	03/07/1998	C95802	Registered and operational	Director	31/10/2012
	MEDCON QUARRIES LIMITED	22/04/2007	C197224	Registered and operational	Director	31/07/2012
	EUROSURE INSURANCE COMPANY LIMITED	05/08/1991	C44782	Registered and operational	Director	25/05/2012
	MEDCON CONSTRUCTION LIMITED	03/03/1971	C3484	Registered and operational	Director	21/03/2012
	MEDCON CONSTRUCTION LIMITED	03/03/1971	C3484	Registered and operational	Alternate Director	21/03/2012
	NICOS KARANTOKIS (HOLDINGS) LIMITED	01/05/1972	C4335	Registered and operational	Director	10/05/2011
	NICOS KARANTOKIS (HOLDINGS) LIMITED	01/05/1972	C4335	Registered and operational	Alternate Director	10/05/2011
	Note: In order to view a full list please order a directorship report.

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	NICOS KARANTOKIS (HOLDINGS) LIMITED	01/05/1972	C4335	Registered and operational	26.87273	10/05/2011

PITTAS A. CONSTANTINOS

Director

773248(ID)

Businessman

20/01/2010

Yes

8 Anthimou Gazi, Limassol, 3077, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	C.C.C. TOURIST ENTERPRISES PUBLIC COMPANY LIMITED	27/03/1989	C35364	Registered and operational	Director	05/07/2011
	DELFIS EPENDYSEIS LIMITED	13/12/2007	C215757	Registered and operational	Director	10/02/2011
	K.I.D. PROPERTIES LIMITED	11/01/2000	C108145	Registered and operational	Director	21/09/2010

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	DELFIS EPENDYSEIS LIMITED	13/12/2007	C215757	Registered and operational	34	10/02/2011
	K.I.D. PROPERTIES LIMITED	11/01/2000	C108145	Registered and operational	33.33333	29/09/2009

Secretary

Position

Acts As

Occupation

Age

Appointed

Other dir.

STYLIANIDES K. STELIOS

Company Secretary

154262(ID)

Lawyer

15/02/1982

1A Achnas, Limassol, 3076, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	STELIOS STYLIANIDES CORPORAID LIMITED	18/08/2007	C205818	Registered and operational	Director	26/10/2009

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	BIOPHARM RESEARCH INSTITUTE LIMITED	28/12/1983	C21043	Registered and operational	50	30/09/2009
	STELIOS STYLIANIDES CORPORAID LIMITED	18/08/2007	C205818	Registered and operational	25	26/10/2009
	T.G.S. PROJECTS LIMITED	13/01/1997	C83595	Registered and operational	0.1	26/01/2009
	CRATAEGUS LIMITED	20/02/1975	C7106	Registered and operational	0.02	16/09/2009

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

Shares Breakdown

Class

Type

PITTAS ANDREAS

375692(ID)

CYPRIOT

67430230

99.60961

8 Anthimou Gazi, Limassol, 3077, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	ANDI - VENTIS LIMITED	03/03/2000	C109522	Registered and operational	Director	24/06/2011
	CYPRUS INTERNATIONAL INSTITUTE OF MANAGEMENT LIMITED	11/01/1991	C42590	Registered and operational	Director	27/01/2010
	DOROTHEA II LIMITED	24/05/2007	C200341	Registered and operational	Director	03/08/2009
	DURELL TRADING LTD	13/06/1974	C6814	Registered and operational	Director	10/12/2008
	OIA EPENDYSEIS LIMITED	27/06/2000	C112537	Registered and operational	-	15/11/2007

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	ALEKENTROS PROPERTIES LIMITED	07/10/2006	C185165	Registered and operational	99.98	23/01/2009
	DOROTHEA DEVELOPMENTS LIMITED	31/05/1994	C62539	Registered and operational	90	10/03/2010
	OIA EPENDYSEIS LIMITED	27/06/2000	C112537	Registered and operational	75	15/11/2007
	DOROTHEA II LIMITED	24/05/2007	C200341	Registered and operational	50	03/06/2008
	ANDI - VENTIS LIMITED	03/03/2000	C109522	Registered and operational	10	24/06/2011

PITTA A. NTORIS

575546(ID)

CYPRIOT

122527

0.18100

81 Anthimou Gazi, Limassol, 3077, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	DOROTHEA II LIMITED	24/05/2007	C200341	Registered and operational	Director	03/08/2009

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	DOROTHEA II LIMITED	24/05/2007	C200341	Registered and operational	50	03/08/2009

KARANTOKI DEMETRA

450883(ID)

CYPRIOT

74172

0.10957

28 Oktovriou, Limassol, 3507, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	VELMA INVESTMENTS LIMITED	17/02/1969	C2376	Registered and operational	Alternate Director	03/04/2013
	VELMA INVESTMENTS LIMITED	17/02/1969	C2376	Registered and operational	Director	03/04/2013
	SYNDESMOS TOURISTIKON EPICHEIRISEON KYPROU (STEK)	26/06/1997	C86989	Registered and operational	Director	28/11/2012
	THE CHURCHILL HOTEL MANAGEMENT LIMITED	03/07/1998	C95802	Registered and operational	Director	31/10/2012
	MEDCON QUARRIES LIMITED	22/04/2007	C197224	Registered and operational	Director	31/07/2012
	EUROSURE INSURANCE COMPANY LIMITED	05/08/1991	C44782	Registered and operational	Director	25/05/2012
	MEDCON CONSTRUCTION LIMITED	03/03/1971	C3484	Registered and operational	Director	21/03/2012
	MEDCON CONSTRUCTION LIMITED	03/03/1971	C3484	Registered and operational	Alternate Director	21/03/2012
	NICOS KARANTOKIS (HOLDINGS) LIMITED	01/05/1972	C4335	Registered and operational	Director	10/05/2011
	NICOS KARANTOKIS (HOLDINGS) LIMITED	01/05/1972	C4335	Registered and operational	Alternate Director	10/05/2011
	Note: In order to view a full list please order a directorship report.

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	NICOS KARANTOKIS (HOLDINGS) LIMITED	01/05/1972	C4335	Registered and operational	26.87273	10/05/2011

FANG SHAO-YO

133180619(Passport)

TAIWANESE

67568

0.09981

Ghang Hsiao E. Road, 6F-3 No 508 SEC 5, Taipei, Taiwan

Other Directorship:			No Information Found

Other Shareholding:			No Information Found

PITTAS A. CONSTANTINOS

773248(ID)

CYPRIOT

81 Anthimou Gazi, Limassol, 3077, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	C.C.C. TOURIST ENTERPRISES PUBLIC COMPANY LIMITED	27/03/1989	C35364	Registered and operational	Director	05/07/2011
	DELFIS EPENDYSEIS LIMITED	13/12/2007	C215757	Registered and operational	Director	10/02/2011
	K.I.D. PROPERTIES LIMITED	11/01/2000	C108145	Registered and operational	Director	21/09/2010

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	DELFIS EPENDYSEIS LIMITED	13/12/2007	C215757	Registered and operational	34	10/02/2011
	K.I.D. PROPERTIES LIMITED	11/01/2000	C108145	Registered and operational	33.33333	29/09/2009

DIOGENOUS PITTA DAPHNI

747372(ID)

CYPRIOT

43 Ellados, Limassol, 3041, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	BIOGENA (API) LIMITED	29/12/1983	C21046	Registered and operational	Director	07/07/2011
	DELFIS EPENDYSEIS LIMITED	13/12/2007	C215757	Registered and operational	Director	10/02/2011
	K.I.D. PROPERTIES LIMITED	11/01/2000	C108145	Registered and operational	Director	21/09/2010

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	BIOGENA (API) LIMITED	29/12/1983	C21046	Registered and operational	81.49992	07/10/2009
	K.I.D. PROPERTIES LIMITED	11/01/2000	C108145	Registered and operational	33.33333	29/09/2009
	DELFIS EPENDYSEIS LIMITED	13/12/2007	C215757	Registered and operational	33	10/02/2011
	EVESTOR HOLDINGS LIMITED	09/08/1999	C104081	Registered and operational	0.1	03/02/2009

PITTA IOLI

730523(ID)

CYPRIOT

81 Anthimou Gazi, Limassol, 3077, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	DELFIS EPENDYSEIS LIMITED	13/12/2007	C215757	Registered and operational	Director	10/02/2011
	K.I.D. PROPERTIES LIMITED	11/01/2000	C108145	Registered and operational	Director	21/09/2010
	SYNERGY INVESTMENTS LIMITED	23/05/1996	C79165	Registered and operational	Director	31/07/2009

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	K.I.D. PROPERTIES LIMITED	11/01/2000	C108145	Registered and operational	33.33333	29/09/2009
	DELFIS EPENDYSEIS LIMITED	13/12/2007	C215757	Registered and operational	33	10/02/2011

Operation

Activity Code		Description
NACE 1.1	24.4	Manufacture of pharmaceuticals, medicinal chemicals and botanical products
NACE 1.1	52.3	Retail sale of pharmaceutical and medical goods, cosmetic and toilet articles
NACE 2.1	2120	Manufacture of pharmaceutical preparations - This class includes: - manufacture of medicaments: > antisera and other blood fractions > vaccines > diverse medicaments, including homeopathic preparations - manufacture of chemical contraceptive products for external use and hormonal contraceptive medicaments - manufacture of medical diagnostic preparations, including pregnancy tests - manufacture of radioactive in-vivo diagnostic substances - manufacture of biotech pharmaceuticals - This class also includes: - manufacture of medical impregnated wadding, gauze, bandages, dressings etc. - preparation of botanical products (grinding, grading, milling) for pharmaceutical use - This class excludes: - manufacture of herb infusions (mint, vervain, chamomile etc.), see 10.83 - manufacture of dental fillings and dental cement, see 32.50 - manufacture of bone reconstruction cements, see 32.50 - manufacture of surgical drapes, see 32.50 - wholesale of pharmaceuticals, see 46.46 - retail sale of pharmaceuticals, see 47.73 - research and development for pharmaceuticals and biotech pharmaceuticals, see 72.1 - packaging of pharmaceuticals, see 82.92
US SIC 1987	2833	Medicinal chemicals and botanical products manufacturing

Line of business

Medochemie is the leading Pharmaceutical Company in Cyprus and within the manufacturing sector the biggest exporter. Five Government Export Awards & two Awards from the Employers & Industrialists Federation for Exports to EU countries testify to the above. It is considered as an international and multicultural company.

Medochemie produces antibiotics, antimicrobials, antivirus & fungostatic drugs, NSAIDs & pain killers, CNS drugs, gastrointestinal drugs, cardiovascular drugs including Antilipidemics and various other drugs.

Throughout the years of its operation the company has continuously expanded and been recognized, locally and overseas.

In 2001, the concern established new offices in Holland, Thailand, Lithuania and Kazakhstan.

In 2002 the company was awarded with Special Exports Award. They have also completed the new inhalation therapy-manufacturing unit in Cyprus.

Additionally, as the person interviewed said, the subject during the years 2003-2004 bought a pharmaceutical company in Holland.

The overseas distribution is effected through appointed agents, distributors and their own offices. These offices are located in countries such as: Greece - Athens, Yugoslavia - Belgrade, Slovakia - Bratislava, Romania - Bucharest, P.R. China - Hong Kong, Ukraine - Kiev, Russia - Moscow, Czech Rep. - Prague
and Bulgaria - Sofia.

There are three main sales activities: - Firstly the promotion or co-promotion of Medochemie branded products with overseas offices or agents, and with the full support and provision of promotional materials. Great efforts are made to ensure that they have, wherever possible, the same trademark for a product in all the markets, and there is increasing use of local language packaging. The standards for packaging materials are E.U, adapted for the local requirements where necessary. - The second activity is contract manufacturing, primarily
for E.U manufacturers and business partners (e.g. Swiss, Belgium, Dutch, and Danish). FAL, as well as producing new product registrations for group use, also has a thriving business in selling files to many EU companies, and subsequently manufacturing for them. - The third area of activity is the supply of products for Governmental or international aid and relief agency tenders, including WHO.

Medochemie takes social and ecological responsibility seriously. Socially, irrespective of the global location, Medochemie will always respond to requests for pharmaceutical aid in the event of conflict, climate or natural
humanitarian disaster.

Ecological responsibility is both a local and a global factor, and apart from compliance with all relevant local and E.U. requirements, every effort is made to reduce further emissions, pollutants and waste. Energy efficient buildings and processes are not just sound economic sense; reduced energy use limits pollutant emissions which have a global effect. Medochemie, due to its great interest for the natural environment, formed the Green Dot (Cyprus) Public Co Ltd, along with the Cyprus Chamber of Commerce and Industry and some of the
most profound local public and private business. Green Dot (Cyprus) Public Co Ltd, a not-for-profit organization, is the Principal Licensee and a member of the Packaging Recovery Organization Europe (PRO EUROPE) in the sovereign territory of Cyprus. Its purpose is to organize the first collective packaging recovery system in Cyprus, to represent the private sector and manage the recovery and recycling of packaging waste.

The subject company maintains branch offices in Europe (Belarus, Bulgaria, Czech Republic, Greece, Holland, Kazakhstan, Latvia, Lithuania, Moldova, Romania, Russian Federation, Serbia and Montenegro, Slovakia and Ukraine), Africa (Algeria) and Far East (Singapore, Vietnam and Thailand).

Subject produces the following brand(s):
PAMECIL/AMPICILIN, antibacterials
STAPHYLEXIN, FLUCLOXACILLIN, antibacterials
OXACILLIN-MEDO, OCALLIN, antibacterials
MOXILLEN, AMOXICILLIN, antibacterials
MEDOCEF, CEFOPERAZONE SODIUM, antibacterials
MOXICLAV, CO-AMOXICIAV, antibacterials
VALORAN, CEFOTAXIME SODIUM, antibacterials
AXETINE, CEFUROXIME SODIUM, antibacterials
GYRABLOCK, NORFLOXACIN, antibacterials
ZEPILEN, SODIUM CEFAZOLIN, antibacterials
MONOCLOS, CLOXACILLIN, antibacterials
COSTI, DOMPERIDONE, Gastrointestinals
ULCERAN, FAMOTIDINE, Gastrointestinals
MEDROPAZOLE, OMPEPRAZOLE, Gastrointestinals
MABRON, TRAMADOL, Gastrointestinals
MELOX, MELOXICAM, Anti-inflammatory analgesic
ALMIRA, DICLOFENAC SODIUM, Anti-inflammatory analgesic
BROT, METFROMIN, Anti-inflammatory analgesic
MAGRILLAN, CNS, Antidiabetic
EBRILLON, TICLOPIDINE
MAGUROL, DOXAZOSIN, cardiovascular
DAPRIL, LISINOPRIL, cardiovascular
IPOLIPID, GEMFIBROZI, cardiovascular
MEDOSTATIN, IOVASTATIN, cardiovascular
MEDOVIR, ACICLOVIR SODIUM, antivirals.

Please note that the subject has 80 vehicles including: vans; cars; which are used in the running of the business.

In addition, note that the subject also cooperates with:
The Cyprus Development Bank Public Company Limited, Main branch., 50 Archbishop Makarios III Avenue, Nicosia 1065, Cyprus.Β Telephone: 357 22846500Β and Emporiki Bank Cyprus Limi ted, Main branch., 203 Chr. Hadjipavlou Street, Limassol 3036, Cyprus.Β Telephone: 35 25696700.

Export to

Percentage

Comments

to Europe, Africa, Asia, Middle East, Far East

Export Terms

Percentage

Letters of credit

Import from		Percentage
	Β Japan
	Comments	and from Europe and Far East

Import Terms

Percentage

Letters of credit

Market Territory

	Local Presence:	4%	International Presence	96%

Premises

			Type	headquarters
	Address:	1-10 Konstantinoupoleos, Tsiflikoudia Area, P O Box 51409, 3505, Limassol, 3011, Cyprus
	Headquarters comprise of	Offices, Factory
	Headquarters are	Owned
	Size (sq m):	10000

			Type	factory
	Country	Cyprus
	Town/City:	Limassol	Minor Town:	Ypsonas
	Street:	Ypsonas Industrial Area
	Headquarters comprise of	Factory
	Headquarters are	Owned

			Type	warehouse
	Country	Cyprus
	Town/City:	Limassol	Minor Town:	Agios Athanasios
	Street:	Iapetou Street	Secondary Street:	4101
	Headquarters comprise of	Factory, Warehouse
	Headquarters are	Owned

			Type	office in Limassol
	Town/City:	Limassol
	Street:	33 Theklas A Lysioti Street	Secondary Street:	Office 61, 3030
	Headquarters comprise of	Offices
	Headquarters are	Owned

			Type	production plant
	Country	Cyprus
	Town/City:	Limassol
	Street:	Agios Athanasios Industrial Area	Secondary Street:	Agios Athanasios, 4100,
	Headquarters comprise of	Factory
	Headquarters are	Owned
	Size (sq m):	24000

			Type	office in Belarus
	Country	Belarus
	Town/City:	MINSK
	Street:	19A-37 MASHEROV AVENUE
	Headquarters comprise of	Offices

			Type	office in Greece
	Country	Greece
	Town/City:	Athens
	Street:	6 Paster Street	Secondary Street:	Abelokipi
	Headquarters comprise of	Offices

			Type	office in Romania
	Country	Romania
	Town/City:	Bucuresti
	Street:	5 Prof. Dr. i. Cantacuzino
	Headquarters comprise of	Offices

Banks

ALPHA BANK CYPRUS LTD

22B Evanthous, Nicosia, 1101, Cyprus

USB BANK PLC

83 Digeni Akrita Avenue, 5th Floor, Nicosia, 1070, Cyprus

CYPRUS POPULAR BANK PUBLIC CO LTD

39 Archiepiskopou Makariou C' Avenue, 2025, Nicosia, Cyprus

BANK OF CYPRUS PUBLIC COMPANY LIMITED

51 Stasinou, Agia Paraskevi, Strovolos, 2002, Nicosia, Cyprus

HELLENIC BANK PUBLIC COMPANY LIMITED

200 Lemesou Avenue, & Athalassas Corner, Strovolos, 2025, Nicosia, Cyprus

ETHNIKI TRAPEZA TIS ELLADOS (KYPROU) LIMITED

15 Archiepiskopou Makariou C' Avenue, Nicosia, 1065, Cyprus

SOCIETE GENERALE BANK - CYPRUS LIMITED

20 Agias Paraskevis, Strovolos, 2002, Nicosia, Cyprus

PIRAEUS BANK (CYPRUS) LIMITED

Cyprus

Affiliates and Subsidiaries	Relation		Year Reg.
OIA EPENDYSEIS LIMITED		Associated	2000

10A Georgiou Gennadiou, Agathaggelos Court, 2nd Floor, Apt. 201, Limassol, 3041, Cyprus
ALEKENTROS PROPERTIES LIMITED		Associated	2006

10A Georgiou Gennadiou, Agathangelos Court, Apt. 203, Limassol, Cyprus
DOROTHEA DEVELOPMENTS LIMITED		Associated	1994

10A Georgiou Gennadiou, Agathaggelos Court, 2nd Floor, Apt. 201, Limassol, 3041, Cyprus
GREEN DOT (CYPRUS) PUBLIC CO LIMITED		Affiliate	2003

41Β¬49 Agiou Nikolaou, Egkomi, 2408, Nicosia, Cyprus
ANDI - VENTIS LIMITED		Affiliate	2000

Falea, & Mathaiou Mathaiou , Industrial Area, Agios Athanasios, 4101, Limassol, Cyprus
DOROTHEA DEVELOPMENTS LIMITED		Affiliate	1994

10A Georgiou Gennadiou, Agathaggelos Court, 2nd Floor, Apt. 201, Limassol, 3041, Cyprus
Medofarma Limited		Affiliated Company

Medochemie Romania SRL		Affiliated Company

Metokemia M		Affiliated Company

Medochemie Thailand Limited		Affiliated Company

Charges

No	Date registered	Date prepared	Type	Description/No	Amount	Sequence	Beneficiary
1	29/03/2012	22/09/2011	Fixed Charge on the Company's Machinery		1,000,000.00 EUR	-	Emporiki Bank - Cyprus Ltd
2	05/05/2011	21/04/2011	Floating Charge on all Company's Assets		1,420,000.00 EUR	-	Cyprus Development Bank Limited
3	07/04/2011	05/04/2011	Floating Charge on all Company's Assets		3,500,000.00 EUR	-	Emporiki Bank - Cyprus Ltd
4	15/02/2011	07/02/2011	Floating Charge on all Company's Assets		1,150,000.00 EUR	-	Cyprus Popular Bank Public Co Ltd
5	05/08/2010	28/07/2010	Mortgage	Y8001/10	100,000.00 EUR	-	Alpha Bank Limited
6	03/02/2010	18/01/2010	Floating Charge on all Company's Assets		2,597,000.00 EUR	-	Hellenic Bank Public Co. Limited
7	03/02/2010	18/01/2010	Floating Charge on all Company's Assets		1,200,000.00 EUR	-	Hellenic Bank Public Co. Limited
8	28/12/2009	22/12/2009	Floating Charge on all Company's Assets		2,000,000.00 EUR	-	Cyprus Popular Bank Public Co Ltd
9	21/09/2009	16/09/2009	Mortgage	Y7188/09	3,750,000.00 EUR	-	Bank of Cyprus Public Company Limited
10	21/09/2009	16/09/2009	Mortgage	Y7209/09	982,446.00 EUR	-	Cyprus Popular Bank Public Co Ltd
11	21/09/2009	16/09/2009	Mortgage	Y7212/09	3,517,554.00 EUR	-	Cyprus Popular Bank Public Co Ltd
12	21/09/2009	16/09/2009	Mortgage	Y7207/09	4,500,000.00 EUR	-	Cyprus Popular Bank Public Co Ltd
13	18/09/2009	07/09/2009	Floating Charge on all Company's Assets		9,000,000.00 EUR	-	Cyprus Popular Bank Public Co Ltd
14	07/04/2009	27/02/2009	Floating Charge on all Company's Assets		8,000,000.00 EUR	-	Hellenic Bank Public Co. Limited
15	20/03/2009	18/03/2009	Mortgage	Y1892/09	1,000,000.00 EUR	-	National Bank of Greece (Cyprus) Limited
16	05/02/2009	28/01/2009	Floating Charge on all Company's Assets		1,000,000.00 EUR	-	Universal Bank Public Limited
17	31/07/2008	26/06/2008	Floating Charge on all Company's Assets		1,000,000.00 EUR	-	Piraeus Bank (Cyprus) Ltd
18	13/06/2007	30/05/2007	Mortgage	Y5876/07	65,000.00 CYP	-	Alpha Bank Limited
19	07/08/2006	04/07/2006	Mortgage	Y6417/06	1,250,000.00 CYP	-	Alpha Bank Limited
20	07/08/2006	04/07/2006	Mortgage	Y6401/06	1,250,000.00 CYP	-	Alpha Bank Limited
21	26/01/2006	19/01/2006	Floating Charge on all Company's Assets		5,500,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd
22	24/10/2005	19/04/2005	Floating Charge on all Company's Assets		2,500,000.00 CYP	-	Bank of Cyprus Public Company Limited
23	25/07/2005	20/12/2004	Floating Charge on all Company's Assets		500,000.00 CYP	-	Alpha Bank Limited
24	08/04/2005	27/07/2004	Mortgage	Y5954/04	400,000.00 CYP	-	National Bank of Greece (Cyprus) Limited
25	01/03/2005	11/02/2005	Fixed Charge on the Company's Machinery		400,000.00 CYP	-	Hellenic Bank Public Co. Limited
26	20/01/2005	10/06/2004	Floating Charge on all Company's Assets		2,200,000.00 CYP	-	Bank of Cyprus Public Company Limited
27	17/12/2004	01/12/2004	Mortgage	Y9766/04	400,000.00 CYP	-	Emporiki Bank - Cyprus Ltd
28	17/12/2004	01/12/2004	Mortgage	Y9769/04	300,000.00 CYP	-	Emporiki Bank - Cyprus Ltd
29	17/12/2004	01/12/2004	Fixed Charge on the Company's Machinery		1,000,000.00 CYP	-	Emporiki Bank - Cyprus Ltd
30	09/12/2004	02/12/2004	Floating Charge on all Company's Assets		500,000.00 CYP	-	Cyprus Popular Bank Public Co Ltd
31	24/09/2004	20/09/2004	Floating Charge on all Company's Assets		1,500,000.00 CYP	-	Bank of Cyprus Public Company Limited
32	18/06/2004	08/06/2004	Mortgage	Y4443/04	700,000.00 CYP	-	Bank of Cyprus Public Company Limited
33	07/01/2003	27/12/2002	Floating Charge on all Company's Assets		2,000,000.00 CYP	-	Bank of Cyprus Public Company Limited
34	19/12/2002	16/12/2002	Floating Charge on all Company's Assets		7,827,900.00 EUR	-	Cyprus Development Bank Limited
35	18/10/2002	11/10/2002	Floating Charge on all Company's Assets		1,000,000.00 CYP	-	National Bank of Greece (Cyprus) Limited
36	05/07/2002	28/06/2002	Fixed Charge on the Company's Machinery		1,000,000.00 CYP	-	National Bank of Greece (Cyprus) Limited
37	13/08/1999	07/07/1999	Floating Charge on all Company's Assets		650,000.00 CYP	-	Bank of Cyprus Public Company Limited
38	08/09/1998	04/09/1998	Mortgage	Y6265/98	350,000.00 CYP	-	Emporiki Trapeza tis Ellados A.E.
39	21/07/1998	16/07/1998	Floating Charge on all Company's Assets		600,000.00 CYP	-	Bank of Cyprus Public Company Limited
40	07/07/1998	30/06/1998	Mortgage	Y4673/98	450,000.00 CYP	-	Emporiki Trapeza tis Ellados A.E.
41	25/06/1997	04/06/1997	Fixed Charge on the Company's Machinery		800,000.00 CYP	-	Bank of Cyprus Public Company Limited
42	14/04/1997	04/04/1997	Fixed Charge on the Company's Machinery		1,100,000.00 CYP	-	National Bank of Greece (Cyprus) Limited
43	02/05/1996	11/04/1996	Floating Charge on all Company's Assets		260,000.00 CYP	-	Bank of Cyprus Public Company Limited
44	25/04/1986	15/03/1986	Charge on the Debit Debenture		200,000.00 CYP	-	Bank of Cyprus Public Company Limited
45	27/04/1979	02/03/1979	Charge on the Debit Debenture		40,000.00 CYP	-	Bank of Cyprus Public Company Limited

	Total Number	Total Amount (EUR)
Fixed Charge on the Company's Machinery	6	8,346,986.20
Floating Charge on all Company's Assets	22	68,099,930.81
Mortgage	15	22,674,926.44
Charge on the Debit Debenture	2	410,064.35
TOTAL CHARGES	45	99,531,907.79

Charges history

Date registered

Date prepared

Date End

Type

Description/No

Amount

Sequence

Beneficiary

18/06/2004

08/06/2004

16/09/2009

Mortgage

Y4472/04

200,000.00 CYP

Bank of Cyprus Public Company Limited

21/05/2004

14/05/2004

16/09/2009

Mortgage

Y3832/04

565,000.00 CYP

Bank of Cyprus Public Company Limited

12/07/1999

06/07/1999

14/05/2004

Mortgage

Y4908/99

330,000.00 CYP

Bank of Cyprus Public Company Limited

19/07/1996

09/07/1996

16/09/2009

Mortgage

Y4741/96

575,000.00 CYP

Bank of Cyprus Public Company Limited

19/07/1996

09/07/1996

16/09/2009

Mortgage

Y4742/96

250,000.00 CYP

Bank of Cyprus Public Company Limited

19/08/1986

09/08/1986

06/07/1999

Fixed Charge on the Company's Machinery

20,000.00 CYP

Bank of Cyprus Public Company Limited

16/08/1986

08/08/1986

06/07/1999

Mortgage

Y4216/86

100,000.00 CYP

Bank of Cyprus Public Company Limited

29/03/1986

15/03/1986

06/07/1999

Fixed Charge on the Company's Machinery

55,000.00 CYP

Bank of Cyprus Public Company Limited

29/03/1986

14/03/1986

16/09/2004

Mortgage

Y1453/86

35,000.00 CYP

Bank of Cyprus Public Company Limited

29/03/1986

14/03/1986

06/07/1986

Mortgage

Y1454/86

20,000.00 CYP

Bank of Cyprus Public Company Limited

24/12/1985

20/12/1985

23/04/2004

Mortgage

Y6370/85

65,000.00 CYP

National Bank of Greece SA

05/03/1985

26/02/1985

06/07/1999

Mortgage

Y1083/85

40,000.00 CYP

Bank of Cyprus Public Company Limited

13/04/1984

06/04/1984

06/07/1999

Mortgage

Y1681/84

50,000.00 CYP

Bank of Cyprus Public Company Limited

28/09/1983

16/09/1983

06/07/1999

Mortgage

Y4001/83

35,000.00 CYP

Bank of Cyprus Public Company Limited

28/09/1983

16/09/1983

06/07/1999

Mortgage

Y4002/83

85,000.00 CYP

Bank of Cyprus Public Company Limited

16/09/1983

30/08/1983

06/07/1999

Fixed Charge on the Company's Machinery

40,000.00 CYP

Bank of Cyprus Public Company Limited

09/04/1980

01/04/1980

06/07/1999

Fixed Charge on the Company's Machinery

12,240.00 CYP

Bank of Cyprus Public Company Limited

09/11/1979

03/11/1979

06/07/1999

Fixed Charge on the Company's Machinery

5,000.00 CYP

Bank of Cyprus Public Company Limited

Negatives

No negative data

Corporate Structure Detrimental

Legal Entities - Status
Company Name	Reg. No.	Status
CARUSEL REAL ESTATE LIMITED	C61340	Dissolved
JOHN COTSAPAS & SONS LIMITED	C140	Registered and operational
OXANO HOLDING LIMITED	C144412	Registered - Self Liquidation

Legal Entities
Company Name	Reg. No.	Case No/ Invoice No.	Default Desc.	Amount	Claimant	Date of Claim
JOHN COTSAPAS & SONS LIMITED	C140	141/06 Provincial court of Limassol	Self-Liquidation by Shareholders		-	28/09/2006
OXANO HOLDING LIMITED	C144412	706 [No specific source]	Self-Liquidation by Shareholders		-	20/01/2011
OXANO HOLDING LIMITED	C144412	707 [No specific source]	Notification of Appointment of Liquidator		-	20/01/2011
OXANO HOLDING LIMITED	C144412	5464 [No specific source]	Notice of Final Shareholders Assembly	0.00 EUR	-	23/01/2012

financial statement

Corporate financial statement

Financial Figures are Individual

Balance Sheet

December 2011

December 2010

December 2009

EUR

FIXED ASSETS	Β	Β	Β
Property, plant and equipment	22,024,771	24,000,485	25,920,561
Intangible assets	2,492,585	2,419,848	1,665,588
Investment property	131,670	131,670	131,670
Investment in associates	14,261,666	14,261,666	11,056,635
Total fixed assets	38,910,692	40,813,669	38,774,454
CURRENT ASSETS	Β	Β	Β
Inventories	22,418,085	22,745,458	23,346,356
Trade and other receivables	83,797,129	76,242,743	64,918,074
Cash and cash equivalents	2,299,147	2,249,129	1,715,405
Total current assets	108,514,361	101,237,330	89,979,835
Total assets	147,425,053	142,050,999	128,754,289
CAPITAL AND RESERVES	Β	Β	Β
Share capital	23,016,130	23,016,130	23,016,130
Reserves	20,650,256	19,725,267	19,948,190
Total equity	43,666,386	42,741,397	42,964,320
LONG-TERM LIABILITIES	Β	Β	Β
Long-term Borrowings	18,045,559	19,459,781	16,741,138
Deferred income	92,266	122,056	151,846
Derivative financial instruments	529,467	940,079	945,000
Deferred income tax liabilities	200,760	204,459	210,454
Total long-term liabilities	18,868,052	20,726,375	18,048,438
CURRENT LIABILITIES	Β	Β	Β
Trade and other payables	16,476,284	16,020,349	7,441,151
Current income tax liabilities	427,573	296,744	246,227
Bank overdraft	Β	Β	54,506,082
Deferred Current Income	29,790	29,790	29,790
Β Borrowi ngs	67,429,976	61,721,544	5,203,281
Derivative financial instruments	526,992	514,800	315,000
Total Current Liabilities	84,890,615	78,583,227	67,741,531
Total liabilities	103,758,667	99,309,602	85,789,969
Total equity and liabilities	147,425,053	142,050,999	128,754,289

Profit/Loss Account

December 2011

December 2010

December 2009

EUR

Sales

106,441,422

94,448,148

82,271,834

Cost of goods sold

49,843,039

44,091,936

38,804,243

Gross profit

56,598,383

50,356,212

43,467,591

Other Operating income

168,519

220,122

554,381

Selling and distribution expenses

38,160,205

33,409,119

28,618,512

Administrative expenses

7,657,118

7,675,918

8,138,604

Other expenses

179

OPERATING PROFIT/LOSS

10,949,579

9,491,118

7,264,856

Finance Income

10,461

20,838

2,794

Finance costs

5,925,688

5,007,888

5,566,288

Profit/Loss before income tax

5,034,352

4,504,068

1,701,362

Income tax expense

629,530

566,997

233,727

Profit/Loss for the year

4,404,822

3,937,071

1,467,635

Key Ratios

DecemberΒ 2011

DecemberΒ 2010

DecemberΒ 2009

PROFITABILITY RATIOS
Gross Profit margin on sales	0.53	0.53	0.53
Return on assets (ROA)	0.04	0.04	0.02
LIQUIDITY RATIOS
Current Ratio	1.28	1.29	1.33
TURNOVER RATIOS
Sales to Net Working Capital Ratio	4.51	4.17	3.70
Total assets turnover (times)	0.72	0.66	0.64

Additional information

Medochemie produces antibiotics, antimicrobials, antivirus & fungostatic drugs, NSAIDs & pain killers, CNS drugs, gastrointestinal drugs, cardiovascular drugs including Antilipidemics and various other drugs.

We contacted the company in question, where we talked with a company officer who informed us that Mr Achilleas Tsagkaris, company financial controller, was not at his office. Therefore a message was left in order to contact us back as soon as possible. Should any additional information becomes available we will forward them to you as soon as possible. Please note that the information provided in the report was obtained from the official companies' registrar and from a previous interview with Mr Tsagkaris.

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.

COUNTRY DEVELOPMENTS:

The European Banking AuthorityΒ’s fin al assessment of the capital exercise covering 71 banks showed that the shortfall for the two Cypriot banks, Bank of Cyprus and Cyprus Popular Bank reached the amount of Β€1.885 million.

The shortfall for Bank of Cyprus stands at Β€730 million, whereas the corresponding figure for Cyprus Popula Bank reached the amount of Β€1.125 million. The shortfall will b covered by the Euro area member-states through the EFSF/ESM, as part of CyprusΒ’ application for financial support.

In October 2012 the unemployment in Cyprus has grown at the third fastest rate in the EU, behind Greece and Spain, reaching almost 11%, while the percentage of the population at risk of falling below the poverty line is also on the increase.

The flow of deposits in the domestic banking system recorded a slight increase during August, according to data released by the Central Bank of Cyprus. The Central Bank announced on Thursday that deposits in domestic financial institutions recorded an increase of 0.5% during August on an annual basis or 837.9 million euro, reaching 70.66 billion euro compared to 69.82 billion in August of 2011.

Based on the quarterly review carried out by the European Commission for economic and employment, the outlook for Cyprus remains bleak. It reported that unemployment in Cyprus continues to increase reaching 10.9% in July 2012 (10.4% for women and 11.4% men).

29 September 2012: Russia said on Friday it would only grant a bailout loan to Cyprus as part of a coordinated rescue with the European Union for the Mediterranean island state that is seeking a total of 20 billion euros ($25.7 billion) in aid.

Regarding the gas deals Minister of Commerce, Industry and Tourism Neoklis Sylikiotis has said that the government is going to sign a series of agreements with Houston-based Β“NobleΒ” as regards the supply of natural gas to Cyprus and t construction of a terminal for liquefied gas in Cyprus for export purposes.

He also recalled that the Cabinet has taken a decision for the beginning of negotiations in order to reach an interim solution for the supply of natural gas for the local market before 2017.

The trade deficit decreased by 15,1% or 325 million in the first half of 2012, compared to the same period of 2011. According to the monthly report Β“Intra-Extra E.U Trade Statis tics (Summarised Data)Β” for June 2012, trade deficit for the perio January-June 2012 was 2.151 billion compared to 2.476 billion in the corresponding period of 2011. Cyprus which concluded in 2011 a 2.5 billion EUR with the Russian Federation, has requested a new loan agreement. Excluded from the international capital markets as of May 2011, Cyprus on June 25 applied to the EFSF for financial assistance to bailout its two main banks, Bank of Cyprus and Cyprus Popular Bank, which have been severely hit by the Greek sovereign debt haircut and to cover its refinancing need. (End of Country Developments)

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 Network

Contact information

Name:	Not Available
Quality:	company
Title:	officer
Couldn't supply
Any info

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.36
UK Pound	1	Rs.89.69
Euro	1	Rs.77.99

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

Business history

Capital

Corporate structure

Operation

Banks

Charges

Charges history

Negatives

Corporate Structure Detrimental

financial statement

Additional information

Contact information

Unit