MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	ACIC EUROPE LIMITED
Registered Office :	163 Leontiou A', Clerimos Building, 2nd Floor, Limassol, 3022
Country :	Cyprus
Date of Incorporation :	16.07.1993
Com. Reg. No.:	C56373
Legal Form :	Limited Company
Line of Business :	Wholesale of Pharmaceutical Goods.
No. of Employees :	5 [2011]

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Cyprus	A1	B2

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 have traditionally been the most important sectors. Cyprus has been a member of the European Union (EU) since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 2004 and 2008 averaging about 3%. An overextended banking sector with excessive exposure to Greek debt resulted in a contraction in economic growth. Two of Cyprus' biggest banks were among the largest holders of Greek bonds in Europe and had a substantial presence in Greece through bank branches and subsidiaries. Following numerous downgrades of its credit rating, Cyprus lost access to international capital markets in May 2011. The economy contracted by an accumulated 8.2% between 2009 and 2013 and is not expected to return to positive growth before 2015. Unemployment is currently over 17% and expected to reach 19% in 2014. In July 2012, Cyprus became the fifth eurozone government to request an economic bailout program from the European Commission, European Central Bank and the International Monetary Fund - known collectively as the "Troika". Shortly after the election of President Nicos ANASTASIADES in February 2013, Cyprus faced an economic crisis and agreed with the Troika to a $13 billion bailout that included losses on uninsured bank deposits. The bailout triggered a two-week bank closure and the imposition of capital controls, some of which remained in place through 2014. Cyprus' two largest banks merged and the combined entity was recapitalized through conversion of some large bank deposits to shares and imposition of losses on some bank bondholders. The Troika conditioned the bailout on progress in financial and structural reforms and privatization of state-owned enterprises. Cyprus has downsized and restructured its banking sector significantly. Three positive reviews by the Troika since May 2013 indicate that Cyprus’ bailout program is on track with a fourth review scheduled in May 2014. In October 2013, Cyprus completed preliminary appraisal of hydrocarbon deposits in its territorial waters, which revealed less than anticipated natural gas reserves. Additional exploration drilling is likely to continue in 2014-2015.

Source : CIA

Basic Information

Registered Name	ACIC EUROPE LIMITED
English Name	ACIC EUROPE LIMITED
Registered Address	163 Leontiou A', Clerimos Building, 2nd Floor, Limassol, 3022, Cyprus
Headquarters:	21 Georgiou Drosini, Limassol, 3085, PoBox 53070, Cyprus
Telephone	+35725578696
Fax	+35725563980
E-mail	info@acic.com
Web Site	www.acic.com/europe.php
Status	Registered and operational
Legal Type	Limited Company
Registration No	C56373	Registration Date	16/07/1993
Start Date	16/07/1993	Years of Operation:	21
Last annual report	30/12/2005
Last return	21/08/2012	Tax Reg No:	VAT:CY10056373S
CINFO ID:	CYC11620294

Summary

Employees	July 2014	September 2011
	Company	Company
Total Number	Not Available	5
Additional Info:
Legal Advisor: IOANNIS MAVRONIKOLAOU, 4, Diagorou, Kermia Building, Apt. 103, Limassol Correspondent: PROUDSERVE CONSULTING LIMITED, 57328, 3314, Limassol, Tel. 25591515

Payment

Payment Habits:	Unknown
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
01/01/2008	Authorized Capital Changed	100000.00 CYP	171000.00 EUR
01/01/2008	Paid Up Capital Changed	10000.00 CYP	17100.00 EUR
01/01/2008	Nominal Values of Shares Changed	1.00 CYP	1.71 EUR
15/09/2006	Change of name	ACIC (CYPRUS) LIMITED	ACIC EUROPE LIMITED
01/09/2006	Authorized Capital Increased	10000.00 CYP	100000.00 CYP
01/09/2006	Nominal number of shares Changed	10000	100000

PREVIOUS LOCATIONS

Registered	From:	To:
232, Leontiou A', Limassol, 3021, , Cyprus,	30/12/1996	01/03/2005
Themistokli Dervi & Florinis, 6th Floor, Nicosia, 1675, , Cyprus,	16/07/1993	30/12/1996

Capital

Authorized Capital	171,000.00	EUR	Issued Capital	17,100.00	EUR
Nominal No Of Shares	100,000.00		Issued No Of Shares	10,000.00
Nominal value	1.71	EUR	Paid Up	17,100.00	EUR

Corporate Structure

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

KOUMPARI GORCSI ROSE MARILYN

Director

798703(ID)

Accountant

60

30/12/1996

No

12 Eric Mendelson, Apt. 202, Limassol, 3075, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

MARIO ISEPPI

Director

(-)

Businessman

21/10/1996

No

48, Route des Acacius, Geneva, 1224, Switzerland

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

LOUKA PANAGIOTA

Director

526079(ID)

Private Employee

58

01/03/2005

Yes

24 Asias, Agios Spyridonas, 3048, Limassol, Cyprus

Other Directorship:
	Name	Registration Date	Reg. No.	Status	Position	Update Date
	D.C. SELECT SOLUTIONS LIMITED	27/10/2008	C240761	Registered and operational	Director	31/07/2014
	MILASI BUSINESS LIMITED	22/11/2011	C297283	Registered and operational	Director	30/07/2014
	NILTASOFT LIMITED	29/12/2006	C190472	Registered and operational	Director	24/06/2014
	MIRFAX TRADE & INVEST LIMITED	13/09/2006	C183781	Registered and operational	Director	07/01/2014
	MILASI ENTERPRISES LIMITED	20/04/2012	C304956	Registered and operational	Director	29/10/2013
	MILASI ENGINEERING LIMITED	06/09/2007	C207274	Registered and operational	Director	07/08/2012
	KITOY INVESTMENTS LIMITED	24/11/2008	C242367	Registered and operational	Director	04/10/2011
	NGTS NEXT GENERATION TELECOM SYSTEMS LIMITED	16/06/2009	C251209	Registered and operational	Director	20/09/2011
	HELICONE HOLDINGS LIMITED	23/11/2009	C258196	Registered and operational	Director	02/06/2011
	PROUDSERVE CONSULTING LIMITED	31/12/2004	C155983	Registered and operational	Director	14/08/2010
	Note: In order to view a full list please order a directorship report.

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	ZACAROL TRADING LIMITED	24/02/2006	C172869	Registered - start the procedure of erasing (section 327)	50	31/07/2013
	MILASI BUSINESS LIMITED	22/11/2011	C297283	Registered and operational	5	30/07/2014
	KITOY INVESTMENTS LIMITED	24/11/2008	C242367	Registered and operational	1	04/10/2011

MAKRYALEAS KYRIAKOS

Director

357312743(Passport)

Businessman

07/04/2009

No

8, Ag. Konstantinou, Athens, 10241, Greece

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

SECRETARY

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

AVGOUSTI DESPOINA

Company Secretary

788997(ID)

Private Employee

37

01/03/2005

Yes

12A Christou Mantika, Kato Polemidia, 4154, Limassol, Cyprus

Other Directorship:
	Name		Registration Date	Reg. No.	Status	Position	Update Date
	IOS SECRETARIES LIMITED		30/07/2009	C253127	Registered and operational	Director / Secretary	05/03/2014
	RIPETA ENTERPRISES LIMITED		07/06/2011	C288334	Registered and operational	Director	12/03/2013
	IOS MANAGEMENT LIMITED		03/08/2009	C253262	Registered and operational	Director	20/02/2013
	FORATEC (CYPRUS) LIMITED		26/02/1997	C84404	Registered and operational	Director	04/04/2012
	FORATEC GENERAL SYSTEMS LTD		16/05/2000	C111428	Registered and operational	Director	26/03/2012
	HELICONE HOLDINGS LIMITED		23/11/2009	C258196	Registered and operational	Director	02/06/2011
	PROUDSERVE CONSULTING LIMITED		31/12/2004	C155983	Registered and operational	Director	14/08/2010
	IK EUROFREIGHT SPEDITION LIMITED	*	16/09/2006	C183969	Registered - Self Liquidation	Director	16/09/2009

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	IOS MANAGEMENT LIMITED	03/08/2009	C253262	Registered and operational	100	15/03/2012
	IOS SECRETARIES LIMITED	30/07/2009	C253127	Registered and operational	100	05/03/2014

SHAREHOLDERS

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

KOUMPARI GORCSI ROSE MARILYN

798703(ID)

CYPRIOT

5000

50

-

-

-

12 Eric Mendelson, Apt. 202, Limassol, 3075, Cyprus

Other Directorship:

No Information Found

Other Shareholding:

No Information Found

AVGOUSTI DESPOINA

788997(ID)

CYPRIOT

5000

50

-

-

-

12A Christou Mantika, Kato Polemidia, 4154, Limassol, Cyprus

Other Directorship:
	Name		Registration Date	Reg. No.	Status	Position	Update Date
	IOS SECRETARIES LIMITED		30/07/2009	C253127	Registered and operational	Director / Secretary	05/03/2014
	RIPETA ENTERPRISES LIMITED		07/06/2011	C288334	Registered and operational	Director	12/03/2013
	IOS MANAGEMENT LIMITED		03/08/2009	C253262	Registered and operational	Director	20/02/2013
	FORATEC (CYPRUS) LIMITED		26/02/1997	C84404	Registered and operational	Director	04/04/2012
	FORATEC GENERAL SYSTEMS LTD		16/05/2000	C111428	Registered and operational	Director	26/03/2012
	HELICONE HOLDINGS LIMITED		23/11/2009	C258196	Registered and operational	Director	02/06/2011
	PROUDSERVE CONSULTING LIMITED		31/12/2004	C155983	Registered and operational	Director	14/08/2010
	IK EUROFREIGHT SPEDITION LIMITED	*	16/09/2006	C183969	Registered - Self Liquidation	Director	16/09/2009

Other Shareholding:
	Name	Registration Date	Reg. No.	Status	%	Update Date
	IOS MANAGEMENT LIMITED	03/08/2009	C253262	Registered and operational	100	15/03/2012
	IOS SECRETARIES LIMITED	30/07/2009	C253127	Registered and operational	100	05/03/2014

Operation

Activity Code		Description
NACE 2.1	4646	Wholesale of pharmaceutical goods - This class includes: - wholesale of pharmaceutical and medical goods - -

Line of Business

The ACIC Group is a full-service pharmaceutical and chemical company that manufactures and provides clients and partners with active pharmaceutical ingredients, contract manufacturing services, process development and optimization, regulatory services, clinical services, and finished dosage forms, from cGMP and FDA inspected facilities.

Export to		Percentage
Comments	The subject does not engage in export activities.

Import from		Percentage
Comments	The subject does not engage in import activities.

Market Territory
	International Presence	100%

Premises
Type	Headquarters
Address:	21 Georgiou Drosini, Limassol, 3085, PoBox 53070, Cyprus
Headquarters comprise of	Offices
Headquarters are	Rented
Type	Offices in Canada
Country	Canada
Town/City:	Ontario	Minor Town:	Brantford
Street:	Sinclair Boulevard
Building No:	81
Headquarters comprise of	Offices
Type	Offices in Italy
Country	Italy
Headquarters comprise of	Offices
Type	Offices in Switzerland
Country	Switzerland
Headquarters comprise of	Offices
Type	Offices in USA
Country	United States of America
Town/City:	Florida	Minor Town:	Coral Springs
Street:	West Sample Road
Building No:	11772
Postal Code	33065
Headquarters comprise of	Offices

Banks

BANK OF CYPRUS PUBLIC COMPANY LIMITED

51 Stasinou, Agia Paraskevi, Strovolos, 1599, Nicosia, Cyprus

Affiliates and Subsidiaries	Relation	Year Reg.
CALENTI HOLDINGS LIMITED	Parent Company
Cyprus
ACIC PHARMA	Affiliated Company
METHA PHARM	Affiliated Company

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

A check against our revealed that no negative payment incidents against the subject company, such as unpaid invoices, dishonored cheques, utility bills, bankruptcies etc. exist.

Corporate Structure Detrimental

Legal Entities - Status
Company Name	Reg. No.	Status
IK EUROFREIGHT SPEDITION LIMITED	C183969	Registered - Self Liquidation

Legal Entities
Company Name	Reg. No.	Case No/ Invoice No.	Default Desc.	Amount	Claimant	Date of Claim
IK EUROFREIGHT SPEDITION LIMITED	C183969	53/2010 Provincial court of Limassol	Request for dissolution by a creditor		-	18/02/2010

Financial Statement

Please note that the latest financial details were not available at the file of the company at the official companies' registry house; as the law provides for all companies. No financial details were available from other public sources.

ADDITIONAL INFORMATION

The subject is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 16/07/1993.

IBC companies, being covered by the law of confidentiality, may use nominee shareholders that hold the shares in trust for the beneficial owners. Until recently beneficial owners were made known only to the Central Bank of the Republic of Cyprus, which used to grant permission for the company’s registration in Cyprus. After Cyprus accession into 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 benefit from a corporation tax rate on their profits of 4.25%. However, according to new tax legislation which has been in effect since the 1st January 2003, there is no longer a distinction between local companies and International Business Companies (IBC’s. The net profits of all companies registered in Cyprus are taxed at the rate of 12.5% effective since 1st January 2013.

Furthermore, in the past the law required IBC’s (ex offshore companies & offshore branches), beneficial owners to be non-Cypriot residents and the business activities to be carried out, outside of Cyprus only. This law has changed. IBC entities may have activities worldwide, including in 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.

The new provisions provide exemptions from tax of income related to Intellectual Property, specifically:

1. 80% of worldwide royalty income generated from Intellectual Property owned by Cypriot resident companies (net of any direct expenses) is exempt from income tax.

2. 80% of profit generated from the disposal of Intellectual Property owned by Cypriot resident companies (net of any direct expenses) is exempt from income tax.

3. There is no defense tax on dividends for non-Cypriot residents.

Any expenditure of a capital nature for the acquisition or development of IP is claimed as a tax deduction in the year in which it was incurred and the immediate four following years on a straight-line.

All the above exemptions are also available for IPs acquired or developed before January 2012.

We contacted the company and talked with Ms. Marilyn Gorcsi, company director, who informed us that she was very busy and couldn't answer any questions so she suggested we try to call her later. We tried to call her at a later time and she was in a meeting.

The information provided in this report was obtained from the Official Companies Registry and from a previous interview with Ms. Gorcsi. Please note that Ms. Gorcsi refused to release any information about the financials of the company at that interview.

CYPRUS COUNTRY DEVELOPMENT

For information concerning recent political, social and economic developments in Cyprus, follow the below link:

http://www.infocreditgroup.com/News/202/en/Cyprus-Country-Development-2014

Methodology Used For Report Preparation

Perform Searches in:

The Registrar of Companies and Official Receiver of the Republic of Cyprus.

In house databases for Detrimental Information:

Bankruptcy and Dissolution procedures.

Issuers of Bounced Cheques.

Unpaid Bills.

Proprietary databases and global subscription sites.

Global and local media.

Internet social networks.

Relationship/Directorship Search through Local Database.

Other local databases as deemed appropriate.

Conduct Interviews with:

Official(s) / correspondent(s) of the company under review.

Supplier(s) or other associated entities of the company.

Other local resources with extensive knowledge of the market.

Analysis

Process and analyse all information gathered.

Perform a thorough quality check of the report prior to sending it to the client.

Contact Information
Name:	Ms. Marilyn Gorcsi
Position:	company director
Couldn't supply any info

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.85
UK Pound	1	Rs.102.69
Euro	1	Rs.81.46

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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%)

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