MIRA
INFORM REPORT
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Report Date : |
02.05.2007 |
IDENTIFICATION
DETAILS
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Name : |
RAQUEL LIMITED |
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Registered Office : |
Kalo Chorio, Free Trade Zone, 7643 Larnaca, P.
O.Box 45109 - 7111 |
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Country : |
Cyprus |
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Date of Incorporation : |
01.01.1999 |
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Com. Reg. No.: |
C104800 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Wholesale of tobacco products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME & ADDRESS
Correct Registered
Name: RAQUEL LIMITED
Address: Kalo
Chorio, Free Trade Zone
7643 Larnaca CYPRUS
P.O.Box: 45109 - 7111
Telephone: + 357-24-819200
Fax: +
357-24-819205
Email: welcome@raquel.com.cy
Web: www.raquel-cigarettes.com.cy
LEGAL STATUS
Legal Form: Private Limited
Liability Company
Date of
foundation: 01.01.1999
Registration
number and city: C104800 Nicosia
Registration date:
09.09.1999
Former registration
name: RAQUEL TRADING LIMITED,
valid since: 09.09.1999, until: 31.01.2001
Former company
names: RAQUEL TRADING LIMITED
PRINCIPALS
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SHAREHOLDERS: |
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Full Name |
Function |
Nationality |
EQUITY |
Address |
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Mr. Christoforos Tornaritis |
Shareholder |
CYPRUS |
94.00% |
Nicosia |
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RAINMAN ENTERPRISE LIMITED |
Shareholder |
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6.00% |
Larnaca |
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MANAGEMENT: |
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Full Name |
Age |
Function |
Qualification |
Experience |
Address |
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Mr. Antonis Zapitis |
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Financial Controller |
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CYPRUS |
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Mr. Oratios Hadjigeorgiou |
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Production Manager Dept. |
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CYPRUS |
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Mr. Christoforos Tornaritis |
41 |
Chairman |
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Nicosia |
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Mr. Thanos Michael |
68 |
Secretary |
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9, Ayiou Dometiou Street Nicosia |
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Mr. Michael Charalambous |
63 |
Director |
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Strovolos, 28, Nicou Georgiou Street |
ACTIVITIES
Importers &
Local Purchasers & Manufacturers & Exporters & Wholesalers
OPERATIONS
NACE
5135 Wholesale of tobacco products
SIC
main activity
2111 Cigarettes
5194 Tobacco and Tobacco Products
Analysis:
Importers (80% Raw Materials - i.e. smoke, filters)
Local Purchases (20% backing materials / cartons)
Exporters (100%)
Wholesalers (100%)
Activities:
Manufacturers (100%): of "Raquel" cigarettes
MOTOR VEHICLES 2007
Number of vans owned: 3
Total number of vehicles 3
IMPORTS
JORDAN, UNITED KINGDOM, GREECE, BELGIUM, NORWAY, INDIA
Payment terms:
Credit Facilities 90 days
Prepayment / Advance Payment
EXPORTS
AFRICA, MIDDLE EAST, SAUDI ARABIA, EUROPE, ROMANIA, HUNGARY, AUSTRIA, SLOVAKIA (Slovak Republic), LIBYAN ARAB JAMAHIRIYA, EGYPT, PHILIPPINES, ALBANIA, UKRAINE, RUSSIAN FEDERATION,
IRAN (ISLAMIC REPUBLIC OF), IRAQ, BULGARIA
Payment terms:
L/C Base (Letter of Credit) 90 days
AGENCIES
Not disclosed.
TRADE SUPPLIERS
Name Country Product
TPI BELGIUM tobacco
KOUVAS CARTONS CYPRUS cartons
SE SEKAH GREECE
A MICHAELIDES GREECE
NUMBER OF EMPLOYEES
65
DESCRIPTION OF
PREMISES
HEADQUARTERS:
The company operates from owned premises, which are
located at the address given overleaf. The premises comprised of offices and a
"third generations” factory equipped with the latest technology machinery,
with their owned storage facilities / warehouses. According to published
information, the premises are currently occupying a total space of 8,000m².
BRANCHES
None
RELATED COMPANIES
Affiliated Company
C.T. TOBACCO LIMITED , CYPRUS , National ID: NIC050210
Affiliated Company
RAQUEL DISTRIBUTORS LIMITED , CYPRUS
Affiliated Company
TORNACO LIMITED , CYPRUS
BANKERS
ALPHA BANK LIMITED
(Main Branch), Corner Grivas Digenis Avenue & Cretes
Street, 6303 Larnaca, Tel: 24 843000, Fax: 24 651370
BANK OF CYPRUS PUBLIC COMPANY LIMITED
(Main Branch), 25, King Paul A' Square, 6023 Larnaca, Tel: 24 844100, Fax: 24 653900
CYPRUS POPULAR BANK LIMITED
(Main Branch). 33, Lordou Vyronos Avenue, 6023 Larnaca, Tel: 24 814500, Fax: 26 814111
SHARE CAPITAL
Registered capital: CYP
10,000.00 since 09.09.1999
Number of Ordinary: 10,000
Value per share of Ordinary: CYP
1.00
Issued capital: CYP 1,000.00 since 09.09.1999
Number of Ordinary: 1000
Value per share of Ordinary: CYP 1.00
Paid-up capital: CYP 1,000.00 since 09.09.1999
of which paid in cash: CYP
1,000.00
CHARGES
27.04.2001 Mortgage CYP 2,500,000.00 in
f/o:Cyprus Popular Bank Limited
02.05.2001 Floating CYP 500,000.00 in
f/o:Cyprus Popular Bank Limited
10.12.2002 Floating CYP 500,000.00 in
f/o:Cyprus Popular Bank Limited
17.12.2003 Floating CYP 1,000,000.00 in
f/o:Cyprus Popular Bank Limited
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FINANCE
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PAYMENT
COMMENT: Given the
fact that essential information is missing, especially financial ones, we feel
unable to express a safe and reliable opinion on their creditability and
payment records, or even comment on the amount of your inquiry.
GENERAL COMMENTS
The present limited liability company was
incorporated on 09/09/1999. The company is involved in the manufacturer and
export of the Raquel cigarettes. The company imports smoke and filter from
Europe and the Middle East Region.
Subject produces the following brand(s):
RAQUEL VIRGINIA BLEND, cigarrettes with Virginia Tobacco
RAQUEL GOLD CLASSIC VIRGINIA BLEND,
cigarrettes with Virginia Tobacco
RAQUEL KING SIZE FULL FLAVOUR AMERICAN
BLEND, cigarrettes with American Tobacco
RAQUEL KING SIZE LIGHTS FLAVOUR AMERICAN
BLEND, cigarrettes with American Tobacco
RAQUEL KING SIZE SUPER LIGHTS FLAVOUR
AMERICAN BLEND, cigarrettes with American Tobacco
RAQUEL KING SIZE 'Q' FULL FLAVOUR AMERICAN
BLEND, cigarrettes with American Tobacco
RAQUEL KING SIZE 'Q' LIGHTS FLAVOUR AMERICAN
BLEND, cigarrettes with American Tobacco
RAQUEL KING SIZE 'Q' SUPER LIGHTS FLAVOUR
AMERICAN BLEND, cigarrettes with American Tobacco
RAQUEL SLIMS EXTRA,
RAQUEL SLIMS LIGHT,
RAQUEL SLIMS MENTHOL.
According to Mr. Thanos Michael they are planning to expand the company's
activities in the local market. Please note that we asked from Mr. Michael to
provide us with the company's latest official financial statements but he told
us that they are not ready yet.
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Contact Person: |
Mr. Thanos Michael |
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Position: |
Company Secretary |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)