MIRA
INFORM REPORT
|
Report Date : |
23.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BORCHERT
ENTERPRISES LIMITED |
|
|
|
|
Registered Office : |
City Forum, 7th Floor, 11, Florinis Street 1065 Nicosia |
|
|
|
|
Country : |
Cyprus |
|
|
|
|
Date of Incorporation : |
14.02.1994 |
|
|
|
|
Com. Reg. No.: |
C60089 Nicosia |
|
|
|
|
Legal Form : |
Private Limited Liability Company / International Business Company
(IBC) |
|
|
|
|
Line of Business : |
General Traders |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
International Business Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
Correct Registered Name
BORCHERT
ENTERPRISES LIMITED
Address
City Forum, 7th Floor, 11, Florinis Street
1065 Nicosia CYPRUS
Telephone: +357-22749000
Fax: +357-22749100
LEGAL STATUS
Legal Form: Private Limited Liability Company
/ International Business Company (IBC)
The term International Business Company came to substitute the term
offshore company. Following the latest changes in the Cyprus Tax laws, a Cyprus
registered company is taxed at 10% on its net profits provided that the company
has management and control in Cyprus. An IBC must submit accounts with the Tax
authorities and the Registrar of Companies. An IBC may be operated from abroad
or may have a fully-fledged office in Cyprus.
Registration
number and city: C60089 Nicosia
Registration date: 14.02.1994
PAYMENT
COMMERCIAL
MORALITY: Unknown
FINANCIAL
STRENGTH: Unknown
PRINCIPALS
SHAREHOLDERS:
|
Full Name |
Function |
Nationality |
EQUITY |
Address |
|
CONFUCIUS NOMINEES LIMITED |
Shareholder |
|
50.00% |
City Forum, 7th Floor, 11, Florinis Street |
|
CONFUCIUS TRUSTEES LIMITED |
Shareholder |
|
50.00% |
City Forum, 7th Floor, 11, Florinis Street |
MANAGEMENT
|
Full Name |
Age |
Function |
Qualification |
Experience |
Address |
|
CONFUCIUS SERVICES LIMITED |
|
Secretary |
|
|
Themistokli Dervi & Florinis Corner
Stadyl Building 6th Floor |
|
Mr. Astreou Lubon |
43 |
Director |
N/A |
N/A |
Block BI, 8,Nikou Georgiou Street |
ACTIVITIES
General Traders
OPERATIONS:
SIC
main activity
5199 Nondurable Goods, NEC (except specialty advertising)
6799 Investors,
NEC (commodity contract trading companies)
According to the company's Articles of Accosiation, the company was established
in order to deal with General Trading Activities. This information has not been
confirmed, Of course the Articles make provision for other activities as well.
IMPORTS:
Unknown
EXPORTS:
Unknown
AGENCIES
|
TRADE SUPPLIERS
|
NUMBER
OF EMPLOYEES
Unknown
DESCRIPTION OF PREMISES
Address: City
Forum, 7th Floor, 11, Florinis Street
1065 Nicosia CYPRUS
Type of premises: Premises
HEADQUARTERS
Please note that we
have not been able to trace offices of the company in Cyprus. The address given
above is that of the company's Registered Address, which is also that of the
company's Official Correspondance Address
BRANCHES
Unknown
RELATED
COMPANIES
Unknown
BANKERS
Unknown
SHARE CAPITAL
|
||||||||||||||||||||||||||||||||||||
CHARGES
None in current years
FINANCE
Please note that no Financial Information is available. No published Final
Accounts were filled in the company’s file kept with the local official
companies’ registry, as the law provides for all companies.
GENERAL COMMENTS
We have the impression that the present is
an International Business Company - IBC (ex - Offshore Company) registered in
Cyprus on 28/03/2000.
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.
NOTES:
======
(1) Please note that no previous data was held in our own databank on the
subjcet question.
(2) No further detailed information was found on the company, in any of the
local available to us trade / commercial directories
CYPRUS-FACTS AND
FIGURES
Population: 792,604
Area: 9,251 SQ KM (about 35.4 percent of land is under Turkish control, and a
further 1.8 percent forms part of the buffer zone along the cease-fire line.)
Capital: Nicosia
Currency: Euro
Currency Code: EUR
GDP (Purchasing Power Parity): $36.53 Billion GDP - Composition by Sector:
GDP (Official Exchange Rate):$21.3 Billion Agriculture: 2.7%
GDP - Real Growth Rate:4.4% Industry:
19.2%
GDP - Per Capita (PPP): $46,900 Services:
78%
Industries:
Tourism, Food And Beverage Processing, Cement And Gypsum Production, Ship
Repair And Refurbishment, Textiles, Light Chemicals, Metal Products, Wood,
Paper, Stone, And Clay Products.
The area of the republic of Cyprus under government control has a market
economy dominated by the service sector, which accounts for 78% 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 economy in the area under government control grew by an average of 3.6% per
year during the period of 2000-06, well above the EU average.
Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and
adopted the Euro as its national currency on 1 January 2008.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.96 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.65.82 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)