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Report Date : |
17.12.2012 |
IDENTIFICATION DETAILS
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Name : |
CHRISTOS PIERIDES SCRAP METALS LIMITED |
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Registered Office : |
11Α Aisopou, Ypsonas, 4180, Limassol |
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Country : |
Cyprus |
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Date of Incorporation : |
12.06.2003 |
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Reg. No.: |
C138982 |
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Legal Form : |
Limited Company |
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Line of Business : |
Recycling of metal waste
and scrap |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Cyprus |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
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Employees |
December 2012 |
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Company |
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Total Number |
2 |
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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PIERIDIS CHRISTOS |
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Director |
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(-) |
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12/06/2003 |
No |
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11A
Aisopou, Ypsonas, 4180, Limassol, Cyprus |
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PIERIDI ZOOULLA |
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Director / Secretary |
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(-) |
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12/06/2003 |
No |
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11A Aisopou, Ypsonas, 4180,
Limassol, Cyprus |
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Secretary |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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PIERIDI ZOOULLA |
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Director
/ Secretary |
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(-) |
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12/06/2003 |
No |
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11A
Aisopou, Ypsonas, 4180, Limassol, Cyprus |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
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PIERIDIS CHRISTOS |
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(-) |
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CYPRIOT |
90 |
90 |
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11A
Aisopou, Ypsonas, 4180, Limassol, Cyprus |
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PIERIDI ZOOULLA |
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(-) |
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CYPRIOT |
10 |
10 |
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11A
Aisopou, Ypsonas, 4180, Limassol, Cyprus |
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Activity Code |
Description |
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NACE 1.137.1 |
Recycling of metal waste
and scrap |
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Line of Business |
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This is a family business
that was started as a sole proprietorship in 1993 by Mr Pierides Christos. The
company was established in order to get involved with the recycling and
processing of ferrous & nonferrous scrap metals. |
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Export to |
Percentage |
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Comments |
The subject does not engage
in any export activities. |
Import
from
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Comments |
The subject does not engage
in any import activities. |
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Local Presence: |
100% |
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Sales |
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Selling Terms: |
Cash |
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Subject sells to ECONOMIDES
METAL RECYCLING |
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Purchases |
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Local Purchases: |
100% |
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Purchase terms are cash (up
to 100kg) and credit facilities (for 2-3 tones) |
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Premises |
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Type |
Headquarters |
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Address: |
11A Aisopou,
Ypsonas, 4180, Limassol, Cyprus |
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Headquarters
comprise of |
Offices |
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Headquarters
are |
Owned |
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Type |
Branch |
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Country |
Cyprus |
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Town/City: |
Limassol |
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Secondary
Street: |
Vati |
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Headquarters
comprise of |
Warehouse |
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Headquarters
are |
Owned |
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No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
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0 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
No charges found |
No
negative data
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
We
contacted the company in question and talked to Mr Simos Pierides who confirmed
the details of this report; however he preferred not to disclose any financial
figures.
As
we were informed they are planning to get involved with export activities as
well; they are planning to export some of their products (scrap tyres, copper,
aluminum etc.) to India.
In
regards to the competition, Mr Pierides stated that the competition in their
line of business is tough.
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 Authority’s
final 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 €1.885 million.
The shortfall for Bank of Cyprus
stands at €730 million, whereas the corresponding figure for Cyprus Popular
Bank reached the amount of €1.125 million. The shortfall will be covered by the
Euro area member-states through the EFSF/ESM, as part of Cyprus’ 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 “Noble” as regards
the supply of natural gas to Cyprus and the 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 “Intra-Extra E.U Trade Statistics (Summarised
Data)” for June 2012, trade deficit for the period 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).
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Name: |
Mr Simos Pierides |
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Quality: |
company |
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Title: |
manager |
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Confirm general details |
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Recent Enquiries on this subject
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Last
3 months: |
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1 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.39 |
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1 |
Rs.87.78 |
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Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.