|
Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
FOOD RAM TRADING LIMITED |
|
|
|
|
Registered Office : |
5
Kisavou, Strovolos, Nicosia |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
December 2006 |
|
|
|
|
Date of Incorporation : |
31.01.1991 |
|
|
|
|
Com. Reg. No.: |
C42824 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Wholesalers
& Trading of Foodstuff and Drinks |
|
|
|
|
No. of Employees : |
08 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Cyprus |
B1 |
B1 |
|
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 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.
|
Source : CIA |
|
Registered Name |
FOOD
RAM TRADING LIMITED |
||
|
English Name |
FOOD
RAM TRADING LIMITED |
||
|
Registered Address |
5
Kisavou, Strovolos, Nicosia, Cyprus |
||
|
Headquarters: |
5
Kissavou street, Nicosia, PoBox 28216, Cyprus |
||
|
Telephone |
+35722320831
/ +35725341514 / +35799646597 |
||
|
E-mail |
|||
|
Web Site |
Non
Retrievable |
||
|
Legal Type |
Limited
Company |
||
|
Registration No |
C42824 |
Registration Date |
31/01/1991 |
|
Start Date |
31/01/1991 |
Years of Operation: |
21 |
|
Last annual report |
01/01/1999 |
Latest Annual Account Date |
01/12/2006 |
|
Last return |
01/01/2008 |
|
|
|
CINFO ID: |
CYC11605741 |
|
|
|
Employees |
December 2012 |
|
|
|||
|
|
Company |
|
|
|
|
|
|
Total Number |
8 |
|
|
|
|
|
|
|
||||||
|
Approximately |
||||||
|
|
||||||
|
Financial Summary |
December
2006 |
December
2005 |
|
|||
|
|
CYP |
CYP |
|
|||
|
Revenue Sales |
859682.00 |
847441.00 |
|
|||
|
Pre Tax Profit |
240151.00 |
197449.00 |
|
|||
|
Working Capital |
391473.00 |
584625.00 |
|
|||
|
Total Equity |
860875.00 |
776709.00 |
|
|||
|
Long Term Debts |
|
|
|
|||
|
Trend |
- |
- |
|
|||
|
Additional Info: |
||||||
|
Legal Advisor: ANTONIS R. LIATSOS , 2 Kritis, Nicosia |
||||||
|
Assessment: |
Average Risk |
|
|
Payment Habits: |
No complaints |
A check against all available information
sources revealed that no late payment incidents against Subject Company
exist. |
|
Commercial morality |
Satisfactory |
|
|
Financial strength |
Unable to comment |
Given the fact that no recent detailed
financial statements were disclosed, we feel unable to express a safe and
reliable opinion regarding their creditability and Financial Strength. |
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Previous Locations |
|
|||||||||
|
|
|
|||||||||
|
||||||||||
|
Authorized Capital |
34,200.00 |
EUR |
Issued Capital |
34,200.00 |
EUR |
|
Nominal No Of Shares |
20,000.00 |
|
Issued No Of Shares |
20,000.00 |
|
|
Nominal value |
1.71 |
EUR |
Paid Up |
34,200.00 |
EUR |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
|
|||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
FRANTZIAS ANDREAS |
|
|
|
CYPRIOT |
10000 |
50 |
|
||||||||||||||||||||||||||||||||
|
|
9
Anastasi Andreou, Tsireio Area, Limassol, 3081, Cyprus |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
MAVRI VERONIKA |
|
|
|
CYPRIOT |
10000 |
50 |
|
||||||||||||||||||||||||||||||||
|
|
9
Anastasi Andreou, Tsireio Area, Limassol, 3081, Cyprus |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||
|
Line of Business |
|
The
company is involved in the import raw materials (98%) and manufacturing (50%)
of premises for the food industry. The products and part of the imported raw
materials are sold on a wholesale basis and 40% of the production is exported
mainly to Saudi Arabia, Lebanon and Syria. |
|
Export to |
Percentage |
|
|
|
Saudi Arabia, Egypt, Oman, Syrian Arab
Republic |
|
|
|
|
||||||||
|
|
|
|
|
|
||||||
|
Market Territory |
|
|||
|
|
|
|
|
|
|
|
|
|
International
Presence |
100% |
|
Premises |
|
|||
|
|
|
|
|
|
|
|
|
|
Type |
Headquarters |
|
|
Address: |
5
Kissavou street, Nicosia, PoBox 28216, Cyprus |
||
|
|
Headquarters comprise of |
Offices,
Warehouse |
||
|
|
Headquarters are |
Owned |
||
|
|
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
Town/City: |
Limassol |
|
|
|
Street: |
Anastasi
Andreous street, Tsiriou Area |
|
|
|
Building No: |
9 |
|
|
|
Headquarters comprise of |
Offices,
Warehouse |
||
|
Headquarters are |
Owned |
||
|
Size (sq m): |
400 |
||
|
|
|
|
|
|
|
|
Type |
Branch |
|
Country |
Cyprus |
|
|
|
Town/City: |
Nicosia |
|
|
|
Street: |
Paragogikotitas
Street |
|
|
|
Building No: |
31 |
|
|
|
Postal Code |
2326 |
|
|
|
Location Phase: |
Industrial
Zone of Lakatamia |
||
|
Headquarters comprise of |
Factory |
||
|
Size (sq m): |
1400 |
||
|
CYPRUS POPULAR BANK PUBLIC CO LTD |
|
39
Archiepiskopou Makariou C' Avenue, 2025, Nicosia, Cyprus |
|
|
No
negative data
Financial Statement
|
Financial
Figures are Individual |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
Key Ratios |
|
December 2006 |
|
December 2005 |
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
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 where we talked to an official who
informed us that Mr Andreas Frantzias was away on business thus no further
information could be provided.
The information provided was obtained from the Official Companies Registrar and
from previous record.
A check against our records 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).
Contact Information
Name: Not Available
Quality: company
Title: official
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.07 |
|
UK Pound |
1 |
Rs.89.54 |
|
Euro |
1 |
Rs.72.77 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.