MIRA INFORM REPORT

 

 

Report Date :

22.02.2012

 

IDENTIFICATION DETAILS

 

Name :

CAPERSHILL LIMITED

 

 

Registered Office :

Latsia Industrial Area, 23, Kilkis Street Nicosia 2234 Nicosia

 

 

Country :

Cyprus

 

 

Financials (as on) :

2008

 

 

Date of Incorporation :

01.01.1988

 

 

Com. Reg. No.:

C33076 Nicosia

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The company is involved in the import of raw materials, parts for water conditions, machines and other related products

 

 

No. of Employees :

30

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Cyprus

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name & Address

 

 

Correct Registered Name:

CAPERSHILL LIMITED

 

Address:

Latsia Industrial Area, 23, Kilkis Street
Nicosia
2234 Nicosia CYPRUS

 

P.O.Box:

12775 - 2252 Latsia

 

Telephone:

+357-22486804
+357-22489995
+357-22571002
+357-22575050

 

Fax:

+357-22575040

 

Email:

info@capershill.com

 

Web:

www.capershill.com

 

Business address:

Latsia Industrial Area, 23, Kilkis Street
Nicosia
2234 Nicosia CYPRUS

 

 

 

 

Payment

 

 

PAYMENT HABITS:

No Complaints

 

Comment:

A check against all available information sources of revealed that no late payment incidents against Subject Company exist.

 

 

Commercial Morality:

Good

 

Financial Strength:

Unable to comment
Given the fact that no recent detailed financial statements were released to us, we feel unable to express a safe and reliable opinion on their creditability, payment records and Financial Strength.

Credit Rating:

Average Risk

 

 

 

Legal Status

 

Legal Form:

Private Limited Liability Company

Private Limited Liability Company: It is incorporated by one or more individuals or companies (maximum: 50). It is managed by a board of directors consisted of minimum two individuals or juridical persons. Capital is required. The shareholders are liable for the companys debts to the extent of their respective interests in the capital. Its shares are not to be sold through public subscription. Private Limited Liability companies are obliged to file their accounts with the Registrar of Companies (Company Registry).

 

Date of foundation:

01.01.1988

 

Registration number and city:

C33076 Nicosia

 

Registration date:

22.09.1988

 

 

Company Status

 

Registration status: 22.09.1988 - registered company
Activity status: 22.09.1988 - Company is active

 

 

 

Principals

 

Shareholders

 

 

Full Name

Personal ID

Function

Nationality

Equity

Address

Mr. George Georgiou

554258

Shareholder

 

50.00%
10,000 Ordinary

78 Ayiou Eleftheriou Street
2055 Nicosia CYPRUS

Mr. George Ttofis

491106

Shareholder

CYPRUS

50.00%
10,000 Ordinary

4 Thoukididou Street
2235 Nicosia CYPRUS

 

Management

 

 

Full Name

Personal ID

Age

Function

Nationality

Qualification

Experience

Address

Mr. George Georgiou

554258

59

Director / Secretary

 

Has a degree in Chemical Engineering

Non Retrievable

78 Ayiou Eleftheriou Street
2055 Nicosia CYPRUS

Mr. George Ttofis

491106

59

Director

CYPRUS

Has a degree in Chemical Engineering

Non Retrievable

4 Thoukididou Street
2235 Nicosia CYPRUS

 

 

Activities

 

Activities:

Importers & Wholesalers & Manufacturers & Exporters

 

Operations:


SIC
  main activity
  3589 Service Industry Machinery, NEC

  5074 Plumbing and Heating Equipment and Supplies (Hydronics) (except plumbing equipment sold via retail method)
  5999 Miscellaneous Retail Stores, NEC (typewriters and telephones)

The company is involved in the import of raw materials, parts for water conditions, machines and other related products. The subject designs, manufactures and installs on project basis water treatment and purification systems, swimming pools and water parks. The water treatment and purification equipment and supplies are sold on a wholesale trade basis. In addition the company provides feasibility studies and maintenance services to its clients. Rarely the company exports parts for water conditions.

Business Activities
Water Purification systems manufacturers & traders
Water treatments traders

Industry Classifications – NAICS
» Water Supply and Irrigation Systems

 

 

Motor Vehicles

 

 

2012

Number of trucks

owned: 10

Total number of vehicles

10

 

 

Imports

 

FRANCE, ITALY, BELGIUM, NETHERLANDS, AUSTRIA, UNITED ARAB EMIRATES, CHINA, UNITED STATES, SPAIN, JAPAN, GERMANY
Payment terms:
O/A (Open Account)
CAD (Cash Against Documents)
L/C Base (Letter of Credit)

 

Exports

 

 

 

SAUDI ARABIA, GREECE
Payment terms:
L/C Base (Letter of Credit)
CAD (Cash Against Documents)

 

 

Agencies

 

Name

Country

Product

Hydroten

SPAIN

 

Ezari

SPAIN

 

Espa Pompa Electrica

SPAIN

 

Nomex

SPAIN

 

Astral

SPAIN

 

Mar Piccine

ITALY

 

Injecta

ITALY

 

Mitre Pump

ITALY

 

V.D.L.

NETHERLANDS

 

Mel Chemi

NETHERLANDS

 

Euraqua Europe

BELGIUM

 

Spring Water

FRANCE

 

Praher

AUSTRIA

 

Applied Biochmist

UNITED STATES

 

S.G.M.

UNITED STATES

 

Horner

UNITED STATES

 

National Plastics

UNITED ARAB EMIRATES

 

Nippon Soda

JAPAN

 

 

 

Trade Suppliers

 

Not Disclosed

 

 

Workforce

 

Number Of Employees:

30

 

 

Description Of Premises

 

 

Address:

Latsia Industrial Area, 23, Kilkis Street
2234 Nicosia CYPRUS

Type of premises:

Premises

Size:

1100 Sq. Metres

Type of ownership:

owned

Address:

Maria House, 1, Santaroza & Avlonos Street
Nicosia CYPRUS

Type of premises:

Previous Registered Address

 

Headquarters:

The present concern is operating from owned premises, which are located at the address given overleaf. Their premises comprised of offices and a spacious warehouse.

Please note that this is also the subject's registered address.

 

Branches:

Subject has 1 branches/divisions

Dali Industrial Area, Dali, 2540, Nicosia, Cyprus. These are warehouse
premises. Size: 1500 square metres.

 

 

Related Companies

 

Affiliated Company
Capershill (Holdings) Limited , CYPRUS , National ID: 91912

*PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

"Capershill (Holdings) Limited" - Affiliated company registered in Cyprus on 13.01.1998 under the registration number C91912. Owners of immovable property.

 

 

Bankers

 

BANK OF CYPRUS PUBLIC COMPANY LIMITED
35D Marcos Drakos Street, 1040 Nicosiam Cyprus Tel: 22436161

HELLENIC BANK PUBLIC COMPANY LIMITED
173 Athalassas Avenue, 2025 Nicosia, Cyprus Tel: 22501886

MARFIN POPULAR BANK PUBLIC CO LTD
59,Strovolos Avenue,2018 Nicosia,Tel:357 22887766


Account numbers are not disclosed.

 

 

Press

 

21.02.2012, No press / media available at present

 

 

Auditors / Accountants

 

Date: 31.12.2008
Financials have been audited
Company: M. Papadakis & Co. , 1,Avlonos Street,1075 Nicosia, Tel: 357 22761362

 

 

Share Capital

 

Registered capital:

EUR 34,200.00 since 01.01.2008

Number of Ordinary:

20,000

Value per share of Ordinary:

EUR 1.71

 

Issued capital:

EUR 34,200.00 since 01.01.2008

Number of Ordinary:

20000

Value per share of Ordinary:

EUR 1.71

 

Paid-up capital:

EUR 34,200.00 since 01.01.2008

 

 

 

Charges

 

30.12.1989

Floating Charge on all Company's Assets

CYP 5,000.00

 

in f/o:Marfin Popular Public Bank Limited

30.01.1996

Floating Charge on all Company's Assets

CYP 35,000.00

 

in f/o:Marfin Popular Public Bank Limited

29.10.1997

Floating Charge on all Company's Assets

CYP 35,000.00

 

in f/o:Hellenic Bank Public Company Limited

05.01.1999

Floating Charge on all Company's Assets

CYP 40,000.00

 

in f/o:Marfin Popular Public Bank Limited

07.05.1999

Assignment of guarantee letter

CYP 10,200.00

 

in f/o:Hellenic Bank Public Company Limited

07.05.1999

Assignment of guarantee letter

CYP 9,880.00

 

in f/o:Hellenic Bank Public Company Limited

24.05.2002

Floating Charge on all Company's Assets

CYP 60,000.00

 

in f/o:Bank of Cyprus Public Limited

28.01.2008

Floating Charge on all Company's Assets

EUR 170,000.00

 

in f/o:Marfin Popular Bank Public Company Limited

 

 

Finance

 

 

2008

2007

2006

2005

 



PROFIT & LOSS

 

Sales Turnover

2651176 EUR

2625237 EUR

1354130 CYP

1271556 CYP

 

Cost of Sales

-2151786 EUR

-2168732 EUR

-1142619 CYP

-1058724 CYP

 

Gross Profit

499390 EUR

456505 EUR

211511 CYP

212832 CYP

 

Other Operating Income

786 EUR

1468 EUR

447 CYP

 

 

Selling / Distribution / Promotional Expenses

-129711 EUR

-97704 EUR

-162303 CYP

-158289 CYP

 

Administrative Expenses

-209479 EUR

-207824 EUR

 

 

 

Other Operating Expenses

 

-58092 EUR

 

 

 

Operational Profit

160986 EUR

94353 EUR

 

 

 

Finance Costs

-14776 EUR

-19991 EUR

-8766 CYP

-7280 CYP

 

Net Financial Items

 

 

10376 CYP

1790 CYP

 

Profit Before Taxation

146210 EUR

74362 EUR

51265 CYP

49053 CYP

 

Corporate Income Tax

-16681 EUR

-15123 EUR

 

 

 

Net Profit

129529 EUR

59239 EUR

42993 CYP

42157 CYP

 

Taxation

 

 

-8272 CYP

-6896 CYP

 



BALANCE SHEET

 

Property, Plant & Equipment

143785 EUR

50301 EUR

86728 CYP

85623 CYP

 

Total Fixed Assets

143785 EUR

50301 EUR

86728 CYP

85623 CYP

 

CURRENT ASSETS

 

 

26255 CYP

12270 CYP

 

Inventory / Stock

99873 EUR

96169 EUR

48142 CYP

46397 CYP

 

Trade Debtors (receivables from customer)

448545 EUR

411680 EUR

259554 CYP

183214 CYP

 

Cash in Hand & at Bank

46316 EUR

192156 EUR

1338 CYP

13616 CYP

 

Claims towards associated companies

108040 EUR

83443 EUR

 

 

 

Other Current Assets

20856 EUR

26962 EUR

52519 CYP

47806 CYP

 

Total Current Assets

723630 EUR

810410 EUR

387808 CYP

303303 CYP

 

Total Assets

867415 EUR

860711 EUR

474536 CYP

388926 CYP

 

Reserves

 

 

144802 CYP

101809 CYP

 

Retained Profit / Earnings) for the year

347303 EUR

255391 EUR

 

 

 

Total Equity

381503 EUR

289563 EUR

164802 CYP

121809 CYP

 

Long - Term Loans

 

 

5427 CYP

5060 CYP

 

CURRENT LIABILITIES

81318 EUR

15450 EUR

 

 

 

Trade Creditors

384272 EUR

550195 EUR

247103 CYP

228466 CYP

 

Short - Term Borrowings, Loans

 

 

12771 CYP

18998 CYP

 

Taxation Due

20322 EUR

5503 EUR

3850 CYP

12677 CYP

 

Bank Overdraft

 

 

40583 CYP

1916 CYP

 

Total Current Liabilities

485912 EUR

571148 EUR

304307 CYP

262057 CYP

 

Total Equity & Liabilities

867415 EUR

860711 EUR

474536 CYP

388926 CYP

 

SHARE CAPITAL

34200 EUR

34172 EUR

20000 CYP

20000 CYP


Financial statements were provided by the subject on a previouis interview.

 

Ratios

 

 

2008

2007

2006

2005

Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice
Current Assets / Current Liabilities

1.49

1.42

1.27

1.16

Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good
(Current Assets - Inventory) / Current Liabilities

1.49

1.42

1.27

1.16

Return on assets ( ROA )
Net Profit After Tax / Total assets

0.15

0.07

0.09

0.11

Return on equity ( ROE )
Net Profit After Tax / Total Equity

0.34

0.20

0.26

0.35

Return on sales ( ROS )
Net Profit x 100 / Sales Turnover

4.89

2.26

3.17

3.32

Day's supply in inventory
Sales Turnover / Inventory

26.55

27.30

28.13

27.41

Collection Period Ratio (in days)
Accounts Receivable x 365 / Sales Turnover

61.75

57.24

69.96

52.59

Cash Liquidity Ratio
Liquid Assests / Current Liabilities x 100

9.53

33.64

0.44

5.20

Receivables Ratio (%)
Accounts Receivable / Current Liabilities x 100

92.31

72.08

85.29

69.91

Current Assets Ratio (%)
(Current Assets - Accounts Receivable) / Current Liabilities x 100

148.92

141.89

127.44

115.74

Shareholder Equity Increase Ratio (%)
Total Equity / Share Capital x 100

1,115.51

847.37

824.01

609.05

 

 

GENERAL COMMENTS

 

MAIN SOURCES OF INFORMATION - FOR THIS REPORT

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

The present limited liability Company was incorporated on 22/09/1988, and commenced activities immediately.

The company is involved in the trade of and design, manufacture, installation and maintenance of water purification systems, swimming pools, water parks, and other related projects.

Supplies, raw materials and other parts needed either for their owned projects or for trading purposes, are imported from the U.S.A., different European countries as well as from the Near and Far East

We tried contacting the company in question several times; however our attempts were unsuccessful.

The information provided in this report was obtained from the Official Companies Registry House, the subject's website and a previous interview with Mr Georgiou.

A check against our records revealed that no negative payment incidents against Subject Company, such as dishonored checks, unpaid invoices and utility bills, bankruptcies exist.

COUNTRY DEVELOPMENTS:

On, 04th of November 2011 published that: Moody's Investors Service has today downgraded Cyprus's government bond ratings to Baa3 from Baa1 and placed the ratings on review for further possible downgrade. The rating agency has also downgraded Cyprus's short-term rating to Prime-3 from Prime-2 and placed it on review for further possible downgrade.
The key drivers for today's rating announcement are: 1. The high likelihood that the Cypriot banking system will require state support in 2012 as a result of the large expected write-downs on its exposures to Greek government bonds... 2. The Cypriot government's loss of international market access and the resulting likelihood that the government will need to seek emergency funding from official sources. 3. Cyprus's weaker-than-expected institutional capacity to approve and implement the budgetary and structural changes that are needed to correct the government's rising debt trajectory and improve the longer-term sustainability of its public finances.

On 10th of August 2011 Cyprus mail published that: Fitch cut Cyprus’ credit rating by two notches to BBB on Wednesday due to fiscal slippages, saying the island state was likely to require a bailout to meet its funding needs.

"The two-notch downgrade of ratings to 'BBB' reflects the actual and anticipated fiscal slippage, compounded by Fitch's expectation that the sovereign will be unable to access the international debt markets in order to refinance an increasing debt maturity profile in H211 and H112," Fitch said in a statement.

The other two main rating agencies, Standard and Poor’s and Moody’s, both cut the island's rating at the end of July. Moody's rates Cyprus Baa1, Standard and Poor's BBB-plus.

On 19th of August 2011 Financial Mirror News published that: The industrial turnover index for reached 129.8 in May (base 2005=100) according to the Statistical Service, recording an increase of 3.8% compared with May 2010. Industrial production in the same period rose by 1.1%. For the period January-May 2011, the turnover index recorded an increase of 1.9% over the same period of the previous year. For manufacturing alone, the turnover index for May 2011 reached 121.0, recording an increase of 1,5% compared with May 2010.

The price index of construction materials reached 126.11 units (base year 2005=100,00) in July according to the Statistical Service Cystat, recording a marginal increase of 0.02% over the previous month. In the period January - July 2011, the index recorded an increase of 4.13% compared to the same period last year. The biggest increase so far has been in electromechanical products, price of which rose compared with the year earlier by 8.1% in the first seven months of the year. Metallic products rose by 6.9% and minerals rose by 4.3% in the same period. A milder increase of 2.9% was recorded for mineral products, while a decline of 0.4% was recorded for wood, insulation materials, chemicals and plastics. (End of Country Developments).

 

 

Contact Person

 

None at current stage

 

 

CREDIT RISK EVALUATION
A credit rating assesses the credit worthiness of a company. A poor credit rating indicates a high risk of defaulting on a loan. A Credit rating is estimated based on an analysis of commercial, financial and trading data.

MAXIMUM CREDIT RECOMMENDED
The amount advised is a recommended maximum credit exposure at any one time.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.08

UK Pound

1

Rs.77.80

Euro

1

Rs.65.17

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.