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Report Date : |
24.07.2012 |
IDENTIFICATION DETAILS
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Name : |
D & TH TOUMPAS LIMITED |
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Registered Office : |
47 Theodosi P. Iereidi, Tseri,
2480, Nicosia |
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Country : |
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Date of Incorporation : |
22.12.1983 |
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Com. Reg. No.: |
C21016 |
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Legal Form : |
Limited Company |
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Line of Business : |
import, trade and distribution
of kitchenware, decorative items and other related products |
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No. of Employees : |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
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Activity
Code Description
NACE 2.1 4711 Retail sale in non-specialised stores with food, beverages or
tobacco predominating –
This class includes: - retail sale of a large variety of
goods of which, however, food products, beverages or tobacco should be
predominant: > activities of general stores that have, apart from their main
sales of food products, beverages or tobacco, several other lines of
merchandise such as wearing apparel, furniture, appliances, hardware, cosmetics
etc. - -
Line
of Business
The
company in question is involved in the import, trade and distribution of
kitchenware, decorative items and other related products.
Subject reportedly acts as agents for:
'Saniganacio', Spain
'Manuel Marques', Portugal
'Vitrio Ecologico', Spain
'Borkokovo', Italy
'Domo', Italy
Business Activities
General Trading
Industry Classifications - NAICS
» Wholesale Trade Agents and Brokers
» Wholesale Trade
» Other Miscellaneous Durable Goods Merchant Wholesalers
» Apparel, Piece Goods, and Notions Merchant Wholesalers
» Other Miscellaneous Nondurable Goods Merchant Wholesalers
Export to Percentage
Greece 100%
Export Terms Percentage
Special agreements 100%
Import from Percentage
China, India, Italy, Portugal, Russian Federation, Slovenia, Spain 100%
Import Terms Percentage
Special agreements 100%
Market Terittory
Local Presence: 95% International Presence 5%
Premises
Type Headquarters
Address: 45 Theodosi Pieridi, Tseri, 2480, Nicosia, Cyprus
Headquarters comprise of Warehouse, Showroom
Headquarters are Owned
Type Offices
Town/City: Nicosia Minor Town: Dali Industrial Area
Street: Koronou Street
Building No: 3
Headquarters comprise of Offices
Banks
BANK OF CYPRUS PUBLIC COMPANY LIMITED
51 Stasinou, Agia Paraskevi, Strovolos,
2002, Nicosia, Cyprus
PIRAEUS BANK (CYPRUS) LIMITED
Cyprus
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No |
Date
registered |
Date
prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
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1 |
18/08/2009 |
12/08/2009 |
Floating Charge on all
Company's Assets |
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50,000.00
EUR |
- |
Piraeus Bank (Cyprus) Ltd |
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Total
Number |
Total
Amount (EUR) |
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Floating Charge on all
Company's Assets |
1 |
50,000.00 |
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TOTAL
CHARGES |
1 |
50,000.00 |
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No negative data
Financial
Estimates
Interview Date: 20 Jul 2012 Submitted: Estimates Currency EUR
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Period 31 Dec 2011 Month Ended 12 Sales were 7100000
Period 31 Dec 2010 Month Ended 12 Sales were 6800000
Period 31 Dec 2009 Month Ended 12 Sales were 5500000
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. Negative Record Database
viii. Relationship/Directorship Search through Database
We contacted
the subject in question and talked with Mr. Kyriakos Toumbas, who confirmed the
details of this report but refused to release any official financial statements
for the Subject.
A check against our records
revealed that no negative payment incidents against Subject Company, such as
unpaid invoices, utility bills, bankruptcies etc 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
Information
Name: Mr. Kyriakos Toumbas
Quality: company
Title: director
Confirm general details
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.76 |
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UK Pound |
1 |
Rs.86.80 |
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Euro |
1 |
Rs.67.43 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.