MIRA INFORM REPORT

 

 

Report Date :

27.07.2012

 

IDENTIFICATION DETAILS

 

Name :

BLUE GREEN WAVE FROZEN FOOD LIMITED

 

 

Registered Office :

77 Giannaki Aeroporou, Larnaka, 6045

 

 

Country :

Cyprus

 

 

Date of Incorporation :

15.09.1999

 

 

Com. Reg. No.:

C104896

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trader of Frozen Food

 

 

No. of Employees :

Not Available 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Cyprus

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Basic Information

 

 

Registered Name

BLUE GREEN WAVE FROZEN FOOD LIMITED

English Name

BLUE GREEN WAVE FROZEN FOOD LIMITED

Registered Address

77 Giannaki Aeroporou, Larnaka, 6045, Cyprus

Headquarters:

Industrial Area, Aradippou, 7101, Larnaka, Cyprus

Telephone

+035724533444 / +035799640470

E-mail

Non Retrievable

WebSite

Non Retrievable

Legal Type

Limited Company

Registration No

C104896

Registration Date

15/09/1999

Start Date

15/09/1999

Years of Operation:

13

Last annual report

31/12/2006

 

 

Last return

01/12/2010

 

 

CINFO ID:

CYC11668824

 

 

 

 

Summary

 

 

 

Employees

July 2012

 

 

 

Company

 

 

 

 

 

Total Number

Not Available

 

 

 

 

 

 

 

Additional Info:

Legal Advisor: MARKOS GEORGIADIS, 16, Kyriakou Matsi, Eagle House, 10th Floor, Agioi Omologites, Nicosia

Correspondence: P.K.P. MANAGEMENT SERVICES LTD, P.O.Box: 42777, 6534, Larnaca, Tel: 24660160

 

 

 

 

Payment

           

 

 

Assessment:

Above Average Risk

Payment Habits:

NO COMPLAINTS

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

 

Good for amount and terms of inquiry:

Unable to comment

Given the fact that no detailed financial statements were released to us , we feel unable to comment on a maximum credit.

 

Commercial morality

Satisfactory

 

 

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 and Financial Strength.

 

 

 

 

 

Business History

 

Date

Event Name

Old Value

New Value

01/01/2008

Authorised Capital Changed

5000.00 CYP

8550.00 EUR

01/01/2008

PaidUp Capital Changed

1000.00 CYP

1710.00 EUR

01/01/2008

Asked Capital Changed

0.00 CYP

0.00 EUR

01/01/2008

Nominal Values of Shares Changed

1.00 CYP

1.71 EUR

 

Previous Locations

                                               

Headquarters

From:

To:

37, Konstantinou Palaiologou Avenue, Larnaka, 6036, , Cyprus,

15/09/1999

01/01/2002

 

 

Capital

 

Authorized Capital

8,550.00

EUR

Issued Capital

 

 

Nominal No Of Shares

5,000.00

 

Issued No Of Shares

1,000.00

 

Nominal value

1.71

EUR

Paid Up

1,710.00

EUR

 

 

Corporate Structure

 

 

 

 

 

 

 

 

 

 

Directors

Position

ActsAs

ID

Occupation

Age

Appointed

Other dir.

 

 

 

GEORGIOU MARIA

 

Director

 

845702(ID)

 

28

01/12/2010

No

 

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

 

 

GEORGIOU DIMITRA

 

Director

 

540775(ID)

Businesswoman

54

15/09/1999

No

 

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

Secretary

Position

ActsAs

ID

Occupation

Age

Appointed

Other dir.

 

 

 

 

CHRISTODOULOU. GEORGIOS

 

Company Secretary

 

455261(ID)

Businessman

59

15/09/1999

No

 

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders

ID / Reg. No.

ActsAs

Nationality

Shares

%

Shares Breakdown

Class

Type

 

 

 

GEORGIOU DIMITRA

 

540775(ID)

 

CYPRIOT

511

51.10000

-

-

-

 

 

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

 

 

GEORGIOU ELENI

 

830161(ID)

 

CYPRIOT

163

16.30000

-

-

-

 

 

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

 

 

GEORGIOU MARIA

 

845702(ID)

 

CYPRIOT

163

16.30000

-

-

-

 

 

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

 

 

GEORGIOU CHRISTIANA

 

896644(ID)

 

CYPRIOT

163

16.30000

-

-

-

 

 

76 Giannaki Aeroporou, Larnaka, 6045, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

Operation

 

Activity Code

Description

NACE 1.1

51.9

Other wholesale

 

NACE 1.1

63.12

Storage and warehousing

 

NACE 2.1

4638

Wholesale of other food, including fish, crustaceans and molluscs - - This class also includes: - wholesale of feed for pet animals -

 

 

 

 

Line of Business

According to the article of Association, the company in question was established in order to get involved with the trade of frozen food. However, this information was not confirmed; of course the article makes provision of other activities as well.

Business Activities
Trade of Frozen Food

Industry Classifications – NAICS
» Frozen Food Manufacturing
» Frozen Specialty Food Manufacturing

Please note that the subject also cooperates with Cooperative Credit Society Of Makrasykas.

 

 

 

 

 

Export to

Percentage

 

Comments

Not Disclosed

 

 

 

 

 

 

 

 

 

Import from

Percentage

 

Comments

Not Disclosed

 

 

 

 

 

 

Premises

 

 

 

 

 

 

 

 

Type

Headquarters

 

Address:

Industrial Area, Aradippou, 7101, Larnaka, Cyprus

 

Country

Cyprus

 

 

 

Headquarters comprise of

Offices

 

 

 

Banks

 

 

HELLENIC BANK PUBLIC COMPANY LIMITED

 

200 Lemesou Avenue, & Athalassas Corner, Strovolos, 2025, Nicosia, Cyprus

 

EMPORIKI BANK - CYPRUS LIMITED

 

4 Ionos, Egkomi, 2406, Nicosia, Cyprus

 

 

 

 

 

 

 

 

 

Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

No

Date registered

Date prepared

Type

Description/No

Amount

Sequence

Beneficiary

1

03/08/2009

27/07/2009

Mortgage

Y3411/09

260,000.00 EUR

-

CCS Makrasykas

2

03/08/2009

27/07/2009

Mortgage

Y3410/09

427,000.00 EUR

-

CCS Makrasykas

3

06/02/2007

22/01/2007

Floating Charge on all Company's Assets

 

30,000.00 CYP

-

Emporiki Bank - Cyprus Ltd

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Number

Total Amount (EUR)

Mortgage

2

687,000.00

Floating Charge on all Company's Assets

1

51,258.04

TOTAL CHARGES

3

738,258.04

 

 

 

 

 

Charges History

 

 

 

 

 

 

 

No

Date registered

Date prepared

Date End

Type

Description/No

Amount

Sequence

Beneficiary

1

11/12/2008

08/12/2008

27/07/2009

Mortgage

Y8144/08

130,000.00 EUR

-

CCS Makrasykas

2

30/04/2007

23/04/2007

27/07/2009

Mortgage

Y2589/07

250,000.00 CYP

-

CCS Makrasykas

3

27/10/2006

17/10/2006

23/04/2007

Mortgage

Y6308/06

70,000.00 CYP

-

CCS Makrasykas

4

16/12/2005

19/11/2004

23/04/2007

Mortgage

Y5025/04

30,000.00 CYP

-

CCS Makrasykas

5

08/11/2004

09/03/2004

02/08/2010

Floating Charge on all Company's Assets

 

10,000.00 CYP

-

Hellenic Bank Public Co. Limited

6

19/11/2001

12/11/2001

23/01/2007

Floating Charge on all Company's Assets

 

15,000.00 CYP

-

Cyprus Popular Bank Public Co Ltd

7

 

07/12/2004

17/10/2006

Mortgage

Y5276/04

20,000.00 CYP

-

CCS Makrasykas

8

 

29/07/2003

01/12/2003

Mortgage

Y3087/03

80,000.00 CYP

-

CCS Makrasykas

 

 

 

Negatives

 

No negative data

 

Additional Information

 

 

 

 

 

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

According to the article of Association, the company in question was established in order to get involved with the trade of frozen food. However, this information was not confirmed; of course the article makes provision of other activities as well.

We contacted the company in question, where we talked with Mr George Christodoulou, company director, who requested a written questionnaire in order to provide us with information regarding the company. A written questionnaire was sent; however there was no response yet.

Should any additional information becomes available we will forward them to you as soon as possible.

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

COUNTRY DEVELOPMENTS:

On 13 June 2012, Moody’s Investor Service once again downgraded Cyprus’s government bond ratings by two notches to Ba3 from Ba1 and research is now being carried out for further possible downgrade.

The Cypriot banks’ exposure to Greece totals 29 billion Euros, or 160% of GDP, including both Greek government bonds and loans to Greek residents. As a result, it is expected that an increase of support by the government may have to be offered to the Cypriot banks due to their exposure to the Greek government and economy and Moody’s will be reflecting these in the Cypriot sovereign ratings.

On 25 June 2012 Financial Mirror published that, Cyprus has applied for the European bailout fund due to its need of 1.8 billion Euros to recapitalize its second largest lender, Cyprus Popular Bank. Stefanos Stefanou, a government spokesman, said that negotiations are yet to be made to determine the precise amount of money which will be lent to Cyprus. He also noted that despite the aid request from the EU, the Cypriot government will continue seeking for a loan from a country outside the EU, such as China and Russia, needed to help cover its budget deficit (2011 deficit: 6.3% of GDP, one of the highest in the Eurozone).

The country has already borrowed 2.5bn euros from Russia, whose business people are important customers of Cyprus's relatively large offshore financial sector which offers low tax rates. If Russia accepts to supply another loan with a low interest rate then Cyprus may be more willing to borrow the money to cover their refinancing needs from Russia instead of the EU.

On 25 June 2012 Fitch announced a downgrade of Cyprus’s rating by one notch from BBB- to BB+; a decision due to Cyprus’s heavy exposure to the Greek economy.

Cyprus is keen to protect its low 10% corporate taxation rate which makes it an attractive base for foreign companies. The government is reluctant to acquire loans from the EU due to fear of further austerity measures placed, which may obstruct corporations from situating themselves in Cyprus. (End of Country Developments)

 

 

 

 

 

 

Contact Information

 

 

 

 

 

 

Name:

Mr George Christodoulou

 

Quality:

company

 

 

 

Title:

secretary

 

 

 

Couldn't supply

 

Any info

 

A questionnaire was sent - no reply received

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.95

UK Pound

1

Rs.86.56

Euro

1

Rs.67.95

 

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%)

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.