|
Registered
Name
|
MERITEX CLOTHING CO. LIMITED
|
|
English
Name
|
MERITEX CLOTHING CO. LIMITED
|
|
Registered
Address
|
9 Andrea Stylianou, Leivadia,
7060, PoBox 40613, Larnaka, Cyprus
|
|
Headquarters:
|
9 Andrea Stylianou, Leivadia,
7060, PoBox 40613, Larnaka, Cyprus
|
|
Telephone
|
+35724634286
|
|
Fax
|
+35724633740
|
|
E-mail
|
meritex@cytanet.com.cy
|
|
WebSite
|
http://www.meritexcloth.com
|
|
Legal
Type
|
Limited Company
|
|
Registration
No
|
C15453
|
Registration
Date
|
03/04/1981
|
|
Start
Date
|
03/04/1981
|
Years
of Operation:
|
31
|
|
Last
annual report
|
31/12/2004
|
Latest
Annual Account Date
|
01/12/2003
|
|
Last
return
|
04/05/2009
|
Tax
Reg No:
|
VAT: CY10015453J
|
|
CINFO
ID:
|
CYC11577465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employees
|
May 2012
|
|
|
|
|
Company
|
|
|
|
|
|
|
Total Number
|
20
|
|
|
|
|
|
|
|
|
|
|
Financial Summary
|
December 2003
|
December 2002
|
|
|
|
CYP
|
CYP
|
|
|
Revenue Sales
|
685798.00
|
658002.00
|
|
|
Pre Tax Profit
|
6319.00
|
7004.00
|
|
|
Working Capital
|
-33831.00
|
-56957.00
|
|
|
Total Equity
|
74136.00
|
70100.00
|
|
|
Long Term Debts
|
38517.00
|
28476.00
|
|
|
Trend
|
|
|
|
|
|
|
|
|
|
Payment
|
|
|
|
|
|
Assessment:
|
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:
|
Too high
|
Its safer to split the amount
in several lots.
|
|
Commercial morality
|
Moderate
|
|
|
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.
|
|
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|
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|
Business History
|
|
|
|
Date
|
Event Name
|
Old Value
|
New Value
|
|
15/04/1991
|
Authorised Capital Increased
|
30000.00 CYP
|
40000.00 CYP
|
|
15/04/1991
|
Shares number changed
|
0
|
40000
|
|
15/04/1991
|
Paid Up Capital Increased
|
0.00 CYP
|
40000.00 CYP
|
|
15/04/1991
|
Nominal number of shares
Changed
|
0
|
40000
|
|
15/04/1991
|
Nominal Value of Shares
Increased
|
0.00
|
1.00
|
|
04/02/1985
|
Authorised Capital Increased
|
10000.00 CYP
|
30000.00 CYP
|
|
16/01/1984
|
Authorised Capital Increased
|
5000.00 CYP
|
10000.00 CYP
|
|
03/04/1981
|
Authorised Capital Decrease
|
40000.00 CYP
|
5000.00 CYP
|
|
03/04/1981
|
Paid Up Capital Decreased
|
1000.00 CYP
|
0.00 CYP
|
|
03/04/1981
|
Nominal Values of Shares
Changed
|
0.00
|
0.00
|
|
|
|
|
|
Capital
|
|
|
|
Authorized Capital
|
102,600.00
|
EUR
|
Issued Capital
|
|
|
|
Nominal No Of Shares
|
60,000.00
|
|
Issued No Of Shares
|
60,000.00
|
|
|
Nominal value
|
1.71
|
EUR
|
Paid Up
|
102,600.00
|
EUR
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Corporate
Structure
|
|
|
Directors
|
Position
|
ActsAs
|
ID
|
Occupation
|
Age
|
Appointed
|
Other
dir.
|
|
|
|
EROTOKRITOU
CHRISTOS
|
|
Director
|
|
500906(ID)
|
|
57
|
03/04/1981
|
No
|
|
Leivadia, Larnaka, Cyprus
|
|
Other Directorship:
|
|
No Information Found
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Shareholding:
|
|
No Information Found
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHAILIS
LAMPROS
|
|
Director
|
|
545824(ID)
|
|
54
|
30/04/1986
|
Yes
|
|
Leivadia, 7060, Larnaka, Cyprus
|
|
Other Directorship:
|
|
|
|
|
Name
|
|
Registration Date
|
RegNo
|
Status
|
Position
|
Update Date
|
|
|
ADELFOI X & L CHAILI
& SIA LIMITED
|
|
16/05/1981
|
C15643
|
Registered and operational
|
Director / Secretary
|
12/02/2008
|
|
|
|
|
|
|
|
|
|
Other Shareholding:
|
|
|
|
|
Name
|
|
Registration Date
|
RegNo
|
Status
|
%
|
Update Date
|
|
|
ADELFOI X & L CHAILI
& SIA LIMITED
|
|
16/05/1981
|
C15643
|
Registered and operational
|
33.335
|
12/02/2008
|
|
|
|
|
|
|
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|
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|
|
|
|
Secretary
|
Position
|
ActsAs
|
ID
|
Occupation
|
Age
|
Appointed
|
Other
dir.
|
|
|
|
|
|
EROTOKRITOU
EVA
|
|
Company Secretary
|
|
(-)
|
|
|
03/04/1981
|
No
|
|
|
Leivadia, Larnaka, Cyprus
|
|
|
|
Other Directorship:
|
|
No Information Found
|
|
|
|
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|
|
|
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|
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|
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Other Shareholding:
|
|
No Information Found
|
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|
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Shareholders
|
ID
/ Reg. No.
|
ActsAs
|
Nationality
|
Shares
|
%
|
Shares
Breakdown
|
Class
|
Type
|
|
|
|
|
|
EROTOKRITOU
CHRISTOS
|
|
500906(ID)
|
|
CYPRIOT
|
13000
|
21.67
|
|
|
|
Leivadia, 7060, Larnaka, Cyprus
|
|
|
|
Other Directorship:
|
|
No Information Found
|
|
|
|
|
|
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|
|
|
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Other Shareholding:
|
|
No Information Found
|
|
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|
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|
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|
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|
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|
|
EROTOKRITOU
EVA
|
|
(-)
|
|
-
|
11500
|
19.17
|
|
|
|
5 Anexartisias, Leivadia, 7060,
Larnaka, Cyprus
|
|
|
|
Other Directorship:
|
|
No Information Found
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Shareholding:
|
|
No Information Found
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATTHAIOU
ANDREAS
|
|
567254(ID)
|
|
CYPRIOT
|
10700
|
17.83
|
|
|
|
Leivadia, 7060, Larnaka, Cyprus
|
|
|
|
Other Directorship:
|
|
No Information Found
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Shareholding:
|
|
No Information Found
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFXENTIOU
PANAGIOTA
|
|
|
|
-
|
10000
|
16.67
|
|
|
|
Leivadia, 7060, Larnaka, Cyprus
|
|
|
|
Other Directorship:
|
|
No Information Found
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Shareholding:
|
|
No Information Found
|
|
|
|
|
|
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|
|
AFXENTIOU
MARIA
|
|
(-)
|
|
-
|
6000
|
10
|
|
|
|
2 Andrea Stylianou, Leivadia,
7060, Larnaka, Cyprus
|
|
|
|
Other Directorship:
|
|
No Information Found
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Shareholding:
|
|
No Information Found
|
|
|
|
|
|
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|
|
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Activity Code
|
Description
|
|
NACE 2.1
|
1392
|
Manufacture of made-up
textile articles, except apparel - This class includes: -
manufacture, of made-up articles of any textile material, including
of knitted or crocheted fabrics: > blankets, including travelling
rugs > bed, table, toilet or kitchen linen > quilts,
eiderdowns, cushions, pouffes, pillows, sleeping bags etc. -
manufacture of made-up furnishing articles: > curtains, valances,
blinds, bedspreads, furniture or machine covers etc. > tarpaulins,
tents, camping goods, sails, sunblinds, loose covers for cars,
machines or furniture etc. > flags, banners, pennants etc. >
dust cloths, dishcloths and similar articles, life jackets,
parachutes etc. - This class also includes: - manufacture of the
textile part of electric blankets - manufacture of hand-woven
tapestries - This class excludes: - manufacture of textile articles
for technical use, see 13.96
|
|
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|
|
Line of Business
|
|
The company in question was
established in order to get involved in the import (100%) of raw
materials and in the manufacturing process of casual unisex wear,
quilts, comforts, blankets, sheets and linens, curtains and other
related products. Production is divided in 2 categories: bed linen
and casual wear In addition the subject exports 5% of its production
to United Kingdom.
According to the Mr Christos Erotocritou, company director,
interviewed the subject's factory is equipped with the latest
technology and the manufacturing division was approved by ISO 9001.
Please note that the subject has 3 vehicles including: 3 vans; which
are used in the running of the business.
|
|
|
|
|
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|
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|
|
|
|
|
|
Export to
|
Percentage
|
|
|
United Kingdom
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Export Terms
|
Percentage
|
|
|
Cash Against Documents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Import from
|
Percentage
|
|
|
Comments
|
from Europe and Far East
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
Import Terms
|
Percentage
|
|
|
Open account
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Terittory
|
|
|
|
|
|
|
|
|
Local Presence:
|
90%
|
International Presence
|
10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suppliers - Agencies
|
|
|
Company Name
|
Country
|
Product
|
Description
|
|
|
Canete
|
Spain
|
bed linen cloth
|
|
|
|
Milair
|
United Kingdom
|
textile for casual clothing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises
|
|
|
|
|
|
|
|
|
|
|
Type
|
headquarters
|
|
|
Address:
|
9 Andrea Stylianou, Leivadia,
7060, PoBox 40613, Larnaka, Cyprus
|
|
|
Headquarters comprise of
|
Offices, Factory, Warehouse
|
|
|
Headquarters are
|
Owned
|
|
|
Size (sq m):
|
1600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banks
|
|
|
MARFIN POPULAR BANK PUBLIC CO LTD
|
|
|
39 Archiepiskopou Makariou C'
Avenue, 2025, Nicosia, Cyprus
|
|
|
Comment:
|
Reportedly an overdraft
facility of 500000Eur is available and utilised.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliates and Subsidiares
|
Relation
|
Year Reg.
|
|
|
Canete
|
Agency
|
|
|
|
|
|
|
Milair
|
Agency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No
|
Date registered
|
Date prepared
|
Type
|
Description/No
|
Amount
|
Sequence
|
Beneficiary
|
|
1
|
04/05/1988
|
28/04/1988
|
Floating Charge on all
Company's Assets
|
|
40,000.00 CYP
|
-
|
Cyprus Popular Bank Public Co
Ltd
|
|
2
|
14/05/1985
|
22/04/1985
|
-
|
FLOATING CHARGE ON THE ISSUED
DEPENTURE
|
20,000.00 CYP
|
-
|
Cyprus Popular Bank Public Co
Ltd
|
|
3
|
28/01/1984
|
23/01/1984
|
-
|
FLOATING CHARGE ON THE ISSUED
DEPENTURE
|
20,000.00 CYP
|
-
|
Cyprus Popular Bank Public Co
Ltd
|
|
4
|
28/01/1984
|
23/01/1984
|
Fixed Charge on the Company's
Machinery and Equipment
|
|
10,000.00 CYP
|
-
|
Cyprus Popular Bank Public Co
Ltd
|
|
5
|
02/02/1983
|
31/01/1983
|
-
|
FLOATING CHARGE ON THE ISSUED
DEPENTURE
|
10,000.00 CYP
|
-
|
Cyprus Popular Bank Public Co
Ltd
|
|
6
|
02/02/1983
|
31/01/1983
|
Fixed Charge on the Company's
Machinery and Equipment
|
|
10,000.00 CYP
|
-
|
Cyprus Popular Bank Public Co
Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Number
|
Total Amount (EUR)
|
|
Floating Charge on all
Company's Assets
|
1
|
68,344.06
|
|
-
|
3
|
85,430.07
|
|
Fixed Charge on the Company's
Machinery and Equipment
|
2
|
34,172.03
|
|
TOTAL CHARGES
|
6
|
187,946.16
|
|
|
|
|
|
|
|
|
|
|
|
|
Negatives
|
|
No negative data
|
|
|
|
|
|
|
Financial
Statement
|
|
|
|
|
Corporate financial statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS
|
|
|
|
|
Property, plant and
equipment
|
143741
|
152790
|
|
|
Available-for-sale
financial assets
|
2743
|
2743
|
|
|
Total fixed assets
|
146484
|
155533
|
|
|
CURRENT ASSETS
|
|
|
|
|
Inventories
|
105119
|
122723
|
|
|
Debtors
|
202233
|
212794
|
|
|
Directors Current
Accounts
|
46040
|
46511
|
|
|
Cash and cash equivalents
|
2854
|
1904
|
|
|
Total current assets
|
356246
|
383932
|
|
|
Total assets
|
502730
|
539465
|
|
|
CAPITAL AND RESERVES
|
|
|
|
|
Share capital
|
40000
|
40000
|
|
|
Reserves
|
34136
|
30100
|
|
|
Total equity
|
74136
|
70100
|
|
|
LONG-TERM LIABILITIES
|
|
|
|
|
Long term debt
|
38517
|
28476
|
|
|
Total long-term liabilities
|
38517
|
28476
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade and other payables
|
175889
|
155012
|
|
|
Current income tax
liabilities
|
9337
|
7557
|
|
|
Bank overdraft
|
180851
|
254320
|
|
|
Current Installments
|
24000
|
24000
|
|
|
Total Current Liabilities
|
390077
|
440889
|
|
|
Total liabilities
|
428594
|
469365
|
|
|
Total equity and liabilities
|
502730
|
539465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
685798
|
658002
|
|
|
Cost of goods sold
|
-605486
|
-576730
|
|
|
Gross profit
|
80312
|
81272
|
|
|
Other Operating income
|
13333
|
7076
|
|
|
Administrative expenses
|
-64914
|
-53758
|
|
|
OPERATING PROFIT/LOSS
|
28731
|
34590
|
|
|
Finance costs
|
-22412
|
-27586
|
|
|
Profit/Loss before income
tax
|
6319
|
7004
|
|
|
Income tax expense
|
-2283
|
-2601
|
|
|
Profit/Loss for the year
|
4036
|
4403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS
|
|
Gross Profit margin on
sales
|
0.12
|
0.12
|
|
|
Return on assets (ROA)
|
0.01
|
0.01
|
|
|
LIQUIDITY RATIOS
|
|
Current Ratio
|
0.91
|
0.87
|
|
|
TURNOVER RATIOS
|
|
Sales to Net Working
Capital Ratio
|
-20.27
|
-11.55
|
|
|
Total assets turnover
(times)
|
1.36
|
1.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Estimates
|
|
|
|
|
|
|
|
|
|
|
Interview Date:
|
16 May 2012
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Submitted:
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Estimates
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Currency
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EUR
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-
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Period
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31 Dec 2011
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Month Ended
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12
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Sales were
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1500000
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Period
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31 Dec 2010
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Month Ended
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12
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Sales were
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15000000
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Period
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31 Dec 2009
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Month Ended
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12
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Sales were
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1100000
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Additional
Information
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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 company in question
was established in order to get involved in the import (100%) of raw
materials and in the manufacturing process of casual unisexwear,
quilts, comforts, blankets, sheets and linens, curtains and other
related products. Production is divided in 2 categories: bed linen and
casualwear In addition the subject exports 10% of its production to
United Kingdom.
We contacted the company
in question, where we talked with Mr Christos Erotokritou, company
director, who confirmed the above information regarding the subject.
However, Mr Erotokritou declined to provide us with the company's
latest financialsIn addition, note that the latest financial details
are not available at the file of the company at the official companies'
registry house; as the law provides for all companies. Further
financial details are not available from other public sources.
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, 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).
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Contact Information
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Name:
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Mr Christos Erotokritou
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Quality:
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company
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Title:
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director
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Confirm general details
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Recent
Enquiries
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Recent Enquiries on this subject
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