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Report Date : |
07.11.2012 |
IDENTIFICATION DETAILS
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Name : |
OSAKA PEARL & JEWELLERY LIMITED |
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Registered Office : |
2 Kliridis, Dimokritos Bldg, |
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Country : |
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Date of Incorporation : |
16.03.1994 |
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Com. Reg. No.: |
C60888 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of all kind of Jewellery such as pearls, beads, silver, gold, diamonds, precious stones, accessories, findings, pendants and charms. |
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No. of Employees : |
50-100 (Group) |
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 : |
Unknown |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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.
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Source : CIA |
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Employees |
November 2012 |
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Company |
Group |
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Total Number |
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-50-100 |
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Additional Info: |
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Legal Advisor: AGNI TIMOTHI, Pringgipissas De Tyras str., Karantoki
Court, 3rd Floor, Apt. 3, Nicosia Correspondence: OSAKA DIAMOND JEWELLLERY LIMITED, 2, Ioanni Kliridi str.,
Dimokritos Bldg. 2, Apt. 81, Nicosia, Tel.: 22375600 |
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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MICHAIL SOTIRIS |
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Director |
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503440(ID) |
Businessman |
58 |
16/03/1994 |
No |
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2
Kliridi, Apt. 81, Dimokritos 2, 8th Floor, Apt. 81, Nicosia, Cyprus |
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Secretary |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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PERIKLEOUS MARIA |
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Company
Secretary |
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586815(ID) |
Secretary |
52 |
16/03/1994 |
No |
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32
Latsion, Geri, Nicosia, Cyprus |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
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MICHAIL SOTIRIS |
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503440(ID) |
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CYPRIOT |
990 |
99 |
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2
Kliridi, Apt. 81, Dimokritos 2, 8th Floor, Apt. 81, Nicosia, Cyprus |
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PERIKLEOUS MARIA |
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586815(ID) |
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CYPRIOT |
10 |
1 |
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32
Latsion, Geri, Nicosia, Cyprus |
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Line of business
The
company in question deals with manufacture of all kind of Jewellery such as pearls, beads, silver, gold, diamonds, precious stones, accessories, findings,
pendants and charms.
It has two workshops and offices and
Sales teams all over the country. It is also doing 2 big exhibitions every year
in all towns.
The subject's export activities varies around 1% - 10% and its main markets are
Eastern Europe, Western Europe.
Industry Classifications
Jewelry and Silverware Manufacturing NAICS #33991
Other Miscellaneous Durable Goods Merchant Wholesalers NAICS #42399
Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers NAICS
#42394
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Export to |
Percentage |
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Comments |
Non
Retrievable. |
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Import from |
Percentage |
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Comments |
Non
Retrievable. |
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Premises |
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Type |
headquarters |
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Address: |
2
Ioanni Kliridi, Demokritos Bldg., Suite 81, Nicosia, 1070, PoBox 20809,
Cyprus |
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Headquarters comprise of |
Offices |
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No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
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1 |
22/04/2003 |
09/04/2003 |
Mortgage |
Y1417/03 |
20,000.00 CYP |
- |
Hellenic
Bank Public Co. Limited |
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2 |
30/10/2001 |
23/10/2001 |
Floating
Charge on all Company's Assets |
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50,000.00 CYP |
- |
Hellenic
Bank (Factors) Limited |
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3 |
20/01/1995 |
11/01/1995 |
Floating
Charge on all Company's Assets |
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15,000.00 CYP |
- |
Bank
of Cyprus Public Company Limited |
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Total Number |
Total Amount (EUR) |
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Mortgage |
1 |
34,172.03 |
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Floating
Charge on all Company's Assets |
2 |
111,059.09 |
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TOTAL CHARGES |
3 |
145,231.12 |
No negative data
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
We
contacted the company in question, where we talked with Ms Hadjimarkou, company
official, who declined to give any information about the company and requested
a questionnaire.
Should
any additional information becomes available we will forward them to you as
soon as possible.
Please
note that the information included in the report was obtained from the Official
Companies’ Registrar.
In
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 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.
Contact
Information
Name: Ms Hadjimarkou
Quality: company
Title: official
Declined
Any info
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could
be the biggest credibility crisis the Indian diamond industry has ever faced.
Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond
firms in Surat. Until about two months ago, they had not repaid these
dues. Bankers believe many diamantaires borrowed money during the economic
downturn two years ago and diverted funds to businesses like real estate and
capital markets. Many of themselves made money from these businesses but their
diamond companies have gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.60 |
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UK Pound |
1 |
Rs.87.31 |
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Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
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.