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Report Date : |
30.11.2012 |
IDENTIFICATION DETAILS
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Name : |
CROSSMOTION MANAGEMENT LIMITED |
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Registered Office : |
6 Dafnis, Lythrodontas, 2565, |
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Country : |
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Date of Incorporation : |
26.10.2010 |
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Reg. No.: |
C275877 |
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Legal Form : |
Limited Company |
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Line of Business : |
Consulting and management services |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Offshore Company |
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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 (31.03.2011) |
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 |
Registered
Name CROSSMOTION MANAGEMENT LIMITED
English
Name CROSSMOTION MANAGEMENT
LIMITED
Registered
Address 6 Dafnis, Lythrodontas, 2565,
Nicosia, Cyprus
Headquarters: 12-14 Kennedy Ave., KENNEDY
BUSINESS CENTER, 2nd floor, flat 203, Nicosia, 1087, Po Box 24293, Cyprus
Telephone +35722767630
Fax +35722760918
E-mail gyiangou@yiangou.com.cy
(correspondence e-mail)
Web
Site www.yiangou.com.cy
(correspondence website)
Legal
Type Limited
Company
Registration
No C275877 Registration Date 26/10/2010
Start
Date 26/10/2010 Years of Operation: 2
Last
return 02/11/2010
CINFO
ID: CYC23254157
Employees November 2012
Company
Total Number Not
Available
The
company does not maintain offices in Cyprus. At least we did not trace any. Under
these circumstances no staff is employed. In such cases, companies utilize
staff (2-3 people) from their auditors’ or lawyers’ offices.
Assessment: Nil Rating
Payment Habits: NO
COMPLAINTS A check against all available information sources revealed
that
no late payment incidents against
Subject Company exist.
Commercial
morality Unable to comment
Financial
strength Unable to comment Given the fact that the company is newly established,
coupled
with the fact that this is an IBC (Offshore Company) and
most of its activities are carried out outside Cyprus, we feel unable to
express a safe and reliable opinion on their creditability and commercial
morality of the subject.
Authorized Capital 1,000.00 EUR Issued Capital 0.00 EUR
Nominal No Of Shares 1,000.00 Issued No
Of Shares 1,000.00
Nominal value 1.00 EUR Paid Up 1,000.00 EUR
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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CHATZIKOSTI NIKOLETTA |
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Director |
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898200(ID) |
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27 |
26/10/2010 |
Yes |
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2
Lavyrinthou, Potamos Germasogeias, Limassol, 4042, Cyprus |
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PIPERA IRENE |
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Director
/ Secretary |
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978134(ID) |
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23 |
26/10/2010 |
Yes |
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6
Dafnis, Lythrodontas, 2565, Nicosia, Cyprus |
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Activity Code Description
SIC 87410000 MANAGEMENT SERVICES
According to the Article of Associations the current company deals with management
and consulting activites, although this was not confirmed. However the article
makes provision for other activities as well.
Business Activities
Consulting and management services
Industry Classifications - NAICS
» All Other Business Support Services (NAICS # 561499)
» Management Consulting Services (NAICS # 54161)
» Administrative Management and General Management Consulting Services
Export to Percentage
Comments The subject does not engage in any export activities.
Import from Percentage
Comments
The subject does not engage in any import
activities.
International Presence 100%
We have the impression that the subject is an International Business Company (IBC) with no offices of its own in Cyprus.
Type Headquarters
Address: 12-14 Kennedy Ave., KENNEDY BUSINESS CENTER, 2nd floor, flat 203, Nicosia, 1087, PoBox 24293, Cyprus
Headquarters comprise of Offices
Headquarters operate as: Correspondence Office
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No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
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0 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
No
charges found |
No negative data
MAIN SOURCES OF INFORMATION
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 is an International Business Company - IBC (ex - Offshore
Company) registered in Cyprus on 26.10.2010. According to the article of
association the company deals with management and consulting activities.
However, this information was not confirmed. Of Course the article makes
provision of other activities as well. We have the impression that this is an
International Business Company.
IBC companies, being covered by the law of confidentiality, may use
nominee shareholders that hold the shares in trust for beneficial owners. Until
recently beneficial owners were made known only to the Central Bank of the
Republic of Cyprus that used to grant the permission for the company’s
registration in Cyprus. After Cyprus accession in the EU this practice changed.
Beneficial owners of an IBC are now known to the Lawyers and / or Auditors that
undertake the registration of such companies in Cyprus.
In the past IBC’s (ex-offshore companies & offshore branches) used
to be benefited from a corporation tax rate on their profits of 4.25%. However,
according to new tax legislation which has been in effect as of 1st January
2003, there is no longer a distinction between local companies and
International Business Companies (IBC’s) and thus, the net profits of all
companies registered in Cyprus are taxed at the rate of 10%.
Furthermore, in the past the law required the IBC’s (ex-offshore
companies & offshore branches), beneficial owners to be non-Cypriot
residents and the business activities to be carried out, outside Cyprus only.
Currently, this law has changed. IBC entities may have activities worldwide,
including Cyprus. However, in order for an IBC entity to have activities
locally, their Memorandum and Articles of Association should provide for that.
Most of the IBC entities that were registered before the change of the law have
already proceeded with the amendments in their Memorandum and Articles of
Association.
We were not able to trace any offices for the company in question in
Cyprus, however we contacted the company's correspondence George Y. Yiangou
& Co LLC, where we talked with a, company representative, who refused to
release any information such as if the company maintains offices of its own in
Cyprus due to the confidentiality policy owed to their clients. A written
questionnaire was sent in order to forward it to the company in question for
us. There was no reply up to now. 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.
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.
Name: Not disclosed
Quality: company
Title: representative
Couldn't supply
Any info
A questionnaire was sent - no reply received
Contact
Information
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Name: |
Not disclosed |
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Quality: |
company |
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Title: |
representative |
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Couldn't supply |
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Any info |
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A questionnaire was sent - no reply received |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.20 |
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1 |
Rs.88.37 |
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Euro |
1 |
Rs.71.47 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.