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Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
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Name : |
GHELI WORLDWIDE LIMITED |
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Registered Office : |
77 Strovolou, Strovolos Center, 2nd Floor, Apt. 204, Nicosia, 2018 |
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Country : |
Cyprus |
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Date of Incorporation : |
14.10.2010 |
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Com. Reg. No.: |
C275359 |
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Legal Form : |
Limited Company |
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Line of Business : |
Other retail sale in non-specialized stores |
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No. of Employees : |
Not Available |
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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 : |
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.
Source
: CIA
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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.52.82 |
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1 |
Rs.84.96 |
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Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
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Report
Prepared by : |
PRL |
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.