MIRA INFORM REPORT

 

 

Report Date :

17.10.2012

 

IDENTIFICATION DETAILS

 

Name :

JAQSTON TRADING LIMITED

 

 

Registered Office :

29A Annis Komninis, Nicosia, 1061

 

 

Country :

Cyprus

 

 

Date of Incorporation :

17.07.2006

 

 

Com. Reg. No.:

C180511

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesaler of coffee, tea, cocoa and spices

 

 

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 :

Offshore Company

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Cyprus

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

 

Basic Information

 

Registered Name

JAQSTON TRADING LIMITED

English Name

JAQSTON TRADING LIMITED

Registered Address

29A Annis Komninis, Nicosia, 1061, Cyprus

Headquarters:

12 Egypt Street, Nicosia, 1097, PoBox 22303, Cyprus

Telephone

+35722558888

Fax

+35722662500

E-mail

KinanisLLC@kinanis.com  (correspondence e-mail)

Web Site

www.kinanis.com  (correspondence e-mail)

Legal Type

Limited Company

Registration No

C180511

Registration Date

17/07/2006

Start Date

17/07/2006

Years of Operation:

6

Last return

15/04/2010

 

 

CINFO ID:

CYC23066620

 

 

 

 

Summary 

 

Employees

October 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.

 

Additional Info:

Legal Advisor & Correspondence: KINANIS - PYRGOU & CO, 29A, Annis Komninis, Po Box 22303, Nicosia, Tel. 22762888

 
Payment

 

Assessment:

Nil Rating

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

Unable to comment

Given that the present is an International Business Company - IBC (Offshore Company) and most of its activities are carried out outside Cyprus, coupled with the fact that no further detailed financial information is available, we feel unable to express a safe and reliable opinion on their creditability and commercial morality of the subject.

 

Financial strength

Unable to comment

 

 

 

Business history

 

Date

Event Name

Old Value

New Value

01/01/2008

Authorized Capital Changed

1000.00 CYP

1710.00 EUR

01/01/2008

Paid Up Capital Changed

1000.00 CYP

1710.00 EUR

01/01/2008

Nominal Values of Shares Changed

1.00 CYP

1.71 EUR

 

 

Capital

 

Authorized Capital

1,710.00

EUR

Issued Capital

 

 

Nominal No Of Shares

1,000.00

 

Issued No Of Shares

1,000.00

 

Nominal value

1.71

EUR

Paid Up

1,710.00

EUR

 

 

Corporate structure

 

 

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

 

 

 

 

KINANIS I. PANAGIOTIS

 

Director

 

170074(ID)

 

80

17/07/2006

Yes

 

29A Annis Komninis, Nicosia, 1061, Cyprus

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

OLPON INVESTMENTS LIMITED

 

21/03/2003

C137095

Registered and operational

Director

21/09/2012

 

FORAINVEST (OVERSEAS) LIMITED

 

17/12/2002

C135104

Registered and operational

Director

09/08/2012

 

INGEN PHARMA LIMITED

 

31/08/2010

C272729

Registered and operational

Director

07/08/2012

 

SPAROMAVO ENTERPRISES LIMITED

 

20/05/2008

C229426

Registered and operational

Director

20/07/2012

 

YAIBERA HOLDINGS LIMITED

 

17/12/2004

C155296

Registered and operational

Director

16/07/2012

 

AMIRAGA MANAGEMENT LIMITED

 

03/06/2011

C288221

Registered and operational

Director

26/06/2012

 

NORD INVESTMENTS LIMITED

 

06/07/2000

C112873

Registered and operational

Director

18/06/2012

 

CANNON (CYPRUS) MELTEMIA LIMITED

 

21/05/1999

C102357

Registered and operational

Director

25/04/2012

 

CANNON (CYPRUS) ARKADIAN WIND PARKS LIMITED

 

21/05/1999

C102356

Registered and operational

Director

25/04/2012

 

FROSIAM HOLDINGS LIMITED

 

06/06/2008

C230895

Registered and operational

Director

24/04/2012

 

Note: In order to view a full list, please order a directorship report.

 

Other Shareholding:

 

 

Name

 

Registration Date

Reg. No.

Status

%

Update Date

 

MENETES ENTERPRISES LIMITED

 

18/04/2006

C175239

Registered and operational

100

08/02/2009

 

ZOULIAN INVESTMENTS LIMITED

 

19/05/2008

C229351

Registered and operational

100

20/10/2010

 

ZOULIAN CONSULTANTS LIMITED

 

16/05/2008

C229242

Registered and operational

100

20/10/2010

 

ZOULIAN TRUSTEES LIMITED

 

23/07/2002

C131968

Registered and operational

100

28/01/2011

 

ZOULIAN LIMITED

 

14/02/1995

C68782

Registered and operational

100

11/10/2011

 

ZOULIAN MANAGEMENT LIMITED

 

02/08/1994

C64027

Registered and operational

100

22/11/2007

 

OVAKON TECHNOLOGIES LIMITED

 

05/07/2005

C162697

Registered and operational

50

19/12/2007

 

BAGRATION REAL ESTATE LIMITED

 

07/10/2006

C185193

Registered and operational

0.025

20/07/2012

 

 

Secretary

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

 

ZOULIAN LIMITED

 

Company Secretary

 

C68782

 

0

17/07/2006

No

29A Annis Komninis, Nicosia, 1061, Cyprus

 

Other Shareholding:

 

 

 

Name

 

Registration Date

Reg. No.

Status

%

Update Date

 

CAMARILLO INVESTMENTS LIMITED

*

13/07/2001

C122334

Dissolved

100

01/07/2008

 

GALAMON INVESTMENTS LIMITED

*

10/02/2001

C118155

Dissolved

50

12/06/2008

 

LOUPEN SERVICES LIMITED

 

30/12/2005

C170313

Registered and operational

50

20/06/2008

 

LITORA ENTERPRISES LIMITED

 

26/03/1998

C93536

Registered and operational

50

20/06/2008

 

MORTIKAN TRADING LIMITED

 

03/06/2004

C149105

Registered and operational

50

20/11/2007

 

FERLAND CO. LIMITED

 

29/11/1995

C75586

Registered and operational

50

11/12/2007

 

AWVS LIMITED

 

06/09/2006

C183390

Registered and operational

50

24/04/2008

 

AKZONE INVESTMENTS LIMITED

 

09/12/2000

C116762

Registered and operational

50

30/04/2008

 

SIMELLI HOLDINGS LIMITED

 

07/02/2008

C222211

Registered and operational

50

09/06/2008

 

HERVET INVESTMENTS  LIMITED

 

19/07/2000

C113163

Registered and operational

50

30/07/2008

 

Note: In order to view a full list, please order a directorship report.

 

 

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

 

 

 

 

LEXXI INVESTMENT LTD

 

 

 

-

847

84.70000

-

-

-

 

 

Premier Building, Off. 406, Victoria, Mahe, Seychelles

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

HILLARY INC

 

 

 

-

153

15.30000

-

-

-

 

 

Independence Avenue, Capital Centre Building, 3rd Floor, Suite 3-11, Trust&Fiduciary Services Ltd, V, Seychelles

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

Operations

 

Activity Code

Description

NACE 1.1

51.37

Wholesale of coffee, tea, cocoa and spices

 

 

 

 

 

 

 

 

Line of Business

According to the Article of Associations the current company deals with general trade although this was not confirmed. However the article makes provision for other activities as well.

According to desk research the subject deals with the trade of sesame seeds, cocoa beans, cocoa products (http://www.tradeindia.com/Seller-2804037-Jaqston-Trading-Ltd-/); however this could not be confirmed from official sources.

Business Activities
General Trading

Industry Classifications - NAICS
» Wholesale Trade Agents and Brokers NAICS #42512
» Wholesale Trade NAICS #42
» Other Miscellaneous Durable Goods Merchant Wholesalers NAICS #42399
» Apparel, Piece Goods, and Notions Merchant Wholesalers NAICS #4243
» Other Miscellaneous Nondurable Goods Merchant Wholesalers NAICS #42499

 

Export to

Percentage

 

 

Comments

Non Retrievable.

 

 

 

 

 

 

 

 

 

 

Import from

Percentage

 

Comments

Non Retrievable.

 

 

 

 

 

Market Territory

 

 

 

 

 

 

International Presence

100%

Subject is an International Business Company (IBC) with no offices of its own in Cyprus.

 

 

 

 

Premises

 

 

 

 

 

 

 

 

Type

Headquarters

 

Address:

12 Egypt Street, Nicosia, 1097, PoBox 22303, Cyprus

 

Headquarters comprise of

Offices

 

Headquarters operate as:

Correspondence Office

 

Affiliates and Subsidiaries

Relation

Year Reg.

LEXXI INVESTMENT LTD

Parent Company

 

Premier Building, Off. 406, Victoria, Mahe, Seychelles

HILLARY INC

Shareholder Company

 

 

 

Charges

 

No

Date registered

Date prepared

Type

Description/No

Amount

Sequence

Beneficiary

0

N/A

N/A

N/A

N/A

N/A

N/A

No charges found

 

 

 

Negatives

 

No negative data

 

 

Corporate Structure Detrimental

 

Legal Entities - Status

Company Name

Reg. No.

Status

CAMARILLO INVESTMENTS LIMITED

C122334

Dissolved

 

GALAMON INVESTMENTS LIMITED

C118155

Dissolved

 

 

 

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

The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 17/07/2006. According to desk research the subject deals with the trade of sesame seeds, cocoa beans, cocoa products. 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%.

Further more, 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 Christodoulos G. Vassiliades & 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.

 

 

 

Contact information

Name:

Not Available

Quality:

company

 

 

Title:

representative

 

 

Declined

Any info

A questionnaire was sent - no reply received

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.82

UK Pound

1

Rs.84.96

Euro

1

Rs.68.61

 

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.