MIRA INFORM REPORT
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Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
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Name : |
DELICACY FOOD LIMITED |
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Registered Office : |
Industrial Area, Deryneia,
Famagusta |
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Country : |
Cyprus |
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Date of Incorporation : |
21.09.1984 |
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Com. Reg. No.: |
C22793 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of condiments and
seasonings |
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No. of Employees : |
40 |
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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Cyprus |
B2 |
B2 |
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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
can fluctuate 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 anemic growth in 2010-11 before contracting again by 2.3% in 2012.
Serious problems surfaced in the Cypriot financial sector in early 2011 as the
Greek fiscal crisis and euro zone debt crisis deepened. Cyprus's borrowing
costs have risen steadily because of its exposure to Greek debt. 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.
Cyprus experienced numerous downgrades of its credit rating in 2012 and has
been cut off from international money markets. The Cypriot economy contracted
in 2012 following the writedown of Greek bonds. A liquidity squeeze is choking
the financial sector and the real economy as many global investors are
uncertain the Cypriot economy can weather the EU crisis. The budget deficit
rose to 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 implemented
measures to cut the cost of the state payroll, curb tax evasion, and revamp
social benefits, and trimmed the deficit to 4.2% of GDP in 2012. In July, Nicosia
became the fifth euro zone government to request an economic bailout program
from the European Commission, the European Central Bank, and the International
Monetary Fund - known collectively as the "Troika". Negotiations over
the final details of the plan are ongoing.
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Source : CIA |
Basic
Information
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Summary
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Employees |
April 2013 |
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Company |
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Total Number |
40 |
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Payment
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Business
History
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Corporate structure
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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CHRISTODOULOU SPYROS |
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Director |
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561059(ID) |
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53 |
21/09/1984 |
Yes |
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Paralimni,
Famagusta, Cyprus |
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TSANGARIS IOANNIS |
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Director |
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566757(ID) |
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54 |
21/09/1984 |
Yes |
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Paralimni,
Famagusta, Cyprus |
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KOUTSOLOUKAS GEORGIOS |
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Director |
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500866(ID) |
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60 |
21/09/1984 |
Yes |
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Paralimni,
Famagusta, Cyprus |
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Operations
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Activity Code |
Description |
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NACE
2.1 |
1084 |
Manufacture
of condiments and seasonings - This class includes: - manufacture of spices,
sauces and condiments: > mayonnaise > mustard flour and meal >
prepared mustard etc. - manufacture of vinegar - This class also includes: -
processing of salt into food-grade salt, e.g. iodised salt - This class
excludes: - growing of spice crops, see 01.28 |
Line of Business
Delicacy
Foods was established in 1984 with a sole purpose the production of different
appetizers.
Delicacy Foods was established in 1984 with a sole purpose the production of
different appetizers. Today Delicacy Foods produces over 55 different kinds of
products in various packaging for both retail and wholesale markets.
Subject has 24 vehicles including: 24 vans; which are used in the running of
the business.
Sells to group companies, supermarkets, grocery stores, wholesalers, hotels and
restaurants on a regular basis.
Export to Percentage
Comments Subject
does not engage in any export activity.
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Import from |
Percentage |
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Belgium,
Greece, India |
100% |
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Import Terms |
Percentage |
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The
subject also operates with credit facilities in selected cases. |
100% |
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Market Territory |
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Local
Presence: |
100% |
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The
subject sells to supermarkets, grocery stores, wholesalers, hotels and
restaurants on a regular basis. |
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Sales |
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Number
of Accounts: |
3200 |
Selling
Terms: |
Open
account |
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Brands |
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Brand Name |
Photo |
Description |
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DELICACY
FOODS |
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Premises |
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Type |
Headquarters |
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Address: |
18
Alexandrou Gkracham Bel, Deryneia Industrial Area, Deryneia, 5380, PoBox
33094, Famagusta, Cyprus |
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Headquarters comprise of |
Offices,
Factory, Warehouse |
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Headquarters are |
Owned |
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Size (sq m): |
3500 |
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Type |
Nicosia Branch |
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Headquarters comprise of |
Warehouse |
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Headquarters are |
Rented |
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Headquarters operate as: |
warehouse |
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Type |
Paphos branch |
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Headquarters comprise of |
Warehouse |
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Headquarters are |
Rented |
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Headquarters operate as: |
warehouse |
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Type |
Paralimni branch |
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Headquarters comprise of |
Warehouse |
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Headquarters are |
Rented |
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Headquarters operate as: |
warehouse |
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Banks
HELLENIC BANK PUBLIC
COMPANY LIMITED
200 Lemesou Avenue, & Athalassas Corner, Strovolos, 2025, Nicosia, Cyprus
BANK OF CYPRUS PUBLIC
COMPANY LIMITED
51 Stasinou, Agia Paraskevi, Strovolos, 2002, Nicosia, Cyprus
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Affiliates and Subsidiaries |
Relation |
Year
Reg. |
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ALBIA
PROPERTIES LIMITED |
Affiliated
Company |
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OCEAN
AQUARIUM LIMITED |
Affiliated
Company |
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SPYSOL
LEISURE LIMITED |
Affiliated
Company |
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Charges
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Total Number |
Total Amount (EUR) |
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Mortgage |
1 |
683,440.58 |
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Floating
Charge on all Company's Assets |
5 |
982,445.83 |
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Fixed
Charge on the Company's Motor Vehicle |
1 |
748,939.81 |
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TOTAL CHARGES |
7 |
2,414,826.22 |
Negatives
No negatives data
Financial
Statement
Additional
Information
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
We contacted the company in question and talked to Ms Eleni
Tsangari, company officer, who confirmed general details of this report;
however Ms Tsangari declined to release any financial information for the
subject.
Please note that no detailed Financial Information became
available to us; neither it was released by the subject at present.
Furthermore, no Published Final Accounts were filled in the company's file kept
with the local official companies' registry, as the law provides for all
companies.
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 Eleni Tsangari
Quality: company
Title: official
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.29 |
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UK Pound |
1 |
Rs.83.88 |
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Euro |
1 |
Rs.70.68 |
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.