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Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
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Name : |
KOKKINOS FARM LIMITED |
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Registered Office : |
Kritou Marotou, Pafos, 8747 |
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Country : |
Cyprus |
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Date of Incorporation : |
11.10.2000 |
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Com. Reg. No.: |
C115177 |
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Legal Form : |
Limited Company |
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Line of Business : |
Raising of poultry - This class includes: - raising and
breeding of poultry: > chickens, turkeys, ducks, geese and guinea fowls -
production of eggs from poultry - operation of poultry hatcheries - - This
class excludes: - production of feathers or down |
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|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Cyprus |
B2 |
B2 |
|
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.
|
Source
: CIA |
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Registered Name |
KOKKINOS FARM LIMITED |
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English Name |
KOKKINOS FARM LIMITED |
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Registered Address |
Kritou Marotou, Pafos,
8747, Cyprus |
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Headquarters: |
Kritou Marottou, 8747,
Pafos, Cyprus |
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Telephone |
+35725952410 / +35799613020 |
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E-mail |
Not applicable |
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Web Site |
Not applicable |
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Legal Type |
Limited Company |
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Registration No |
C115177 |
Registration Date |
11/10/2000 |
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Last annual report |
14/01/2004 |
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Last return |
05/07/2011 |
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CINFO ID: |
CYC11679097 |
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Status |
Registered and operational |
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|
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Employees |
July 2013 |
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Company |
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Total Number |
Not Available |
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Assessment: |
High Risk |
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Payment Habits: |
PROTESTED |
Negative payment incidents
found against Subject Company , Company's Principals and Affiliate
Company. – High Risk Transaction.Company Bank, Current Accounts
currently frozen. |
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Commercial morality |
Bad |
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Financial strength |
Unable to comment |
Given the fact that no
recent detailed financial statements were released to us, we feel unable to
express a safe and reliable opinion on their creditability and Financial
Strength. |
|
Date |
Event Name |
Old Value |
New Value |
|
01/01/2008 |
Authorized
Capital Changed |
50000.00
CYP |
85500.00
EUR |
|
01/01/2008 |
Issued
Capital Changed |
0.00
CYP |
0.00
EUR |
|
01/01/2008 |
Paid
Up Capital Changed |
1000.00
CYP |
1710.00
EUR |
|
01/01/2008 |
Asked
Capital Changed |
0.00
CYP |
0.00
EUR |
|
01/01/2008 |
Foreign
Capital Changed |
0.00
CYP |
0.00
EUR |
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01/01/2008 |
Nominal
Values of Shares Changed |
1.00
CYP |
1.71
EUR |
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Authorized Capital |
85,500.00 |
EUR |
Issued Capital |
1,710.00 |
EUR |
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Nominal No Of Shares |
50,000.00 |
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Issued No Of Shares |
1,000.00 |
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|
Nominal value |
1.71 |
EUR |
Paid Up |
1,710.00 |
EUR |
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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KOKKINOS STAVROU IOANNIS |
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Director |
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641119(ID) |
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50 |
11/10/2000 |
Yes |
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Marathounta,
8520, Pafos, Cyprus |
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Secretary |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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KOKKINOS STAVROU IOANNIS |
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Company
Secretary |
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641119(ID) |
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50 |
05/07/2011 |
Yes |
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Marathounta,
8520, Pafos, Cyprus |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
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KOKKINOS STAVROU IOANNIS |
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641119(ID) |
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CYPRIOT |
1000 |
100 |
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Marathounta,
8520, Pafos, Cyprus |
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Activity Code |
Description |
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NACE 2.1 |
4690 |
Non-specialised wholesale
trade - This class includes: - wholesale of a variety of goods without any
particular specialisation - - |
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NACE 2.1 |
4719 |
Other retail sale in
non-specialised stores - This class includes: - retail sale of a large
variety of goods of which food products, beverages or tobacco are not
predominant - activities of department stores carrying a general line of
merchandise, including wearing apparel, furniture, appliances, hardware,
cosmetics, jewellery, toys, sports goods etc. - - |
|
NACE 2.1 |
0147 |
Raising of poultry - This
class includes: - raising and breeding of poultry: > chickens, turkeys,
ducks, geese and guinea fowls - production of eggs from poultry - operation
of poultry hatcheries - - This class excludes: - production of feathers or
down, see 10.12 |
Line
of Business
According to the Article of
Associations the current company deals with general trade activities although
this was not confirmed. However the article makes provision for other
activities as well.
We have the impression that the company acts as a poultry farm.
Please note that negative payment incidents found against Subject Company,
Company’s Principals and Affiliate Company. – High Risk Transaction.
Company Bank, Current Accounts currently frozen.
Business Activities
General Trading
General Traders
Industry Classifications - NAICS
» Merchant Wholesalers, Durable Goods (NAICS # 423)
» Merchant Wholesalers, Nondurable Goods (NAICS # 424)
» Wholesale Trade Agents and Brokers (NAICS # 42512)
» Wholesale Trade (NAICS # 42)
» Retail Trade (NAICS # 44)
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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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Market Territory |
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Local
Presence: |
100% |
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Premises |
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Type |
Headquarters |
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Address: |
Kritou Marottou, 8747,
Pafos, Cyprus |
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Headquarters comprise of |
Offices |
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Affiliates and Subsidiaries |
Relation |
Year Reg. |
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M & J MEAT MARKET LTD |
Associated |
2009 |
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6 Lesseps, Agios
Athanasios, 4104, Limassol, Cyprus |
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No negative data
We tried
contacting the subject in question however our efforts were unsuccessful. There
was no reply to our several calls.
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.
COUNTRY DEVELOPMENTS:
The Eurozone
struck a deal on Saturday (16.03.2013) to hand Cyprus a bailout worth €10
billion, but demanded depositors in its banks forfeit some money to stave off
bankruptcy despite the risks of a wider bank run.
Cyprus becomes
the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro
zone for financial help in the wake of the region's debt crisis.
In a radical
departure from previous aid packages, Eurozone ministers forced Cyprus' savers,
almost half of whom are believed to be non-resident Russians, to pay up to 10
per cent of their deposits to raise almost €6 billion.
Without a
rescue, Cyprus would default and threaten to unravel investor confidence in the
euro zone that has been fostered by the European Central Bank's promise last year
to do whatever it takes to shore up the currency bloc. The bailout was smaller
than initially expected and is mainly needed to recapitalize the island's banks
that were hit by a sovereign debt restructuring in Greece. Banks in Cyprus will
be shut on Tuesday and Wednesday (19.03.2013 and 20.03.2013) pending a decision
by parliament to approve a levy on bank depositors. In return for emergency
loans, Cyprus also agreed to increase its corporate tax rate by 2.5 percentage
points to 12.5 per cent.
Cyprus's
parliament is set to reject the proposed package in a vote scheduled for
Tuesday 19.03.2013, pushing the island closer to a debt default and banking
collapse (End of Country Developments).
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. Local
Correspondent Negative Record Database
viii.
Relationship/Directorship Search through Local Correspondent Database
|
Contact Information |
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Name: |
Not Disclosed |
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|
Attempts to contact an official were unsuccessful |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.