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Report Date : |
14.08.2013 |
IDENTIFICATION DETAILS
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Name : |
VIRMINA TRADING LIMITED |
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Registered Office : |
3 Michail Koutsofta, Limassol, 3031 |
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Country : |
Cyprus |
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Date of Incorporation : |
26.10.2006 |
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Com. Reg. No.: |
C186253 |
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Legal Form : |
Limited Company |
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Line of Business : |
Merchant Wholesalers, Durable Goods |
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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 – 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.
Source
: CIA
Basic
Information
Summary
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Corporate Structure
Directors Position Acts As ID Occupation Age Appointed Other dir. STYLIANIDES STELIOSDirector 377430(ID) 79 26/10/2006 Yes 6 Myronos, 3065,
Limassol, Cyprus Other Directorship: Name Registration Date Reg. No. Status Position Update Date REGISTON
HOLDINGS LIMITED19/02/2010 C262774Registered and operationalDirector17/05/2013 Q.C.
BIOMEDICAL LIMITED03/07/2009 C251896Registered and operationalDirector19/02/2013 RACHIANI
SERVICES LIMITED21/09/2010 C273988Registered and operationalDirector07/02/2013 BOOMER
SECRETARIAL LIMITED02/04/1996 C77993Registered and operational Director / Secretary 02/08/2012 TANGUERA
LIMITED 30/09/2008 C239045Registered and operationalDirector05/07/2012 INTELMED
CYPRUS LIMITED06/07/2011 C290080Registered and operationalDirector29/06/2012 NAVOUHA
SERVICES LIMITED27/07/2007 C204669Registered and operationalDirector20/04/2012 L BIO
SYSTEMS LIMITED30/09/2006 C184817 Registered
and operationalDirector 02/04/2012 ANGELIQUE
LIMITED 08/06/2010 C268492 Registered
and operationalDirector 07/03/2012 LELAR
HOLDING LIMITED06/05/2004 C148169 Registered
and operationalDirector 10/02/2012 Note: In order to view a full list please order a
directorship report. Other Shareholding: Name Registration Date Reg. No.Status % Update Date REGISTON
HOLDINGS LIMITED19/02/2010 C262774Registered and operational10 17/05/2013 BOOMER
SECRETARIAL LIMITED02/04/1996 C77993Registered and operational1 02/08/2012 SAHAR WADIH CHAHINE Director (-) 01/08/2008 No 75 Street, Cherfan
Bldg, Sohoile Jounieh, Lebanon Other Directorship: No Information Found Other Shareholding: No Information Found Secretary Position Acts As ID Occupation Age Appointed Other dir. BOOMER SECRETARIAL LIMITED Company Secretary C77993 0 26/10/2006 No 3 Michail
Koutsofta, Limassol, 3031, Cyprus Other Directorship: No Information Found Other Shareholding: Name Registration Date Reg. No. Status % Update Date MAVELOT
SERVICES LIMITED 01/06/2009C250624Registered and operational100 29/03/2012 L BIO
SYSTEMS LIMITED 30/09/2006C184817Registered
and operational100 02/04/2012 NAVOUHA
SERVICES LIMITED 27/07/2007C204669Registered and operational100 20/04/2012 WTD LIMITED 18/02/2009C246071Registered and operational100 08/05/2012 BARVIN
ENTERPRISES LIMITED 11/07/2005C162908Registered and operational100 19/06/2012 TANGUERA
LIMITED 30/09/2008C239045Registered and operational100 05/07/2012 RACHIANI
SERVICES LIMITED 21/09/2010C273988Registered and operational100 07/02/2013 Q.C.
BIOMEDICAL LIMITED 03/07/2009C251896Registered and operational100 19/02/2013 TWINFEX
HOLDINGS LIMITED 09/05/2007C198855Registered and operational100 28/12/2010 VIVEKA
ENTERPRISES LIMITED 21/05/2008C229535Registered and operational100 28/12/2010 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 SAHAR WADIH CHAHINE (-) LEBANESE 1000 100 - - - 75 Street, Cherfan Bldg,
Sohoile Jounieh, Lebanon Other Directorship: No Information Found Other Shareholding: No Information Found |
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Operation
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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.61.43 |
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1 |
Rs.95.07 |
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Euro |
1 |
Rs.81.77 |
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.