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Report Date : |
19.01.2013 |
IDENTIFICATION DETAILS
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Name : |
VERALCO (CYPRUS) LIMITED |
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Registered Office : |
118 Anexartisias, Apt.201, Limassol, 3040 |
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Country : |
Cyprus |
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Date of Incorporation : |
20.09.2007 |
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Com. Reg. No.: |
C208569 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale Trade Agents and Brokers |
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No. of Employees : |
Not
Available |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
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.
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Source : CIA |
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Registered Name |
VERALCO (CYPRUS) LIMITED |
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English Name |
VERALCO (CYPRUS) LIMITED |
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Registered Address |
118 Anexartisias, Apt.201,
Limassol, 3040, Cyprus |
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Headquarters: |
118 Anexartisias, DIAM 201,
Lemesos, 3040, Limassol, Cyprus |
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Telephone |
+35725746127 |
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Fax |
+35725746458 |
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E-mail |
info@veralco.com.eu |
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Web Site |
http://www.veralco.com.eu
(Under construction) |
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Legal Type |
Limited Company |
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Registration No |
C208569 |
Registration Date |
20/09/2007 |
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Start Date |
20/09/2007 |
Years of Operation: |
6 |
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Last return |
25/10/2007 |
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CINFO ID: |
CYC23128725 |
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Employees |
April 2012 |
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Company |
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Total Number |
Not Available |
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Additional Info: |
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Correspondence
& Legal Advisor: SUXESS MANAGEMENT LIMITED, 40 Kimonos, 3095, Limasoll,
Tel: 25342042 |
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Assessment: |
Above Average Risk |
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Payment
Habits: |
NO
COMPLAINTS |
A check
against all available information sources revealed that no late payment
incidents against Subject Company exist. |
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Commercial
morality |
Satisfactory |
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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. |
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Date |
Event Name |
Old Value |
New Value |
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20/09/2007 |
Change of name |
G.G. TRADE-AIM LIMITED |
VERALCO (CYPRUS) LIMITED |
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Authorized Capital |
20,000.00 |
EUR |
Issued Capital |
0.00 |
EUR |
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Nominal No Of Shares |
20,000.00 |
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Issued No Of Shares |
2,000.00 |
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Nominal value |
1.00 |
EUR |
Paid Up |
2,000.00 |
EUR |
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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GROUTIDIS MICHALIS |
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Director
/ Secretary |
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716176(ID) |
Businessman |
43 |
25/10/2007 |
Yes |
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35A
Vasileos Pavlou A', Limassol, Cyprus |
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Secretary |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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GROUTIDIS MICHALIS |
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Director
/ Secretary |
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716176(ID) |
Businessman |
43 |
25/10/2007 |
Yes |
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35A
Vasileos Pavlou A', Limassol, Cyprus |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
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GROUTIDIS MICHALIS |
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716176(ID) |
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CYPRIOT |
2000 |
100 |
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35A
Vasileos Pavlou A', Limassol, Cyprus |
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Activity Code |
Description |
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NACE 1.1 |
51.9 |
Other wholesale |
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NACE 1.1 |
52.12 |
Other retail sale in
non-specialized stores |
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US SIC 1987 |
331 |
Steel works, blast furnaces
and rolling and finishing manufacturing |
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.
After desk research we have the impression that the company in question deals
with the trade of steel products.Please note that this was not confirmed by an
outside source.
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
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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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Premises |
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Type |
headquarters |
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Address: |
118 Anexartisias, DIAM 201,
Lemesos, 3040, Limassol, Cyprus |
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Headquarters comprise of |
Offices |
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Banks |
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CYPRUS POPULAR BANK PUBLIC CO
LTD |
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39 Archiepiskopou Makariou C'
Avenue, 2025, Nicosia, Cyprus |
Charges
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No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
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1 |
27/12/2007 |
17/12/2007 |
Floating Charge on all
Company's Assets |
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25,000.00 CYP |
- |
Cyprus Popular Bank Public Co
Ltd |
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Total Number |
Total Amount (EUR) |
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Floating Charge on all
Company's Assets |
1 |
42,715.04 |
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TOTAL CHARGES |
1 |
42,715.04 |
No negative data
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Legal Entities - Status |
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Company Name |
Reg. No. |
Status |
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BEARING (A&P) CYPRUS SHIP
SUPPLIERS LIMITED |
C199656 |
Registered and operational |
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Legal Entities |
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Company Name |
Reg. No. |
Case No/ Invoice No. |
Default Desc. |
Amount |
Claimant |
Date of Claim |
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BEARING (A&P) CYPRUS SHIP
SUPPLIERS LIMITED |
C199656 |
1000095521 |
Telecom bills |
234.00 EUR |
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23/08/2012 |
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MAIN SOURCES OF INFORMATION
i. Visited Official Companies’
Registryii. 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 company in question deals
with the trade of steel products.
We tried contacting the company
in question several times; however our attempts to contact an
official were unsuccessful.Please note that the information included in
the report was obtained from the Official Companies’ Registrar and through desk
research.
A check against our revealed that
no negative payment incidents against Subject Company, such as unpaid invoices,
dishonored cheques and utility bills, bankruptcies exist etc.
COUNTRY DEVELOPMENTS:
On 13 June 2012, Moody’s Investor
Service once again downgraded Cyprus’s government bond ratings by two notches
to Ba3 from Ba1 and research is now being carried out for further possible
downgrade.
The Cypriot banks’ exposure to
Greece totals 29 billion Euros, or 160% of GDP, including both Greek government
bonds and loans to Greek residents. As a result, it is expected that an
increase of support by the government may have to be offered to the Cypriot
banks due to their exposure to the Greek government and economy and Moody’s
will be reflecting these in the Cypriot sovereign ratings.
On 25 June 2012 Financial Mirror
published that, Cyprus has applied for the European bailout fund due to its
need of 1.8 billion Euros to recapitalize its second largest lender, Cyprus
Popular Bank. Stefanos Stefanou, a government spokesman, said that negotiations
are yet to be made to determine the precise amount of money which will be lent
to Cyprus. He also noted that despite the aid request from the EU, the Cypriot
government will continue seeking for a loan from a country outside the EU, such
as China and Russia, needed to help cover its budget deficit (2011 deficit:
6.3% of GDP, one of the highest in the Eurozone).
The country has already borrowed
2.5bn euros from Russia, whose business people are important customers of
Cyprus's relatively large offshore financial sector which offers low tax rates.
If Russia accepts to supply another loan with a low interest rate then Cyprus
may be more willing to borrow the money to cover their refinancing needs from
Russia instead of the EU.
On 25 June 2012 Fitch announced a
downgrade of Cyprus’s rating by one notch from BBB- to BB+; a decision due to
Cyprus’s heavy exposure to the Greek economy.
Cyprus is keen to protect its low
10% corporate taxation rate which makes it an attractive base for foreign
companies. The government is reluctant to acquire loans from the EU due to fear
of further austerity measures placed, which may obstruct corporations from
situating themselves in Cyprus. (End of Country Developments)
Contact
Information
|
Name: |
None at current stage |
Recent
Enquiries on this subject
Last 3 months: |
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Last 1 month: |
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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.54.94 |
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1 |
Rs.86.24 |
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Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.