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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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Name : |
MEDIKL LIMITED |
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Registered Office : |
16 Kyriacou Matsi, Eagle House, 10th Floor, Agioi
Omologites, 1082, |
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Country : |
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Date of Incorporation : |
15.12.2007 |
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Com. Reg. No.: |
C216213 |
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Legal Form : |
Limited Company |
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Line of Business : |
Research-oriented company development of pharmaceutical
products |
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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 : |
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.
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Source : CIA |
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Employees |
July
2013 |
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Company |
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Total
Number |
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Not Available |
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Georgiades & Pelides
LLC |
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16 Kyriakos Matsis
Avenue,Eagle House, 10th Floor,1082 Ayioi Omoloyites, Nicosia, Cyprus P.O.Box 21451, 1509 Nicosia, Cyprus Tel.: 357 22889000 |
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Date |
Event
Name |
Old
Value |
New
Value |
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01/01/2008 |
Authorized Capital Changed |
1000.00 CYP |
1710.00 EUR |
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01/01/2008 |
Paid Up Capital Changed |
100.00 CYP |
171.00 EUR |
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01/01/2008 |
Asked 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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15/12/2007 |
Change of name |
OLCO HOLDINGS LIMITED |
MEDIKL LIMITED |
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Authorized
Capital |
1,710.00 |
EUR |
Issued
Capital |
171.00 |
EUR |
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Nominal
No Of Shares |
1,000.00 |
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Issued
No Of Shares |
100.00 |
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Nominal
value |
1.71 |
EUR |
Paid
Up |
171.00 |
EUR |
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Shareholders |
ID /
Reg. No. |
Acts
As |
Nationality |
Shares |
% |
Shares
Breakdown |
Class |
Type |
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CHANTECLAIR
MANAGEMENT LIMITED |
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C54022 |
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- |
50 |
50 |
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16 Kyriakou Matsi, Eagle
House, 10th Floor, Agioi Omologites, Nicosia, 1082, Cyprus |
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CHANTECLAIR
PROFESSIONAL SERVICES LIMITED |
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C20080 |
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- |
50 |
50 |
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16 Kyriakou Matsi, Eagle
House, 10th Floor, Agioi Omologites, Nicosia, 1082, Cyprus |
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Activity
Code |
Description |
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NACE 2.1 |
7211 |
Research and experimental development on biotechnology -
This class includes research and experimental development on biotechnology: -
DNA/RNA: genomics, pharmacogenomics, gene probes, genetic engineering,
DNA/RNA sequencing/synthesis/amplification, gene expression profiling, and
use of antisense technology - proteins and other molecules:
sequencing/synthesis/engineering of proteins and peptides (including large
molecule hormones); improved delivery methods for large molecule drugs;
proteomics, protein isolation and purification, signalling, identification of
cell receptors - cell and tissue culture and engineering: cell/tissue
culture, tissue engineering (including tissue scaffolds and biomedical
engineering), cellular fusion, vaccine/immune stimulants, embryo manipulation
- process biotechnology techniques: fermentation using bioreactors,
bioprocessing, bioleaching, biopulping, biobleaching, biodesulphurisation,
bioremediation, biofiltration and phytoremediation - gene and RNA vectors:
gene therapy, viral vectors - bioinformatics: construction of databases on
genomes, protein sequences; modelling complex biological processes, including
systems biology - nanobiotechnology: applies the tools and processes of
nano/microfabrication to build devices for studying biosystems and
applications in drug delivery, diagnostics etc. - - |
The current company is a
research-oriented company focused on the development of pharmaceutical
products.
Business Activities
Research-oriented company
Development of pharmaceutical products
Industry Classifications - NAICS
Β»Scientific Research and Development Services (NAICS #5417)
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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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International Presence |
100% |
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Subject
is an International Business Company (IBC) with offices of its own in
Cyprus |
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Premises |
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Type |
Headquarters |
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Address: |
20 Vasilissis Freiderikis, El
Greco House, Nicosia, 1066, Cyprus |
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Headquarters
comprise of |
Offices |
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Headquarters
operate as: |
Office |
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No |
Date
registered |
Date
prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
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0 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
No charges found |
No negative data
The
present is an International Business Company (IBC) (ex - Offshore Company)
registered in Cyprus on 15/12/2007 with offices of its own in Cyprus.however we
contacted the company in question and talked with Ms Anna Selipa who confirmed
that the subject is an International Business Company (IBC) with no activities
in Cyprus. In addition she informed us that the subject operates in the USA and
is part of the Genepharm Group of Companies.
However, she stated unauthorized to provide any further information regarding the subject and asked for a written questionnaire. A written questionnaire was send, but there was no response yet. Should any additional information becomes available we will forward them to you as soon as possible.
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 companyΒ’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 IBCΒ’s (ex offshore companies & offshore branches) u sed
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 (IBCΒ’s) and thus, th net profits of all
companies registered in Cyprus are taxed at the rate of 10%.
Further more, in the past the law required the IBCΒ’s (ex offshor
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.
Please note that the information included in the report was obtained from the
Official Companies' Registrar from the companyΒ’s website a nd through
desk research.
A check against our revealed that no negative payment incidents against Subject
Company, such as unpaid invoices, utility bills, bankruptcies etc exist.
MAIN SOURCES OF INFORMATION
i. Visited Official CompaniesΒ’ 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
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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.60.10 |
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UK Pound |
1 |
Rs.91.07 |
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Euro |
1 |
Rs.77.95 |
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.