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Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
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Name : |
VIANOVA HOLDINGS LIMITED |
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Registered Office : |
16 Kyriakou Matsi, Eagle House,
10th Floor, Agioi Omologites, |
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Country : |
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Date of Incorporation : |
18.04.2007 |
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Com. Reg. No.: |
C196908 |
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Legal Form : |
Limited Company |
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Line of Business : |
Investment and Finance Company |
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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 : |
--- |
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Litigation : |
--- |
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 |
June 2013 |
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Company |
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Total Number |
Not Available |
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The company does not maintain
offices in Cyprus. At least we did not trace any. Under these circumstances
no staff is employed. In such cases, companies utilize staff (2-3 people)
from their auditors’ or lawyers’ offices. |
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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ARGYRIDOU CHRYSTALLA |
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Director |
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565656(ID) |
Secretary |
53 |
30/11/2012 |
Yes |
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6B Ardanon, Pallouriotissa,
1041, Nicosia, Cyprus |
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ALEXANDROU
YIANNA |
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Director |
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704035(ID) |
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42 |
31/07/2009 |
Yes |
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6 Pente Pigadion, Rita Court 7, 1st Floor, Apt. 103, Agioi
Omologites, Nicosia, 1076, Cyprus |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
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CHANTECLAIR PROFESSIONAL SERVICES LIMITED |
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C20080 |
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2000 |
100 |
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16 Kyriacou Matsi, Eagle House,
10th Floor, Agioi Omologites, 1082, Nicosia, Cyprus |
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Other Directorship: |
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No Information Found |
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Activity Code |
Description |
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NACE 2.1 |
6499 |
Other financial service
activities, except insurance and pension funding n.e.c. - This class
includes: - other financial service activities primarily concerned with
distributing funds other than by making loans: > factoring activities >
writing of swaps, options and other hedging arrangements > activities of
viatical settlement companies - own-account investment activities, such as by
venture capital companies, investment clubs etc. - - This class excludes: -
financial leasing, see 64.91 - security dealing on behalf of others, see
66.12 - trade, leasing and renting of real estate property, see division 68 -
bill collection without debt buying up, see 82.91 - grant-giving activities
by membership organisations, see 94.99 |
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According
to the article of Association, the company in question was established in
order to get involved with Investment Activities. However, this information
was not confirmed; of course the article makes provision of other activities
as well. We have the impression that this is an International Business
Company registered in Cyprus. |
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No negative data
The present is an International Business Company - IBC (ex - Offshore
Company) registered in Cyprus on 18/04/2007. According to the article of
association the company is involved with Investment Activities. However, this
information was not confirmed. Of Course the article makes provision of other
activities as well. We have the impression that this is an International
Business Company.
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 company’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 IBC’s (ex offshore companies & offshore branches) used 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 (IBC’s) and thus, the net profits of all
companies registered in Cyprus are taxed at the rate of 10%.
Further more, in the past the law required the IBC’s (ex offshore 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.
We were not able to trace any offices for the company in question in Cyprus;
however we contacted the company's correspondence Georgiades & Pelides LLC
where the official declined to release any information such as if the company
is an IBC or not and if they maintain offices of their own in Cyprus, due to
the confidentiality policy owed to their clients.
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, utility bills, bankruptcies etc exist.
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
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Contact Information |
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Name: |
Not Disclosed |
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Quality: |
company |
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Title: |
representative |
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Couldn't supply |
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Any info |
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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.59.70 |
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UK Pound |
1 |
Rs.92.22 |
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Euro |
1 |
Rs.79.19 |
INFORMATION DETAILS
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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.