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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
S. H. FOOD MAX |
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Registered Office : |
3A Panagioti Toumazou, Oroklini
(voroklini), 7040, Larnaka |
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Country : |
Cyprus |
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Date of Incorporation : |
16.06.2011 |
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Com. Reg. No.: |
B36389 |
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Legal Form : |
Sole Proprietor |
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Line of Business : |
Retail
sale of food, beverages and tobacco in specialised stores |
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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 : |
Usually 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 – 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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Employees |
March 2013 |
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Company |
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Total Number |
Not
Available |
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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SARWAR HOQ |
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Owner |
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(-) |
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16/06/2011 |
No |
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3A
Panagioti Toumazou, Oroklini (voroklini), 7040, Larnaka, Cyprus |
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Activity Code |
Description |
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NACE
2.1 |
472 |
Retail
sale of food, beverages and tobacco in specialised stores |
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Export from |
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 |
Registered Address |
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Address: |
3A
Panagioti Toumazou, Oroklini (voroklini), 7040, Larnaka, Cyprus |
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No
negative data
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MAIN SOURCES OF INFORMATION
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 We contacted the Subject where we talked to Mr. Sarwar Hoq who asked for a written questionnaire in order to release any information regarding his business. Should any additional information becomes available we shall forward them to you as soon as possible.
The information provided was obtained from the Official Companies Registrar and through desk research.
A check against our records revealed that no negative payment incidents against Subject Company, such as unpaid invoices, dishonoured cheques and utility bills, bankruptcies exist etc.
COUNTRY DEVELOPMENTS:
The shortfall for Bank of Cyprus stands at €730 million, whereas the corresponding figure for Cyprus Popular Bank reached the amount of €1.125 million. The shortfall will be covered by the Euro area member-states through the EFSF/ESM, as part of Cyprus’ application for financial support. In October 2012 the unemployment in Cyprus has grown at the third fastest rate in the EU, behind Greece and Spain, reaching almost 11%, while the percentage of the population at risk of falling below the poverty line is also on the increase. The flow of deposits in the domestic banking system recorded a slight increase during August, according to data released by the Central Bank of Cyprus. The Central Bank announced on Thursday that deposits in domestic financial institutions recorded an increase of 0.5% during August on an annual basis or 837.9 million euro, reaching 70.66 billion euro compared to 69.82 billion in August of 2011. Based on the quarterly review carried out by the European Commission for economic and employment, the outlook for Cyprus remains bleak. It reported that unemployment in Cyprus continues to increase reaching 10.9% in July 2012 (10.4% for women and 11.4% men). 29 September 2012: Russia said on Friday it would only grant a bailout loan to Cyprus as part of a coordinated rescue with the European Union for the Mediterranean island state that is seeking a total of 20 billion euros ($25.7 billion) in aid. Regarding the gas deals Minister of Commerce, Industry and Tourism Neoklis Sylikiotis has said that the government is going to sign a series of agreements with Houston-based “Noble” as regards the supply of natural gas to Cyprus and the construction of a terminal for liquefied gas in Cyprus for export purposes. He also recalled that the Cabinet has taken a decision for the beginning of negotiations in order to reach an interim solution for the supply of natural gas for the local market before 2017. The trade deficit decreased by 15,1% or 325 million in the first half of 2012, compared to the same period of 2011. According to the monthly report “Intra-Extra E.U Trade Statistics (Summarised Data)” for June 2012, trade deficit for the period January-June 2012 was 2.151 billion compared to 2.476 billion in the corresponding period of 2011. Cyprus which concluded in 2011 a 2.5 billion EUR with the Russian Federation, has requested a new loan agreement. Excluded from the international capital markets as of May 2011, Cyprus on June 25 applied to the EFSF for financial assistance to bailout its two main banks, Bank of Cyprus and Cyprus Popular Bank, which have been severely hit by the Greek sovereign debt haircut and to cover its refinancing need. (End of Country Developments). Contact Information Interview Date: 13/03/2013 Name: Mr. Sarwar Hoq Quality: sole Title: proprietor Couldn't supply Any info A questionnaire was sent - no reply received |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.16 |
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UK Pound |
1 |
Rs.81.74 |
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Euro |
1 |
Rs.70.50 |
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.