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Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
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Name : |
EP. L. EARTHLINE PHARMA LIMITED |
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Registered Office : |
39 Griva Digeni, Kolossi, 4632,
Limassol |
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Country : |
Cyprus |
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Date of Incorporation : |
23.02.2012 |
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Com. Reg. No.: |
C301711 |
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Legal Form : |
Limited Company |
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Line of Business : |
General Trading |
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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 : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
Unknown |
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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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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Assessment: |
N
Rating |
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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 |
Too
Early To Comment |
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Financial
strength |
Too
Early To Comment |
Given
the fact that the company is newly established, coupled with the fact that
this is an IBC (Offshore Company) and most of its activities are carried out
outside Cyprus, we feel unable to express a safe and reliable opinion on
their creditability and commercial morality of the subject, or comment on the
amount and terms of your inquiry. |
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Authorized Capital |
1,000.00 |
EUR |
Issued Capital |
1,000.00 |
EUR |
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Nominal No Of Shares |
1,000.00 |
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Issued No Of Shares |
1,000.00 |
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Nominal value |
1.00 |
EUR |
Paid Up |
1,000.00 |
EUR |
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Line of
Business
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.
Business Activities
General Trading
General Traders
Industry Classifications - NAICS
» Merchant Wholesalers, Durable Goods (NAICS # 423)
» Merchant Wholesalers, Nondurable Goods (NAICS # 424)
» Wholesale Trade Agents and Brokers (NAICS # 42512)
» Wholesale Trade (NAICS # 42)
» Retail Trade (NAICS # 44)
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Premises |
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Type |
Headquarters |
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Address: |
32
Kritis, Papachristoforou Building, 4th Floor, Limassol, 3087, Cyprus |
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Headquarters operate as: |
Correspondence
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 |
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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 The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 23/02/2012. According to the article of association the company deals with general trade. 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%. Furthermore, 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 Worldwide CorporateServices Ltd, where we talked to an official who informed us that the person in charge, Mrs Yianna Antoniou, was away on businees thus no informaiton could be provided. We have the impression that this is an IBC with no offices of its own in Cyprus; however this information could not be confirmed.
A check against our revealed that no negative payment incidents against Subject Company, such as unpaid invoices, dishonoured cheques and utility bills, bankruptcies exist etc. Contact Information Interview Date: 20/03/2013 Name: Not Available Quality: company Title: representative Couldn't supply Any info |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.28 |
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UK Pound |
1 |
Rs.82.06 |
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Euro |
1 |
Rs.70.23 |
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.