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Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
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Name : |
S.C. TWIST TRADING LIMITED |
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Registered Office : |
5Α Foti Pitta, Lakatameia, 2310, Nicosia |
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Country : |
Cyprus |
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Date of Incorporation : |
13.10.2005 |
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Com. Reg. No.: |
C166667 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale of coffee, tea, cocoa and spices |
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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 : |
Slow but 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 – 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.
Source
: CIA
Basic Information
Summary
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Operation
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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.65.86 |
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1 |
Rs.102.50 |
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Euro |
1 |
Rs.87.05 |
INFORMATION DETAILS
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Report
Prepared by : |
PDT |
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.