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Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
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Name : |
COLIBIRT
FOUNDATION |
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Registered Office : |
77 Strovolou Avenue, Strovolos
Center, Room 201, Strovolos, 2018, Nicosia |
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Country : |
Cyprus |
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Date of Incorporation : |
19.03.2008 |
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Com. Reg. No.: |
279 |
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Legal Form : |
Institution (registered
in the Republic of Cyprus) |
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Line of Business : |
Subject operates within a synergetic structure that engages on a long term basis developing and executing non-profit and profit related activities |
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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 : |
No Complaints |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Cyprus |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 have traditionally been the most important sectors. Cyprus has
been a member of the European Union (EU) since May 2004 and adopted the euro as
its national currency in January 2008. During the first five years of EU
membership, the Cyprus economy grew at an average rate of about 4%, with
unemployment between 2004 and 2008 averaging about 3%. An overextended banking
sector with excessive exposure to Greek debt resulted in a contraction in
economic growth. Two of Cyprus' biggest banks were among the largest holders of
Greek bonds in Europe and had a substantial presence in Greece through bank
branches and subsidiaries. Following numerous downgrades of its credit rating,
Cyprus lost access to international capital markets in May 2011. The economy
contracted by an accumulated 8.2% between 2009 and 2013 and is not expected to
return to positive growth before 2015. Unemployment is currently over 17% and
expected to reach 19% in 2014. In July 2012, Cyprus became the fifth eurozone
government to request an economic bailout program from the European Commission,
European Central Bank and the International Monetary Fund - known collectively
as the "Troika". Shortly after the election of President Nicos
ANASTASIADES in February 2013, Cyprus faced an economic crisis and agreed with
the Troika to a $13 billion bailout that included losses on uninsured bank
deposits. The bailout triggered a two-week bank closure and the imposition of
capital controls, some of which remained in place through 2014. Cyprus' two
largest banks merged and the combined entity was recapitalized through
conversion of some large bank deposits to shares and imposition of losses on
some bank bondholders. The Troika conditioned the bailout on progress in
financial and structural reforms and privatization of state-owned enterprises.
Cyprus has downsized and restructured its banking sector significantly. Three
positive reviews by the Troika since May 2013 indicate that Cyprus’ bailout
program is on track with a fourth review scheduled in May 2014. In October
2013, Cyprus completed preliminary appraisal of hydrocarbon deposits in its
territorial waters, which revealed less than anticipated natural gas reserves.
Additional exploration drilling is likely to continue in 2014-2015.
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Source : CIA |
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Registered Name |
COLIBIRT FOUNDATION |
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English Name |
COLIBIRT FOUNDATION |
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Registered Address |
77 Strovolou Avenue, Strovolos
Center, Room 201, Strovolos, 2018, Nicosia, Cyprus |
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Headquarters: |
77 Strovolou Avenue, Strovolos
Center, Room 201, Strovolos, 2018, Nicosia, Cyprus |
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Fax |
+35722007812 |
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E-mail |
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Web Site |
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Registration No |
279 |
Registration Date |
19/03/2008 |
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Start Date |
19/03/2008 |
Years of Operation: |
6 |
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CINFO ID: |
CYC23367330 |
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Employees |
April 2014 |
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Company |
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Total Number |
Not
Available |
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Assessment: |
Nil
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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Financial
strength |
Unable
to comment |
Given
the fact that no recent detailed financial statements were disclosed, we feel
unable to express a safe and reliable opinion regarding their creditability
and Financial Strength. |
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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ARGUEDAS ANTONIO |
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Head
Economic Committee |
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(-) |
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- |
No |
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ZENKLUSEN DIEGO |
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Head
IT Solutions & Controlling |
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(-) |
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- |
No |
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TRUHOEL ROLF |
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Executive
Secretary |
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(-) |
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- |
No |
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ELEFTHERIOU MARIA |
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Member |
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(-) |
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- |
No |
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ANDREOU ARGIRIS |
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Chairman
/ Head Social Committee |
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(-) |
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- |
No |
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HARNISCH RALPH |
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Treasurer
& Secretary / Chief Executive Officer |
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(-) |
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- |
No |
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BULFCO ANGELICA |
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Member |
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(-) |
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- |
No |
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Line of
Business
The
Colibirt Foundation is an institution duly registered in the Republic of
Cyprus. It operates within a synergetic structure that engages on a long term basis
developing and executing non-profit and profit related activities. The
Foundation advocates a people first oriented investment policy as well as an
ethical approach of undertaking all business with the highest of integrity.
This thus provides added value and dynamism in pursuing the objective to find
quality solutions and integration to drive through social and economic change
The
Foundation’s commitment to a people first oriented investment advocacy as a
method of alleviating poverty, unemployment, illiteracy, knowledge and
intercultural deficits is the key to a balanced social and economic
environment. It embraces the future, as it takes on new and challenging relief
and development programs with a goal of transforming societies and building the
infrastructure for a more competitive human oriented economy.
It also highlights the importance of education in nurturing future generations
and provides the needed energy and resources to people across continents to
transform their rights, social peace and prosperity.
Core Activities and operations:
·
Food
and Agriculture
·
Social
/ Economic Housing
·
Renewable
Energy / Green Solutions
·
Children
Protection
·
Intercultural
Education - Knowledge Free Zone
·
Labor
Market Measures - Job Creation
·
Social
Assistance
·
Ecological
Engineering
·
Development
of New Technologies
To synergize and duplicate the mission on
a transnational basis, the defined Core Ativities resulted in a branding
strategy with two brands each for identifying economic and social engagements
of the Foundation.
Registration Number: 279
Registration Laws: The Associations and Foundations Laws of 1972 & 1997 and the Associations and
Foundation Regulations of 1973 &
1998 of the Repbulic of Cyprus
The Foundation is supervised & regulated by
the administrative body of the Government of the Republic of Cyprus.
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No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
|
0 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
No
charges found |
A
check against our revealed that no negative payment incidents against the
subject, such as unpaid invoices, dishonored cheques, utility bills,
bankruptcies etc. exist.
This information
is not available.
Attempts to contact to contact an
official proved unsuccessful. A written request was also left; however there
was no response up to now. Should any additional information become available,
we will provide you with a revised report.
The
information provided in this report was obtained through desk research.
Cyprus Country Development
For
information concerning recent political, social and economic developments in
Cyprus, follow the below link:
http://www.infocreditgroup.com/News/202/en/Cyprus-Country-Development-2014
Methodology Used For Report
Preparation
Perform Searches in:
ü The Registrar of Companies and Official
Receiver of the Republic of Cyprus.
ü In house databases for Detrimental
Information:
-
Bankruptcy and
Dissolution procedures.
-
Issuers of
Bounced Cheques.
-
Unpaid Bills.
ü Proprietary databases and global
subscription sites.
ü Global and local media.
ü Internet social networks.
ü Relationship/Directorship Search through
Local Database.
ü Other local databases as deemed
appropriate.
Conduct Interviews
with:
ü Official(s) / correspondent(s) of the
company under review.
ü Supplier(s) or other associated entities
of the company.
ü Other local resources with extensive
knowledge of the market.
Analysis
ü Process and analyse all information
gathered.
ü Perform a thorough quality check of the
report prior to sending it to the client.
Name: None at this stage
Attempts to contact an official were unsuccessful
A questionnaire was sent - no reply received
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
|
UK Pound |
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.