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Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARXO RESOURCES LIMITED |
|
|
|
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Formerly Known as: |
ZIRCONIUM RESOURCES LIMITED |
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Registered Office : |
17 Neofytou Nikolaidi, & Kilkis Corner,
S. Pittokopitis Bldg., 1st Floor, |
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Country : |
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Date of Incorporation : |
01.02.2008 |
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Com. Reg. No.: |
C221459 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale of metals and metal ores |
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No. of Employees |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Offshore Company |
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|
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Payment Behaviour : |
Unknown |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Cyprus |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 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.
|
Source
: CIA |
|
Registered Name |
ARXO RESOURCES LIMITED |
||
|
English Name |
ARXO RESOURCES LIMITED |
||
|
Registered Address |
17 Neofytou Nikolaidi, & Kilkis Corner,
S. Pittokopitis Bldg., 1st Floor, Apt. 108-110, Pafos, 8011, Cyprus |
||
|
Headquarters: |
17 Neofytou Nikolaidi Kai Kilkis,
Pittokopitis Business Centre, Office 109, Pafos, 8011, Cyprus |
||
|
Telephone |
+35726257052 |
||
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E-mail |
|||
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Web Site |
|||
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Status |
Registered and operational |
||
|
Legal Type |
Limited Company |
||
|
Registration No |
C221459 |
Registration Date |
01/02/2008 |
|
Start Date |
01/02/2008 |
Years of Operation: |
6 |
|
Last return |
13/02/2014 |
Tax Reg No: |
VAT:CY10221459H |
|
CINFO ID: |
CYC23156899 |
|
|
|
Employees |
August 2014 |
|
|
|
Company |
|
|
Total Number |
Not Available |
|
|
Assessment: |
Nil Rating |
|
|
Payment Habits: |
NO COMPLAINTS |
A check against all available information sources
revealed that no late payment incidents against Subject Company exist. |
|
Financial strength |
Unable to comment |
Given that the present is an International
Business Company - IBC (Offshore Company) and most of its activities are carried
out outside Cyprus, coupled with the fact that no further detailed financial
information is available, we feel unable to express a safe and reliable
opinion on their creditability and commercial morality of the subject |
|
Date |
Event Name |
Old Value |
New Value |
|
19/04/2011 |
Change of name |
ZIRCONIUM RESOURCES LIMITED |
ARXO RESOURCES LIMITED |
|
Registered |
From: |
To: |
|
3, Alkiviadi, Pafos, 8011, , Cyprus, |
01/02/2008 |
31/01/2014 |
|
Authorized Capital |
1,000.00 |
EUR |
Issued Capital |
1.00 |
EUR |
|
Nominal No Of Shares |
1,000.00 |
|
Issued No Of Shares |
1.00 |
|
|
Nominal value |
1.00 |
EUR |
Paid Up |
1.00 |
EUR |
|
Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
POUROULIS FOIVOS |
|
Director |
|
1086170(ID) |
Businessman |
40 |
04/02/2011 |
Yes |
||||||||||||||||||||||||||||||||||||||||||||||||||
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3 Alkiviadi, Ioannou Bldg., Apt. 402,
Pafos, 8011, Cyprus |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KUN TU |
|
Director |
|
G40693302(Passport) |
Businessman |
44 |
04/02/2011 |
No |
|||||||||||||||||||||
|
1896 No 103 Huizhongli, Bldg. B Peking
Times Square, Beijing, 100101, Chaoyang, China |
|||||||||||||||||||||||||||||
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TAVROS MARIOS |
|
Director |
|
896874(ID) |
Businessman |
43 |
30/01/2013 |
Yes |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
4 Vasili Michailidi, Oikia, Apt. 1, Tala,
Pafos, 8577, Cyprus |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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MICHAEL GIFFORD JONES |
|
Director |
|
M00005889(Passport) |
Accountant |
52 |
30/01/2013 |
Yes |
||||||||||||||||||||||||||||||||||||||||||||||||||
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6 Eleventh
Avenue, ParkTown North, Johannesburg, 2121, South Africa |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Secretary |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
||||||||||||||||||||||
|
SANET DE WITT |
|
Company Secretary |
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A01634930(Passport) |
Certified Secretary |
48 |
13/02/2014 |
No |
|||||||||||||||||||||
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17 Neofytou Nikolaidi, & Kilkis Corner,
S. Pittokopitis Bldg., 1st Floor, Apt. 108-110, Pafos, 8011, Cyprus |
|||||||||||||||||||||||||||||
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LYSANDRIDES LYSANDROS |
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Company Secretary |
|
885902(ID) |
Legal Consultant |
34 |
13/02/2014 |
No |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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26 Vyronos, 3rd Floor, Nicosia, 1096,
Cyprus |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
||||||||||||||||||||||||||||||||||||||||||||||||||
|
THARISA PLC |
|
C223412 |
|
- |
1 |
100 |
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3 Alkiviadi, Ioannou Court, Ground Floor, Apt.
001, Pafos, 8011, Cyprus |
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Activity Code |
Description |
|
|
NACE 2.1 |
4672 |
Wholesale of metals and metal ores - This
class includes: - wholesale of ferrous and non-ferrous metal ores - wholesale
of ferrous and non-ferrous metals in primary forms - wholesale of ferrous and
non-ferrous semi-finished metal products n.e.c. - wholesale of gold and other
precious metals - - This class excludes: - wholesale of metal scrap, see
46.77 |
|
Line of Business |
|
Subject is one of the subsidiary companies of
Tharisa Plc (Registration Number C223412), a European headquartered
integrated resource group incorporating mining, processing, beneficiation,
marketing, sales and logistics. Tharisa is a low cost producer of PGMs and
chrome concentrate resulting from two distinct revenue streams from a single
resource and costs being shared between the commodities. Tharisa's main
operations are in Cyprus and South Africa. The Tharisa Mine is chrome mine
that has an estimated open-pit life of greater than 23 years and an estimated
further 36 years underground and has been in production since November 2009. |
|
Export to |
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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Market Territory |
|||
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International Presence |
100% |
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Premises |
|||
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Type |
Headquarters |
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Address: |
17 Neofytou Nikolaidi Kai Kilkis,
Pittokopitis Business Centre, Office 109, Pafos, 8011, Cyprus |
||
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Headquarters comprise of |
Offices |
||
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Affiliates and Subsidiaries |
Relation |
Year Reg. |
|
THARISA PLC |
Parent Company |
2008 |
|
3 Alkiviadou, Pafos, 8011, Cyprus |
||
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THARISA INVESTMENTS LIMITED |
Associated |
2010 |
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3 Alkiviadi, Ioannou Bldg, Apt. 01, Pafos, 8011,
Cyprus |
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THARISA ADMINISTRATION SERVICES LIMITED |
Associated |
2011 |
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3 Alkiviadi, Ioannou Bldg, Apt. 001, Pafos,
8011, Cyprus |
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A check against our revealed that no negative
payment incidents against the subject company, such as unpaid invoices,
dishonored cheques, utility bills, bankruptcies etc. exist.
Please note
that the latest financial details were not available at the file of the company
at the official companies' registry house; as the law provides for all
companies. No financial details were available from other public sources.
|
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http://www.goldnews.com.cy
01/04/2014 |
|
|
Platinum mining company Tharisa Plc became the third basic resources
company to list on the Johannesburg Stock Exchange's (JSE) Main Board this
year. The Paphos-based company produces and sells platinum group metals
(PGM) and chrome concentrate. It holds a 74% stake in Tharisa Minerals, which owns and operates the
Tharisa Mine, a shallow and large-scale open pit PGM and chrome mine located
outside Rustenburg, South Africa. According to the Group, the mine has an estimated open-pit life of
greater than 23 years with an estimated further 36 years underground, and has
been in production since November 2009. Phoevos Pouroulis, CEO of Tharisa Plc, said this was a significant
milestone for the company. 'We are optimistic about the outlook for platinum and chrome markets
and we believe Tharisa is uniquely positioned through our low-cost, open pit integrated mining, processing, marketing, sales and logistics
operations to service the growing global demand in PGM, chrome and other
steel raw material sectors,' he said. On Apr 10, 2014, reported that: Johannesburg, 10 April. This morning
Tharisa Plc (JSE:THA) listed on the Johannesburg Stock Exchange (JSE) and
became the third company to be welcomed to the exchange's Main Board this
year. Tharisa is an integrated resources group incorporating the production
and sale of processed platinum group metals (PGM's) and chrome concentrate.
The company is headquartered in Cyprus, but holds a 74% shareholding in Tharisa
Minerals which owns and operates the Tharisa Mine, a shallow and large-scale
open pit PGM and chrome mine located outside Rustenburg. The mine has an
estimated open-pit life of greater than 23 years with an estimated further 36
years underground and has been in production since November 2009. 'The JSE is proud to be able to play to our part in Tharisa's growth
story. Basic resource companies make up almost a quarter of the JSE's total
market capitalisation and are a crucial part of the South African economy. We
are pleased to provide a platform where this sector can raise capital to
expand further' says Zeona Jacobs, the Director of Issuer and Investor
Relations at the JSE. 'Successfully fulfilling our commitment to list on the JSE is an
important milestone for all of us at Tharisa and we are grateful for the
support from our shareholders and partners in arriving here. We are optimistic
about the outlook for platinum and chrome markets and we believe Tharisa is
uniquely positioned through our low cost, open pit integrated mining,
processing, marketing, sales and logistics operations to service the growing
global demand in PGM, chrome and other steel raw material sectors' says Phoevos
Pouroulis, the CEO of Tharisa Plc. Tharisa's listing brings the number of basic resource companies listed
on the JSE to 68. These companies represent about R2,6 trillion of the JSE's
total market capitalisation of R11,2 trillion. Tharisa will issue up to 257
million shares and will be trading under the Main Board's General Mining
subsector. About JSE Limited As South Africa's only full service securities exchange, the JSE
connects buyers and sellers in five different financial markets, namely
equities, equity derivatives, commodity derivatives, currency derivatives and
interest rate products. The JSE Ltd offers the investor a truly first world
trading environment, with world class technology, surveillance and settlement
in an emerging market context. It is amongst the top 20 largest equities
exchanges in terms of market capitalisation in the world. In terms of
derivatives, the JSE is currently ranked the 20th largest exchange by the
Futures Industry |
|
|
http://www.bdlive.co.za/
10/04/2014 |
|
|
BUSINESS DAY TV: Tharisa Plc marks the newest listing on the JSE and joining me on News
Leader is Phoevos Pouroulis, CEO of Tharisa Plc. Were you happy to list at the point that you did because you had the
private placement, the capital raising beforehand and you effectively raised
half of what you sought.... PHOEVOS POUROULIS: Yes, we're delighted to be listed on the
Johannesburg Stock Exchange. The capital that we've raised is sufficient for
us to omplete our optimisation
initiatives that we have outlined in our listing statement, being the
high-energy flotation, ultra-fine grind and magnetic separation initiatives which generally improve the recovery of the minerals that
we extract, being a co-producer of PGMs (platinum group metals) and chrome
concentrate. So those are all on track. The balance of the funding - we have
alternate sources being export credit finance, credit lines and some
infrastructural funding. So everything is on track as planned and, as I say,
we're very happy to have debuted here on the JSE. BDTV: Could you have delayed the listing or were you under contractual
obligation to come to market? PP: No, we were under contractual obligation to (have the) IPO
(initial public offering) within a certain timeframe which we fulfilled and
we're very happy with the fact that we've got here and we've got the company away. BDTV: Sure, but on that point in just reading through the Sens
statement that you released a couple of days ago it seemed the Pouroulis
family came in and supported the placement to quite a large extent. Actually what
percentage of the company does the Pouroulis family hold? PP: Just short of 50% of the business directly and indirectly and it's
testament to the belief that we have in this business ... it's a robust,
long-term competitive business. It's a large-scale open pit, 23-year life of
mine, co-product, it's unique in nature and the feedback that we got from our investor roadshow was very positive. It ticked all the boxes, people
like the business, they like the story and we hope we can get support in the
future. On Mar 25, 2014, http://www.businessweek.com/ reported that: Tharisa
Plc, which mines chrome and platinum group metals in South Africa, plans to
start trading on the Johannesburg Stock Exchange (JSE) and seeks to raise 1
billion rand ($93 million) in a private share placement. The company wants to acquire 'large-scale and low-cost projects that
are in or close to production,' Paphos, Cyprus-based Tharisa said in a
statement today. Its mine near Rustenburg, 95 kilometers (59 miles) northwest
of Johannesburg, made a cash profit in the year ended Feb. 28 and was
operating at about 87 percent of planned capacity of 4.8 million metric tons
of ore a year, it said. Offers for shares 'can only be made at an aggregate acquisition cost
of no less than 1 million rand,' Tharisa said in the statement. Trading on
JSE Ltd. will start on April 8. Story: For a Minnesota Mine, It's Jobs vs. the Environment South Africa, the world's biggest platinum producer, holds more than
70 percent of the world's reserves for chrome, which is used to make
ferrochrome that's a key ingredient in stainless steel. China overtook South
Africa as the world's biggest producer of ferrochrome in 2012. |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
|
UK Pound |
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SDA |
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 |
|
|
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.