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Report Date : |
13.02.2014 |
IDENTIFICATION DETAILS
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Name : |
BIOGENA (API) LIMITED |
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Registered Office : |
10A Gennadiou , 2nd Floor , Apt 201,
Limassol |
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Country : |
Cyprus |
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Date of Incorporation : |
29.12.1983 |
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Com. Reg. No.: |
C21046 |
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Legal Form : |
Limited Company |
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Line of Business : |
·
Manufacture of
basic pharmaceutical products ·
Manufacture of
chemically pure sugars - processing of glands and manufacture of extracts of glands |
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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 : |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Cyprus |
B2 |
C1 |
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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 |
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Registered Name |
BIOGENA (API) LIMITED |
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English Name |
BIOGENA (API) LIMITED |
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Registered Address |
10A Gennadiou , 2nd Floor , Apt 201,
Limassol, Cyprus |
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Headquarters: |
1 Iliou, Ypsonas Industrial Area, Limassol,
3056, PoBox 50170, Cyprus |
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Telephone |
+35725561310 |
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Fax |
+35725562253 |
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E-mail |
elena.louca@medochemie.com ,
office@biogena-api.com |
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Web Site |
Non Retrievable |
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Legal Type |
Limited Company |
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Status |
Registered
and operational |
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Registration No |
C21046 |
Registration Date |
29/12/1983 |
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Start Date |
29/12/1983 |
Years of Operation: |
31 |
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Last annual report |
30/12/2003 |
Tax Reg No: |
VAT: CY10021046S |
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Last return |
19/10/2010 |
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Employees |
February 2014 |
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Company |
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Total Number |
Not Available |
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Additional Info: |
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Legal Advisor and Correspondent: STELIOS K.
STYLIANIDIS LLC, 8A G Gennadiou, 1st Floor, Apt 3, P.O. Box: 53114, 3300,
Limassol -Tel 25828900 |
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Secretary |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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STYLIANIDES K. STELIOS |
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Company Secretary |
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154262(ID) |
Lawyer |
71 |
29/12/1983 |
No |
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1A Achnas, Limassol, 3076, Cyprus |
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Other Directorship: |
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Name |
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Registration Date |
Reg. No. |
Status |
Position |
Update Date |
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STELIOS STYLIANIDES CORPORAID LIMITED |
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18/08/2007 |
C205818 |
Registered - start the procedure of erasing
(section 327) |
Director |
26/10/2009 |
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Other Shareholding: |
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Name |
|
Registration Date |
Reg. No. |
Status |
% |
Update Date |
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BIOPHARM RESEARCH INSTITUTE LIMITED |
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28/12/1983 |
C21043 |
Registered and operational |
50 |
30/09/2009 |
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STELIOS STYLIANIDES CORPORAID LIMITED |
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18/08/2007 |
C205818 |
Registered - start the procedure of erasing
(section 327) |
25 |
26/10/2009 |
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T.G.S. PROJECTS LIMITED |
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13/01/1997 |
C83595 |
Registered and operational |
0.1 |
26/01/2009 |
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CRATAEGUS LIMITED |
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20/02/1975 |
C7106 |
Registered and operational |
0.02 |
16/09/2009 |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
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DIOGENOUS PITTA DAPHNI |
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747372(ID) |
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CYPRIOT |
766400 |
81.49992 |
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43 Ellados, Limassol, 3041, Cyprus |
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Other Directorship: |
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Name |
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Registration Date |
Reg. No. |
Status |
Position |
Update Date |
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MEDOCHEMIE LIMITED |
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11/02/1976 |
C7761 |
Registered and operational |
Director |
27/07/2012 |
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DELFIS EPENDYSEIS LIMITED |
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13/12/2007 |
C215757 |
Registered and operational |
Director |
10/02/2011 |
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K.I.D. PROPERTIES LIMITED |
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11/01/2000 |
C108145 |
Registered and operational |
Director |
21/09/2010 |
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Other Shareholding: |
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Name |
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Registration Date |
Reg. No. |
Status |
% |
Update Date |
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K.I.D. PROPERTIES LIMITED |
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11/01/2000 |
C108145 |
Registered and operational |
33.33333 |
29/09/2009 |
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DELFIS EPENDYSEIS LIMITED |
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13/12/2007 |
C215757 |
Registered and operational |
33 |
10/02/2011 |
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EVESTOR HOLDINGS LIMITED |
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09/08/1999 |
C104081 |
Registered and operational |
0.1 |
03/02/2009 |
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MEDOCHEMIE LIMITED |
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11/02/1976 |
C7761 |
Registered and operational |
0 |
27/07/2012 |
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COFIRCONT - COMPAGNIA FIDUCIARIA S.P.A. |
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02589350152 |
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- |
84634 |
9.00008 |
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10/A, Via Sant' Andrea, Milano, 20121,
Italy |
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MIAT S.P.A. |
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02796480156 |
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- |
56422 |
5.99999 |
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20 Via Menabrea, Milano, 20159, Italy |
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SIANIOU LENA |
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653035(ID) |
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CYPRIOT |
32913 |
3.50001 |
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30 Ploutarchou, Limassol, 3060, 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. |
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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. |
We contacted the company in question where we
talked to the Company’s Accountant, Ms. Elena Louca, who could not release any
information regarding the subject and she asked for a written questionnaire in
order to take the authorization from company’s director to provide us with all
the information we want.
A questionnaire was sent to the subject but
until now, we have not received any reply.
Should any additional information becomes
available, we will provide you with a revised report.
Please note that the information included in
the report was obtained from the Official Companies' Registrar and from desk
research.
Methodology Used For Report Preparation
Perform Searches in:
·
The Registrar of Companies and Official Receiver of
the Republic of Cyprus.
·
In house databases for Detrimental Information:
·
Bankruptcy and Dissolution procedures.
·
Issuers of Bounced Cheques.
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Unpaid Bills.
·
Proprietary databases and global subscription
sites.
·
Global and local media.
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Internet social networks.
·
Relationship/Directorship Search through Local
Database.
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Other local databases as deemed appropriate.
Conduct Interviews with:
·
Official(s) / correspondent(s) of the company under
review.
·
Supplier(s) or other associated entities of the
company.
·
Other local resources with extensive knowledge of
the market.
Analysis
·
Process and analyse all information gathered.
·
Perform a thorough quality check of the report
prior to sending it to the client.
|
Name: |
Ms. Elena Louca |
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Position: |
Company’s Accountant |
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Couldn't supply |
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Any info |
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A questionnaire was sent - no reply received |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.62.13 |
|
|
1 |
Rs.102.25 |
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Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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 |
---- |
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.