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Report Date : |
28.07.2014 |
IDENTIFICATION DETAILS
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Name : |
GA - K OVERSEAS CO. LIMITED |
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Registered Office : |
18 Evagora Papachristoforou, Petousis
Bros, 3rd Floor, Apt 301, Limassol, 3030 |
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Country : |
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Financials (as on) : |
December 2010 |
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Date of Incorporation : |
10.10.1995 |
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Com. Reg. No.: |
C74247 |
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Legal Form : |
Limited Company |
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Line of Business : |
Importer, exporter and trader of pulp,
Paper, Board Grades, Corrugated Container Board, Bleached Kraft, and Other
Related Products. |
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No of Employees : |
05 (August 2009) |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 |
Basic
Information
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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.60.14 |
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UK Pound |
1 |
Rs.102.22 |
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Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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 |
-- |
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.