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Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CHRISTOFOROS SOTIRIOU LIMITED |
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Registered Office : |
11 Tripoleos, Latsia, 2235, Nicosia |
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Country : |
Cyprus |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
28.12.1992 |
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Com. Reg. No.: |
C52930 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is engaged in the import and trade
on a wholesale and retail basis of household utensils, i.e. flatware,
cookware, dinnerware, glassware, kitchenware, gadgets, gifts, premiums, decoratives,
and lamps. Subject's activities also include the distribution and promotion
of the imported products. |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 |
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Registered Name |
ΧΡΙΣΤΟΦΟΡΟΣ
ΣΩΤΗΡΙΟΥ
ΛΙΜΙΤΕΔ |
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English Name |
CHRISTOFOROS SOTIRIOU LIMITED |
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Registered Address |
11 Tripoleos, Latsia, 2235, Nicosia, Cyprus |
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Headquarters: |
11 Tripoleos, Latsia, 2235, Nicosia, Cyprus |
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Telephone |
+35722311971 |
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Fax |
+35722314926 |
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E-mail |
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Web Site |
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Status |
Registered and operational |
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Legal Type |
Limited Company |
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Registration No |
C52930 |
Registration Date |
28/12/1992 |
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Start Date |
28/12/1992 |
Years of Operation: |
22 |
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Last annual report |
31/12/2006 |
Latest Annual Account Date |
01/12/2009 |
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Last return |
01/01/2008 |
Tax Reg No: |
VAT: CY10052930B |
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CINFO ID: |
CYC11616849 |
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Employees |
May 2014 |
2013 |
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Company |
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Company |
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Total Number |
12 |
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12 |
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Financial Summary |
December 2009 |
December 2008 |
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EUR |
EUR |
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Revenue Sales |
2,096,113.00 |
2,337,589.00 |
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Pre Tax Profit |
82,579.00 |
95,608.00 |
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Working Capital |
174,317.00 |
181,765.00 |
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Total Equity |
962,716.00 |
980,160.00 |
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Long Term Debts |
849,866.00 |
897,507.00 |
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Additional Info: |
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Auditors: ANDREAS
PANAYIOTOU, 2 Salaminos Avenue, 1045 Nicosia, Cyprus Tel:357 22877256 Legal Advisor: MICHALAKIS RAFAIL,
20, Omirou Avenue, Nicosia. Correspondent: CHRISTOFOROS SOTERIOU
LTD, 11, Tripoleos, 2235, Latsia, Nicosia, Tel. 22311971 |
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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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Date |
Event Name |
Old Value |
New Value |
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01/01/2008 |
Authorized Capital Changed |
10000.00 CYP |
17100.00 EUR |
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01/01/2008 |
Paid Up Capital Changed |
10000.00 CYP |
17100.00 EUR |
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01/01/2008 |
Nominal Values of Shares Changed |
1.00 CYP |
1.71 EUR |
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Authorized Capital |
17,100.00 |
EUR |
Issued Capital |
17,100.00 |
EUR |
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Nominal No Of Shares |
10,000.00 |
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Issued No Of Shares |
10,000.00 |
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Nominal value |
1.71 |
EUR |
Paid Up |
17,100.00 |
EUR |
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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SOTERIOU PETROS |
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Director |
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671353(ID) |
Businessman |
45 |
10/06/1999 |
No |
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6 Oktavianou, Lakatameia, 2332, Nicosia,
Cyprus |
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SOTERIOU CHRISTOFOROS |
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Director |
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157408(ID) |
Businessman |
68 |
28/12/1992 |
No |
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13 Stylianou Lena, Strovolos, Nicosia,
Cyprus |
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Activity Code |
Description |
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NACE 2.1 |
4649 |
Wholesale of other household goods - This class
includes: - wholesale of woodenware, wickerwork and corkware etc. - wholesale
of bicycles and their parts and accessories - wholesale of stationery, books,
magazines and newspapers - wholesale of leather goods and travel accessories
- wholesale of musical instruments - wholesale of games and toys - wholesale
of sports goods, including special sports footwear such as ski boots |
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Line of Business |
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The company was established in order to get
involved in the import and trade on a wholesale and retail basis of household
utensils, i.e. flatware, cookware, dinnerware, glassware, kitchenware,
gadgets, gifts, premiums, decoratives, and lamps. Company's activities also
include the distribution and promotion of the imported products.
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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 Director, Mr. Petros Soteriou, who confirmed to us all
the details in this report but declined to release any financial information
about the subject.
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:
·
The Registrar of Companies and Official Receiver of
the Republic of Cyprus.
·
In house databases for Detrimental Information:
o
Bankruptcy and Dissolution procedures.
o
Issuers of Bounced Cheques.
o
Unpaid Bills.
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Proprietary databases and global subscription
sites.
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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.
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Name: |
Mr Petros Soteriou |
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Position: |
Company Director |
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Confirm general details |
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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.59.03 |
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1 |
Rs.98.91 |
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Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NNA |
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.