MIRA INFORM REPORT

 

 

Report Date :

27.11.2014

 

IDENTIFICATION DETAILS

 

Name :

S.C. TWIST TRADING LIMITED

 

 

Registered Office :

15 Thessalonikis, Viomichaniki Periochi Ergaton, 2643, Nicosia

 

 

Country :

Cyprus

 

 

Date of Incorporation :

13.10.2005

 

 

Com. Reg. No.:

C166667

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale of coffee, tea, cocoa and spices

 

 

No of Employees :

20

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

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.

 

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

 

 

 

 

 

Basic Information

 

 

Registered Name

S.C. TWIST TRADING LIMITED

English Name

S.C. TWIST TRADING LIMITED

Trade Style:

S.C. NATURAL LIFE

 

 

Registered Address

15 Thessalonikis, Viomichaniki Periochi Ergaton, 2643, Nicosia, Cyprus

Headquarters:

15 Thessalonikis, Ergates, 2643, PoBox 19011, Nicosia, Cyprus

Telephone

+35722465658

Fax

+35722465646

E-mail

info@naturallife.com.cy

Web Site

www.naturallife.com.cy

Status

Registered and operational

Legal Type

Limited Company

Registration No

C166667

Registration Date

13/10/2005

Start Date

13/10/2005

Years of Operation:

9

Last return

10/09/2014

Tax Reg No:

VAT: CY10166667X

CINFO ID:

CYC11730490

 

 

 

 

 

 

 

 

Summary

 

 

 

Employees

October 2014

 

 

 

Company

 

 

 

 

 

Total Number

20

 

 

 

 

 

 

 

Additional Info:

Legal Advisor: DIMITRIOS CHATZINESTOROS, 16 Kyriakou Matsi Avenue, Eagle House, 8th Floor, Agioi Omologites, 1082, Nicosia

Correspondent: SKORDIS & STEFANOU LLC, 4 Diagorou, Kermia Building, 8th Floor, Apt. 802, 1097, Nicosia, Tel. 22670600

 

Payment

 

 

 

 

 

 

 

 

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 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.

 

 

 

 

Business History

 

 

 

 

 

 

 

Date

Event Name

Old Value

New Value

01/01/2008

Authorized Capital Changed

11000.00 CYP

18810.00 EUR

01/01/2008

Paid Up Capital Changed

11000.00 CYP

18810.00 EUR

01/01/2008

Asked Capital Changed

0.00 CYP

0.00 EUR

01/01/2008

Nominal Values of Shares Changed

1.00 CYP

1.71 EUR

 

 

 

 

 

 

 

Previous Locations

 

 

 

 

 

Registered

From:

To:

5Α, Foti Pitta, Lakatameia, 2310, Nicosia, Cyprus,

13/10/2005

10/09/2014

 

 

Capital

 

 

 

Authorized Capital

18,810.00

EUR

Issued Capital

18,810.00

EUR

Nominal No Of Shares

11,000.00

 

Issued No Of Shares

11,000.00

 

Nominal value

1.71

EUR

Paid Up

18,810.00

EUR

 

 

 

 

 

Corporate Structure

 

 

 

 

 

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

 

CHRISTODOULOU SAVVAS

 

Director

 

615098(ID)

 

53

13/10/2005

Yes

 

5Α Foti Pitta, Lakatameia, 2310, Nicosia, Cyprus

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

OKEANOS KATADYSEIS LIMITED

 

31/12/2001

C126615

Registered and operational

Director

19/08/2009

 

SAVVAS CHRISTODOULOU TRADING LIMITED

 

14/10/1991

C45536

Registered - start the procedure of erasing (section 327)

-

23/05/2007

 

 

 

Other Shareholding:

 

 

 

Name

 

Registration Date

Reg. No.

Status

%

Update Date

 

OKEANOS KATADYSEIS LIMITED

 

31/12/2001

C126615

Registered and operational

50

19/08/2009

 

 

 

 

 

 

 

Secretary

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

 

CHRISTODOULOU SAVVAS

 

Company Secretary

 

615098(ID)

 

53

01/10/2010

Yes

 

5Α Foti Pitta, Lakatameia, 2310, Nicosia, Cyprus

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

OKEANOS KATADYSEIS LIMITED

 

31/12/2001

C126615

Registered and operational

Director

19/08/2009

 

SAVVAS CHRISTODOULOU TRADING LIMITED

 

14/10/1991

C45536

Registered - start the procedure of erasing (section 327)

-

23/05/2007

 

 

 

Other Shareholding:

 

 

 

Name

 

Registration Date

Reg. No.

Status

%

Update Date

 

OKEANOS KATADYSEIS LIMITED

 

31/12/2001

C126615

Registered and operational

50

19/08/2009

 

 

 

 

 

 

 

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

 

EROTOKRITOU GEORGIOS

 

869107(ID)

 

CYPRIOT

5500

50

-

-

-

 

 

5A Foti Pitta, Kato Lakatamia, Nicosia, 2310, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

EROTOKRITOU ANASTASIA

 

1014040(ID)

 

CYPRIOT

5500

50

-

-

-

 

 

5A Foti Pitta, Kato Lakatamia, Nicosia, 2310, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

Operation

 

 

 

 

 

Activity Code

Description

NACE 2.1

4637

Wholesale of coffee, tea, cocoa and spices

 

 

 

 

 

 

 

 

 

 

 

 

 

Line of Business

S.C.TWIST TRADING LTD, was incorporated on 13.10.2005, in Cyprus and is headquartered in Ergates, Nicosia Cyprus. It is a full service wholesale food manufacturer and distributor. The subject supplies Legumes (beans), Lentils (Canadian, Green Lentils), Rice (Carolina, White, Yellow, Basmati), Sugar, Tuna, Spices (Pepper, Cinnamon, Gloves, Ginger, Garlic), Herbal Spices (Dafni, Xaxomili).


S.C.TWIST TRADING LTD is one of the major wholesale food distributors in the Cyprus market to supply wholesale foods that are directly imported from abroad.


The company distributes its own line of quality Natural Life label products with a high degree of market recognition. Natural Life label products are known throughout Cyprus for excellent quality and great prices.

 

The subject's main customers are supermarkets, kiosks and restaurants.


They have more than 500 customers all over Cyprus and they are planning to export their products in the near future.


Subject has 12 vehicles including: 4 vans; 7 cars; 1 lorries; which are used in the running of the business.

 

 

 

 

 

 

 

 

 

 

 

 

Export to

Percentage

 

Comments

The company does not engage in any export activities.

 

 

 

 

 

 

 

 

 

 

 

Import from

Percentage

 

 Argentina, Canada, China, Egypt, India, Italy, Mexico, Netherlands, Syrian Arab Republic, Spain, Thailand

 

 

 

 

 

 

 

 

 

 

 

 

Import Terms

Percentage

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

Market Territory

 

 

 

 

 

 

Local Presence:

100%

 

 

 

Sales

 

Sells to supermarkets, kiosks, restaurants (small volume)

Terms of sales: 60 days credit facilitiies

 

 

 

 

 

 

 

 

 

 

Premises

 

 

 

 

 

 

Type

Headquarters

 

 

 

Address:

15 Thessalonikis, Ergates, 2643, PoBox 19011, Nicosia, Cyprus

 

Headquarters comprise of

Offices, Factory

 

Headquarters are

Leased

 

 

 

 

 

 

 

 

 

 

 

 

Banks

 

BANK OF CYPRUS PUBLIC COMPANY LIMITED

 

51 Stasinou, Agia Paraskevi, Strovolos, 2002, Nicosia, Cyprus

 

 

 

 

 

 

 

 

Charges

 

 

 

 

 

 

 

 

No

Date registered

Date prepared

Type

Description/No

Amount

Sequence

Beneficiary

1

24/03/2011

16/03/2011

Floating Charge on all Company's Assets

 

200,000.00 EUR

-

Bank of Cyprus Public Company Limited

2

07/08/2007

03/08/2007

Mortgage

Y11905/07

100,000.00 CYP

-

Bank of Cyprus Public Company Limited

3

03/08/2006

26/05/2006

Floating Charge on all Company's Assets

 

45,000.00 CYP

-

Cyprus Popular Bank Public Co Ltd

4

15/05/2006

10/05/2006

Floating Charge on all Company's Assets

 

80,000.00 CYP

-

Laiki Factors Limited

5

19/04/2006

04/04/2006

Mortgage

Y5212/06

170,000.00 CYP

-

Bank of Cyprus Public Company Limited

6

22/11/2005

16/11/2005

Floating Charge on all Company's Assets

 

40,000.00 CYP

-

Bank of Cyprus Public Company Limited

7

22/11/2005

16/11/2005

Fixed Charge on the Company's Machinery

 

30,000.00 CYP

-

Bank of Cyprus Public Company Limited

 

 

 

 

 

 

 

 

 

Total Number

Total Amount (EUR)

Floating Charge on all Company's Assets

4

481,919.24

Mortgage

2

461,322.39

Fixed Charge on the Company's Machinery

1

51,258.04

TOTAL CHARGES

7

994,499.67

 

 

 

 

 

 

 

 

 

 

Negatives

 

A check against our revealed that no negative payment incidents against the subject company, such as unpaid bills or bankruptcies exist.

 

 

Financial Statement

 

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.

 

 

Additional Information

 

 

 

 

 

We contacted the company and talked with an official who informed us that Ms. Christina Christoforou was not available.

 

CYPRUS COUNTRY DEVELOPMENT

Methodology Used For Report Preparation

  1. PERFORM SEARCHES IN:

ü  The Registrar of Companies and Official Receiver of the Republic of Cyprus.

ü  In house databases for Detrimental Information for up to 7 years:

-          Bankruptcy and Dissolution procedures.

-          Unpaid Bills including returned cheques.

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.

  1. 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.

  1. ANALYSIS

ü  Process and analyse all information gathered.

ü  Perform a thorough quality check of the report prior to sending it to the client.

 

 

 

 

 

 

Contact Information

 

 

 

 

 

 

Name:

Not available

 

Attempts to contact an official were unsuccessful

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.87

UK Pound

1

Rs.97.23

Euro

1

Rs.77.21

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.