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Report Date : |
17.09.2014 |
IDENTIFICATION DETAILS
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Name : |
MORVEX LIMITED |
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Registered Office : |
69
Archiepiskopou Makariou C' Avenue, |
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Country : |
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Date of Incorporation : |
19.02.2009 |
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Com. Reg. No.: |
C246182 |
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Legal Form : |
Limited
Company |
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Line of Business : |
Retail sale in
non-specialised stores - This class includes: - retail sale of a large variety
of goods of which food products, beverages or tobacco are not predominant -
activities of department stores carrying a general line of merchandise,
including wearing apparel, furniture, appliances, hardware, cosmetics,
jewellery, toys, sports goods |
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No. of Employees |
Not
Available |
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 : |
International Business Company |
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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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Cyprus |
C1 |
B2 |
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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 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 |
MORVEX LIMITED |
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English Name |
MORVEX LIMITED |
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Registered Address |
69 Archiepiskopou Makariou C' Avenue, Tlais Tower, 3rd Floor, Apt. 301, Nicosia, 1070, Cyprus |
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Headquarters: |
69 Archiepiskopou Makariou C' Avenue, Tlais Tower, 3rd Floor, Apt. 301, Nicosia, 1070, Cyprus |
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Telephone |
+35722755250 |
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Fax |
+35722755240 |
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od@midlandconsult.com.cy (Correspondent Email) |
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Web Site |
http://www.midlandconsult.com.cy (Correspondent Website) |
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Status |
Registered and
operational |
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Legal Type |
Limited Company |
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Registration No |
C246182 |
Registration Date |
19/02/2009 |
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Start Date |
19/02/2009 |
Years of Operation: |
5 |
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Last return |
19/02/2009 |
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CINFO ID: |
CYC23201668 |
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Employees |
September 2014 |
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Company |
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Total Number |
Not Available |
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We have been unable to locate any offices for the subject and believe they do not maintain offices in Cyprus. Under these circumstances no staff is employed and companies may utilize staff (2-3 people) from their auditors’ or lawyers’ offices. |
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Additional Info: |
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Correspondent: MIDLAND CONSULT (CYPRUS) LIMITED, Archiepiskopou Makariou III ave. 69, , office 301, Nicosia, Tel: 22755250 |
Payment
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Capital
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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ANDREOU KATIA |
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Director / Secretary |
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1077990(ID) |
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45 |
19/02/2009 |
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69 Archiepiskopou Makariou C' Avenue, Tlais Tower, 3rd Floor, Apt. 301, Nicosia, 1070, Cyprus |
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Activity Code |
Description |
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NACE 2.1 |
4690 |
Non-specialised wholesale trade - This class includes: - wholesale of a variety of goods without any particular specialisation - - |
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NACE 2.1 |
4719 |
Other retail sale in non-specialised stores - This class includes: - retail sale of a large variety of goods of which food products, beverages or tobacco are not predominant - activities of department stores carrying a general line of merchandise, including wearing apparel, furniture, appliances, hardware, cosmetics, jewellery, toys, sports goods etc. - - |
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Negatives
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A check against our revealed that no negative payment incidents against the subject company, such as unpaid bills or bankruptcies exist. |
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Financial
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Additional
Information
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DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its importance
from the huge conglomerate of family run organizations which operate in the
diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process, several
public sector banks lost several hundred million rupees. They mostly diverted
borrowed money for diamond business into real estate and capital markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.10 |
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1 |
Rs.99.04 |
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Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
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 |
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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.