|
Report No. : |
351634 |
|
Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
FIREPRO SYSTEMS LIMITED |
|
|
|
|
Registered Office : |
6 Spyrou Araouzou, & Koumantarias
Corner, Tonia Court No. 2, 1st & 6th Floor, Limassol, 3076 |
|
|
|
|
Country : |
Cyprus |
|
|
|
|
Financials (as on) : |
December 2013 |
|
|
|
|
Date of Incorporation : |
17.04.2003 |
|
|
|
|
Com. Reg. No.: |
C137692 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Importing raw materials for the construction of fire protection systems |
|
|
|
|
No. of Employee : |
4 (December 2013) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Cyprus |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 4%. However,
the economy tipped into recession in 2009 as the ongoing global financial
crisis and resulting low demand hit the tourism and construction sectors. An
overextended banking sector with excessive exposure to Greek debt added to the
contraction. Cyprus’s biggest two 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. 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 Nikos ANASTASIADES in February 2013, Cyprus
reached an agreement with the Troika on a $10 billion bailout that resulted in
losses on uninsured bank deposits. The bailout triggered a two-week bank
closure and the imposition of capital controls that were completely withdrawn
in April 2015. 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 bank bondholders. As with other EU countries, the Troika
conditioned the bailout on passing financial and structural reforms and
privatizing state-owned enterprises. Despite downsizing and restructuring, the
Cypriot financial sector throughout 2014 remained burdened by the largest stock
of non-performing loans (NPLs) in the euro-zone, equal to nearly half of all
loans. Since the bailout, Cyprus has received positive appraisals by the Troika
but met its first signs of resistance to passing bailout-mandated legislation
in 2014. Political disagreements held up passage of contentious legislation
required by the Troika to reform bankruptcy rules, delaying disbursal of
bailout funds during the second half of the year. In October 2013, a US-Israeli
consortium completed preliminary appraisals of hydrocarbon deposits in Cyprus’
exclusive economic zone (EEZ), which revealed an estimated gross mean reserve
of about 140 billion cubic meters. Though exploration continues in Cyprus’ EEZ,
no additional commercially exploitable reserves were identified during the
exploratory drilling in 2014/2015. Nevertheless, developing its offshore
hydrocarbon resources remains a critical component to the government’s economic
recovery efforts. Industry experts say there may be exploratory and development
drilling in 2016 and 2017.
Economy -
overview: Even though the whole of the island is part of the EU,
implementation of the EU "acquis communautaire" has been suspended in
the area administered by Turkish Cypriots, known locally as the "Turkish
Republic of Northern Cyprus" ("TRNC"), until political
conditions permit the reunification of the island. The market-based economy of
the TRNC is roughly one-fifth the size of its southern neighbor and is likewise
dominated by the service sector with a large portion of the population employed
by the government. In 2012 - the latest year for which data are available - the
services sector, which includes the public sector, trade, tourism, and
education, contributed 58.7% to economic output. In the same year, light
manufacturing and agriculture contributed 2.7% and 6.2%, respectively.
Manufacturing is limited mainly to food and beverages, furniture and fixtures,
construction materials, metal and non-metal products, textiles and clothing.
The “TRNC” maintains few economic ties with the Republic of Cyprus outside of
trade in construction materials. Since its creation, the "TRNC" has
heavily relied on financial assistance from Turkey, which supports the
"TRNC" defense, telecommunications, water and postal services. The
Turkish Lira is the preferred currency, though foreign currencies are widely
accepted in business transactions. The "TRNC" remains vulnerable to
the Turkish market and monetary policy because of its use of the Turkish Lira.
The "TRNC" weathered the European financial crisis relatively
unscathed - compared to the Republic of Cyprus - because of the lack of
financial sector development, the health of the Turkish economy, and its
separation from the rest of the island. The TRNC economy experienced growth
estimated at 2.8% in 2013 and 2.3% in 2014 and is projected to grow 3.8% in
2015.
|
Source
: CIA |
|
Registered Name |
FIREPRO SYSTEMS LIMITED |
||
|
English Name |
FIREPRO SYSTEMS LIMITED |
||
|
Registered Address |
6 Spyrou Araouzou, &
Koumantarias Corner, Tonia Court No. 2, 1st & 6th Floor, Limassol, 3076,
Cyprus |
||
|
Headquarters: |
6 Koumandarias, TONIA COURT 2,
6th Floor., Limassol, 3036, Po. Box 54080, Cyprus |
||
|
Telephone |
+35725379999 |
||
|
Fax |
+35725376110 |
||
|
E-mail |
|||
|
Web Site |
|||
|
Legal Type |
Limited Company |
||
|
Registration No |
C137692 |
Registration Date |
17/04/2003 |
|
Last annual report |
31/12/2014 |
Latest Annual Account Date |
31/12/2013 |
|
Last return |
31/12/2014 |
Tax Reg. No: |
VAT: CY10137692X |
|
CINFO ID: |
CYC11701545 |
|
|
|
Status: |
Registered and operational |
||
|
|
||||
|
|
||||
|
Employees |
December 2013 |
|
||
|
|
Company |
|
|
|
|
Total Number |
4 |
|
|
|
|
|
||||
|
|
||||
|
Financial Summary |
December
2013 |
December
2012 |
December
2011 |
|
|
|
EUR |
EUR |
EUR |
|
|
Revenue
Sales |
4,936,169.00 |
3,704,845 |
|
|
|
Pre Tax
Profit |
977,428.00 |
827,441 |
|
|
|
Working
Capital |
1,593,717.00 |
1,294,451.00 |
695,801.00 |
|
|
Total
Equity |
2,071,530.00 |
1,460,396.00 |
819,292.00 |
|
|
Long
Term Debts |
|
|
|
|
|
Trend |
UP |
- |
- |
|
|
Additional Info: |
||||
|
Correspondent: REBECCA PETROU, P.O. Box
54080, Limassol, 3720, Tel: 25379999 Legal Advisor: CHRYSIS
DIMITRIADES & CO - P.L. KAKOGIANNI & CO, 284 Archiepiskopou
Makariou C' Avenue, Fortuna Court, Block B', 2nd Floor, Limassol, 3105 |
||||
|
Assessment: |
Average Risk |
|
|
Payment Habits: |
SLOW BUT CORRECT
|
A check against
all available information sources revealed that no late payment incidents
against Subject Company exist. |
|
Financial
strength |
Good |
Please note that
the financial strength calculated based on the audited financial statements
for the year 2013. |
|
LAWYERS |
|
ANDREAS
NEOCLEOUS & SIA DEPE Neocleous House 195 Makarios III Avenue
P.O. Box 50613 Limassol CY-3608
Limassol Tel: +37525110000 |
|
|
|
AUDITORS |
|
DELOITTE LIMITED Maximos Plaza, Block 1, 3rd floor 213,
Arch. Makariou III Avenue Limassol,CY3030 Cyprus Phone: + 357 25
868686 |
|
Date |
Event Name |
Old Value |
New Value |
|
01/01/2008 |
Authorized
Capital Changed |
1000.00 CYP |
1710.00 EUR |
|
01/01/2008 |
Paid Up Capital
Changed |
1000.00 CYP |
1710.00 EUR |
|
01/01/2008 |
Nominal Values
of Shares Changed |
1.00 CYP |
1.71 EUR |
|
Headquarters |
From: |
To: |
|
18, Evagora
Papachristoforou, Petousis Court, 1st Floor, Limassol, 3030, , Cyprus, |
17/04/2003 |
01/09/2006 |
|
Authorized Capital |
1,710.00 |
EUR |
Issued Capital |
1,710.00 |
EUR |
|
Nominal No Of Shares |
1,000.00 |
|
Issued No Of Shares |
1,000.00 |
|
|
Nominal value |
1.71 |
EUR |
Paid Up |
1,710.00 |
EUR |
|
Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
|
|
|
||||||||
|
AVGOUSTI
AVGOUSTINOS |
|
Director |
|
539889(ID) |
|
57 |
02/03/2005 |
Yes |
|
1 Ioanni Komninou, Olygia, 1st Floor, Apt. 201, Katholikis, Limassol,
3030, Cyprus |
||||||||
|
Other
Directorship: |
|
|
|||||
|
|
Name |
|
Registration
Date |
Reg. No. |
Status |
Position |
Update Date |
|
|
CLENCHBY PROPERTIES LIMITED |
|
12/04/2007 |
C196320 |
Registered and operational |
Director / Secretary |
25/08/2015 |
|
|
COMPTON HOUSE INVESTMENTS LIMITED |
|
21/10/1994 |
C65923 |
Registered and operational |
Director |
24/10/2013 |
|
|
MONMAY HOLDINGS LTD |
|
29/07/2010 |
C271357 |
Registered and operational |
Director |
02/05/2013 |
|
|
I.D. INFINITY (HOLDINGS) LTD |
|
22/11/2012 |
C315579 |
Registered and operational |
Director / Secretary |
24/04/2013 |
|
|
TATNAM HOLDINGS LIMITED |
|
26/01/2009 |
C245100 |
Registered - start the procedure of erasing (section 327) |
Director |
17/04/2013 |
|
|
FEPMON ENTERPRISES LTD |
|
29/07/2010 |
C271336 |
Registered and operational |
Director |
26/07/2012 |
|
|
ENVIABLE ENTERPRISES LIMITED |
|
23/01/2008 |
C220122 |
Registered and operational |
Director |
12/09/2011 |
|
|
TYRUSLAND LIMITED |
|
26/07/2000 |
C113329 |
Registered and operational |
Director |
08/04/2011 |
|
|
FIREPRO CYPRUS LIMITED |
|
24/06/1996 |
C79791 |
Registered and operational |
Director |
13/08/2010 |
|
|
||||||||||||||||||||||||||||||||||||||||
|
ECONOMIDES
THEOCHARIS |
|
Director |
|
704346871(Passport) |
|
|
16/07/2004 |
No |
||||||||||||||||||||||||||||||
|
14 Lamartinou, Limassol, 3076, Cyprus |
||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
|
GIANGUIDO
GIANFILIPPI DE PARENTI |
|
Director |
|
43640(Passport) |
|
|
16/07/2004 |
No |
||||||||||||||||||||||||||||||
|
14 Lamartinou, Limassol, 3076, Cyprus |
||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
|
ALEKSANDR
SERGEEVICH SOKOLNIKOV |
|
Director |
|
51/0083296(Passport) |
|
|
16/07/2004 |
No |
||||||||||||||||||||||||||||||
|
1/33 B. Pochtovaya, 105th Floor, 107082, Moscow, Russian Federation |
||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
|
POPOVIC
SLOBODAN |
|
Director |
|
001973688(Passport) |
|
48 |
16/07/2004 |
Yes |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
16 Savska, 26000 Pancevo, Serbia and Montenegro |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
MIODRAG
MAKLENOV |
|
Director |
|
001772594(Passport) |
|
|
16/07/2004 |
No |
||||||||||||||||||||||||||||||
|
27C Milke Markovic, 26000 Pancevo, Serbia and Montenegro |
||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
|
MILAN
POPOVIC |
|
Director |
|
002800802(Passport) |
|
|
16/07/2004 |
No |
||||||||||||||||||||||||||||||
|
16 Savska, 26000 Pancevo, Serbia and Montenegro |
||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
|
AVGOUSTI
EVELTHON |
|
Director |
|
622127(ID) |
|
55 |
17/04/2003 |
Yes |
|
1 Ioanni Komninou, Apt. 201, Limassol, 3022, Cyprus |
||||||||
|
Other
Directorship: |
|
|
|||||
|
|
Name |
|
Registration
Date |
Reg. No. |
Status |
Position |
Update Date |
|
|
PROMENADE SUITES LIMITED |
|
13/08/2007 |
C205474 |
Registered and operational |
Director / Secretary |
25/08/2015 |
|
|
CLENCHBY PROPERTIES LIMITED |
|
12/04/2007 |
C196320 |
Registered and operational |
Director |
25/08/2015 |
|
|
PROMENADE HOLDINGS LIMITED |
|
05/07/2007 |
C203345 |
Registered and operational |
Director |
18/11/2014 |
|
|
TOXETO ENTERTAINMENT LTD |
|
27/06/2007 |
C202841 |
Registered and operational |
Director |
10/05/2013 |
|
|
I.D. INFINITY (HOLDINGS) LTD |
|
22/11/2012 |
C315579 |
Registered and operational |
Director |
24/04/2013 |
|
|
WEMAR INVESTMENTS LTD |
|
29/07/2010 |
C271356 |
Registered and operational |
Director |
12/04/2013 |
|
|
TZORELA ENTERPRISES LTD |
|
03/11/2008 |
C241081 |
Registered and operational |
Director |
20/03/2013 |
|
|
EVELTHON HOLDINGS LIMITED |
|
26/01/2006 |
C171327 |
Registered and operational |
Director |
29/02/2012 |
|
|
PROMENADE TOWER LIMITED |
|
08/08/2007 |
C205214 |
Registered and operational |
Director / Secretary |
12/09/2011 |
|
|
ENVIABLE ENTERPRISES LIMITED |
|
23/01/2008 |
C220122 |
Registered and operational |
Director |
12/09/2011 |
|
|
Note: In
order to view a full list please order a directorship report. |
||||||
|
Other
Shareholding: |
|
|
|||||
|
|
Name |
|
Registration
Date |
Reg. No. |
Status |
% |
Update Date |
|
|
WEMAR INVESTMENTS LTD |
|
29/07/2010 |
C271356 |
Registered and operational |
100 |
12/04/2013 |
|
|
PROMENADE HOLDINGS LIMITED |
|
05/07/2007 |
C203345 |
Registered and operational |
100 |
18/11/2014 |
|
|
TZORELA ENTERPRISES LTD |
|
03/11/2008 |
C241081 |
Registered and operational |
100 |
07/10/2015 |
|
|
B.D. BOUTIQUE DEVELOPERS LIMITED |
* |
18/12/2006 |
C188738 |
Dissolved |
33.33333 |
07/11/2008 |
|
|
GREEKPORTALS LIMITED |
|
27/03/2006 |
C174269 |
Registered - start the procedure of erasing (section 327) |
15 |
09/06/2009 |
|
|
CYPRUS NET.COM BY DICTIORASIS LIMITED |
|
02/02/2006 |
C171633 |
Registered and operational |
5 |
08/11/2010 |
|
|
FOUR 23 LIMITED |
|
07/03/2000 |
C109614 |
Registered - start the procedure of erasing (section 327) |
0.02 |
04/06/2015 |
|
|
Secretary |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
BOOMER SECRETARIAL LIMITED |
|
Company
Secretary |
|
C77993 |
|
0 |
28/04/2010 |
No |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
3 Michail
Koutsofta, Limassol, 3305, Cyprus |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
ESTIKONDE INVESTMENTS LIMITED |
|
C113764 |
|
- |
500 |
50 |
|
|||||||||||||||||||||
|
18 Evagora
Papachristoforou, 3rd Floor, Limassol, 3030, Cyprus |
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
I.D. INFINITY DEVELOPMENTS CYPRUS LIMITED |
|
C187785 |
|
- |
500 |
50 |
|
|||||||||||||||||||
|
6 Spyrou
Araouzou, & Koumandarias Corner, Tonia Court, 6th Floor, Apt. 2,,
Limassol, 3076, Cyprus |
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
Activity Code |
Description |
|
|
NACE 2.1 |
4321 |
Electrical installation - This class includes the installation of
electrical systems in all kinds of buildings and civil engineering structures
of electrical systems. This class includes: - installation of: >
electrical wiring and fittings > telecommunications wiring > computer
network and cable television wiring, including fibre optic > satellite
dishes > lighting systems > fire alarms > burglar alarm systems >
street lighting and electrical signals > airport runway lighting >
electric solar energy collectors - This class also includes: - connecting of
electric appliances and household equipment, including baseboard heating -
This class excludes: - construction of communications and power transmission
lines, see 42.22 - monitoring and remote monitoring of electronic security
systems, such as burglar alarms and fire alarms, including their installation
and maintenance, see 80.20 |
|
Line of Business |
|
The company in question was established in order to get involved in
importing raw materials for the construction of fire protection systems
|
|
Export to |
Percentage |
|
|
Comments |
Non Retrievable |
|
|
Import from |
Percentage |
|
|
Comments |
Non Retrievable |
|
|
Market Territory |
|||
|
|
|
|
|
|
Non Retrievable |
|||
|
Premises |
|||
|
|
|
|
|
|
|
|
Type |
Headquarters |
|
Address: |
6 Koumandarias,
TONIA COURT 2, 6th Floor. Limassol, 3036, Po. Box 54080, Cyprus |
||
|
Headquarters comprise of |
Offices |
||
|
Headquarters are |
Rented |
||
|
Banks |
|
BANK OF CYPRUS PUBLIC COMPANY LIMITED |
|
51 Stasinou, Agia
Paraskevi, Strovolos, 2002, Nicosia, Cyprus |
|
UBS BANK, SWITZERLAND |
|
Baarerstrasse 14A, 6300 Zug, Switzerland |
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
|
|
||||||||||||||||
|
A check against
our revealed that no negative payment incidents against the subject company,
such as unpaid bills or bankruptcies exist. |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
|
|||
|
|
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.52 |
|
|
1 |
Rs.100.43 |
|
Euro |
1 |
Rs.70.44 |
|
EUR |
1 |
Rs.70.56 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.