|
Report No. : |
352406 |
|
Report Date : |
05.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
BLUE GREEN WAVE FROZEN FOOD LIMITED |
|
|
|
|
Registered Office : |
76 Giannaki Aeroporou, Larnaka, 6045 |
|
|
|
|
Country : |
Cyprus |
|
|
|
|
Financials (as on) : |
December, 2013 |
|
|
|
|
Date of Incorporation : |
15.09.1999 |
|
|
|
|
Com. Reg. No.: |
C104896 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Wholesale of other food, including fish, crustaceans
and molluscs. This class also includes: - wholesale of feed for pet animals. |
|
|
|
|
No. of Employees : |
19 |
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 : |
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 |
BLUE GREEN WAVE FROZEN FOOD LIMITED |
||
|
English Name |
BLUE GREEN WAVE FROZEN FOOD LIMITED |
||
|
Registered Address |
76 Giannaki Aeroporou, Larnaka, 6045,
Cyprus |
||
|
Headquarters: |
INDUSTRIAL AREA, Aradippou, 7101, Larnaka,
Cyprus |
||
|
Telephone |
+035724533444 / +035799640470 |
||
|
Fax |
+35724813321 |
||
|
E-mail |
|||
|
Web Site |
www.bluegrenwavefrozenfood.com (Under construction) |
||
|
Legal Type |
Limited Company |
||
|
Registration No |
C104896 |
Registration Date |
15/09/1999 |
|
Start Date |
15/09/1999 |
Years of Operation: |
16 |
|
Last annual report |
31/12/2013 |
Latest Annual Account Date |
31/12/2013 |
|
Last return |
30/12/2014 |
Tax Reg No: |
VAT: CY10104896S |
|
CINFO ID: |
CYC11668824 |
|
|
|
Status: |
Registered and operational |
||
|
Employees |
December 2015 |
December 2013 |
August 2012 |
|||
|
|
Company |
|
Company |
|
Company |
|
|
Total Number |
19 |
|
16 |
|
16 |
|
|
Financial Summary |
December 2013 |
December 2012 |
December 2011 |
|
|
EUR |
EUR |
EUR |
|
Revenue Sales |
2,606,999.00 |
2,561,859.00 |
1,751,022.00 |
|
Pre Tax Profit |
2,146.00 |
55,093.00 |
31,274.00 |
|
Working Capital |
212,034.00 |
285,320.00 |
380,590.00 |
|
Total Equity |
64,647.00 |
91,224.00 |
40,381.00 |
|
Long Term Debts |
522,785.00 |
574,179.00 |
597,302.00 |
|
Trend |
DOWN |
UP |
- |
Additional Info:
Legal Advisor: MARKOS GEORGIADIS, 16, Kyriakou Matsi, Eagle
House, 10th Floor, Agioi Omologites,
Nicosia
Correspondent: P.K.P. MANAGEMENT SERVICES LTD, P.O.Box: 42777, 6534, Larnaca, Tel: 24660160
|
Assessment: |
Normal 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 |
Moderate |
Please note that financial strength and
maximum credit were calculated based on the audited financial statements for
the year 2013. |
|
PKP PROFESSIONAL SERVICES LTD |
|
Date |
Event Name |
Old Value |
New Value |
|
01/01/2008 |
Authorized Capital Changed |
5000.00 CYP |
8550.00 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 |
Previous Locations
|
Registered |
From: |
To: |
|
77, Giannaki Aeroporou, Larnaka, 6045, ,
Cyprus, |
01/01/2002 |
01/09/2013 |
|
37, Konstantinou Palaiologou Avenue,
Larnaka, 6036, , Cyprus, |
15/09/1999 |
01/01/2002 |
|
Authorized Capital |
8,550.00 |
EUR |
Issued Capital |
1,710.00 |
EUR |
|
Nominal No Of Shares |
5,000.00 |
|
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. |
|||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||
|
|
CHRISTODOULOU GEORGIOU GEORGIOS |
|
Director |
|
455261(ID) |
|
62 |
01/09/2013 |
No |
||||||||||||||||||||||||||||||
|
|
76 Giannaki Aeroporou, Larnaka, 6045,
Cyprus |
||||||||||||||||||||||||||||||||||||||
|
|
|
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|
|
|
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|
|
GEORGIOU DIMITRA |
|
Director |
|
540775(ID) |
Businesswoman |
57 |
15/09/1999 |
No |
||||||||||||||||||||||||||||||
|
|
76 Giannaki Aeroporou, Larnaka, 6045,
Cyprus |
||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||
|
|
Secretary |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
|
|
CHRISTODOULOU GEORGIOU GEORGIOS |
|
Company Secretary |
|
455261(ID) |
Businessman |
62 |
15/09/1999 |
No |
|||||||||||||||||||||
|
|
76 Giannaki Aeroporou, Larnaka, 6045,
Cyprus |
|||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||
|
|
Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
|||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
GEORGIOU DIMITRA |
|
540775(ID) |
|
CYPRIOT |
511 |
51.10000 |
|
||||||||||||||||||||||||||||||||
|
|
76 Giannaki Aeroporou, Larnaka, 6045,
Cyprus |
|||||||||||||||||||||||||||||||||||||||
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|
|
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|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
GEORGIOU ELENI |
|
830161(ID) |
|
CYPRIOT |
163 |
16.30000 |
|
||||||||||||||||||||||||||||||||
|
|
76 Giannaki
Aeroporou, Larnaka, 6045, Cyprus |
|||||||||||||||||||||||||||||||||||||||
|
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|
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|
|
|||||||||||||||||||||||||||||||||||||||
|
|
GEORGIOU MARIA |
|
845702(ID) |
|
CYPRIOT |
163 |
16.30000 |
|
||||||||||||||||||||||||||||||||
|
|
76 Giannaki
Aeroporou, Larnaka, 6045, Cyprus |
|||||||||||||||||||||||||||||||||||||||
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|
|
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|
|
|||||||||||||||||||||||||||||||||||||||
|
|
GEORGIOU CHRISTIANA |
|
896644(ID) |
|
CYPRIOT |
163 |
16.30000 |
|
||||||||||||||||||||||||||||||||
|
|
76 Giannaki
Aeroporou, Larnaka, 6045, Cyprus |
|||||||||||||||||||||||||||||||||||||||
|
|
|
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|
Activity Code |
Description |
|
|
NACE 2.1 |
4638 |
Wholesale of other food, including fish,
crustaceans and molluscs - - This class also includes: - wholesale of feed
for pet animals - |
|
Line of Business |
|
The company in
question was established in order to get involved with the trade and
wholesale distribution of frozen food. |
|
Export to |
Percentage |
|
|
Comments |
The subject does not engage in any export
activities. |
|
|
Import from |
Percentage |
|
Bangladesh, Belgium, China, Denmark,
Estonia, Greece, India, Portugal, Spain, Viet Nam |
98% |
|
Import Terms |
Percentage |
|
|
Cash Against Documents |
|
|
|
Open account |
|
|
|
Market Territory |
|||
|
|
|
|
|
|
Local Presence: |
100% |
|
|
|
Sales |
|||
|
Subject
trades on a wholesale basis (100%) Terms of sales: cash and up to 90 days
credit facilities |
|||
|
Purchases |
|||
|
Local Purchases: |
2% |
Purchasing Terms: |
Special agreements |
|
|
|
Type |
Headquarters |
|
Address: |
Industrial Area, PO BOX: 42324, 6035,
Aradippou, 7101, Larnaka, Cyprus |
||
|
Country |
Cyprus |
|
|
|
Headquarters comprise of |
Offices, Warehouse |
||
|
Headquarters are |
Leased |
||
|
Size (sq m): |
900 |
||
|
HELLENIC BANK PUBLIC COMPANY LIMITED |
|
|
200 Lemesou, & Athalassas Corner,
Strovolos, 2025, Nicosia, Cyprus |
|
|
EMPORIKI BANK - CYPRUS LIMITED |
|
|
4 Ionos, Egkomi, 2406, Nicosia, Cyprus |
|
|
BANK OF CYPRUS PUBLIC
COMPANY LIMITED (This includes CYPRUS
POPULAR BANK PUBLIC COMPANY LIMITED following the merger of the two companies
in 2013) |
|
|
39 Archiepiskopou Makariou C' Avenue, 2025,
Nicosia, Cyprus |
|
|
SYNERGATIKI PISTOTIKI ETAIREIA MAKRASYKAS -LARNAKAS-EPARCHIAS
AMMOCHOSTOU LTD |
|
|
68 Griva Digeni, Larnaka, 6046, Cyprus |
|
|
Comment: |
Reportedly, an overdraft facility is
available and utilized. |
|
No |
Date registered |
Date prepared |
Type |
Description/ No |
Amount |
Sequence |
Beneficiary |
|
1 |
04/08/2015 |
28/07/2015 |
Mortgage |
Y866/15 |
427,000.00 EUR |
- |
CCS Makrasykas- Larnaka- Eparchia
Ammochostou Ltd |
|
2 |
04/08/2015 |
28/07/2015 |
Mortgage |
Y863/15 |
260,000.00 EUR |
- |
CCS Makrasykas- Larnaka- Eparchia
Ammochostou Ltd |
|
3 |
04/08/2015 |
23/07/2015 |
Floating Charge on all Company's Assets |
|
300,000.00 EUR |
- |
CCS Makrasykas- Larnakas- Eparchia
Ammochostou Ltd |
|
4 |
30/08/2011 |
24/08/2011 |
Mortgage |
Y4144/11 |
427,000.00 EUR |
- |
CCS Makrasykas |
|
5 |
03/08/2009 |
27/07/2009 |
Mortgage |
Y3411/09 |
260,000.00 EUR |
- |
CCS Makrasykas |
|
6 |
06/02/2007 |
22/01/2007 |
Floating Charge on all Company's Assets |
|
30,000.00 CYP |
- |
Emporiki Bank - Cyprus Ltd |
|
|
Total Number |
Total Amount (EUR) |
|
Mortgage |
4 |
1,374,000.00 |
|
Floating Charge on all Company's Assets |
2 |
351,258.04 |
|
TOTAL CHARGES |
6 |
1,725,258.04 |
Charges History
|
No |
|
Date prepared |
Date End |
Type |
Description/ No |
Amount |
Sequence |
Beneficiary |
|
|
1 |
29/03/2013 |
11/03/2013 |
22/05/2013 |
Fixed Charge on the Company's Motor Vehicle |
|
12,500.00 EUR |
- |
Cyprus Popular Bank Public Co Ltd |
|
|
2 |
03/08/2009 |
27/07/2009 |
24/08/2011 |
Mortgage |
Y3410/09 |
427,000.00 EUR |
- |
CCS Makrasykas |
|
|
3 |
11/12/2008 |
08/12/2008 |
27/07/2009 |
Mortgage |
Y8144/08 |
130,000.00 EUR |
- |
CCS Makrasykas |
|
|
4 |
30/04/2007 |
23/04/2007 |
27/07/2009 |
Mortgage |
Y2589/07 |
250,000.00 CYP |
- |
CCS Makrasykas |
|
|
5 |
27/10/2006 |
17/10/2006 |
23/04/2007 |
Mortgage |
Y6308/06 |
70,000.00 CYP |
- |
CCS Makrasykas |
|
|
6 |
16/12/2005 |
07/12/2004 |
17/10/2006 |
Mortgage |
Y5276/04 |
20,000.00 CYP |
- |
CCS Makrasykas |
|
|
7 |
16/12/2005 |
19/11/2004 |
23/04/2007 |
Mortgage |
Y5025/04 |
30,000.00 CYP |
- |
CCS Makrasykas |
|
|
8 |
08/11/2004 |
09/03/2004 |
02/08/2010 |
Floating Charge on all Company's Assets |
|
10,000.00 CYP |
- |
Hellenic Bank Public Co. Limited |
|
|
9 |
14/08/2003 |
29/07/2003 |
01/12/2003 |
Mortgage |
Y3087/03 |
80,000.00 CYP |
- |
CCS Makrasykas |
|
|
10 |
19/11/2001 |
12/11/2001 |
23/01/2007 |
Floating Charge on all Company's Assets |
|
15,000.00 CYP |
- |
Cyprus Popular Bank Public Co Ltd |
Negatives
|
|
A check against
our revealed that no negative payment incidents against the subject company,
such as unpaid bills or bankruptcies exist. |
Corporate financial statement
|
|
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Notes
|
|
|
Financial Estimates |
|||||
|
|
|
|
|
|
|
|
Interview Date: |
04 Dec 2015 |
Submitted: |
Estimates |
Currency |
EUR |
|
- |
|
||||
|
Month Ended: |
12 |
Period Ending |
31 Dec 2015 |
Projected Sales |
2500000 |
|
Period |
31 Dec 2014 |
Month Ended |
12 |
Sales were |
2542216 |
We contacted the
company in question where we talked to Mr. George Georgiou who confirmed the
details of this report and also authorized us to contact the Subject’s
accountant in order to obtain the latest audited financial statements for the
year 2014. However, Company's accountant informed us that financial statements
for the year 2014 are not yet audited.
Reportedly,
sales turnover for the year 2015 is expected to be at the same level as 2014.
According to Mr. Georgiou, despite the recession the company remains
sustainable and profitable.
|
Contact Information |
|||
|
Name: |
Mr. George Georgiou |
||
|
Position: |
company |
|
|
|
Title: |
director and company secretary |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.84 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.73.05 |
|
CYP |
1 |
Rs.72.54 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.