MIRA INFORM REPORT

 

 

Report No. :

304944

Report Date :

30.01.2015

 

IDENTIFICATION DETAILS

 

Name :

FREEGEM LIMITED

 

 

Registered Office :

6 Dekelias Road, Akathiotis Nefeli Beach Garden, Apt. 22, House 15, Pyla, 7081, Larnaka

 

 

Country :

Cyprus

 

 

Date of Incorporation :

04.12.1996

 

 

Com. Reg. No.:

C82897

 

 

Legal Form :

Limited Company

 

 

Line of Business :

According to the Articles of Association, the subject company is involved in general trade however; we were unable to confirm the activity.

 

 

No of Employees :

Not Available

 

[We tried to confirm the number of employees but no one is ready to part any information from the company management.]

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

International Business Company

Payment Behaviour :

Unknown 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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

FREEGEM LIMITED

 

English Name

FREEGEM LIMITED

Registered Address

6 Dekelias Road, Akathiotis Nefeli Beach Garden, Apt. 22, House 15, Pyla, 7081, Larnaka, Cyprus

Headquarters:

21 Megalou Alexandrou, Nicosia, 2121, Cyprus

Fax

+35722668801

E-mail

freegemlimited@ymail.com  , office1.eastlight@cytanet.com.cy  (Correspondence Email)

Web Site

www.dorax-invest.com  (Correspondence Website)

Status

Registered and operational

Legal Type

Limited Company

Registration No

C82897

Registration Date

04/12/1996

Start Date

04/12/1996

Years of Operation:

19

Last annual report

31/12/2003

 

 

Last return

01/01/2008

 

 

CINFO ID:

CYC11646822

 

 

 

Employees

January 2015

 

 

 

Company

 

 

 

 

 

Total Number

Not Available

 

 

 

 

 

 

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. In such cases, companies may utilize staff (2-3 people) from their auditors’ or lawyers’ offices.

 

 

Payment

 

Assessment:

Nil Rating

Payment Habits:

 

Unknown 

Financial strength

Unable to comment

Given the fact that no recent detailed financial statements were released to us, we feel unable to express a safe and reliable opinion on the creditability and Financial Strength.

 

Business History

 

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

 

 

Capital

 

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

 

 

Corporate Structure

 

 

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

 

 

 

INGRIDA SELICKA

 

Director

 

0737680(Passport)

Businesswoman

49

27/04/2006

Yes

 

1 I.R. Blaumana, Apt. 33, Rezekne, LV-4600, Latvia

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

AJOUTER INVESTMENTS LIMITED

 

02/06/2005

C161509

Registered and operational

Director

21/12/2009

 

 

 

 

 

Other Shareholding:

 

 

 

Name

 

Registration Date

Reg. No.

Status

%

Update Date

 

AJOUTER INVESTMENTS LIMITED

 

02/06/2005

C161509

Registered and operational

100

21/12/2009

 

 

 

 

 

Secretary

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

 

 

 

ELENA LONGINOVA

 

Company Secretary

 

1152312(ID)

Businesswoman

56

27/04/2006

No

 

21 Megalou Alexandrou, Nicosia, 2121, Cyprus

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

CIBCF CORPORATE INTERNATIONAL BUREAU OF COMMERCE FUNDING LIMITED

 

07/05/2010

C267114

Registered and operational

Director / Secretary

18/02/2013

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

 

 

 

ELENA LONGINOVA

 

1152312(ID)

 

CYPRIOT

500

50

-

-

-

 

 

21 Megalou Alexandrou, Nicosia, 2121, Cyprus

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

CIBCF CORPORATE INTERNATIONAL BUREAU OF COMMERCE FUNDING LIMITED

 

07/05/2010

C267114

Registered and operational

Director / Secretary

18/02/2013

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

 

 

INGRIDA SELICKA

 

0737680(Passport)

 

LATVIAN

500

50

-

-

-

 

 

1 I.R. Blaumana, Apt. 33, Rezekne, LV-4600, Latvia

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

AJOUTER INVESTMENTS LIMITED

 

02/06/2005

C161509

Registered and operational

Director

21/12/2009

 

 

 

 

 

Other Shareholding:

 

 

 

Name

 

Registration Date

Reg. No.

Status

%

Update Date

 

AJOUTER INVESTMENTS LIMITED

 

02/06/2005

C161509

Registered and operational

100

21/12/2009

 

 

 

 

Operation

 

Activity Code

Description

NACE 2.1

4690

Non-specialized wholesale trade - This class includes: - wholesale of a variety of goods without any particular specialization - -

 

 

Line of Business

According to the Articles of Association, the subject company is involved in general trade however; we were unable to confirm this. The Articles of Association also make provision for other activities.

Business Activities
General Trading
General Traders
Industry Classifications - NAICS
» Merchant Wholesalers, Durable Goods (NAICS # 423)
» Merchant Wholesalers, Nondurable Goods (NAICS # 424)
» Wholesale Trade Agents and Brokers (NAICS # 42512)
» Wholesale Trade (NAICS # 42)
» Retail Trade (NAICS # 44)



After desk research we found the following:

Source: http://dkallis2.en.ec21.com/company_info.jsp

We can assist with all trade related financial services such as sight, usance and standby letters of credit, as well as guarantees. For more information, pls write to freegemlimited at ymail dot com

Source: http://www.bizearch.com/company/Freegem_Limited_517597.htm

Freegem Limited is a company incorporated in Cyprus.
We offer innovative trade solutions in bank instruments such as Letters of credit, Standby letters of credit and guarantes.

Business Type: Agent

Products/Services: We offer innovative trade solutions in bank instruments such as Letters of credit, Standby letters of credit and guarantes.
Country: Cyprus

Company Name Freegem Limited
Contact Person David
Company Address 12 Promitheos Street, Nicosia 1065, Cyprus
Postal Code 1065
Telephone Number +35732760022

 

 

Export to

Percentage

 

Comments

Non Retrievable

 

 

 

 

 

 

 

 

 

Import from

Percentage

 

Comments

Non Retrievable

 

 

 

 

 

Market Territory

 

 

 

 

 

 

International Presence

100%

We have the impression that the subject is an International Business Company (IBC) with no offices of its own in Cyprus.

 

 

Premises

 

 

 

 

 

 

 

Type

Headquarters

 

 

 

Address:

21 Megalou Alexandrou, Nicosia, 2121, Cyprus

 

Headquarters comprise of

Offices

 

Headquarters operate as:

Correspondent office

 

 

Charges

 

No

Date registered

Date prepared

Type

Description/No

Amount

Sequence

Beneficiary

0

N/A

N/A

N/A

N/A

N/A

N/A

No charges found

 

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

 

 

 

 

 

The subject is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 04.12.1996.


IBC companies, being covered by the law of confidentiality, may use nominee shareholders that hold the shares in trust for the beneficial owners. Until recently beneficial owners were made known only to the Central Bank of the Republic of Cyprus, which used to grant permission for the company’s registration in Cyprus. After Cyprus accession into the EU, this practice changed. Beneficial owners of an IBC are now known to the lawyers and / or auditors that undertake the registration of such companies in Cyprus.

In the past IBC’s (ex offshore companies & offshore branches) used to benefit from a corporation tax rate on their profits of 4.25%. However, according to new tax legislation which has been in effect since the 1st January 2003, there is no longer a distinction between local companies and International Business Companies (IBC’s. The net profits of all companies registered in Cyprus are taxed at the rate of 12.5% effective since 1st January 2013.

Furthermore, in the past the law required IBC’s (ex offshore companies & offshore branches), beneficial owners to be non-Cypriot residents and the business activities to be carried out, outside of Cyprus only. This law has changed. IBC entities may have activities worldwide, including in Cyprus. However, in order for an IBC entity to have activities locally, their Memorandum and Articles of Association should provide for that. Most of the IBC entities that were registered before the change of the law have already proceeded with the amendments in their Memorandum and Articles of Association.

The new provisions provide exemptions from tax of income related to Intellectual Property, specifically:

1. 80% of worldwide royalty income generated from Intellectual Property owned by Cypriot resident companies (net of any direct expenses) is exempt from income tax.

2. 80% of profit generated from the disposal of Intellectual Property owned by Cypriot resident companies (net of any direct expenses) is exempt from income tax.

3. There is no defense tax on dividends for non-Cypriot residents.

Any expenditure of a capital nature for the acquisition or development of IP is claimed as a tax deduction in the year in which it was incurred and the immediate four following years on a straight-line

All the above exemptions are also available for IPs acquired or developed before January 2012.

We tried to contact the company in question however with no success. We tried locating contact details for the company and its Directors but there was no relative information recorded at the local official telecommunication companies (CYTA and Callsat). The only contact details available at the Registrar of Companies is the company registered address.

Furthermore, after desk research we found that the following information that could not be confirmed:

Source: http://dkallis2.en.ec21.com/company_info.jsp

Address:12 Promitheos Street, Nicosia, 1065, Cyprus

fax number: 357 22022199

Contact person Mr. David Kallis


During our investigation we have contacted the company's Correspondent DORAX INVESTMENT COMPANY LTD. The official we spoke to informed us that they have lost contact with their client. However, a written questionnaire was sent in order to be forwarded to the company in question. Should any additional information becomes available we will provide you with a revised report. 

 

We have the impression that the subject is an IBC with no offices in Cyprus.


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 for up to 7 years:

· Bankruptcy and Dissolution procedures.

· Unpaid Bills including returned cheques.

· Proprietary databases and global subscription sites.

· Global and local media.

· Internet social networks.

· Relationship/Directorship Search through Local Database.

· 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

 

 

 

 

 

 

 

 

Contact Information

 

 

 

 

 

 

Name:

Not Disclosed

Position:

Company representative

 

 

Couldn't supply any info

A questionnaire was sent - no reply received

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.50

UK Pound

1

Rs.93.12

Euro

1

Rs.69.33

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

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.