MIRA INFORM REPORT
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Report No. : |
310888 |
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Report Date : |
13.03.2015 |
IDENTIFICATION DETAILS
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Name : |
DELICACY FOOD LIMITED |
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Registered Office : |
Industrial Area, Deryneia, Famagusta |
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Country : |
Cyprus |
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Date of Incorporation : |
21.09.1984 |
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Com. Reg. No.: |
C22793 |
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Legal Form : |
Limited Company |
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Line of Business : |
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No. of Employee : |
20 (March 2015) |
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 : |
Moderate |
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Payment Behaviour : |
No complaints |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Cyprus |
B2 |
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 |
Basic Information
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Registered
Name |
DELICACY FOOD
LIMITED |
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English Name |
DELICACY FOOD
LIMITED |
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Registered
Address |
Industrial Area,
Deryneia, Famagusta, Cyprus |
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Headquarters: |
18 Alexandrou Gkracham
Bel Street, Famagusta, 5380, PoBox 33094, Cyprus |
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Telephone |
+35722820188 /
+35723823398 |
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Fax |
+35723825342 |
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E-mail |
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Web Site |
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Status |
Registered and
operational |
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Legal Type |
Limited Company |
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Registration
No |
C22793 |
Registration
Date |
21/09/1984 |
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Start Date |
21/09/1984 |
Years of
Operation: |
31 |
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Last annual
report |
31/12/2004 |
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Last return |
01/01/2008 |
Tax Reg No: |
VAT: CY10022793N |
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CINFO ID: |
CYC11584806 |
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Summary
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Employees |
March 2015 |
February 2015 |
March 2014 |
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Company |
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Company |
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Company |
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Total Number |
20 |
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38 |
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35 |
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Additional Info: |
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Legal Advisor: NIKOS OIKONOMOU, 39 Vasileos Pavlou, Larnaca Correspondence: PricewaterhouseCoopers, 4 Artemidos, City House,
6030, Larnaka |
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Business History
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Date |
Event Name |
Old Value |
New Value |
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01/01/2008 |
Authorized Capital Changed |
25000.00 CYP |
42750.00 EUR |
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01/01/2008 |
Paid Up Capital Changed |
24999.00 CYP |
42748.29 EUR |
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01/01/2008 |
Nominal Values of Shares Changed |
1.00 CYP |
1.71 EUR |
Capital
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Authorized Capital |
42,750.00 |
EUR |
Issued Capital |
42,748.29 |
EUR |
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Nominal No Of Shares |
25,000.00 |
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Issued No Of Shares |
24,999.00 |
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Nominal value |
1.71 |
EUR |
Paid Up |
42,748.29 |
EUR |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
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KOUTSOLOUKAS GEORGIOS |
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500866(ID) |
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CYPRIOT |
8333 |
33.33333 |
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56 Dimitriou Chamatsou, Paralimni, 5282,
Famagusta, Cyprus |
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CHRISTODOULOU SPYROS |
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561059(ID) |
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CYPRIOT |
8333 |
33.33333 |
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Paralimni,
Famagusta, Cyprus |
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TSANGARIS IOANNIS |
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566757(ID) |
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CYPRIOT |
8333 |
33.33333 |
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Paralimni, Famagusta, Cyprus |
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Operation
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Activity Code |
Description |
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NACE 2.1 |
1084 |
Manufacture of condiments and seasonings - This
class includes: - manufacture of spices, sauces and condiments: >
mayonnaise > mustard flour and meal > prepared mustard etc. -
manufacture of vinegar - This class also includes: - processing of salt into
food-grade salt, e.g. iodised salt - This class excludes: - growing of spice
crops, see 01.28 |
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Line of Business |
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The company in
question deals with ready meals and especially salads, sauces, dips, juices
and pastes. The subject imports, produces and distributes its products to the
Cypriot market. Some of the
subject’s major clients are: KFC (Cyprus), Pizza Hut (Cyprus), Food and
Beverages at the airports, Carrefour and various hotels across Cyprus. |
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Export to
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Percentage |
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Comments |
Subject does not engage in any export
activity. |
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Import from
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Percentage |
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Belgium, Germany, Greece, India |
100% |
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Import Terms
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Percentage |
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Special agreements |
Depends on the supplier |
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Market Territory
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Local Presence: |
100% |
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Sales |
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The subject provides 30-60 days of credit
or accepts cash on delivery. |
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Brands
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Brand Name |
Photo |
Description |
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DELICACY FOODS |
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Premises
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Type |
Headquarters |
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Address: |
18 Alexandrou Gkracham Bel Street,
Famagusta, 5380, PoBox 33094, Cyprus |
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Headquarters comprise of |
Offices |
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Banks
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HELLENIC BANK PUBLIC COMPANY LIMITED |
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200 Lemesou, & Athalassas Corner,
Strovolos, 2025, Nicosia, Cyprus |
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Comment: |
The subject has an overdraft facility |
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Affiliates and Subsidiaries |
Relation |
Year Reg. |
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ALBIA PROPERTIES LIMITED |
Affiliated Company |
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OCEAN AQUARIUM LIMITED |
Affiliated Company |
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SPYSOL LEISURE LIMITED |
Affiliated Company |
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Charges
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No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
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1 |
17/06/2002 |
05/06/2002 |
Mortgage |
Y657/02 |
400,000.00 CYP |
- |
Hellenic Bank Public Co. Limited |
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2 |
17/06/2002 |
05/06/2002 |
Floating Charge on all Company's Assets |
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300,000.00 CYP |
- |
Hellenic Bank Public Co. Limited |
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3 |
08/07/1997 |
12/05/1997 |
Fixed Charge on the Company's Motor Vehicle |
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438,335.00 CYP |
- |
Bank of Cyprus Public Company Limited |
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4 |
01/07/1996 |
21/06/1996 |
Floating Charge on all Company's Assets |
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100,000.00 CYP |
- |
Bank of Cyprus Public Company Limited |
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5 |
23/03/1995 |
16/03/1995 |
Floating Charge on all Company's Assets |
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70,000.00 CYP |
- |
Bank of Cyprus Public Company Limited |
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6 |
15/11/1993 |
12/11/1993 |
Floating Charge on all Company's Assets |
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75,000.00 CYP |
- |
Hellenic Bank Public Co. Limited |
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7 |
04/07/1988 |
22/06/1988 |
Floating Charge on all Company's Assets |
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30,000.00 CYP |
- |
Bank of Cyprus Public Company Limited |
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Total Number |
Total Amount (EUR) |
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Mortgage |
1 |
683,440.58 |
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Floating Charge on all Company's Assets |
5 |
982,445.83 |
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Fixed Charge on the Company's Motor Vehicle |
1 |
748,939.81 |
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TOTAL CHARGES |
7 |
2,414,826.22 |
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 in question where we
talked to company official, Ms. Eleni Tsangari who confirmed to us all the
details in this report. However, Ms. Tsangari declined to provide us with the
latest financial statements of the.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.57 |
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|
1 |
Rs.93.57 |
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Euro |
1 |
Rs.65.95 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
ANK |
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 |
-- |
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.