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Report No. : |
349876 |
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Report Date : |
24.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
TERENTULA
HOLDINGS LIMITED |
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Registered Office : |
1 Avlonos, Maria House, 5th Floor, Nicosia, 1075 |
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Country : |
Cyprus |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
29.07.2010 |
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Com. Reg. No.: |
C271314 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is to acquire and hold controlling
and other interests in the share or loan capital of any company or companies
of any nature.
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No. of Employee : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – 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 |
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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 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.
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Source
: CIA |
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Registered Name |
TERENTULA
HOLDINGS LIMITED |
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English Name |
TERENTULA
HOLDINGS LIMITED |
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Registered Address |
1 Avlonos,
Maria House, 5th Floor, Nicosia, 1075, Cyprus |
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Headquarters: |
1 Avlonos,
Maria House, Nicosia, 1075, Cyprus |
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Telephone |
+35722504000 |
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Fax |
+35722504100 |
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E-mail |
cyprus@amicorp.com
(Correspondent Email) |
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Web Site |
http://www.amicorp.com/
(Correspondent Website) |
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Legal Type |
Limited
Company |
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Registration No |
C271314 |
Registration Date |
29/07/2010 |
|
Start Date |
29/07/2010 |
Years of Operation: |
5 |
|
Last annual report |
31/03/2013 |
Latest Annual Account Date |
31/12/2014 |
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Last return |
29/01/2013 |
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CINFO ID: |
CYC23243972 |
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Status: |
Registered
and operational |
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Employees |
November 2015 |
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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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Financial Summary |
December 2014 |
December 2013 |
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USD |
USD |
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|||
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Revenue
Sales |
|
|
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|||
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Pre Tax
Profit |
-4,986.00 |
-5,773.00 |
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|||
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Working
Capital |
-20,237.00 |
-15,001.00 |
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Total
Equity |
18,958,750.00 |
18,963,736.00 |
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Long Term
Debts |
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Trend |
EVEN |
- |
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Additional Info: |
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Legal Advisor & Correspondent: AMICORP (CYPRUS) LTD, 1 Avlonos,
Maria House, 5th Floor, 1075 Nicosia, Tel:22504000 |
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Assessment: |
Low Risk |
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Payment
Habits: |
No
complaints |
A check against
all available information sources revealed that no late payment incidents
against Subject Company exist. |
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Financial
strength |
Moderate |
Please
note that, Financial strength was calculated based on the audited financial
statements of 2014. |
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Maximum
credit |
Not
Required |
Please
note that businesses in this line (Holding Companies) do not normally require
trade credit. |
|
Authorized Capital |
0.00 |
EUR |
Issued Capital |
0.00 |
EUR |
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Nominal No Of Shares |
7,000.00 |
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Issued No Of Shares |
6,500.00 |
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Nominal value |
0.00 |
EUR |
Paid Up |
0.00 |
EUR |
Authorized Capital : 6000 EUR + 1000
USD
Paid Up Capital : 6000 EUR + 500 USD
|
Shares Breakdown |
Value |
Issued Shares Breakdown |
Class |
Type |
|
6000 |
Value 1 EUR |
6000 |
- |
Ordinary |
|
1000 |
Value 1
USD |
500 |
- |
Redeemable
Preferred |
Corporate Structure
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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BRIANTSERVE LIMITED |
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Director |
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C200768 |
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0 |
29/07/2010 |
Yes |
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1 Avlonos,
Maria House, 5th Floor, Nicosia, 1075, Cyprus |
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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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Corporate financial statement
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FIXED ASSETS |
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Property,
plant and equipment |
18,978,987 |
18,978,737 |
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Total fixed assets |
18,978,987 |
18,978,737 |
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CURRENT ASSETS |
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Total assets |
18,978,987 |
18,978,737 |
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CAPITAL AND RESERVES |
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Share
capital |
7,858 |
7,858 |
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Other
reserves |
18,978,642 |
18,978,642 |
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Retained
earnings |
-27,750 |
-22,764 |
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Total equity |
18,958,750 |
18,963,736 |
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LONG-TERM LIABILITIES |
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CURRENT LIABILITIES |
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Trade and
other payables |
19,172 |
14,290 |
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Borrowings |
1,065 |
711 |
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Total Current Liabilities |
20,237 |
15,001 |
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Total liabilities |
20,237 |
15,001 |
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Total equity and liabilities |
18,978,987 |
18,978,737 |
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Other
Operating income |
4,314 |
4,559 |
|
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Administrative
expenses |
8,816 |
9,093 |
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OPERATING PROFIT/LOSS |
-4,502 |
-4,534 |
|
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Finance
costs |
484 |
1,239 |
|
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Profit/Loss
before income tax |
-4,986 |
-5,773 |
|
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Profit/Loss for the year |
-4,986 |
-5,773 |
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PROFITABILITY RATIOS |
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Return on
assets (ROA) |
0 |
0 |
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Notes
|
|
The subject
is an International Business Company - IBC (ex - Offshore Company) registered
in Cyprus on 29/07/2010.
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 have been unable to trace any offices for the subject company in Cyprus.
During our investigation we have contacted the company's correspondent AMICORP
(CYPRUS) LTD. The official we spoke to could not release any information, such
as if the company is an International Business Company (IBC) or not and if they
maintain offices of their own in Cyprus, due to the client confidentiality
policy in place.
Additionally, a questionnaire was forwarded to the subject but until now, we
have received no reply. Should any additional information become available, we
will provide you with a revised report.
Contact Information
|
Name: |
Ms Elina
Omale006Eova |
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|
Position: |
company |
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|
|
Title: |
representative |
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|
Couldn't supply |
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|
Any info |
|||
|
A questionnaire was sent - no
reply received |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.35 |
|
|
1 |
Rs.100.66 |
|
Euro |
1 |
Rs.70.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
TRU |
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.