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MIRA INFORM REPORT
|
Report No. : |
503997 |
|
Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
ESSAR SHIPPING (CYPRUS) LIMITED |
|
|
|
|
Registered Office : |
4 Riga Feraiou, Omega Court, 1st Floor, Limassol, 3095 |
|
|
|
|
Country : |
Cyprus |
|
|
|
|
Financials (as on) : |
December 2014 |
|
|
|
|
Date of Incorporation : |
28.12.2009 |
|
|
|
|
Com. Reg. No.: |
C259972 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
·
Sea and coastal passenger water transport - This
class includes: - transport of passengers over seas and coastal waters,
whether scheduled or not: > operation of excursion, cruise or sightseeing
boats > operation of ferries, water taxis - This class also includes: -
renting of pleasure boats with crew for sea and coastal water transport (e.g.
for fishing cruises) - This class excludes: - restaurant and bar activities
on board ships, when provided by separate units - renting of pleasure boats
and yachts without crew - renting of commercial ships or boats without crew-
operation of ""floating casinos"" ·
Sea and coastal freight water transport - This
class includes: - transport of freight over seas and coastal waters, whether
scheduled or not - transport by towing or pushing of barges, oil rig - This
class also includes: - renting of vessels with crew for sea and coastal
freight water transport - This class excludes: - storage of freight- harbour
operation and other auxiliary activities such as docking, pilotage,
lighterage, vessel salvage - cargo handling - renting of commercial ships or
boats without crew |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Cyprus |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
CYPRUS - ECONOMIC OVERVIEW
The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. Tourism, finance, shipping, and real estate have traditionally been the most important services. Cyprus has been a member of the 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’ 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 euro-zone 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 $13 billion bailout that triggered a two-week bank closure and the imposition of capital controls that remained partially in place until 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 remains burdened by the largest stock of non-performing loans in the euro zone, equal to nearly half of all loans. Since the bailout, Cyprus has received positive appraisals by the Troika and outperformed fiscal targets but has struggled to overcome political opposition to bailout-mandated legislation, particularly regarding privatizations. Cyprus emerged from recession in 2015 and its economy grew an estimated 1.5% for the year, setting a positive tone for the scheduled end of the bailout program in March 2016. Growth recovered to 2.8% in 2016 and 3.4% in 2017, while unemployment dropped to 11.8%. The rate of non-performing loans (NPLs) is still very high at around 49%, and growth would accelerate if Cypriot banks could increase the pace of resolution of the NPLs.
In October 2013, a US-Israeli consortium completed preliminary appraisals of hydrocarbon deposits in Cyprus’ exclusive economic zone (EEZ), which estimated gross mean reserves of about 130 billion cubic meters. Though exploration continues in Cyprus’ EEZ, no additional commercially exploitable reserves have been identified. Developing offshore hydrocarbon resources remains a critical component of the government’s economic recovery efforts, but development has been delayed as a result of regional developments and disagreements about exploitation methods.
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 |
Basic Information
|
Registered Name |
ESSAR SHIPPING (CYPRUS) LIMITED |
||
|
English Name |
ESSAR SHIPPING (CYPRUS) LIMITED |
||
|
Registered Address |
4 Riga Feraiou, OMEGA COURT, 1st Floor, Limassol, 3095,
Cyprus |
||
|
Headquarters: |
1 Eressou, Mesa Geitonia, 4002, Limassol, Cyprus |
||
|
Legal Type |
Limited Company |
||
|
Registration No |
C259972 |
Registration Date |
28/12/2009 |
|
Last annual report |
31/12/2015 |
Latest Annual Account Date |
31/12/2014 |
|
Last return |
30/06/2017 |
|
|
|
CINFO ID: |
CYC23218134 |
|
|
|
Status: |
Registered and operational |
||
Summary
|
Employees |
April 2018 |
|
|
|
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 and companies may utilize certain staff (2-3 people) from their auditors
or lawyers offices.
|
Financial Summary |
December 2014 |
December 2013 |
|
|
USD |
USD |
|
Revenue Sales |
33,259,830.00 |
27,321,355.00 |
|
Pre Tax Profit |
2,064,478.00 |
-2,760,212.00 |
|
Working Capital |
-235,321,986.00 |
-244,916,921.00 |
|
Total Equity |
142,347,269.00 |
139,434,977.00 |
|
Long Term Debts |
6,312,453.00 |
11,120,881.00 |
|
Trend |
UP |
- |
|
Additional Info: |
|
Correspondence: ELLSPASERVE LTD, 1 Eressou, Mesa Geitonia, 4002,
Limassol, tel: 99608334/99552282 Legal Advisor: ANDREAS THOMA, 4 Riga Phereou, Omega cort,
1st Floor, 3095 Limassol |
Payment
|
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.Our rating is based on non- financial parameters and on the years of
operations of the company. Please note that in case we are able to retrieve
Financial Figures our rating will be updated. |
Capital
|
Authorized Capital |
15,000.00 |
EUR |
Issued Capital |
14,506.00 |
EUR |
|
Nominal No Of Shares |
15,000.00 |
|
Issued No Of Shares |
14,506.00 |
|
|
Nominal value |
1.00 |
EUR |
Paid Up |
14,506.00 |
EUR |
Corporate Structure
|
Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
|||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||
|
SUSHIL KUMAR BAID |
|
Director |
|
Z2262210(Passport) |
Businessman |
52 |
30/06/2017 |
No |
||||||||||||||||||||||||||||||
|
28 Avenue Malartic, Quatre Bornes, Mauritius |
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|
KONSTANTINOU ANTREAS |
|
Director |
|
687987(ID) |
Accountant |
50 |
14/11/2016 |
Yes |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
9 Andrea Kesta, Agios Athanasios, Limassol, 4106,
Cyprus |
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|
DEMOU DEMOS |
|
Director |
|
697680(ID) |
Certified Accountant |
49 |
28/12/2009 |
Yes |
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|
7 Antiparou, Limassol, 4049, Cyprus |
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Secretary |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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|
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RITISH DOORBIZ |
|
Assistant Secretary |
|
1203959(Passport) |
Company Secretary |
37 |
09/02/2012 |
No |
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10 Frere Felix de Valois Street, Port Louis, Mauritius |
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ADMINICO SECRETARIAL LIMITED |
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Company Secretary |
|
C278215 |
|
0 |
01/01/2011 |
No |
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4 Riga Feraiou, Omega Court, 1st Floor, Limassol, 3095,
Cyprus |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
|||||||||||||||||||||||||||||||
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|
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IDH INTERNATIONAL DRILLING HOLDCO LIMITED |
|
C174469 |
|
- |
14506 |
100 |
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4 Riga Feraiou, Omega Court, 1st Floor, Limassol, 3095,
Cyprus |
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Operation
|
Activity Code |
Description |
|
|
NACE 2.1 |
5010 |
Sea and coastal
passenger water transport - This class includes: - transport of passengers
over seas and coastal waters, whether scheduled or not: > operation of
excursion, cruise or sightseeing boats > operation of ferries, water taxis
etc. - This class also includes: - renting of pleasure boats with crew for
sea and coastal water transport (e.g. for fishing cruises) - This class
excludes: - restaurant and bar activities on board ships, when provided by
separate units, see 56.10, 56.30 - renting of pleasure boats and yachts
without crew, see 77.21 - renting of commercial ships or boats without crew,
see 77.34 - operation of ""floating casinos"", see 92.00 |
|
NACE 2.1 |
5020 |
Sea and coastal
freight water transport - This class includes: - transport of freight over
seas and coastal waters, whether scheduled or not - transport by towing or
pushing of barges, oil rigs etc. - This class also includes: - renting of
vessels with crew for sea and coastal freight water transport - This class
excludes: - storage of freight, see 52.10 - harbour operation and other
auxiliary activities such as docking, pilotage, lighterage, vessel salvage,
see 52.22 - cargo handling, see 52.24 - renting of commercial ships or boats
without crew, see 77.3 |
Line of Business
According to the subject's annual report for the year ended 31 December
2014, the principal activity of the subject is the engagement in sea
transportation. The Company owns 6 vessels which were constructed by STX
(Dalian) Shipbuilding Co. Ltd. These vessels have been given on bareboat
charter.
After desk research the following information was found; however we have been
unable to confirm it with official sources:
According to https://www.essar.com., the subject company is an integrated
supply chain solution provider with investments in sea transportation, which
includes a diversified fleet of 13 vessels,
and contract drilling services. The fleet includes 1 double hull VLCCs,
1 Capesize vessel, 6 mini-capesize vessels, 1 Panamax bulk carrier, 2 Supramax
bulk carriers and 2 general cargo ships of 13,000 DWT each.
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Premises
|
Type |
Headquarters |
|
|
|
Address: |
1 Eressou, Mesa Geitonia, 4002, Limassol, Cyprus |
||
|
Headquarters comprise of |
Offices |
||
|
Headquarters operate as: |
Correspondent Office |
||
Banks
STATE BANK OF INDIA
STANDARD CHARTERED BANK (SINGAPORE)
STANDARD CHARTERED BANK (LONDON)
|
Affiliates and Subsidiaries |
Relation |
Country |
Year Reg. |
|
IDH INTERNATIONAL DRILLING HOLDCO LIMITED |
Parent Company |
Cyprus |
2006 |
|
4 Riga Feraiou, Omega Court, 1st Floor, Limassol, 3095,
Cyprus |
|||
Charges
|
No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
|
1 |
29/10/2015 |
20/10/2015 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
Charge On Scanning Cash Account |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
2 |
29/10/2015 |
20/10/2015 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
General Assignment On Insurance, Receivables And Rights
Arising From Chartering The Ships "KAMLESH ", "ARUN",
"ISHWARI", "SHRAVAN", "KISHORE" And ASHOK"
(Ships) |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
3 |
29/10/2015 |
20/10/2015 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
First Floating Charge And Assignment On Company Assets |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
4 |
23/11/2012 |
09/11/2012 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
General Assignment On Receivables, Insurance And Any
Compensation Due To Requisition Of The Ship "Ashok" |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
5 |
23/11/2012 |
09/11/2012 |
Amount: Current Account |
First Mortgage On The Ship " Ashok" |
0.00 EUR |
- |
Standard Chartered Bank |
|
6 |
23/11/2012 |
09/11/2012 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
General Assignment On Receivables, Insurance And Any
Compensation Due To Requisition Of The Ship "Kishore" |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
7 |
23/11/2012 |
09/11/2012 |
Amount: Current Account |
First Mortgage On The Ship "Kishore" |
0.00 EUR |
- |
Standard Chartered Bank |
|
8 |
16/11/2012 |
09/11/2012 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
Assignment On Insurance And Compensation Due To
Requisition Of The Ship "Ashok" |
44,000,000.00 USD |
- |
STX (Dalian) Shipbuilding Co. Ltd |
|
9 |
16/11/2012 |
09/11/2012 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
Assignment On Insurance And Compensation Due To
Requisition Of The Ship "Kishore" |
44,000,000.00 USD |
- |
STX (Dalian) Shipbuilding Co. Ltd |
|
10 |
16/11/2012 |
09/11/2012 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
Assignment On Insurance And Compensation Due To Requisition
Of The Ship "Shravan" |
44,000,000.00 USD |
- |
STX (Dalian) Shipbuilding Co. Ltd |
|
11 |
16/11/2012 |
09/11/2012 |
- |
Assignment On Insurance And Compensation Due To
Requisition Of The Ship "Ishwari" |
44,000,000.00 USD |
- |
STX (Dalian) Shipbuilding Co. Ltd |
|
12 |
16/11/2012 |
09/11/2012 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
Assignment On Insurance And Compensation Due To
Requisition Of The Ship "Arun" |
44,000,000.00 USD |
- |
STX (Dalian) Shipbuilding Co. Ltd |
|
13 |
16/11/2012 |
09/11/2012 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
Assignment On Insurance And Compensation Due To
Requisition Of The Ship "Kamlesh" |
44,000,000.00 USD |
- |
STX (Dalian) Shipbuilding Co. Ltd |
|
14 |
14/11/2012 |
09/11/2012 |
Amount: Current Account |
Mortgage On The Ship " Ashok" |
0.00 EUR |
- |
STX (Dalian) Shipbuilding Co. Ltd |
|
15 |
14/11/2012 |
09/11/2012 |
Amount: Current Account |
Mortgage On The Ship "Shravan" |
0.00 EUR |
- |
STX (Dalian) Shipbuilding Co. Ltd |
|
16 |
14/11/2012 |
09/11/2012 |
Amount: Current Account |
Mortgage On The Ship "Arun" |
0.00 EUR |
- |
STX (Dalian) Shipbuilding Co. Ltd |
|
17 |
14/11/2012 |
09/11/2012 |
Amount: Current Account |
Mortgage On The Ship "Ishwari" |
0.00 EUR |
- |
STX (Dalian) Shipbuilding Co. Ltd |
|
18 |
14/11/2012 |
09/11/2012 |
Amount: Current Account |
Mortgage On The Ship "Kishore" |
0.00 EUR |
- |
STX (Dalian) Shipbuilding Co. Ltd |
|
19 |
14/11/2012 |
09/11/2012 |
Amount: Current Account |
Mortgage On The Ship "Kamlesh" |
0.00 EUR |
- |
STX (Dalian) Shipbuilding Co. Ltd |
|
20 |
17/05/2012 |
20/04/2012 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
General Assignment On Receivables, Insurance And Any
Compensation Due To Requisition Of The Ship "Shravan" |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
21 |
11/05/2012 |
20/04/2012 |
Amount: Current Account |
First Mortgage On The Ship " Shravan" |
0.00 EUR |
- |
Standard Chartered Bank |
|
22 |
04/04/2012 |
15/03/2012 |
- |
General Assignment On Receivables, Insurance And Any Compensation
Due To Requisition Of The Ship "Ishwari" |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
23 |
04/04/2012 |
15/03/2012 |
Amount: Current Account |
First Mortgage On The Ship " Ishwari" |
0.00 EUR |
- |
Standard Chartered Bank |
|
24 |
08/02/2012 |
01/02/2012 |
Amount: Current Account |
First Mortgage On The Ship " Arun" |
0.00 EUR |
- |
Standard Chartered Bank |
|
25 |
08/02/2012 |
01/02/2012 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
General Assignment On Receivables, Insurance And Any
Compensation Due To Requisition Of The Ship "Arun" |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
26 |
11/01/2012 |
21/12/2011 |
Amount: Current Account |
First Mortgage On The Ship "Kamlesh" |
0.00 EUR |
- |
Standard Chartered Bank |
|
27 |
11/01/2012 |
21/12/2011 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
General Assignment On Receivables, Insurance And Any Compensation
Due To Requisition Of The Ship "Kamlesh" |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
28 |
09/03/2011 |
20/12/2010 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
Assignment On Rights Under Shipbuilding Contract And
Money Refund Guarantee Regarding The Vessel No. D-2048 |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
29 |
09/03/2011 |
20/12/2010 |
Amount: Any amount of money that is owed today or in the
future or from time to time |
Assignment On Rights Under Shipbuilding Contract And
Money Refund Guarantee Regarding The Vessel No. D-2046 |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
30 |
09/03/2011 |
20/12/2010 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
Assignment On Rights Under Shipbuilding Contract And
Money Refund Guarantee Regarding The Vessel No. D-2045 |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
31 |
09/03/2011 |
20/12/2010 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
Assignment On Rights Under Shipbuilding Contract And
Money Refund Guarantee Regarding The Vessel No. D-2042 |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
32 |
09/03/2011 |
20/12/2010 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
Assignment On Rights Under Shipbuilding Contract And
Money Refund Guarantee Regarding The Vessel No. D-2040 |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
33 |
09/03/2011 |
20/12/2010 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
Assignment On Rights Under Shipbuilding Contract And Money
Refund Guarantee Regarding The Vessel No. D-2038 |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
34 |
09/03/2011 |
20/12/2010 |
Amount: Any amount of money that is owed today or in
the future or from time to time |
Charge On Accounts |
252,000,000.00 USD |
- |
Standard Chartered Bank |
|
|
Total Number |
Total Amount (USD) |
Total Amount (EUR) |
|
Amount: Any amount of money that is owed today or in
the future or from time to time |
20 |
4,000,000,000.00 |
|
|
Amount: Current Account |
12 |
|
0.00 |
|
- |
2 |
296,000,000.00 |
|
|
TOTAL CHARGES |
34 |
4,296,000,000.00 |
0.00 |
Negatives
A check against our records revealed that no negative payment incidents against the subject company, such as unpaid bills or bankruptcies exist
Financial Statement
Corporate financial statement
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Emphasis of matter
Please note
that according to the Auditor’s Opinion in the subject’s Annual Report for the
year ended 31 December 2015, there is an emphasis of matter paragraph stating
that the financial statements include the amount of $18,009,804 as unamortized
charter hire income. This amount should have been recorded at the value of
$16,060,312. The income recognized in prior years was understated by $1,949,492
resulting from the increase of the unamortized charter hire income. This error
will be corrected in the following financial period.
The Auditors also stated
the Directors have concluded that the company will have adequate resources to
meet its financial obligations in the foreseeable future. These financial
statements have been prepared on a going concern basis which assumes that the
repayment of the borrowings will not be accelerated by the lenders in spite of
breach of certain loan covenants and that the short term credit facility of the
ship builder will be refinanced.
Additional Information
We have been unable to
trace any offices for the subject company in Cyprus. During our investigation
we have contacted the company's correspondent ELLSPASERVE LTD. The official we
spoke to confirmed us that there is no relationship between them.
Please note that the Annual report for the year
2014 was obtained from Official Sources.
The subject is an
International Business Company - IBC (ex-offshore companies & offshore
branches), registered in Cyprus on 28/12/2009.
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 used
to benefit from a corporation tax rate on their profits of 4.25%. However,
according to the update in the tax legislation since the 1st of January 2003,
there is no longer a distinction between local companies and International
Business Companies (IBC’s) and he net profits of all companies registered in
Cyprus are taxed at the rate of 12.5%.
Furthermore, in the past
the law required IBC’s beneficial owners to be non-Cypriot residents and the
business activities to be carried out, outside of Cyprus only. This law has
changed and IBC entities may have activities worldwide, including 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, and
more 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.
Contact Information
|
Name: |
Not disclosed |
||
|
Position: |
company |
|
|
|
Title: |
representative |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.68 |
|
|
1 |
INR 93.98 |
|
Euro |
1 |
INR 81.30 |
|
Euro |
1 |
INR 81.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.