|
|
|
MIRA
INFORM REPORT
|
Report No. : |
491609 |
|
Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SANAGRYNUS TRADING LIMITED |
|
|
|
|
Registered Office : |
35
Armenias, Zita Bldg., 6th Floor, Apt. 601, Nicosia, 2003, Cyprus |
|
|
|
|
Country : |
Cyprus |
|
|
|
|
Financials (as on) : |
December 2014 |
|
|
|
|
Date of Incorporation : |
25.11.2010 |
|
|
|
|
Com. Reg. No.: |
C277547 |
|
|
|
|
Legal Form : |
Limited
Company |
|
|
|
|
Line of Business : |
·
Non-specialised
wholesale trade - This class includes: - wholesale of a variety of goods
without any particular specialization ·
Other
retail sale in non-specialised stores - This class includes: - retail sale of
a large variety of goods of which food products, beverages or tobacco are not
predominant - activities of department stores carrying a general line of
merchandise, including wearing apparel, furniture, appliances, hardware,
cosmetics, jewellery, toys, sports goods |
|
|
|
|
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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 throughout 2015 remained 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 these 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 |
SANAGRYNUS TRADING LIMITED |
||
|
English Name |
SANAGRYNUS TRADING LIMITED |
||
|
Registered Address |
35 Armenias, Zita Bldg., 6th Floor, Apt. 601,
Nicosia, 2003, Cyprus |
||
|
Headquarters: |
2-4 Arch. Makarios III Avenue , Capital
Center, 7th floor, Nicosia, 1065, PoBox 26508, Cyprus |
||
|
Telephone |
+35722673888 / +35722676126 |
||
|
Fax |
+35722667600 / +35722674201 |
||
|
E-mail |
office@paplyclaw.com (Correspondent Email) |
||
|
Web Site |
http://www.paplyclaw.com (Correspondent Website) |
||
|
Legal Type |
Limited Company |
||
|
Registration No |
C277547 |
Registration Date |
25/11/2010 |
|
Start Date |
25/11/2010 |
Years of Operation: |
8 |
|
Last annual report |
16/01/2016 |
Latest Annual Account Date |
31/12/2014 |
|
Last return |
12/02/2016 |
Tax Reg. No: |
CY 10277547Y |
|
CINFO ID: |
CYC23253286 |
|
|
|
Status: |
Registered and operational |
||
Summary
|
Employees |
February 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 |
December 2012 |
|
|
EUR |
EUR |
EUR |
|
Revenue Sales |
3,506,504.00 |
3,474,433.00 |
2,146,053.00 |
|
Pre Tax Profit |
52,802.00 |
92,316.00 |
101,411.00 |
|
Working Capital |
212,536.00 |
167,132.00 |
88,568.00 |
|
Total Equity |
212,536.00 |
167,132.00 |
88,568.00 |
|
Long Term Debts |
- |
- |
- |
|
Trend |
EVEN |
EVEN |
- |
|
Additional Info: |
|||
|
Please Note That: DEMETRIS PAPADOPOULOS Was Alternate
Director Of DOROS LYKOURGOS (App. 25/11/2010, Res. 12/02/2016) Solicitors: Papadopoulos
Lycourgos & Co LLC, 2-4, Archiepiskopou Makarios III Avenue, Capital
Center, 7th Floor, 1065 Nicosia, Tel.: 22676126 Accountant: S.C. ACHILLEOUDES
& CO., 35, Armenias, Zita Bldg.,, 6th Floor, Off. 601 Legal Advisor: ANNA CHARALAMPOUS,
2-4, Archiepiskopou Makariou C', Capital Center, 7th Floor, Apt. 703, Nicosia Correspondent: PAPADOPOULOS,
LYKOURGOS & CO LLC, 2-4 Archiepiskopou Makariou C', Capital Center, 7th,
1065, Nicosia, Tel: 22673888 |
|||
Payment Records
|
Payment Habits: |
|
|
|
Unknown |
|
A check against all available information sources |
|
revealed that no late payment incidents against Subject Company exist. |
|
|
|
|
|
Financial
strength |
Corporate Structure
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operation
|
Activity Code |
Description |
|
|
NACE 2.1 |
4690 |
Non-specialised
wholesale trade - This class includes: - wholesale of a variety of
goods without any particular specialisation - - |
|
NACE 2.1 |
4719 |
Other
retail sale in non-specialised stores - This class includes: -
retail sale of a large variety of goods of which food products,
beverages or tobacco are not predominant - activities of department
stores carrying a general line of merchandise, including wearing
apparel, furniture, appliances, hardware, cosmetics, jewellery,
toys, sports goods etc. - - |
|
Line of Business |
|
According
to the subject's Annual Report for the year ended December 2014, the
principal activity of the subject is general trading. |
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
Charges
|
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
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||
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 PAPADOPOULOS, LYKOURGOS & CO LLC. 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.
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 25/11/2010.
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 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: |
Ms. Koulla
Demetriou |
||
|
Position: |
company |
|
|
|
Title: |
representative |
Email: |
|
|
Couldn't supply |
|||
|
Any info |
|||
|
A questionnaire was sent - no reply received |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
INR 64.92 |
|
|
1 |
INR 89.55 |
|
Euro |
1 |
INR 79.68 |
|
Euro |
1 |
INR 80.11 |
Note : Above are approximate rates obtained
from sources believed to be correct
INFORMATION DETAILS
|
Analysis
Done by : |
NIY |
|
|
|
|
Report
Prepared by : |
KET |
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.