MIRA INFORM REPORT

 

 

Report Date :

10.08.2007

 

IDENTIFICATION DETAILS

 

Name :

PLAMACON LIMITED

 

 

Registered Office :

1, Faidonos Street, 1037 Nicosia, P. O. Box 29712 - 1722

 

 

Country :

Cyprus

 

 

Date of Incorporation :

23.05.1998

 

 

Com. Reg. No.:

C94846

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture of other food products n.e.c.

Wholesale of other food including fish, crustaceans and mollusks.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

 

 

NAME & ADDRESS

 

 

Correct Registered Name:           PLAMACON LIMITED

Address:                                   1,Faidonos Street
1037 Nicosia CYPRUS

P. O. Box:                                 29712 - 1722

Telephone:                                +357-22347922

Fax:                                          +357-22347964

 

 

 

LEGAL STATUS

 

 

Legal Form:                               Private Limited Liability Company

Registration number and city:      C94846 Nicosia

Registration date:                       23.05.1998

 

 

 

PRINCIPALS

 

SHAREHOLDERS:

 

Full Name

Function

Nationality

EQUITY

Address

CHRIKAR TRADING COMPANY LIMITED
REGISTRATION: No. C24499, 11.06.1985, NICOSIA, CYPRUS

Shareholder

 

100.00%
1,000 Ordinary

Latsia Industrial Area, 18, Kilkis

2234 Nicosia

CYPRUS

 

MANAGEMENT:

 

Full Name

Age

Function

Qualification

Experience

Address

SFS CUSTODIAN & TRUST SERVICES LIMITED

 

Secretary

 

 

 

Mr. Costas Kirkos

 

Director

 

 

24, kennedy

Nicosia
CYPRUS

Mr. Geoegios Karoullas

 

Director

N/A

N/A

18,Kilkis Street

2234 Nicosia

CYPRUS

Mr. Chrysanthos Sofroniou

55

General Manager

 

 

 

 

 

 

ACTIVITIES

 

Importers & Manufacturers & Wholesalers

 

OPERATIONS:

NACE
  main activity

  1589 Manufacture of other food products n.e.c.


  5138 Wholesale of other food including fish, crustaceans and mollusks


Importers (100%)

Manufactures (100%)

Wholesalers (100%)


The company is in involved in the import and processing of sessami. The company produce tahini, Chalvas, sessami oil and other related products and sell on a wholesale base to bakeries, supermarket and etc.

 

 

IMPORTS

 

ETHIOPIA, INDIA, SUDAN

Payment terms:

CAD (Cash Against Documents)

 

 

EXPORTS

 

UNITED KINGDOM

 

Terms: Not disclosed

 

 

AGENCIES

 

Name                            Country             Product

Not disclosed               

 

 

TRADE SUPPLIERS

 

Name                            Country             Product

Not disclosed               

 

 

 

NUMBER OF EMPLOYEES

 

5

 

 

 

 

DESCRIPTION OF PREMISES

 

HEADQUARTERS:     The company operates from owned premises which are located at the address given overleaf. Premises comprise offices, warehouse and workshop. Total size of premises is 950 square meters.

 

BRANCHES

 

None

 

 

RELATED COMPANIES

 

Parent Company

 

CHRIKAR TRADING COMPANY LIMITED, CYPRUS, National ID: NIC003409

 

 

BANKERS

 

MARFIN POPULAR BANK PUBLIC LIMITED

39, Archibishop Makariou iii Avenue,Nicosia 1065, Tel: 357 22887766 Fax:357 22812250

 

 

SHARE CAPITAL

 

Registered capital:                             CYP 5,000.00        since 23.05.1998

Number of Ordinary:                             5,000                     

Value per share of Ordinary:                  CYP 1.00               

 

Issued capital:                                    CYP 1,000.00        since 23.05.1998

Number of                         Ordinary:     1000                      

Value per share of             Ordinary:     CYP 1.00               

 

Paid-up capital:                                  CYP 1,000.00        since 23.05.1998

of which paid in cash:                           CYP 1,000.00      

 

 

 

 

CHARGES

 

see details

09.08.2001

Floating

CYP 10,000.00

Floating charge on all company's assets

 

Marfin Popular Bank Public Limited

23.09.2002

Mortgage

CYP 300,000.00

 

Marfin Popular Bank Public Limited

 

 

 

 

FINANCE

 

Amounts shown in Cyprus Pounds (CYP) 

2005

2004

2003

 



PROFIT & LOSS EXTRACTS

 

Sales Turnover

5,244,907.00

5,279,096.00

4,825,373.00

 

Cost of Sales

-4,102,044.00

-3,950,178.00

-3,762,304.00

 

Gross Profit

1,142,863.00

1,328,918.00

1,063,069.00

 

Selling / Distribution /

Promotional Expenses

-539,944.00

-558,467.00

-454,636.00

 

Administration & General

Expenses

-260,821.00

-241,185.00

-222,175.00

 

Other (Expenses) /

Income

-70,688.00

-56,727.00

-99,568.00

 

Operating Income /

(Loss)

271,410.00

472,539.00

286,690.00

 

Financial Costs

-307,816.00

-286,223.00

-272,795.00

 

Profit Before Taxation

 

186,316.00

13,895.00

 

(Loss) Before Taxation

-36,406.00

 

 

 

Taxation

-1,668.00

-36,300.00

-3,488.00

 

Profit After Taxation

 

150,016.00

10,407.00

 

(Loss) After Taxation

-38,074.00

 

 

 



BALANCE SHEET EXTRACTS

 

Total Fixed Assets

2,056,247.00

1,630,894.00

1,633,932.00

 

Property, Plant &

Equipment

654,519.00

332,420.00

375,769.00

 

Goodwill

102,750.00

102,750.00

102,750.00

 

Intangible Assets

 

56.00

647.00

 

Investment Property

138,000.00

 

 

 

Investment in Affiliated

and Associated Units

1,160,978.00

1,195,668.00

1,154,766.00

 

Other Investments

 

 

34,507.00

 

Current Assets

466,749.00

365,671.00

440,550.00

 

Total Current Assets

4,468,553.00

4,409,892.00

4,188,834.00

 

Inventory / Stock

1,277,531.00

1,110,207.00

1,061,472.00

 

Debtors

2,723,953.00

2,933,711.00

2,650,208.00

 

Cash in Hand

320.00

303.00

2,097.00

 

Total Assets

6,524,800.00

6,040,786.00

5,822,766.00

 

Share Capital

720,000.00

720,000.00

720,000.00

 

Reserves

341,356.00

241,147.00

 

 

Retained Profit

 

 

91,131.00

 

Long - Term Loans

1,882,546.00

2,131,315.00

2,162,460.00

 

Total Equity

1,061,356.00

961,147.00

811,131.00

 

Deferred Taxation

35,652.00

 

 

 

Bank Overdraft

641,507.00

518,517.00

545,510.00

 

Borrowings

263,299.00

59,063.00

60,370.00

 

Total Current Liabilities

3,545,246.00

2,948,324.00

2,849,175.00

 

Creditors

2,610,758.00

2,332,512.00

2,228,274.00

 

Taxation Payable

29,682.00

38,232.00

15,021.00

 

Total Liabilities

5,463,444.00

5,079,639.00

5,011,635.00

 

Total Equity & Liabilities

6,524,800.00

6,040,786.00

5,822,766.00


Above is the Profit & Loss and Balance Sheet of the Parent Company for the years 2005, 2004, 2003.

 

 

 

 

RATIOS

 

 

2005

2004

2003

Return on assets ( ROA )

Net profit before tax and interest/ Total assets

 

-

0.03

0.00

Debt ratio

(Long-term liabilities + Short-term payables +

Accruals and deferred income) / Total Assets

0.84

0.84

0.86

Current ratio ( CR )

Current assets / Current liabilities

1.26

1.50

1.47

Day's supply in inventory

( Turnover / Inventory )

4.11

4.76

4.55

 

 

PAYMENT

 

No complaints

 

 

COMMERCIAL MORALITY

 

Good

 

 

GENERAL COMMENTS

 

The present private limited liability was established on 23.05.1998. The company is in involved in the import and processing of sessami. The company produce tahini, Chalvas, sessami oil and other related products and sell on a wholesale base to bakeries, supermarket and etc.

 

 

 

Contact Person:

Mr Chrysanthos Sofroniou

 

Position:

General Manager

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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