MIRA
INFORM REPORT
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Report Date : |
10.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
KEAN SOFT DRINKS
LTD |
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Registered Office : |
AyiosAthanasios, 35, Promachon Eleftherias
street Nicosia 4103 Limassol |
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Country : |
Cyprus |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
01.01.1949 |
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Com. Reg. No.: |
C628 Nicosia |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers, Wholesalers , Distributors, Manufacturers,
Exporters and Local Purchasers of
Fruit and Vegetables |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NAME & ADDRESS
NAME INQUIRED
UNDER: Kean Soft Drinks Ltd
Correct Registered
Name: KEAN SOFT DRINKS LIMITED
Other Trading
name: "KEAN"
Address: Ayios
Athanasios, 35, Promachon Eleftherias street
Nicosia
4103 Limassol CYPRUS
P.O.Box: 50300 - 3603
Limassol
Telephone: +357-25-324222
+357-25-883100
Fax: +357-25-312342
Email: kean@keanltd.com.cy
Web: www.kean.com.cy
LEGAL STATUS
Legal Form: Private Limited
Liability Company
Date of
foundation: 01.01.1949
Registration
number and city: C628 Nicosia
Registration date: 25.02.1955
National ID
LIM002810
PAYMENT
No complaints
GOOD FOR AMOUNT & TERMS OF INQUIRY: Unable to comment
We cannot comment on such high amount given in your inquiry.
COMMERCIAL
MORALITY: Good
FINANCIAL
STRENGTH: Good
INSOLVENCY: According
to available information sources the company is not in a
insolvency/Preliminary/debt regulation proceeding.
PRINCIPALS
SHAREHOLDERS
|
Full Name |
Function |
Nationality |
EQUITY |
Address |
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Takis Christodoulou Limited |
Shareholder |
|
90.05% |
9, Anaxagora street |
|
Mr. Fotakis Tsiakkas |
Shareholder |
CYPRUS |
7.14% |
12, Griva Digeni street |
|
Mr. Christodoulos Markides |
Shareholder |
CYPRUS |
0.02% |
15, Achaion street |
|
Mr. Leonidas Markides |
Shareholder |
CYPRUS |
0.02% |
15, Achaion street |
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Mr. Andreas Zannetos |
Shareholder |
CYPRUS |
0.24% |
121, Agiou Lazarou street |
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Ms. Agathe Ioakim |
Shareholder |
CYPRUS |
0.79% |
37, Stadiou street |
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Ms. Maria Makridou |
Shareholder |
CYPRUS |
0.79% |
8, Kordigktonos street |
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Ms. Kaiti Markidou |
Shareholder |
CYPRUS |
0.02% |
8, Ploutarchou street |
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Ms. Evi Papadopoulou |
Shareholder |
CYPRUS |
0.06% |
1, Mantinias street |
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Ms. Kikoulla G. Kotsapa |
Shareholder |
CYPRUS |
0.06% |
1, Giasemion street |
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Ms. Ioanna Zannetou |
Shareholder |
CYPRUS |
0.79% |
121, Agiou Lazarou street |
MANAGEMENT
|
Full Name |
Age |
Function |
Qualification |
Experience |
Address |
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P&D Secretarial Services |
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Secretary |
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Agathaggelos Court, 3rd Floor, Office 303,
10, Georgiou street |
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Mr. Christos Nicolaou |
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Financial Controller |
N/A |
N/A |
N/A |
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Mr. Marios Kasapis |
51 |
Director |
N/A |
N/A |
Limassol - Nicosia Road |
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Mr. Christodoulos Markides |
35 |
Director |
N/A |
N/A |
15, Achaion street |
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Mr. Leonidas Markides |
37 |
Director |
N/A |
N/A |
15, Achaion street |
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Ms. Ariana Papadopoulou |
27 |
Director |
N/A |
N/A |
1, Mantinias street |
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Ms. Evi Papadopoulou |
57 |
Director / Marketing Manager |
N/A |
N/A |
1, Mantinias street |
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Ms. Kikoulla G. Kotsapa |
63 |
Director |
N/A |
N/A |
1, Giasemion street |
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Ms. Roxani Kotsapa |
34 |
Director |
N/A |
n/A |
1, Giasemion street |
ACTIVITIES
Importers &
Wholesalers & Distributors & Manufacturers & Exporters & Local
Purchasers
OPERATIONS
NACE
main activity
5131 Wholesale of fruit and vegetables
1598 Production of mineral waters and soft drinks
SIC
main activity
2033 Canned Fruits, Vegetables, Preserves, Jams, and Jellies
2086 Bottled and Canned Soft Drinks and Carbonated Water (except
bottled water)
3556 Food Products Machinery
5149 Groceries and Related Products, NEC (bottling mineral or
spring water)
The company produces 100% pure juices (in Tetra Pak), fruit drinks &
nectars, soft drinks & nectars (glass and plastic bottles and cans), mixers
& tonics, juice extractions, frozen concentrates all citrus flavours,
squashes all plastic citrus flavours, mineral waters & seltzers, iced
coffee, Ice Tea Fruit Concentrates - Essential Oils, tomato products, olive oil
and other products.
The Kean production plant, expands over a 40 acre area in Limassol and is one
of the most advanced fruit processing plants in the region, producing
carbonated drinks, pure juice in aeptic packaging, PET bottling for soft
drinks, canned products etc.
The company is divided into departments:(1) The laboratory which controls all
the
production stages.(2) Juice extractions - frozen concentrates of all citrus
flavours.(3) Juices in Tetra Pak. (4) Soft Drinks.
The production of squashes under the following flavours: orange, lemonade,
rose, fruit, lime, banana, morello. They also produce the fruit 'Vimto' under
licence from the British company. Blending of juice concentrates. They import
from Europe juice concentrates, which they blend with local fruit juices and
then, they re-export the finished product. Plastics Division for P.E.T. bottles
from raisin.
Part of the raw materials are purchased from the local market, some others are
manufactured by them, and others are imported. (i.e. juice concentrates of
apple, pineapple, apricot, peach, packaging materials, etc).
The majority of the company's production (70%) is absorbed by the local market.
The long tradition in exports and the wide network of long standing and new
customers give KEAN products a presence in more than 30 countries covering
Europe, the Middle East, the Far East, Africa and the USA the remaining 30% of
production is exported mainly to Greece and Jordan. The company's products are
promoted and sold in the local market on wholesale base (100%).
MOTOR
VEHICLES
2008
Number of vans owned: 25
Total number of vehicles25
iMPORTS
SWEDEN,
SOUTH AMERICA, GREECE, CUBA, BRAZIL
Payment terms:
O/A (Open Account)
EXPORTS
EUROPE, EASTERN
EUROPE, FAR EAST, MIDDLE EAST, UNITED STATES, AFRICA, GREECE
Payment terms:
CAD (Cash Against Documents)
AGENCIES
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NUMBER
OF EMPLOYEES
104
DESCRIPTION
OF PREMISES
--
HEADQUARTERS
The company's own
premises are located at the address given overleaf. It is a large and modernly
equipped factory built in an area of about 400 donums, in the most touristic
and busy area of Limassol city. The company's offices and warehouses are also
housed in those premises.
BRANCHES
None.
RELATED
COMPANIES
Subsidiary
Company
CHRISTIS ALLANTIKA LIMITED , CYPRUS
Affiliated Company
ENKA LIMITED , CYPRUS
Affiliated Company
KEAN BIOLIVO LIMITED , CYPRUS
Parent Company
Takis Christodoulou Limited , CYPRUS
"Takis Christodoulou Ltd” - Holding company
ENKA Limited, Limassol, Cyprus
This concern operates as Importer and Exporter.
Year started: 1991.
This concern is related through common principals and shareholders.
Christis Allantika Limited, Limassol, Cyprus
This concern operates as Imports-exports of sausages.
This concern is related through common principals and shareholders.Subject has
a 100% share interest.
KEAN BIOLIVO LIMITED, Cyprus
This concern operates as plantation of organic olive trees.
Year started: 2002.
This concern is related through common principals and shareholders.Subject has
a 49% share interest.
BANKERS
BANK OF CYPRUS PUBLIC COMPANY LIMITED
CORPORATE BANKING CENTRE L/SSOL 2, 121,Corner Gr. Digeni & G. Neophytou,
3101, Limassol, Tel:+357 25855300 Fax:+357 25583946
National Bank of Greece
4, Themidos str., P.O. Box 50206, 3698 Limassol Tel:+357 25357077 Fax:+357
25357084
PRESS
16.01.2002,
Financial Mirror
Photos Photiades Distributors
is taking over the sales and distribution of all Kean Products as of February
1, as well as the CYP 9 mln earnings associated with the business. The
Photiades Group & the Kean Soft Drinks company have signed a 10-year
strategic
cooperation agreement, whereby Photiades Distributors will now command a 36%
market share of juices sales and 7% of the soft drinks market. The alliance ,
the largest of its kind that should result in benefits of economies of scale,
will counter last year's takeover by Photiades....
20.01.2006, www.ppd.com.cy/main/default.as
Kean Soft Drinks
was established in 1949 as a production unit for soft drinks and juices. The
sun ripened fresh Cypriot citrus fruit and the specialized know-how in the
juice extraction process made the best combination for the best raw materials
on which the KEAN quality was built. Our partnership with KEAN started in
March 2002 when we were appointed as their sole distributors for Cyprus.
SHARE CAPITAL
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CHARGES
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18.03.1989 |
Floating Charge on all Company's Assets |
CYP 300,000.00 |
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in f/o:Bank of
Cyprus Public Limited |
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21.01.1991 |
Fixed Charge on the Company's Machinery |
CYP 316,000.00 |
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in f/o:Bank of
Cyprus Public Limited |
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05.03.1992 |
Floating Charge on all Company's Assets |
CYP 500,000.00 |
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in f/o:Bank of
Cyprus Public Limited |
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15.12.1992 |
Mortgage |
CYP 600,000.00 |
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in f/o:Bank of
Cyprus Public Limited |
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18.12.1992 |
Mortgage |
CYP 1,900,000.00 |
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in f/o:Bank of
Cyprus Public Limited |
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08.01.1993 |
Mortgage |
CYP 150,000.00 |
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in f/o:Bank of
Cyprus Ltd |
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28.06.1993 |
Assignment of guarantee letter |
CYP 171,362.00 |
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in f/o:Piraeus
Bank (Cyprus) Limited |
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25.08.1993 |
Fixed Charge on the Company's Machinery |
CYP 240,000.00 |
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in f/o:Bank of
Cyprus Public Limited |
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10.07.1995 |
Floating Charge on all Company's Assets |
CYP 800,000.00 |
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in f/o:National
Bank of Greece (Cyprus) Limited |
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10.07.1995 |
Mortgage |
CYP 25,000.00 |
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in f/o:National
Bank of Greece (Cyprus) Limited |
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10.07.1995 |
Mortgage |
CYP 1,900,000.00 |
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in f/o:National
Bank of Greece (Cyprus) Limited |
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07.08.1995 |
Mortgage |
CYP 150,000.00 |
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in f/o:National
Bank of Greece (Cyprus) Limited |
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06.09.1995 |
Mortgage |
CYP 25,000.00 |
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in f/o:National
Bank of Greece (Cyprus) Limited |
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31.10.1995 |
Mortgage |
CYP 60,000.00 |
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in f/o:National
Bank of Greece (Cyprus) Limited |
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19.02.1996 |
Fixed Charge on the Company's Machinery |
CYP 107,000.00 |
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in f/o:National
Bank of Greece (Cyprus) Limited |
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13.04.2006 |
Fixed Charge on the Company's Machinery |
CYP 200,000.00 |
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in f/o:Bank of
Cyprus Public Limited |
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25.07.2006 |
Floating Charge on all Company's Assets |
CYP 750,000.00 |
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in f/o:Bank of
Cyprus Public Limited |
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27.06.2007 |
Mortgage |
CYP 850,000.00 |
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in f/o:Bank of
Cyprus Public Limited |
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27.06.2007 |
Mortgage |
CYP 850,000.00 |
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in f/o:Bank of
Cyprus Public Limited |
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FINANCE
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GENERAL COMMENTS
The present limited liability company was incorporated on 25/02/1955 and
took
over the activities of the private concern, which was found by late Mr Takis
Christodoulou, in 1949. It is one of the leading soft drink manufacturing
companies in Cyprus.
The majority of the company's production (70%) is absorbed by the local market.
The long tradition in exports and the wide network of long standing and new
customers give KEAN products a presence in more than 30 countries covering
Europe, the Middle East, the Far East, Africa and the USA the remaining 30% of
production is exported mainly to Greece and Jordan. The company's products are
promoted and sold in the local market on wholesale base (100%).
The company holds about 70% of the local market share, for fresh fruits in
Tetra Pak. They hold about 24% of the market share, for soft drinks, whereas
their orange soft drinks hold about 80% and 65% for squashes.
The company keeps storage space divided by package, product and destination.
It provides temperature controlled and hygiene standards as prescribed by
HAACP.
The 55 years of production experience and quality commitment and exciting
marketing, earned the brand a strong loyalty from old and new fans built from
trust, dependability and stability of this relationship.
The local distribution network allows for continuous sales growth and product
availability for all types of outlets, supported by intense marketing activity.
Market research and creative thinking are combined to keep the brand fresh and
the products always relevant to the older and younger generations.
Subject produces the following brand(s):
KEAN, Orange, apple, fruit cocktail, peach & tomato juices,
VIMTO, Juice Drink
KEANITA, Orange juice drink
KEAN, Soft drinks
KEAN ACE, Functional drinks
KEAN SQUASHES & CORDIALS, Orange, Lemon, Banana, Almond, Lime, Grapefruit,
Rose & Vimto
CAFEXPRESS, Iced Coffee
POMILORI, Pure tomato products
Contact Person: Mr Christoforos Vouras
Position: Chief Accountant
Contact Tel.No.: +357 25324222
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)