MIRA INFORM REPORT

 

 

Report Date :           

05.04.2011

 

IDENTIFICATION DETAILS

 

Name :

KITCHEN ACCESSORIES CENTER S.A.

 

 

Registered Office :

Drassere Area, Magoula, 19018 Magoula, Attika

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

16.01.1995

 

 

Com. Reg. No.:

32828 

 

 

Legal Form :

Societe Anonyme         

 

 

Line of Business :

Manufactures partitions and fixtures, except wood

 

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

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Greece

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY NAME 

 

KITCHEN ACCESSORIES CENTER S.A.

 

IDENTIFICATION DETAILS

 

NAME: KITCHEN ACCESSORIES CENTER S.A. 

 

ADDRESS:           

DRASSERE AREA

MAGOULA

19018 MAGOULA

ATTIKA

GREECE

 

TELEPHONE:          30  2105551352

                                30  2105550785

                                30  2105551353

                                30  2105550786

TELEFAX:            30  2105557512

E-MAIL ADDRESS:     info@kek.gr

WEB ADDRESS:        www.kek.gr

 

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

 

 

SUMMARY

 

STARTED:        1995                                     SALES:                     10,108,837

YEAR INC:        1995                                     PROFIT:                   296,387

LEGAL FORM: SOCIETE ANONYME           NET WORTH:          5,990,221

REG NO:          32828                                   NOM CAPITAL:        1,438,620

GOVT GAZ NO:807/01,16,1995                    ISS CAPITAL:          1,438,620

EMPLOYS:       102

SIC:                  2542

ACTIVITY:   "MANUFACTURES PARTITIONS AND FIXTURES, EXCEPT WOOD"

 

 

SENIOR COMPANY PERSONNEL

 

CONSTANTINOS NIKOLIDAKIS

Chairman

Managing director

Legal representative

 

IOULIA NIKOLIDAKI

Vice-chairman

Legal representative

 

EVAGGELOS NIKOLIDAKIS

Member

 

PRINCIPALS ANTECEDENTS

NAME: CONSTANTINOS NIKOLIDAKIS

Nationality: Greek

 

NAME: IOULIA NIKOLIDAKI

Nationality: Greek

 

NAME: EVAGGELOS NIKOLIDAKIS

Nationality: Greek

 

 

WORKFORCE

 

EMPLOYS: 102 as at Jun 04, 2010.

 

 

PAYMENTS

 

PUBLIC RECORD INFORMATION

 

In 2008 a payment order was registered against the subject for an amount of 5000 Euro, which have since been resolved.

 

In 2009 2 mortgages for total value of 3429900 EUR. have been reported.

 

RATINGS

 

CONDITION:                  POOR                

CREDIT:                        GUARANTEES          

PAYMENTS:                 UNDETERMINED

 

A Financial Strength of USD 2.5 - 12 million (based on Net Worth) and an Overall Condition which is Poor (significant level of risk).

 

BANKERS

 

ALPHA BANK, MANDRA branch., 80, Stratigou N. Rokka Street, MANDRA 19600, Greece.

PIRAEUS BANK S.A., AG. ANTONIOU, PERISTERI branch., 33, Ethnarchou Makariou str., PERISTERI 12131, Greece.

 

 

FINANCIALS

 

                            Fiscal           Fiscal          Fiscal

                        Dec 31,2007      Dec 31,2008     Dec 31,2009

Turnover                14,026,396       12,481,326      10,108,837

Pre-Tax Profit           1,920,407        1,011,891         296,387

Net Worth                5,360,133        6,025,276       5,990,221

Fixed Assets             7,275,353       10,687,230      10,151,354

Total Assets            17,175,408       19,813,099      19,403,120

Current Assets           9,657,933        8,862,838       9,104,204

Current Liabilities     10,334,325        9,774,415       9,963,029

Working Capital           -676,392         -911,577        -858,825

Long Term Debt           1,480,949        4,013,407       3,449,869

Financial Assets           242,122          263,031         147,562

Intangibles                      0                0               0

 

Net Worth and Total Assets are tangible figures shown after the deduction of intangible assets.

 

RATIOS

                        Dec 31,2007      Dec 31,2008     Dec 31,2009
Current Ratio (X)             0.93             0.91            0.91
Solvency Ratio (%)          320.43           328.83          323.91
Fixed Assets/Net Worth (%)  135.73           177.37          169.47
Current Liabs/Net Worth (%)  192.80           162.22          166.32
Asset Turnover (%)            81.67            63.00           52.10
Sales / Net Working Cap (X)  -20.74           -13.69          -11.77
Assets / Sales (%)           122.45           158.74          191.94
Profit Margin (%)             13.69             8.11            2.93
S/holders Return (%)          35.83            16.79            4.95
Return On Assets (%)          11.18             5.11            1.53

 

 

Abstract from individual fiscal balance sheet as at Dec 31, 2009 
 
             LIABILITIES                             ASSETS                        
Capital                      1,438,620   Misc Fixed Ass              10,151,354
Legal Reserves               4,478,612   Total Fixed Ass             10,151,354
Revaltn Reserve                 65,827                     
Profit For Year                  7,162   Investments                     13,061
Net Worth                    5,990,221   Misc Fin'cl Ass                134,501
                                         Total Fin'cl Ass               147,562
Misc Def Liabs               3,449,870                                         
 
     CURRENT LIABILITIES:                         CURRENT ASSETS:               
Trade Creditors                940,671   Stock                        2,388,802
Misc Creditors               1,745,642   Trade Debtors                1,740,272
Short term Loans             6,583,151   Misc Debtors                 4,781,937
Loan Instalments               535,892   Cash                           193,193
Taxation                       157,673                                         
 
TOTAL CURRENT                9,963,029   TOTAL CURRENT                9,104,204
 
TOTAL LIABS & NW            19,403,120   TOTAL ASSETS                19,403,120
 
             Profit & Loss Account from Jan 01, 2009 to Dec 31, 2009               
 
             Net Sales                            10,108,837
             Cost of Goods Sold                    7,930,144
 
             Gross Profit                          2,178,693
             Selling/Admin Expenses                  826,804
             Misc Operating Charges                  875,650
             Misc Operating Income                   311,669
 
             Net Operating Income                    787,908
             Misc Financial Income                       702
             Total Financial Income                      702
 
             Interest Payable                        515,239
             Total Financial Expenses                515,239
 
             Profit Before Taxes                     296,387
             Income Tax                               77,341
             Misc Tax                                 23,901
 
             Profit After Tax                        195,145
 
             Net Profit                              195,145
    

 

According to the balance sheet as of Dec 31, 2009.

 

Financial statement obtained from outside sources on Jun 05, 2010.

 

 

LEGAL STATUS

 

BACKGROUND

Business started Jan 16, 1995.

 

Subject acquired the business of NIKOLIDAKIS CONSTANTINE EMM., a Proprietorship with effect from Sep 01, 1997.

 

LEGAL FORM

Societe anonyme registered on Jan 16, 1995 in MAGOULA for a period ending Jan 16, 2045.

Registration Number: 32828

Government Gazette Number: 807/01,16,1995

Tax Registration Number: 094419818

  

 

CAPITAL DETAILS

 

Nominal capital: 1,438,620 Euro. Issued capital: 1,438,620 Euro.

Issued/paid-up capital was last increased on May 28, 2010.

Nominal capital is divided into: 49,016 ordinary shares of 29.35 each.

 

 

SHAREHOLDERS

 

NIKOLIDAKIS CONSTANTINOS EMMANOUEL holds 95.00% of the voting capital.

NIKOLIDAKI IOULIA CON holds 2.70% of the voting capital.

NIKOLIDAKI MARIA EVAGGELOS holds 2.30% of the voting capital.

 

 

LINKED COMPANIES

 

ACTIVITIES

"Manufactures partitions and fixtures, except wood"

Manufacture of kitchen accessories

Number of accounts: 100

 

 

Subject has 5 vehicles including: 4 trucks; 1 vans; which are used in the running of the business.

 

 

IMPORTS

 

Imports from Italy, Germany, U K, Spain, Austria

Normal importing terms are 90 days

Normal importing terms are open account

 

 

EXPORTS

 

Exports to Cyprus, Albania, Romania, India

Normal exporting terms are bank transfer

 

PREMISES / REAL ESTATE

 

Operates from owned office, covering approximately 3,500 square metres at heading address.

 

The site covers approximately 10,057 square metres.

 

REGISTERED OFFICE: Drassere area, 19018 MAGOULA, ATTIKA.

 

 

BRANCHES

 

Haraintini location, 32200, THIVA, Greece. These are factory premises.

 

 

GENERAL COMMENTS 

 

Official sources confirmed general details in this report.

 

On Apr 04, 2011 local informants stated that:

The subject is also known as KEK Although the numerous attempts we have made, the officials were constantly absent. As a result, we could not gather additional information about its activities on 31/03/2011. Data existed in the present report has been derived from official sources and previous contact with its officials.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.65

UK Pound

1

Rs.71.93

Euro

1

Rs.63.24

 

 

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.