|
Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHRIKAR TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
6 Kilkis Avenue, Latsia, 2234,
Nicosia |
|
|
|
|
Country : |
Cyprus |
|
|
|
|
Financials (as on) : |
December 2012 |
|
|
|
|
Date of Incorporation : |
11.06.1985 |
|
|
|
|
Com. Reg. No.: |
C24499 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Wholesaler
of sugar and chocolate and sugar confectionery |
|
|
|
|
No. of Employees : |
54 |
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 : |
No Complaints |
|
|
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Cyprus |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CypRus - ECONOMIC OVERVIEW
The area of the Republic of
Cyprus under government control has a market economy dominated by the service
sector, which accounts for four-fifths of GDP. Tourism, financial services, and
real estate are the most important sectors. Erratic growth rates over the past
decade reflect the economy's reliance on tourism, the profitability of which
can fluctuate with political instability in the region and economic conditions
in Western Europe. Nevertheless, the economy in the area under government
control has grown at a rate well above the EU average since 2000. Cyprus joined
the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as
its national currency on 1 January 2008. An aggressive austerity program in the
preceding years, aimed at paving the way for the euro, helped turn a soaring
fiscal deficit (6.3% in 2003) into a surplus of 1.2% in 2008, and reduced
inflation to 4.7%. This prosperity came under pressure in 2009, as construction
and tourism slowed in the face of reduced foreign demand triggered by the
ongoing global financial crisis. Although Cyprus lagged behind its EU peers in
showing signs of stress from the global crisis, the economy tipped into
recession in 2009, contracting by 1.7%, and has been slow to bounce back since,
posting anemic growth in 2010-11 before contracting again by 2.3% in 2012.
Serious problems surfaced in the Cypriot financial sector in early 2011 as the
Greek fiscal crisis and euro zone debt crisis deepened. Cyprus's borrowing
costs have risen steadily because of its exposure to Greek debt. Two of
Cyprus's biggest banks are among the largest holders of Greek bonds in Europe
and have a substantial presence in Greece through bank branches and
subsidiaries. Cyprus experienced numerous downgrades of its credit rating in
2012 and has been cut off from international money markets. The Cypriot economy
contracted in 2012 following the writedown of Greek bonds. A liquidity squeeze
is choking the financial sector and the real economy as many global investors
are uncertain the Cypriot economy can weather the EU crisis. The budget deficit
rose to 7.4% of GDP in 2011, a violation of the EU's budget deficit criteria -
no more than 3% of GDP. In response to the country's deteriorating finances and
serious risk of contagion from the Greek debt crisis, Nicosia implemented
measures to cut the cost of the state payroll, curb tax evasion, and revamp
social benefits, and trimmed the deficit to 4.2% of GDP in 2012. In July,
Nicosia became the fifth euro zone government to request an economic bailout
program from the European Commission, the European Central Bank, and the
International Monetary Fund - known collectively as the "Troika".
Negotiations over the final details of the plan are ongoing.
|
Source : CIA |
|
Registered Name |
CHRIKAR
TRADING COMPANY LIMITED |
||
|
English Name |
CHRIKAR
TRADING COMPANY LIMITED |
||
|
Registered Address |
6
Kilkis Avenue, Latsia, 2234, Nicosia, Cyprus |
||
|
Headquarters: |
18A
Kilkis -leoforos, Latsia, 2234, PoBox 12542, Nicosia, Cyprus |
||
|
Telephone |
+35722486697
/ +35722486698 |
||
|
Fax |
+35722486237 |
||
|
E-mail |
|||
|
Web Site |
|||
|
Legal Type |
Limited
Company |
||
|
Registration No |
C24499 |
Registration Date |
11/06/1985 |
|
Start Date |
11/06/1985 |
Years of Operation: |
28 |
|
Last annual report |
14/01/2003 |
Latest Annual Account Date |
01/12/2012 |
|
Last return |
26/03/2009 |
Tax Reg No: |
CY10024499U |
|
CINFO ID: |
CYC11586512 |
|
|
|
Employees |
April 2013 |
|
|
|||
|
|
Company |
|
|
|
|
|
|
Total Number |
54 |
|
|
|
|
|
|
|
||||||
|
<p>Approximately</p> |
||||||
|
|
||||||
|
Financial Summary |
December
2012 |
December
2011 |
December
2010 |
|||
|
|
EUR |
EUR |
EUR |
|||
|
Revenue
Sales |
14,028,515.00 |
14,034,996.00 |
13,541,930.00 |
|||
|
Pre
Tax Profit |
56,462.00 |
71,271.00 |
222,273.00 |
|||
|
Working
Capital |
496,598.00 |
671,793.00 |
1,469,862.00 |
|||
|
Total
Equity |
1,754,794.00 |
1,824,072.00 |
2,079,511.00 |
|||
|
Long
Term Debts |
1,978,199.00 |
2,337,713.00 |
2,921,327.00 |
|||
|
Trend |
- |
- |
- |
|||
|
Additional Info: |
||||||
|
Legal
Advisor: PAPANTONIOU GEORGIOS - Correspondence: SFS CUSTODIAN & TRUST
SERVICES LIMITED - 6, Theotoki, Ellinas House, Nicosia - Tel. 22554402 |
||||||
|
|
|
|
||||||
|
|
|
||||||
|
|||||||
|
Authorized Capital |
1,231,200.00 |
EUR |
Issued Capital |
1,231,200.00 |
EUR |
|
Nominal No Of Shares |
720,000.00 |
|
Issued No Of Shares |
720,000.00 |
|
|
Nominal value |
1.71 |
EUR |
Paid Up |
1,231,200.00 |
EU |
|
Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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|
KAROULLAS GIORGOS |
|
Director |
|
514204(ID) |
Businessman |
57 |
11/06/1985 |
Yes |
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6
Kilkis Avenue, Latsia, 2234, Nicosia, Cyprus |
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KIRKOS COSTAS |
|
Director |
|
529385(ID) |
Accountant |
56 |
26/03/2009 |
Yes |
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4
Boumpoulinas, Nicosia, 1060, Cyprus |
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SFS CORPORATE MANAGEMENT LIMITED |
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Director |
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C109795 |
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0 |
18/10/2006 |
Yes |
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6
Theotoki, Agios Antonios, Ellinas House, Nicosia, 1087, Cyprus |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
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WHITE KNIGHT HOLDINGS LIMITED |
* |
C80209 |
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- |
504000 |
70 |
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6
Theotoki, Ellinas House, 3rd Floor, Nicosia, 1055, Cyprus |
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KAROULLAS GIORGOS |
|
514204(ID) |
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CYPRIOT |
216000 |
30 |
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6
Kilkis Avenue, Latsia, 2234, Nicosia, Cyprus |
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Activity Code |
Description |
|
|
NACE
1.1 |
51.9 |
Other
wholesale |
|
NACE
1.1 |
52.1 |
Retail
sale in non-specialized stores |
|
NACE
2.1 |
4636 |
Wholesale
of sugar and chocolate and sugar confectionery - This class includes: -
wholesale of sugar, chocolate and sugar confectionery - wholesale of bakery
products - - |
|
US
SIC 1987 |
5145 |
Confectionery
wholesale dealing in |
|
US
SIC 1987 |
5148 |
Fresh
fruits and vegetables wholesale dealing in |
|
US
SIC 1987 |
5149 |
Groceries
and related products, not elsewhere classified wholesale dealing in |
|
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Export to |
Percentage |
|
|
United
Kingdom |
|
|
|
Export Terms |
Percentage |
|
|
|
|
Open
account |
100% |
|
|
Import from |
Percentage |
|
|
Austria,
Belgium, China, Denmark, France, Germany, Greece, Indonesia, Ireland, Italy,
Malaysia, United Kingdom, Netherlands, United States of America, Singapore,
Spain, Sweden |
|
|
|
Import Terms |
Percentage |
|
|
|
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Open
account |
100% |
|
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Market Territory |
|
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Local
Presence: |
90% |
International
Presence |
10% |
|
Suppliers - Agencies |
|
|||
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|
Company Name |
Country |
Product |
Description |
|
|
Remia
Oils & Fats |
Netherlands |
industrial
catering products |
|
|
|
D
M V |
Netherlands |
confectionery
items |
|
|
|
Vereeninge
Oils Fabrigen |
Netherlands |
oils |
|
|
|
Corman |
Belgium |
milk
butter |
|
|
|
Roquette |
France |
confectionery
ingredients |
|
|
|
Allantini |
Greece |
flour |
|
|
|
HermanLawe |
Germany |
spices |
|
|
|
Lee
Kum Kee |
Hong
Kong |
ethnic
food |
|
|
|
Kievit |
Netherlands |
food
ingredients |
|
|
|
Ring
& Kulhmann |
Germany |
edible
coloring material |
|
|
|
Aromatic |
Sweden |
bakery
ingredients |
|
|
|
Nederland |
Spain |
cocoa
chocolate |
|
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|
Borges |
Spain |
dry
nuts |
|
|
|
Parmalat |
Italy |
drinks,
biscuits, dairy products |
|
|
|
Dairygold |
Ireland |
milk
products |
|
|
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Aldia |
Belgium |
|
|
|
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Angel
Yeast |
China |
|
|
|
|
Datraco
Trading Co |
Netherlands |
milk
powder |
|
|
|
Karshamns
Oils & Fats |
Sweden |
|
|
|
|
Stern
- lecithin |
Germany |
|
|
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Premises |
|
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Type |
Headquarters |
|
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Address: |
18A
Kilkis -leoforos, Latsia, 2234, PoBox 12542, Nicosia, Cyprus |
||
|
|
Headquarters comprise of |
Offices,
Warehouse |
||
|
|
Headquarters are |
Owned |
||
|
|
Size (sq m): |
1600 |
||
|
|
|
|
|
|
|
|
|
|
Type |
Warehouse in Nicosia |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Nicosia |
|
|
|
|
|
|
Secondary Street: |
Latsia |
|
|
Headquarters comprise of |
Warehouse |
||
|
|
Headquarters are |
Rented |
||
|
|
|
|
|
|
|
|
|
|
Type |
production plant / factory |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Nicosia |
Minor Town: |
Kaimakli
Industrial Zone |
|
|
Headquarters comprise of |
Factory |
||
|
|
Headquarters are |
Owned |
||
CYPRUS POPULAR BANK PUBLIC CO LTD
39
Archiepiskopou Makariou C' Avenue, 2025, Nicosia, Cyprus
BANK OF CYPRUS PUBLIC COMPANY LIMITED
51 Stasinou,
Agia Paraskevi, Strovolos, 2002, Nicosia, Cyprus
HELLENIC BANK PUBLIC COMPANY LIMITED
200 Lemesou
Avenue, & Athalassas Corner, Strovolos, 2025, Nicosia, Cyprus
|
Affiliates and Subsidiaries |
Relation |
Year Reg. |
|
WHITE KNIGHT HOLDINGS
LIMITED |
Parent Company |
1996 |
|
Dromos Larnakas-Dekelias,
Larnaka Bldg Resort, House 40, Pyla, Larnaka,
7081, Cyprus |
||
|
P & P STAVRINOU LIMITED |
Subsidiary |
1994 |
|
6 Theotoki, Ellina Bldg,
Nicosia, Cyprus |
||
|
CHRIKAR OLIVES LIMITED |
Subsidiary |
1996 |
|
6 Theotoki, Ellina Bldg.,
3rd Floor, Nicosia, Cyprus |
||
|
EMPORIA TROFIMON VERZANLI
LIMITED |
Subsidiary |
1995 |
|
18 Kilkis Avenue, Latsia,
Nicosia, Cyprus |
||
|
PLAMACON LIMITED |
Subsidiary |
1998 |
|
1 Faidonos, Nicosia, 1037,
PoBox 29712, Cyprus |
||
|
|
|
|
Total Number |
Total Amount (EUR) |
|
Mortgage |
2 |
1,183,440.58 |
|
Floating
Charge on all Company's Assets |
1 |
170,860.14 |
|
Fixed
Charge on the Company's Machinery |
1 |
1,930.72 |
|
TOTAL CHARGES |
4 |
1,356,231.44 |
No
negative data
|
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Key Ratios |
December 2012 |
December 2011 |
December 2010 |
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MAIN SOURCES OF INFORMATION
i. Visited Official Companies’ Registry
ii. Interview with Company / Correspondence
iii. Desk Research
iv. Search through Internet Subscription Databases (Business Information)
v. Specialized Media Search Global & Local
vi. Search through internet Social Networks
vii. Infocredit Negative Record Database
viii. Relationship/Directorship Search through Infocredit Database
The company in question is involved in the import, local purchase, wholesale
trade, Export(10% of production) and distribution of raw materials and
ingredients for the bakery and confectionery industry, food products for the
retail market, raw materials and aids for hotels, catering and food industry.
The subject is a leading trader and distributor in Cyprus.
We contacted the company in question, where we talked with Mr Andreas Panayi, company financial controller, who confirmed the above information regarding the subject and also provided us with the draft financial statements for the year 2012.
Please note that, financial statements for the year 2011 & 2012 are draft.
A check against our revealed that no negative payment incidents against Subject Company, such as unpaid invoices, dishonoured cheques and utility bills, bankruptcies exist etc.
COUNTRY DEVELOPMENTS:
The Eurozone struck a deal on Saturday (16.03.2013) to hand Cyprus a bailout worth €10 billion, but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risks of a wider bank run.
Cyprus becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help in the wake of the region's debt crisis.
In a radical departure from previous aid packages, Eurozone ministers forced Cyprus' savers, almost half of whom are believed to be non-resident Russians, to pay up to 10 per cent of their deposits to raise almost €6 billion.
Without a rescue, Cyprus would default and threaten to unravel investor confidence in the euro zone that has been fostered by the European Central Bank's promise last year to do whatever it takes to shore up the currency bloc. The bailout was smaller than initially expected and is mainly needed to recapitalize the island's banks that were hit by a sovereign debt restructuring in Greece. Banks in Cyprus will be shut on Tuesday and Wednesday (19.03.2013 and 20.03.2013) pending a decision by parliament to approve a levy on bank depositors. In return for emergency loans, Cyprus also agreed to increase its corporate tax rate by 2.5 percentage points to 12.5 per cent.
Cyprus's parliament is set to reject the proposed package in a vote scheduled for Tuesday 19.03.2013, pushing the island closer to a debt default and banking collapse (End of Country Developments).
Contact Information
Name: Mr Andreas Panayi
Quality: Company
Area: Financial
Title: Controller
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.