|
Report Date : |
06.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
PLASTIKA KRITIS S.A. |
|
|
|
|
Registered Office : |
Foinikia, P.O. Box 1093, 71110 Irakleio, Irakleio, |
|
|
|
|
Country : |
Greece |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.01.1974. |
|
|
|
|
Com. Reg. No.: |
011326 |
|
|
|
|
Legal Form : |
Societe Anonyme |
|
|
|
|
Line of Business : |
Manufactures plastics products |
|
|
|
|
No. of Employees : |
339 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Greece |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
GREECE - ECONOMIC OVERVIEW
Greece has a capitalist economy with a public sector
accounting for about 40% of GDP and with per capita GDP about two-thirds that
of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants
make up nearly one-fifth of the work force, mainly in agricultural and
unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of
annual GDP. The Greek economy grew by nearly 4% per year between 2003 and 2007,
due partly to infrastructural spending related to the 2004 Athens Olympic Games,
and in part to an increased availability of credit, which has sustained record
levels of consumer spending. But the economy went into recession in 2009 as a
result of the world financial crisis, tightening credit conditions, and Athens'
failure to address a growing budget deficit. The economy contracted by 2.3% in
2009, 3.5% in 2010, 6.9% in 2011, and 6.0% in 2012. Greece violated the EU's
Growth and Stability Pact budget deficit criterion of no more than 3% of GDP
from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding
it again in 2009, with the deficit reaching 15% of GDP. Austerity measures
reduced the deficit to about 8% in 2012. Deteriorating public finances,
inaccurate and misreported statistics, and consistent underperformance on
reforms prompted major credit rating agencies to downgrade Greece's
international debt rating in late 2009, and has led the country into a
financial crisis. Under intense pressure from the EU and international market
participants, the government adopted a medium-term austerity program that
includes cutting government spending, decreasing tax evasion, overhauling the
health-care and pension systems, and reforming the labor and product markets.
Athens, however, faces long-term challenges to push through unpopular reforms
in the face of widespread unrest from the country's powerful labor unions and
the general public. In April 2010 a leading credit agency assigned Greek debt
its lowest possible credit rating; in May 2010, the International Monetary Fund
and Euro-Zone governments provided Greece emergency short- and medium-term
loans worth $147 billion so that the country could make debt repayments to
creditors. In exchange for the largest bailout ever assembled, the government
announced combined spending cuts and tax increases totaling $40 billion over
three years, on top of the tough austerity measures already taken. Greece,
however, struggled to meet 2010 targets set by the EU and the IMF, especially
after Eurostat - the EU's statistical office - revised upward Greece's deficit
and debt numbers for 2009 and 2010. European leaders and the IMF agreed in
October 2011 to provide Athens a second bailout package of $169 billion. The
second deal however, calls for Greece's creditors to write down a significant
portion of their Greek government bond holdings. In exchange for the second
loan Greece has promised to introduce an additional $7.8 billion in austerity
measures during 2013-15. However, these massive austerity cuts are lengthening
Greece's economic recession and depressing tax revenues. Greece's lenders are
calling on Athens to step up efforts to increase tax collection, privatize
public enterprises, and rein in health spending, and are planning to give
Greece more time to shore up its economy and finances. Many investors doubt
that Greece can sustain fiscal efforts in the face of a bleak economic outlook,
public discontent, and political instability.
Source
: CIA
Name: Plastika
Kritis S.A.
Address: Foinikia,
P.O. Box 1093, 71110 Irakleio, Irakleio, Greece
Telephone: 30 2810308500
Telefax: 30 2810381328
E-Mail
Address: info@plastikakritis.com
Web Address: www.plastikakritis.com
Name: Ioannis
Michail Lebidakis
Position: Chairman
Shareholder
Also a director
of: ETEPLA S.A.,
PANELLINIA BANK S.A..
Also associated
with: ETEPLA S.A..
Name: Anna John
Lebidaki
Position: Vice-chairman
Name: Konstantinos
Michail Perakis
Position: Vice-chairman
Shareholder
Name: Emmanouil
John Lebidakis
Position: Chief
executive
Shareholder
Name: Michail
John Lebidakis
Position: Chief
executive
Shareholder
Also a director
of: ETEPLA S.A..
Name: Emmanouil
Andreadakis
Position: Member
Name: George
M Valergakis
Position: Member
Name: George
Korkakas
Position: Member
Name: Dimitrios
Alexandros Armaos
Position: Member
Also a director
of: ARMAOS S.A..
Also associated
with: ARMAOS S.A.,
ASTERION SECURITY S.A..
Name: Ioannis
Dimitrios Melas
Position: Member
Name: Emmanouil
Kykrilis
Position: Member
Name: Alpha
Bank A.E., Irakleio Branch branch.,
Address: 7 Giamalaki, Irakleio
71202, Greece.
Telephone: 30 2810283154
Name: National
Bank of Greece S.A., Irakleio - Crete Island Branch branch.,
Address: Ikarou &
Kazantzidi, Irakleio 71110, Greece.
Telephone: 30 2810304942
Name: Pagritia
Cooperative Bank L.L.C., Kosmon-Irakleio Branch branch.,
Address: 12 Kosmon,
Irakleio 71201, Greece.
Telephone: 30
2810334840
According to
information sources available to us, the subject's payments are prompt.
Trade Payment Summary
EXP. DATE PAYING
RECORD HIGH CREDIT NOW OWES
PAST DUE TERM LAST SALE
18/6/2013 PROMPT 19,513 0 0 30 18/6/2012
18/6/2013 PROMPT/SLOW 3,908 0 0 30 18/6/2012
18/5/2013 PROMPT/SLOW 3,908 0 0 30 18/12/2012
18/5/2013 PROMPT 19,513 0 0 30 18/12/2012
30/4/2013 PROMPT 24,132 0 0 30 30/4/2012
18/4/2013 PROMPT/SLOW 3,908 0 0 30 18/11/2012
18/4/2013 PROMPT 19,513 0 0 30 18/11/2012
11/4/2013 PROMPT 62,670 0 0 30 11/4/2012
31/3/2013 PROMPT 24,132 0 0 30 31/3/2012
18/3/2013 PROMPT/SLOW 3,908 3,908 3,908 30 18/12/2012
18/3/2013 PROMPT 19,513 0 0 30 18/12/2012
28/2/2013 PROMPT 24,132 0 0 30 28/2/2012
18/2/2013 PROMPT 3,908 0 0 30 18/11/2012
18/2/2013 PROMPT 19,513 0 0 30 18/11/2012
31/1/2013 PROMPT/SLOW 4,461 4,461 4,461 30
31/1/2013 PROMPT/SLOW 6,344 0 0 30 31/12/2012
31/1/2013 PROMPT 492 492 0 30 31/12/2012
31/1/2013 PROMPT 24,132 0 0 30 31/1/2012
31/1/2013 PROMPT 492 0 0 30 31/10/2012
31/1/2013 PROMPT 492 0 0 30 31/12/2012
31/1/2013 PROMPT/SLOW 4,461 0 0 30
31/1/2013 PROMPT 12,319 0 0 30 31/12/2012
31/1/2013 PROMPT 615 615 0 30 31/12/2012
31/1/2013 PROMPT/SLOW 4,461 0 0 30
31/1/2013 PROMPT 12,319 12,319 0 30 31/12/2012
18/1/2013 PROMPT 19,513 0 0 30 18/12/2012
18/1/2013 PROMPT 3,908 0 0 30 18/12/2012
11/1/2013 PROMPT 62,670 0 0 30 11/1/2012
31/12/2012 PROMPT/SLOW 6,344 6,344 968 30 30/11/2012
31/12/2012 PROMPT 461 461 0 30 30/11/2012
31/12/2012 PROMPT 24,132 0 0 30 31/12/2011
18/12/2012 PROMPT 19,513 19,513
0 30 18/11/2012
18/12/2012 PROMPT 3,908 3,908 0 30 18/11/2012
11/12/2012 PROMPT 62,670 0 0 30 11/12/2011
30/11/2012 PROMPT 24,132 0 0 30 30/11/2011
18/11/2012 PROMPT 3,908 3,908 0 30 18/10/2012
18/11/2012 PROMPT 19,513 9,513 0 30 18/10/2012
31/10/2012 PROMPT 30,722 0 0 30 31/5/2012
18/10/2012 PROMPT 3,908 3,908 0 30 18/9/2012
18/10/2012 PROMPT 19,513 19,513 0 30 18/9/2012
30/9/2012 PROMPT 30,722 0 0 30 30/4/2012
28/9/2012 PROMPT 62,670 0 0 30 28/4/2012
18/9/2012 PROMPT 3,908 3,908 0 30 18/8/2012
18/9/2012 PROMPT 19,513 19,513 0 30 18/8/2012
18/9/2012 PROMPT 3,908 3,908 0 30 18/8/2012
18/9/2012 PROMPT 19,513 19,513 0 30 18/8/2012
31/8/2012 SLOW60/90 272 272 272 30
31/8/2012 PROMPT 856 856 0 30 31/7/2012
31/8/2012 PROMPT/SLOW 1,778 1,778 1,778 30
31/8/2012 PROMPT/SLOW 144,927 144,927 128,534 30 31/7/2012
31/8/2012 PROMPT 30,722 0 0 30 31/5/2012
31/8/2012 PROMPT 30,722 0 0 30 31/5/2012
18/8/2012 PROMPT 3,908 3,908 0 30 18/7/2012
18/8/2012 PROMPT 19,513 19,513 0 30 18/7/2012
10/8/2012 PROMPT 62,670 0 0 30 10/5/2012
31/7/2012 PROMPT 30,722 0 0 30 30/4/2012
Business started: Jan 1, 1974.
Legal Form; Societe anonyme
registered on Jan 1, 1974 for a period ending Dec 31, 2070.
Registration No: 011326
Government Gazette
No: 01663 / 1974
Chamber of Commerce
No: 1769
Tax Registration
No: 094046978
Established
following the change in the legal status of the limited liability company
PLASTIKA KRITIS LTD, originally founded in 1970 (Gov. Gaz. No.: 17/70)., Listed
in ASE as of: 5,13,1999
Nominal capital:
16,701,312. Issued capital: 16,701,312.
Issued/paid-up
capital was last increased on Nov 28, 2012.
Nominal capital is
divided into: 27,379,200 and fully paid-up.
Name: Emmanouil
Lebidakis
Holds: 26.70% of
the voting capital.
Name: Michail
Lebidakis
Holds: 25.51% of
the voting capital.
Name: Maria
Feretzaki
Holds: 7.30% of
the voting capital.
Name: Anna
Feretzaki
Holds: 4.50% of
the voting capital.
Name: Christina-Maria
Feretzaki
Holds: 4.50% of
the voting capital.
Name: Marios-Minas
Feretzakis
Holds: 4.27%
of the voting capital.
Name: Eleni
Trikouli
Holds: 3.47% of
the voting capital.
Name: Christina
Trikouli
Holds: 3.47% of
the voting capital.
Name: Konstantinos
Perakis
Holds: 3.00% of
the voting capital.
Name: Evgenia
Trikouli
Holds: 2.28% of
the voting capital.
Name: Ioannis
Lebidakis
Holds: 1.75% of
the voting capital.
Name: Dimitrios
Trikoulis
Holds: 1.73% of the voting capital.
Name: Katina-Anna
Lebidaki
Holds: 1.72% of
the voting capital.
Name: GLOBAL
COLORS POLSCA S.A. Foreign Participants, Kedzierzyn Kozle, Poland,
Year started: 2001.
Subject owns: 100% of the capital.
Name: RAINBOW
TECHNOLOGIES LTD Foreign Participants, Cyprus, Cyprus
Subject owns: 100% of the capital.
Name: AGRIPOLYANE
SASU Foreign Participants, France, France
Year started: 2006.
Subject owns: 100% of the capital.
Name: ETEPLA
S.A. Societe Anonyme, Irakleio, Greece
Year started: 1987.
Subject owns: 100% of the capital.
Name: PLASTIKA
KRITIS FAR EAST LTD Foreign Participants, Cyprus, Cyprus
Year started: 1997.
Subject owns: 100% of the capital.
Name: SENKROMA
BOYAR MADDE SANAYI VE TICARET A.S. Foreign Participants,
Istanbul, Turkey, Turkey
Year started: 1997.
Subject owns: 100% of the capital.
Name: ROMCOLOR
2000 S.A. Foreign Participants, Bucharest, Romania, Romania
Year started: 1994.
Subject owns: 90% of the capital.
The following are
related through principal(s) and/or financial interest(s):
Name: ETEPLA
S.A. Societe Anonyme, Irakleio, Greece
Year started: 1987
Subject has a 0.01%
share interest
Name: SUN
PARTNERS SA ENERGEIAKI & TECHNIKI Societe Anonyme, Nea Alikarnassos, Greece
Year started: 2007
Subject has a: 24.0% share interest
Address: 3 Orizomylon,
12244, Aigaleo, Greece.
These are rented office premises.
Size: 2650
square meters.
Address: Industrial
Area, 71500, Irakleio, Greece.
These are owned factory premises.
Size: 26107
square meters.
Address: 57022, Sindos
Industrial Area, Greece.
These are factory premises.
Address: Building
Block 33b, 57022, Sindos Industrial Area, Greece.
These are owned office premises.
Size: 2250
square meters.
Address: Akrotiri, Ag.
Ioannis, Vrouchas, 72100, Agios Nikolaos, Greece.
These are owned premises.
Size: 972534
square meters.
Address: 35004,
Elateia, Greece.
These are rented factory premises.
Size: 2000
square meters.
Local Activity
Code: 2221
Local Activity
Code Type: STAKOD
Equivalent
to: NACE 1
SIC: 3089
2816
Activities: Manufactures
plastics products
Manufactures inorganic pigments
Production of
polyethylene films, geomembranes, raw materials for the plastic industry
(masterbatches), polyethylene pipes.
Plastics recycling. Wind parks and photovoltaic parks
Exports: 67%
Normal exporting terms are cash against documents
Imports: 98% from
Belgium, Bulgaria, France, Germany, Italy, Romania,
Saudi Arabia, Spain, U K
Normal importing terms are cash against documents
Subject produces
brand(s): KRITIFIL
KRITIFLEX
KRITILEN
KRITISAN
KRITISOL
Employs: 339 as at Apr
9, 2013
The group employs 841
The number of employees varies according to needs.
The number of employees peaks to 339.
The subject operates from owned warehouse, covering approximately 8,100 square
meters at heading address.
The site covers approximately 22,934 square meters.
The subject operates from a registered office at heading address.
Fiscal Fiscal Fiscal
Dec 31,2010 Dec
31,2011 Dec 31,2012
Turnover 98,625,000 106,047,000 113,042,000
Pre-Tax
Profit 9,817,000 11,706,000 12,267,000
Net
Worth 101,255,000 108,474,000 117,344,000
Fixed
Assets 51,588,000 50,266,000
48,508,000
Total
Assets 144,927,000 144,357,000 138,950,000
Current
Assets 75,460,000 75,130,000 70,777,000
Current
Liabilities 27,201,000 29,350,000 16,551,000
Working
Capital 48,259,000 45,780,000
54,226,000
Long
Term Debt 16,471,000 6,533,000 5,055,000
Financial
Assets 17,814,000 18,891,000 19,607,000
Intangibles 65,000 70,000 58,000
Employees 328 327 329
Net Worth and Total Assets are tangible figures shown after the
deduction of intangible assets.
RATIOS
Dec 31,2010 Dec
31,2011 Dec 31,2012
Current
Ratio (X) 2.77 2.56 4.28
Solvency
Ratio (%) 43.13 33.08 18.41
Fixed
Assets/Net Worth (%) 50.95 46.34 41.34
Current
Liabs/Net Worth (%) 26.86 27.06 14.11
Asset
Turnover (%) 68.05 73.46 81.35
Sales
/ Net Working Cap (X) 2.04 2.32 2.08
Assets
/ Sales (%) 146.95 136.13 122.92
Profit
Margin (%) 9.95 11.04 10.85
S/holders
Return (%) 9.70 10.79 10.45
Return
On Assets (%) 6.77 8.11 8.83
Sales
/ Employees 300,685.98 324,302.75 343,592.71
Profit
/ Employees 29,929.88 35,798.17 37,285.71
Abstract from individual fiscal balance
sheet as at Dec 31, 2012
LIABILITIES ASSETS
Capital 16,701,000 Land/Buildings 38,956,000
Retained
Profits 37,815,000 Plant/Machinery 35,714,000
Misc
Reserves 62,828,000 Depreciation 26,162,000
Net
Worth 117,344,000
Total Fixed Ass 48,508,000
Misc
Provisions 1,978,000 Shares
in Group 19,173,000
Misc
Def Liabs 3,077,000 Misc
Fin'cl Ass 434,000
Total Fin'cl
Ass 19,607,000
Misc
Intangible 58,000
Total
Intangible 58,000
CURRENT
LIABILITIES: CURRENT ASSETS:
Trade
Creditors 11,803,000 Stock 18,922,000
Short
term Loans 285,000 Trade
Debtors 35,437,000
Misc
Current Liabs 4,463,000 Misc
Debtors 1,330,000
Cash 13,471,000
Market
Securities 1,617,000
TOTAL
CURRENT 16,551,000 TOTAL
CURRENT 70,777,000
TOTAL
LIABS & NW 138,950,000 TOTAL
ASSETS 138,950,000
Profit & Loss Account from Jan 1,
2012 to Dec 31, 2012
Net Sales 113,042,000
Cost of Goods Sold 89,138,000
Gross Profit 23,904,000
Misc Operating Charges 12,644,000
Net Operating Income 11,260,000
Misc Financial Income 1,007,000
Total Financial Income 1,007,000
Profit Before Taxes 12,267,000
Income Tax 2,684,000
Profit After Tax 9,583,000
Net Profit 9,583,000
Earnings per Share 0
Previous Year 0
According to the balance sheet as of Dec 31, 2012.
The above mentioned financial figures are in Euro
Subject to the foregoing, the financial statements give a true and fair
view of the company's affairs.
The subject is a well-managed firm, being one of the largest firms in
the respective Greek sector.
It holds the largest share in the Greek market, regarding greenhouse sheets
and master batches used for the manufacture of plastics.
Also noted that the subsidiary SENKROMA BOYAR MADDE SANAYI VE TICARET AS
during 2011 started the second factory headquartered in Istanbul of Turkey, in
the city Gaziantep, which will serve the industry synthetic yarns in Syria and
Iran.
In addition, in September 2011 Company launched a photovoltaic power
plant installed of capacity 100KW at its premises in the industrial area of
Sindos in Thessaloniki.
Company quoted as A.S.E.
No further information was available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.82 |
|
|
1 |
Rs.92.96 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.