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Report Date : |
15.02.2013 |
IDENTIFICATION DETAILS
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Name : |
KAPPA-SIGMA COTTON S.A. |
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Registered Office : |
Industrial Area 66100 Drama Drama |
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Country : |
Greece |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
08.11.1999 |
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Com. Reg. No.: |
044250 |
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Legal Form : |
Societe anonyme registered |
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Line of Business : |
Engaged in crop planting and protection |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Greece |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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, and 6.0% in 2011. 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 11% of GDP in 2010 and about 9% in 2011. Eroding public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, 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, reworking 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 Eurozone 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
KAPPA-SIGMA COTTON S.A. (Correct)
KAPPA SIGMA COTTON SA (Requested)
TRADING STYLE: 'KAPPA-SIGMA
COTTON SA'
ADDRESS: INDUSTRIAL AREA
66100 DRAMA
DRAMA
GREECE
TELEPHONE: 30
2521081400
30
2521081407
TELEFAX: 30
2521081402
E-MAIL ADDRESS: kscotton@otenet.gr
George Orestis Siarkos
Chairman & shareholder
Nikolaos Haralambos Karagiorgos
Vice-chairman
George Orestis Siarkos
Chief executive & shareholder
Antonios Orestis Siarkos
Member & shareholder
Nikolaos Konstantinos Karagiorgos
Member
PRINCIPALS ANTECEDENTS
NAME: George Orestis Siarkos
Also a director of SIARKOS S.A. COTTON GINNING.
Also associated with SIARKOS S.A. COTTON GINNING, HELLENIC SEED CO.
S.A., IMATHIA GINNING MILLS S.A..
NAME: Nikolaos Haralambos Karagiorgos
Also a director of KARAGIORGOU, N., BROS S.A., IMATHIA GINNING MILLS
S.A..
Also associated with KARAGIORGOS, K., S.A., KARAGIORGOU, N., BROS S.A.,
IMATHIA GINNING MILLS S.A..
NAME: George Orestis Siarkos
Also a director of SIARKOS S.A. COTTON GINNING.
Also associated with SIARKOS S.A. COTTON GINNING, HELLENIC SEED CO.
S.A., IMATHIA GINNING MILLS S.A..
NAME: Antonios Orestis Siarkos
Also a director of SIARKOS S.A. COTTON GINNING.
Also associated with SIARKOS S.A. COTTON GINNING, HELLENIC SEED CO.
S.A., IMATHIA GINNING MILLS S.A..
NAME: Nikolaos Konstantinos Karagiorgos
Also a director of HELLENIC SEED CO. S.A., PELLA S.A., ENERGEIAKI
VOREIOU ELLADOS S.A..
Also associated with KARAGIORGOS, K., S.A., KARAGIORGOU, N., BROS S.A.,
HELLENIC SEED CO. S.A., IMATHIA GINNING MILLS S.A..
EMPLOYS: 10
The number of employees varies according to needs.
The number of employees peaks to 50.
A check against all available information sources revealed that no late payment
incidents against Subject Company exist.
Credit Assessment: Low Risk
Alpha Bank A.E., Serres Branch branch., 11 Emboriou Sq, Serres 62122,
Greece.
Telephone: 30 2321026573
National Bank of Greece S.A., Iraklia Serres Branch branch., 6 K.
Karamanli, Irakleia 62400, Greece.
Telephone: 30 2325022877
ATEBANK S.A., Drama Branch branch., 131 Venizelou, Drama 66100, Greece.
Telephone: 30 2521057670
Emporiki Bank, Serres Branch branch., 16 Vas. Vassileiou, Serres 62123,
Greece.
Telephone: 30 2321022341
Fiscal Fiscal Fiscal
Jun 30,2010 Jun 30,2011 Jun 30,2012
Turnover 23,836,498 28,949,657 35,686,593
Pre-Tax Profit
1,234,070 101,985 1,048,356
Net Worth 2,787,629 2,409,616 3,320,187
Fixed Assets
3,165,583 2,995,877 3,110,675
Total Assets 12,372,609 14,789,412 14,150,665
Current Assets
8,467,435 10,803,598 10,339,363
Current Liabilities
927,159 6,379,279 10,830,479
Working Capital
7,540,276 4,424,319 -491,116
Long Term Debt
8,657,822 6,000,517
Financial Assets
14,674 14,674 14,674
Intangibles
724,919 975,264 685,953
Employees
12 12 10
Net Worth and Total Assets are tangible figures shown after the
deduction of intangible assets.
RATIOS
Jun 30,2010 Jun
30,2011 Jun 30,2012
Current Ratio (X)
9.13 1.69 0.95
Solvency Ratio (%)
443.84 613.77 426.20
Fixed Assets/Net Worth (%)
113.56
124.33 93.69
Current Liabs/Net Worth (%)
33.26 264.74 326.20
Asset Turnover (%)
192.66 195.75 252.19
Sales / Net Working Cap (X)
3.16 6.54 -72.66
Assets / Sales (%)
51.91 51.09 39.65
Profit Margin (%)
5.18 0.35 2.94
S/holders Return (%)
44.27 4.23
31.58
Return On Assets (%)
9.97 0.69 7.41
Sales / Employees 1,986,374.83 2,412,471.42 3,568,659.30
Profit / Employees
102,839.17 8,498.75 104,835.60
Abstract from individual fiscal balance sheet as at Jun 30, 2012
LIABILITIES
ASSETS
Capital
4,605,300 Land/Buildings 5,214,462
Retained Profits
-1,516,075 Plant/Machinery 1,171,286
Misc Reserves
230,961 Depreciation 3,275,073
Net Worth
3,320,186 Total
Fixed Ass 3,110,675
Misc Fin'cl
Ass 14,674
Total Fin'cl
Ass 14,674
Misc
Intangible 685,953
Total
Intangible 685,953
CURRENT LIABILITIES: CURRENT ASSETS:
Trade Creditors
1,436,253 Stock 3,710,343
Short term Loans
9,346,070 Trade Debtors
2,950,122
Misc Current Liabs
48,156 Cash 3,678,898
TOTAL CURRENT
10,830,479 TOTAL CURRENT 10,339,363
TOTAL LIABS & NW
14,150,665 TOTAL ASSETS 14,150,665
Profit & Loss Account from Jul 1, 2011 to Jun 30, 2012
Net Sales
35,686,593
Cost of Goods Sold
33,372,219
Gross Profit
2,314,374
Misc Operating Charges 1,192,153
Misc Operating Income
268,616
Net Operating Income
1,390,837
Misc Financial Income
1,484,804
Total Financial Income
1,484,804
Interest Payable
1,110,017
Misc Financial Expenses
717,268
Total Financial Expenses
1,827,285
Profit Before Taxes
1,048,356
Profit After Tax
1,048,356
Net Profit
1,048,356
According to the balance sheet as of Jun 30, 2012.
The below mentioned financial figures are in Euro
Financial statement obtained from subject on Nov 19, 2012.
BACKGROUND
Business started Nov 8, 1999.
Subject moved from 35 Polytechneiou, 54625 Thessaloniki Thessaloniki on
Feb 15, 2000.
LEGAL FORM
Societe anonyme registered on Nov 8, 1999 for a period ending Dec 31,
2099.
Registration Number: 044250
Government Gazette Number: 08939
/ 1999
Chamber of Commerce Number: 10490
Tax Registration Number: 099358190
On 13/1/2000 (Gov. Gaz. No. 00259/2000) the company's name was changed.
On 15/3/2000 (Gov. Gaz. No. 02005/2000) a change of subject's head
office was published. SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED
IN THE GOV.GAZ.: Prior to the change that was published in the
Gov.Gaz.No.:259/2000 subject's name was VAMVAKOURGIA KARAGIORGOU SA.
CAPITAL
Nominal capital: 4,605,300. Issued capital: 4,605,300.
Issued/paid-up capital was last increased on Feb 1, 2010.
Nominal capital is divided into:
90,000 shares of 51.17 each and fully paid-up.
KARAGIORGOU, N., BROS S.A SOCIETE ANONYME holds 50.00% of the voting
capital.
Antonios Siarkos holds 25.00% of the voting capital.
George Siarkos holds 25.00% of the voting capital.
The company is a subsidiary of KARAGIORGOU, N., BROS S.A SOCIETE
ANONYME,
THESSALONIKI, GREECE , which holds 50.00% interest.
Parent began operations 1 Jan 1977.
AFFILIATES
SIARKOS S.A. COTTON GINNING Societe Anonyme, Irakleia, Greece
Year started: 1991.
This concern is related through common shareholders.
HELLENIC SEED CO. S.A. Societe Anonyme, Larissa, Greece
Year started: 2001.
This concern is related through common shareholders.
IMATHIA GINNING MILLS S.A. Societe Anonyme, Alexandreia, Greece
Year started: 2000.
This concern is related through common shareholders.
Engaged in crop planting and protection
Wholesales grain and field beans
Ginning and trade of cotton
Subject does not import.
Exports 90% to Belgium, Bulgaria, China, Egypt, Germany, Italy, Japan,
Romania, Switzerland, Turkey, U S A
Normal exporting terms are open account
Operates from owned factory, covering approximately 10,700 square metres
at heading address.
The site covers approximately 35,000 square metres.
REGISTERED OFFICE: At heading address.
Subject is mainly an export oriented economic unit, which is engaged in
the ginning and trade of cotton.SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS
PUBLISHED IN THE GOV.GAZ.: Prior to the change that was published in the
Gov.Gaz.No.:259/2000 subject's name was VAMVAKOURGIA KARAGIORGOU SA.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.87 |
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|
1 |
Rs.83.59 |
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Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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-- |
NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.