|
Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
THREE P. PACKAGING COMPANY |
|
|
|
|
Registered Office : |
91 Archiepiskopou Makariou C‘
Avenue, Geroskipou, 8200, Pafos |
|
|
|
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Country : |
Cyprus |
|
|
|
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Date of Incorporation : |
07.02.1992 |
|
|
|
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Com. Reg. No.: |
P8930 |
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|
|
|
Legal Form : |
Partnership |
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|
|
|
Line of Business : |
Manufacture of plastic packing
goods |
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|
|
|
No. of Employees : |
15 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 often fluctuates 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 an anemic growth rate of 1.0% in 2010. A massive munitions blast in July 2011 at a Cypriot naval base triggered country-wide energy outages, a collapse of the governing coalition, and a cabinet shuffle intensifying Cyprus's economic problems. The economy experienced no economic growth in 2011. Serious Cypriot financial sector problems surfaced in early 2011 as the Greek fiscal crisis and euro zone debt crisis deepened. 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. A liquidity squeeze is choking the financial sector and the real economy as many global investors doubt the Cypriot economy can weather the EU crisis. Cyprus's borrowing costs have risen steadily because of its exposure to Greek debt. The budget deficit is on the rise and reached 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 is promising to implement measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits. However, it has been slow to act, lacking a consensus in parliament and among the social partners for its proposed measures.
|
Source : CIA |
|
Registered Name |
THREE
P. PACKAGING COMPANY |
||
|
English Name |
THREE
P. PACKAGING COMPANY |
||
|
Registered Address |
91
Archiepiskopou Makariou C‘ Avenue, Geroskipou, 8200, Pafos, Cyprus |
||
|
Headquarters: |
91
Archiepiskopou Makariou C‘ Avenue, Kosmoplast Court, P.O.Box 60160, 8101,
Geroskipou, 8200, Pafos, Cyprus |
||
|
Telephone |
+35726962223
/ +35726962707 |
||
|
Fax |
+35726960061
/ +35726963953 |
||
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E-mail |
kosmopla@logos.cy.net
, threeppa@logosnet.cy.net |
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|
Web Site |
www.kosmoplast.com |
||
|
Legal Type |
Partnership |
||
|
Registration No |
P8930 |
Registration Date |
07/02/1992 |
|
Start Date |
07/02/1992 |
Years of Operation: |
21 |
|
Last return |
01/06/2007 |
|
|
|
Employees |
January 2013 |
|
|
|
Company |
|
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Total Number |
15 |
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Additional Info: |
|
Please Note That: IERA ARCHIEPISKOPI KYPROU and KOSMOPLASTIC ENTERPRISES LIMITED
are General Partners Authorised
Person: IERA ARCHIEPISKOPI KYPROU is
Authorised to Administrate, Manage and Sign for the Company Time
Limit: Indefinite The Company Can Be
Dissolved With Common Concession |
|
Assessment: |
Normal
Risk |
|
|
Payment
Habits: |
NO
COMPLAINTS |
A
check against all available information sources revealed that no late payment
incidents against Subject Company exist. |
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|
|
|
|
Commercial
morality |
Good |
|
|
Financial
strength |
Unable
to comment |
Given
the fact that no recent detailed financial statements were released to us, we
feel unable to express a safe and reliable opinion on their creditability and
Financial Strength. |
|
Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
|
|
|
||||||||
|
IERA ARCHIEPISKOPI KYPROU |
|
Director |
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|
|
|
07/02/1992 |
Yes |
|
Iera
Archiepiskopi Kyprou, Nicosia, Cyprus |
||||||||
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Other Directorship: |
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|
||||||
|
Name |
|
Registration Date |
Reg. No. |
Status |
Position |
Update Date |
|
|
|
PLIROFORIAKI
KAI POLITISTIKI ETAIREIA "O LOGOS" |
|
29/01/1991 |
P8748 |
Registered
and operational |
Director |
24/05/2012 |
|
|
|
BMS
METAL PIPES INDUSTRIES |
|
15/01/1991 |
P8743 |
Registered
and operational |
Director |
12/12/2011 |
|
|
|
ANATOLIKON
STEEL INDUSTRIES |
|
26/03/1985 |
P7703 |
Registered
and operational |
Director |
09/12/2011 |
|
|
|
KOSMO
PLAST COMPANY |
|
20/04/1992 |
P8970 |
Registered
and operational |
Director |
29/09/2011 |
|
|
|
Other Shareholding: |
|
|
||||||
|
Name |
|
Registration Date |
Reg. No. |
Status |
% |
Update Date |
|
|
|
LOGOSNET
SERVICES LIMITED |
|
22/12/1999 |
C107548 |
Registered
and operational |
100 |
14/03/2012 |
|
|
|
KEO
PLC |
|
22/01/1959 |
C835 |
Registered
and operational |
22.94 |
08/08/2012 |
|
|
|
HELLENIC
BANK PUBLIC COMPANY LIMITED |
|
29/05/1974 |
C6771 |
Registered
and operational |
16.4 |
08/11/2012 |
|
|
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KOSMOPLASTIC ENTERPRISES LIMITED |
|
Director |
|
C7415 |
|
0 |
01/06/2007 |
No |
|
91
Archiepiskopou Makariou C‘ Avenue, Geroskipou, 8200, Pafos, Cyprus |
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Activity Code |
Description |
|
|
NACE
1.1 |
25.22 |
Manufacture
of plastic packing goods |
|
NACE
2.1 |
2222 |
Manufacture
of plastic packing goods - This class includes: - manufacture of plastic
articles for the packing of goods: > plastic bags, sacks, containers,
boxes, cases, carboys, bottles etc. - - This class excludes: - manufacture of
luggage and handbags of plastic, see 15.12 |
Line
of Business
|
|
The
concern in question is a partnership that is involved with the import (50%),
manufacturing (100%) and wholesale (100%) of plastic PET preforms and
bottles. PET bottles are used for the bottling of mineral water, soft drinks,
milk, oil etc. |
|
Export to |
Percentage |
|
|
Comments |
The
subject does not engage in any export activities. |
|
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Import from |
|||
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China,
Germany, Greece, Italy, Luxembourg, Netherlands, Switzerland, Taiwan |
|||
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Import from |
Percentage |
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|
China,
Germany, Greece, Italy, Luxembourg, Netherlands, Switzerland, Taiwan |
50% |
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|
Import Terms |
Percentage |
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|
Open
account |
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Market Territory |
|||
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|
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Local
Presence: |
100% |
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|
Sales |
|||
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Sells
To: |
General
Public |
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|
The
subject's selling payment terms are 120 days credit facilities. |
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Premises |
|||
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|
|
|
|
|
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|
Type |
headquarters |
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Address: |
91
Archiepiskopou Makariou C‘ Avenue, Kosmoplast Court, P.O.Box 60160, 8101,
Geroskipou, 8200, Pafos, Cyprus |
||
|
Headquarters comprise of |
Offices,
Factory, Warehouse |
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|
Headquarters are |
Owned |
||
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Size (sq m): |
2500 |
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Headquarters operate as: |
shared
offices with KOSMO PLAST COMPANY |
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|
Banks |
|
|
BANK OF CYPRUS PUBLIC COMPANY LIMITED |
|
|
51
Stasinou, Agia Paraskevi, Strovolos, 2002, Nicosia, Cyprus |
|
|
Comment: |
Reportedly
an overdraft facility of 500000 Eur is available and utilised. |
|
HELLENIC BANK PUBLIC COMPANY LIMITED |
|
|
200
Lemesou Avenue, & Athalassas Corner, Strovolos, 2025, Nicosia, Cyprus |
|
|
Comment: |
Reportedly
an overdraft facility of 500000 Eur is available and utilised. |
|
|
Affiliates and Subsidiaries |
Relation |
Year Reg. |
|
|
Kosmoplastic
Enteprises Limited |
Affiliated
Company |
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KOSMO
PLAST COMPANY Partnership |
Affiliated
Company |
|
No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
|
0 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
No
charges found |
No negative data
|
|
Financial Estimates |
|||||
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|
|
|
|
|
|
|
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|
Interview Date: |
30 Aug 2012 |
Submitted: |
Estimates |
Currency |
EUR |
|
|
- |
|
||||
|
|
Month Ended: |
12 |
Period Ending |
31 Dec 2012 |
Projected Sales |
6300000 |
|
|
Period |
31
Dec 2010 |
Month
Ended |
12 |
Sales
were |
6500000 |
|
|
|
|
|
|
|
|
|
|
Period |
31
Dec 2011 |
Month
Ended |
12 |
Sales
were |
6300000 |
|
|
|
|
|
|
|
|
|
|
Period |
31
Dec 2012 |
Month
Ended |
12 |
Sales
were |
6000000 |
MAIN
SOURCES OF INFORMATION - FOR THIS REPORT
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. Negative Record Database
viii. Relationship/Directorship Search through Database
We contacted the company in question, where we talked with
Ms. Androulla Christoforou, company accounting official, who confirmed the
above information regarding the subject; however she refused to provide us with
the subject's latest financials.
Please note that, as the subject in question is a
partnership it is not obliged to submit capital details at the Official
Companies' Registrar, or to produce or publish their financial accounts.
COUNTRY
DEVELOPMENTS:
The European Banking Authority’s final assessment of the
capital exercise covering 71 banks showed that the shortfall for the two
Cypriot banks, Bank of Cyprus and Cyprus Popular Bank reached the amount of
€1.885 million.
The shortfall for Bank of Cyprus stands at €730 million,
whereas the corresponding figure for Cyprus Popular Bank reached the amount of
€1.125 million. The shortfall will be covered by the Euro area member-states
through the EFSF/ESM, as part of Cyprus’ application for financial support.
In October 2012 the unemployment in Cyprus has grown at the
third fastest rate in the EU, behind Greece and Spain, reaching almost 11%,
while the percentage of the population at risk of falling below the poverty
line is also on the increase.
The flow of deposits in the domestic banking system recorded
a slight increase during August, according to data released by the Central Bank
of Cyprus. The Central Bank announced on Thursday that deposits in domestic financial
institutions recorded an increase of 0.5% during August on an annual basis or
837.9 million euro, reaching 70.66 billion euro compared to 69.82 billion in
August of 2011.
Based on the quarterly review carried out by the European
Commission for economic and employment, the outlook for Cyprus remains bleak.
It reported that unemployment in Cyprus continues to increase reaching 10.9% in
July 2012 (10.4% for women and 11.4% men).
29 September 2012: Russia said on Friday it would only grant
a bailout loan to Cyprus as part of a coordinated rescue with the European
Union for the Mediterranean island state that is seeking a total of 20 billion
euros ($25.7 billion) in aid.
Regarding the gas deals Minister of Commerce, Industry and
Tourism Neoklis Sylikiotis has said that the government is going to sign a
series of agreements with Houston-based “Noble” as regards the supply of
natural gas to Cyprus and the construction of a terminal for liquefied gas in
Cyprus for export purposes.
He also recalled that the Cabinet has taken a decision for
the beginning of negotiations in order to reach an interim solution for the
supply of natural gas for the local market before 2017.
The trade deficit decreased by 15,1% or 325 million in the
first half of 2012, compared to the same period of 2011. According to the
monthly report “Intra-Extra E.U Trade Statistics (Summarised Data)” for June
2012, trade deficit for the period January-June 2012 was 2.151 billion compared
to 2.476 billion in the corresponding period of 2011. Cyprus which concluded in
2011 a 2.5 billion EUR with the Russian Federation, has requested a new loan
agreement. Excluded from the international capital markets as of May 2011,
Cyprus on June 25 applied to the EFSF for financial assistance to bailout its two
main banks, Bank of Cyprus and Cyprus Popular Bank, which have been severely
hit by the Greek sovereign debt haircut and to cover its refinancing need. (End
of Country Developments)
|
|
Name: |
Ms
Androulla Christoforou |
||
|
|
Quality: |
company |
|
|
|
|
Title: |
representative |
|
|
|
|
Confirm general details |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
UK Pound |
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.