|
Report Date : |
09.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
CYTA ( |
|
|
|
|
Registered Office : |
Telecommunications street, Strovolos, |
|
|
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|
Country : |
|
|
|
|
|
Financials (as on) : |
December, 2012 |
|
|
|
|
Date of Incorporation : |
01.01.1954 |
|
|
|
|
Com. Reg. No.: |
CYC23177296 |
|
|
|
|
Legal Form : |
Semi-Government Bodies |
|
|
|
|
Line of Business : |
Subject providing, maintaining and developing a comprehensive
telecommunications service, both nationally and internationally. |
|
|
|
|
No. of Employees : |
2500 (Approximately) |
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 |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
The area of the
|
Source
: CIA |
|
Registered Name |
ΑΤΗΚ
(ΑΡΧΗ ΤΗΛΕΠΙΚΟΙΝΩΝΙΩΝ
ΚΥΠΡΟΥ) |
||
|
English Name |
CYTA (CYPRUS
TELECOMMUNICATION AUTHORITY) |
||
|
Headquarters: |
Telecommunications street,
Strovolos, Nicosia, 2014, PoBox 24929, Cyprus |
||
|
Telephone |
+35722701000 / +35722701329
/ +35722701515 / +35722701925 / +35722702431 |
||
|
Fax |
+35722494940 |
||
|
E-mail |
|||
|
Web Site |
|||
|
Legal Type |
Semi-Government Bodies |
||
|
Registration No |
CYC23177296 |
Registration Date |
01/01/1954 |
|
Start Date |
01/01/1954 |
Years of Operation: |
59 |
|
|
|
Latest Annual Account Date |
01/12/2012 |
|
CINFO ID: |
CYC23177296 |
|
|
|
Employees |
April 2013 |
|
|
|
|
Company |
|
|
|
Total Number |
2500 |
|
|
|
|
|||
|
Approximately |
|||
|
Financial Summary |
December 2012 |
December 2011 |
December 2010 |
|
|
EUR |
EUR |
EUR |
|
Revenue
Sales |
451,763,000.00 |
473,982,000.00 |
466,470,000.00 |
|
Pre
Tax Profit |
47,624,000.00 |
81,717,000.00 |
79,445,000.00 |
|
Working
Capital |
292,596,000.00 |
317,252,000.00 |
284,224,000.00 |
|
Total
Equity |
876,184,000.00 |
874,726,000.00 |
861,105,000.00 |
|
Long
Term Debts |
7,122,000.00 |
6,472,000.00 |
7,810,000.00 |
|
Trend |
DOWN |
UP |
- |
|
Assessment: |
Low Risk |
|
|
Payment Habits: |
No complaints |
A check against all
available information sources revealed that no late payment incidents against
Subject Company exist. |
|
Commercial morality |
Unable to comment |
|
|
Financial strength |
Good |
|
|
Maximum credit |
2,500,000.00 EUR |
Please note that our rating
system has the amount of 2 500 000 EUR as a maximum credit amount
ceiling. |
|
|
Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
||||||||||
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|
|||||||||||||||||
|
|
HADJIANTONIOU
PETROS |
|
Director
& Secretary of Management Service |
|
(-) |
|
|
- |
No |
|||||||||
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|
|||||||||||||||||
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|
|
|||||||||||||||||
|
|
MODESTOU
ANTIGONI |
|
Internal Auditor |
|
(-) |
|
|
- |
No |
|||||||||
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|
|||||||||||||||||
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|
|||||||||||||||||
|
|
LIMNATITIS CHRISTOS |
|
Subsidiaries'
Support, Manager |
|
(-) |
|
|
- |
No |
|||||||||
|
|
|
|||||||||||||||||
|
|
|
|||||||||||||||||
|
|
PALLIKARAS IORDANIS |
|
Manager
of International Networks Planning & Operations, National and
International Wholesale Market, Networks |
|
(-) |
|
|
- |
No |
|||||||||
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|
|||||||||||||||||
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|
|||||||||||||||||
|
|
KOULIAS IOANNIS |
|
Manager
of International Commercial Services and manager of wholesales |
|
(-) |
|
|
- |
No |
|||||||||
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|
|||||||||||||||||
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|
|||||||||||||||||
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|
PSILLIDES COSTAS |
|
Manager
of Applications |
|
(-) |
|
|
- |
No |
|||||||||
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|
|||||||||||||||||
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|
|||||||||||||||||
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|
HADJISOFOCLEOUS SOFOCLIS |
|
Manager
of Servers and Applications |
|
(-) |
|
|
- |
No |
|||||||||
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|
|||||||||||||||||
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|
|||||||||||||||||
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|
FINIOTIS CHRYSIS |
|
Manager
of Fixed network & mobile communication |
|
(-) |
|
|
- |
No |
|||||||||
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|
|||||||||||||||||
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|
|||||||||||||||||
|
|
ARESTIS GEORGIOS |
|
Manager
of Backbone Networks, Backbone Networks & Network Management, Networks |
|
(-) |
|
|
- |
No |
|||||||||
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|
|||||||||||||||||
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|
|||||||||||||||||
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|
PARTZILIS TASOS |
|
Manager
of backbone networks and network management |
|
(-) |
|
|
- |
No |
|||||||||
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|
|||||||||||||||||
|
ACHILLEOS MICHALIS E |
|
Executive
director - networks |
(-) |
|
|
- |
No |
|
||||||||||
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|
|||||||||||||||||
|
PAPADOPOULOS MICHALIS |
|
Business
Development Manager |
(-) |
|
|
- |
No |
|
||||||||||
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|||||||||||||||||
|
ALEXANDROU ALEXANDROS |
|
Manager
of Fixed Telephony, Internet & Data Network Services, Services
Management, Marketing |
(-) |
|
|
- |
No |
|
||||||||||
|
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|
|||||||||||||||||
|
LAMBRIANOU GEORGE M |
|
Managing
Director of customer services |
(-) |
|
|
- |
No |
|
||||||||||
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|||||||||||||||||
|
HADJILOIZOU KARATZIA RITA |
|
Manager
of Corporate Communication & Public Relations Business Management |
(-) |
|
|
- |
No |
|
||||||||||
|
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|
|||||||||||||||||
|
SOUROULLAS YIANNIS |
|
Executive
marketing manager |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
KYRIACOU KIKIS M |
|
Manager
of Marketing Strategy |
(-) |
|
|
- |
No |
|
||||||||||
|
|
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|||||||||||||||||
|
CHARALAMBOUS NICOS |
|
Manager
of Customer Support |
(-) |
|
|
- |
No |
|
||||||||||
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|
|
|||||||||||||||||
|
MALIKIDES GEORGIOS |
|
Manager
of Corporate Market, Customer Services |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
MANTIS COSTAS |
|
Sales
manager - retail sales |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
KARATZIAS MARIOS |
|
Managing
director of Customer Services |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
KYPRIANOU LOIZOS |
|
Manager
of Planning & Development, Network Services |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
MAKRIS CHARALAMBOS |
|
Manager
of Buildings' Infrastructure, Support Infrastructure, Support |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
YIANNAKOU CHRISTOFOROS |
|
Manager
of Support & networks |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
LOIS MICHALIS |
|
Manager
of products and services development |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
YIANNI KYPRIANOS |
|
Manager
of regional Operation & maintenance operation network |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
KALLENOS PANAGIOTIS |
|
Executive
managing director |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
HADJIGEORGIOU DAMALOU MARIA |
|
Director
of Costing - Financial Management |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
PPOURI-CHRISTOU EFI |
|
Manager
of Performance Management |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
KARLETTIDES MARIOS |
|
Manager
human resources |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
KOUFARIS GEORGIOS |
|
Alternate
executive manager |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
HADJITTOFIS DEMETRIS |
|
Manager
of strategic network design |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
RIRIS ARISTOS |
|
Executive
managing director |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
FANTIS ANDREAS |
|
Member
of the board |
(-) |
Doctor |
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
TSAKKISTOS GEORGE |
|
Member
of the board |
(-) |
Sociologist |
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
ANTOUNAS CHRISTAKIS |
|
Member
of the board |
(-) |
Engineer |
|
- |
Yes |
|
||||||||||
|
|
|
|||||||||||||||||
|
SOTERIOU CHRISTAKIS |
|
Member
of the board |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
CHRISTOS PATSALIDES |
|
Chairman |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
GEORGIADES NICOLAS |
|
Member
of the board |
(-) |
|
|
- |
No |
|
||||||||||
|
|
|
|||||||||||||||||
|
KITTIS STATHIS |
|
Former
Chairman |
(-) |
|
69 |
- |
No |
|
||||||||||
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|
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|
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|
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|
Activity Code |
Description |
|
|
NACE 2.1 |
61 |
Telecommunications - This
division includes the activities of providing telecommunications and related
service activities, that is transmitting voice, data, text, sound and video. The
transmission facilities that carry out these activities may be based on a
single technology or a combination of technologies. The commonality of
activities classified in this division is the transmission of content,
without being involved in its creation. The breakdown in this division is
based on the type of infrastructure operated. In the case of transmission of
television signals this may include the bundling of complete programming
channels (produced in division 60) in to programme packages for distribution.
- - |
|
|
|
|
|
Line of Business |
|
Cyta is a semi-government
organization. It was established with the aim of providing, maintaining and
developing a comprehensive telecommunications service, both nationally and internationally.
Cyta is considered to be the leading provider of integrated electronic
communications services in Cyprus. |
|
|
Export to |
Percentage |
|
|
|
Comments |
Non Retrievable |
|
|
|
|
|
|
|
|
Import from |
Percentage |
|
|
|
United Kingdom, United States of America,
Sweden |
|
|
|
|
Comments |
FAR EAST, EUROPE |
|
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|
|
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|
Premises |
|||
|
|
|
|
|
|
|
|
|
|
Type |
Headquarters |
|
|
Address: |
Telecommunications street, Strovolos, Nicosia, 2014, PoBox
24929, Cyprus |
||
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
|
|
|
|
Name |
CYATSHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Nicosia |
|
|
|
|
Street: |
Chilonos & M. Paride
Corner |
Secondary Street: |
P.O. Box: 24755, 1303 |
|
|
Building No: |
11 |
|
|
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
|
|
|
|
Name |
CYATSHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Limassol |
|
|
|
|
Street: |
Athinon street |
Secondary Street: |
P.O. Box: 50147, 3601 |
|
|
Building No: |
89 |
|
|
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
|
|
|
|
Name |
CYATSHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Larnaca |
|
|
|
|
Street: |
Z. Pieride street |
Secondary Street: |
P.O. Box: 40102, 6301 |
|
|
Building No: |
7 |
|
|
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
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|
|
|
Name |
CYATSHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Nicosia |
|
|
|
|
Street: |
Onasagorou street |
|
|
|
|
Building No: |
26 & 28 |
|
|
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
|
|
|
|
Name |
CYATSHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Nicosia |
|
|
|
|
Street: |
Strovolou Avenue |
|
|
|
|
Building No: |
14 |
|
|
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
|
|
|
|
Name |
CYATSHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Nicosia |
|
|
|
|
Street: |
Naxou street |
Secondary Street: |
Likavitos |
|
|
Building No: |
5 |
|
|
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
|
|
|
|
Name |
CYATSHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Nicosia |
|
|
|
|
Street: |
28th Octovriou Avenue |
Secondary Street: |
Engomi |
|
|
Building No: |
1 |
|
|
|
|
Location Phase: |
Engomi Business Centre” |
||
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
|
|
|
|
Name |
CYATSHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Nicosia |
|
|
|
|
Street: |
Archbishop Makariou C'
Avenue |
Secondary Street: |
Lakatamia |
|
|
Building No: |
62 |
|
|
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
|
|
|
|
Name |
CYATSHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Nicosia |
|
|
|
|
Street: |
Makariou Avenue |
Secondary Street: |
Latsia |
|
|
Building No: |
18 |
|
|
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
|
|
|
|
Name |
CYATSHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Nicosia |
|
|
|
|
Street: |
Costa Christodoulou |
Secondary Street: |
Kakopetria |
|
|
Building No: |
28 |
|
|
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
|
|
|
|
Name |
CYATSHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Paphos |
|
|
|
|
Street: |
Griva Digeni Avenue |
Secondary Street: |
P.O. Box: 60043, 8100 |
|
|
Building No: |
11 |
|
|
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
|
|
|
|
Name |
CYTASHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Famagusta |
|
|
|
|
Street: |
Edison street |
|
|
|
|
Headquarters comprise of |
Offices |
||
|
|
|
|
|
|
|
|
Name |
CYTASHOP |
Type |
Branch |
|
|
Country |
Cyprus |
|
|
|
|
Town/City: |
Famagusta |
Minor Town: |
Paralimni |
|
|
Street: |
Eleftherias Avenue |
Secondary Street: |
Derinia, P.O. Box: 33355,
5313 |
|
|
Building No: |
124 |
|
|
|
|
Headquarters comprise of |
Offices |
||
|
|
Banks |
|
|
ALPHA BANK CYPRUS LTD |
|
|
1 Prodromou, GIORKEIO
MEGARO, Nicosia, 1095, Cyprus |
|
|
BANK OF CYPRUS PUBLIC COMPANY LIMITED |
|
|
51 Stasinou, Agia
Paraskevi, Strovolos, 2002, Nicosia, Cyprus |
|
|
HELLENIC BANK PUBLIC COMPANY LIMITED |
|
|
200 Lemesou, & Athalassas
Corner, Strovolos, 2025, Nicosia, Cyprus |
|
|
BANK OF CYPRUS PUBLIC COMPANY LTD (ex CYPRUS POPULAR BANK PUBLIC
CO LTD) |
|
|
39 Archiepiskopou Makariou
C' Avenue, 2025, Nicosia, Cyprus |
|
|
USB BANK PLC |
|
|
83 Digeni Akrita Avenue, 5th
Floor, Nicosia, 1070, Cyprus |
|
|
SYNERGATIKI KENTRIKI TRAPEZA LTD |
|
|
8 Gregori Afxentiou,
Nicosia, Cyprus |
|
|
Affiliates and Subsidiaries |
Relation |
Year Reg. |
|
|
BESTEL COMMUNICATIONS
LIMITED |
Subsidiary |
|
|
|
|
||
|
|
CYTA (UK) |
Subsidiary |
|
|
|
|
||
|
|
CYTA HELLAS
TELECOMMUNICATION S.A. |
Affiliated Company |
|
|
|
|
||
|
|
CYTACOM SOLUTIONS LIMITED |
Subsidiary |
|
|
|
|
||
|
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CYTAGLOBAL (HELLAS) AE |
Subsidiary |
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EMPORION PLAZA LIMITED |
Subsidiary |
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EMPORION PLAZA LIMITED |
Subsidiary |
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IRIS GATEWAY SATELLITE
SERVICES LIMITED |
Subsidiary |
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No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
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0 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
No charges found |
A check against our revealed
that no negative payment incidents against Subject Company, such as unpaid
invoices, utility bills, bankruptcies etc. exist.
Corporate financial statement
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PROFITABILITY RATIOS |
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Gross Profit margin on
sales |
0.13 |
0.15 |
0.16 |
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Return on assets (ROA) |
0.09 |
0.15 |
0.15 |
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LIQUIDITY RATIOS |
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Current Ratio |
3.73 |
4.64 |
3.93 |
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TURNOVER RATIOS |
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Sales to Net Working
Capital Ratio |
1.54 |
1.49 |
1.64 |
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Total assets turnover
(times) |
0.46 |
0.49 |
0.48 |
Please note the
following changes in the financial statements of 2012 compared to the audited
financial statements of 2011:
1. 2.6% increase in
Trade and Other Receivables and 23.14% increase in Trade and Other Payables
2. Decrease in
Current Ratio (0.91), Indicates a deterioration on the company's ability to
meet short-term debt obligations
3. Long term loans
in 2012 increased compared to 2011 (46.6%)
4. Company’s
Working Capital showed a significant decrease during 2012. This increase could
be due to the fact that company’s current assets decrease along with an
increase in the company’s current liabilities. Please
note that, a positive
working capital generally indicates that a company is able to pay off its
short-term liabilities almost immediately.
5. Small decrease
in sales (4.68%).
6. Cost of sales
decreased to €393.113.000 compared to 2011(€401.840.000)
7. There was a
significant decrease in Selling and distribution expenses in 2012 (75.7%).Seems
that the company is trying to cut costs.
The company was established
with the aim of providing, maintaining and developing a comprehensive
telecommunications service, both nationally and internationally. Cyta is
considered to be the leading provider of integrated electronic communications
services in Cyprus.
Please note that the subject is a Semi-Government Organization, thus its share
capital is undisclosed.
Please note that the information provided in this report was extracted from the
official companies’ registry and from a previous interview with the Subject. A
written questionnaire was also sent to Ms Antigoni Modestou, Internal Auditor,
for further information. Should any additional information become available, we
will provide you with a revised report.
Cyprus Country Development
For
information concerning recent political, social and economic developments in
Cyprus, follow the below link:
http://www.infocreditgroup.com/News/136/en/Cyprus-Country-Development-August-and-September-2013
Methodology Used
For Report Preparation
A.
Perform Searches in:
ü
The Registrar of
Companies and Official Receiver of the Republic of Cyprus.
ü
In house
databases for Detrimental Information:
-
Bankruptcy and
Dissolution procedures.
-
Issuers of
Bounced Cheques.
-
Unpaid Bills.
ü
Proprietary
databases and global subscription sites.
ü
Global and local
media.
ü
Internet social
networks.
ü
Relationship/Directorship
Search through Local Database.
ü
Other local
databases as deemed appropriate.
B.
Conduct Interviews with:
ü
Official(s) /
correspondent(s) of the company under review.
ü
Supplier(s) or
other associated entities of the company.
ü
Other local
resources with extensive knowledge of the market.
C.
Analysis
ü
Process and
analyse all information gathered.
Perform a thorough quality check of the report prior
to sending it to the client.
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Name: |
None at current stage |
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Attempts to contact an official were unsuccessful |
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A questionnaire was sent - no reply received |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.73 |
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1 |
Rs.100.92 |
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Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
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Report Prepared
by : |
SDA |
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 |
---- |
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.