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Report Date : |
19.08.2014 |
IDENTIFICATION DETAILS
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Correct Name : |
SPICES KAYA S.A. |
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Formerly Known As : |
BACHARIKA KAYIA A.E.V.E |
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Registered Office : |
8-10 Faidonos, Perivola, 26335 Patra, Achaia |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
06.12.2002 |
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Legal Form : |
Societe Qnonyme |
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Line of Business : |
Engaged in food
preparations. Manufactures roasted
coffee Processing and standardization of spices,
herbs, sugar and ready-to-drink instant coffee |
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No. of Employees : |
41 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Greece |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 18% 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 averaged growth of
about 4% per year between 2003 and 2007, 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. By 2013 the economy
had contracted 26%, compared with the pre-crisis level of 2007. Greece met the
EU's Growth and Stability Pact budget deficit criterion of no more than 3% of
GDP in 2007-08, but violated it in 2009, with the deficit reaching 15% of GDP.
Austerity measures have reduced the deficit to about 4% in 2013, including
government debt payments. 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 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 continue pushing 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, called for holders of Greek government bonds to write down a
significant portion of their holdings. As Greek banks held a significant
portion of sovereign debt, the banking system was adversely affected by the
write down and €41 billion of the second bailout package was set aside to
ensure the banking system was adequately capitalized. In exchange for the
second loan Greece promised to introduce an additional $7.8 billion in
austerity measures during 2013-15. However, the massive austerity cuts have
prolonged Greece's economic recession and depressed tax revenues. Throughout
2013, Greece's lenders called on Athens to step up efforts to increase tax
collection, dismiss public servants, privatize public enterprises, and rein in
health spending. In June 2013 Prime Minister Antonis SAMARAS's efforts to meet
bailout conditions led to the departure of one party, the Democratic Left, from
the governing coalition when his government made the controversial decision to
shut down and restructure the state-owned television and radio company.
Subsequent reluctance to institute further cuts and delays in meeting public
sector reform targets prompted Greek lenders to withhold bailout fund
disbursements until December 2013. However, investor confidence began to show
signs of strengthening by the end of 2013 as leading macroeconomic indicators
suggested the economy’s freefall had been arrested
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Source
: CIA |
Name SPICES
KAYA S.A.
Address: 8-10
FAIDONOS, PERIVOLA
26335 PATRA
ACHAIA
GREECE
Telephone: 30
2610640557
30
2610640310
Fax: 30 2610640412
E-mail: info@spiceskagia.gr
Website: www.kagiaspices.gr
Established: 2002
Year
incorporated: 2002
Legal form: Societe
Qnonyme
Reg no: 053213
Govt gaz no: 12233 / 2002
Workforce: 41
Activity: Food
preparations
1.
Konstantinos Lazaros Faitatzoglou (chairman)
2.
Konstantinos Lazaros Faitatzoglou (chief executive)
3.
Panagiota Dimitrios Xypolia (member)
4.
Pinelopi Nikolaos Kaya (member and shareholder)
5.
Efthymios Faitatzoglou (member)
6.
Pinelopi Nikolaos Kaya (shareholder)
Name: National
Bank of Greece S.A.,
Address: Patra Branch
branch., Trion Symmahon Sq.,
Patra 26110, Greece.
Telephone: 30 2610637434
Name: EUROBANK
ERGASIAS S.A.,
Address: Patra
Branch (Ag. Andrea Rd) branch., 1 Patreos & Othonos-Amalias, Patra 26221,
Greece.
Telephone: 30 2610270136
Name: Bank
of Piraeus S.A. (ex Bank of Cyprus Ltd), Patra A' Branch branch.,224 Korinthou,
Patra 26221, Greece.
Telephone: 30 2610635500
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EXP. DATE PAYING RECORD HIGH CREDIT NOW OWES PAST DUE TERM LAST SALE |
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30/4/2014 PROMPT 3,581 0 0 30 30/1/2014 |
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31/3/2014 PROMPT 3,581 0 0 30 31/12/2013 |
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28/2/2014 PROMPT 3,581 0 0 30 28/1/2014 |
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31/1/2014 PROMPT 3,581 3,581 0
30 31/12/2013 |
The subject’s payments are prompt.
Business started: December 6,
2002.
Societe anonyme
registered on: December 6, 2002 for a
period ending Dec 31, 2052.
Registration
Number: 053213
Government Gazette
Number: 12233 / 2002
Chamber of
Commerce Number: 43103
Tax Registration
Number: 999947960
Established following a change of the legal status of a firm originally
founded in 1982. SUPPLEMENTARY DATA ON THE ABOVE MENTIONED EVENTS PUBLISHED IN
THE GOV.GAZ.: According to the Gov.Gaz.12233/02, the subject was established
following the change in the legal status of the sole proprietorship NIKOLAOS
EF. KAYAS.
Nominal capital: 1,757,000 EUR
Issued capital: 1,757,000 EUR
Issued/paid-up
capital was last increased on Oct 13, 2009.
Nominal capital is
divided into: 175,700 shares of 10 each
and fully paid-up.
Pinelopi Kaya
holds 50.00% of the voting capital.
Address: 40
Aristotelous, 26335, Patra, Greece.
These are owned
factory premises.
Engaged in food
preparations.
Manufactures
roasted coffee
Processing and
standardization of spices, herbs, sugar and ready-to-drink instant coffee.
The subject
exports 10% to Canada, Cyprus, Former Yugoslav Rep of Macedonia, Italy,
Montserrat, Serbia and Montenegro.
Normal exporting
terms are cash against documents.
The subject
Imports 80% from Brazil, China, Egypt, Germany, India, Indonesia, Italy, Morocco,
Netherlands, Spain, Turkey and USA.
Normal importing
terms are cash against documents.
41 as at Dec 11,
2013 including 0 part-time staff.
The number of
employees varies according to needs.
The number of
employees peaks to 41.
Operates from
owned warehouse, covering approximately 4,000 square metres at heading address.
Address: 8-10
FAIDONOS, PERIVOLA
26335 PATRA
ACHAIA
GREECE
The site covers
approximately 6,000 square metres.
The below mentioned financial figures are in Euro
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Fiscal Fiscal Fiscal |
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Dec
31,2011 Dec 31,2012 Dec 31,2013 |
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Turnover 5,368,662 6,100,252 5,539,858 |
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Pre-Tax
Profit
921,353 883,116 980,457 |
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Net Worth 4,699,514 5,456,679 5,870,077 |
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Fixed Assets 1,753,259 2,027,169 1,956,497 |
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Total Assets 5,590,394 6,555,904 7,062,477 |
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Current
Assets
3,832,454 4,525,931 5,099,964 |
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Current
Liabilities
809,033 1,049,224 1,142,400 |
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Working
Capital
3,023,421 3,476,707 3,957,564 |
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Long Term
Debt
81,848 50,000 50,000 |
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Financial
Assets
3,399 1,949 1,474 |
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Intangibles 1,283 856 4,543 |
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Employees 45 42 40 |
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Net Worth and
Total Assets are tangible figures shown after the deduction of |
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Intangible
assets. |
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RATIOS
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Dec
31,2011 Dec 31,2012 Dec 31,2013 |
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Current Ratio
(X) 4.74 4.31 4.46 |
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Solvency Ratio
(%) 18.96 20.14 20.31 |
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Fixed Assets/Net
Worth (%) 37.31 37.15 33.33 |
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Current Liabs/Net
Worth (%) 17.22 19.23 19.46 |
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Asset Turnover
(%) 96.03 93.05 78.44 |
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Sales / Net
Working Cap (X) 1.78 1.75 1.40 |
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Assets / Sales
(%) 104.13 107.47 127.49 |
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Profit Margin
(%) 17.16 14.48 17.70 |
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S/holders Return
(%) 19.61 16.18 16.70 |
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Return On Assets
(%) 16.48 13.47 13.88 |
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Sales /
Employees 119,303.60 145,244.10 138,496.45 |
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Profit /
Employees
20,474.51 21,026.57 24,511.43 |
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Abstract from individual fiscal balance
sheet as at Dec 31, 2013 |
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LIABILITIES
ASSETS |
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Capital 1,757,000 Land/Buildings 3,497,830 |
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Retained
Profits 2,535,000 Plant/Machinery 592,789 |
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Misc
Reserves 1,578,077 Depreciation 2,134,122 |
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Net Worth 5,870,077 Total Fixed Ass 1,956,497 |
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Misc
Provisions 50,000 Misc Fin'cl Ass 1,474 |
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Total Fin'cl Ass
1,474 |
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Misc
Intangible 4,543 |
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Total Intangible 4,543 |
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CURRENT LIABILITIES: CURRENT ASSETS: |
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Trade
Creditors 337,681 Stock 1,530,260 |
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Proposed
Dividends 207,000 Trade Debtors 2,176,675 |
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Misc Current
Liabs 597,718 Misc Debtors 107,624 |
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Cash 1,285,403 |
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TOTAL
CURRENT 1,142,399 TOTAL CURRENT 5,099,962 |
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TOTAL LIABS &
NW 7,062,476 TOTAL ASSETS 7,062,476 |
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Profit & Loss Account from Jan 1,
2013 to Dec 31, 2013 |
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Net Sales 5,539,858 |
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Cost of Goods Sold 3,360,958 |
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Gross Profit 2,178,900 |
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Misc Operating Charges 1,251,416 |
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Misc Operating Income 86,005 |
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Net Operating Income 1,013,489 |
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Misc Financial Income 2,061 |
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Total Financial Income 2,061 |
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Interest Payable 846 |
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Misc Financial Expenses 34,248 |
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Total Financial Expenses 35,094 |
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Profit Before Taxes 980,456 |
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Income Tax 277,059 |
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Profit After Tax 703,397 |
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Net Profit 703,397 |
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Dividends 230,000 |
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Retained Earnings at End -230,000 |
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According to the
balance sheet as of Dec 31, 2013.
The above
mentioned financial figures are in Euro
Financial
statement obtained from subject on Jun 18, 2014.
The subject is an industrial economic unit, which is activated in the sector
of food products. It reportedly owns 28 trucks and 8 passenger vehicles that
uses for the distribution of its goods. SUPPLEMENTARY DATA ON THE
ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.:According to the
Gov.Gaz.12233/02 subject was established following the change in the legal
status of the sole proprietorship NIKOLAOS EF. KAYAS.
Please note that the information provided in the report was obtained
from official and available sources.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.06 |
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1 |
Rs.101.84 |
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Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
PDT |
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.