MIRA
INFORM REPORT
|
Report Date : |
13.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
FORTHNET S.A. |
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Registered Office : |
Voutes area
Iraklio 71003 Iraklio/Crete |
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Country : |
Greece |
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Financials (as on) : |
31.12.2007 |
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Year of Incorporation : |
1995 |
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Com. Reg. No.: |
34461/70/B/95/72 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Internet and Telecommunications Services |
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 |
|
Maximum Credit Limit : |
EURO.3.200.000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
IDENTIFICATION
FORTHNET S.A.
ADDRESS:Voutes
area
IRAKLIO
71003
IRAKLIO/CRETE-GR
TELEPHONE:
302810-391200
TELEFAX : 302810391207
CURRENCY: Any amounts
hereafter are in EURO unless otherwise stated.
EVALUATION
CONDITION: FAIR
CREDIT: Maximum
EURO.3.200.000.-
A Financial
Strength of USD 60+ million (based on Net Worth) and an Overall Condition which
is FAIR (Slightly greater than average risk).
SUMMARY
STARTED: 1995
SALES IN: 2008/01-2008/06 -62,928,838 -
YEAR INC: 1995 PROFIT: -40,698,287
LEGAL FORM: Societe Anonyme NET WORTH: 123,165,933
REG NO: 34461/70/B/95/72 NOM CAPITAL:
45,852,241
CAPITAL: 183,408,962
GOVT GAZ NO: 6718/1995.11.27
PAID CAPITAL: ALL
VAT NUMBER: 094444827
EMPLOYS: 954
SIC: 4822
ACTIVITY: Internet and telecommunications
services
SPECIAL EVENTS
No special event
posted against this company.
BANKERS
NATIONAL BANK OF
GREECE-KALLITHEA BRANCH
BANK OF PIRAEUS-IRAKLIO
BRANCH
BANK NATIONALE DE
PARIS
EFG
EUROBANK-IRAKLIO BRANCH
MANAGEMENT COMMENT
Name and title of
the interviewee: Mr Dermitzakis (acc.dep)
PRINCIPALS
Averof John
Mich.,Metsovo, Ioannina,chairman
Padmanabhan Deepak
Srinivas V.,Dubai,vice chairman
Tzortzakis
Pantelis Mich.,4, Atthidon str., Kallithea,managing director
Koutsoudakis
Georgios Dim.,109-111, Messogion av.,Athens ,member
Pagiatakis
Alkiviadis Har.,Kato Kastritsi area, Patras,member
Stratos Iasson Stam.,22,
Fedras str., Athens,member
Mohsin Majid
Kh.,Dubai,member
Portelli Saviour
J.,Malta,member
Warrington Michael
W.,Malta,member
HISTORY/OPERATIONS
Subject was
founded in 1995, as a Societe Anonyme, under the
title in caption,
for a 20-year period, with head office in
Iraklio, Crete and
principal line of business the provision
of internet and
telecommunication services.
In 2000
(Government Gazette 9126/2000), subject entered the
Athens Stock
Exchange Market.
In 2002
(Government Gazette 323/2002), subject's Share
Capital increased
to euro 17.640.384.-
In 2003
(Government Gazette 428/2003), subject's Share
Capital increased
to euro 17.815.083.-
In 2003
(Government Gazette 8059/2003), subject's Share
Capital increased
to Euros 19.323.446.-
In 2003 (Government
Gazette 10302/2003), was licenced to
acquire 40% of the
shares of the firm "MEDITERRANEAN
BROADBAND SERVICES
S.A.".
In 2004 (Governmen
Gazette 251/2004), subject's Share
Capital increased
to euros 19.499.850.-
In 2004
(Government Gazette 4073/2004), a plan for the
absorbtion of the
firm "INTERNET HELLAS SA" by subject
was published.
In 2004
(Government Gazette 7560/2004), subject absorbed
the firm
"HELLAS NET S.A." (Turnover in 2003, euros
2.545.000.-)
In 2004
(Government Gazette 8582/2004), subject absorbed
the firm
"INTERNET HELLAS S.A." (Turnover in 2003, euros
6.969.000.-)
In 2005
(Government Gazette 88/2005), subject's Share
Capital increased
to euros 19.678.001.-
In 2005
(Government Gazette 9210/2005), subject's Share
Capital increased
to euros 19.885.000.-
The same time,
subject's duration was prolonged for 40 more
years.
In 2005
(Government Gazette 13244/2005), subject's Share
Capital increased
to euros 20.212.447.-
In 2006
(Government Gazette : 1550/2006), a plan of merger
was published
which concerns the absorption of the firm
MEDITERRANEAN
BROADBAND SERVICES S.A., by subject.
Style of the last
mentioned firm : MEDITERRANEAN BROADBAND
ACCESS SA.
In 2006
(Government Gazette 2553/2006), subject's Share
Capital increased
to euros 45.478.005.-
In 2006
(Government Gazette 8356/2006), subject absorbed
the firm
"MEDITERRANEAN BROADBAND SERVICES S.A." (Turnover
in 2005, euros
2.800.000.- approx.)
Share Capital
increase in euros 45.852.241.- (Gov.Gaz.
14503/2007)
Increase of Share
Capital to euros 183.408.962.- (G.G.
3374/2008)
Subject is legally
represented by Tzortzakis Pantelis,
(Gov.Gaz.
14359/2007)
NOTE : Full title:
FORTHNET S.A.-HELLENIC TELECOMMUNICATIONS
& TELEMATICS
APPLICATIONS COMPANY
Mr Tzortzakis
Pantelis : Managing Director
MBA in Economics, BSc
in Computer
Science
NOTE :
* Subject is
member of ELLINOAMERIKANIKO EMBORIKO EPIMELI-
TIRIO (EAEE), of
SYNDESMOS ETERION PLIROFORIKIS ELLADOS
(S.E.P.E.), and
also SYNDESMOS ELLINIKON VIOMICHANION
(S.E.V.)
SHAREHOLDERS/OWNERS
ISONET S.A., 06,75%
INVESTORS,
FOUND.FOR
RESEARCH& TECHNOLOGY, 06,21%
STICHTING
PENSIOENFONDS BB, 10,01%
AVIVA PLC, 07,69%
FORGENDO LIMITED, 23,70%
OPERATIONS
Subject has been
operating :
- offices, on
rent, at the address in caption (POSTAL
ADDRESS : P.O. BOX 2219, 71003, IRAKLIO,
CRETE ISLAND)
- offices and
machine room, on rent, at 6, Thetidos street,
Athens (Tel.No. 210-7295.100 & FAX No
210-7258520.-),
- offices, at 4,
Thetidos street, Athens
- offices, at 4,
Atthidon street, Kallithea, Athens,
(Tel.Number : 210-9559.000 and fax number :
210-9559.220).
- offices, at 10,
Thetidos street, Athens,
- offices, at 64B,
Kifissias street, Maroussi, Athens,
- offices, at 125,
Alkiviadou street, Piraeus,
- offices and
machine room, on rent, at 55, Hermou street,
Thessaloniki,
- offices, in the
technological Park of Thessaloniki,
- offices, at 41,
Meg.Alexandrou street, Sindos, Thessalo-
niki,
- offices, at 19,
Patreon street, Patras, Achaia,
- offices, in the
technological Park of Patras, Achaia,
- office, at 10,
Ydras street, Kavala,
- office, at 5,
Orminiou street, Athens
- office, in
Thermi, Thessaloniki,
- branch-shop, at 36,
Dedalou street, Iraklio, Crete island
- office, at 18,
Navarinou square, Thessaloniki,
- office, at 27,
Michalakopoulou street, Athens,
- office, at 15,
Varis avenue, Voula, Attica,
- office, 32, 28th
October street, Tripoli, Arcadia,
- office, at 27, Lagopati
street, Tripoli, Arcadia,
- 35
representative offices all over Greece.
Engaged as an
internet services provider, in Greece, provi-
ding
telecommunications and telematic services, such as
dialup, Leased
Lines, VPN, Frame Relay, electronic trade,
EDI, Stock
Exchange updating (SMART), providing ADSL &
LMDS services and
within 2002, it started the provision of
conventional vocal
telephony services.
Imports of
services from U.S.A., France and the Netherlands.
Suppliers :
"CISCO", "SUN", "MICROSOFT", "NOKIA",
"MULTI-
TECH", "NETSCAPE".
"HELLENIC TELECOMMUNICATIONS
ORGANIZATION S.A.".
Greek suppliers:
"POULIADIS & ASSOCIATES S.A.", "INFOQUEST
S.A.", "TIM HELLAS
SA", "PC SYSTEMS S.A."
"HELLENIC TELECOMMUNICATIONS
ORGANIZATION
S.A."
Terms of imports :
Cash on Delivery or
Cheques (60 days).
Export activities
: None.
Customers Range :
1000.-
STAFF : 954 people
(as of 30.06.2008)
NOTES:
1. E-mail :
pr@forthnet.gr
2. Web-site :
www.forthnet.gr
3. Additional tel
no: 211-9559.000
4. According to
information, subject has signed an
agremeent for the acquisition of the shares
of
the Cyrpus based firm NETMED NV.
The completion of the procedures will take
place
through the establishment of a new subsidiary firm of
FORTHNET SA.
REAL ESTATE
It is owner of
ground plots and buildings.
CORPORATE STRUCTURE
* FOUNDATION FOR
RESEARCH & TECHNOLOGY, non profitable
organization,
founded in 1983, in Voutes area, Iraklio,
Crete island,
research in various sectors (computer science,
biology, chemical
engineering, mathematics, etc.), VAT No
090101655.
Subject has been
participating:
by 84,5% in:
* FORTH-CRS S.A.,
started in 2000 (Government Gazette :
1461/2000), in P.Faliro,
services on tourist sector (Share
Capital in euro
2.883.579.-).
In 2003, it
absorbed the firm TERRATEC S.A.
by 45% in :
* FORTHE-COM S.A.,
started in 1999 (Government Gazette :
386/1999), at 18,
Navarinou street, Thessaloniki,
electronic
commerce (Share Capital in euro 1.465.000.-,
VAT No 094536421)
by 42,5% in:
* ATHLODIADIKTIAKI
S.A. "ATHLONET", started in 1999 (Gov.
Gaz.:
9543/1999.11.30), at 209, El.Venizelou street,
Kallithea, Athens,
athletic information provider (Share
Capital in euro
295.930.-).
by 10,55% in:
* I.N.A. S.A.,
started in 2001 (Gov. Gaz.: 25/2001.01.03),
in Thessaloniki,
south-european research institute, (Share
Capital in euro
1.320.750.-, VAT No 099772977).
by 2% in:
* ATHINA S.A.,
started in 1998 (Gov. Gaz.: 854/1998.02.16),
in Pylea area,
Thessaloniki, multimedia applications
(Share Capital in
euro 246.000.-).
by 94,40 in:
* TELEMEDICINE
TECHNOLOGIES S.A, in Paris, France, internet
applications for
the health sector.
* MESSOGIAKES
EVROZONIKES YPIRESSIES S.A., started in 2000
(Gov.Gaz.
11055/2000), at 4, Athidon street, Kallithea,
Athens (Share
Capital in euros 18.576.200.-, VAT No
099926227)
* FORTHNET
HOLDINGS S.A, at 4, Atthidon street, Kallithea
holding company.
* EKATHARISIS
AKTOPLOIAS S.A
PUBLIC NOTICE INFORMATION
=============================================================================
FOUNDATION FOR
TECHNOLOGY & RESEARCH
YEAR PIECES AMOUNT IN EURO.
Court judgments for payment 1998 1 29,711
=============================================================================
HELLAS NET S.A.
YEAR PIECES AMOUNT IN EURO.
Court judgments for payment 1997 2
12,305
=============================================================================
INTERNET HELLAS
S.A.
YEAR PIECES AMOUNT IN EURO.
Court judgments for payment 2000 1
126
Court judgments for payment 1997 1
417
FINANCIAL INFORMATION
No detrimental
elements have been reported against subject firm.
???E : Subject's
financial statements for the Fiscal Years
ended 31.12.2005-2007
have been compiled in
accordance with
the International Financial Reporting
Standards (IFRS).
* EBIDTA from
01.01.2008 to 30.06.2008 euros.25.867.311
(losses)
The Share Capital
is euro 183.408.962.- is divided in
155.431.324
shares, valued in euro 1,18.- each one.
Since 06.10.2000,
subject's shares are being traded in
the Athens Stock
Exchange Market.
Name and title of
the interviewee: Mr Dermitzakis (acc.dep)
& Mrs
Sekeri (legal dep)
Date of interview:
03/09/2008
BALANCE SHEET
December 2007
December 2006 December 2005
ASSETS
NON PAID UP
CAPIT. 0 0 0
ESTABLISH.
EXPENC. 0 0 0
NET
INTABL.ASSETS. 14,786,324 10,219,844 1,885,869
NET FIXED
ASSETS.. 122,285,133 83,320,495 49,964,172
PARTIC.&L/T
CLAIMS 21,401,979 13,270,778 22,461,872
CURRENT ASSETS
Stocks............ 1,182,931 1,169,126
414,864
CLAIMS
Clients........... 0 0 0
Bills/cheques
rec. 0 0 0
Bad
debt.......... 0 0 0
Other
claims...... 47,462,864 104,268,945 39,332,440
TOTAL
CLAIMS...... 47,462,864 104,268,945 39,332,440
Bonds &
securities 0 0 0
Cash &
banks...... 55,701,928 24,021,779 7,872,012
TOTAL
CURR.ASSETS. 104,347,723 129,459,850 47,619,316
TRINSIT.ACCOUNTS.. 0 0 0
TOTAL ASSETS...... 262,821,159 236,270,967
121,931,229
LIABILITIES
PROVISIONS........ 1,242,784 0 0
L/T
LIABILITIES... 59,049,142 4,533,061 39,156,873
CURR.LIABILITIES
Suppliers......... 68,545,610 35,840,231
20,694,931
Bills/cheq.payable 0 0 0
Banks............. 0 0
2,000,000
Dividends......... 0 0 0
Various
creditors. 0 0 0
Oth.curr.liabil... 10,817,690 44,527,934
8,210,024
TOTAL
CURR.LIABIL. 79,363,300 80,368,165 30,904,955
TRINSIT.ACCOUNTS.. 0 0 0
TOTAL
LIABILITIES. 139,655,226 84,901,226 70,061,828
NET WORTH
Paid up
capital... 45,852,241 45,478,005 20,212,447
Share
pr.ab.nomin. 143,510,993 142,188,659
50,068,723
Revaluation
reser. 0 0 0
Reserves.......... 5,793,312 2,960,592
2,467,808
Retained
profit... 0 0 0
Accumulated
losses 71,990,613- 39,257,515- 20,879,577-
Dep.for
cap.incr.. 0 0 0
TOTAL NET
WORTH... 123,165,933 151,369,741 51,869,401
PROF/LOSS ACCOUNTS
Sales............. 113,978,698 92,756,031
87,959,198
Cost of
sales..... 112,600,756 78,123,727 62,185,395
GROSS INC.ON
SALES 1,377,942 14,632,304 25,773,803
OPERATING
INCOME.. 21,467,645-
19,172,345- 513,172
PROFIT BEFORE
TAX. 40,698,287- 19,172,345- 513,172
|
COMPANY & INDUSTRY FINANCIAL RATIOS |
INDUSTRY SECTOR OF
COMPARISON(SIC): 48
COMPARABLE
BUSINESSES IN INDUSTRY SECTOR: 74
PERIOD December 2007
COMPANY LOWEST MEDIAN
HIGHEST
QUARTILE
QUARTILE
I.PROFITABILITY
Return on
equity.. 33,04-% 17,40-% 3,74
% 24,14 %
Return on equity +
L/T liabilities. 22,33-%
18,65-% 2,23 % 16,60 %
Gross incoming +
sales ratio..... 1,20 % 10,32
% 27,77 % 50,68 %
Oper.inc.to sales+
ratio........... 18,83-%
32,08-% 0,72 % 6,82 %
Pr/loss bef.tax. +
sales ratio..... 35,70-%
31,75-% 0,52 % 6,88 %
II.CAPITAL
STRUCTURE
Equity to total
liabilities ratio 0,88 : 1 0,08 :
1 0,37 : 1 1,60 : 1
Net fix+net int to
total assets rat 0,60 : 1 0,05 :
1 0,29 : 1 0,53 : 1
Equity+L/T liabil.
to net f+n intag.
assets ratio.... 1,14 : 1 0,74 :
1 1,09 : 1 2,50 : 1
III.LIQUIDITY
Current
ratio..... 1,31 : 1 0,81 : 1 1,06 : 1 2,03 : 1
Acid test
ratio... 1,29 : 1 0,78 : 1 1,03 : 1 1,89 : 1
IV. TURNOVER
Aver.collec.period 149,91 d. 367,93 d. 207,33
d. 110,47 d.
Average period of
purchases outst. 219,14 d. 327,45
d. 151,16 d. 31,12 d.
Aver.stocks hold.
period......... 3,78 d. 6,27
d. 0,00 d. 0,00 d.
Sales to net work
capital ratio.. 4,56 : 1 3,37 :
1 0,26 : 1 0,00 : 1
PERIOD
December 2006
COMPANY LOWEST MEDIAN
HIGHEST
QUARTILE
QUARTILE
I.PROFITABILITY
Return on
equity.. 12,66-% 9,86-% 6,72 % 44,84 %
Return on equity +
L/T liabilities. 12,29-%
9,46-% 4,26 % 28,59 %
Gross incoming +
sales ratio..... 15,77 % 13,17
% 28,42 % 54,05 %
Oper.inc.to sales+
ratio........... 20,66-% 16,04-% 1,07
% 7,51 %
Pr/loss bef.tax. +
sales ratio..... 20,66-%
16,00-% 1,21 % 6,21 %
II.CAPITAL
STRUCTURE
Equity to total
liabilities ratio 1,78 : 1 0,13 :
1 0,50 : 1 1,38 : 1
Net fix+net int to
total assets rat 0,45 : 1 0,05 :
1 0,28 : 1 0,55 : 1
Equity+L/T liabil.
to net f+n intag.
assets ratio.... 1,45 : 1 0,65 :
1 1,22 : 1 4,88 : 1
III.LIQUIDITY
Current
ratio..... 1,61 : 1 0,79 : 1 1,22 : 1 1,78 : 1
Acid test
ratio... 1,59 : 1 0,73 : 1 1,12 : 1 1,77 : 1
IV. TURNOVER
Aver.collec.period 404,68 d. 326,34 d. 177,96
d. 108,10 d.
Average period of
purchases outst. 165,15 d. 251,19
d. 150,06 d. 17,04 d.
Aver.stocks hold.
period......... 5,38 d. 8,51
d. 0,00 d. 0,00 d.
Sales to net work
capital ratio.. 1,88 : 1 3,94 :
1 1,11 : 1 0,00 : 1
PERIOD December 2005
COMPANY LOWEST MEDIAN
HIGHEST
QUARTILE
QUARTILE
I.PROFITABILITY
Return on
equity.. 0,98 % 23,31-% 14,97 % 61,34 %
Return on equity +
L/T liabilities. 0,56 %
25,26-% 5,05 % 55,39 %
Gross incoming +
sales ratio..... 29,30 % 12,05
% 33,56 % 54,30 %
Oper.inc.to sales+
ratio........... 0,58 %
22,26-% 0,82 % 10,89 %
Pr/loss bef.tax. +
sales ratio..... 0,58 %
22,76-% 1,11 % 10,23 %
II.CAPITAL
STRUCTURE
Equity to total
liabilities ratio 0,74 : 1 0,11 :
1 0,45 : 1 1,36 : 1
Net fix+net int to
total assets rat 0,60 : 1 0,07 :
1 0,31 : 1 0,52 : 1
Equity+L/T liabil.
to net f+n intag.
assets ratio.... 1,22 : 1 0,68 :
1 1,19 : 1 3,04 : 1
III.LIQUIDITY
Current
ratio..... 1,54 : 1 0,71 : 1 1,03 : 1 1,63 : 1
Acid test
ratio... 1,52 : 1 0,63 : 1 1,00 : 1 1,63 : 1
IV. TURNOVER
Aver.collec.period 160,98 d. 283,01 d. 170,09
d. 118,92 d.
Average period of
purchases outst. 119,80 d. 300,62
d. 164,53 d. 52,24 d.
Aver.stocks hold.
period......... 2,40 d. 22,58
d. 0,00 d. 0,00 d.
Sales to net work
capital ratio.. 5,26 : 1 6,86 :
1 0,90 : 1 0,00 : 1
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)