MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
GENERAL COMMERCIAL & INDUSTRIAL CO. S.A. |
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Registered Office : |
18th klm Athens-Corinth Aspropyrgos 19300 Attica |
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Country : |
Greece |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1974 |
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Com. Reg. No.: |
7919/06/B/86/30 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Imports and Trade of Pipes and Faucet Goods. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Euro.1.030.000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
GENERAL
COMMERCIAL & INDUSTRIAL CO. S.A.
ADDRESS
18th
klm Athens-Corinth
ASPROPYRGOS
19300
ATTICA-GREECE
TELEPHONE:
30210-5514600
TELEFAX : 302105572779
CURRENCY:
Any amounts hereafter are in EURO unless otherwise stated.
EVALUATION
CONDITION:
STRONG
CREDIT:
Maximum Euro.1.030.000.-
SUMMARY
STARTED:
1974
SALES
IN:2007/01-2007/12 -35,014,964 -
YEAR
INC: 1974 PROFIT: 2,458,035
LEGAL
FORM: Societe Anonyme NET WORTH: 19,111,315
REG
NO: 7919/06/B/86/30 NOM CAPITAL: 7,218,000
CAPITAL:
7,218,000
GOVT
GAZ NO: 662/1974.04.30 PAID CAPITAL:
ALL
VAT
NUMBER: 094043859
EMPLOYS:
88
SIC:
5074
ACTIVITY:
Imports and trade of pipes and faucet goods.
SPECIAL EVENTS
No
special event posted against this company.
BANKERS
NATIONAL
BANK OF GREECE-ELEFSINA BRANCH
COMMERCIAL
BANK OF GREECE-ATHINON AV. BRANCH
BANK
OF PIRAEUS-AMALIAS STR. BRANCH
ALPHA
BANK-ELEFSINA BRANCH
HSBC
EFG
EUROBANK-OTHONOS STR. BRANCH
MANAGEMENT COMMENT
Name
and title of the interviewee:Mrs Christofi Despina
PRINCIPALS
Kremmydas
George Con.,4, Aristidou street, Kifissia ,chairm&man.director
Kremmydas
Constantine Georg.,93, Rodon str, Ekali,vice chairman
Georganas
Panagiotis Stef.,36,Akti Tr.Moutsopoulou,Pir.,member
Glavas
Achilleas Mich.,17, Palamidiou str., Keratsini,member
Konidaris
Theodoros Vas.,86, P.P.Germanou str, Vyronas ,member
Koronis
Pavlos-Spyridon Nik.,15, Artemidos str, Kifissia,member
Kourvas
Miltiadis Alex.,11, Ag.Andreou str., N.Smyrni ,member
Panagiotidis
Gabriel Alex.,67, Akti Miaouli str., Piraeus,member
HISTORY/OPERATIONS
Subject
was founded in 1974, as a Societe Anonyme, under the
title
in caption, with head office in Athens, for a 50-year
period,
with principal object the imports and trade of pipes
and
faucet goods.
It was
formed by the conversion of the previous Limited
Liability
company "GENERAL COMMERCIAL & INDUSTRIAL CO" which
on
31.12.1973, had a net worth of euros 30.321.-
In
1994 (Government Gazette 4361/1994), subject absorbed the
Societe
Anonyme "ZOGRAFOS D." S.A.
In
2001 (Government Gazette 6480/2001), subject's Share
Capital
was increased to euros 7.218.000.-
In
2004 (Government Gazette 8822/2004), a plan for the
absorption
of the firm "HELCAST S.A.", by subject was
published.
In
2004 (Gov.Gaz. 12889/2004) the above merger was
completed.
In 2007
(Gov.Gazette 3021/2007), subject absorbed the
company
"BIOMOTOR SA" (VAT No 094130678)
Business
Name in Greek: "GENIKI EMBORIOU & VIOMICHANIAS AE".
Subject
is legally represented by Kremydas George, Kremmydas
Constantine,
Kourvas Miltiadis, Konidaris Theodoros and
Glavas
Achilleas (Government Gazette 380/2007).
Mr
Kremmydas George : Chairman &
Man.Director
BA in Economics
Mr
Konidaris Theodoros : Financial Director
BA in Economics.
Mr
Kourvas Miltiadis : Sales Manager.
SHAREHOLDERS/OWNERS
Bami
Angeliki, 02,08%
Bami
Antonia, 02,08%
Bami
Eleftheria, 00,64%
Kremydas
Panagiotis, 10,94%
Bamis
Filippos Pan.,15, Iraklidon str, Halandri, 10,24%
Kremmydas
George Con.,4, Aristidou street, Kifissia ,
1941 20,56%
Kremmydas
Constantine Georg.,93, Rodon str, Ekali,
1979 08,97%
Kourvas
Miltiadis Alex.,11, Ag.Andreou str., N.Smyrni , 1953 00,11%
Investors, 44,38%
OPERATIONS
Subject
has been operating:
-
storerooms and offices, at the address and under the title
in caption.
Engaged
in importing and trading (wholesale) pipes, hand-
tools,
smoothings and faucet goods for industrial use.
Its
products (about 7.000), which are considered top quality
are
divided in four categories:
-
steel pipes without seam (40% of its turnover)
-
steel and iron pipes with seam (10% of its turnover)
-
steel and iron pipes accessories (20% of its turnover)
-
faucets (25% of its turnover).
Imports
from Czech Republic, France, Germany, Japan, Italy,
Romania,
Taiwan, China, Brazil, Spain, Turkey, Argentina
Suppliers
: "INTERFIT", "AMRI" (France), "MANESMANN",
"BANTELLER" (Germany),
"MITTAL STEEL ROMAN"
(Romania), "MITTAL STEEL
OSTRAVA" (Czech
Rebublic)
Terms
of imports : Open Accounts (90 days) or
Promissory Notes (60-90
days) or
Engagement Letters (60-90
days).
Some
exports to Cyprus and Egypt.
Terms
of exports : Cash against Documents.
Customers
Range : 1.000.-
STAFF
: 88 people.
NOTES:
*
E-mail address : gencomsa@otenet.gr
*
Previous office : 11, Halkidos street, Thessaloniki.
*
Web-site: www.geniki-emboriou.gr
*
Subject also has transactions with PROTON BANK.
*
Additional tel.number : 210-5514600
REAL ESTATE
It is
owner of :
-
storerooms and offices, on owned ground plot (m2 8.700),
at the address in caption and
- a
ground plot (m2 7.952) in Acharnes area, Attica
valued
in euro 7.038.400.-, after depreciation on 31.21.2006
CORPORATE STRUCTURE
Subject
has been participating in:
* LITO
S.A., started in 1995 (Gov.Gaz.: 3995/1995.07.10), at
90,
Kifissou avenue, Peristeri, Athens, trade of garments
and
babies' stuff (Share Capital in euros 2.957.850.-,
Turnover
in 2007, euro 21.087.798.-, VAT No 094435216.-),
by
4,86%
Against
it has been reported a court order for payment.
*
GENERAL COMMERCIAL & INDUSTRIAL CO. OF NOTHERN GREECE S.A.
started
in 1999 (Gov.Gaz.: 6389/1999.08.04), in Ionia area,
Thessaloniki,
trade of industrial products and faucet goods,
(Share
Capital in euro 1.764.000.-, Turnover in 2007, euros
9.158.321.-
VAT NO 099357106), by 75%
*
FERCAL S.A., started in 1997 (Gov.Gaz.:5345/1997.07.21),
at 72,
Marathonos avenue, Glyka Nera, Attica, technical
works,
(Share Capital in euros 542.189.-, Turnover in 2005,
euros
3.093.072.-, VAT No 094458358), by 20%
Against
it have been reported court orders for payment.
PUBLIC NOTICE INFORMATION
=============================================================================
FERCAL
S.A.
YEAR PIECES AMOUNT IN EURO.
Unpaid bills 2007
13 82,880
Unpaid bills 2006 8
52,456
Uncovered cheques 2006 29 269,377
Court judgments for payment 2008 2
8,173
Court judgments for payment 2007 7
70,945
Court judgments for payment 2006 6
102,879
Court judgments for payment 2005 2
93,260
Court judgments for payment 2004 1
40,000
Programmes for auction 2005 1
45,496
=============================================================================
LITO
S.A.
YEAR PIECES AMOUNT IN EURO.
Court judgments for payment 2002 1 13,336
FINANCIAL INFORMATION
Nothing
adverse has been reported.
Information
on the financial statements :
Audited
Individual
Statement
?FRS
(International Financial Reporting Standards).
Stock
Exchange Information:
ASE
Financial
Statements 31/12/2007 :
Operating
expenses : EUR 1.228.027.-
Depreciation
expenses : EUR 412.240.-
Interest expenses:
EUR 909.596
Net profit :
EUR 1.659.335.-
Well
organized enterprise,which is considered to be the main supplier of pipes for
oil refineries, shipyards and other industrial companies.
It is
listed in Athens Stock Exchange (ASE), since 1990.
???E :
Subject's financial statements for the Fiscal Year ended 31.12.2005-2007, have
been compiled in accordance with International Financial Reporting Standards
(IFRS).
Its
Share Capital is euros 7.218.000.- and is divided in
24.060.000.-
shares, valued in euros 0,30.-, each (Gov.Gaz.
12571/2007)
Name
and title of the interviewee: Mrs Christofi Despina
(acc.dep)
BALANCE SHEET
December 2007
December 2006 December 2005
ASSETS
NON
PAID UP CAPIT. 0 0 0
ESTABLISH.
EXPENC. 0 0 0
NET
INTABL.ASSETS. 0 123,808 100,502
NET
FIXED ASSETS.. 8,418,936 8,021,536 4,967,996
PARTIC.&L/T
CLAIMS 1,323,000 1,804,603 1,466,529
CURRENT
ASSETS
Stocks............ 14,863,252 11,754,911
13,242,088
CLAIMS
Clients........... 18,390,048 6,886,006
16,515,301
Bills/cheques
rec. 0 12,735,015 0
Bad
debt.......... 0 385,316- 0
Other
claims...... 1,238,477 1,265,616 389,367
TOTAL
CLAIMS...... 19,628,525 20,501,321 16,904,668
Bonds
& securities 0 0 0
Cash
& banks...... 43,700 39,883 26,939
TOTAL
CURR.ASSETS. 34,535,477 32,296,115 30,173,695
TRINSIT.ACCOUNTS.. 0 0 0
TOTAL
ASSETS...... 44,277,413 42,246,062 36,708,722
LIABILITIES
PROVISIONS........ 0 0
58,384
L/T
LIABILITIES... 10,800,000 14,273,532 12,427,383
CURR.LIABILITIES
Suppliers......... 0 2,515,453
2,030,549
Bills/cheq.payable 0 15,325 0
Banks............. 9,882,621 6,201,604
4,156,295
Dividends......... 0 0 0
Various
creditors. 0 0 0
Oth.curr.liabil... 4,483,477 1,294,801
923,184
TOTAL
CURR.LIABIL. 14,366,098 10,027,183 7,110,028
TRINSIT.ACCOUNTS.. 0 0 0
TOTAL
LIABILITIES. 25,166,098 24,300,715 19,595,795
NET
WORTH
Paid up
capital... 7,218,000 7,218,000 7,218,000
Share
pr.ab.nomin. 0 7,428,524 7,428,524
Revaluation
reser. 0 0 0
Reserves.......... 11,893,315 1,094,256
949,768
Retained
profit... 0
2,204,567 1,516,635
Accumulated
losses 0 0 0
Dep.for
cap.incr.. 0 0 0
TOTAL
NET WORTH... 19,111,315 17,945,347 17,112,927
PROF/LOSS
ACCOUNTS
Sales............. 35,014,964 34,416,247
28,384,448
Cost of
sales..... 26,402,377 26,523,609 21,750,088
GROSS
INC.ON SALES 8,612,587 7,892,638 6,634,360
OPERATING
INCOME.. 2,870,275 2,154,208 1,820,408
PROFIT
BEFORE TAX. 2,458,035 2,154,208 1,820,408
COMPANY & INDUSTRY FINANCIAL
RATIOS
INDUSTRY
SECTOR OF COMPARISON(SIC): 50
COMPARABLE
BUSINESSES IN INDUSTRY SECTOR: 1932
PERIOD December 2007
COMPANY LOWEST MEDIAN
HIGHEST
QUARTILE
QUARTILE
I.PROFITABILITY
Return
on equity.. 12,86 % % 14,42 % 37,16 %
Return
on equity +
L/T liabilities. 8,21 % 2,78
% 11,66 % 32,27 %
Gross
incoming +
sales ratio..... 24,59 % 19,58
% 27,89 % 37,72 %
Oper.inc.to
sales+
ratio........... 8,19 % 0,77
% 3,56 % 8,10 %
Pr/loss
bef.tax. +
sales ratio..... 7,01 % 0,78
% 3,39 % 7,90 %
II.CAPITAL
STRUCTURE
Equity
to total
liabilities ratio 0,75 : 1 0,16 : 1 0,34 : 1 0,78 : 1
Net
fix+net int to
total assets rat 0,22 : 1 0,03 :
1 0,09 : 1 0,24 : 1
Equity+L/T
liabil.
to net f+n intag.
assets ratio.... 3,07 : 1 1,32 :
1 2,67 : 1 7,56 : 1
III.LIQUIDITY
Current
ratio..... 2,40 : 1 1,05 : 1 1,25 : 1 1,64 : 1
Acid
test ratio... 1,36 : 1 0,67 : 1 0,89 : 1 1,17 : 1
IV.
TURNOVER
Aver.collec.period 201,80 d. 254,57 d. 174,79
d. 111,80 d.
Average
period of
purchases outst. -
205,28 122,08 61,38
Aver.stocks
hold.
period......... 202,66 d. 205,68
d. 113,58 d. 54,25 d.
Sales
to net work
capital ratio.. 1,73 : 1 8,17 :
1 3,56 : 1 1,20 : 1
PERIOD December 2006
COMPANY LOWEST MEDIAN
HIGHEST
QUARTILE
QUARTILE
I.PROFITABILITY
Return
on equity.. 12,00 % 2,24 % 12,97 % 32,00 %
Return
on equity +
L/T liabilities. 6,68 % 1,90
% 10,94 % 28,68 %
Gross
incoming +
sales ratio..... 22,93 % 19,67
% 27,52 % 36,85 %
Oper.inc.to
sales+
ratio........... 6,25 % 0,62
% 3,30 % 7,87 %
Pr/loss
bef.tax. +
sales ratio..... 6,25 % 0,53
% 3,20 % 7,55 %
II.CAPITAL
STRUCTURE
Equity
to total
liabilities ratio 0,73 : 1 0,17 :
1 0,36 : 1 0,82 : 1
Net
fix+net int to
total assets rat 0,23 : 1 0,03 :
1 0,10 : 1 0,25 : 1
Equity+L/T
liabil.
to net f+n intag.
assets ratio.... 3,23 : 1 1,27 :
1 2,56 : 1 7,24 : 1
III.LIQUIDITY
Current
ratio..... 3,22 : 1 1,05 : 1 1,23 : 1 1,61 : 1
Acid
test ratio... 2,04 : 1 0,66 : 1 0,87 : 1 1,13 : 1
IV.
TURNOVER
Aver.collec.period 214,44 d. 242,50 d. 167,78
d. 108,61 d.
Average
period of
purchases outst. 34,34 d. 210,87
d. 124,82 d. 63,54 d.
Aver.stocks
hold.
period......... 159,54 d. 211,09
d. 118,46 d. 56,02 d.
Sales
to net work
capital ratio.. 1,54 : 1 8,96 :
1 3,85 : 1 1,19 : 1
PERIOD December 2005
COMPANY LOWEST MEDIAN
HIGHEST
QUARTILE
QUARTILE
I.PROFITABILITY
Return
on equity.. 10,63 % 4,92 % 18,58 % 42,76 %
Return
on equity +
L/T liabilities. 6,16 % 4,00
% 15,79 % 39,05 %
Gross
incoming +
sales ratio..... 23,37 % 19,70
% 27,47 % 36,48 %
Oper.inc.to
sales+
ratio........... 6,41 % 1,22
% 4,40 % 9,08 %
Pr/loss
bef.tax. +
sales ratio..... 6,41 % 1,13
% 4,25 % 9,00 %
II.CAPITAL
STRUCTURE
Equity
to total
liabilities ratio 0,87 : 1 0,18 :
1 0,37 : 1 0,79 : 1
Net
fix+net int to
total assets rat 0,17 : 1 0,02 :
1 0,09 : 1 0,23 : 1
Equity+L/T
liabil.
to net f+n intag.
assets ratio.... 4,52 : 1 1,33 :
1 2,71 : 1 7,50 : 1
III.LIQUIDITY
Current
ratio..... 4,24 : 1 1,06 : 1 1,23 : 1 1,59 : 1
Acid
test ratio... 2,38 : 1 0,68 : 1 0,87 : 1 1,13 : 1
IV.
TURNOVER
Aver.collec.period 214,40 d. 212,29 d. 147,65
d. 95,44 d.
Average
period of
purchases outst. 33,60 d. 191,06
d. 114,79 d. 59,32 d.
Aver.stocks
hold.
period......... 219,17 d. 193,17
d. 109,25 d. 51,32 d.
Sales
to net work
capital ratio.. 1,23 : 1 9,82 :
1 4,38 : 1 1,48 : 1
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
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 |
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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%)