MIRA INFORM REPORT

 

 

Report Date :

25.01.2011

 

IDENTIFICATION DETAILS

 

Name :

GEOVET HELLAS S.A.

 

 

Registered Office :

2 Agiou Antoniou Street, 59100 Veroia, Imathia.

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

10.12.1990

 

 

Com. Reg. No.:

22827                   

 

 

Legal Form :

Societe Anonyme            

 

 

Line of Business :

Manufacturer of  Nitrogenous Fertilizers

 

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 :

(USD) 52,982

Status :

Satisfactory

Payment Behaviour :

Unknown

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 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Greece

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY NAME

 

GEOVET HELLAS S.A.
Icon no: 188992

 

 

IDENTIFICATION DETAILS

      

NAME:                          GEOVET HELLAS S.A.  

ADDRESS:                   2 AGIOU ANTONIOU STREET

59100 VEROIA

IMATHIA

GREECE

TELEPHONE:                30  2331077110

TELEFAX:                     30  2331077112

E-MAIL ADDRESS:     geovet@vernet.gr

WEB ADDRESS:        www.geovet.gr

 

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

 

 

SUMMARY

 

STARTED:       1990                                   SALES:                      1,801,651

YEAR INC:       1990                                   PROFIT:                    15,183

LEGAL FORM: SOCIETE ANONYME        NET WORTH:           507,720

REG NO:          22827                                 NOM CAPITAL:        261,992

GOVT GAZ NO:4296/12,10,1990               ISS CAPITAL:          261,992

EMPLOYS:       9

SIC:                  2873

ACTIVITY:       MANUFACTURES NITROGENOUS FERTILIZERS

 

 

SENIOR COMPANY PERSONNEL

 

GEORGIOS KADERIDIS

chairman

 

IRINI GEORGIADOU

vice-chairman

managing director

Legal representative

 

GRIGORIOS GEORGIADIS

member

 

PRINCIPALS ANTECEDENTS

NAME: GEORGIOS KADERIDIS

Nationality: Greek

 

NAME: IRINI GEORGIADOU

Nationality: Greek

 

NAME: GRIGORIOS GEORGIADIS

Nationality: Greek

  

 

WORKFORCE

 

EMPLOYS: 9 as at Jan 24, 2011 including 2 part-time staff.

 

 

PAYMENTS

 

No protested bills have been reported.

 

 

RATINGS

 

CONDITION:                              FAIR

AVG CREDIT (USD):                  52,982

PAYMENTS:                             UNDETERMINED

 

 

BANKERS

 

BANK OF CYPRUS PUBLIC COMPANY LIMITED, CONSUMER BRANCH VERIA branch.,14 Malakousi str., VERIA 59100, Greece.

 

 

FINANCIALS

 

                      Fiscal           Fiscal          Fiscal

                   Dec 31,2007      Dec 31,2008     Dec 31,2009

Turnover            2,454,624        2,340,259       1,801,651

Pre-Tax Profit         22,731            9,669          15,183

Net Worth             451,014          571,913         507,720

Fixed Assets          536,618          648,210         627,875

Total Assets        4,277,137        4,450,342       4,262,445

Current Assets      3,736,735        3,799,519       3,631,957

Current Liabilities 3,825,591        2,375,387       2,288,059

Working Capital       -88,856        1,424,132       1,343,898

Long Term Debt            531        1,503,041       1,466,665

Financial Assets        3,784            2,613           2,613

Intangibles                 0                0               0

 

Net Worth and Total Assets are tangible figures shown after the deduction of  intangible assets.

 

RATIOS

 

                        Dec 31,2007      Dec 31,2008     Dec 31,2009

Current Ratio (X)              0.98             1.60            1.59

Solvency Ratio (%)           948.34           778.15          839.53

Fixed Assets/Net Worth (%)   118.98           113.34          123.67

Current Liabs/Net Worth (%)  848.22           415.34          450.65

Asset Turnover (%)            57.39            52.59           42.27

Sales / Net Working Cap (X)  -27.62             1.64            1.34

Assets / Sales (%)           174.25           190.16          236.59

Profit Margin (%)              0.93             0.41            0.84

S/holders Return (%)           5.04             1.69            2.99

Return On Assets (%)           0.53             0.22            0.36

 

     Abstract from individual fiscal balance sheet as at Dec 31, 2009

 

             LIABILITIES                             ASSETS                       

Capital                        261,992   Misc Fixed Ass                 627,875

Legal Reserves                   6,275   Total Fixed Ass                627,875

Revaltn Reserve                291,295                    

Profit For Year                -51,842   Investments                        968

Net Worth                      507,720   Misc Fin'cl Ass                  1,645

                                         Total Fin'cl Ass                 2,613

Misc Def Liabs               1,466,666                                        

 

     CURRENT LIABILITIES:                         CURRENT ASSETS:              

Trade Creditors                 45,599   Stock                          856,242

Misc Creditors                 729,725   Trade Debtors                  553,859

Short term Loans             1,095,049   Misc Debtors                 1,998,540

Loan Instalments               133,333   Cash                           223,316

Taxation                        49,370                                        

Advances Received              234,983                                        

 

TOTAL CURRENT                2,288,059   TOTAL CURRENT                3,631,957

 

TOTAL LIABS & NW             4,262,445   TOTAL ASSETS                 4,262,445

 

             Profit & Loss Account from Jan 01, 2009 to Dec 31, 2009              

 

             Net Sales                             1,801,651

             Cost of Goods Sold                    1,351,147

 

             Gross Profit                            450,504

             Selling/Admin Expenses                  160,539

             Misc Operating Charges                   67,436

 

             Net Operating Income                    222,529

             Misc Financial Income                        63

             Total Financial Income                       63

 

             Interest Payable                        208,908

             Total Financial Expenses                208,908

 

             Profit Before Taxes                      15,183

             Income Tax                                4,642

 

             Profit After Tax                         10,541

 

             Net Profit                               10,541

 

According to the balance sheet as of Dec 31, 2009.

 

Financial statement obtained from outside sources on Jun 05, 2010.

 

 

LEGAL STATUS

 

Societe anonyme registered on Dec 10, 1990 in VEROIA for a period ending Dec 10, 2040.

Registration Number: 22827

Government Gazette Number: 4296/12,10,1990

Tax Registration Number: 094218639

 

 

CAPITAL DETAILS

 

Nominal capital: 261,992 Euro. Issued capital: 261,992 Euro.

 

Issued/paid-up capital was last increased on Dec 12, 2006.

 

Nominal capital is divided into: 4,464 ordinary shares of 58.69 each.

 

 

SHAREHOLDERS

 

GEORGIADOU IRINI ATHANASIOS

KADERIDIS GEORGIOS FOTIOS

GEORGIADIS GRIGORIOS CONSTANTINOS

ACTIVITIES

 

Manufactures nitrogenous fertilizers

Manufacture & trade of fertilizers.

 

 

IMPORTS

 

Imports from Belgium, Bulgaria, France, Denmark, India

 

 

EXPORTS

 

Exports 5% to Cyprus, Romania, Former Yugoslav Rep of Macedonia, Bulgaria

 

 

PREMISES / REAL ESTATE

 

Operates from office, at heading address.

 

REGISTERED OFFICE: 2 Agiou Antoniou street, 59100 VEROIA, IMATHIA.

 

 

BRANCHES

 

11st klm Verias-Alexandrias road, 59100, VEROIA, Greece. These are factory premises.

 

 

GENERAL COMMENTS 

 

 

BACKGROUND

Business started Dec 10, 1990.

 

On Jan 21, 2011 Mrs Papadimitriou confirmed general details in this report.

 

On Jan 21, 2011 local informants stated that:

It cooperates with PIRAEUS BANK.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.58

UK Pound

1

Rs.72.79

Euro

1

Rs.62.01

 

 

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

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.