MIRA INFORM REPORT

 

 

Report Date :           

28.07.2011

 

IDENTIFICATION DETAILS

 

Name :

HELLAGRO S.A.

 

 

Formerly Known As :

TSAGARAKIS A.- TYRBAS J. O.E.

 

 

Registered Office :

Lofos Kyrillou, 19300 Aspropyrgos, Attika

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

06.08.2007

 

 

Com. Reg. No.:

63987

 

 

Legal Form :

Societe Anonyme.

 

 

Line of Business :

Wholesales nondurable goods

 

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 :

Satisfactory

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

---

 

 

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, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Greece

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

IDENTIFICATION DETAILS

 

NAME:                          HELLAGRO S.A. 

 

TRADING STYLE:      'HELLAGRO S.A.'                                           

 

(FORMER NAME:       TSAGARAKIS A.- TYRBAS J. O.E.)                           

 

ADDRESS:                    LOFOS KYRILLOU                                           

                                    19300 ASPROPYRGOS                                         

                                    ATTIKA                                                   

                                    GREECE                                                   

 

TELEPHONE:                30  2105584312                                           

             30  2105584313                                           

             30  2105584314                                           

TELEFAX:                     30  2105584315                                           

E-MAIL ADDRESS:       info@hellagro.gr                                           

WEB ADDRESS:          www.hellagro.gr     

 

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

 

 

SENIOR COMPANY PERSONNEL

 

ANTONIOS TSAGARAKIS

Chairman

Managing director

Legal representative

           

IOANNIS TYRMPAS

Vice-chairman

Legal representative

           

AGGELIKI PASIADOU

Member

 

PRINCIPALS ANTECEDENTS                                                    

 

NAME: ANTONIOS TSAGARAKIS

Nationality: Greek

 

NAME: IOANNIS TYRMPAS

Nationality: Greek

 

NAME: AGGELIKI PASIADOU

Nationality: Greek

 

 

WORKFORCE

 

EMPLOYS: 15 as at Jul 26, 2011.

 

 

PAYMENTS

 

PUBLIC RECORD INFORMATION

 

In 2010 a payment order was registered against the subject for an amount of 11000 Euro.

 

 

BANKERS

 

·         NATIONAL BANK OF GREECE S.A., HEAD OFFICE branch., Aiolou 86, ATHENS 10232, Greece.

·         ALPHA BANK, ASPROPYRGOS branch., 33, Democratias Avenue, ASPROPYRGOS 19300, Greece.

·         BANK OF CYPRUS PUBLIC COMPANY LIMITED, CONSUMER BRANCH MOSCHATO branch., 1. Kifisou Ave & Pireos str, MOSCHATO 18346, Greece.

·         EFG EUROBANK ERGASIAS S.A., ASPROPIRGOS branch., Dimokratias Ave. & 2 M. Botsari Str., ASPROPIRGOS 19300, Greece.

 

 

FINANCIALS

 

FINANCES

 

                              Fiscal           Fiscal          Fiscal
 
                         Dec 31,2008      Dec 31,2009     Dec 31,2010
Turnover                   5,904,145        6,431,439       7,382,543
Pre-Tax Profit                91,605          254,300         556,630
Net Worth                    357,622          467,517         625,557
Fixed Assets                 161,517          262,470         130,878
Total Assets               4,024,332        4,854,266       4,553,430
Current Assets             3,794,731        4,551,050       4,023,558
Current Liabilities        3,666,710        4,257,203       3,853,006
Working Capital              128,021          293,847         170,552
Long Term Debt                    -1          129,545          74,866
Financial Assets              68,084           40,746         398,994
Intangibles                        0                0               0
 

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

 

RATIOS

 

                         Dec 31,2008      Dec 31,2009     Dec 31,2010
Current Ratio (X)               1.03             1.07            1.04
Solvency Ratio (%)          1,125.30         1,038.31          727.90
Fixed Assets/Net Worth (%)     45.16            56.14           20.92
Current Liabs/Net Worth (%) 1,025.30           910.60          615.93
Asset Turnover (%)            146.71           132.49          162.13
Sales / Net Working Cap (X)    46.12            21.89           43.29
Assets / Sales (%)             68.16            75.48           61.68
Profit Margin (%)               1.55             3.95            7.54
S/holders Return (%)           25.62            54.39           88.98
Return On Assets (%)            2.28             5.24           12.22

 

  Abstract from individual fiscal balance sheet as at Dec 31, 2010

 

LIABILITIES                             ASSETS    
                    
Capital              420,000   Misc Fixed Ass                 130,878
Legal Reserves        45,000   Total Fixed Ass                130,878
Profit For Year      160,557                     
Net Worth            625,557   Investments                    380,896
                               Misc Fin'cl Ass                 18,098
Misc Def Liabs        74,867   Total Fin'cl Ass               398,994
 
     CURRENT LIABILITIES:                         CURRENT ASSETS:
               
Trade Creditors    1,079,720   Stock                          885,519
Misc Creditors       514,417   Trade Debtors                1,108,845
Short term Loans   1,500,856   Bad Debt Provision              68,154
Loan Instalments      84,000   Misc Debtors                 1,906,329
Taxation             372,581   Cash                            54,711
Proposed Dividends   189,000                                         
Advances Received    112,432                                         
 
TOTAL CURRENT      3,853,006   TOTAL CURRENT                4,023,558
 
TOTAL LIABS & NW   4,553,430   TOTAL ASSETS                 4,553,430
 

                                    Profit & Loss Account from Jan 01, 2010 to Dec 31, 2010

 

             Net Sales                             7,382,543
             Cost of Goods Sold                    5,394,834
 
             Gross Profit                          1,987,709
             Selling/Admin Expenses                  395,257
             Misc Operating Charges                  922,267
             Misc Operating Income                    18,541
 
             Net Operating Income                    688,726
             Misc Financial Income                       454
             Total Financial Income                      454
 
             Interest Payable                        163,795
             Total Financial Expenses                163,795
 
             Profit Before Taxes                     556,630
             Income Tax                              157,347
             Misc Tax                                 10,439
 
             Profit After Tax                        388,844
 
             Net Profit                              388,844
According to the balance sheet as of Dec 31, 2010. 
     
Financial statement obtained from outside sources on May 18, 2011.   

 

 

LEGAL STATUS

 

BACKGROUND

 

Business started Aug 06, 2007 as a General partnership.

Business continued from Aug 06, 2007 as a Societe anonyme.

 

LEGAL FORM

 

Societe anonyme registered on Aug 06, 2007 in ASPROPYRGOS for a period ending Aug 06, 2027.

 

Registration Number: 63987

 

Government Gazette Number: 9232/08,06,2007

 

Tax Registration Number: 099005870

 

Subject's name was changed from 'TSAGARAKIS A.- TYRBAS J. O.E.' on Aug 06, 2007.

 

 

CAPITAL DETAILS

 

Nominal capital: 420,000 Euro.

Issued capital: 420,000 Euro.

Issued/paid-up capital was last increased on Nov 16, 2009.

    

Nominal capital is divided into:  42,000 ordinary shares of 10.00 each.     

 

SHAREHOLDERS

 

·         TSAGARAKIS ANTONIOS PETROS-PAVLOS holds 70.00% of the voting capital.

·         TYRMPAS IOANNIS MILTIADIS holds 30.00% of the voting capital

 

 

ACTIVITIES

 

Wholesales nondurable goods

Trade of packaging materials and nettings 

  

       

IMPORTS

 

Imports from Germany, Italy, Czech Republic

Normal importing terms are open account

 

 

EXPORTS

 

Exports to Former Yugoslav Rep of Macedonia, Cyprus, Egypt, Russian Fed, Bulgaria, Romania

 

Normal exporting terms are cash

 

 

PREMISES / REAL ESTATE

 

Operates from office, at heading address.

    

REGISTERED OFFICE: Lofos Kyrillou, 19300 ASPROPYRGOS, ATTIKA.

 

 

BRANCHES

 

10th klm. Thessaloniki-Kilkis Old National Road, 54500, THESSALONIKI, Greece. These are shop premises.

    

Argyroupoli area, 66100, DRAMA, Greece. These are warehouse premises.

 

 

GENERAL COMMENTS 

 

Mrs Roussou confirmed general details in this report.

 

Local informants stated that:

 

The main line of its business is the trade of packaging materials and netting solutions (knitted bags, fruit packaging materials, butcher's netting, pet food tray). Subject has been certified with ISO 9001:2000 and HACCP.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.95

UK Pound

1

Rs.72.12

Euro

1

Rs.63.67

 

 

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

----

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%)

 

 

 

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.