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Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
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Name : |
G & P COTTON GINNERS S.A.
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Formerly Known As : |
OUSOULTZOGLOU, N., S.A |
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Registered Office : |
19 Thessalonikis 59100 Veroia Imathia |
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Country : |
Greece
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
01.01.1997 |
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Com. Reg. No.: |
037096 |
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Legal Form : |
limited liabilities
company |
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Line of Business : |
Subject is engaged in crop planting and protection Provides electric
services Cotton ginning. Production of electricity (photovoltaic park) |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Greece |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 15% 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 grew by nearly 4% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. 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. The economy contracted by 2.3% in 2009, 3.5% in 2010, and 6.0% in 2011. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP. Austerity measures reduced the deficit to 11% of GDP in 2010 and about 9% in 2011. Eroding public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, and has 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, reworking the health-care and pension systems, and reforming the labor and product markets. Athens, however, faces long-term challenges to push 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 Eurozone 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, calls for Greece's creditors to write down a significant portion of their Greek government bond holdings. In exchange for the second loan Greece has promised to introduce an additional $7.8 billion in austerity measures during 2013-15. However, these massive austerity cuts are lengthening Greece's economic recession and depressing tax revenues. Greece's lenders are calling on Athens to step up efforts to increase tax collection, privatize public enterprises, and rein in health spending, and are planning to give Greece more time to shore up its economy and finances. Many investors doubt that Greece can sustain fiscal efforts in the face of a bleak economic outlook, public discontent, and political instability.
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Source : CIA |
Company name: G
& P COTTON GINNERS S.A.
(FORMER NAME: OUSOULTZOGLOU, N., S.A.)
BUSINESS ADDRESS: 19 THESSALONIKIS
59100 VEROIA
IMATHIA
GREECE
TELEPHONE: 30 2331022263
30 2331099655
TELEFAX: 30 2331099655
E-MAIL ADDRESS: ousoultz@otenet.gr
ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED
Principals:
Nikolaos Prodromos Ousoultzoglou
chairman
shareholder
Prodromos Nikolaos Ousoultzoglou
vice-chairman
shareholder
Nikolaos Prodromos Ousoultzoglou
chief executive
shareholder
George Nikolaos Ousoultzoglou
member
shareholder
EMPLOYS: 10 as at Dec 31, 2005
Informants report that subject's payments are prompt.
Normal Risk
National Bank of Greece S.A., Veroia Branch branch., 63 Mitropoleos,
Veroia 59100, Greece.
Telephone: 30 2331034004
EFG EUROBANK ERGASIAS S.A., Veroia Branch branch., 38 Mitropoleos &
Ag.
Dimitriou, Veroia 59100, Greece.
Telephone: 30 2331072320
Bank of Piraeus S.A., Veroia (Pierion) Branch branch., 202 Pierion &
1
Anagnostopoulou, Veroia 59100, Greece.
Telephone: 30 2331078320
SECURED CHARGES:
Subject has registered secured charges which include the below:
A charge for an amount of 5,000,000 Euro was registered on 1, 2000. The
charge is secured against Number Of Items: 2, On: fields 8290m2, 12450m2,
10350m2, 8290m2.
Fiscal Fiscal Fiscal
Jun 30,2009 Jun 30,2010 Jun 30,2011
Turnover 10,030,882 9,566,924 11,762,761
Pre-Tax
Profit
219,177 474,206 7,557
Net
Worth
1,083,805 1,528,708 1,511,160
Fixed
Assets
3,774,989 5,166,319 5,457,517
Total
Assets
9,211,716 9,249,496 13,988,574
Current
Assets
5,087,768 3,790,175 8,061,097
Current
Liabilities
1,334,367 792,754 5,355,783
Working
Capital
3,753,401 2,997,421 2,705,314
Long
Term Debt
6,793,544 6,928,034 7,121,630
Financial
Assets 8,804 8,804 8,804
Intangibles 340,155 284,197 461,157
Employees 10 10 10
Net Worth and Total Assets are tangible figures shown after the
deduction of intangible assets.
+--------+
| RATIOS |
+--------+
Jun
30,2009 Jun 30,2010 Jun 30,2011
Current
Ratio (X)
3.81 4.78 1.51
Solvency
Ratio (%) 849.94 605.05 925.68
Fixed
Assets/Net Worth (%)
348.31 337.95 361.15
Current
Liabs/Net Worth (%)
123.12 51.86 354.42
Asset
Turnover (%)
108.89 103.43 84.09
Sales
/ Net Working Cap (X)
2.67 3.19 4.35
Assets
/ Sales (%)
91.83 96.68 118.92
Profit
Margin (%) 2.19 4.96 0.06
S/holders
Return (%) 20.22 31.02 0.50
Return
On Assets (%)
2.38 5.13 0.05
Sales
/ Employees
1,003,088.20 956,692.40 1,176,276.10
Profit
/ Employees
21,917.70 47,420.60 755.70
Abstract from individual fiscal balance sheet as at Jun 30, 2011
LIABILITIES ASSETS
Capital 1,687,625 Land/Buildings 6,483,939
Retained
Profits -176,465 Plant/Machinery 2,446,345
Net
Worth 1,511,160 Depreciation 3,472,767
Total Fixed Ass 5,457,517
Misc
Def Liabs 7,121,630
Misc
Fin'cl Ass 8,804
Total
Fin'cl Ass 8,804
Misc
Intangible 461,157
Total
Intangible 461,157
CURRENT LIABILITIES: CURRENT ASSETS:
Trade
Creditors 530,144 Stock 636,488
Short
term Loans 4,707,930 Trade Debtors 2,823,153
Misc
Current Liabs 117,709 Misc Debtors 330,534
Cash 4,270,920
TOTAL
CURRENT 5,355,783 TOTAL CURRENT 8,061,095
TOTAL
LIABS & NW 13,988,573 TOTAL ASSETS 13,988,573
Profit & Loss Account from Jul
1, 2010 to Jun 30, 2011
Net Sales 11,762,761
Cost of Goods Sold 10,301,908
Gross Profit 1,460,853
Misc Operating Charges 777,905
Misc Operating Income 46,029
Net Operating Income 728,977
Misc Financial Income 231,060
Total Financial Income 231,060
Interest Payable 547,282
Misc Financial Expenses 405,197
Total Financial Expenses 952,479
Profit Before Taxes 7,558
Profit After Tax 7,558
Net Profit 7,558
CAPITAL:
Nominal capital: 1,687,625. Issued capital: 1,687,625. Issued/paid-up
capital was last increased on Aug 11, 2003.
Nominal capital is divided into:
57,500 shares of 29.35 each and fully paid-up.
REGISTERED LEGAL FORM: limited liabilities company
LEGAL FORM:
Societe anonyme registered on Jan 1, 1997 for a period ending Dec 31,
2057.
Registration Number: 037096
Government Gazette Number: 00283
/ 1997
Chamber of Commerce Number: 13519
Tax Registration Number: 094218897
Subject's name was changed from 'OUSOULTZOGLOU, N., S.A.'.
Established in Veroia, on 24.01.97, following the change of the legal
status of 'OUSSOULTZOGLOU, N., & CO O.E.', originally founded in 1954.
On13/7/2012 (Gov. Gaz. No. 06975/2012) the company's name was changed.
SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE
GOV.GAZ.:
Prior to the change that was published in the Gov.Gaz.No.:6975/2012
subject's name was OUSSOULTZOGLOU N SA.
HISTORY:
PRINCIPALS ANTECEDENTS
NAME: Nikolaos Prodromos
Ousoultzoglou
Also a director of DEVELOPMENT AGENCY OF IMATHIA S.A – DEVELOPMENT
O.T.A..
NAME: Prodromos Nikolaos
Ousoultzoglou
Also a partner in BUSINESS NET LTD.
NAME: Nikolaos Prodromos
Ousoultzoglou
Also a director of DEVELOPMENT AGENCY OF IMATHIA S.A – DEVELOPMENT
O.T.A..
BACKGROUND
Business started Jan 1, 1997.
AFFILIATES
The following are related through principal(s) and/or financial interest(s):
BUSINESS NET LTD Limited Liability Company, Thessaloniki, Greece
This is a dormant concern.
Year started: 2009.
This concern is related through common shareholders
Nikolaos Ousoultzoglou holds 97.00% of the voting capital.
George Ousoultzoglou holds 1.50% of the voting capital.
Prodromos Ousoultzoglou holds 1.50% of the voting capital.
Local Activity Code: 0163
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
Engaged in crop planting and protection Provides electric services
Cotton ginning. Production of electricity (photovoltaic park)
Subject does not import.
Exports 95% to China, Egypt, Former Yugoslav Rep of Macedonia, Germany,
India, Italy, Montserrat, Pakistan, Panama, Romania, Serbia and
Montenegro, Singapore, Spain, Switzerland, Turkey, U K, U S A
Normal exporting terms are cash against documents
Subject has 1 branches/divisions
Kypseli, 59031, Meliki, Greece. These are owned warehouse premises.
Operates from owned office, covering approximately 2,000 square metres
at heading address.
The site covers approximately 3,000 square metres.
REGISTERED OFFICE: At heading address.
No further information available for the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.84 |
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UK Pound |
1 |
Rs.89.11 |
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Euro |
1 |
Rs.72.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.