MIRA INFORM REPORT

 

 

Report Date :

22.02.2012

 

IDENTIFICATION DETAILS

 

Name :

G.E.AN.ET. S.A.

 

 

Registered Office :

62 Rousvelt  41222 Larissa

 

 

Country :

Greece            

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

11.07.2007

 

 

Com. Reg. No.:

063690

 

 

Legal Form :

Societe anonyme

 

 

Line of Business :

Wholesales chemicals and allied products

 

 

No. of Employees :

3

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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:                          G.E.AN.ET. S.A.

ADDRESS:                   62 ROUSVELT                                              

                                    41222 LARISSA                                            

                                     LARISSA                                                  

                                     GREECE                                                   

 

TELEPHONE:                30  2410671785                                           

                                     30  2410627940                                           

                                     30  2410627941                                           

TELEFAX:                                 30  2410671786                                           

E-MAIL ADDRESS:        info@geanet.gr                                           

WEB ADDRESS:           www.geanet.gr                                             

 

     ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED                       

          

         

SENIOR COMPANY PERSONNEL

 

Petros Ath. Kotarelas

Chief executive

Shareholder

           

Prodromos Nik. Pantelidis

Member

           

Assimina Pro. Gavrielidou

Vice-chairman

Shareholder

           

Petros Ath. Kotarelas

Chairman

Shareholder

 

PRINCIPALS ANTECEDENTS    

                                               

NAME: Petros Ath. Kotarelas

Also a director of GEOGONIA S.A., KARPOS S.A..

Also associated with GEOGONIA S.A..

    

NAME: Assimina Pro. Gavrielidou

Also a director of GEOTECHNIKI LTD.

    

NAME: Petros Ath. Kotarelas

Also a director of GEOGONIA S.A., KARPOS S.A..

Also associated with GEOGONIA S.A..

 

WORKFORCE

 

EMPLOYS: 3 as at Nov 2, 2010 including 10 part-time staff.

The number of employees varies according to needs.

The number of employees peaks to 13.

 

 

PAYMENTS

 

SECURED CHARGES

 

Subject has registered secured charges which include the below:

     

A charge for an amount of 250,000 Euro was registered on 1, 2000.

The charge is secured against Number Of Items: 1.

 

A charge for an amount of 180,000 Euro was registered on 1, 2000.

The charge is secured against Number Of Items: 1, On field 5.149m2 with building at Halki, Lar.

 

PAYMENTS REPORTED

 

Informants report that subject's payments are prompt.

 

 

RATINGS

 

Average Risk

 

 

BANKERS

 

Alpha Bank A.E., Rail Way Station Branch branch., 72 Iroon

      Polytechneiou, Larissa 41223, Greece.

      Telephone: 30 2410552708

 

National Bank of Greece S.A., Larissa Branch branch., Al.

      Papanastassiou & Kyprou, Larissa 41110, Greece.

      Telephone: 30 2410596369

 

Bank of Attica S.A., Larissa Branch branch., 36 Kyprou & Androutsou,

      Larissa 41222, Greece.

      Telephone: 30 2410537455

 

Bank of Piraeus S.A., Larissa Branch branch., 4 M. Alexandrou, Larissa

      41222, Greece.

      Telephone: 30 2410539570

 

FINANCIALS

 

FINANCES

 

Fiscal           Fiscal          Fiscal
                         Dec 31,2008      Dec 31,2009     Dec 31,2010
Turnover                   2,541,214        2,387,575       2,349,811
Pre-Tax Profit                88,056           32,884          30,282
Net Worth                  1,717,056        1,709,935       1,684,864
Fixed Assets               1,833,735        1,614,363       1,508,603
Total Assets               4,826,881        4,347,943       4,081,145
Current Assets             2,963,110        2,705,741       2,554,000
Current Liabilities        3,043,087        2,102,274       1,965,472
Working Capital              -79,977          603,467         588,528
Long Term Debt                66,738          535,733         430,810
Financial Assets                                8,768          10,268
Intangibles                   30,035           19,071           8,275
Employees                                           4               3

 

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)               0.97             1.29            1.30

Solvency Ratio (%)            281.11           254.28          242.22

Fixed Assets/Net Worth (%)    106.80            94.41           89.54

Current Liabs/Net Worth (%)   177.23           122.94          116.65

Asset Turnover (%)             52.65            54.91           57.58

Sales / Net Working Cap (X)   -31.77             3.96            3.99

Assets / Sales (%)            189.94           182.11          173.68

Profit Margin (%)               3.47             1.38            1.29

S/holders Return (%)            5.13             1.92            1.80

Return On Assets (%)            1.82             0.76            0.74

Sales / Employees               0.00       596,893.75      783,270.33

Profit / Employees              0.00         8,221.00       10,094.00

 

 

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

 

LIABILITIES                             ASSETS 
                       
Capital            1,704,400   Land/Buildings               1,867,908
Retained Profits     -24,896   Depreciation                   359,305
Misc Reserves          5,359   Total Fixed Ass              1,508,603
Net Worth          1,684,863                     
                               Shares in Group                  6,090
Misc Def Liabs       430,810   Misc Fin'cl Ass                  4,178
                               Total Fin'cl Ass                10,268
 
                               Misc Intangible                  8,275
                               Total Intangible                 8,275
 
CURRENT LIABILITIES:                    CURRENT ASSETS: 
              
Trade Creditors      660,452   Stock                        1,112,773
Short term Loans   1,216,726   Trade Debtors                1,346,729
                               Misc Debtors                     2,410
                               Cash                            92,086
 
TOTAL CURRENT      1,965,471   TOTAL CURRENT                2,553,998
 
TOTAL LIABS & NW   4,081,144   TOTAL ASSETS                 4,081,144

 

                                       Profit & Loss Account from Jan 1, 2010 to Dec 31, 2010

 

             Net Sales                             2,349,811

             Cost of Goods Sold                    1,938,307

 

             Gross Profit                            411,504

             Misc Operating Charges                  252,767

 

             Net Operating Income                    158,737

 

             Interest Payable                        128,455

             Total Financial Expenses                128,455

 

             Profit Before Taxes                      30,282

             Income Tax                               16,418

 

             Profit After Tax                         13,864

 

             Net Profit                               13,864

 

According to the balance sheet as of Dec 31, 2010.

The below mentioned financial figures are in Euro

 

 

LEGAL STATUS

 

BACKGROUND

     Business started Jul 11, 2007.

     Subject moved from 81 Rousvelt, 41222 Larissa Larissa on Dec 15, 2010.

    

   LEGAL FORM

     Societe anonyme registered on Jul 11, 2007 for a period ending Dec 31,

     2057.

     Registration Number: 063690

     Government Gazette Number: 07538 / 2007

     Tax Registration Number: 998790456

    

     Subject was established following a merger of the firms : G.E.AN.ET. S.A.

     (1985), G.E.AN.ET. S.A. (2003).

 

 

CAPITAL DETAILS

 

   Nominal capital is divided into:

   17,044 shares of 100 each and fully paid-up.

 

 

SHAREHOLDERS

 

Assimina Gavrielidou holds 50.00% of the voting capital.

Petros Kotarelas holds 50.00% of the voting capital.     

             

                                                       

AFFILIATED COMPANIES

 

The following are related through principal(s) and/or financial interest(s):

 

     PANTELIDIS, N., & CO. E.E. 'ALFA TECHNIKI' Limited Partnership, Larissa,

     Greece 

     This is a dormant concern.

     Year started: 1997.

     This concern is related through common shareholders.

 

     GEOGONIA S.A. Societe Anonyme, Athens, Greece

     This is a dormant concern.

     Year started: 1997.

     This concern is related through common shareholders

 

 

ACTIVITIES

 

Local Activity Code:          4675                                          

Local Activity Code Type:     STAKOD                                        

Equivalent to:                NACE 1                                        

    

Wholesales chemicals and allied products

Wholesales grain and field beans

Imports and trade of agricultural supplies, livestock feed and fresh vegetables.

Agricultural studies , Subject distributes its goods mainly by wholesale.

 

IMPORTS

 

Imports 70% from France, Germany, Italy, Spain

Normal importing terms are cash against documents

 

 

EXPORTS

 

Exports 7% to Pakistan

Normal exporting terms are cash against documents

 

 

PREMISES / REAL ESTATE

 

Operates from rented office, at heading address.

    

REGISTERED OFFICE: At heading address.

 

 

BRANCHES

 

Subject has 1 branches/divisions

Halki, 41500, Larissa, Greece. These are owned warehouse premises

 

 

GENERAL COMMENTS 

 

On Feb 17, 2012

    

Sales for the 12 month period ending Dec 31, 2011 were 4,000,000.

    

On Feb 17, 2012 subject confirmed general details in this report.

    

On Feb 17, 2012 local informants stated that:

 

Subject is a firm, which generated by the merger of above mentioned firms. It uses 3 owned trucks in order to cover its needs. According to a statement the significant increase in subject's net sales in 2011 resulted from the expansion of its clientele.

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.08

UK Pound

1

Rs.77.80

Euro

1

Rs.65.17

 

 

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.