MIRA INFORM REPORT

Report Date :

26.03.2012

IDENTIFICATION DETAILS

Name :	GEOVET HELLAS S.A.
Registered Office :	VEROIAS - ALEXANDREIAS RD (11TH KM - PALAIA), STAVROS 59100 VEROIA IMATHIA
Country :	Greece
Financials (as on) :	31.12.2010
Date of Incorporation :	01.01.1990
Com. Reg. No.:	022827
Legal Form :	Societe Anonyme
Line of Business :	Manufactures Nitrogenous Fertilizers
No. of Employees :	9

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

COMPANY NAME

GEOVET HELLAS S.A.

IDENTIFICATION DETAILS

ADDRESS:  VEROIAS - ALEXANDREIAS RD (11TH KM - PALAIA), STAVROS
59100 VEROIA
IMATHIA
GREECE
 
TELEPHONE:  30 2331077100
30 2331077110
TELEFAX:   30 2331077112
E-MAIL ADDRESS: geovet@vernet.gr 
WEB ADDRESS: www.geovet.gr 

SENIOR COMPANY PERSONNEL

Grigorios Kon. Georgiadis
member
 
Eirini Ath. Georgiadou
chief executive
shareholder
 
Eirini Ath. Georgiadou
vice-chairman
shareholder
 
George Fot. Kaderidis
chairman
shareholder

PRINCIPALS ANTECEDENTS
NAME: Grigorios Kon. Georgiadis
Also a director of BARBOUTA LTD.
Also a partner in BARBOUTA LTD.
 
NAME: George Fot. Kaderidis
Also a director of VERGINA HELLAS S.A., AGROSKY S.A..
Also associated with VERGINA HELLAS S.A., AGROSKY S.A..

WORKFORCE

9 as at Nov 23, 2010 including 2 part-time staff.
The number of employees varies according to needs.
The number of employees peaks to 11.

PAYMENTS

Informants report that subject's payments are prompt.

RATINGS

Average Risk

BANKERS

Alpha Bank A.E., Veroia Branch branch., 10 Malakoussi, Veroia 59100, Greece.
Telephone: 30 2331022913
 
Bank of Piraeus S.A., Veroia (Pierion) Branch branch., 202 Pierion & 1 Anagnostopoulou, Veroia 59100, Greece.
Telephone: 30 2331078320

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, On: a field 11750m2 with an industrial place.
A charge for an amount of 1,900,000 Euro was registered on 1, 2000. The charge is secured against Number Of Items: 1, On: a field 11750m2 with an industrial place.

FINANCIALS

Fiscal  Fiscal   Fiscal
 Dec 31,2008 Dec 31,2009  Dec 31,2010
Turnover 2,340,260 1,801,651 1,796,239
Pre-Tax Profit  9,669 15,183 10,108
Net Worth 571,914 507,721 452,596
Fixed Assets 648,210 627,876 600,832
Total Assets 4,450,343 4,262,449 4,188,454
Current Assets 3,799,519 3,631,960 3,585,009
Current Liabilities 2,375,386 2,288,062 2,402,492
Working Capital 1,424,133 1,343,898 1,182,517
Long Term Debt 1,503,043  1,466,667 1,333,366
Financial Assets 968 968 968
Intangibles 1,645 1,645 1,645
Employees 10 9
 
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) 1.60 1.59 1.49
Solvency Ratio (%)  778.15 839.53 925.43
Fixed Assets/Net Worth (%) 113.34 123.67 132.75
Current Liabs/Net Worth (%) 415.34 450.65 530.82
Asset Turnover (%) 52.59 42.27 42.89
Sales / Net Working Cap (X) 1.64 1.34 1.52
Assets / Sales (%) 190.16 236.59 233.18
Profit Margin (%) 0.41 0.84 0.56
S/holders Return (%) 1.69  2.99 2.23
Return On Assets (%) 0.22 0.36 0.24
Sales / Employees 0.00 180,165.10 199,582.11
Profit / Employees 0.00 1,518.30 1,123.11
 
Abstract from individual fiscal balance sheet as at Dec 31, 2010
 
LIABILITIES ASSETS
Capital 337,291 Land/Buildings 927,373
Retained Profits -92,857 Plant/Machinery 194,390
Misc Reserves 208,162 Depreciation 520,931
Net Worth 452,596 Total Fixed Ass 600,832
 
Misc Provisions 33 Misc Fin'cl Ass 968
Misc Def Liabs 1,333,333 Total Fin'cl Ass 968
 
Misc Intangible 1,645
Total Intangible 1,645
 
CURRENT LIABILITIES: CURRENT ASSETS:
Trade Creditors 730,892 Stock 811,556
Short term Loans 1,412,815 Trade Debtors 2,588,883
Misc Current Liabs 258,786 Cash 184,571
 
TOTAL CURRENT 2,402,493 TOTAL CURRENT 3,585,010
 
TOTAL LIABS & NW 4,188,455 TOTAL ASSETS 4,188,455
 
Profit & Loss Account from Jan 1, 2010 to Dec 31, 2010
 
Net Sales 1,796,239
Cost of Goods Sold 1,341,893
 
Gross Profit 454,346
Misc Operating Charges 240,248
Misc Operating Income  86
 
Net Operating Income 214,184
Misc Financial Income 14,891
Total Financial Income 14,891
 
Interest Payable 215,762
Misc Financial Expenses  3,207
Total Financial Expenses 218,969
 
Profit Before Taxes 10,106
Income Tax 11,276
 
Profit After Tax -1,170
 
Net Loss 1,170

LEGAL STATUS

 
BACKGROUND
Business started Jan 1, 1990.
Subject moved from Veroias - Alexandreias National Rd (11th km - palaia),59100 Veroia Imathia on Oct 4, 1999.
 
LEGAL FORM
Societe anonyme registered on Jan 1, 1990 for a period ending Dec 31, 2040.
Registration Number: 022827
Government Gazette Number: 04296 / 1990
Chamber of Commerce Number: 6860
Tax Registration Number: 094218639
 
Established in Veroia, Imathia, in 1990. On 16.09.1999 subject's head office moved from Veroias - Naoussas National Rd (7th km - palaia) to
Veroias- Alexandreias National Rd (11th km - palaia). On 16/9/1999 (Gov. Gaz. No. 07422/1999) a change of subject's head office was published. On 20/10/1999 (Gov. Gaz. No. 08414/1999) a change of subject's head office was published.

CAPITAL DETAILS

Nominal capital: 337,291. Issued capital: 337,291.
Issued/paid-up capital was last increased on Dec 30, 2010.
 
Nominal capital is divided into:
5,747 shares of 58.69 each and fully paid-up.

SHAREHOLDERS

George Kaderidis holds 44.00% of the voting capital.
Eirini Georgiadou holds 28.00% of the voting capital.
Konstantinos Georgiadis holds 28.00% of the voting capital.

LINKED COMPANIES

The following are related through principal(s) and/or financial
interest(s):
 
VERGINA HELLAS S.A. Societe Anonyme, Nea Halkidona, Greece
This is a dormant concern.
Year started: 1992.
This concern is related through common shareholders.
 
AGROSKY S.A. Societe Anonyme, Giannitsa, Greece Year started: 1993.
This concern is related through common shareholders.
 
KADERIDIS, G., & CO. O.E. General Partnership, Krya Vryssi, Greece
Year started: 1981.
This concern is related through common shareholders.
 
PAPADOPOULOS, B., & CO O.E. General Partnership, Giannitsa, Greece
Year started: 1980.
This concern is related through common shareholders.
 
KADERIDIS, G., - B. PAPADOPOULOS & CO. O.E. General Partnership, Krya
Vryssi, Greece
Year started: 1992.
This concern is related through common shareholders.
 
KADERIDIS GEORGE Sole Proprietorship, Giannitsa, Greece
Year started: 1979.
This concern is related through common shareholders.

ACTIVITIES

Local Activity Code: 2015
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
 
Manufactures nitrogenous fertilizers
Wholesales chemicals and allied products
Production, imports and wholesale trade of fertilisers ,
Subject's clientele includes 200 individuals all over Greece.
Exports 10% to Albania, Cyprus, Romania
Normal exporting terms are cash against documents
 
Imports 40% from Belgium, Bulgaria, France, India, Netherlands, Russian
Fed, Turkey, U K
Normal importing terms are letters of credit

PREMISES / REAL ESTATE

Operates from owned factory, covering approximately 2,936 square metres at heading address.
 
The site covers approximately 11,750 square metres.
 
REGISTERED OFFICE: 2 Ag. Antoniou, P.O. Box 184, 59100 Veroia, Imathia.

GENERAL COMMENTS

Subject is a long established, manufacturing firm that operates mainly as a manufacturing unit, as its manufacturing activities contribute a 70% to its total turnover, and while it’s trading activities cover the remaining 30%. Furthermore, it uses 1 owned truck for the distribution of its products.
 
 

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.90
UK Pound	1	Rs.80.77
Euro	1	Rs.67.40

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.