|
Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SONOCO PAPER MILL AND IPD HELLAS SA |
|
|
|
|
Registered Office : |
Stavrochori, 61100 Kilkis |
|
|
|
|
Country : |
Greece |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.01.1995 |
|
|
|
|
Com. Reg. No.: |
032442 |
|
|
|
|
Legal Form : |
Societe Anonyme |
|
|
|
|
Line of Business : |
Operates paper mills Manufactures converted
paper products |
|
|
|
|
No. of Employees : |
106 employees |
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 : |
Slow but Correct |
|
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Greece |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source : CIA |
SONOCO PAPER MILL AND IPD HELLAS SA (Correct)
THESSALONIKIS - KILKIS RD (11TH KM - PALAIA), P.O. BOX 137
57008 IONIA
THESSALONIKI
GREECE
TELEPHONE: 30 2310784717
TELEFAX: 30
2310784615
E-MAIL ADDRESS: hellas.ipd@sonoco-alcore.net
WEB ADDRESS:
www.sonoco.com
Clayton-Dave
Beck chairman, chief executive
Also a director of SONOCO
HELLAS CONSUMER PRODUCTS DIVISION S.A.
Grigorios Gounaris member
Konstantinos George Zavlaris member
John Tsakiridis member
Kalliopi Drouga member
106 as at Jul 18, 2012
Informants report that subject's payments are prompt.
Above Average Risk
National Bank of Greece S.A., Ag. Dimitrios
Thessaloniki Bra branch.,
116 Ag. Dimitriou, Thessaloniki 54110, Greece.
Telephone: 30 2310235427
EFG EUROBANK ERGASIAS S.A., Porto Center Branch
branch., 90 26th
Oktovriou, Thessaloniki 54627, Greece.
Telephone: 30 2310556525
Fiscal Fiscal Fiscal
Dec 31,2009 Dec 31,2010 Dec 31,2011
Turnover
19,621,286 24,928,527 28,742,663
Pre-Tax Profit
-730,704 -278,356 99,146
Net Worth
10,001,736 9,331,387 14,257,159
Fixed Assets
4,087,165 6,457,050 5,434,823
Total Assets
13,243,529 14,988,464 18,227,090
Current Assets
8,962,259 8,391,188 12,652,610
Current Liabilities
2,746,630 5,132,763 3,297,047
Working Capital
6,215,629 3,258,425 9,355,563
Long Term Debt
495,163 524,314 672,884
Financial Assets 49,833 53,114 54,442
Intangibles
144,272 87,112 85,215
Employees
105
Ratios
Dec 31,2009 Dec 31,2010 Dec 31,2011
Current Ratio (X)
3.26 1.63 3.84
Solvency Ratio (%)
132.41 160.62 127.85
Fixed Assets/Net Worth (%)
40.86 69.20 38.12
Current Liabs/Net Worth (%)
27.46 55.01 23.13
Asset Turnover (%)
148.16 166.32 157.69
Sales / Net Working Cap (X)
3.16 7.65 3.07
Assets / Sales (%)
67.50 60.13 63.41
Profit Margin (%)
-3.72 -1.12 0.34
S/holders Return (%)
-7.31 -2.98 0.70
Return On Assets (%)
-5.52 -1.86 0.54
Sales / Employees
0.00 0.00 273,739.65
Profit / Employees
0.00 0.00 944.25
Abstract from individual
fiscal balance sheet as at Dec 31, 2011
LIABILITIES ASSETS
Capital
20,327,018 Land/Buildings 3,812,771
Retained Profits
-6,479,396 Plant/Machinery 12,594,734
Misc Reserves
409,538 Depreciation 10,972,682
Net Worth
14,257,160 Total Fixed Ass 5,434,823
Misc Provisions
672,884 Shares in Group 3,159
Misc Fin'cl Ass
51,283
Total Fin'cl Ass
54,442
Misc Intangible
85,215
Total Intangible
85,215
CURRENT LIABILITIES: CURRENT ASSETS:
Trade Creditors
2,314,473 Stock 3,170,946
Short term Loans
351,330 Trade Debtors 7,539,656
Misc Current Liabs
631,243 Misc Debtors 246,250
Cash
1,695,758
TOTAL CURRENT 3,297,046 TOTAL CURRENT 12,652,610
TOTAL LIABS & NW
18,227,090 TOTAL ASSETS 18,227,090
Profit & Loss
Account from Jan 1, 2011 to Dec 31, 2011
Net Sales 28,742,663
Cost of Goods
Sold 23,270,093
Gross Profit 5,472,570
Misc Operating
Charges 5,693,088
Misc Operating Income
948,626
Net Operating
Income 728,108
Misc Financial
Income 313,056
Total Financial
Income 313,056
Interest Payable 134,222
Misc Financial
Expenses 807,797
Total Financial
Expenses 942,019
Profit Before
Taxes 99,145
Profit After Tax 99,145
Net Profit 99,145
BACKGROUND
Business started Jan 1, 1995.
Subject moved from 6 Edisson, 54640 Thessaloniki on
Sep 25, 1998.
LEGAL FORM
Societe anonyme registered on Jan 1, 1995 for a period
ending Dec 31, 2045.
Registration Number: 032442
Government Gazette Number: 00128 / 1995
Chamber of Commerce Number: 928
Tax Registration Number: 094452784
Established in Thessaloniki, on 09.01.95. Subject
continues the business activities of SONOCO HELLAS CONSUMER PRODUCTS DIUSION
S.A. On 16/12/1998 (Gov. Gaz. No. 09592/1998) a change of subject's head office
was published.
On 16/12/1998 (Gov. Gaz. No. 09592/1998) the company's
name was changed. On 16/12/1998 (Gov. Gaz. No. 09592/1998) subject absorbed a
sector of the firms(s) PAPETERIE HELLENIQUE DE MACEDOINE S.A. On 8/7/2004 (Gov.
Gaz. No. 08584/2004) the company's name was changed.
CAPITAL
Nominal capital: 20,327,017.
Issued capital: 20,327,017.
Issued/paid-up capital was last increased on Nov 16,
2011.
Nominal capital is divided into:
692,573 shares of 29.35 each and fully paid-up.
The company is a subsidiary of SONOCO LUXEMBURG SRL
FOREIGN PARTICIPANTS, LUXEMBURG, LUXEMBOURG which holds 100.00% interest.
Local Activity Code: 1712
Local Activity Code Type: STAKOD
Equivalent to: NACE
1
Operates paper mills
Manufactures converted paper products
Processing of paperboard and paper for spinning
cylinders. Mfg of paper concrete moulds and packaging cylinders. Trade of
recycled paper
Imports 40% from France, Germany, Italy, Netherlands,
Spain, Turkey, U K
Normal importing terms are cash against documents
Exports 70% to Austria, Bulgaria, China, Cyprus,
Egypt, France, India, Israel, Italy, Romania, Slovakia, Slovenia, Switzerland, Syria,
Turkey, UK
Normal exporting terms are cash against documents
Subject has 1 branches/divisions 32 Ermou, 54623,
Thessaloniki, Greece. These are rented office premises.
Operates from rented office, at heading address.
REGISTERED OFFICE: Stavrochori, 61100 Kilkis
No further information available for the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
UK Pound |
1 |
Rs.84.95 |
|
Euro |
1 |
Rs.68.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.