|
Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
KARAGIORGOU, N., BROS |
|
|
|
|
Registered Office : |
7-9 Kalapothaki, 54624 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
1977 |
|
|
|
|
Com. Reg. No.: |
008786
|
|
|
|
|
Legal Form : |
Societe
Anonyme |
|
|
|
|
Line of Business : |
Engaged
in Crop Planting and Protection |
|
|
|
|
No. of Employees : |
70 |
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 : |
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 – 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 |
Company
name: KARAGIORGOU, N., BROS
S.A.
ADDRESS: 7-9
KALAPOTHAKI
54624 THESSALONIKI
THESSALONIKI
GREECE
REGISTERED
OFFICE: At heading address.
TELEPHONE: 30 2310254300
TELEFAX: 30 2310254301
E-MAIL
ADDRESS: info@karagiorgos.gr
WEB
ADDRESS: www.karagiorgos.gr
Nikolaos
Haralambos Karagiorgos -
chairman , shareholder
Also a
director of IMATHIA GINNING MILLS S.A..
Also
associated with KARAGIORGOS, K., S.A., IMATHIA GINNING MILLS S.A..
Nikolaos
Konstantinos Karagiorgos -
vice-chairman , shareholder
Also a
director of HELLENIC SEED CO. S.A., PELLA S.A., ENERGEIAKI VOREIOU ELLADOS
S.A..
Also
associated with KARAGIORGOS, K., S.A., HELLENIC SEED CO. S.A., IMATHIA GINNING
MILLS S.A..
Nikolaos
Haralambos Karagiorgos - chief
executive , shareholder
Also a
director of IMATHIA GINNING MILLS S.A..
Also
associated with KARAGIORGOS, K., S.A., IMATHIA GINNING MILLS S.A..
Pagona
Karagiorgou -
member
Pagona
Hatziemmanouil - member
EMPLOYS:
70 as at Apr 2, 2012 including 0 part-time staff.
The
number of employees varies according to needs.
The
number of employees peaks to 220.
Informants
report that subject's payments are prompt.
Low Risk
Alpha
Bank A.E.
Mitropoleos
Branch branch., 19 Mitropoleos, Thessaloniki 54624, Greece.
Telephone:
30 2310267311
National
Bank of Greece S.A.
Thessaloniki
Branch branch., 11 I. Dragoumi & Mitropoleos, Thessaloniki 54110, Greece.
Telephone:
30 2310594557
ATEBANK
S.A.
Thessaloniki
Branch branch., 13 Aristotelous, Thessaloniki 54624, Greece.
Telephone:
30 2310236533
Emporiki
Bank
Thessaloniki
- Central Branch branch., 21 I. Dragoumi, Thessaloniki 54626, Greece.
Telephone:
30 2310544360
EFG
EUROBANK ERGASIAS S.A.
Thessaloniki
Branch. 6 Kountouriotou, Thessaloniki 54625, Greece.
Bank of
Piraeus S.A.
Thessaloniki
Branch (head offi branch., 28 I. Dragoumi & Solomou, Thessaloniki 54624,
Greece.
Telephone:
30 231254920
Fiscal Fiscal Fiscal
Jun 30, 2009 Jun
30, 2010 Jun 30, 2011
Turnover 39,247,848 32,271,092 52,523,586
Pre-Tax
Profit 8,445
4,521,767 224,090
Net
Worth 14,105,133 15,723,262 15,728,001
Fixed
Assets 7,143,180 6,515,015 5,693,243
Total
Assets 28,141,050 27,859,905 24,545,913
Current
Assets 14,539,073 14,153,977 11,395,472
Current
Liabilities 11,262,835 9,863,560 7,243,830
Working
Capital 3,276,238 4,290,417 4,151,642
Long
Term Debt 2,773,082 2,273,082 1,574,082
Financial
Assets 6,290,845 7,190,912 7,457,197
Intangibles 167,952 0
Net
Worth and Total Assets are tangible figures shown after the deduction of
intangible assets.
Abstract
from individual fiscal balance sheet as at Jun 30, 2011
LIABILITIES ASSETS
Capital 6,589,959 Land/Buildings 20,456,895
Retained
Profits -216,091 Plant/Machinery 17,544,410
Misc
Reserves 9,354,133 Depreciation 32,308,062
Net
Worth 15,728,001 Total
Fixed Ass 5,693,243
Misc
Provisions 176,082 Shares
in Group 7,400,701
Misc Def
Liabs 1,398,000 Misc
Fin'cl Ass 56,496
Total Fin'cl
Ass 7,457,197
CURRENT
LIABILITIES: CURRENT ASSETS:
Trade
Creditors 899,651
Stock 5,127,521
Short
term Loans 5,794,343 Trade
Debtors 2,893,461
Proposed
Dividends 5,937 Misc
Debtors 1,660
Misc
Current Liabs 543,899 Cash 3,372,831
TOTAL
CURRENT 7,243,830 TOTAL
CURRENT 11,395,473
TOTAL
LIABS & NW 24,545,913 TOTAL
ASSETS 24,545,913
Profit
& Loss Account from Jul 1, 2010 to Jun 30, 2011
Net
Sales 52,523,586
Cost of
Goods Sold 48,502,665
Gross
Profit 4,020,921
Misc
Operating Charges 2,578,578
Misc
Operating Income 102,122
Net
Operating Income 1,544,465
Misc
Financial Income 51,991
Total
Financial Income 51,991
Interest
Payable 559,889
Misc
Financial Expenses 812,476
Total
Financial Expenses 1,372,365
Profit
Before Taxes 224,091
Income
Tax 117,375
Profit
After Tax 106,716
Net
Profit 106,716
According
to the balance sheet as of Jun 30, 2011.
The
above mentioned financial figures are in Euro
Started: 1977
Year of
Incorporation: 1977
Business
registered: Jan
1, 1977 for a period ending Dec 31, 2027
Registration
Number: 008786
Chamber
of Commerce Number: 16309
Government
Gazette Number: 03615 /
1977
Tax
Registration Number: 094066129
Legal
Form: Societe
Anonyme
Nominal
capital: 6,589,959
Issued
capital: 6,589,959
Nominal
capital is divided into: 21,966,530 and
fully paid-up.
Issued/paid-up
capital was last increased on Oct 20, 2008.
The
business was established in Thessaloniki, in 1977, to continue the business
activities of the general partnership KARAGIORGOU BROS O.E., originally founded
in 1951.
History
Adrress:
Subject
moved from 35 Polytechneiou, 54625 Thessaloniki Thessaloniki on Jan 1, 2003.
Nikolaos
Karagiorgos holds 50.00% of the voting capital.
Nikolaos
Karagiorgos holds 47.00% of the voting capital.
Evangelia
Karagiorgou holds 3.00% of the voting capital.
SIC: 0721
2079
ACTIVITY: ENGAGED
IN CROP PLANTING AND PROTECTION
Local
Activity Code: 0163
Local
Activity Code Type: STAKOD
Equivalent
to: NACE 1
Engaged
in crop planting and protection
Manufactures
edible fats and oils
Cotton
ginning. Production of cotton seed oil, by-products and cotton cake
The
company does not engage in any import activities.
Subject's
customers are more than 200, including:
Exports
90% to Brazil, Bulgaria, China, Egypt, France, Hong Kong, Hungary, India,
Israel, Italy, Japan, Pakistan, Romania, Saudi Arabia, Spain, Switzerland,
Taiwan, Tunisia, Turkey
Normal
exporting terms are cash against documents
Operates
from owned office, covering approximately 175 square metres at heading address.
Subject
has 3 branches/divisions:
Thessalonikis
- Giannitson Rd (15th km), Angialos, 57011, Gefyra, Greece.
These
are owned factory premises. Size: 27315 square metres.
Glavki, 41000,
Larissa, Greece.
These
are owned factory premises. Size: 25000 square metres.
Stavros,
40300, Farsala, Greece.
These
are owned factory premises. Size: 20000 square metres.
The
following are related through principal(s) and/or financial interest(s):
KARAGIORGOS,
K., S.A. Societe Anonyme, Thessaloniki, Greece
This is
a dormant concern.
Year
started: 1991.
This
concern is related through common shareholders.
IMATHIA
GINNING MILLS S.A. Societe Anonyme, Alexandreia, Greece (Duns: 50-318-3858)
Year
started: 2000.
This
concern is related through common shareholders.
HELLENIC
SEED CO. S.A. Societe Anonyme, Sofades, Greece (Duns: 50-318-7082)
Year
started: 2001.
This
concern is related through common shareholders.
KAPPA-SIGMA
COTTON S.A. Societe Anonyme, Drama, Greece (Duns: 49-944-6537)
Year
started: 1999.
Subject
has a 50.0% share interest.
PELLA
S.A. Societe Anonyme, Thessaloniki, Greece (Duns: 68-395-3522)
Year
started: 2003.
Subject has
a 50.0% share interest.
Local
informants stated that:
Subject
is a long established, family-run industrial firm, which is engaged in the
sector of textile products. - According to the 30/06/2011 balance sheet,
subjects fixed assets are pre-noted for 6,206,000 Euro, in favour of Banks, to
ensure loans received.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
|
1 |
Rs.86.17 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.