MIRA INFORM REPORT

 

 

Report Date :

13.04.2013

 

IDENTIFICATION DETAILS

 

Name :

INTERKLIMA S.A. 

 

 

Registered Office :

Athinon - Lamias National Rd (70th Km), Vathy, P.O. Box 19 34100 Halkida                                              Evoia                                                    

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.01.1992

 

 

Com. Reg. No.:

027953

 

 

Legal Form :

Societe Anonyme                                                 

 

 

Line of Business :

Manufactures Environmental Controls    

 

 

No. of Employees :

60

 

 

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

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

 

INTERKLIMA S.A.  (Correct)

       

                                   

IDENTIFICATION DETAILS

 

ADDRESS:                    ATHINON - LAMIAS NATIONAL RD (70TH KM), VATHY, P.O. BOX 19

34100 HALKIDA                                             

EVOIA                                                    

GREECE                                                   

TELEPHONE:                30 2262085600                                           

TELEFAX:                     30 2262085728                                            

E-MAIL ADDRESS:        sales@interklima.gr                                       

WEBSITE:                    www.interklima.gr                                          

           

           

SENIOR COMPANY PERSONNEL

 

 Tryfon John Bisimis

Chairman

Shareholder

 

Panagiota Tryfon Bisimi

Vice-chairman

Shareholder

                       

Tryfon John Bisimis

Chief executive

Shareholder

                       

Panagiota Tryfon Bisimi

Chief executive

Shareholder

                       

Dimitrios Borsis

Member

                       

Leonidas Roupakiotis

Member

                       

Evangelia Roupakioti

Member

       

           

Filippos Roupakiotis

Member

 

PRINCIPALS ANTECEDENTS                                                    

 

NAME: Tryfon John Bisimis

Also a director of VECTOR LTD, INTERCO HELLAS LTD, ELMEX S.A., KOPERFIL

HELLAS S.A..

                       

NAME: Panagiota Tryfon Bisimi

 Also a director of UNIPLAN LTD, KOPERFIL HELLAS S.A..

                       

NAME: Tryfon John Bisimis

Also a director of VECTOR LTD, INTERCO HELLAS LTD, ELMEX S.A., KOPERFIL

HELLAS S.A.

                       

NAME: Panagiota Tryfon Bisimi

Also a director of UNIPLAN LTD, KOPERFIL HELLAS S.A.

                       

 

EMPLOYEES

 

EMPLOYS:        varies according to needs.

The number of employees peaks to 60.

   

                                        

PAYMENTS

 

Informants report that subject's payments are prompt.

 

 

ASSESSMENT

 

Normal Risk

 

 

BANKERS

 

Alpha Bank A.E., Psychiko Branch branch.,

 214 Kifissias Ave, Neo Psychiko 15451, Greece.

Telephone: 30 2106725583

                       

National Bank of Greece S.A., Halkida Branch branch.,

 9 El. Venizelou, Halkida 34100, Greece.

 Telephone: 30 2221069310

 

Bank of Piraeus S.A., Oinofyta Branch branch.,

 3 Athinon Ave, OinofytaV 32011, Greece.

Telephone: 30 2262040060

                       

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: 1, on: 2 fields 19271m2

with a plant 13253m2 V.

                       

 

FINANCIALS

 

The below mentioned financial figures are in Euro

           

                                       Fiscal                        Fiscal                           Fiscal

                       

                                     Dec 31,2009                Dec 31,2010     Dec 31,2011

                       

Turnover                           11,257,712                             6,696,768                      6,682,798

                       

Pre-Tax Profit                    162,523                                 -297,462                        -179,853

                       

Net Worth                          7,610,348                              6,903,388                     6,800,704

                       

Fixed Assets                       8,179,082                             7,667,165                     7,261,679

                       

Total Assets                       20,553,742                           20,520,893                     20,476,856

                       

Current Assets                  8,230,903                              8,269,869                      8,474,512

                       

Current Liabilities              4,545,253                               3,465,683                      3,361,460

                       

Working Capital                 3,685,650                              4,804,186                      5,113,052

                       

Long Term Debt                 8,398,140                              10,151,821                    10,314,692

                       

Financial Assets                 149,410                                           149,410                         134,110

                       

Intangibles                         3,994,346                             4,434,446                       4,606,556

                       

Employees                                                                      100                             80

                       

Net Worth and Total Assets are tangible figures shown after the deduction of Intangible assets.

                       

 

 RATIOS 

                       

                                                 Dec 31,2009                  Dec 31,2010                 Dec 31,2011

                       

Current Ratio (X)                                      1.81                            2.39                               2.52

                       

Solvency Ratio (%)                                             270.08                           297.26                         301.10

                       

Fixed Assets/Net Worth (%)                   107.47                          111.06                          106.78

                                   

Current Liabs/Net Worth (%)                    59.73                           50.20                            49.43

                       

Asset Turnover (%)                                54.77                            32.63                            32.64

                       

Sales / Net Working Cap (X)                    3.05                             1.39                               1.31

                       

Assets / Sales (%)                                  182.58                          306.43                         306.41

                       

Profit Margin (%)                                   1.44                              -4.44                              -2.69

                       

S/holders Return (%)                               2.14                             -4.31                             -2.65

                       

Return On Assets (%)                             0.79                               -1.45                            -0.88

                       

Sales / Employees                                  0.00                             66,967.68                      83,534.98

                       

Profit / Employees                                             0.00                              -2,974.62                        -2,248.16

                       

                       

     Abstract from individual fiscal balance sheet as at Dec 31, 2011

                       

LIABILITIES                                           ASSETS                       

                       

Capital                          7,155,765          Land/Buildings                                       9,907,493

                       

Retained Profits              -733,463            Plant/Machinery                        5,331,526

                       

Misc Reserves               378,402              Depreciation                                         7,977,340

                       

Net Worth                    6,800,704           Total Fixed Ass                                     7,261,679

                       

Misc Provisions             13,674              Shares in Group                         119,945

                       

Misc Def Liabs              10,301,018         Misc Fin'cl Ass                          14,165

                       

                                                            Total Fin'cl Ass                          134,110

                       

                                                             Misc Intangible                         4,606,556

                       

                                                             Total Intangible                                     4,606,556

                       

     CURRENT LIABILITIES:                         CURRENT ASSETS:              

                       

Trade Creditors              2,348,664          Stock                                        2,124,388

                       

Short term Loans             408,558           Work In Progress                       779,009

                       

                                                            Trade Debtors                            4,702,900

                       

                                                                          Misc Debtors                           801,207

                       

                                                            Cash                                                     67,007

                       

TOTAL CURRENT                      3,361,460   TOTAL CURRENT                8,474,511

                       

TOTAL LIABS & NW                  20,476,856   TOTAL ASSETS                             20,476,856

                       

 

  Profit & Loss Account from Jan 1, 2011 to Dec 31, 2011               

                       

          Net Sales                                                6,682,798

                       

          Cost of Goods Sold                                  4,506,018

                       

          Gross Profit                                             2,176,780

                       

          Misc Operating Charges                                       1,992,105

                       

          Misc Operating Income                                         48,331

                       

          Net Operating Income                               233,006

                       

          Misc Financial Income                                          139,624

                       

          Total Financial Income                              139,624

                       

          Interest Payable                                       546,040

                       

          Misc Financial Expenses                                      6,442

                       

          Total Financial Expenses                          552,482

                       

          Profit Before Taxes                                   -179,852

                       

          Profit After Tax                                         -179,852

                       

          Net Loss                                                  179,852

                       

           

According to the balance sheet as of Dec 31, 2011.

On Apr 5, 2013

Sales for the 12 month period ending Dec 31, 2012 were 5,500,000.

 

                       

LEGAL STATUS AND HISTORY

 

STARTED:                    1992                                                             

YEAR INC:                    1992                                                            

LEGAL FORM:              SOCIETE ANONYME                                                 

REG NO:                       027953                                     

BACKGROUND

Business started Jan 1, 1992.

Societe anonyme registered on Jan 1, 1992 for a period ending Dec 31, 2032.

Registration Number: 027953

Government Gazette Number: 05743 / 1992

Chamber of Commerce Number: 22090

Tax Registration Number: 094360644

 

History:           

Established in Spata (Spaton Ave - 170th km) on 31.12.1992, following the merger of the firms, INTERKLIMA S.A., established on 28.9.90 (Tax. Reg. No94279006) and ELMEX S.A., established in 1991 (originally founded in 1985).

Merged firm, INTERKLIMA S.A., had also been established by the merger of the following firms: - INTERKLIMA HELLAS S.A., established in 1979, originally founded in 1978 - INTERCO HELLAS LTD, established in 1987, -VECTOR LTD, established in 1986, - UNIPLAN LTD, established in 1986. On

8.11.1994 (Gov. Gaz. 6267/94), subject's head office was moved to the abovementioned address.

 

Nominal capital is divided into:

243,808 shares of 29.35 each and fully paid-up.   

 

 

SHAREHOLDERS

 

Tryfon Bisimis holds 39.91% of the voting capital.

Panagiota Bisimi holds 39.91% of the voting capital.

Athina Koumpli holds 13.00% of the voting capital.

null Koumblis Anastassios' Heirs holds 7.15% of the voting capital.

 

 

ACTIVITIES

 

SIC:                              3822 5085

ACTIVITY:                     MANUFACTURES ENVIRONMENTAL CONTROLS    

 

Local Activity Code:          2825                                          

Local Activity Code Type:     STAKOD                                        

Equivalent to:                NACE 1                                        

Manufactures environmental controls

Wholesales industrial supplies

Mfg, imports and trade of air conditioning equipment, refrigeration

 machinery for air conditioning units and heat exchangers. Among subject's clients the following are noted:

 

 

IMPORTS

 

Imports 50% from China, Germany, Italy, Sweden

Normal importing terms are cash against documents

 

EXPORTS

 

Exports 60% to Albania, Armenia, Azerbaijan, Belarus, Belgium, Bulgaria, China, Cyprus, Denmark, Former Yugoslav Rep of Macedonia, France, Georgia, Hungary, India, Ireland, Israel, Jordan, Kazakhstan, Kuwait,

Libya, Montserrat, Morocco, Netherlands, Oman, Pakistan, Romania, Russian Fed, Saudi Arabia, Serbia and Montenegro, Sweden, Switzerland, Tunisia, Ukraine, U A E, U K

Normal exporting terms are open account

 

 

PROPERTIES

 

Operates from owned factory, covering approximately 10,700 square metres at heading address.

The site covers approximately 32,520 square metres.

REGISTERED OFFICE: At heading address.                     

 

 

RELATED COMPANIES

 

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

                       

ELMEX S.A. Societe Anonyme, Spata, Greece

This is a dormant concern.

Year started: 1991.

This concern is related through common shareholders.

                       

 

GENERAL COMMENT

 

  On Apr 5, 2013 local informants stated that: Subject is a long established economic unit. It operates mainly as an industrial firm, as its said sector contributes by 80% to its total Net Sales. –

According to the 31/12/2011 balance sheet, subjects fixed assets are mortgaged and prenoted for 12,202,054 Euro, in favour of Banks, to ensure loans received.

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.44

UK Pound

1

Rs.83.77

Euro

1

Rs.71.33

 

 

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%)

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.