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Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
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Name : |
LAPEL S.A. |
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Registered Office : |
28th Oktovriou (Terma) 56334 Eleftherio Thessaloniki |
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Country : |
Greece |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
01.01.1996 |
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Com. Reg. No.: |
036148 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Wholesales footwear |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Greece |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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, 6.9% in 2011, and 6.0% in 2012. 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 about 8% in 2012. Deteriorating public finances,
inaccurate and misreported statistics, and consistent underperformance on
reforms prompted major credit rating agencies to downgrade Greece's
international debt rating in late 2009, 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, overhauling 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 Euro-Zone 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 : LAPEL
S.A. (Correct)
Address: 28TH
OKTOVRIOU (TERMA)
56334 ELEFTHERIO
THESSALONIKI
GREECE
Telephone: 30 2310559111
30 2310525952
Fax: 30
2310559112
E-mail: lapel@lapel.gr
Web-site: www.lapel.gr
John Haralambos Lailoglou chairman, chief executive
Foteini Haralambos Lailoglou vice-chairman
Christoforos Stefanos Kragiopoulos member
4 Employees
A check against all available information sources revealed that no late
payment incidents against Subject Company exist.
Alpha Bank A.E.
Monastiriou (Menemeni) Branch branch.
315 Monastiriou, Thessaloniki 54628, Greece.
Telephone: 30 2310539786
National Bank of Greece S.A.
Monastiriou Thessaloniki Branc branch.
Monastiriou 110, Thessaloniki 54110, Greece.
Telephone: 30 2310510490
Marfin Egnatia Bank S.A.
Ag. Panton (Monastiriou) Branc branch.
139 Monastiriou & 3 Halkidos, Thessaloniki 54627, Greece.
Telephone: 30 2310538308
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Fiscal Fiscal Fiscal |
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Jun 30,2010 Jun 30,2011 Jun 30,2012 |
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Turnover 3,220,809 1,900,058 1,222,472 |
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Pre-Tax Profit 93,800 80,636 2,970 |
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Net Worth 3,930,811 3,917,562 4,604,792 |
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Fixed Assets 2,030,915 1,884,422 1,746,675 |
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Total Assets 5,341,883 5,533,590 5,611,472 |
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Current Assets 3,210,076 3,594,374 3,857,933 |
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Current Liabilities 1,294,211 1,543,455 984,782 |
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Working Capital 1,915,865 2,050,919 2,873,151 |
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Long Term Debt 116,862 72,573 21,898 |
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Financial Assets 4,833 6,763 6,863 |
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Intangibles 96,059 48,030 0 |
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Employees 4 |
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Net Worth and Total Assets are tangible figures shown after the
deduction of |
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intangible assets. |
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RATIOS |
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Jun
30,2010 Jun 30,2011 Jun 30,2012 |
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Current Ratio (X) 2.48 2.33 3.92 |
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Solvency Ratio (%)
135.90 141.25 121.86 |
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Fixed Assets/Net Worth (%)
51.67 48.10 37.93 |
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Current Liabs/Net Worth (%)
32.93 39.40 21.39 |
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Asset Turnover (%)
60.29 34.34 21.79 |
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Sales / Net Working Cap (X)
1.68 0.93 0.43 |
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Assets / Sales (%)
165.86 291.23 459.03 |
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Profit Margin (%) 2.91 4.24 0.24 |
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S/holders Return (%) 2.39 2.06 0.06 |
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Return On Assets (%)
1.76 1.46 0.05 |
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Sales / Employees
805,202.25
0.00 0.00 |
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Profit / Employees
23,450.00 0.00 0.00 |
Started: 01/01/1996
Year Inc: 1996
Legal Form: SOCIETE
ANONYME (for a period ending Dec
31, 2046)
Registration Number: 036148
Government Gazette Number: 05486
/ 1996
Chamber of Commerce Number: 75637
Tax Registration Number: 094490162
Established in Thessaloniki, on 29.07.96. On 5/8/2005 (Gov. Gaz.
No.08720/2005) a change of subject's head office was published.
Background
Business started Jan 1, 1996.
Subject moved from 2 Kountouriotou, 54625 Thessaloniki Thessaloniki on
Jul 20, 2005.
Capital
Nominal capital: 2,400,000
Issued capital: 2,400,000
Nominal capital is divided into: 80,000
shares of 30 each and fully paid-up
Issued/paid-up capital was last increased on Jul 6, 2010.
John Lailoglou 55.00%
of the voting capital.
Foteini Lailoglou 45.00%
of the voting capital.
SOC SIC: 5139
2386
Wholesales footwear
Manufactures leather and sheep-lined clothing
Imports, mfg and wholesale trade of leather garments, Subject distributes
its goods by wholesale.
Local Activity Code: 4642
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
PARTIES
LAPEL J. LAILOGLOU & CO. O.E.
General Partnership, Eleftherio, Greece
Year started: 1985
This concern is related through common shareholders.
The subject does not engage in any import activities.
Exports to: Former
Yugoslav Rep of Macedonia, Georgia,
Russian Fed,
Serbia, Montenegro
Normal exporting terms are cash against documents
Subject has 3 branches/divisions:
28th Oktovriou (terma), 56334, Eleftherio, Greece.
These are rented factory premises.
2 Kountouriotou, 54625, Thessaloniki, Greece.
91 Kon. Karamanli Ave, 57008, Ionia, Greece.
These are office premises.
Operates from rented warehouse, at heading address.
Registered Office: At
heading address
Subject is a family run, mainly trading firm. It operates in close
connection with the above mentioned affiliated firm LAILOGLOU, J., & CO
O.E. 'LAPEL'.
The information provided in
this report was obtained from Official Sources. No further information is
available for the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.03 |
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1 |
Rs.82.43 |
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Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.