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Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ALMOND PRODUCTS HATZIGEORGIOU S.A. |
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Registered Office : |
Drama - Xanthi Rd (9th Km) 66037 Nikiforos Drama |
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Country : |
Greece |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.12.1997 |
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Com. Reg. No.: |
039353 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Manufactures canned fruits and specialties |
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No. of Employees : |
17 |
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 : |
Moderate |
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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 : ALMOND
PRODUCTS HATZIGEORGIOU S.A. (Correct)
Address: DRAMA
- XANTHI RD (9TH KM)
66037 NIKIFOROS
DRAMA
GREECE
Telephone: 30 2521082282
30 2521082082
Fax: 30 2521082110
E-mail: info@perle.gr
Web-site: www.perle.gr
Dimitrios George Hatzigeorgiou chairman,
chief executive
Eirini Dimitrios Hatzigeorgiou vice-chairman
Agathoniki George Hatzigeorgiou member
Fani Hatzigeorgiadou member
Emmanouil Theodoros Hatzigeorgiou member
Principals Antecedents:
Dimitrios George Hatzigeorgiou
Also associated with TROFIMA DRAMAS S.A..
17 Employees (As at 4/01/2012)
Including 0 part-time staff.
In 2011 3 payment orders were registered against the subject for an
amount of 52790 Euro, which have since been resolved.
In 2010 a payment order was registered against the subject for an amount
of 64681 Euro, which have since been resolved.
High Risk
National Bank of Greece S.A.
Drama Branch branch.
32 Meg. Alexandrou, Drama 66100, Greece.
Telephone: 30 2521060624
Bank of Piraeus S.A.
Drama (Vergina) Branch branch.
22 Verginas, Drama 66100, Greece.
Telephone: 30 2521058410
SECURED CHARGES
A charge for an amount of 68,358 Euro was registered on 1, 2000. The
charge is secured against Number Of Items: 1.
A charge for an amount of 2,622,233 Euro was registered on 1, 2000. The charge
is secured against Number Of Items: 4, On : a field 29272m2 at the area
Nikiforou.
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Fiscal
Fiscal Fiscal |
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Dec
31,2009 Dec 31,2010 Dec 31,2011 |
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Turnover
11,696,040 13,715,507 12,710,094 |
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Pre-Tax Profit
618,631 172,686 -214,542 |
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Net Worth
5,116,707 6,109,552 5,762,831 |
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Fixed Assets
6,195,475 5,565,433 4,949,383 |
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Total Assets
20,349,939 21,697,934 21,467,302 |
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Current Assets
13,878,667 15,940,396 14,933,574 |
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Current Liabilities
5,462,155 3,127,230 3,694,294 |
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Working Capital
8,416,512 12,813,166 11,239,280 |
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Long Term Debt
9,771,078 12,461,152 12,010,176 |
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Financial Assets
27,557 27,557 1,500,560 |
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Intangibles
248,241 164,548 83,785 |
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Employees
14 19 |
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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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Dec 31,2009 Dec 31,2010 Dec 31,2011 |
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Current Ratio (X) 2.54 5.10 4.04 |
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Solvency Ratio (%)
297.72 255.15 272.51 |
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Fixed Assets/Net Worth (%)
121.08
91.09 85.89 |
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Current Liabs/Net Worth (%
106.75
51.19 64.11 |
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Asset Turnover (%) 57.48 63.21 59.21 |
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Sales / Net Working Cap (X
1.39 1.07 1.13 |
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Assets / Sales (%) 173.99 158.20 168.90 |
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Profit Margin (%) 5.29 1.26 -1.69 |
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S/holders Return (%)
12.09
2.83 -3.72 |
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Return On Assets (%)
3.04
0.80 -1.00 |
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Sales / Employees
0.00 979,679.07 668,952.32 |
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Profit / Employees 0.00 12,334.71 -11,291.68 |
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Started: 01/12/1997
Year Inc: 1997
Legal Form: SOCIETE
ANONYME for a period ending Dec 31, 2096
Registration Number: 039353
Government Gazette Number: 08351
/ 1997
Chamber of Commerce Number: 9061
Tax Registration Number: 094452182
Established in Adriani, Drama, on 1.12.97, following the change of the
legal status of HATZIGEORGIOU D & CO O.E, originally founded in 1987.
BACKGROUND
Business started Dec 1, 1997.
Subject moved from Dramas - Xanthis Rd (7th km), Adriani, 66100 Drama Drama, on Jun 1, 2006
Nominal capital is divided into:
1,518,847
shares of 2.93 each and fully paid-up.
Dimitrios Hatzigeorgiou
Agathoniki Hatzigeorgiou
George Hatzigeorgiou
SOC SIC: 2033
5148
Manufactures canned fruits and specialties
Wholesales fresh fruits and vegetables
Processing, imports and trade of nuts and dried fruit
Local Activity Code: 1039
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
IES
TROFIMA DRAMAS S.A. Societe Anonyme
Drama, Greece
Year started: 1999
This concern is related through common shareholders.
Imports: 90%
From: Argentina,
Bulgaria, Chile, China, France, India, Iran, Romania, Spain, Turkey, Ukraine, U S A
Normal importing terms are cash against documents
Exports: 25%
To: Bulgaria,
Cyprus, Denmark, Germany, Israel, Italy, Malta,
Former Yugoslav Rep of Macedonia, Morocco,
Netherlands, Spain, Sweden
Normal exporting terms are cash against documents
Operates from owned workshop, covering approximately 12,000 square
metres at heading address.
The site covers approximately 4,338 square metres.
Registered Office: At heading address.
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.