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Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
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Name : |
HALI COMMERCIAL CARPETS LTD |
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Registered Office : |
1 Ag. Triados, 15343 Agia Paraskevi, Attiki |
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Country : |
Greece |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.01.1995 |
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Legal Form : |
Limited Liability Company
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Line of Business : |
Subject operates floor covering stores |
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No. of Employees : |
01 (2010) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Greece |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
|
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.
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Source : CIA |
HALI COMMERCIAL CARPETS LTD (Correct)
Address: 1 AG.
TRIADOS
15343
AGIA PARASKEVI
ATTIKI
GREECE
Telephone: 30 2106012592
30 2106011175
Telefax: 30 2106007242
E-mail: info@kachramanoglou.com
Web-Site: www.kachramanoglou.com
Basil John Kachramanoglou Administrator
Partner
Also a partner in
HALI COMMERCIAL CARPETS LTD
Kyriakos John Kachramanoglou Administrator
Partner
Also a partner in
HALI COMMERCIAL CARPETS LTD.
A check against all available information revealed that no late payment
incidents against Subject Company exist.
Alpha Bank A.E.,
Ag. Paraskevi Branch branch., 44-46 Ag. Ioannou, Agia Paraskevi 15342,
Greece.
Telephone: 30
2106011753
EFG EUROBANK ERGASIAS S.A.,
Ag. Paraskevi Branch branch., 45 Ag. Ioannou, Agia Paraskevi 15342,
Greece.
Telephone: 30
2106006600
Marfin Egnatia Bank S.A.,
Ag. Paraskevi Branch branch., 400 Messogeion & Aigaiou Pelagous,
Agia Paraskevi 15342, Greece.
Telephone: 30
2106015800
T BANK S.A.,
Halandri Branch branch., 38-40
Ag. Paraskevis, Halandri 15234, Greece.
Telephone: 30
2106850301
Sales: EUR
300,000 (for the 12 month period
ending Dec 31, 2012)
The below
mentioned financial figures are in Euro.
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|
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Dec
31,2009 |
Dec
31,2010 |
Dec
31,2011 |
|
Turnover |
707,194 |
594,257 |
425,044 |
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Pre-Tax Profit |
88,160 |
74,430 |
4,665 |
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Net Worth |
476,392 |
487,368 |
490,431 |
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Fixed Assets |
9,755 |
7,461 |
4,631 |
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Total Assets |
1,367,274 |
1,200,376 |
1,173,435 |
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Current Assets |
1,335,965 |
1,171,362 |
1,147,250 |
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Current Liabilities |
890,882 |
713,008 |
683,004 |
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Working Capital |
445,083 |
458,354 |
464,246 |
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Financial Assets |
21,554 |
21,554 |
21,554 |
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Employees |
|
1 |
1 |
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RATIOS |
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Dec
31,2009 |
Dec
31,2010 |
Dec
31,2011 |
|
Current Ratio (X) |
1.5 |
1.64 |
1.68 |
|
Solvency Ratio (%) |
187.01 |
146.3 |
139.27 |
|
Fixed Assets/Net Worth (%) |
2.05 |
1.53 |
0.94 |
|
Current Liabs/Net Worth (%) |
187.01 |
146.3 |
139.27 |
|
Asset Turnover (%) |
51.72 |
49.51 |
36.22 |
|
Sales / Net Working Cap (X) |
1.59 |
1.3 |
0.92 |
|
Assets / Sales (%) |
193.34 |
202 |
276.07 |
|
Profit Margin (%) |
12.47 |
12.53 |
1.1 |
|
S/holders Return (%) |
18.51 |
15.27 |
0.95 |
|
Return On Assets (%) |
6.45 |
6.2 |
0.4 |
|
Sales / Employees |
0 |
594,257.00 |
425,044.00 |
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Profit / Employees |
0 |
74,430.00 |
4,665.00 |
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Abstract from individual fiscal balance sheet as at Dec
31,2011 |
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LIABILITIES |
|
ASSETS |
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Capital |
402,000 |
Land/Buildings |
42,706 |
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Retained Profits |
2,431 |
Depreciation |
38,075 |
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Misc Reserves |
86,000 |
Total Fixed Ass |
4,631 |
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Net Worth |
490,431 |
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Misc
Fin'cl Ass |
21,554 |
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Total
Fin'cl Ass |
21,554 |
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CURRENT LIABILITIES: |
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CURRENT
ASSETS: |
|
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Trade Creditors |
288,697 |
Stock |
1,104,444 |
|
Short term Loans |
313,078 |
Trade
Debtors |
24,222 |
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|
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Cash |
18,584 |
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TOTAL CURRENT |
683,004 |
TOTAL CURRENT |
1,147,250 |
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TOTAL LIABS & NW |
1,173,435 |
TOTAL
ASSETS |
1,173,435 |
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Profit & Loss Account from Jan 1, 2011 to Dec 31, 2011 |
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Net Sales |
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425,044 |
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Cost of Goods Sold |
|
249,831 |
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Gross Profit |
|
175,213 |
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Misc Operating Charges |
|
127,330 |
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Net Operating Income |
|
47,883 |
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Interest Payable |
|
41,678 |
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Misc Financial Expenses |
|
1,540 |
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Total Financial Expenses |
|
43,218 |
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Profit Before Taxes |
|
4,665 |
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Income Tax |
|
1,602 |
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Profit After Tax |
|
3,063 |
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Net Profit |
|
3,063 |
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Started: 1995
Year Inc: 1995
Registered: Jan
1, 1995 for a period ending Dec 31, 2015
Legal Form: LIMITED
LIABILITY COMPANY
Government Gazette Number: 05434
/ 1995
Tax Registration Number: 095479051
BACKGROUND
Business started Jan 1, 1995.
Subject moved from 405 Messogeion Ave, 15343 Agia Paraskevi Attiki on
Sep 1, 2012.
Established in Agia Paraskevi, on 21.09.95.
Nominal capital is divided into: 13,400
shares of 30 each and fully paid-up.
Kyriakos Kachramanoglou: 50.00%
Basil Kachramanoglou: 50.00%
SIC: 5713
Activity: Operates floor covering
stores
Imports and trade
of carpets and moquettes
Subject
distributes its goods by retail.
Imports: 90%
from Belgium, Germany, India, Iran, Pakistan
Normal importing
terms are cash against documents
Subject does not export.
Subject has 1 branches/divisions: 1
Ag. Triados, 15343, Agia Paraskevi, Greece.
Registered office: At
heading address.
Operates from rented warehouse, covering approximately 600 square metres
at heading address
Subject is a long established family run trading firm.
The information provided in this report was
obtained from Official Sources. No further information is available for the
subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
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UK Pound |
1 |
Rs.83.88 |
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Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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.