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Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
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Name : |
MEGAFARM S.A. |
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Registered Office : |
Athens - Korinthos New National Rd (39th Km) 19100 Megara Attiki |
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Country : |
Greece |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.01.1991. |
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Com. Reg. No.: |
025373 |
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Legal Form : |
Societe anonyme registered |
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Line of Business : |
Operates poultry hatcheries |
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No. of Employees : |
30 people |
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 : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
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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: Megafarm S.A.
Address: Athens
- Korinthos New National Rd (39th Km)
19100 Megara
Attiki
Greece
Telephone: 30 2296083055
Telefax: 30 2296083058
E-Mail
Address: info@megafarm.gr
Web Address: www.megafarm.gr
Alpha Bank A.E., Megara Branch branch., 95, 28th Octovriou Street,
Megara 19100, Greece.
Telephone: 30 2296021442
Alpha Bank A.E., Megara Branch branch., 95, 28th Octovriou Street,
Megara 19100, Greece.
Telephone: 30 2296021442
National Bank of Greece S.A., Megara Branch branch., 68 28th Oktovriou,
Megara 19100, Greece.
Telephone: 30 2296026360
EFG EUROBANK ERGASIAS S.A., Karaiskaki Sq Branch branch., 55-59
Deligiorgi, Athens 10437, Greece.
Telephone: 30 2105202480
According to information available to us, the subject's payments are
prompt.
Trade Payment Summary:
EXP. DATE PAYING RECORD HIGH
CREDIT NOW OWES PAST
DUE TERM LAST SALE
10/6/2013 SLOW15/60 9,171 0 0
30
17/5/2013 SLOW15/60 9,171 0 0 30
25/3/2013 SLOW15/60 9,171 0 0 30
14/1/2013 SLOW15/30 9,171
9,171 9,171 30
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Fiscal Fiscal Fiscal |
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Dec 31,2010 Dec 31,2011 Dec 31,2012 |
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Turnover 8,132,867 7,140,798 5,007,816 |
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Pre-Tax
Profit
-165,542 -133,260 -414,016 |
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Net Worth 3,946,975 4,713,370 4,937,234 |
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Fixed Assets 984,269 904,802 871,696 |
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Total Assets 11,259,407 11,807,443 11,528,625 |
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Current
Assets 8,234,462 8,591,302 8,345,658 |
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Current
Liabilities
3,259,062 2,265,741 1,776,339 |
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Working
Capital
4,975,400 6,325,561 6,569,319 |
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Long Term
Debt 4,053,371 4,828,332 4,815,052 |
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Financial
Assets
493,429 489,592 489,116 |
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Intangibles 1,547,248 1,821,748 1,822,154 |
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Employees 50 45 |
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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
31,2010 Dec 31,2011 Dec 31,2012 |
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Current Ratio
(X) 2.53 3.79 4.70 |
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Solvency Ratio
(%) 185.27 150.51 133.50 |
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Fixed Assets/Net
Worth (%) 24.94 19.20 17.66 |
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Current Liabs/Net
Worth (%) 82.57 48.07 35.98 |
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Asset Turnover
(%) 72.23 60.48 43.44 |
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Sales / Net
Working Cap (X) 1.63 1.13 0.76 |
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Assets / Sales
(%) 138.44 165.35 230.21 |
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Profit Margin
(%) -2.04 -1.87 -8.27 |
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S/holders Return
(%) -4.19 -2.83 -8.39 |
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Return On Assets
(%) -1.47 -1.13 -3.59 |
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Sales /
Employees
162,657.34 0.00 111,284.80 |
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Profit /
Employees
-3,310.84 0.00 -9,200.36 |
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Abstract from individual fiscal balance
sheet as at Dec 31, 2012 |
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LIABILITIES ASSETS |
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Capital 2,064,450 Land/Buildings 2,004,392 |
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Retained
Profits -988,907 Plant/Machinery 454,545 |
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Misc
Reserves 3,861,691 Depreciation 1,587,241 |
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Net Worth 4,937,234 Total Fixed Ass 871,696 |
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Misc
Provisions 367 Shares in Group 481,174 |
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Misc Def
Liabs 4,814,685 Misc Fin'cl Ass 7,942 |
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Total Fin'cl Ass
489,116 |
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Misc
Intangible 1,822,154 |
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Total Intangible
1,822,154 |
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CURRENT LIABILITIES: CURRENT ASSETS: |
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Trade
Creditors 1,328,462 Stock 1,809,133 |
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Short term
Loans 311,685 Trade Debtors 6,478,336 |
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Misc Current
Liabs 136,192 Misc Debtors 7,896 |
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Cash
50,294 |
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TOTAL
CURRENT 1,776,339 TOTAL CURRENT 8,345,659 |
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TOTAL LIABS &
NW 11,528,625 TOTAL ASSETS 11,528,625 |
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Profit & Loss Account from Jan
1, 2012 to Dec 31, 2012 |
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Net Sales 5,007,816 |
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Cost of Goods Sold 3,976,362 |
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Gross Profit 1,031,454 |
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Misc Operating Charges 1,061,030 |
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Misc Operating Income 764 |
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Net Operating Income -28,812 |
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Misc Financial Income 42,348 |
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Total Financial Income 42,348 |
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Interest Payable 244,051 |
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Misc Financial Expenses 183,501 |
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Total Financial Expenses 427,552 |
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Profit Before Taxes -414,016 |
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Profit After Tax -414,016 |
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Net Loss 414,016 |
The above figures
are in EUROS and are as per the balance sheet as of Dec 31, 2012.
Statement obtained
from the subject on Jun 13, 2013.
Name: Efstratios John
Fotellis
Position: Chairman
Shareholder
Name: Efstratia Efstratios
Fotelli
Position: Vice-chairman
Name: Efstratios John
Fotellis
Position: Chief executive
Shareholder
Name: Aikaterini Efstratios
Fotelli
Position: Member
Name: Efstratios Fotellis
Holds: 96.00% of the voting
capital.
Name: Konstantinos Theodoridis
Holds: 2.00% of the voting
capital.
Name: Anestis Theodoridis
Holds: 2.00% of the voting
capital.
Started: Business
started Jan 1, 1991.
Year Inc: 1991
Legal Form: Societe anonyme
registered on Jan 1, 1991 for a period ending Dec 31, 2080.
Registration No: 025373
Government Gazette
No: 04892 / 1991
Chamber of
Commerce No: 24276
Tax Registration
No: 094321495
Established in
Athens (75 Ellispondou Str.), on 20.12.1991.
On 27.8.1992 (Gov.
Gaz. No.: 4182/92), subject's head office was moved at 11 Kolokotroni, Nea
Peramos, Attiki. On 31/12/1998 (Gov. Gaz. No. 09996/1998) a change of subject's
head office was published.
Subject moved from
11 Kolokotroni, 19006 Nea Peramos Attiki on Dec 7, 1998.
Nominal capital:
2,064,449. Issued capital: 2,064,449.
Issued/paid-up
capital was last increased on Sep 10, 2010.
Nominal capital is
divided into: 351,695 shares of 5.87 each and fully paid-up.
PRINCIPALS
Name: Efstratios
John Fotellis
Also a director of: ZASPA S.A., FOTELLIS, E.,
SECURITY SYSTEMS S.A., KARSAKIS S.A., HERMES PROFESSIONAL SERVICES S.A.
SECURICLEANING, INTERSAFE S.A., HERMES CENTRAL STATION LTD.
Also associated with: FOTELLIS, E., SECURITY SYSTEMS
S.A., HERMES PROFESSIONAL SERVICES S.A. SECURICLEANING, INTERSAFE S.A.,
THEODORIDIS, CHR., S.A..
Name: Efstratia
Efstratios Fotelli
Also a director of: FOTELLIS,
E., SECURITY SYSTEMS S.A., KARSAKIS S.A., INTERSAFE S.A..
Also associated with: INTERSAFE
S.A.
Name: Aikaterini
Efstratios Fotelli
Also a director of: TEPE
SYSTIMATA ASFALEIAS LTD.
Also a partner in: TEPE
SYSTIMATA ASFALEIAS LTD.
Also associated with: INTERSAFE
S.A.
Name: ZASPA S.A. Societe
Anonyme, Rodos, Greece
Year started: 2006.
Subject owns: 80% of the capital.
Name: KARSAKIS S.A. Societe
Anonyme, Megara, Greece
Year started: 2008.
Subject owns: 80% of the capital.
The following are
related through principal(s) and/or financial interest(s):
FOTELLIS, E.,
SECURITY SYSTEMS S.A. Societe Anonyme, Athens, Greece
Year started:
1984.
This concern is
related through common shareholders.
HERMES
PROFESSIONAL SERVICES S.A. SECURICLEANING Societe Anonyme, Nea Ionia,
Greece
This is a dormant
concern.
Year started:
1993.
This concern is
related through common shareholders.
INTERSAFE S.A.
Societe Anonyme, Athens, Greece
Year started:
1992.
This concern is
related through common shareholders.
THEODORIDIS, CHR.,
S.A. Societe Anonyme, Megara, Greece
Year started:
2001.
This concern is
related through common shareholders.
THEODORIDIS S.A.
Societe Anonyme, Volos, Greece
This is a dormant
concern.
Year started:
2003.
This concern is
related through common shareholders.
THEODORIDIS, AN.,
SOLE SHAREHOLDER CO. LTD Sole Shareholder Limited Liability Company, Rodos,
Greece
This is a dormant
concern.
Year started:
2002.
This concern is
related through common shareholders.
ARTI SOLE
SHAREHOLDER CO. LTD Sole Shareholder Limited Liability Company, Nea Peramos,
Greece
This is a dormant
concern.
Year started:
2006.
This concern is
related through common shareholders.
Athinon - Korinthou National Rd (39th km), 19100, Megara, Greece.
These are owned premises. Size: 1726 square metres.
Industrial Area, C Rd, Building 2.6, 71601, Nea Alikarnassos, Greece.
These are owned office premises. Size: 600 square metres.
The subject operates from owned workshop, covering approximately 1,400
square metres located at the heading address.
The site covers approximately 5,737 square metres.
The subjects registered office is located at the heading address.
The subject employs 30 people.
The number of employees varies according to needs.
The number of employees peaks to 30.
Sic: 0254 5143
Local Activity Code: 0147
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
Activities: Operates
poultry hatcheries
"Wholesales
dairy products, except dried or canned"
Standardization and trade of eggs. Processing
(in third party facilities) of eggs (confectionery raw materials)
Customers: It is noted that its clientele approximately
comprises 2000 firms, in all over Greece.
Exports: Subject does
not export.
Imports: Imports 40%
from Cyprus, Germany, Italy, Spain
Normal importing
terms are cash against documents.
Brands: MEGAFARM
The subject is a well-established agricultural
firm. From August 2007 the subject has also been active in the elaboration of
eggs as confectionery raw materials. This elaboration takes place in the
establishments of the firm AVGO SA.
According to the 31/12/12 balance sheet, subject's fixed assets are
mortgaged and prenoted for 1,860,000 Euro, in favour of banks, to ensure loans
received.
No further information was available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
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|
1 |
Rs.91.95 |
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Euro |
1 |
Rs.80.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.