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Report Date : |
09.08.2013 |
IDENTIFICATION DETAILS
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Name : |
B & B
PACKAGING MATERIALS S.A. |
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Registered Office : |
Megaridos Ave, Kalistiri, 19300 Aspropyrgos,
Attiki |
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Country : |
Greece
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
26.01.2004 |
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Com. Reg. No.: |
056025 |
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Legal Form : |
Societe anonyme |
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Line of Business : |
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No. of Employees : |
31. |
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 – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
GREECE |
B2 |
B2 |
|
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.
|
Source : CIA |
B & B PACKAGING
MATERIALS S.A.
ADDRESS: MEGARIDOS AVE, KALISTIRI
19300 ASPROPYRGOS
ATTIKI
GREECE
TELEPHONE: 30 2105580008
TELEFAX: 30 2105580003
E-MAIL
ADDRESS: info@bbpackaging.gr
WEB ADDRESS: www.bbpackaging.gr
George
PanagiotisBatsaris
Chairman
Shareholder
SpyridonPanagiotisBatsaris
Vice-chairman
Shareholder
George
PanagiotisBatsaris
Chief executive
Shareholder
SpyridonPanagiotisBatsaris
Chief executive
Shareholder
StavroulaPanagiotisBatsari
Member
EFG EUROBANK ERGASIAS
S.A., Alimos Branch branch., 2 Geroulanou&
Vouliagmenis Ave,
Argyroupoli 16452, Greece.
Telephone: 30
2109958412
Bank of Piraeus
S.A., Aspropyrgos Branch branch., 37 Dimokratias Ave &
Kolokotroni,
Aspropyrgos 19300, Greece.
Telephone: 30
2105581120
Subject has
registered secured charges which include the below:
A charge for an
amount of 200,000 Euro was registered on 1, 2000.
The charge is
secured against Number Of Items: 1.
TRADE
PAYMENTS
EXP. DATE PAYING RECORD HIGH CREDIT NOW OWES PAST DUE TERM LAST SALE
31/1/2013 PROMPT 7,645 0 0 30 31/12/2012
31/1/2013 PROMPT 785 471 0 30 31/12/2012
31/1/2013 PROMPT 7,645 7,645 0 30 31/12/2012
31/12/2012
PROMPT 785 785 0 30 30/11/2012
31/8/2012 SLOW15/30 1,289 1,289 1,227 30
31/07/2012
LEGAL FORM
Societeanonyme
registered on Jan 26, 2004 for a period ending Dec 31, 2054.
Registration
Number: 056025
Government Gazette
Number: 00547 / 2004
Chamber of
Commerce Number: 40067
Tax Registration
Number: 999606606
On 1.3.2004
subject took-over the business activities of the affiliated firm BATSARIS, P.,
BROS O.E., originally founded in 2000.
Nominal capital:
100,000.
Issued capital:
100,000.
Capital is divided
into: 20,000 shares of 5 each and fully
paid-up.
George Batsaris
holds 50.00% of the voting capital.
SpyridonBatsaris
holds 50.00% of the voting capital.
EMPLOYS: 31 as at
Feb 20, 2012 including 0 part-time staff.
The number of employees
varies according to needs.
The number of
employees peaks to 31.
Operates from a
rented factory, covering approximately 5,500 square meters at heading address.
REGISTERED OFFICE:
At heading address.
BATSARIS, P., BROS
O.E. General Partnership, Alimos, Greece
This is a dormant
concern.
Year started:
2000.
This concern is
related through common shareholders.
BATSARIS, G., - S.
BATSARIS O.E. General Partnership, Aspropyrgos, Greece
Year started:
2007.
This concern is
related through common shareholders.
ILIAKES AKTES S.A.
SocieteAnonyme, Aspropyrgos, Greece
Year started:
2002.
This concern is
related through common shareholders.
BATSARIS SPYRIDON
Sole Proprietorship, Alimos, Greece
This is a dormant concern.
Year started:
1995.
This concern is
related through common shareholders.
Subject has 1
branche/division:
19300,
Aspropyrgos, Greece. These are owned premises. Size: 20000 square metres.
Local Activity
Code: 4690
Local Activity
Code Type: STAKOD
Equivalent
to: NACE 1
Wholesales
nondurable goods.
Manufactures
sanitary paper products.
Imports and
wholesale trade of packaging materials.Production of paper, disposable
tableware.
Subject's
clientele comprises approximately 1,200 firms through Greece.
Imports 50% from
China, India, Italy, Malaysia, Sweden, Turkey
Normal importing
terms are cash against documents.
Exports to
Albania, Bulgaria, Serbia and Montenegro.
Fiscal Fiscal Fiscal
Dec
31,2010 Dec 31,2011 Dec 31, 2012
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Turnover 7,520,453 7,805,586 6,410,684 |
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Pre-Tax
Profit
301,862 186,200 -41,821 |
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Net Worth 794,749 804,337 762,515 |
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Fixed
Assets
1,619,977 1,625,583 2,641,107 |
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Total
Assets
7,225,066 7,891,564 8,393,196 |
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Current
Assets 5,339,199 5,933,827 5,384,265 |
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Current
Liabilities 5,252,382 5,995,161 6,628,448 |
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Working
Capital 86,817 -61,334 -1,244,183 |
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Long Term
Debt 1,177,935 1,092,066 1,002,232 |
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Financial
Assets 9,990 40,320 40,320 |
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Intangibles 255,900 291,835 327,504 |
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Employees
14 14 |
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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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Abstract from individual fiscal balance
sheet as at Dec 31, 2012 |
LIABILITIES ASSETS
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Capital 100,000 Land/Buildings 2,943,518 |
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Retained
Profits 612,515 Depreciation 302,411 |
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Misc
Reserves 50,000 Total Fixed Ass 2,641,107 |
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Net Worth 762,515 |
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MiscFin'cl
Ass 40,320 |
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Misc
Provisions 35,432
Total Fin'cl Ass
40,320 |
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MiscDefLiabs966,800 |
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Misc
Intangible 327,504 |
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Total Intangible 327,504 |
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CURRENT LIABILITIES: CURRENT ASSETS: |
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Trade
Creditors 5,661,018 Stock 1,708,587 |
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Short term
Loans 850,427 Trade Debtors 3,250,156 |
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Misc Current
Liabs 117,004 Misc Debtors 146,306 |
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Cash 279,216 |
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TOTAL
CURRENT 6,628,449 TOTAL CURRENT 5,384,265 |
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TOTAL LIABS
& NW 8,393,196 TOTAL ASSETS 8,393,196 |
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Profit &
Loss Account from Jan 1, 2012 to Dec 31, 2012 |
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Net Sales 6,410,684 |
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Cost of Goods Sold 5,460,594 |
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Gross Profit 950,090 |
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Misc Operating Charges 971,438 |
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Misc Operating Income 445 |
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Net Operating Income -20,903 |
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Misc Financial Income 68,487 |
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Total Financial Income 68,487 |
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Interest Payable 74,552 |
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Misc Financial Expenses 14,853 |
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Total Financial Expenses 89,405 |
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Profit Before Taxes -41,821 |
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Profit After Tax -41,821 |
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Net Loss 41,821 |
Information in this report was obtained from official and
publicly available sources.
No further information concerning the subject company was
retrieved.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
UK Pound |
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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 |
-- |
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.