|
Report Date : |
13.08.2013 |
IDENTIFICATION DETAILS
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Name : |
MARMOR SG S.A. |
|
|
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Registered Office : |
Thessalonikis - |
|
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Country : |
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|
|
Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
17.08. 1999 |
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Com. Reg. No.: |
043607 |
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Legal Form : |
Societe Anonyme |
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|
|
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Line of Business : |
Manufactures cut stone and stone products. |
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|
|
|
No. of Employees : |
91 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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: MARMOR SG S.A.
ADDRESS: THESSALONIKIS -
KAVALAS RD (18TH KM), KAVALARI, P.O. BOX 1,57200 LANGADAS
THESSALONIKI ,GREECE
TELEPHONE: 30 2394020440
TELEFAX: 30 2394052733
E-MAIL
ADDRESS: info@stonegroup.gr
WEB ADDRESS: www.stonegroup.gr
Legal form: Societe anonyme
registered on Aug 17, 1999 for a period ending Dec 31, 2049.
Registration Number: 043607
Government Gazette Number: 06740 / 1999
Chamber of Commerce Number: 80219
Tax Registration Number: 092413634
REGISTERED OFFICE: THESSALONIKIS - KAVALAS RD (18TH KM),
KAVALARI, P.O. BOX 1,57200 LANGADAS, THESSALONIKI ,GREECE
Subject's name was
changed from 'MARMOR KAMIN S.A.'.
Business started
Aug 17, 1999.
Subject moved from
Thessalonikis - Michanionas Rd (14th km), 57001 Thermi Thessaloniki on Aug 20,
2001.
Established
following a change of a firm's legal status. On 1/3/2000 (Gov.Gaz. No.
01640/2000) a change of subject's head office was published. On 25/10/2001
(Gov. Gaz. No. 09465/2001) a change of subject's head office was published. On
8/1/2010 (Gov. Gaz. No. 00085/2010) the company's name was changed. On
17/12/2012 (Gov. Gaz. No. 14436/2012) the company's trading style was changed.
SUPPLEMENTARY
DATA ON THE
ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.: According to the Gov.Gaz.
6740/99 subject was established following the change in the legal status of the
firm A. ANTONIADHS - J. SACHANAS OE. Prior to the change that was published in
the Gov.Gaz.No.:85/2010 subject's name was MARMOR KAMIN SA. Gov.Gaz.No.: 14436
refers to the change of subject's trading style from MARMOR SG S.A. to STONE
GROUP INTERNATIONAL.
Nominal capital: 3,622,707. Issued capital: 3,622,707.
Issued/paid-up capital was last increased on Jul 19, 2011.
Nominal capital is divided into:
119,168 shares of 30.4 each and fully paid-up.
SALES: 21,246,913
PROFIT: 2,065,633
NET WORTH: 11,752,469
|
|
Fiscal Dec 31,2010 |
Fiscal Dec 31,2011 |
Fiscal Dec 31,2012 |
|
Turnover |
19,178,780 |
20,719,951 |
21,246,913 |
|
Pre-Tax Profit |
1,710,159 |
1,555,012 |
2,065,634 |
|
Net Worth |
8,879,206 |
9,520,786 |
11,752,469 |
|
Fixed Assets |
5,207,757 |
4,760,421 |
4,977,347 |
|
Total Assets |
23,741,958 |
21,387,011 |
24,623,747 |
|
Current Assets |
18,443,456 |
16,533,031 |
19,595,319 |
|
Current Liabilities |
9,310,101 |
6,404,549 |
7,805,873 |
|
Working Capital |
9,133,355 |
10,128,482 |
11,789,446 |
|
Long Term Debt |
5,552,651 |
5,461,675 |
5,065,405 |
|
Financial Assets |
90,744 |
93,557 |
51,079 |
|
Intangibles |
0 |
0 |
1 |
|
Employees |
62 |
100 |
91 |
Net Worth and
Total Assets are tangible figures shown after the deduction of intangible
assets.
Abstract from individual
fiscal balance sheet as at Dec 31, 2012
|
LIABILITIES |
ASSETS |
||
|
Capital |
3,622,707 |
Land/Buildings |
5,140,741 |
|
Retained Profits |
5,203,417 |
Plant/Machinery |
4,335,942 |
|
Misc Reserves |
2,926,345 |
Depreciation |
4,499,336 |
|
Net Worth |
11,752,469 |
Total Fixed Ass |
4,977,347 |
|
Misc Provisions |
1,278,147 |
Shares in Group |
40,022 |
|
Misc Def Liabs |
3,787,259 |
Misc Fin'cl Ass |
11,057 |
|
|
|
Total Fin'cl Ass |
51,079 |
|
|
|
Misc Intangible |
1 |
|
|
|
Total Intangible |
1 |
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|
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||
|
CURRENT LIABILITIES: |
CURRENT ASSETS: |
||
|
Trade Creditors |
4,281,492 |
Stock |
9,331,113 |
|
Short term Loans |
1,727,661 |
Work In Progress |
77,103 |
|
Proposed Dividends |
200,000 |
Trade Debtors |
9,807,967 |
|
Misc Current Liabs |
1,596,719 |
Misc Debtors |
35,023 |
|
|
|
Cash |
344,114 |
|
TOTAL CURRENT |
7,805,872 |
TOTAL CURRENT |
19,595,320 |
|
TOTAL LIABS & NW |
24,623,747 |
TOTAL ASSETS |
24,623,747 |
Profit & Loss
Account from Jan 1, 2012 to Dec 31, 2012
|
Net Sales |
21,246,913 |
|
Cost of Goods Sold |
14,684,136 |
|
Gross Profit |
6,562,777 |
|
Misc Operating Charges |
3,544,627 |
|
Misc Operating Income |
66,806 |
|
Net Operating Income |
3,084,956 |
|
Misc Financial Income |
284,914 |
|
Total Financial Income |
284,914 |
|
Interest Payable |
565,723 |
|
Misc Financial Expenses |
738,514 |
|
Total Financial Expenses |
1,304,237 |
|
Profit Before Taxes |
2,065,633 |
|
Income Tax |
554,757 |
|
Profit After Tax |
1,510,876 |
|
Net Profit |
1,510,876 |
|
Dividends |
200,000 |
|
Retained Earnings at End |
-200,000 |
According to the
balance sheet as of Dec 31, 2012.
The below
mentioned financial figures are in Euro
Financial
statement obtained from subject on Jul 10, 2013.
ACTIVITY: MANUFACTURES CUT
STONE AND STONE PRODUCTS
Local Activity Code: 2370
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
Manufactures cut
stone and stone products.
Wholesales
construction materials .
Working, imports
and trade of marble and granite.
Subject
distributes its goods by wholesale throughout Greece and abroad.
Exports 90% to
Albania, Belgium, Brazil, Bulgaria, China, Cyprus, Georgia, Germany, India,
Italy, Romania, Russian Fed, Switzerland, Ukraine, U S A
Normal exporting
terms are cash against documents
Imports 62% from
Albania, Brazil, Bulgaria, China, Egypt, Former Yugoslav Rep of Macedonia,
India, Iran, Italy, Pakistan, Spain, Turkey, Vietnam
Normal importing
terms are cash against documents
EMPLOYS: 91 as at Jun 14, 2012 including 0 part-time
staff.
The number of
employees varies according to needs.
The number of
employees peaks to 91.
Alpha Bank A.E.,
Oraiokastro Branch
Address: 85, Komninon Street,Oraiokastro
57013, Greece.
Telephone: 30 2310699374
National Bank of
Greece S.A., Oraiokastro Branch
Address: 71 Komninon, Oraiokastro 57013,
Greece.
Telephone: 30 2310689790
Emporiki Bank,
Langadas Branch
Address: 9 Loutron 1 Gossiou, Langadas, 57200,
Greece.
Telephone: 30 2394022122
EFG EUROBANK
ERGASIAS S.A., Leon. Sofou Branch (Ex Ergoban branch)
Address: 18 Leon. Sofou, Thessaloniki 54626,
Greece.
Telephone: 30 2310592700
Bank of Piraeus
S.A., Langadas Branch
Address: 4 K. Gossiou & K. Gossiou (side
street), Langadas 57200, Greece.
Telephone: 30 2394020900
Bank of Cyprus
Ltd, 25th Martiou (Harilaou) Branch
Address: 133 25th Martiou &
Plataion, Thessaloniki 54249, Greece.
Telephone: 30 2310363080
Secured Charges
Subject has
registered secured charges which include the below:
A charge for an
amount of 1,650,000 Euro was registered on 1, 2000. The charge is secured
against Number Of Items: 1, On : fields 27,490m2 with buildings 2,191m2.
According to the 31/12/2012 balance sheet, subjects fixed assets are
mortgaged and pre-noted for 1,950,000 Euro, in favor of Banks, to ensure loans
received.
John Athanassios
Antoniadis: Chairman
John Evangelos
Sahanas: Vice-chairman
John Athanassios
Antoniadis: Chief
executive
Eleni Athanassios
Antoniadou: Member
Theofilos
Apostolos Doulgeris: Member
Evangelos John
Sachanas: Member
PRINCIPALS ANTECEDENTS
NAME: John Athanassios Antoniadis
Also a director of STONE GROUP HELLAS S.A., PETRA SG S.A..
Also associated with STONE GROUP HELLAS S.A., PETRA SG S.A..
NAME: John Evangelos Sahanas
Also a partner in ELITE FIRE LTD.
NAME: John Athanassios Antoniadis
Also a director of STONE GROUP HELLAS S.A., PETRA SG S.A..
Also associated with STONE GROUP HELLAS S.A., PETRA SG S.A..
NAME: Eleni Athanassios Antoniadou
Also associated with STONE GROUP HELLAS S.A..
John Sahanas holds
50.00% of the voting capital.
Athanassios
Antoniadis holds 25.00% of the voting capital.
John Antoniadis
holds 25.00% of the voting capital.
The following are
related through principal(s) and/or financial interest(s):
ELITE FIRE LTD Limited
Liability Company,
Location: Thermi, Greece
Year started: 2005.
This concern is
related through common shareholders.
STONE GROUP HELLAS
S.A. Societe Anonyme,
Location: Langadas, Greece
Year started: 2008.
This concern is
related through common shareholders.
PETRA SG S.A.
Societe Anonyme
Location: Langadas, Greece
Year started: 2009.
This concern is
related through common shareholders.
MITROUSSIS, S.,
LATOMIKES EPICHERISSEIS O.E. General Partnership,
Location: Drama,Greece
This is a dormant
concern.
Year started: 2004.
Subject has a 50.0% share interest
Trade Payment Summary
|
EXP. DATE |
PAYING RECORD |
HIGH |
CREDIT NOW OWES |
PAST |
DUE TERM |
LAST SALE |
|
28/6/2013 |
PROMPT/SLOW |
27 |
0 |
0 |
30 |
28/6/2012 |
|
|
|
|
|
|
|
|
|
31/1/2013 |
PROMPT |
369 |
0 |
0 |
30 |
31/10/2012 |
|
|
|
|
|
|
|
|
|
31/1/2013 |
PROMPT |
369 |
0 |
0 |
30 |
31/10/2012 |
|
|
|
|
|
|
|
|
|
31/1/2013 |
PROMPT/SLOW |
252 |
0 |
0 |
30 |
31/8/2012 |
|
|
|
|
|
|
|
|
|
31/1/2013 |
PROMPT/SLOW |
252 |
0 |
0 |
30 |
31/8/2012 |
|
|
|
|
|
|
|
|
|
31/1/2013 |
PROMPT |
369 |
0 |
0 |
30 |
31/12/2012 |
|
|
|
|
|
|
|
|
|
31/12/2012 |
PROMPT |
369 |
369 |
0 |
30 |
30/11/2012 |
|
|
|
|
|
|
|
|
|
31/8/2012 |
PROMPT/SLOW |
467 |
0 |
0 |
30 |
31/7/2012 |
Payments reported:
Informants report that subject's payments are prompt.
Subject has 1
branches/divisions
Markopoulou Ave
(1st km), 19400, Koropi, Greece.
These are rented office
premises.
Subject owns
factory, covering approximately 2,441 square meters at heading address.
The site covers
approximately 15,900 square meters.
Subject is mainly an industrial unit, that is activated in the sector
(Non Metallic Mineral Products). It is noted that the above report is according
to published data and other information available in our files. SUPPLEMENTARY
DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.: According to the
Gov.Gaz. 6740/99 subject was established following the change in the legal
status of the firm A. ANTONIADHS - J. SACHANAS OE. Prior to the change that was
published in the Gov.Gaz.No.:85/2010 subject's name was MARMOR KAMIN SA.
Gov.Gaz.No.: 14436 refers to the change of subject's trading style from MARMOR
SG S.A. to STONE GROUP INTERNATIONAL.
Please note that the information provided in the report was obtained from
official and available sources.
Further information was not available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.94.21 |
|
Euro |
1 |
Rs.81.03 |
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.