MIRA INFORM REPORT

 

 

Report Date :

18.12.2013

 

IDENTIFICATION DETAILS

 

Name :

LACOMAR S.A.

 

 

Registered Office :

1 Yakinthon, Agioi Assomatoi  19400 Koropi Attiki                                                     

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

04.01.2001

 

 

Com. Reg. No.:

047882

 

 

Legal Form :

Societe Anonyme                                                                        

 

 

Line of Business :

Wholesales Construction Materials

 

 

No. of Employees :

12

 

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

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

 

IDENTIFICATION DETAILS

 

Company Name                                     LACOMAR S.A.

ADDRESS:                                           1 YAKINTHON, AGIOI ASSOMATOI                             

19400 KOROPI                                             

ATTIKI                                                   

GREECE                                                   

TELEPHONE:                                        30  2106622830                                           

TELEFAX:                                             30  2106627827                                           

E-MAIL ADDRESS:                                info@lacomar.gr                                          

WEB ADDRESS:                                   www.lacomar.gr                                            

 

 

FURTHER INFORMATION

 

     ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

 

 

 

  

 

 

 

STARTED:        2001                                           SALES:                      2,840,096

 

 

 

YEAR INC:        2001                                           PROFIT:                        46,891

 

 

 

LEGAL FORM: SOCIETE ANONYME                 NET WORTH:                    285,419

 

 

 

REG NO:           047882                                       NOM CAPITAL:                  105,480

 

 

 

GOVT GAZ NO:00072 / 2001                               ISS CAPITAL:                  105,480

 

 

 

EMPLOYS:       12                                                               

 

 

 

SIC:                   5039                                                            

 

 

 

ACTIVITY:        WHOLESALES  CONSTRUCTION MATERIALS                              

 

 

PRINCIPALS

 

      Nikolaos Panagiotis Pipitsoulis

 

 

 

             chairman

 

 

 

             shareholder

 

 

 

           

 

 

 

      Kalliopi Antonios Lagoudaki

 

 

 

             vice-chairman

 

 

 

             shareholder

 

 

 

           

 

 

 

      Dionyssios Kyprianos Liveris

 

 

 

             member

 

 

 

           

 

 

 

      Dionyssia Antonios Lagoudaki - Pipitsouli

 

 

 

             member

 

 

 

             shareholder

 

 

BANKERS

 

        Alpha Bank A.E., N. Erythraias - Trikoupi Branc branch., 340 Kifissias

 

 

 

      Ave, Kifissia 14563, Greece.

 

 

 

      Telephone: 30 2108000613

 

 

 

      Alpha Bank A.E., N. Erythraias - Trikoupi Branc branch., 340 Kifissias

 

 

 

      Ave, Kifissia 14563, Greece.

 

 

 

      Telephone: 30 2108000613

 

 

 

      National Bank of Greece S.A., Koropi Branch branch., 88 Vas.

 

 

 

      Konstantinou, Koropi 19400, Greece.

 

 

 

      Telephone: 30 2106622492

 

 

 

      National Bank of Greece S.A., Koropi Branch branch., 88 Vas.

 

 

 

      Konstantinou, Koropi 19400, Greece.

 

 

 

      Telephone: 30 2106622492

 

 

 

      Bank of Piraeus S.A., Koropi Branch branch., 110 Vas. Konstantinou Ave,

 

 

 

      Koropi 19400, Greece.

 

 

 

      Telephone: 30 2106026280

 

 

TRADE PAYMENTS

 

 

Trade Payment Summary                                                         

 

 

 

 

     

 

 

 

EXP. DATE  PAYING RECORD HIGH CREDIT NOW OWES  PAST DUE TERM     LAST SALE   

 

 

 

31/1/2013  PROMPT/SLOW   535         0         0        30       31/10/2012  

 

 

 

     

 

 

 

31/1/2013  PROMPT/SLOW   535         0         0        30       31/10/2012  

 

 

PAYMENTS REPORTED

 

Informants report that subject's payments are prompt.

 

 

HISTORY

 

   PRINCIPALS ANTECEDENTS                                                     

 

 

 

     NAME: Nikolaos Panagiotis Pipitsoulis

 

 

 

     Also a director of LACOMAR - PISANI (HELLAS) S.A., EUROMARBLE LTD, CMT

 

 

 

     CONSTRUCTION MATERIAL TECHNOLOGIES LTD, GREEK STONE LTD.

 

 

 

     Also a partner in CMT CONSTRUCTION MATERIAL TECHNOLOGIES LTD, GREEK STONE

 

 

 

     LTD.

 

 

 

     Also associated with LACOMAR - PISANI (HELLAS) S.A..

 

 

 

    

 

 

 

     NAME: Kalliopi Antonios Lagoudaki

 

 

 

     Also a director of PROVLITA S.A..

 

 

 

     Also a partner in EUROMARBLE LTD, GREEK STONE LTD, CMT CONSTRUCTION

 

 

 

     MATERIAL TECHNOLOGIES LTD.

 

 

 

     Also associated with LACOMAR - PISANI (HELLAS) S.A..

 

 

 

    

 

 

 

     NAME: Dionyssios Kyprianos Liveris

 

 

 

     Also a director of LIDMAR SHIPPING LTD.

 

 

 

     Also a partner in LIDMAR SHIPPING LTD, LIDOIL MARINE SERVICES LTD.

 

 

 

    

 

 

 

     NAME: Dionyssia Antonios Lagoudaki - Pipitsouli

 

 

 

     Also a partner in EUROMARBLE LTD, GREEK STONE LTD.

 

 

 

     Also associated with LACOMAR - PISANI (HELLAS) S.A..

 

 

 

    

 

 

 

  

 

 

 

   BACKGROUND

 

 

 

     Business started Jan 4, 2001.

 

 

 

     Subject moved from 1 Spathari, 17121 Nea Smyrni Attiki on Jan 27, 2012.

 

 

 

 

 

 

 

   LEGAL FORM

 

 

 

     Societe anonyme registered on Jan 4, 2001 for a period ending Dec 31, 2051.

 

 

 

     Registration Number: 047882

 

 

 

     Government Gazette Number: 00072 / 2001

 

 

 

     Chamber of Commerce Number: 193504

 

 

 

     Tax Registration Number: 095357220

 

 

 

    

Established following a change of the legal status of a firm originally founded in 1986. On 3/11/2005 (Gov. Gaz. No. 11485/2005) a change of subject's head office was published. On 9/2/2012 (Gov. Gaz. No. 01010/2012) a change of subject's head office was published. SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.:According to the Gov.Gaz. 72/01 subject was established following the change in the legal status of the firm LACOMAR LTD.

 

 

SHARE CAPITAL

 

       Nominal capital: 105,480. Issued capital: 105,480.

 

 

 

     Issued/paid-up capital was last increased on Oct 15, 2008.

 

 

 

    

 

 

 

     Nominal capital is divided into:

 

 

 

     36,000 shares of 2.93 each and fully paid-up.

 

 

SHAREHOLDERS

 

       Kalliopi Lagoudaki holds 33.34% of the voting capital.

 

 

 

     Nikolaos Pipitsoulis holds 33.33% of the voting capital.

 

 

 

     Dionyssia Lagoudaki - Pipitsouli holds 33.33% of the voting capital.

 

 

AFFILIATES

 

     The following are related through principal(s) and/or financial

 

 

 

     interest(s):

 

 

 

     EUROMARBLE LTD Limited Liability Company, Glyfada, Greece

 

 

 

 

 

 

 

     This is a dormant concern.

 

 

 

     Year started: 1995.

 

 

 

     This concern is related through common shareholders.

 

 

 

     GREEK STONE LTD Limited Liability Company, Glyfada, Greece

 

 

 

     This is a dormant concern.

 

 

 

     Year started: 1999.

 

 

 

     This concern is related through common shareholders.

 

 

 

     LACOMAR - PISANI (HELLAS) S.A. Societe Anonyme, Koropi, Greece

 

 

 

  

 

 

 

     Year started: 2002.

 

 

 

     Subject has a 16.7% share interest.

 

 

 

     CMT CONSTRUCTION MATERIAL TECHNOLOGIES LTD Limited Liability Company,

 

 

 

     Koropi, Greece

 

 

 

     This is a dormant concern.

 

 

 

     Year started: 2009.

 

 

 

     This concern is related through common shareholders.

 

 

OPERATIONS

 

  Local Activity Code:              4673                                          

 

 

 

Local Activity Code Type:     STAKOD                                        

 

 

 

Equivalent to:                        NACE 1                                         

 

 

 

    

 

 

 

     Wholesales construction materials

 

 

 

     Imports and trade of marble and granite

 

 

 

     Exports 80% to Australia, Belgium, China, Cyprus, Czech Republic,

 

 

 

     Germany, Hong Kong, Hungary, Israel, Netherlands, Poland, Portugal,

 

 

 

     Qatar, Romania, Russian Fed, Saudi Arabia, Singapore, Spain, Switzerland,

 

 

 

     Ukraine, U A E, U K, U S A

 

 

 

     Normal exporting terms are cash against documents

 

 

 

    

 

 

 

     Imports 30% from China, Cyprus, Egypt, India, Iran, Italy, Morocco,

 

 

 

     Pakistan, Portugal, Spain, Turkey

 

 

 

     Normal importing terms are cash against documents

 

 

 

    

 

 

 

     EMPLOYS: 12 as at Dec 13, 2013 including 0 part-time staff.

 

 

 

     The number of employees varies according to needs.

 

 

 

     The number of employees peaks to 12.

 

 

 

    

 

 

 

     Operates from rented warehouse, at heading address.

 

 

 

    

 

 

 

     REGISTERED OFFICE: At heading address.

 

 

FINANCIAL INFORMATION

 

                                              Fiscal                  Fiscal               Fiscal

 

 

 

                                            Dec 31,2010      Dec 31,2011     Dec 31,2012

 

 

 

Turnover                              1,812,244          1,796,941         2,840,096

 

 

 

Pre-Tax Profit                       136,090            15,845              46,891

 

 

 

Net Worth                             240,916             244,561           285,420

 

 

 

Fixed Assets                         21,024              4,773               291

 

 

 

Total Assets                          1,430,221        1,967,441         2,053,628

 

 

 

Current Assets                      1,184,153        1,737,624         1,827,692

 

 

 

Current Liabilities                 1,086,875        1,662,323          1,706,220

 

 

 

Working Capital                    97,278              75,301              121,472

 

 

 

Long Term Debt                   102,431            60,558              61,988

 

 

 

Financial Assets                   225,045            225,045            225,645

 

 

 

Intangibles                               0                     0                      0

 

 

 

Employees                                                    5

 

 

 

Net Worth and Total Assets are tangible figures shown after the deduction of

 

 

 

intangible assets.

 

 

 

 RATIOS 

 

 

 

                                                Dec 31,2010      Dec 31,2011     Dec 31,2012

 

 

 

Current Ratio (X)                        1.09                1.05                   1.07

 

 

 

Solvency Ratio (%)                     493.66            704.48               619.51

 

 

 

Fixed Assets/Net Worth (%)        8.73               1.95                   0.10

 

 

 

Current Liabs/Net Worth (%)       451.14           679.72               597.79

 

 

 

Asset Turnover (%)                     126.71           91.33                138.30

 

 

 

Sales / Net Working Cap (X)      18.63              23.86                 23.38

 

 

 

Assets / Sales (%)                      78.92             109.49              72.31

 

 

 

Profit Margin (%)                        7.51               0.88                   1.65

 

 

 

S/holders Return (%)                 56.49              6.48                  16.43

 

 

 

Return On Assets (%)                9.52              0.81                     2.28

 

 

 

Sales / Employees                     0.00              359,388.20           0.00

 

 

 

Profit / Employees                     0.00               3,169.00               0.00

 

 

 

    

 

 

 

     Abstract from individual fiscal balance sheet as at Dec 31, 2012

 

 

 

          LIABILITIES                             ASSETS                       

 

 

 

Capital                             105,480     Land/Buildings                 172,064

 

 

 

Retained Profits               144,638     Depreciation                   171,773

 

 

 

Misc Reserves                   35,301     Total Fixed Ass                    291

 

 

 

Net Worth                         285,419                     

 

 

 

                                                          Shares in Group            225,045

 

 

 

Misc Def Liabs                  61,988      Misc Fin'cl Ass              600

 

 

 

                                                         Total Fin'cl Ass               225,645

 

 

 

                                                        Misc Intangible                 0

 

 

 

                                                        Total Intangible                0

 

 

 

     CURRENT LIABILITIES:                         CURRENT ASSETS:              

 

 

 

Trade Creditors                869,011      Stock                                372,911

 

 

 

Short term Loans               526,215    Trade Debtors                  554,973

 

 

 

Misc Current Liabs             310,993          Misc Debtors              719,563

 

 

 

                                                                  Cash                           180,243

 

 

 

TOTAL CURRENT                1,706,219   TOTAL CURRENT                1,827,690

 

 

 

TOTAL LIABS & NW             2,053,626   TOTAL ASSETS                 2,053,626

 

 

 

         

 

      Profit & Loss Account from Jan 1, 2012 to Dec 31, 2012               

 

 

 

          Net Sales                                         2,840,096

 

 

 

          Cost of Goods Sold                          2,397,002

 

 

 

          Gross Profit                                      443,094

 

 

 

          Misc Operating Charges                  322,274

 

 

 

          Misc Operating Income                    41,939

 

 

 

          Net Operating Income                    162,759

 

 

 

          Misc Financial Income                     9,245

 

 

 

          Total Financial Income                    9,245

 

 

 

          Interest Payable                              70,275

 

 

 

          Misc Financial Expenses                54,838

 

 

 

          Total Financial Expenses               125,113

 

 

 

          Profit Before Taxes                        46,891

 

 

 

          Income Tax                                    19,915

 

 

 

          Profit After Tax                               26,976

 

 

 

          Net Profit                                        26,976

 

 

 

GENERAL COMMENTS:

 

Subject is a family-run, trading firm that operates in close connection with the shareholder firm LACOMAR PISANI (HELLAS) S.A.SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.:According to the Gov.Gaz. 72/01 subject was established following the change in the legal status of the firm LACOMAR LTD.

 

Please note the information provided in this report was obtained from official and publicly available sources.

 

Further information was not available.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.96

UK Pound

1

Rs.101.14

Euro

1

Rs.85.33

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.