|
Report Date : |
21.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
ENIMEX S.A. |
|
|
|
|
Registered Office : |
Industrial Area, P.O. Box 20, 61100
Kilkis, Kilkis |
|
|
|
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Country : |
Greece |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
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Date of Incorporation : |
07.03.1996 |
|
|
|
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Com. Reg. No.: |
035283 |
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|
|
|
Legal Form : |
Societe anonyme |
|
|
|
|
Line of Business : |
·
Designing and manufacturing
of Valves, Metering & Regulating Systems, Gas Meters and CNG packages for
the Oil & gas applications with the goal of enabling and increasing its
safety usage manufacturer of fabricated metal products, search and navigation
equipment |
|
|
|
|
No. of Employees : |
35 including 0
part-time staff. The group
employs 90. |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Under Bankruptcy Proceedings |
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|
|
|
Payment Behaviour : |
Slow & delayed |
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Litigation : |
--- |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
NAME: ENIMEX S.A.
ADDRESS: INDUSTRIAL AREA, P.O. BOX 20, 61100 KILKIS, KILKIS,
GREECE
TELEPHONE: 30 2341072162 / 30 2341072200
TELEFAX: 30 2341072065
E-MAIL
ADDRESS: info@enimex.gr
WEB ADDRESS: www.enimex.gr
ESTABLISHED: 07.03.1996
YEAR INC: 07.03.1996
LEGAL FORM: Societe
anonyme registered on Jan 1, 1996 for a period ending Dec 31, 2026.
REG NO: 035283
GOVT GAZ NO: 01017 / 1996
Chamber of
Commerce Number: 7615
Tax Registration
Number: 094450300
REGISTERED OFFICE:
INDUSTRIAL AREA, P.O. BOX
20, 61100 KILKIS, KILKIS,
GREECE
· Established in Thermi Thessaloniki, on 07.03.96.
On
1/9/1998 (Gov. Gaz. No.07011/1998) a change of subject's head office was
published.
On
14/1/2010 (Gov. Gaz. No. 00228/2010)
subject absorbed a sector of the firms(s) TOTGAZ
S.A.
SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.: The
Gov.Gaz.No.:228/2010 refers to the absorbtion of the productive sector.
Subject
moved from Thessalonikis - Polygyrou Rd (14th km), 57001 Thermi Thessaloniki on
Sep 1, 1998.
Nominal capital is
divided into 90,975 shares of 43.7 each and fully paid-up.
|
|
Fiscal Dec 31,2011 |
Fiscal Dec 31,2012 |
|
Turnover |
7,983,549 |
6,014,428 |
|
Pre-Tax Profit |
-5,138,390 |
-2,967,157 |
|
Net Worth |
-400,216 |
-3,507,243 |
|
Fixed Assets |
5,849,360 |
4,373,304 |
|
Total Assets |
21,720,725 |
15,904,017 |
|
Current Assets |
13,546,189 |
10,389,395 |
|
Current Liabilities |
14,021,596 |
11,163,676 |
|
Working Capital |
-475,407 |
-774,281 |
|
Long Term Debt |
8,099,346 |
8,247,584 |
|
Financial Assets |
1,616,932 |
673,953 |
|
Intangibles |
708,244 |
467,366 |
Net Worth and
Total Assets are tangible figures shown after the deduction of intangible assets.
RATIOS
|
|
Dec 31,2011 |
Dec 31,2012 |
|
Current Ratio (X) |
0.97 |
0.93 |
|
Solvency Ratio (%) |
-5,527.25 |
-553.46 |
|
Fixed Assets/Net Worth (%) |
-1,461.55 |
-124.69 |
|
Current Liabs/Net Worth (%) |
-3,503.51 |
-318.3 |
|
Asset Turnover (%) |
36.76 |
37.82 |
|
Sales / Net Working Cap (X) |
-16.79 |
-7.77 |
|
Assets / Sales (%) |
272.07 |
264.43 |
|
Profit Margin (%) |
-64.36 |
-49.33 |
|
S/holders Return (%) |
1,283.90 |
84.6 |
|
Return On Assets (%) |
-23.66 |
-18.66 |
|
Sales / Employees |
112,444.35 |
92,529.66 |
|
Profit / Employees |
-72,371.69 |
-45,648.57 |
Abstract from individual fiscal balance
sheet as at Dec 31, 2012
|
LIABILITIES |
|
ASSETS |
|
|
|
Capital |
3,975,608 |
Land/Buildings |
4,524,317 |
|
|
Retained Profits |
-11,219,132 |
Plant/Machinery |
10,410,354 |
|
|
Misc Reserves |
3,736,282 |
Depreciation |
10,561,367 |
|
|
Net Worth |
-3,507,242 |
Total Fixed Ass |
4,373,304 |
|
|
Misc Provisions |
14,674 |
Shares in Group |
537,153 |
|
|
Misc Def Liabs |
8,232,910 |
Misc Fin'cl Ass |
136,800 |
|
|
|
|
Total Fin'cl Ass |
673,953 |
|
|
|
|
Misc Intangible |
467,366 |
|
|
|
|
Total Intangible |
467,366 |
|
|
CURRENT LIABILITIES: |
|
CURRENT ASSETS: |
||
|
Trade Creditors |
6,816,394 |
Stock |
1,891,649 |
|
|
Short term Loans |
2,466,926 |
Trade Debtors |
8,095,900 |
|
|
|
|
Misc Debtors |
384,407 |
|
|
|
|
Cash |
17,440 |
|
|
TOTAL CURRENT |
11,163,677 |
TOTAL CURRENT |
10,389,396 |
|
|
TOTAL LIABS & NW |
15,904,019 |
TOTAL ASSETS |
15,904,019 |
|
Profit & Loss Account from Jan 1, 2012
to Dec 31, 2012
Net Sales 6,014,428
Cost of Goods
Sold 6,278,037
Gross Profit -263,609
Misc Operating
Charges 2,139,539
Misc Operating
Income 33,232
Net Operating
Income -2,369,916
Misc Financial
Income 175,635
Total Financial
Income 175,635
Interest
Payable 516,385
Misc Financial
Expenses 256,492
Total Financial
Expenses 772,877
Profit Before
Taxes -2,967,158
Profit After
Tax -2,967,158
Net Loss 2,967,158
According to the
balance sheet as of Dec 31, 2012.
The above
mentioned financial figures are in Euro
Sales for the 11
month period ending Dec 12, 2013 were 2,600,000.
Local Activity Code: 2599
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
Designing and manufacturing of Valves, Metering &
Regulating Systems, Gas Meters and CNG packages for the Oil & gas
applications with the goal of enabling and increasing its safety usage.
The subject
manufactures fabricated metal products, search and navigation equipment
The subject mfg, exclusive
imports and wholesale trade of natural gas network equipment
The subject reportedly acts as agents for:
Fiorentini, Italy
Nuovo Pignone,
Italy
Deg, Italy
Dresser, U K
The subject
exports 70% to Bulgaria, Egypt, Former Yugoslav Rep of Macedonia, Italy, Turkey
Normal exporting
terms are cash against documents
The subject
imports 80% from China, Germany, Italy, Spain, Switzerland, Turkey, U K
Normal importing
terms are cash against documents
Total employees:
35 including 0 part-time staff. The group employs 90.
The number of
employees varies according to needs.
Alpha Bank A.E., Kilkis Branch
Address: 163 21st Iouniou,
Kilkis 61100, Greece.
Telephone: 30 2341025270
National Bank of Greece S.A., Kilkis Branch
Address: 167 21st Iouniou, Kilkis 61100,
Greece.
Telephone: 30 2341022593
Bank of Piraeus S.A., Kilkis Branch
Address: 115-117, 21st
Iouniou str., Kilkis 61100, Greece.
Telephone: 30 2341036300
Subject has
registered secured charges which include the below:
A charge for an
amount of 3,098,200 Euro was registered on 1, 2000.
The charge is
secured against Number Of Items: 2, On : a field 6430m2 with buildings at the
ar.
A charge for an
amount of 100,000 Euro was registered on 1, 2000.
The charge is
secured against Number Of Items: 2, On : fields 27210m2 at the area
Stavrochori.
Athanassios Savvas
Tzevelekis Chairman and
Chief executive
Nikolaos Savvas
Tzevelekis Member
Savvas Athanassios
Tzevelekis Member
Athanassios
Tzevelekis holds 95.10% of the voting capital.
Stylianos
Konstantinidis holds 4.90% of the voting capital.
Savvas Tzevelekis is
director of TOTGAZ S.A., TOTGAZ S.A., PRASSINI ANAPTYXI KILKIS S.A., ENIMEX -
ENERGIA S.A.. and partner in PIEZOGAZ LTD.
SUBSIDIARIES
TOTGAZ S.A.
Societe Anonyme
Location: Thessaloniki,
Greece
Year started: 2003.
Subject owns 90%
of the capital.
PIEZOGAZ LTD
Limited Liability Company
Location: Ionia,
Greece
This subsidiary is
dormant.
Year started: 2008.
Subject owns 70%
of the capital.
The following are related through
principal(s) and/or financial interest(s):
PIEZOGAZ LTD
Limited Liability Company
Location: Ionia,
Greece
This is a dormant
concern.
Year started: 2008.
Subject has a
15.0% share interest.
TOTGAZ S.A.
Societe Anonyme
Location: Thessaloniki,
Greece
Year started: 2003.
Subject has a 7.0%
share interest.
DI.VI.PE.K. S.A.
Societe Anonyme
Location: Kilkis,
Greece
Year started: 1999.
Subject has a 0.9%
share interest.
Subject has 2
branches/divisions:
Industrial Area,
P.O. Box 20, 61100, Kilkis, Greece.
These are owned office premises. Size: 1836 square metres.
Industrial Area,
P.O. Box 20, 61100, Kilkis, Greece.
These are owned
office premises. Size: 1680 square metres
The subject
operates from owned factory, covering approximately 2,000 square metres at
heading address.
The site covers
approximately 5,000 square metres.
Informants report
that overdue accounts are being protested.
In 2013 9 payment
orders were registered against the subject for an amount of 652662 Euro.
In 2012 6 payment orders
were registered against the subject for an amount of 1259096 Euro.
On Dec 13, 2013 local informants stated that:
Subject is a long established firm, which operates mainly as an industrial firm, as said sector contributes by 70% to its total Net Sales. It is noted that subject faces serious liquidity problems. On 16/07/2012 the company filed its petition to court for being brought under Pre-Bankruptcy Proceedings aiming its restructure, according to the provisions of Article 99 of the Greek Bankruptcy Code (Law 3588/2007 as amended by Law 4013/2011). The Petition was accepted, (Court Filling No.:26 ,07/11/2012). Therefore the Court ordered the beginning of the Process aiming to the reorganization of the company with a parallel satisfaction of its creditors.
On 16/07/2012 the company filed its petition to court for being brought under Pre-Bankruptcy Proceedings
aiming its restructure, according to the Article 99 of the Greek Bankruptcy Code. The Petition was accepted. (Court Filling No.:26, 07/11/2012).
SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.: The Gov.Gaz.No.:228/2010 refers to the absorbtion of the productive sector. - According to the 31/12/2012 balance sheet, subjects fixed assets are mortgaged and prenoted for 4,866,709 Euro, in favour of Banks, to ensure loans received.
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.62.24 |
|
UK Pound |
1 |
Rs.101.81 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.