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Report Date : |
10.01.2013 |
IDENTIFICATION DETAILS
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Name : |
DIMITROULAKOS, TH., S.A. |
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Registered Office : |
54 Iera Odos 10447 Athens Attiki |
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Country : |
Greece |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.01.1996 |
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Com. Reg. No.: |
036413 |
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Legal Form : |
Societe anonyme |
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Line of Business : |
Manufactures wood office furniture |
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No. of Employees : |
37 |
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 : |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Greece |
A2 |
A2 |
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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, and 6.0% in 2011. 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 11% of GDP in 2010 and about 9% in 2011. Eroding public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, 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, reworking 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 Eurozone 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.
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Source : CIA |
DIMITROULAKOS, TH., S.A. (correct)
TH Dimitroulakos SA (requested)
ADDRESS: 54
IERA ODOS 10447 ATHENS ATTIKI GREECE
TELEPHONE: 30 2103470649
TELEFAX: 30 2103422698
E-MAIL ADDRESS: info@dimitroulakos.gr
WEB ADDRESS: www.dimitroulakos.gr
Theodoros Sotirios Dimitroulakos chairman,
shareholder
Theodora Theodoros Dimitroulakou vice-chairman,
shareholder
Theodoros Sotirios Dimitroulakos chief
executive, shareholder
Sotirios Theodoros Dimitroulakos shareholder,
Deputy Managing Director
Stefanos Theodoros Dimitroulakos shareholder,
Executive Director
Theodoros Panagiotis Zografos member
Konstantinos Baltas member
37
No complaints regarding payments from local suppliers or banks have been
sourced.
Average Risk
Alpha Bank A.E., Schimatari Branch branch., 17, Tanagras Street,
Schimatari 32009, Greece. Telephone: 30 2262058645
National Bank of Greece S.A., Kerameikou Branch branch., 25-29 Iera Odos, Athens 11854, Greece.
Telephone: 30 2103461459
EFG EUROBANK ERGASIAS S.A., N. Filadelfeia Branch branch., 79 Dekeleias
Ave, Nea Filadelfeia 14341, Greece. Telephone: 30 2102531788
Bank of Piraeus S.A., Oinofyta Branch branch., 3 Athinon Ave, Oinofyta 32011,
Greece. Telephone: 30 2262040060
Subject has registered secured charges which include the below:
A charge for an amount of 1,700,000 Euro was registered on 1, 2000. The
charge is secured against Number Of Items: 1.
Fiscal Fiscal Fiscal
Dec
31,2009 Dec 31,2010 Dec 31,2011
Turnover 4,390,116 3,750,995 3,342,761
Pre-Tax
Profit 631,940 294,598 44,296
Net
Worth
3,498,449 3,707,131 3,695,930
Fixed
Assets
3,812,688 3,317,062 3,019,553
Total
Assets 7,058,830 6,474,772 6,387,642
Current
Assets
3,226,145 3,068,785 3,241,340
Current
Liabilities
1,540,616 1,092,189 1,256,378
Working
Capital
1,685,529 1,976,596 1,984,962
Long
Term Debt
2,019,765 1,675,452 1,435,333
Financial
Assets 19,997 19,997 19,997
Intangibles 0 68,926 106,750
Employees
50 35
Net Worth and Total Assets are tangible figures shown after the
deduction of intangible assets.
Dec
31,2009 Dec 31,2010 Dec
31,2011
Current
Ratio (X)
2.09 2.81 2.58
Solvency
Ratio (%) 201.77 174.66 172.83
Fixed
Assets/Net Worth (%)
108.98 89.48 81.70
Current
Liabs/Net Worth (%)
44.04 29.46 33.99
Asset
Turnover (%)
62.19 57.93 52.33
Sales
/ Net Working Cap (X)
2.60 1.90 1.68
Assets
/ Sales (%) 160.79 172.61 191.09
Profit
Margin (%)
14.39 7.85 1.33
S/holders
Return (%) 18.06 7.95 1.20
Return
On Assets (%) 8.95 4.55 0.69
Sales
/ Employees
0.00 75,019.90 95,507.46
Profit
/ Employees
0.00 5,891.96 1,265.60
Abstract from individual fiscal balance sheet as at Dec 31, 2011
LIABILITIES ASSETS
Capital 573,577 Land/Buildings 4,582,066
Retained
Profits 102,265 Plant/Machinery 1,874,337
Misc
Reserves 3,020,088 Depreciation 3,436,850
Net
Worth 3,695,930 Total Fixed Ass 3,019,553
Misc
Def Liabs 1,435,333 Misc Fin'cl Ass 19,997
Total Fin'cl Ass 19,997
Misc
Intangible 106,750
Total
Intangible 106,750
CURRENT
LIABILITIES: CURRENT ASSETS:
Trade
Creditors 827,474 Stock 985,119
Short
term Loans 243,859 Trade Debtors 1,391,896
Misc
Current Liabs 185,045 Misc Debtors
14,720
Cash
849,606
TOTAL
CURRENT 1,256,378 TOTAL CURRENT 3,241,341
TOTAL
LIABS & NW 6,387,641 TOTAL ASSETS 6,387,641
Profit & Loss Account from Jan 1, 2011 to Dec 31, 2011
Net Sales 3,342,761
Cost of Goods Sold 2,726,543
Gross Profit 616,218
Misc Operating Charges 609,000
Misc Operating Income 32,755
Net Operating Income 39,973
Misc Financial Income 36,975
Total Financial Income 36,975
Interest Payable 32,112
Misc Financial Expenses 539
Total Financial Expenses 32,651
Profit Before Taxes 44,297
Income Tax 14,820
Profit After Tax 29,477
Net Profit 29,477
According to the balance sheet as of Dec 31, 2011.
The below mentioned financial figures are in Euro
Business started Jan 1, 1996.
LEGAL FORM Societe anonyme
registered on Jan 1, 1996 for a period ending Dec 31, 2046.
Registration Number: 036413
Government Gazette Number: 06208
/ 1996
Chamber of Commerce Number: 209805
Tax Registration Number: 094450742
Established on 09.09.96, in Athens, following the change of the legal
status of the sole proprietorship DIMITROULAKOS THEODOROS, originally founded
in 1981.
Nominal capital: 573,577. Issued capital: 573,577.
Issued/paid-up capital was last increased on Oct 23, 2012.
Nominal capital is divided into:
9,773 shares of 58.69 each and fully paid-up.
Theodoros Dimitroulakos holds 55.00% of the voting capital.
Stefanos Dimitroulakos holds 20.00% of the voting capital.
Sotirios Dimitroulakos holds 20.00% of the voting capital.
Theodora Dimitroulakou holds 5.00% of the voting capital.
Local Activity Code: 3101
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
Manufactures wood office furniture
Wholesales nondurable goods
Mfg of store metal shelves. Agents, imports
and wholesale trade of tool
chests and plastic packaging boxes ,
Subject's customers are 30,000 approximatelly, all over Greece as well as
abroad, including:
Subject reportedly acts as agents for:
Alcon Plastics
Imports 5% from Germany, India, Italy
Normal importing terms are cash against documents
Exports 17% to Belgium, Cyprus, France, Germany, Italy, Romania, Spain
Normal exporting terms are cash against documents
The company in question operates from rented showroom, covering
approximately 300 square metres at heading address.
Subject has 4 branches:
221 Dekeleias, 14342, Nea Filadelfeia, Greece. These are rented showroom
premises.
Schimatariou - Halkidas National Rd (1st km), 32009, Schimatari, Greece.
These are owned factory premises. Size: 3500 square metres.
Schimatariou - Halkidas National Rd (1st km), 32009, Schimatari, Greece.
These are owned factory premises. Size: 3500 square metres.
57022, Sindos Industrial Area, Greece. These are owned office premises.
Size: 3500 square metres.
Subject is a long established, family run mainly industrial firm.
Please note that the information provided in the report was obtained
from official sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.96 |
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UK Pound |
1 |
Rs.88.23 |
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Euro |
1 |
Rs.71.92 |
INFORMATION DETAILS
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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.