MIRA INFORM REPORT

 

 

Report Date :

10.01.2013

 

IDENTIFICATION DETAILS

 

Name :

GLOBAL SUPPLIES S.A. 

 

 

Registered Office :

Athinon  Lamias National Rd (13th Km) 14451 Metamorfossi Attiki                         

 

 

Country :

Greece      

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

03.11. 2000

 

 

Com. Reg. No.:

047285

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Wholesales scrap and waste materials

 

 

No. of Employees :

6

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Greece

A2

A2

 

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, 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.

Source : CIA

COMPANY REPORT

 

Company name:                                    GLOBAL SUPPLIES S.A. 

 

 

IDENTIFICATION DETAILS

 

ADDRESS:                                           ATHINON  LAMIAS NATIONAL RD (13TH KM)                   

                                                            14451 METAMORFOSSI ATTIKI GREECE                                  

TELEPHONE:                                        30  2102853182                                           

TELEFAX:                                             30  2118501606                                           

EMAIL ADDRESS:                                 globalth@globalth.gr                                     

WEB ADDRESS:                                   www.globalth.net  

   

               

SENIOR COMPANY PERSONNEL

 

Theodoros Dimitrios Leventakis           chairman shareholder

 

Also a director of ANNIELLI LTD, GLOBAL MFG S.A., LEVEKAT S.A..

Also a partner in ANNIELLI LTD.

Also associated with LEVENTAKIS LOGISTICS S.A..

 

Theodoros Dimitrios Leventakis               chief executive shareholder

Pantelis Paschalinos                                member

Panagiotis Kostopoulos                            member

     

      

EMPLOYEES

 

6

   

 

PAYMENTS

 

No complaints regarding payments from local suppliers or banks have been sourced.         

 

 

ASSESSMENT

 

Above Average Risk

 

BANKERS

 

Alpha Bank A.E., Ethniki Odos Lamia Branch branch., AthinonLamias

 

National Rd (17 Klm), Kifissia 14564, Greece. Telephone: 30 2108071824

     

 

FINANCIALS

 

                                       Fiscal           Fiscal          Fiscal

                                  Dec 31,2009      Dec 31,2010     Dec 31,2011

Turnover                            1,241,728        2,132,565       1,729,025

PreTax Profit                         43,837           52,876           2,252

Net Worth                             482,929          482,015         474,098

Fixed Assets                          134,428           77,115         108,953

Total Assets                        1,679,081        1,649,781       1,619,039

Current Assets                      1,543,807        1,572,541       1,508,918

Current Liabilities                 1,196,153        1,167,765       1,144,940

Working Capital                       347,654          404,776         363,978

Financial Assets                          125              125             125

Intangibles                               722                0           1,042

Employees                                                    5               7

 

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

intangible assets.

 

 

 RATIOS 

 

                                  Dec 31,2009      Dec 31,2010     Dec 31,2011

Current Ratio (X)                        1.29             1.35            1.32

Solvency Ratio (%)                     347.69           342.27          341.50

Fixed Assets/Net Worth (%)              27.84            16.00           22.98

Current Liabs/Net Worth (%)            247.69           242.27          241.50

Asset Turnover (%)                      73.95           129.26          106.79

Sales / Net Working Cap (X)              3.57             5.27            4.75

Assets / Sales (%)                     135.22            77.36           93.64

Profit Margin (%)                        3.53             2.48            0.13

S/holders Return (%)                     9.08            10.97            0.48

Return On Assets (%)                     2.61             3.21            0.14

Sales / Employees                        0.00       426,513.00      247,003.57

Profit / Employees                       0.00        10,575.20          321.71

 

     Abstract from individual fiscal balance sheet as at Dec 31, 2011

 

             LIABILITIES                             ASSETS                       

Capital                        443,016   Land/Buildings                 290,710

Retained Profits                26,374   Depreciation                   181,757

Misc Reserves                    4,708   Total Fixed Ass                108,953

Net Worth                      474,098                    

                                         Misc Fin'cl Ass                    125

                                         Total Fin'cl Ass                   125

 

                                         Misc Intangible                  1,042

                                         Total Intangible                 1,042

 

     CURRENT LIABILITIES:                         CURRENT ASSETS:              

Trade Creditors                 11,615   Stock                          420,910

Short term Loans             1,123,184   Trade Debtors                  966,462

Misc Current Liabs              10,141   Misc Debtors                    44,781

                                         Cash                            76,765

 

TOTAL CURRENT                1,144,940   TOTAL CURRENT                1,508,918

 

TOTAL LIABS & NW             1,619,038   TOTAL ASSETS                 1,619,038

 

             Profit & Loss Account from Jan 1, 2011 to Dec 31, 2011               

 

             Net Sales                             1,729,025

             Cost of Goods Sold                    1,051,995

 

             Gross Profit                            677,030

             Misc Operating Charges                  567,647

             Misc Operating Income                     2,756

 

             Net Operating Income                    112,139

             Misc Financial Income                        69

             Total Financial Income                       69

 

             Interest Payable                        101,541

             Misc Financial Expenses                   8,414

             Total Financial Expenses                109,955

 

             Profit Before Taxes                       2,253

             Income Tax                                9,971

 

             Profit After Tax                         7,718

 

             Net Loss                                  7,718

    

     According to the balance sheet as of Dec 31, 2011.

    

     The below mentioned financial figures are in Euro.

 

 

LEGAL STATUS AND HISTORY

 

Societe anonyme registered on Nov 3, 2000 for a period ending Dec 31, 2020.

Registration Number:                              047285

Government Gazette Number:     10199 / 2000

Chamber of Commerce Number: 177819

Tax Registration Number:                       099877148

  

Nominal capital: 443,016. Issued capital: 443,016.

Issued/paidup capital was last increased on Nov 17, 2004.

    

Nominal capital is divided into:

151,200 shares of 2.93 each and fully paidup.

 

 

SHAREHOLDERS

 

Theodoros Leventakis holds 99.00% of the voting capital.

Prokopios Kotrogiannis holds 1.00% of the voting capital.

 

 

RELATED COMPANIES

 

LEVENTAKIS LOGISTICS S.A. Societe Anonyme, Metamorfossi, Greece

Year started: 1997.

This concern is related through common shareholders.

    

ANNIELLI LTD Limited Liability Company, Metamorfossi, Greece

This is a dormant concern.

Year started: 1991.

This concern is related through common shareholders.

 

 

ACTIVITIES

 

Local Activity Code:                               4677                                           

Local Activity Code Type:                       STAKOD                                        

Equivalent to:                                         NACE 1                                        

    

Wholesales scrap and waste materials

Operates refuse systems

Trade of Scrap and waste. Plastic recycling. General trade , Subject distributes its goods by wholesale abroad.

      

 

IMPORTS

 

Subject does not import.

 

 

EXPORTS

 

Exports 95% to Bulgaria, China, Germany, Hong Kong, India, Indonesia,

North Korea, Malaysia, Pakistan, Poland, Romania

Normal exporting terms are cash against documents

 

 

PROPERTIES

 

Subject operates from rented workshop, covering approximately 30,000 square metres at heading address.

 

 

GENERAL COMMENT

 

Subject is an export oriented economic unit. Noted that, subject was also engaged in imports and trade of plastic building waste sacks (PP & PE), an activity which was ceased in the begining of 2010.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.96

UK Pound

1

Rs.88.23

Euro

1

Rs.71.92

 

 

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%)

 

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.