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Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
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Name : |
EUROTRADE S.A. |
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Registered Office : |
47-49 Persefonis, 11854 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.: |
035143 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
· Contractors structural steel erection Manufacturing of prefabricated buildings |
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No. of Employees : |
30 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Greece |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
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, 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.
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Source : CIA |
EUROTRADE S.A.
ADDRESS:
AGIOS DIMITRIOS, INDUSTRIAL AREA
32011 OINOFYTA
VOIOTIA
GREECE
REGISTERED OFFICE: 47-49 Persefonis, 11854 Athens, Attiki.
TELEPHONE: 30 2262032725
FAX: 30 2262032560
E-MAIL: info@eurotrade.gr
WEBSITE: www.eurotrade.gr
Stamatina Evangelos Stavrou - chairman
- shareholder
George Evangelos Stavrou - vice-chairman
- shareholder
Stamatina Evangelos Stavrou - chief executive
- shareholder
George Evangelos Stavrou - shareholder
- Deputy Managing Director
Nikolaos Giannakouris - member
EMPLOYS: 30 as at Mar 20, 2012.
The number of employees varies according to needs.
The number of employees peaks to 30.
A check against all available information revealed that no late payment incidents against Subject Company exist.
National Bank of Greece S.A., Athinon Ave. Branch branch., 128-132
Athinon Ave., Athens 10442, Greece.
Telephone: 30 2105180161
National Bank of Greece S.A., Athinon Ave. Branch branch., 128-132
Athinon Ave., Athens 10442, Greece.
Telephone: 30 2105180161
EFG EUROBANK ERGASIAS S.A., Kalamiotou Branch (Ex Ergobank branch., 3
Kalamiotou, Athens 10563, Greece.
Telephone: 30 2103226683
Projected sales for the 12 month period ending Dec 31, 2012 were
2,200,000
ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED
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Dec 31,2009 |
Dec 31,2010 |
Dec 31,2011 |
|
Turnover |
2,514,747 |
1,822,128 |
2,235,248 |
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Pre-Tax Profit |
27,614 |
24,904 |
11,805 |
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Net Worth |
1,730,803 |
1,731,077 |
1,731,498 |
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Fixed Assets |
1,719,092 |
1,611,351 |
1,531,980 |
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Total Assets |
4,562,959 |
4,337,765 |
4,606,907 |
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Current Assets |
2,829,796 |
2,711,763 |
3,057,633 |
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Current Liabilities |
2,832,156 |
2,606,687 |
2,875,409 |
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Working Capital |
-2,360 |
105,076 |
182,224 |
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Financial Assets |
10,279 |
11,797 |
11,797 |
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Intangibles |
3,793 |
2,854 |
5,497 |
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Employees |
|
40 |
30 |
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Net Worth and Total Assets are tangible figures shown after the
deduction of intangible assets. |
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RATIOS |
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Dec 31,2009 |
Dec 31,2010 |
Dec 31,2011 |
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Current Ratio (X) |
1 |
1.04 |
1.06 |
|
Solvency Ratio (%) |
163.63 |
150.58 |
166.06 |
|
Fixed Assets/Net Worth (%) |
99.32 |
93.08 |
88.48 |
|
Current Liabs/Net Worth (%) |
163.63 |
150.58 |
166.07 |
|
Asset Turnover (%) |
55.11 |
42.01 |
48.52 |
|
Sales / Net Working Cap (X) |
-1,065.57 |
17.34 |
12.27 |
|
Assets / Sales (%) |
181.45 |
238.06 |
206.1 |
|
Profit Margin (%) |
1.1 |
1.37 |
0.53 |
|
S/holders Return (%) |
1.6 |
1.44 |
0.68 |
|
Return On Assets (%) |
0.61 |
0.57 |
0.26 |
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Sales / Employees |
0 |
45,553.20 |
74,508.27 |
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Profit / Employees |
0 |
622.6 |
393.5 |
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Abstract from individual fiscal Balance
Sheet as at Dec 31, 2011 |
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LIABILITIES |
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ASSETS |
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Capital |
1,096,751 |
Land/Buildings |
2,835,398 |
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Retained Profits |
809 |
Plant/Machinery |
477,838 |
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Misc Reserves |
633,938 |
Depreciation |
1,781,256 |
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Net Worth |
1,731,498 |
Total Fixed Ass |
1,531,980 |
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Misc Fin'cl Ass |
11,797 |
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Total Fin'cl Ass |
11,797 |
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Misc Intangible |
5,497 |
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Total Intangible |
5,497 |
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CURRENT LIABILITIES: |
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CURRENT ASSETS: |
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Trade Creditors |
638,867 |
Stock |
644,811 |
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Short term Loans |
2,090,564 |
Trade Debtors |
2,055,058 |
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Misc Current Liabs |
145,978 |
Misc Debtors |
2,955 |
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Cash |
354,809 |
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TOTAL CURRENT |
2,875,409 |
TOTAL CURRENT |
3,057,633 |
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TOTAL LIABS & NW |
4,606,907 |
TOTAL ASSETS |
4,606,907 |
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Profit &
Loss Account from Jan 1, 2011 to Dec 31, 2011 |
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Net Sales |
2,235,248 |
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Cost of Goods Sold |
1,637,892 |
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Gross Profit |
597,356 |
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Misc Operating Charges |
563,105 |
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Misc Operating Income |
149,806 |
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Net Operating Income |
184,057 |
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Misc Financial Income |
1,052 |
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Total Financial Income |
1,052 |
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Interest Payable |
172,265 |
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Misc Financial Expenses |
1,039 |
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Total Financial Expenses |
173,304 |
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Profit Before Taxes |
11,805 |
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Income Tax |
11,384 |
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Profit After Tax |
421 |
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Net Profit |
421 |
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Business started: Jan
1, 1996 for a period ending Dec 31, 2046.
Legal Form: Societe
anonyme
Registration Number: 035143
Government Gazette Number: 00696
/ 1996
Chamber of Commerce Number: 151835
Tax Registration Number: 094450809
Capital: Nominal
capital: 1,096,750.
Issued capital: 1,096,750.
Issued/paid-up
capital was last increased on Feb 10, 2011.
Nominal capital is divided into:
37,368 shares of
29.35 each and fully paid-up.
Established in Athens, on 13.02.96, following the change of the legal
status of EUROTRADE LTD, originally founded in 1979 (Gov.Gaz.No.: 113/79).
Evangelos Stavrou holds 37.50% of the voting capital.
Stamatina Stavrou holds 22.35% of the voting capital.
George Stavrou holds 22.35% of the voting capital.
Myrto-Theodoti Stavrou holds 15.00% of the voting capital.
Anastassia Stavrou holds 2.80% of the voting capital.
Local Activity Code: 2511
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
Contractors structural steel erection
Manufacturing of prefabricated buildings
Imports 5% from China
Normal importing terms are cash against documents
Exports 10% to Serbia and Montenegro
Normal exporting terms are cash against documents
Operates from owned office, at heading address.
Subject has 2 branches/divisions:
Tzaverdela, 19300, Aspropyrgos,
Greece. These are owned premises.
Agios Dimitrios, Industrial Area, 32011, Oinofyta, Greece. These are
owned factory premises.
Please note that the information provided in the report was obtained
from official sources.
No further information available regarding the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.49 |
|
UK Pound |
1 |
Rs.86.01 |
|
Euro |
1 |
Rs.73.68 |
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 |
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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 |
|
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 |
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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 |
---- |
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.