|
Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
HERACLES GENERAL CEMENT CO. S. A. |
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Registered Office : |
Markopoulou Ave (19,3 Th Km), 19002 Paiania, Attiki |
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Country : |
Greece |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.01.1911 |
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Com. Reg. No.: |
013576 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Manufacturer of cement, hydraulic |
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|
No. of Employees : |
978 1,223 (group employs) |
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 |
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Payment Behaviour : |
Unknown |
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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 |
|
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 |
HERACLES GENERAL CEMENT CO. S. A.
ADDRESS: MARKOPOULOU
AVE (19,3 TH KM)
19002 PAIANIA
ATTIKI
GREECE
REGISTERED
OFFICE: At heading address.
TELEPHONE: 30 2102898111
FAX: 30 2102819406
E-MAIL: info@lafarge.gr
WEBSITE: www.lafarge.gr
Manolis Christos
Kyprianides chairman
Louis Chavane vice-chairman
Pierre
Marie-Sentiago Deleplanque chief executive
Andreas G
Andreopoulos member
Panos Kyriakopoulos member
Jean-Charles
Blatz member
EMPLOYS: 978 as
at Apr 1. The group employs 1,223.
The number of
employees varies according to needs. The number of employees peaks to 978.
A check against
all available information revealed that no late payment incidents against
Subject Company exist.
Alpha Bank A.E.,
Ethniki Odos Lamia Branch branch., Athinon-Lamias National Rd (17 Klm),
Kifissia 14564, Greece.
Telephone: 30
2108071824
National Bank of Greece
S.A., Head Office branch., 86 Aiolou, Athens 10559, Greece.
Telephone: 30
2103342724
Emporiki Bank,
Head Office branch., 11 Sofokleous, Athens 10235, Greece.
Telephone: 30
2103210911
EFG EUROBANK
ERGASIAS S.A., Head Office branch., 8 Othonos, Athens 10557, Greece.
Telephone: 30
2103337000
HSBC p.l.c., Head
Office branch., 109-111 Messogeion, Athens 11526, Greece.
Telephone: 30
2106961040
ANY AMOUNTS
HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED
|
|
Dec 31,2010 |
Dec 31,2011 |
Dec 31,2012 |
|
Turnover |
350,807,000 |
239,402,000 |
201,774,000 |
|
Pre-Tax Profit |
-19,916,000 |
-46,975,000 |
-88,718,000 |
|
Net Worth |
673,619,000 |
628,062,000 |
483,896,000 |
|
Fixed Assets |
473,514,000 |
420,226,000 |
396,881,000 |
|
Total Assets |
884,390,000 |
815,978,000 |
650,745,000 |
|
Current Assets |
288,369,000 |
279,380,000 |
186,806,000 |
|
Current Liabilities |
118,056,000 |
97,614,000 |
94,214,000 |
|
Working Capital |
170,313,000 |
181,766,000 |
92,592,000 |
|
Long Term Debt |
92,715,000 |
90,302,000 |
72,635,000 |
|
Financial Assets |
121,022,000 |
115,316,000 |
66,558,000 |
|
Intangibles |
1,485,000 |
1,056,000 |
500,000 |
|
Employees |
1,454 |
1,235 |
1,026 |
|
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) |
2.44 |
2.86 |
1.98 |
|
Solvency Ratio (%) |
31.29 |
29.92 |
34.48 |
|
Fixed Assets/Net Worth (%) |
70.29 |
66.91 |
82.02 |
|
Current Liabs/Net Worth (%) |
17.53 |
15.54 |
19.47 |
|
Asset Turnover (%) |
39.67 |
29.34 |
31.01 |
|
Sales / Net Working Cap (X) |
2.06 |
1.32 |
2.18 |
|
Assets / Sales (%) |
252.1 |
340.84 |
322.51 |
|
Profit Margin (%) |
-5.68 |
-19.62 |
-43.97 |
|
S/holders Return (%) |
-2.96 |
-7.48 |
-18.33 |
|
Return On Assets (%) |
-2.25 |
-5.76 |
-13.63 |
|
Sales / Employees |
241,270.29 |
193,847.77 |
196,660.82 |
|
Profit / Employees |
-13,697.39 |
-38,036.44 |
-86,469.79 |
|
|
|
|
|
|
Abstract from individual fiscal balance sheet as at Dec 31,2012 |
|
||
|
LIABILITIES |
|
ASSETS |
|
|
Capital |
120,841,000 |
Land/Buildings |
340,702,000 |
|
Retained Profits |
199,606,000 |
Plant/Machinery |
450,661,000 |
|
Misc Reserves |
163,449,000 |
Depreciation |
394,482,000 |
|
Net Worth |
483,896,000 |
Total Fixed Ass |
396,881,000 |
|
Misc Provisions |
72,626,000 |
Shares in Group |
47,528,000 |
|
Misc Def Liabs |
9,000 |
Misc Fin'cl Ass |
19,030,000 |
|
|
|
Total Fin'cl Ass |
66,558,000 |
|
|
|
Misc Intangible |
500,000 |
|
|
|
Total Intangible |
500,000 |
|
CURRENT LIABILITIES: |
|
CURRENT ASSETS: |
|
|
Trade Creditors |
84,314,000 |
Stock |
52,011,000 |
|
Proposed Dividends |
129,000 |
Trade Debtors |
52,769,000 |
|
Misc Current Liabs |
9,771,000 |
Misc Debtors |
23,858,000 |
|
|
|
Cash |
58,130,000 |
|
|
|
Market Securities |
38,000 |
|
TOTAL CURRENT |
94,214,000 |
TOTAL CURRENT |
186,806,000 |
|
TOTAL LIABS & NW |
650,745,000 |
TOTAL ASSETS |
650,745,000 |
|
|
|
|
|
|
Profit & Loss Account from Jan 1, 2012 to Dec 31, 2012 |
|
|
|
|
Net Sales |
201,774,000 |
|
|
|
Cost of Goods Sold |
211,260,000 |
|
|
|
Gross Profit |
-9,486,000 |
|
|
|
Misc Operating Charges |
82,319,000 |
|
|
|
Misc Operating Income |
3,087,000 |
|
|
|
Net Operating Income |
-88,718,000 |
|
|
|
Profit Before Taxes |
-88,718,000 |
|
|
|
Income Tax |
-12,333,000 |
|
|
|
Profit After Tax |
-76,385,000 |
|
|
|
Net Loss |
76,385,000 |
|
|
|
Earnings per Share |
-1 |
|
|
|
Previous Year |
0 |
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|
Business started: Jan
1, 1911 for a period ending Dec 31, 2111.
Legal Form: Societe
anonyme
Registration Number: 013576
Chamber of Commerce Number: 70178
Tax Registration Number: 094000823
Capital: Nominal
capital: 120,840,601.
Issued capital: 120,840,601
Issued/paid-up capital was last increased on Aug 18, 2010.
Nominal capital is divided into: 71,082,707
shares of 1.7 each and fully paid-up.
Subject acquired the business of HELLENIC CEMENT RESEARCH CENTER SOLE
SHAREHOLDER CO. LTD, a Limited liability company which started in 2009 with
effect from Dec 31, 2009.
Originally was established in Athens, in 1911. In 1925 subject merged
with the firm CEMENT VOLOS OLYMPOS S.A.
On 26.7.1977 (Gov. Gaz. No 2524/77), subject's name was changed from
GENERAL CEMENT CO. S.A., to the present one, while on 31.12.1982 (Gov. Gaz. No
4691/82), it absorbed the firm EAST MEDITERRANEAN COAL TERMINAL S.A.,
established in 1980 (Gov. Gaz. No.: 3151/80). It is pointed out that subject
was founded by members of A. Tsatsos family. In 1983, due to over indebtedness
subject's control was taken over by the Greek State through the INDUSTRIAL
RECONSTRUCTION ORGANIZATION (O.A.E.) S.A. Following its recovery, O.A.E.
proceeded to subject's sale on 12.03.1992 to the Italian firm CONCRETUM and to
CAL NAT S.A. On 14/2/2001 (Gov. Gaz. No. 01014/2001) subject absorbed the
firm(s) HALKIS CEMENT COMPANY S.A., HALKIS CEMENT TRADING CO. S.A.
On 19/12/2003 (Gov. Gaz. No. 13467/2003) subject absorbed
the firm(s) HERACLES TRANSPORTING S.A. On 14/10/2005 (Gov. Gaz. No. 10913/2005)
subject absorbed the firm(s) E.M.M.Y. - BUILDING MATERIALS S.A.
On 2/1/2009 (Gov. Gaz. No. 00003/2009) subject absorbed the firm(s)
AMBER COMPUTER SERVICES S.A. On 31/12/2009 (Gov. Gaz. No. 14956/2009) subject
absorbed the firm(s) HELLENIC CEMENT RESEARCH CENTER SOLE SHAREHOLDER CO. LTD.
On 3/6/2011 (Gov. Gaz. No. 03495/2011) a change of subject's head office
was published., Listed in ASE as of: 6,6,1919.
Subject moved from 49-51 Sof. Venizelou, 14123 Lykovryssi Attiki on Jun
27, 2011.
PARENT DETAILS
NAME: LAFARGE CEMENTOS
S.A. FOREIGN PARTICIPANTS
TOWN: SPAIN
COUNTRY: SPAIN
SHARES HELD: 88.99%
SIC: 3241 5039
ACTIVITY: "MANUFACTURES
CEMENT, HYDRAULIC"
Local Activity Code: 2351
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
"Manufactures cement, hydraulic"
Wholesales construction materials
Production of cement. Imports and trade of construction elements
Subject produces the following brand(s): ALFABLOK,BASIS,ATHLOS
IMPORTS
Imports from Turkey
Normal importing terms are open account
EXPORTS
Exports to Albania, Cameroon, France, Italy, Libya, Nigeria, Spain, U K
PROPERTIES
Operates from rented office, at heading address.
Subject has 15
branches/divisions:
1 Kontopoulou, 18500, Piraeus, Greece. These are warehouse premises.
49-51 Sof. Venizelou, 14123, Irakleio, Greece. These are owned warehouse
premises. Size: 49354 square metres.
15 K. Pateli, 14123, Lykovryssi, Greece. These are rented workshop
premises. Size: 800 square metres.
14 Eleftherias, Rio Paralia Aktaiou, 26500, Patra, Greece. These are
warehouse premises.
103 Mich. Volonaki, 85100, Rodos, Greece. These are office premises.
'Heracles II', Milaki, 34500, Aliveri, Greece. These are owned factory
premises.
'Heracles III' Katatzi, Mikro Vathy Avlidos, 34100, Halkida, Greece.
These are owned factory premises. Size: 249072 square metres.
Linoperamata, 71500, Irakleio, Greece. These are owned warehouse
premises. Size: 452000 square metres.
Ladochori, 46100, Igoumenitsa, Greece. These are warehouse premises.
57009, Kalochori, Greece. These are warehouse premises.
Dendropotamou Bridge (Paralia), 54000, Thessaloniki, Greece. These are
warehouse premises.
7 Nileos, 65404, Kavala, Greece. These are warehouse premises.
Olympos, 37300, Agria, Greece. These are owned factory premises. Size:
313220 square metres.
Platanos, 37100, Almyros, Greece.
35300, Stylida, Greece. These are factory premises
SUBSIDIARIES
HELLAMAT A.B.E.M.E. Societe Anonyme, Galatsi, Greece
This subsidiary is dormant.
Year started: 1991.
Subject owns 100% of the capital.
BETON S.A. Societe Anonyme, Galatsi, Greece
This subsidiary is dormant.
Year started: 1971.
Subject owns 100% of the capital.
ALEXANDRIA SILO INVESTMENT COMPANY S.A. Foreign Participants
Subject owns 100% of the capital.
HERACLES TRANSPORTING S.A. Societe Anonyme, Lykovryssi, Greece
This subsidiary is dormant.
Year started: 2000.
Subject owns 100% of the capital.
AMBER COMPUTER SERVICES S.A. Societe Anonyme, Lykovryssi, Greece
This subsidiary is dormant.
Year started: 1983.
Subject owns 100% of the capital.
AEGEAN TERMINALS S.A. Societe Anonyme, Paiania, Greece
This subsidiary is dormant.
Year started: 1990.
Subject owns 100% of the capital.
FINDA S.A. Societe Anonyme, Athens, Greece
This subsidiary is dormant.
Year started: 1975.
Subject owns 100% of the capital.
HERACLES SHIPPING CO. S.A. Societe Anonyme, Paiania, Greece
Year started: 1971.
Subject owns 100% of the capital.
PORT SAID SILO INVESTMENT CO. S.A. Societe Anonyme, Lykovryssi, Greece
This subsidiary is dormant.
Year started: 1981.
Subject owns 100% of the capital.
LAFARGE BETON S.A. Societe Anonyme, Paiania, Greece
Year started: 1949.
Subject owns 99% of the capital.
E.VI.E.S.K. S.A. Societe Anonyme, Paiania, Greece
This subsidiary is dormant.
Year started: 1980.
Subject owns 96% of the capital.
LAFARGE BETON NOR. GREECE S.A. Societe Anonyme, Ionia, Greece
This subsidiary is dormant.
Year started: 1969.
Subject owns 68% of the capital.
HALKIS CEMENT COMPANY S.A. Societe Anonyme, Lykovryssi, Greece
This subsidiary is dormant.
Year started: 1926.
Subject owns 51% of the capital.
The following are related through principal(s) and/or financial nterest(s):
ENALLAKTIKI DIACHEIRISI ADRANON KENTRIKIS ELLADOS S.A. Societe Anonyme, Halkida, Greece
Year started: 2011.
Subject has a 50.0% share interest.
LAVA MINING & QUARRYING CO. S.A. Societe Anonyme, Paiania, Greece
Year started: 1950.
Subject has a 44.16% share interest.
MIDDLE EAST CEMENT SHIPPING & HANDLING CO. S.A. Societe Anonyme, Paiania, Greece
This is a dormant concern.
Year started: 1981.
Subject has a 1.0% share interest.
local informants stated that:
Subject is a long established asset intensive concern, being one of the largest Greek industries firm in this business sector in Greece with simultaneously to the penetration in foreign markets despite the keen competition conditions. The Group's total production capacity reach annually to 9,5 million tons. During the last years subject realized investments of a great value, regarding the renewal of its installations, in order to be ensured optimum operation of company's plants, high quality of products, environment protection and continuous satisfaction of demand regarding transportation and handling of cement.According to announcement, the subject in the context of restructuring, making the termination of factory production of Chalkida, that had been inactive since July 2011.Company quoted at A.S.E.
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.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 |
|
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.