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Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
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Name : |
IMERIDIS - MAKROPOULOS 'MILKPLAN' |
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Registered Office : |
Langada - |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.05.2009 |
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Com. Reg. No.: |
068053 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Manufacturer of environmental controls |
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No. of Employees : |
70 |
RATING & COMMENTS
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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 |
|
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.
|
Source : CIA |
IMERIDIS - MAKROPOULOS 'MILKPLAN' S.A.
'MILKPLAN / FARMING TECHNOLOGY / INOXPLAN / ATHOS VILLAS'
ADDRESS: LANGADA - KOLCHIKOU RD (3RD KM),
P.O.BOX 212
57200
LANGADAS
THESSALONIKI
GREECE
TELEPHONE: 30
2394020400
TELEFAX: 30
2394020400
E-MAIL: welcome@milkplan.com
WEBSITE: www.milkplan.com
Vasilis Dimitrios Makropulos
chairman
chief executive
shareholder
Symela Triantafyllos Imeridou
vice-chairman
Zoumboulia Aroglou
member
shareholder
EMPLOYS: 70 as at Oct 3, 2012.
The number of employees varies according to needs.
The number of employees peaks to 70.
A check against all available information revealed that no late payment
incidents against Subject Company exist.
National Bank of Greece S.A.,
Langadas Branch branch., 3 N. Papageorgiou, Langadas 57200, Greece.
Telephone: 30 2394022666
Emporiki Bank,
Langadas Branch branch., 9 Loutron 1 Gossiou, Langadas 57200, Greece.
Telephone: 30 2394022122
EFG EUROBANK ERGASIAS S.A.,
Langada Branch branch., 11 M. Alexandrou, Langadas 57200, Greece.
Telephone: 30 2394020690
Bank of Piraeus S.A.,
Langadas Branch branch., 4 K. Gossiou & K. Gossiou (side street),
Langadas 57200, Greece.
Telephone: 30 2394020900
SECURED CHARGES
Subject has registered secured charges which include the below:
A charge for an amount of 1,000,300 Euro was registered on 1, 2000. The
charge is secured against Number Of Items: 2, On : a field 9827m2 with building
4008m2.
The below mentioned financial figures are in Euro
On Oct 3, 2012
Projected sales for the 12 month period ending Dec 31, 2012 were
8,300,000
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Fiscal |
Fiscal |
Fiscal |
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Dec 31,2009 |
Dec 31,2010 |
Dec 31,2011 |
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Turnover |
14,365,618 |
7,495,223 |
6,694,022 |
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Pre-Tax Profit |
205,149 |
501,121 |
764,573 |
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Net Worth |
1,457,192 |
1,681,548 |
2,278,073 |
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Fixed Assets |
3,354,829 |
3,042,058 |
2,739,530 |
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Total Assets |
9,064,563 |
9,301,548 |
8,633,068 |
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Current Assets |
5,709,735 |
6,259,419 |
5,892,165 |
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Current Liabilities |
4,908,337 |
5,217,058 |
4,315,316 |
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Working Capital |
801,398 |
1,042,361 |
1,576,849 |
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Long Term Debt |
2,699,034 |
2,402,941 |
2,039,679 |
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Financial Assets |
|
71 |
71 |
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Intangibles |
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0 |
1,303 |
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Employees |
|
48 |
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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) |
1.16 |
1.2 |
1.37 |
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Solvency Ratio (%) |
522.06 |
453.15 |
278.96 |
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Fixed Assets/Net Worth (%) |
230.23 |
180.91 |
120.26 |
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Current Liabs/Net Worth (%) |
336.84 |
310.25 |
189.43 |
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Asset Turnover (%) |
158.48 |
80.58 |
77.54 |
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Sales / Net Working Cap (X) |
17.93 |
7.19 |
4.25 |
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Assets / Sales (%) |
63.1 |
124.1 |
128.97 |
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Profit Margin (%) |
1.43 |
6.69 |
11.42 |
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S/holders Return (%) |
14.08 |
29.8 |
33.56 |
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Return On Assets (%) |
2.26 |
5.39 |
8.86 |
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Sales / Employees |
0 |
156,150.48 |
0 |
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Profit / Employees |
0 |
10,440.02 |
0 |
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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 |
1,100,000 |
Land/Buildings |
4,062,365 |
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Retained Profits |
932,940 |
Plant/Machinery |
3,647,082 |
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Misc Reserves |
245,133 |
Depreciation |
4,969,917 |
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Net Worth |
2,278,073 |
Total Fixed Ass |
2,739,530 |
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Misc Def Liabs |
2,039,679 |
Misc Fin'cl Ass |
71 |
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Total Fin'cl Ass |
71 |
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Misc Intangible |
1,303 |
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Total Intangible |
1,303 |
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CURRENT LIABILITIES: |
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CURRENT ASSETS: |
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Trade Creditors |
949,020 |
Stock |
542,671 |
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Short term Loans |
2,768,846 |
Misc Debtors |
5,027,343 |
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Misc Current Liabs |
597,451 |
Cash |
322,151 |
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TOTAL CURRENT |
4,315,317 |
TOTAL CURRENT |
5,892,165 |
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TOTAL LIABS & NW |
8,633,069 |
TOTAL ASSETS |
8,633,069 |
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Profit &
Loss Account from Jan 1, 2011 to Dec 31, 2011 |
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Net Sales |
6,694,022 |
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Cost of Goods Sold |
4,439,052 |
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Gross Profit |
2,254,970 |
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Misc Operating Charges |
1,032,332 |
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Misc Operating Income |
231,441 |
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Net Operating Income |
1,454,079 |
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Misc Financial Income |
231 |
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Total Financial Income |
231 |
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Interest Payable |
469,678 |
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Misc Financial Expenses |
220,058 |
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Total Financial Expenses |
689,736 |
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Profit Before Taxes |
764,574 |
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Income Tax |
168,049 |
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Profit After Tax |
596,525 |
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Net Profit |
596,525 |
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Business started: May
21, 2009.
Year of Incorporation: 2009
Legal Form: Societe
anonyme registered on May 21, 2009 for a period ending
Dec 31, 2059.
Registration Number: 068053
Government Gazette Number: 03664
/ 2009
Chamber of Commerce Number: 79330
Tax Registration Number: 084205083
Capital: Nominal
capital: 1,100,000. Issued capital: 1,100,000.
Nominal capital is
divided into:
1,100,000 shares
of 1 each and fully paid-up.
Established following a change of the legal status of a firm originally
founded in 1997.
SUPPLEMENTARY DATA ON THE ABOVE MENTIONED EVENTS PUBLISHED IN THE
GOV.GAZ.:
According to the Gov.Gaz.No.:3664/09 subject was established following
the change in the legal status of the firm TRIANTAFYLLOS IMERIDIS - VASSILEIOS
MAKROPOULOS O.E.
Subject moved from Thessalonikis - Kavalas Rd (16th km), 57200 Langadas
Thessaloniki on Jan 1, 2007.
Zoumboulia Imeridou holds 70.00% of the voting capital.
Vasilis Makropulos holds 30.00% of the voting capital.
SIC: 3822 1791
ACTIVITY: Manufactures
environmental controls
Contractors
structural steel erection
Manufacturing of
milk refrigeration machinery.
Manufacturing,
imports and trade of livestock breeding farm equipment.
Local Activity Code: 2825
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
Subject produces the following brand(s):
MILKPLAN
Imports 70% from France, Germany, Italy, Spain, Turkey
Normal importing terms are open account
Exports 60% to Bulgaria, Cyprus, Former Yugoslav Rep of Macedonia, Georgia,
Germany, Hungary, India, Israel, Italy, Romania, Turkey, U A E, U K
Normal exporting terms are letters of credit
Operates from owned factory, covering approximately 6,339 square metres
at heading address.
The site covers approximately 22,972 square metres.
Subject has 2 branches/divisions:
Langada - Kolchikou Rd (3rd km), 57200, Langadas, Greece. These are
owned factory premises.
Thessalonikis - Kavalas Rd (16th km), 57200, Langadas, Greece. These are
owned warehouse premises. Size: 1200 square metres.
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.56.64 |
|
UK Pound |
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<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.