MIRA INFORM REPORT

 

 

Report Date :

06.11.2013

 

IDENTIFICATION DETAILS

 

Name :

SAM S.A.

 

 

Registered Office :

Ring Road, P.O. Box 31524 56510 Polichni Thessaloniki                                                                                              

 

 

Country :

Greece 

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

12.04.1995

 

 

Com. Reg. No.:

033233

 

 

Legal Form :

Partnership

 

 

Line of Business :

·         Wholesales of footwear

·         Operates family clothing stores

·         Imports and trade of children's wear. Franchising

 

 

No. of Employees :

42

 

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 :

Slow

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

Company name and address

 

SAM S.A.

 

 

IDENTIFICATION DETAILS

 

ADDRESS:                                Ring Road, P.O. BOX 31524                                

                                                56510 Polichni                                           

                                                Thessaloniki                                             

                                                Greece                                                                            

TELEPHONE:                            30 2310685010                                           

TELEFAX:                                 30 2310684888                                           

E-MAIL ADDRESS:                     sam013@sam013.gr                                         

WEB ADDRESS:                        www.sam013.gr                                            

 

 

CREDIT ASSESSMENT

 

Credit Rating:                            High Risk

Maximum Credit:                       -

 

An opinion regarding maximum credit could not be provided due to the high risk assessment given to this company.

 

 

EMPLOYEES

 

42 full time staff.                        (August 2012)

 

 

PRINCIPALS

 

Damianos Panagiotis Grigoriadis                      

Chairman

Shareholder

 

Also a director of ANAPTYXIAKI - EPENDYTIKI S.A., MAS POST  LTD.

Also a partner in MAS POST LTD.

Also associated with ANAPTYXIAKI - EPENDYTIKI S.A..

 

Panagiotis Damianos Grigoriadis

Vice-chairman

Shareholder

 

Also a director of SAM PLAYFULL FASHION S.A..

 

Damianos Panagiotis Grigoriadis

Chief executive

Shareholder

 

Despoina Theocharis Semertzidou

Member

 

 

BANKERS

 

Alpha Bank A.E., Kalamaria Branch branch., 1 Metamorfosseos & Pontou, Kalamaria 55132, Greece.

Telephone:        30 2310481530

 

National Bank of Greece S.A., 25th Martiou Thessaloniki Bran branch., 195 Vas. Olgas, Thessaloniki 54008, Greece.

Telephone:        30 2310406805

 

Emporiki Bank, Kalamaria Branch branch., 2 Hilis & Kerassountos, Kalamaria 55131, Greece.

Telephone:        30 2310411502

 

Bank of Piraeus S.A., Kalamaria (Ethn. Antistasseos) branch., 101-103 Ethn. Antistasseos, Kalamaria 55134, Greece.

Telephone:        30 2310483300

Probank S.A., Thessaloniki (Dikastirion) Bra branch., 10 26th Oktovriou, Thessaloniki 54627, Greece.

Telephone:        30 2310566090

 

 

TRADE PAYMENTS

 

 

 

 

Trade Payment Summary                                                        

 

 

 

 

 

 

 

EXP. DATE  PAYING RECORD HIGH CREDIT  NOW OWES    PAST    DUE TERM      LAST SALE   

 

 

 

 

 

 

13/8/2013  PROMPT/SLOW        7,067                   0                       0        30        13/3/2013   

 

 

 

     

 

 

 

13/8/2013  PROMPT/SLOW        18,908            10,250                   0        30       13/7/2013   

 

 

 

     

 

 

 

9/7/2013   PROMPT/SLOW        18,908             5,964                     0        30       9/6/2013    

 

 

 

     

 

 

 

9/7/2013   PROMPT/SLOW         7,067                 0                         0        30       9/4/2013    

 

 

 

     

 

 

 

28/6/2013  PROMPT/SLOW       7,067                  0                         0        30       28/3/2013   

 

 

 

     

 

 

 

28/6/2013  PROMPT/SLOW      18,908             3,966                      0        30       28/5/2013   

 

 

 

     

 

 

 

31/1/2013  PROMPT                    55                     0                         0        30       31/10/2012  

 

 

 

     

 

 

 

31/1/2013  PROMPT/SLOW   77          0         0        30      

 

 

 

     

 

 

 

31/12/2012 PROMPT               55          0         0        30       30/11/2012  

 

 

 

     

 

 

 

31/12/2012 PROMPT/SLOW   77          77        77       30      

 

 

PUBLIC RECORD INFORMATION

 

In 2012 a payment seizure was registered against the subject for an amount of 192712 Euro.

 

 

LEGAL STATUS

 

Societe anonyme registered on Jan 1, 1995 for a period ending Dec 31, 2045.

Registration Number:                           033233

Government Gazette Number:             01729 / 1995

Chamber of Commerce Number:         34062

Tax Registration Number:                    094447830

 

Established in Thessaloniki (7 Vilara) on 12.04.95, following the change of the legal status of the general partnership GRIGORIADIS BROS O.E. 'SAM 013' established in 1987. Its head office has been transfered at the above address in October 1995 (Gov. Gaz. No 6138/95). On 10/7/1998 (Gov. Gaz. No. 05560/1998) the company's name was changed.

 

Supplementary data on the abovementioned events published in the gov.gaz.: prior to the change that was published in the gov.gaz.no.:5560/98 subject's name was grigoriadis bros sa.

 

 

CAPITAL

 

Nominal capital:                                     3,100,000.

Issued capital:                                        3,100,000.

 

Issued/paid-up capital was last increased on Dec 24, 2004.

Nominal capital is divided into:  62,000 shares of 50 each and fully paid-up.

 

Damianos Grigoriadis holds 51.58% of the voting capital.

Maria Grigoriadou holds 21.42% of the voting capital.

Panagiotis Grigoriadis holds 9.00% of the voting capital.

Despoina Grigoriadou holds 9.00% of the voting capital.

Orestis Grigoriadis holds 9.00% of the voting capital.

 

RELATED COMPANIES

 

SUBSIDIARIES

 

ANAPTYXIAKI - EPENDYTIKI S.A. Societe Anonyme, Polichni, Greece

Year started: 1997.

Subject owns 99% of the capital.

 

GRIGORIADOU, MARIA, & CO O.E. General Partnership, Thessaloniki, Greece

This subsidiary is dormant.

Year started: 1998.

Subject owns 95% of the capital.

 

GRIGORIADIS, DAMIANOS, & CO O.E. General Partnership, Thessaloniki,

This subsidiary is dormant.

Year started: 1996.

Subject owns 92% of the capital.

 

AFFILIATES

 

MAS POST LTD Limited Liability Company, Thessaloniki, Greece

Year started: 1990.

This concern is related through common shareholders.

 

GRIGORIADIS, DAMIANOS, & CO E.E. Limited Partnership, Thessaloniki,

Year started: 1994.

This concern is related through common shareholders.

 

GRIGORIADIS, DAMIANOS, & CO O.E. General Partnership, Thessaloniki,

This is a dormant concern.

Year started: 1996.

Subject has a 8.0% share interest.

 

VLACHOS, A., & CO. E.E. 'SAM-013' Limited Partnership, Arta, Greece

This is a dormant concern.

Year started: 1998.

This concern is related through common shareholders.

 

ANAPTYXIAKI - EPENDYTIKI S.A. Societe Anonyme, Polichni, Greece

 Year started: 1997.

Subject has a 0.28% share interest.

 

GRIGORIADIS DAMIANOS Sole Proprietorship, Larissa, Greece

This is a dormant concern.

Year started: 1994.

This concern is related through common shareholders.

 

GRIGORIADIS BROS O.E. General Partnership, Kalochori, Greece

This is a dormant concern.

Year started: 1986.

This concern is related through common shareholders.

 

GRIGORIADIS BROS O.E. General Partnership, Thessaloniki, Greece

This is a dormant concern.

Year started: 1984.

This concern is related through common shareholders.

 

GRIGORIADOU, MARIA, & CO O.E. General Partnership, Thessaloniki, Greece

This is a dormant concern.

Year started: 1998.

Subject has a 5.0% share interest.

 

GRIGORIADI, MARIA, & CO E.E. Limited Partnership, Polichni, Greece

This is a dormant concern.

Year started: 1998.

This concern is related through common shareholders.

 

GRIGORIADIS, P., & CO E.E. Limited Partnership, Polichni, Greece

Year started: 2008.

Subject has a 1.0% share interest.

 

 

ACTIVITY

 

Local Activity Code:                               4642                                          

Local Activity Code Type:                       STAKOD                                        

Equivalent to:                                         NACE 1                                        

 

Wholesales footwear

Operates family clothing stores

Imports and trade of children's wear. Franchising

 

IMPORT

 

Imports 80% from China, France, Germany, Italy, Netherlands, Spain,Turkey

Normal importing terms are cash against documents.

 

EXPORT

 

Exports 30% to Albania, Bulgaria, Cyprus, Former Yugoslav Rep of Macedonia and Poland.

Normal exporting terms are cash against documents.

 

 

BRANCHES

 

Subject has 8 branches/divisions:

 

35 Konstantinoupoleos, 12132, Peristeri, Greece. These are office premises.

 

10 Ammochostou, 85100, Rodos, Greece. These are rented office premises.

 

9 Venizelou, 59100, Veroia, Greece. These are office premises.

 

Thessalonikis - Moudanion National Rd (11th km), 57001, Thermi, Greece. These are rented office premises.

 

43 Geor. Scholis, 'MEGA OUTLET' Trade Center, 57001, Thermi, Greece. These are rented office premises.

 

163 Gr. Lambraki, 54351, Thessaloniki, Greece. These are office premises.

 

55 Tsimiski, 54623, Thessaloniki, Greece. These are office premises.

 

43 Al. Panagouli, 41223, Larissa, Greece. These are office premises

 

 

FINANCIALS

 

                                            Fiscal              Fiscal               Fiscal

 

 

 

                                       Dec 31,2010      Dec 31,2011     Dec 31,2012

 

 

 

Turnover                            5,546,971        5,383,549       4,555,477

 

 

 

Pre-Tax Profit                      197,866           58,056          20,051

 

 

 

Net Worth                           2,122,492        2,151,632       2,052,023

 

 

 

Fixed Assets                      1,493,162        1,347,011       1,277,970

 

 

 

Total Assets                        7,423,663        7,866,435       7,813,002

 

 

 

Current Assets                    5,424,473        6,038,530       6,053,694

 

 

 

Current Liabilities                 4,354,899        4,797,215       4,970,566

 

 

 

Working Capital                   1,069,574        1,241,315       1,083,128

 

 

 

Long Term Debt                  946,272          917,588         790,412

 

 

 

Financial Assets                    475,733          477,884         480,634

 

 

 

Intangibles                            30,294            3,010             703

 

 

 

Employees                              30                                         54

 

 

 

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)                        1.25             1.26            1.22

 

 

 

Solvency Ratio (%)                     249.76           265.60          280.75

 

 

 

Fixed Assets/Net Worth (%)

 

 

 

                                                    70.35            62.60           62.28

 

 

 

Current Liabs/Net Worth (%)      205.18           222.96          242.23

 

 

 

Asset Turnover (%)                      74.72            68.44           58.31

 

 

 

Sales / Net Working Cap (X)       5.19             4.34            4.21

 

 

 

Assets / Sales (%)                  133.83           146.12          171.51

 

 

 

Profit Margin (%)                        3.57             1.08            0.44

 

 

 

S/holders Return (%)                  9.32             2.70            0.98

 

 

 

Return On Assets (%)                2.67             0.74            0.26

 

 

 

Sales / Employees                      184,899.0     0.00       84,360.69

 

 

 

Profit / Employees                   6,595.53             0.00          371.31

 

 

 

    

 

 

 

     Abstract from individual fiscal balance sheet as at Dec 31, 2012

 

 

 

          LIABILITIES                             ASSETS                       

 

 

 

Capital                      3,100,000         Land/Buildings               3,663,809

 

 

 

Retained Profits            -1,343,729   Depreciation                 2,385,839

 

 

 

Misc Reserves                  295,752   Total Fixed Ass              1,277,970

 

 

 

Net Worth                    2,052,023                    

 

 

 

                                                           Shares in Group                466,096

 

 

 

Misc Def Liabs                 790,412     Misc Fin'cl Ass                 14,538

 

 

 

                                                         Total Fin'cl Ass               480,634

 

 

 

                                                         Misc Intangible                    703

 

 

 

                                                         Total Intangible                   703

 

 

 

     CURRENT LIABILITIES:                         CURRENT ASSETS:              

 

 

 

Trade Creditors                737,293             Stock                        1,602,976

 

 

 

Short term Loans             2,956,151          Trade Debtors                3,214,584

 

 

 

Misc Current Liabs           1,277,122            Misc Debtors                 1,124,907

 

 

 

                                         Cash                           111,227

 

 

 

TOTAL CURRENT                4,970,566   TOTAL CURRENT                6,053,694

 

 

 

TOTAL LIABS & NW             7,813,001   TOTAL ASSETS                 7,813,001

 

 

 

          Profit & Loss Account from Jan 1, 2012 to Dec 31, 2012               

 

 

 

          Net Sales                             4,555,477

 

 

 

          Cost of Goods Sold              1,623,570

 

 

 

          Gross Profit                          2,931,907

 

 

 

          Misc Operating Charges        2,553,318

 

 

 

          Misc Operating Income          15,831

 

 

 

          Net Operating Income              394,420

 

 

 

          Misc Financial Income             54,084

 

 

 

          Total Financial Income            54,084

 

 

 

          Interest Payable                        396,743

 

 

 

          Misc Financial Expenses          31,710

 

 

 

          Total Financial Expenses         428,453

 

 

 

          Profit Before Taxes                  20,051

 

 

 

          Income Tax                               11,424

 

 

 

          Profit After Tax                         8,627

 

 

 

          Net Profit                                   8,627

 

 

 

    

 

 

 

    

 

 

 

     According to the balance sheet as of Dec 31, 2012.

 

 

 

    

 

 

 

     The above mentioned financial figures are in Euro

 

GENERAL COMMENTS

 

Information in this report was obtained from official and publicly available sources.

 

No further information concerning the subject company was retrieved.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.79

UK Pound

1

Rs.98.66

Euro

1

Rs.83.42

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.