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Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
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Name : |
ROYAL CARPETS SPIROS ELEFTHERIADIS S.A. |
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Registered Office : |
A4 RD, Building Block 2 57022 Sindos Industrial Area Thessaloniki |
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Country : |
Greece |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.04.1989 |
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Com. Reg. No.: |
019042 |
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Legal Form : |
General Partnership |
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Line of Business : |
Imports and wholesale trade of carpets,
moquettes and mats |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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) |
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Greece |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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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
Source
: CIA
ROYAL CARPETS SPIROS ELEFTHERIADIS S.A.
Address: A4 RD, BUILDING BLOCK 2
57022
SINDOS INDUSTRIAL AREA
THESSALONIKI
GREECE
Telephone: 30 2310796561
Fax: 30 2310798530
E-mail
Address: webmaster@carpet.gr
Web Address: www.carpet.gr
LEGAL FORM: Societe anonyme registered on Apr 15, 1989 for a period ending Dec 31,
2039.
Registration
Number: 019042
Government Gazette
Number: 00494 / 1989
Chamber of
Commerce Number: 61541
Tax Registration
Number: 094255881
Subject moved from
Thessalonikis - Langada Rd (7.5 km), P.O. Box 40220, 56410 Efkarpia
Thessaloniki on Sep 10, 2004.
Established in
Thessaloniki, following the change in the legal status of the general
partnership ELEFTHERIADIS BROS O.E., originally founded in 1976. In 1994 (Gov.
Gaz. No.: 283/94), subject moved its head office from 5 P. Mela str., to the
Stavroupoli. On 29/9/2004 (Gov. Gaz. No. 12054/2004) a change of subject's head
office was published.
Nominal capital: 4,215,000.
Issued capital: 4,215,000.
Issued/paid-up
capital was last increased on Mar 31, 2011.
Nominal capital is
divided into:
140,500 shares of 30
each and fully paid-up.
Eleftherios
Spyridon Eleftheriadis
Chairman
Domniki Spyridon
Eleftheriadou
Vice-Chairman
Domniki Spyridon Eleftheriadou
Chief Executive
Eleftherios
Spyridon Eleftheriadis
Chief Executive
Pantelis Andreas
Pronakis
Member
Pinelopi Pantelis
Pronaki
Member
Kalliopi Pantelis
Pronaki
Member
Shareholder
Alpha Bank A.E., Pavlou Mela Branch branch., 2 Pavlou Mela, Thessaloniki 54621, Greece.
Telephone: 30 2310233216
Emporiki Bank, Thessaloniki - Central Branch branch., 21 I. Dragoumi, Thessaloniki 54626, Greece.
Telephone: 30 2310544360
Attica Bank S.A, Vas. Olgas Branch branch., 205 Vas. Olgas, Thessaloniki 54646, Greece.
Telephone: 30 2310422101
Bank of Piraeus S.A., Sindos Branch branch., Industrial Area of Sindos ,Sindos 57400, Greece.
Telephone: 30 2310570270
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Trade Payment
Summary
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EXP. DATE PAYING RECORD HIGH CREDIT NOW OWES PAST DUE TERM LAST SALE |
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9/7/2013 PROMPT/SLOW 220
0 0 30 9/6/2013 |
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9/7/2013 PROMPT/SLOW 126
0 0
30 9/2/2013 |
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28/6/2013 PROMPT/SLOW 220
0 0 30 28/5/2013 |
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28/6/2013 PROMPT/SLOW 126
0 0 30 28/3/2013 |
Spyridon
Eleftheriadis holds 98.00% of the voting capital.
Kalliopi Pronaki
holds 2.00% of the voting capital.
The following are
related through principal(s) and/or financial interest(s):
ELEFTHERIADIS,
SP., & CO O.E. General Partnership, Thessaloniki, Greece
This is a dormant
concern.
Year started:
1990.
This concern is
related through common shareholders.
DOMORAL CARPETS
S.A. Societe Anonyme, Thessaloniki, Greece
Year started:
1987.
This concern is
related through common shareholders.
The Subject has 4
branches/divisions:
210 Kifisias Ave,
15231, Halandri, Greece. These are rented showroom premises.
54 Kifissou Ave,
10442, Athens, Greece. These are owned premises. Size: 350 square metres.
5 P. Mela, 54622,
Thessaloniki, Greece. These are rented showroom premises. Size: 200 square
metres.
8 Andrianoupoleos,
54636, Thessaloniki, Greece. These are rented showroom premises.
Local Activity
Code: 4647
Local Activity
Code Type: STAKOD
Equivalent
to: NACE 1
Wholesales home
furnishings.
Representations,
exclusive imports and wholesale trade of carpets, moquettes and mats, the
subject's clientele includes 550 firms throughout Greece and abroad.
The subject
Imports 70% from Belgium, China, Egypt, Germany, India, Pakistan, Turkey and
the U.K.
Normal importing
terms are cash against documents.
The subject
Exports 5% to Cyprus, France, Germany, Spain, Sweden.
Normal exporting
terms are cash against documents
Balta, Belgium
Roger Vanden
Berghe, Belgium
Assac Corporation,
Pakistan
Total Employees: 12 as at Feb 14, 2013 including 0
part-time staff.
The number of
employees varies according to needs.
The number of
employees peaks to 12.
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Fiscal
Fiscal Fiscal |
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Dec
31,2010 Dec 31,2011 Dec 31,2012 |
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Turnover 2,447,328 2,241,885 1,764,490 |
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Pre-Tax
Profit -40,914 -58,121 -290,902 |
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Net Worth 3,580,689 4,527,568 4,414,994 |
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Fixed
Assets
1,831,925 1,697,389 1,756,013 |
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Total Assets 7,272,614 6,846,167 6,354,458 |
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Current
Assets 5,415,852 5,117,678 4,569,273 |
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Current
Liabilities 2,477,025 2,203,699 1,824,564 |
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Working
Capital 2,938,827 2,913,979 2,744,709 |
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Long Term
Debt 1,214,900 114,900 114,900 |
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Financial
Assets 24,838 31,099 29,172 |
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Intangibles
0 0 |
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Employees 20 20 |
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Net Worth and Total
Assets are tangible figures shown after the deduction of |
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intangible
assets. |
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Dec 31,2010 Dec 31,2011 Dec 31,2012 |
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Current Ratio (X) 2.19 2.32 2.50 |
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Solvency Ratio (%) 103.11 51.21 43.93 |
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Fixed Assets/Net Worth (%) 51.16 37.49 39.77 |
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Current Liabs/Net Worth (%) 69.18 48.67 41.33 |
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Asset Turnover (%) 33.65 32.75 27.77 |
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Sales / Net Working Cap (X) 0.83 0.77 0.64 |
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Assets / Sales (%) 297.17 305.38 360.13 |
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Profit Margin (%) -1.67 -2.59 -16.49 |
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S/holders Return (%) -1.14 -1.28 -6.59 |
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Return On Assets (%) -0.56 -0.85 -4.58 |
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Sales / Employees 122,366.40 112,094.25 0.00 |
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Profit / Employees -2,045.70 -2,906.05 0.00 |
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Abstract from individual fiscal balance
sheet as at Dec 31, 2012 |
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LIABILITIES
ASSETS |
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Capital 4,215,000 Land/Buildings 3,825,052 |
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Retained
Profits 78,146 Depreciation 2,069,039 |
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Misc
Reserves 121,849 Total Fixed Ass 1,756,013 |
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Net Worth 4,414,995 |
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Misc Fin'cl Ass
29,172 |
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Misc Provisions 14,900 Total Fin'cl Ass 29,172 |
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Misc Def
Liabs 100,000 |
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Misc Intangible
0 |
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Total Intangible
0 |
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CURRENT LIABILITIES: CURRENT ASSETS: |
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Trade
Creditors 382,888 Stock 3,427,480 |
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Short term
Loans 1,368,496 Trade Debtors 795,434 |
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Proposed
Dividends 26,746 Cash 346,360 |
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Misc Current
Liabs 46,434 |
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TOTAL
CURRENT 1,824,564 TOTAL CURRENT 4,569,274 |
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TOTAL LIABS
& NW 6,354,459 TOTAL ASSETS 6,354,459 |
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Profit & Loss Account from Jan 1,
2012 to Dec 31, 2012 |
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Net Sales 1,764,490 |
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Cost of Goods Sold 1,178,298 |
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Gross Profit 586,192 |
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Misc Operating Charges 836,131 |
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Misc Operating Income 59,821 |
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Net Operating Income -190,118 |
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Misc Financial Income 30,426 |
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Total Financial Income 30,426 |
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Interest Payable 129,897 |
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Misc Financial Expenses 1,313 |
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Total Financial Expenses 131,210 |
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Profit Before Taxes -290,902 |
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Profit After Tax -290,902 |
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Net Loss 290,902 |
All above
financial figures mentioned are in Euros.
Operates from
owned warehouse, at heading address.
REGISTERED OFFICE:
At heading address.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.61.78 |
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1 |
Rs.99.06 |
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Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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 |
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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.