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Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
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Name : |
ELLAGRET S.A. |
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Registered Office : |
P.O. BOX 58, 19600 Mandra, Attiki |
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Country : |
Greece |
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Financials (as on) : |
31.12.2012 |
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Year of Establishment : |
1974 |
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Com. Reg. No.: |
002313 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Manufacturer of Agricultural Chemicals
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No of Employees : |
40 |
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 But Correct |
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Litigation : |
Clear |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 18% 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 averaged growth of about 4% per year between 2003 and 2007, 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. By 2013 the economy had contracted 26%, compared with the pre-crisis level of 2007. Greece met the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP in 2007-08, but violated it in 2009, with the deficit reaching 15% of GDP. Austerity measures have reduced the deficit to about 4% in 2013, including government debt payments. 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 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 continue pushing 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, called for holders of Greek government bonds to write down a significant portion of their holdings. As Greek banks held a significant portion of sovereign debt, the banking system was adversely affected by the write down and €41 billion of the second bailout package was set aside to ensure the banking system was adequately capitalized. In exchange for the second loan Greece promised to introduce an additional $7.8 billion in austerity measures during 2013-15. However, the massive austerity cuts have prolonged Greece's economic recession and depressed tax revenues. Throughout 2013, Greece's lenders called on Athens to step up efforts to increase tax collection, dismiss public servants, privatize public enterprises, and rein in health spending. In June 2013 Prime Minister Antonis SAMARAS's efforts to meet bailout conditions led to the departure of one party, the Democratic Left, from the governing coalition when his government made the controversial decision to shut down and restructure the state-owned television and radio company. Subsequent reluctance to institute further cuts and delays in meeting public sector reform targets prompted Greek lenders to withhold bailout fund disbursements until December 2013. However, investor confidence began to show signs of strengthening by the end of 2013 as leading macroeconomic indicators suggested the economy’s freefall had been arrested
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Source
: CIA |
Name ELLAGRET
S.A.
ADDRESS: P.O.
BOX 58
19600 MANDRA
ATTIKI
GREECE
TELEPHONE: 30
2105559001
30
2105555220
TELEFAX: 30 2105556100
E-MAIL ADDRESS: ellagret@ellagret.gr
WEB ADDRESS: www.ellagret.gr
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ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS
OTHERWISE STATED |
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STARTED: 1974 SALES: 8,017,157 |
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YEAR INC: 1974 PROFIT: -176,571 |
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LEGAL FORM: SOCIETE
ANONYME NET WORTH: 3,299,609 |
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REG NO: 002313 NOM CAPITAL: 2,762,471 |
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GOVT GAZ NO:01479 /
1974 ISS CAPITAL: 2,762,471 |
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EMPLOYS: 40 |
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SIC: 2879 2873
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ACTIVITY: MANUFACTURES AGRICULTURAL CHEMICALS |
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Konstantinos Agissilaos Papadopoulos |
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chairman |
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shareholder |
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Agissilaos Konstantinos Papadopoulos |
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vice-chairman |
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Konstantinos Agissilaos Papadopoulos |
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chief executive |
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shareholder |
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Dimitrios Agissilaos Papadopoulos |
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member |
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shareholder |
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Athanassios Agissilaos Papadopoulos |
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member |
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shareholder |
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Dimitrios Agissilaos Papadopoulos |
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shareholder |
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Konstantinos Agissilaos Papadopoulos |
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shareholder |
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Athanassios Agissilaos Papadopoulos |
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shareholder |
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Alpha Bank A.E., Mandra
Branch branch., Strat. N. Rokka & Zervonikola, |
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Mandra 19600, Greece. |
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Telephone: 30 2105557522 |
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National Bank of Greece
S.A., Ethnikis Antistassis Branch branch., 3 |
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Ethnikis Antistassis Ave., Piraeus
18531, Greece. |
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Telephone: 30 2104144311 |
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Bank of Piraeus S.A. (ex ATEBANK
S.A.), Head Office branch., 4 |
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Panepistimiou & Kriezotou, Athens
10671, Greece. |
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Telephone: 30 2103697593 |
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Alpha Bank S.A. (ex
Emporiki Bank), Karaiskaki Sq Branch branch., 2 |
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Achilleos, Athens 10437, Greece. |
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Telephone: 30 2105227142 |
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Geniki Bank, Ilissia
Branch branch., 1-3 Nymfaiou & Michalakopoulou, |
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Athens 11528, Greece. |
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Telephone: 30 2107756385 |
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EFG EUROBANK ERGASIAS
S.A., Maroussi Branch (delfi Center) branch., 56 |
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Kifissias Ave, Marousi 15125, Greece. |
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Telephone: 30 2106196754 |
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Bank of Piraeus S.A., Elefsina
Branch branch., 9 Ir. Polytechneiou & 86 |
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Nikolaidou, Elefsina 19200, Greece. |
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Telephone: 30 2105565700 |
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Bank of Piraeus S.A. (ex
Hellenic Bank LTD), Aspropyrgos Branch |
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branch., 43 Dimokratias Ave,
Aspropyrgos 19300, Greece. |
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Telephone: 30 2105581040 |
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EXP. DATE PAYING RECORD HIGH CREDIT NOW OWES PAST DUE TERM LAST SALE |
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31/3/2014 PROMPT/SLOW 603
603 603
30 |
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30/11/2013
PROMPT/SLOW 9,501 0 0 30 30/6/2013 |
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30/9/2013 PROMPT/SLOW 9,501
0 0 30 30/6/2013 |
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31/8/2013 PROMPT/SLOW 9,501
0 0 30 31/5/2013 |
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31/7/2013 PROMPT/SLOW 9,501
0 0 30 30/6/2013 |
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30/6/2013 PROMPT/SLOW 9,501
0 0 30 30/5/2013 |
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31/5/2013 PROMPT/SLOW 9,501
0 0 30 |
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30/4/2013 PROMPT/SLOW 9,501
9,501 9,501 30
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Informants report that subject's payments are prompt.
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BACKGROUND |
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Business started Jul 1, 1974. |
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Subject moved from 3 Ifaistou & 48
Ag. Konstantinou, 15124 Marousi Attiki |
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on Jun 30, 2008. |
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LEGAL FORM |
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Societe anonyme registered on Jul 1,
1974 for a period ending Dec 31, 2064. |
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Registration Number: 002313 |
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Government Gazette Number: 01479 / 1974 |
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Chamber of Commerce Number: 58680 |
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Tax Registration Number: 094045644 |
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On 27/1/2000 (Gov. Gaz. No. 00570/2000)
a change of subject's head office |
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was published. On 12/7/2002 (Gov. Gaz.
No. 07140/2002) a change of |
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subject's head office was published. On
11/7/2008 (Gov. Gaz. No. |
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07124/2008) a change of subject's head office
was published. Established in |
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Athens, in 1974, after the change in the
legal form of the firm |
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PAPADOPOULOS, A., & CO. O.E., a
general partnership, established in 1961. |
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In 2000 subject's head office was
transfered from 38 Aristotelous str., |
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Athens in Mandra Attiki. |
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CAPITAL |
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Nominal capital: 2,762,471. Issued
capital: 2,762,471. |
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Issued/paid-up capital was last
increased on Nov 22, 2010. |
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Nominal capital is divided into: |
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736,659 shares of 3.75 each and fully
paid-up. |
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Dimitrios Papadopoulos holds 33.40% of
the voting capital. |
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Konstantinos Papadopoulos holds 33.30%
of the voting capital. |
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Athanassios Papadopoulos holds 33.30% of
the voting capital. |
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AFFILIATES |
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The following are related through
principal(s) and/or financial |
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interest(s): |
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PAPADOPOULOS, DIMITRIOS, & CO O.E.
General Partnership, Mandra, Greece |
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This is a dormant concern. |
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Year started: 1997. |
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This concern is related through common
shareholders. |
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Subject has 2 branches/divisions |
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Building Block 53, 57022, Sindos
Industrial Area, Greece. These are |
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office premises. |
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Building Block 53, 57022, Sindos
Industrial Area, Greece. These are |
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warehouse premises. |
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Local Activity Code: 2020 |
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Local Activity Code
Type: STAKOD |
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Equivalent to: NACE 1 |
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Manufactures agricultural chemicals |
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Manufactures nitrogenous fertilizers |
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Production, packaging (also for third parties),
representations, |
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exclusive imports and wholesale trade of
agricultural chemicals, |
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fertilisers, seeds and mouse poisons ,
Subject's customers are 1,000 |
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firms, including: |
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Subject does not export. |
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Imports 80% from Austria, Belgium,
Bulgaria, China, France, Germany, |
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India, Israel, Italy, Japan, Norway,
Spain, Taiwan, U K |
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Normal importing terms are cash against
documents |
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Subject reportedly acts as agents for: |
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Novafito, Italy |
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Maxicrop-Algea, Norway |
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Subject produces the following brand(s):
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BAIA |
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COMO |
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COTOLINT |
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CUPRICO |
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DESORMONE |
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DETHMOR PLUS |
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DIFOCAN |
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DIMETHOL |
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DIZIRAM |
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DRIVER |
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HURRICANE |
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IPIGLYCE |
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KILLER |
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LT-EXTRA |
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MAXI COMP |
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MAXICROP |
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MAXIPLANT |
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MAZOLAN |
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NUTRI-EL |
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PHOSTEC |
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RENOX |
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SALICAN |
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TALMAN |
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VAPAM FORTE |
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VOLCANO |
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WETTASUL |
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EMPLOYS: 40 as at Dec 13, 2011 including
0 part-time staff. |
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The number of employees varies according
to needs. |
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The number of employees peaks to 48. |
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Operates from owned workshop, at heading
address. |
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REGISTERED OFFICE: At heading address. |
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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 9,185,522 9,838,275 8,017,157 |
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Pre-Tax Profit 579,214 290,895 -176,571 |
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Net Worth 3,238,808 3,388,020 3,299,610 |
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Fixed Assets 2,042,931 2,044,833 1,977,655 |
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Total Assets 11,573,054 12,456,420 8,599,066 |
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Current Assets 9,509,005 10,396,446 6,596,292 |
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Current Liabilities 8,334,246 8,776,514 5,091,468 |
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Working Capital 1,174,759 1,619,932 1,504,824 |
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Long Term Debt
291,886 207,988 |
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Financial Assets 13,197 14,345 13,686 |
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Intangibles 7,921 795 11,432 |
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Employees
50 |
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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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RATIOS |
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Dec
31,2010 Dec 31,2011 Dec 31,2012 |
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Current Ratio (X) 1.14 1.18 1.30 |
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Solvency Ratio (%) 257.32 267.66 160.61 |
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Fixed Assets/Net Worth
(%) 63.08 60.36 59.94 |
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Current Liabs/Net Worth
(%) 257.32 259.05 154.31 |
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Asset Turnover (%) 79.37 78.98 93.23 |
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Sales / Net Working Cap
(X) 7.82 6.07 5.33 |
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Assets / Sales (%) 125.99 126.61 107.26 |
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Profit Margin (%) 6.31 2.96 -2.20 |
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S/holders Return (%) 17.88 8.59 -5.35 |
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Return On Assets (%) 5.01 2.34 -2.05 |
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Sales / Employees 0.00 196,765.50 0.00 |
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Profit / Employees 0.00 5,817.90 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 2,762,471 Land/Buildings 5,264,326 |
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Retained Profits 87,755 Plant/Machinery 1,772,642 |
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Misc Reserves 449,383 Depreciation 5,059,313 |
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Net Worth 3,299,609 Total Fixed Ass 1,977,655 |
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Misc Def Liabs 207,988 Misc Fin'cl Ass 13,686 |
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Total Fin'cl Ass
13,686 |
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Misc
Intangible 11,432 |
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Total Intangible
11,432 |
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CURRENT LIABILITIES: CURRENT ASSETS: |
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Trade Creditors 903,171 Stock
1,461,861 |
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Short term Loans 4,049,209 Trade Debtors 4,832,017 |
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Misc Current Liabs 139,088 Misc Debtors 30,926 |
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Cash 271,488 |
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TOTAL CURRENT 5,091,468 TOTAL CURRENT 6,596,292 |
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TOTAL LIABS & NW 8,599,065 TOTAL ASSETS 8,599,065 |
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Profit & Loss Account from Jan 1,
2012 to Dec 31, 2012 |
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Net Sales 8,017,157 |
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Cost of Goods Sold 6,150,493 |
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Gross Profit 1,866,664 |
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Misc Operating Charges 1,598,778 |
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Misc Operating Income 38,503 |
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Net Operating Income 306,389 |
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Misc Financial Income 26,453 |
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Total Financial Income 26,453 |
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Interest Payable 480,809 |
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Misc Financial Expenses 28,604 |
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Total Financial Expenses 509,413 |
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Profit Before Taxes -176,571 |
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Profit After Tax -176,571 |
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Net Loss 176,571 |
Subject is a long
established, family-run, mainly manufacturing firm.
Established in
Athens, in 1974, after the change in the legal form of the firm PAPADOPOULOS,
A., & CO. O.E., a general partnership, established in 1961.
In 2000 subject's
head office was transfered from 38 Aristotelous str., Athens in Mandra Attiki.
According to the
31/12/2012 balance sheet, subjects fixed assets are mortgaged and prenoted for 1,400,022
Euro, in favour of banks, to ensure loans received, the balance of which at
31/12/2012, amounted to 2,694,714 Euro.
Please note that
the information provided in this report was obtained from official and publicly
available sources.
Further information
was not available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.11 |
|
|
1 |
Rs. 102.70 |
|
Euro |
1 |
Rs. 84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
DPT |
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.