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Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
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Name : |
HYBRIDS HELLAS S.A. |
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Registered Office : |
3 FIL. Etaireias
14452 Metamorfossi Attiki
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Country : |
Greece |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
022079
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Legal Form : |
Societe
Anonyme |
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Line of Business : |
Wholesales
Grain And Field Beans |
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No. of Employees |
16 |
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 |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 HYBRIDS
HELLAS S.A.
ADDRESS: 3
FIL. ETAIREIAS
14452 METAMORFOSSI
ATTIKI
GREECE
TELEPHONE: 30 2102836440
TELEFAX: 30 2102836240
E-MAIL
ADDRESS: hybrids@otenet.gr
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ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS
OTHERWISE STATED |
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STARTED: 1990
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YEAR INC: 1990
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LEGAL FORM: SOCIETE
ANONYME
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REG NO: 022079
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GOVT GAZ NO:02640 /
1990
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EMPLOYS: 16
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SIC: 5153 5169
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ACTIVITY: WHOLESALES GRAIN AND FIELD BEANS |
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Mustafa Miqdadi |
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chairman |
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George Theodoros Stouraitis |
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vice-chairman |
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George Theodoros Stouraitis |
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chief executive |
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George Antonios Bakogiannis |
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member |
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Anthoulis Michail Trokoudis |
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member |
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Khaldoun Labadi |
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member |
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National Bank of Greece
S.A., Psyhiko Branch branch., 178 Kifissias |
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Ave. & Agissilaou, Halandri 15231,
Greece. |
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Telephone: 30 2106783201 |
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EFG EUROBANK ERGASIAS
S.A., Ano Patission Branch branch., 332 |
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Patission, Athens 11141, Greece. |
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Telephone: 30 2102237190 |
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EXP. DATE PAYING RECORD HIGH CREDIT NOW OWES PAST DUE TERM LAST SALE |
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1/3/2014 PROMPT 214,258 214,258
0 30 1/2/2014 |
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1/2/2014 PROMPT 97,873 97,873
0 30 1/1/2014 |
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1/1/2014 PROMPT 75,978 75,978 0
30 1/12/2013 |
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1/12/2013 PROMPT 70,436 35,614 0
30 1/11/2013 |
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1/11/2013 PROMPT 80,239 9,400 0
30 1/10/2013 |
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1/10/2013 PROMPT 80,239 45,627 0
30 1/9/2013 |
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1/8/2013 PROMPT 80,239 36,227 0
30 1/7/2013 |
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1/7/2013 PROMPT 80,239 70,436 0
30 1/6/2013 |
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1/6/2013 PROMPT 80,239 50,486 0
30 1/5/2013 |
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1/5/2013 PROMPT 80,239 60,001 0
30 1/4/2013 |
Informants report that subject's payments are prompt. |
PRINCIPALS ANTECEDENTS
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NAME: Mustafa Miqdadi |
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Also a director of QUALINNOVA S.A.. |
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NAME: George Theodoros Stouraitis |
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Also a director of QUALINNOVA S.A.. |
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NAME: George Theodoros Stouraitis |
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Also a director of QUALINNOVA S.A.. |
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BACKGROUND |
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Business started Jan 1, 1990. |
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Subject moved from 22 Antheon, 11143
Athens Attiki on Nov 25, 1999. |
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LEGAL FORM |
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Societe anonyme registered on Jan 1,
1990 for a period ending Dec 31, 2020. |
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Registration Number: 022079 |
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Government Gazette Number: 02640 / 1990 |
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Chamber of Commerce Number: 24009 |
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Tax Registration Number: 094286741 |
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Established in Athens, on 22.6.1990,
following the change of the legal |
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status of the firm HYBRIDS HELLAS LTD,
originally founded in 1981 under the |
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name BRUINSMA HELLAS LTD. In 1992
subject moved its head office from 56, |
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Halkokondyli to 22 Antheon str., (Gov.
Gaz. No: 4933/1992). On 25/11/1999 |
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(Gov. Gaz. No. 09360/1999) a change of
subject's head office was published. |
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Nominal capital is divided into: |
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152,000 shares of 3.35 each and fully
paid-up. |
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The company is a subsidiary of AGRIMATCO
LTD FOREIGN PARTICIPANTS, |
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CYPRUS, CYPRUS , which holds 100.00%
interest. |
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Subject has 1 branches/divisions |
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6 Parnithos, 14123, Lykovryssi, Greece.
These are rented warehouse |
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premises. Size: 1000 square metres. |
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Local Activity Code: 4621 |
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Local Activity Code
Type: STAKOD |
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Equivalent to: NACE 1 |
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Wholesales grain and field beans |
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Wholesales chemicals and allied products
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Representations, exclusive imports and wholesale
trade of agricultural |
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multiplication material, fertilisers and
agricultural chemicals , |
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Subject's customers are 500 all over
Greece, main of which are : |
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Exports 2% to Italy |
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Normal exporting terms are open account |
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Imports 90% from Italy, Netherlands,
Spain, U K, U S A |
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Normal importing terms are open account |
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Subject reportedly acts as agents for: |
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Takii Europe B.V., Netherlands |
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Masterplant Spa, Italy |
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William Sinclair, U K |
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Bruinsma, U S A |
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Asgrow, U S A |
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Seminis Vegetable Seeds, U S A |
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EMPLOYS: 16 as at Jan 8, 2010 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 16. |
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Operates from rented warehouse, covering
approximately 170 square metres |
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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
2,383,083 2,882,064 3,104,010 |
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Pre-Tax Profit -452,243 170,622 79,057 |
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Net Worth -156,014 222,307 301,364 |
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Fixed Assets 148,931 125,398 107,073 |
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Total Assets 2,823,454 3,001,221 3,153,360 |
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Current Assets 2,633,342 2,840,674 3,000,526 |
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Current Liabilities 2,979,029 2,678,474 2,676,556 |
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Working Capital 345,687 162,200 323,970 |
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Long Term Debt 440 100,440 175,440 |
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Financial Assets 18,821 18,441 19,836 |
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Intangibles 22,360 16,707 25,925 |
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Employees
16 |
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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) 0.88 1.06 1.12 |
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Solvency Ratio (%) -1,909.74 1,250.03 946.36 |
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Fixed Assets/Net Worth
(%) -95.46 56.41 35.53 |
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Current Liabs/Net Worth
(%) -1,909.46 1,204.85 888.15 |
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Asset Turnover (%) 84.40 96.03 98.44 |
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Sales / Net Working Cap
(X) 6.89 17.77 9.58 |
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Assets / Sales (%) 118.48 104.13 101.59 |
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Profit Margin (%) -18.98 5.92 2.55 |
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S/holders Return (%) 289.87 76.75 26.23 |
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Return On Assets (%) -16.02 5.69 2.51 |
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Sales / Employees 0.00 180,129.00 0.00 |
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Profit / Employees 0.00 10,663.88 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 509,200 Land/Buildings 450,884 |
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Retained Profits -290,636 Depreciation 343,811 |
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Misc Reserves 82,800 Total Fixed Ass 107,073 |
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Net Worth 301,364 |
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Misc Fin'cl Ass
19,836 |
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Misc Provisions 175,440 Total Fin'cl Ass 19,836 |
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Misc Intangible
25,925 |
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Total Intangible
25,925 |
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CURRENT LIABILITIES: CURRENT ASSETS: |
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Trade Creditors 281,267 Stock 1,099,482 |
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Owed to Memebers 2,336,103 Trade Debtors 1,609,862 |
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Misc Debtors 5,472 |
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Cash 285,711 |
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TOTAL CURRENT 2,676,557 TOTAL CURRENT 3,000,527 |
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TOTAL LIABS & NW 3,153,361 TOTAL ASSETS 3,153,361 |
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Profit & Loss Account from Jan 1, 2012 to Dec 31, 2012 |
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Net Sales 3,104,010 |
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Cost of Goods Sold 2,025,644 |
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Gross Profit 1,078,366 |
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Misc Operating Charges 869,144 |
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Misc Operating Income 2,311 |
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Net Operating Income 211,533 |
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Misc Financial Income 2,250 |
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Total Financial Income 2,250 |
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Interest Payable 47,483 |
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Misc Financial Expenses 87,243 |
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Total Financial Expenses 134,726 |
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Profit Before Taxes 79,057 |
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Profit After Tax 79,057 |
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Net Profit 79,057 |
Subject is a long established trading economic unit, which is activated
in the sector of agricultural products.
Please note the information provided in this report was obtained from
official and publicly available sources.
Further information was not available.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.12 |
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1 |
Rs.102.71 |
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Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
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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 |
-- |
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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.