|
Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
NITROFARM
S.A. |
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Registered Office : |
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 : |
04.01.2000 |
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Com. Reg. No.: |
044829 |
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Legal Form : |
Societe Anonyme
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Line of Business : |
· Wholesaler of chemicals and allied products · Manufacturer of canned fruits and specialties ·
Engaged in importing, packaging
and trader of agricultural
chemicals, fertilisers, agricultural multiplication material and chemical raw
materials |
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|
No of Employees : |
10
(31.12.2001 including 0 part-time staff) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
--- |
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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Greece |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source : CIA |
Name NITROFARM
S.A.
ADDRESS: 13
FRAGKON
54626 THESSALONIKI
THESSALONIKI
GREECE
TELEPHONE: 30 2310553354
30
2310514440
TELEFAX: 30 2310545235
E-MAIL
ADDRESS: info@nitrofarm.gr
WEB ADDRESS: www.nitrofarm.gr
|
ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS
OTHERWISE STATED |
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STARTED: 2000
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YEAR
INC: 2000
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LEGAL FORM:
SOCIETE ANONYME |
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REG
NO: 044829
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GOVT GAZ
NO:00035 / 2000
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EMPLOYS: 10
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SIC: 5169 2033
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ACTIVITY: WHOLESALES CHEMICALS AND ALLIED
PRODUCTS |
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Panagiotis Athanassios Kyrgidis |
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chairman |
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shareholder |
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Nikolaos Dimitrios Koutridis |
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vice-chairman |
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Panagiotis Athanassios Kyrgidis |
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chief executive |
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shareholder |
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Anasstasia George Leleki |
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member |
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Panagiotis Athanassios Kyrgidis |
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shareholder |
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Antonia Kyrgidou |
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shareholder |
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Alpha Bank A.E., Egnatia
Branch branch., 2 Egnatia Odos, Thessaloniki |
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54626, Greece. |
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Telephone: 30 2310563500 |
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Alpha Bank S.A. (ex
Emporiki Bank), Thessaloniki - Central Branch |
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branch., 21 I. Dragoumi, Thessaloniki
54626, Greece. |
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Telephone: 30 2310544360 |
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EFG EUROBANK
ERGASIAS S.A., Leon. Sofou Branch (Ex Ergoban branch., 18 |
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Leon. Sofou, Thessaloniki 54626,
Greece. |
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Telephone: 30 2310592700 |
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Bank of Piraeus
S.A., I. Dragoumi (Thessaloniki) Bra branch., 5 Ionos |
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Dragoumi, Thessaloniki 54625, Greece. |
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Telephone: 30 2310557430 |
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New Proton Bank
S.A., Thessaloniki Branch branch., 12 Tsimiski & 16 |
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Venizelou, Thessaloniki 54624, Greece. |
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Telephone: 30 2106970603 |
Secured Charges
Subject has registered secured charges which include the below:
A charge for an
amount of 55,000 Euro was registered on 1, 2000. The charge is secured against
Number Of Items: 1.
|
EXP.
DATE PAYING RECORD HIGH CREDIT NOW
OWES PAST DUE TERM LAST SALE |
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12/3/2014 PROMPT/SLOW 196
0 0 30 12/3/2013 |
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12/3/2014 SLOW90/240 588 0 0 30 12/3/2013 |
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12/2/2014 PROMPT/SLOW 47
0 0 30
12/2/2013 |
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12/2/2014 SLOW60/240 588 392 392 30
12/2/2013 |
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18/1/2014 SLOW30/210 588 588 588 30
18/8/2013 |
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8/1/2014 PROMPT/SLOW 174
0 0 30 8/1/2013 |
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11/12/2013
PROMPT/SLOW 174 0 0 30 11/7/2013 |
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11/12/2013
PROMPT/SLOW 486 392 392 30
11/7/2013 |
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30/11/2013
PROMPT/SLOW 726 0 0 30 30/11/2012 |
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11/11/2013
PROMPT/SLOW 248 0 0 30 11/6/2013 |
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11/11/2013
PROMPT/SLOW 486 392 392 30
11/8/2013 |
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30/9/2013 PROMPT/SLOW 248
0 0 30 30/6/2013 |
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30/9/2013 PROMPT/SLOW 486
439 439 30
30/8/2013 |
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30/9/2013 PROMPT/SLOW 726
0 0 30 30/9/2012 |
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31/8/2013 PROMPT/SLOW 726
0 0 30 31/8/2012 |
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13/8/2013 PROMPT/SLOW 248
0 0 30 13/3/2013 |
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13/8/2013 PROMPT/SLOW 486
486 392 30
13/7/2013 |
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31/7/2013 PROMPT/SLOW 726
0 0 30 28/2/2013 |
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9/7/2013 PROMPT/SLOW 248
0 0 30 9/4/2013 |
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9/7/2013 PROMPT 392 392 0 30 9/6/2013 |
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30/6/2013 PROMPT/SLOW 726
0 0 30 30/1/2013 |
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28/6/2013 PROMPT/SLOW 248
0 0 30 28/3/2013 |
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28/6/2013 PROMPT/SLOW 392
392 0 30 28/5/2013 |
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31/5/2013 PROMPT/SLOW 726
0 0
30 28/2/2013 |
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13/5/2013 PROMPT/SLOW 248
0 0 30 13/2/2013 |
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13/5/2013 PROMPT/SLOW 310
174 0 30 13/4/2013 |
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30/4/2013 PROMPT/SLOW 726
0 0 30 30/1/2013 |
Informants report that subject's payments are Slow but Correct.
|
BACKGROUND |
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Business started Jan 4, 2000. |
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Subject moved from 13 Frangon, 54626
Thessaloniki Thessaloniki on Dec 24, |
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1999. |
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LEGAL FORM |
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Societe anonyme registered on Jan 4,
2000 for a period ending Dec 31, 2099. |
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Registration Number: 044829 |
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Government Gazette Number: 00035 / 2000 |
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Chamber of Commerce Number: 41126 |
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Tax Registration Number: 092654269 |
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Nominal capital is divided into: |
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2,208,334 and fully paid-up. |
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Panagiotis Kyrgidis holds 51.00% of the voting
capital. |
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Antonia Kyrgidou holds 49.00% 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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NITROCHEM P. KYRGIDIS & CO. E.E.
Limited Partnership, Thessaloniki, |
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Greece |
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Year started: 1987. |
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This concern is related through common
shareholders. |
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Subject has 1 branches/divisions |
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57022, Sindos Industrial Area, Greece.
These are owned warehouse |
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premises. |
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Local Activity Code: 4675 |
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Local Activity Code
Type: STAKOD |
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Equivalent to: NACE 1 |
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Wholesales chemicals and allied products
|
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Manufactures canned fruits and
specialties |
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Imports, packaging and trade of
agricultural chemicals, fertilisers, |
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agricultural multiplication material and
chemical raw materials. Sorting |
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and packaging of citrus fruit , Subject
distributes its goods by |
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wholesale. Its active clientele consists
1,200 firms in Greece and 15 |
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abroad. |
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Exports 30% to Albania, Algeria,
Bulgaria, China, Former Yugoslav Rep of |
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Macedonia, Montserrat, Morocco, Russian
Fed, Serbia and Montenegro |
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Normal exporting terms are open account |
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Imports 70% from Belgium, China,
Germany, Italy, Netherlands, U S A |
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Normal importing terms are cash against
documents |
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EMPLOYS: 10 as at Dec 31, 2001 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 10. |
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Operates from owned office, covering
approximately 80 square metres at |
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heading address. |
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REGISTERED OFFICE: , 57022 Sindos
Industrial Area, Thessaloniki. |
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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 4,197,514 4,356,839 4,050,941 |
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Pre-Tax
Profit
84,082 67,985 -39,963 |
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Net
Worth 1,159,618 1,207,561 1,174,695 |
|
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Fixed
Assets
322,071 376,641 409,964 |
|
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Total
Assets
5,139,644 4,765,346 3,870,477 |
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Current
Assets
4,817,464 4,388,598 3,460,405 |
|
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Current
Liabilities
3,384,707 3,112,410 2,328,351 |
|
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Working
Capital
1,432,757 1,276,188 1,132,054 |
|
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Long Term
Debt
595,319 445,375 367,431 |
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Intangibles 108 108 108 |
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Employees 10 10 10 |
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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)
1.42 1.41 1.49 |
|
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Solvency
Ratio (%)
343.22 294.63 229.49 |
|
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Fixed
Assets/Net Worth (%)
27.77 31.19 34.90 |
|
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Current
Liabs/Net Worth (%)
291.88 257.74 198.21 |
|
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Asset
Turnover (%)
81.67 91.43 104.66 |
|
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Sales / Net
Working Cap (X) 2.93 3.41 3.58 |
|
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Assets /
Sales (%)
122.45 109.38 95.55 |
|
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Profit
Margin (%)
2.00 1.56 -0.99 |
|
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S/holders Return
(%) 7.25 5.63 -3.40 |
|
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Return On
Assets (%)
1.64 1.43 -1.03 |
|
|
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Sales /
Employees
419,751.40 435,683.90 405,094.10 |
|
|
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Profit /
Employees
8,408.20 6,798.50 -3,996.30 |
|
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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 662,500 Land/Buildings 1,187,435 |
|
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Retained
Profits 310,759 Depreciation 777,471 |
|
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Misc
Reserves 201,436
Total Fixed Ass
409,964 |
|
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Net
Worth 1,174,695 |
|
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Misc
Intangible 108 |
|
|
|
Misc Def
Liabs 367,431
Total Intangible
108 |
|
|
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CURRENT LIABILITIES: CURRENT ASSETS: |
|
|
|
Trade
Creditors 1,000,461 Stock 1,134,281 |
|
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Short term
Loans 1,020,354 Trade Debtors 2,112,236 |
|
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Proposed
Dividends 276,825 Misc Debtors 30,658 |
|
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Cash 183,229 |
|
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TOTAL
CURRENT 2,328,350 TOTAL CURRENT 3,460,404 |
|
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TOTAL LIABS
& NW 3,870,476 TOTAL ASSETS 3,870,476 |
|
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Net Sales 4,050,941 |
|
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Cost of Goods Sold 3,487,363 |
|
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Gross Profit 563,578 |
|
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Misc Operating Charges 348,293 |
|
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Misc Operating Income 35,773 |
|
|
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Net Operating Income 251,058 |
|
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Misc Financial Income 19,008 |
|
|
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Total Financial Income 19,008 |
|
|
|
Interest Payable 178,323 |
|
|
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Misc Financial Expenses 131,705 |
|
|
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Total Financial Expenses 310,028 |
|
|
|
Profit Before Taxes -39,962 |
|
|
|
Income Tax 10,005 |
|
|
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Profit After Tax -49,967 |
|
|
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Net Loss 49,967 |
Subject operates
in close connection with the above mentioned affiliated firm NITROCHEM P.
KYRGIDIS & CO. E.E. Notably that, subject operates mainly as a commercial
firm, as its trading activities contribute a 60% to its total turnover, while
its production activities cover the remaining 40%.
SUPPLEMENTARY DATA
ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.: According to the
Gov.Gaz. 35/2000 subject was established following the change in the legal
status of the firm NITROFARM P. KYRGIDIS & CO OE which was established in
1976.
Please note 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.61.12 |
|
UK Pound |
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
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|
Report Prepared
by : |
MNL |
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.