MIRA INFORM REPORT
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Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
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Name : |
HAITOGLOU BROS SA |
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Registered Office : |
5-9 Lordou Vyronos, Kalochori 57009, Thessaloniki |
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Country : |
Greece |
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Financials (as on) : |
31.12.2013 |
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Year of Establishments : |
1985 |
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Com. Reg. No.: |
9207/062/Β/86/1042 |
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Legal Form : |
Private Company |
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Line of Business : |
·
Engaged
in Manufacturing cocoa; chocolate and sugar confectionery ·
Engaged
in Processing and preserving of
fruit and vegetables ·
Engaged
in Wholesaling other food, including fish, crustaceans and molluscs ·
Engaged
in Manufacturing crude oils and fats ·
Engaged
in Wholesaling sugar and chocolate and sugar confectionery |
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No of Employees : |
290 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 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 |
IDENTIFICATION
DETAILS
Company name: HAITOGLOU BROS SA
Address: 5-9
Lordou Vyronos, Kalochori 57009, Thessaloniki, Greece
Phone: 2310389700,
Fax: 2310751747
Web- page: www.haifoods.com
Email: info@haifoods.com
COMPANY
DETAILS
Status: Active
TAX ID: 094132463
REG. NO.: 9207/062/Β/86/1042
G.E.MI.: 57348704000
YEAR STARTED: 1985
SHARE
CAPITAL
INITIAL
CAPITAL 16,047,810
EUR
MANAGEMENT/DIRECTORS
NAME TAX ID
Alexandros Nik. Haitoglou 015495793
Board Chairman, Chief Executive Officer,
General Manager
Dimitrios Ele. Haitoglou 004544737
Board Vice Chairman, Executive Consultant,
Legal Representative
Konstantinos Nik. Haitoglou 011269922
Chief Executive Officer
Apostolos Kon. Vassileiou 013735171
Board Member
Eleftherios Dim. Haitoglou 071296910
Board Member, Marketing Director
Olga Ale. Haitoglou 068382340
Board Member
Nikolaos Ale. Haitoglou 062350459
Board Member
Dionyssia Kon. Haitoglou 062674208
Board Member
Nikolaos Kon. Haitoglou 073589702
Board Member
Stella Tsara
Public Relations Manager
Athanassios Chistoforidis
Business Development Director
SHAREHOLDERS
FULLENAME TAX
ID
Alexandros
Haitoglou 015495793
Konstantinos
Haitoglou 011269922
Eleftherios
Haitoglou 071296910
Nikolaos
Haitoglou 073589702
Dionyssia
Haitoglou 062674208
Dimitrios
Haitoglou 004544737
Nikolaos
Haitoglou 062350459
Aikaterini
Haitoglou
Olga
Haitoglou 068382340
Nikolaos
Haitoglou
ACTIVITY
SECTOR: Miscellaneous food
products
NACE
INDUSTRY
15.84 Manufacture
of cocoa; chocolate and sugar confectionery
15.33 Processing
and preserving of fruit and vegetables n.e.c.
51.38 Wholesale
of other food, including fish, crustaceans and molluscs
15.41 Manufacture
of crude oils and fats
51.36 Wholesale
of sugar and chocolate and sugar confectionery
PRODUCTS
KIND RELATION
Marmalade
& jam Production, Trade
Vanilla
sweet Production, Trade
Nut spreads
Production, Trade
Biscuits
& wafers Production, Trade
Sesame &
honey cake Production, Trade
Halva
Production, Trade
Sesame paste
Production, Trade
Honey, royal
jelly & comb Trade
Sesame Trade
Seed oil Trade
Turkish
delight Production, Trade
Food
products Trade
CERTIFICATION
ISO
9001:2008,
ELOT
HELLENIC ORGANIZATION FOR
STANDARDIZATION
S.A.
ISO 14001,
ELOT
HELLENIC ORGANIZATION FOR
STANDARDIZATION
S.A.
CUSTOMERS
FULLNAME TAX
NUMBER COUNTRY
ARFARAS,
VASILIOS, S.A. 094205171
Greece
MASOUTIS,
D., SUPERMARKET S.A. 094063140 Greece
SUPPLIERS
FULLNAME COUNTRY
HUYTON S.A. Switzerland
IMPORT
The subject company imports from Ethiopia,
Denmark, Switzerland, Mexico and Sudan.
EXPORT
The subject company exports to Australia, Brazil,
United Arab Emirates, United States Minor Outlying Islands, Jordan
Canada,
Costa Rica, Kuwait, Saudi Arabia and Yemen.
PREMISES
Address: 5-9
Lordou Vyronos, Kalochori 57009, Thessaloniki, Greece
OWNERSHIP: Owned
BUILDINGS m2:
55000
WORKFORCE
No. of employees 290
BANKS
BANK NAME AREA
BANK
NUM
ALPHA BANK THESSALONIKI
0140700
ALPHA BANK THESSALONIKI
0140482
NATIONAL BANK OF GREECE S.A. THESSALONIKI 0110214
EFG EUROBANK ERGASIAS S.A. THESSALONIKI 0260030
EFG EUROBANK ERGASIAS S.A. THESSALONIKI 0260042
PIRAEUS BANK S.A. THESSALONIKI 0172215
PIRAEUS BANK S.A. THESSALONIKI 0172237
BANK OF CYPRUS PUBLIC COMPANY LIMITED THESSALONIKI CENTER 0730097
FINANCIAL
INFORMATION
GENERAL
COMMENTS
It was established in 1985, in Kalochori in Thessaloniki, resulting from the change in the legal status of the general partnership company, HAITOGLOU BROS O.E., under the name HAITOGLOU BROS SA.
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.61.88 |
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UK Pound |
1 |
Rs.97.02 |
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Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
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 |
|
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 |
|
<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.