MIRA INFORM REPORT

 

 

Report Date :

12.12.2014

 

IDENTIFICATION DETAILS

 

Name :

DRUCKFARBEN HELLAS S.A. (DFH SA)

 

 

Registered Office :

Megaridos Ave, Kallistiri, Aspropyrgos 19300, Attica,

 

 

Country :

Greece

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

1986

 

 

Com. Reg. No.:

5937/006/Β/86/15

 

 

Legal Form :

Societe Anomyne

 

 

Line of Business :
  • Manufacture of paints, varnishes and similar coatings, printing ink and mastics
  • Wholesale of wood, construction materials and sanitary equipment
  • Wholesale of other machinery for use in industry, trade and navigation
  • Wholesale of other intermediate products

 

 

No. of Employees :

194

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

No complaints

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Greece

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

Company name and address

 

Company name:                        DRUCKFARBEN HELLAS S.A. (DFH SA)          

Address:                                   Megaridos Ave, Kallistiri, Aspropyrgos 19300, Attica, Greece

OWNERSHIP:                           Owned, LAND m2: 18300, BUILDINGS m2: 10250

Phone:                                      2105519300

Fax:                                          2105519501

Web:                                        www.druckfarben.gr

Email:                                       contact.us@druckfarben.gr

FULL NAME:                             DRUCKFARBEN HELLAS SA

TRADΕ STYLE:                         DFH SA

 

 

COMPANY DETAILS

 

Status:                                      Active

TAX ID:                                     094170492

REG. NO.:                                5937/006/Β/86/15

G.E.MI.:                                    83200002000

YEAR STARTED:                      1986

 

 

SHARE CAPITAL

 

INITIAL CAPITAL:                       1,161,936 EUR

 

 

MANAGEMENT/DIRECTORS

 

NAME                                                   TAX ID

George Dim. Karavasilis                        029054138

Board Chairman, Chief Executive Officer, Legal Representative

 

Elissavet Dim. Nikolaou                         030273314

Board Vice Chairman

 

Dimofontas Geo. Tsangaris                   039273773

Board Member

 

Theodoros Kon. Papapetropoulos         039725708

Board Member

 

Periklis Ale. Argyros                              016967516

Board Member                                      047322342

Leonidas Maravelis

Board Member

 

George Fil. Dopoulos                            050905755

Board Member

 

I Terpitsas

General Manager

 

Vassilis Nik. Axiotis                               025638466

Business Development Director

 

Dimitrios Nik. Houndris                          033963367

Chief Financial Officer

 

Konstantinos Dassios

Production Manager

 

 

SHAREHOLDERS

 

FULLENAME                                        PERCENT                     TAX ID

George Karavasilis                                70.96%                         029054138

REST INVESTORS                                29.04%                         -

 

 

ACTIVITY

 

SECTOR:                                  Paints, varnishes and coating/ Production (also for third parties), representations, exclusive imports and wholesale trade of construction paints, varnishes, putty, inks for gravure and flexographic printing. Exclusive imports and wholesale trade of graphic art machinery

NACE INDUSTRY

24.30                                        Manufacture of paints, varnishes and similar coatings, printing ink and mastics

51.53                                        Wholesale of wood, construction materials and sanitary equipment

51.87                                        Wholesale of other machinery for use in industry, trade and navigation

51.56                                       Wholesale of other intermediate products

 

PRODUCTS

KIND                                                    RELATION

Construction paints Production,             Trade

Metal paints Production,                        Trade

Varnishes Production,                           Trade

Putty Production,                                  Trade

Printing inks Production,                        Trade

Graphic art machinery                            Trade

Plastic sheets                                       Trade

 

CERTIFICATION

 

OHSAS 18001:2007, TUV HELLAS (TUV NORD) S.A.

ISO 9001:2008, TUV HELLAS (TUV NORD) S.A.

ISO 14001, TUV HELLAS (TUV NORD) S.A.

 

 

IMPORT

 

The subject company imports from Austria, Switzerland, United States Minor Outlying Islands, India, China

Korea, Republic of and Hungary.

 

 

EXPORT

 

The subject company exports to Egypt, Algeria, Israel, Cyprus, Montenegro, Nigeria, Serbia and Macedonia, the former Yugoslav Republic of.

 

 

SUPPLIERS

 

FULLNAME                                          TAX NUMBER   COUNTRY

CORAL S.A.                                          094472979                    Greece

TECHNOCAN S.A.                                 094070689                   Greece

SUN CHEMICALS                                                                      United Kingdom

SHERWIN - WILLIAMS                                                   U.S.A

 

 

CUSTOMERS

 

FULLNAME                                          TAX NUMBER               COUNTRY

TSIMIS S.A.                                          094017172                                Greece

MICHAEL HUBER MUNCHEN GMBH                                                      Germany

MORNOS S.A.                          094327082                                Greece

 

 

PREMISES

 

PLANT

Address:                                   Oinofyton - Ag. Thoma Rd (3rd km), Oinofyta 32011, Viotia

OWNERSHIP:                           Owned            

LAND                                       m2: 9000

BUILDINGS                               m2: 1200

 

PLANT

Address:                                   Ag.Nikolaos region, Halkida 34100, Evia

OWNERSHIP:                           Owned

LAND                                       m2: 27336

BUILDINGS                               m2: 4168

 

 

WORKFORCE

 

No. of employees                     194                  

 

 

BANKS

 

BANK NAME                                         AREA               BANK NUM

NATIONAL BANK OF GREECE S.A. N. IONIA ATTIKI      0110150

PIRAEUS BANK S.A.                            ELEFSINA        0172025

 

Please note that no bank account number was provided.

 

 

FINANCIAL INFORMATION

 

 

 

GENERAL COMMENTS:

 

Company was established in 1986 in Nea Filadelfeia (56-58 Athinon-Thessalonikis National Rd). Subject continues business activities of the pre-existing DRUCKFARBEN HELLAS LTD (established in 1970).

In 1994, subject's head office was transferred to N. Irakleio (Gov. Gaz. No.: 4271/94).

In 2002 (Gov. Gaz. No. 03652/2002) subject's head office was transferred to its present address.

According to Gov. Gaz. No. 13481/2003 subject absorbed the firms ILIOS PAINT & VARNISH MFG CO. S.A. & POLYMET S.A.

In 2004 (Gov. Gaz. No. 15252/2004) subject absorbed the firm INTERNATIONAL ILIOS COTACHEM S.A. In 2010 (Gov. Gaz. No. 11219/2010) subject absorbed the firm IKON S.A.

 

Subject's sector was contributed on 10/1/2012. Finally in 2012 (Gov. Gaz. No. 14940/2012) subject absorbed the firm DFH DRUCKFARBEN S.A. Τhe Gov.Gaz.No.: 142/2012 refers to the formation of the company SUN CHEMICAL PUBLICATION HELLAS SA following the contribution of subject's sector of graphic materials.

Subject's shares have been quoted at Athens Exchange since 11.12.1998 (Gov. Gaz. No. 9106/98).

 

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.62.21

UK Pound

1

Rs.97.80

Euro

1

Rs.77.48

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIS

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.