MIRA INFORM REPORT

 

 

Report Date :

11.01.2014

 

IDENTIFICATION DETAILS

 

Name :

EPSI S.A.  

 

 

Registered Office :

Vi.Pa., Shistou, 18863 Perama, Attiki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

14.08.1997

 

 

Com. Reg. No.:

038715

 

 

Legal Form :

Societe Anonyme            

 

 

Line of Business :

·         Engaged in manufacturing, installation and maintenance of refrigeration and air conditioning

·         machinery

·         Importer and trader of plastics processing machinery and

·          refrigeration machinery components

 

 

No. of Employees :

15

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 15% 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 grew by nearly 4% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. 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. The economy contracted by 2.3% in 2009, 3.5% in 2010, 6.9% in 2011, and 6.0% in 2012. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP. Austerity measures reduced the deficit to about 8% in 2012. 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 has 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 push 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, calls for Greece's creditors to write down a significant portion of their Greek government bond holdings. In exchange for the second loan Greece has promised to introduce an additional $7.8 billion in austerity measures during 2013-15. However, these massive austerity cuts are lengthening Greece's economic recession and depressing tax revenues. Greece's lenders are calling on Athens to step up efforts to increase tax collection, privatize public enterprises, and rein in health spending, and are planning to give Greece more time to shore up its economy and finances. Many investors doubt that Greece can sustain fiscal efforts in the face of a bleak economic outlook, public discontent, and political instability.

 

Source : CIA

 

IDENTIFICATION DETAILS

 

Name                                        EPSI S.A. 

ADDRESS:                               VI.PA., SHISTOU                                          

                                                18863 PERAMA                                             

                                                ATTIKI                                                   

                                                GREECE                                                   

TELEPHONE:                            30  2104311111                                           

                                                30  2104004078                                           

                                                30  2104316231                                           

TELEFAX:                                 30  2104326064                                           

E-MAIL ADDRESS:                    info@epsi.gr                                               

WEB ADDRESS:                       www.epsi.gr                                                  

 

CREDIT ASSESSMENT

 

An opinion regarding maximum credit could not be provided due to the high risk assessment given to this company and losses for the last three years.

 

 

FURTHER INFORMATION

 

     ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

 

 

 

  

 

 

 

STARTED:    1997                        SALES:                      1,383,586

 

 

 

YEAR INC:   1997                        PROFIT:                      -176,870

 

 

 

LEGAL FORM: SOCIETE ANONYME             NET WORTH:                  1,455,279

 

 

 

REG NO:     038715                      NOM CAPITAL:                  513,000

 

 

 

GOVT GAZ NO:05990 / 1997                ISS CAPITAL:                  513,000

 

 

 

EMPLOYS:    15                                                              

 

 

 

SIC:        3822 5085                                                       

 

 

 

ACTIVITY:   MANUFACTURES ENVIRONMENTAL CONTROLS                             

 

PRINCIPALS

 

      Emmanouil Nikolaos Michail

 

 

 

             chairman

 

 

 

             shareholder

 

 

 

           

 

 

 

      Emmanouil Nikolaos Michail

 

 

 

             chief executive

 

 

 

             shareholder

 

 

 

           

 

 

 

      Angeliki Paraskevas Katerelou

 

 

 

             member

 

 

 

           

 

 

 

      Panagiota Dimitrios Kafourou

 

 

 

             member

 

 

BANKERS

 

        Alpha Bank A.E., Loudovikou Branch branch., 6 Loudovikou Sq, Piraeus

 

 

 

      18531, Greece.

 

 

 

      Telephone: 30 2104176944

 

 

 

 

      National Bank of Greece S.A., Keratsini Branch branch., 33 Dimokratias

 

 

 

      Ave, Keratsini 18755, Greece.

 

 

 

      Telephone: 30 2104622055

 

 

 

 

 

 

      Alpha Bank S.A. (ex Emporiki Bank), Piraeus (Central) Branch branch.,

 

 

 

      108 Farsalon & Pelasgon, Piraeus 18531, Greece.

 

 

 

      Telephone: 30 2104174721

 

 

 

 

 

 

      EFG EUROBANK ERGASIAS S.A., Alimos Branch branch., 2 Geroulanou &

 

 

 

      Vouliagmenis Ave, Argyroupoli 16452, Greece.

 

 

 

      Telephone: 30 2109958412

 

 

 

 

 

 

      Bank of Piraeus S.A. (ex Bank of Cyprus Ltd), Piraeus (Filonos) Branch

 

 

 

      branch., 137-139 Filonos & Filellinon, Piraeus 18536, Greece.

 

 

 

      Telephone: 30 2104284664

 

 

TRADE PAYMENTS

 

 

EXP. DATE  PAYING RECORD HIGH CREDIT NOW OWES  PAST DUE TERM     LAST SALE   

 

 

 

11/11/2013 PROMPT/SLOW   13,521      6,619     5,206    30       11/10/2013  

 

 

 

      

 

 

 

11/11/2013 PROMPT/SLOW   3,973       0         0        30       11/6/2013   

 

 

 

     

 

 

 

30/9/2013  PROMPT/SLOW   2,284       0         0        30       30/4/2013   

 

 

 

     

 

 

 

30/9/2013  PROMPT/SLOW   13,521      13,061    12,114   30       30/8/2013   

 

 

 

     

 

 

 

13/8/2013  PROMPT/SLOW   2,284       0         0        30       13/3/2013   

 

 

 

     

 

 

 

13/8/2013  PROMPT/SLOW   13,521      12,812    9,036    30       13/7/2013   

 

 

 

     

 

 

 

9/7/2013   PROMPT/SLOW   13,521      13,521    4,318    30       9/6/2013    

 

 

 

     

 

 

 

9/7/2013   PROMPT/SLOW   2,284       0         0        30       9/2/2013    

 

 

 

     

 

 

 

28/6/2013  PROMPT/SLOW   2,284       0         0        30       28/3/2013   

 

 

 

     

 

 

 

28/6/2013  PROMPT/SLOW   12,500      12,500    4,510    30       28/5/2013   

 

PAYMENTS REPORTED

 

Informants report that overdue accounts are being protested.

 

PUBLIC INFORMATION

 

In 2013 3 payment orders were registered against the subject for an amount of 103384 Euro.

 

In 2012 2 payment orders were registered against the subject for an amount of 50618 Euro.

 

 

HISTORY

 

   PRINCIPALS ANTECEDENTS                                                    

 

 

 

     NAME: Emmanouil Nikolaos Michail

 

 

 

     Also a director of UNIREF S.A., EPSY MARINE LTD.

 

 

 

    

 

 

 

     NAME: Emmanouil Nikolaos Michail

 

 

 

 

     Also a director of UNIREF S.A., EPSY MARINE LTD.

 

 

 

 

   BACKGROUND

 

 

 

     Business started Aug 14, 1997.

 

 

 

     Subject moved from 2-4 Tripoleos, 18863 Perama Attiki on Jan 1, 2006.

 

 

 

    

 

 

 

    

 

 

 

   LEGAL FORM

 

 

 

     Societe anonyme registered on Aug 14, 1997 for a period ending Dec 31,

 

 

 

     2047.

 

 

 

     Registration Number: 038715

 

 

 

     Government Gazette Number: 05990 / 1997

 

 

 

     Chamber of Commerce Number: 32058

 

 

 

     Tax Registration Number: 094412589

 

 

 

    

 

 

 

     Established following the the merger of the firms: - E.PSI. LTD established

 

 

 

     in 1981 (Gov.Gaz.No.: 4245/81) and pre-existed since 1968 - EPSY MARINE LTD

 

 

 

     established in 1988 (Gov.Gaz.No.: 39/88) (inactive since 1995) - REFERKO

 

 

 

     S.A. established in 1994 (1535/94). On 3/1/2006 (Gov. Gaz. No. 00037/2006)

 

 

 

     a change of subject's head office was published.

 

 

SHARE CAPITAL

 

       Nominal capital: 513,000. Issued capital: 513,000.

 

 

 

     Issued/paid-up capital was last increased on Nov 3, 2005.

 

 

 

    

 

 

 

     Nominal capital is divided into:

 

 

 

     17,100 shares of 30 each and fully paid-up.

 

 

 

    

 

SHAREHOLDERS

 

       John Pagidas holds 33.34% of the voting capital.

 

 

 

     Emmanouil Michail holds 33.33% of the voting capital.

 

 

 

     Dimitrios Kafouros holds 33.33% of the voting capital.

 

 

AFFILIATES

 

      The following are related through principal(s) and/or financial

 

 

 

     interest(s):

 

 

 

     EPSI KATASKEVASTIKI & CO. E.E. Limited Partnership, Perama, Greece

 

 

 

   

 

 

 

     Year started: 2004.

 

 

 

     Subject has a 25.0% share interest.

 

 

BRANCHES/DIVISIONS

 

Subject has 1 branches/divisions

Skala, 20001, Zevgolatio, Greece. These are owned premises. Size: 13938 square meters.

 

 

OPERATIONS

 

 

  Local Activity Code:                2825                                          

 

 

 

Local Activity Code Type:     STAKOD                                        

 

 

 

Equivalent to:                         NACE 1                                        

 

 

 

    

 

 

 

     Manufactures environmental controls

 

 

 

     Wholesales industrial supplies

 

 

 

     Mfg, installation and maintenance of refrigeration and air conditioning

 

 

 

     machinery. Imports and trade of plastics processing machinery and

 

 

 

     refrigeration machinery components , Subject's customers are 300,

 

 

 

     including :

 

 

 

 

 

 

     Exports 50% to Algeria, Cyprus, Egypt, Montserrat, Nigeria, Pakistan,

 

 

 

     Romania, Serbia and Montenegro, Syria, U A E, Yemen

 

 

 

     Normal exporting terms are cash against documents

 

 

 

    

 

 

 

     Imports 60% from Belgium, Denmark, France, Germany, Italy, Spain, Taiwan,

 

 

 

     Turkey

 

 

 

     Normal importing terms are cash against documents

 

 

 

    

 

 

 

     Subject produces the following brand(s):

 

 

 

     EPSI

 

 

 

    

 

 

 

     EMPLOYS: 15 as at Jun 27, 2013 including 0 part-time staff.

 

 

 

     The number of employees varies according to needs.

 

 

 

     The number of employees peaks to 15.

 

 

 

    

 

 

 

     Operates from owned factory, covering approximately 4,500 square metres

 

 

 

     at heading address.

 

 

 

    

 

 

 

     The site covers approximately 2,611 square metres.

 

 

 

    

 

 

 

     REGISTERED OFFICE: At heading address.

 

FINANCIAL INFORMATION

 

                                       Fiscal           Fiscal          Fiscal

 

 

 

                                  Dec 31,2010      Dec 31,2011     Dec 31,2012

 

 

 

Turnover                            2,498,269        2,085,779       1,383,586

 

 

 

Pre-Tax Profit                       -162,754          -96,196        -176,871

 

 

 

Net Worth                           1,744,044        1,632,149       1,455,278

 

 

 

Fixed Assets                          700,737          599,689         501,482

 

 

 

Total Assets                        5,825,748        5,196,556       4,946,031

 

 

 

Current Assets                      5,025,747        4,508,941       4,360,131

 

 

 

Current Liabilities                 3,687,089        3,237,524       3,469,571

 

 

 

Working Capital                     1,338,658        1,271,417         890,560

 

 

 

Long Term Debt                        394,615          326,883          21,182

 

 

 

Financial Assets                       85,666           79,737          79,737

 

 

 

Intangibles                            13,599            8,189           4,682

 

 

 

Employees                                                   20              12

 

 

 

Net Worth and Total Assets are tangible figures shown after the deduction of

 

 

 

intangible assets.

 

 

 

 

 

RATIOS 

 

 

 

                                  Dec 31,2010      Dec 31,2011     Dec 31,2012

 

 

 

Current Ratio (X)                        1.36             1.39            1.26

 

 

 

Solvency Ratio (%)                     234.04           218.39          239.87

 

 

 

Fixed Assets/Net Worth (%)              40.18            36.74           34.46

 

 

 

Current Liabs/Net Worth (%)            211.41           198.36          238.41

 

 

 

Asset Turnover (%)                      42.88            40.14           27.97

 

 

 

Sales / Net Working Cap (X)              1.87             1.64            1.55

 

 

 

Assets / Sales (%)                     233.19           249.14          357.48

 

 

 

Profit Margin (%)                       -6.52            -4.61          -12.78

 

 

 

S/holders Return (%)                    -9.33            -5.89          -12.15

 

 

 

Return On Assets (%)                    -2.79            -1.85           -3.58

 

 

 

Sales / Employees                        0.00       104,288.95      115,298.83

 

 

 

Profit / Employees                       0.00        -4,809.80      -14,739.25

 

 

 

    

 

 

 

    

 

     Abstract from individual fiscal balance sheet as at Dec 31, 2012

 

 

 

          LIABILITIES                             ASSETS                       

 

 

 

Capital                        513,000   Land/Buildings                 935,564

 

 

 

Retained Profits              -338,961   Plant/Machinery                669,138

 

 

 

Misc Reserves                1,281,240   Depreciation                 1,103,220

 

 

 

Net Worth                    1,455,279   Total Fixed Ass                501,482

 

 

 

Misc Provisions                    148   Shares in Group                 70,896

 

 

 

Misc Def Liabs                  21,033   Misc Fin'cl Ass                  8,841

 

 

 

                                         Total Fin'cl Ass                79,737

 

 

 

                                         Misc Intangible                  4,682

 

 

 

                                         Total Intangible                 4,682

 

 

 

     CURRENT LIABILITIES:                         CURRENT ASSETS:              

 

 

 

Trade Creditors              1,478,503   Stock                        1,179,761

 

 

 

Short term Loans             1,488,173   Work In Progress                   860

 

 

 

Misc Current Liabs             502,895   Trade Debtors                2,976,872

 

 

 

                                         Misc Debtors                   114,531

 

 

 

                                         Cash                            88,106

 

 

 

TOTAL CURRENT                3,469,571   TOTAL CURRENT                4,360,130

 

 

 

TOTAL LIABS & NW             4,946,031   TOTAL ASSETS                 4,946,031

 

 

 

        

     

      Profit & Loss Account from Jan 1, 2012 to Dec 31, 2012               

 

 

 

          Net Sales                             1,383,586

 

 

 

          Cost of Goods Sold                      990,977

 

 

 

          Gross Profit                            392,609

 

 

 

          Misc Operating Charges                  373,373

 

 

 

          Misc Operating Income                    21,456

 

 

 

          Net Operating Income                     40,692

 

 

 

          Misc Financial Income                     5,179

 

 

 

          Total Financial Income                    5,179

 

 

 

          Interest Payable                        108,457

 

 

 

          Misc Financial Expenses                 114,284

 

 

 

          Total Financial Expenses                222,741

 

 

 

          Profit Before Taxes                    -176,870

 

 

 

          Profit After Tax                       -176,870

 

 

 

          Net Loss                                176,870

 

 

GENERAL COMMENTS

 

Subject is a long established economic unit that faces financial problems. It is mainly engaged in the manufacture, installation and maintenance of refrigeration and air conditioning machinery, an activity covering approximately 80% of its total turnover.

 

According to the 31/12/2012 balance sheet, subjects fixed assets are prenoted for 200,000 Euro, in favour of Banks, to ensure loans received, the balance of which at 31/12/2012, amounted to 850,858 Euro.

 

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.61.94

UK Pound

1

Rs.102.06

Euro

1

Rs.84.31

 

INFORMATION DETAILS

 

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%)

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.