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Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
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Name : |
MYTILINAIOS, G. E., S.A. |
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Registered Office : |
6 Louvari, 12132 Peristeri, Attiki |
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Country : |
Greece |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.01.1991 |
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Com. Reg. No.: |
024967 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
· Subject operates broadwoven fabric mills, manmade" Manufacturer of textile goods Manufacturer of awning and special use fabrics (mainly for
the Greek Armed Forces), car covers, tents, military garments and equipment |
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No. of Employees : |
08 |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
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 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
Correct Registered
Name MYTILINAIOS, G. E., S.A.
International Name MYTILINAIOS, GEORGE E., S.A.
ADDRESS: 6 LOUVARI
12132
PERISTERI
ATTIKI
GREECE
TELEPHONE: 30 2105748236
30
2105760602
TELEFAX: 30 2105742546
E-MAIL
ADDRESS: info@gemitil.gr
WEB ADDRESS: www.gemitil.gr
Business started: Jan 1, 1991.
Legal Form: Societe anonyme registered on Jan 1, 1991 for a period ending Dec 31,
2041.
Registration
Number: 024967
Government Gazette
Number: 04277 / 1991
Chamber of
Commerce Number: 91515
Tax Registration
Number: 094321030
Established in
Peristeri, Attiki, on 17.10.1991, following the change in the legal status of
the firm YFANTIRIO MYTILINAIOU ELEFTHERIOU SUCCESSORS, originally founded in
1969.
Nominal capital: 474,660.
Issued capital: 474,660.
Issued/paid-up
capital was last increased on Oct 17, 2000.
Nominal capital is
divided into:
162,000 shares of
2.93 each and fully paid-up.
Sotirios George Mytilinaios
Chairman
Also a director of
ASTIR LTD.
Also a partner in
ASTIR LTD.
Dionyssios George
Ropaitis
Vice-Chairman
Also a partner in
ASTIR LTD
Sotirios George
Mytilinaios
Chief executive
Kyriakos George
Ropaitis
Member
Also a partner in
ASTIR LTD.
Foteini George
Mytilinaiou
Member
Eleftherios
Mytilinaios
Member
Also a partner in
ASTIR LTD.
EMPLOYS: 8 as at
Apr 26, 2012 including 0 part-time staff.
The number of
employees varies according to needs.
The number of employees
peaks to 8.
Alpha Bank A.E.,
Peristeri Sq Branch branch., 20 P. Tsaldari, Peristeri 12134, Greece.
Telephone: 30 2105710218
EFG EUROBANK
ERGASIAS S.A., Peristeri Branch branch., 2 Gounari, Peristeri 12131, Greece.
Telephone: 30 2105774738
Attica Bank S.A,
Peristeri Branch branch., 215 Thivon & Efkleidou, Peristeri 12134, Greece.
Telephone: 30 2105734213
Bank of Piraeus
S.A. (ex CYPRUS POPULAR BANK PUBLIC CO LTD, GREEK BRANCH), Peristeri Branch
branch., 16-20 Pan. Tsaldari, Peristeri 12134, Greece.
Telephone: 30 2105782581
George Mitilinaios
holds 62.50% of the voting capital.
George Ropaitis
holds 37.50% of the voting capital.
Subject has 2
branches/divisions
17 Oikonomidou
& Methavriou, 12132, Peristeri, Greece. These are factory premises.
Size: 500 square
metres.
293 Andromachis,
17676, Kallithea, Greece. These are owned premises.
Size: 92 square
metres.
Local Activity
Code: 1320
Local Activity
Code Type: STAKOD
Equivalent
to: NACE 1
"Operates
broadwoven fabric mills, manmade"
Manufactures
textile goods
Mfg of awning and
special use fabrics (mainly for the Greek Armed Forces), car covers, tents,
military garments and equipment , Following its participation in public
tenders, subject's production is mainly absorbed by the Hellenic Armed Forces.
Imports 15% from
Austria, France, Germany.
Normal importing
terms are cash against documents.
Exports 15% to
Cyprus.
Normal exporting
terms are cash against documents.
Operates from
unknown factory, covering approximately 1,800 square metres at heading address.
REGISTERED OFFICE:
At heading address.
Informants report
that subject's payments are prompt.
EUR
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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 1,423,544 183,786 193,866 |
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Pre-Tax
Profit
98,030 -281,527 23,870 |
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Net
Worth
1,025,092 741,580 764,065 |
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Fixed
Assets
897,637 895,286 891,564 |
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Total
Assets 2,713,757 1,930,798 1,881,835 |
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Current
Assets
1,811,716 1,031,110 985,868 |
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Current
Liabilities
1,524,259 1,033,737 968,256 |
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Working
Capital 287,457 -2,627 17,612 |
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Long
Term Debt
164,405 155,481 149,515 |
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Financial
Assets
3,702 3,702 3,702 |
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Intangibles 702 702 702 |
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Employees
25 20 |
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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) 1.19 1.00 1.02 |
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Solvency
Ratio (%)
164.73 160.36 146.29 |
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Fixed
Assets/Net Worth (%)
87.57 120.73 116.69 |
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Current
Liabs/Net Worth (%)
148.70 139.40 126.72 |
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Asset
Turnover (%)
52.46 9.52 10.30 |
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Sales
/ Net Working Cap (X)
4.95 -69.96 11.01 |
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Assets
/ Sales (%)
190.63 1,050.57 970.69 |
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Profit
Margin (%)
6.89 -153.18 12.31 |
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S/holders
Return (%)
9.56 -37.96 3.12 |
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Return
On Assets (%)
3.61 -14.58 1.27 |
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Sales
/ Employees
0.00 7,351.44 9,693.30 |
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Profit
/ Employees 0.00 -11,261.08 1,193.50 |
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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 474,660 Land/Buildings 978,104 |
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Retained
Profits -237,404 Plant/Machinery 1,608,854 |
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Misc
Reserves 526,809 Depreciation 1,695,394 |
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Net
Worth 764,065 Total Fixed Ass 891,564 |
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Misc
Def Liabs 149,515 Misc Fin'cl Ass 3,702 |
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Total Fin'cl Ass 3,702 |
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Misc
Intangible 702 |
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Total Intangible
702 |
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CURRENT LIABILITIES: CURRENT ASSETS: |
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Trade
Creditors 57,073 Stock 184,758 |
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Short
term Loans 897,082 Trade Debtors 94,418 |
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Misc
Current Liabs 14,100 Misc Debtors 10,380 |
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Cash
696,311 |
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TOTAL
CURRENT 968,255 TOTAL CURRENT 985,867 |
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TOTAL
LIABS & NW
1,881,835 TOTAL ASSETS 1,881,835 |
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Profit & Loss Account from Jan 1,
2012 to Dec 31, 2012 |
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Net Sales 193,866 |
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Cost of Goods Sold 81,269 |
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Gross Profit 112,597 |
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Depreciation/Amortisation 93 |
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Misc Operating Charges 30,017 |
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Misc Operating Income 15,875 |
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Net Operating Income 98,362 |
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Misc Financial Income 3,615 |
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Total Financial Income 3,615 |
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Interest Payable 77,856 |
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Misc Financial Expenses 249 |
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Total Financial Expenses 78,105 |
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Profit Before Taxes 23,872 |
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Profit After Tax 23,872 |
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Net Profit 23,872 |
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Subject is a long established family run, manufacturing economic unit. It is pointed out that fluctuations marking subject's net sales are owed to the fact that subject's sales depend on the requirements of the Hellenic Armed Forces, being its major customer.
We confirmed with subject’s principals
that company’s name for transactions abroad is: MYTILINAIOS, GEORGE E., S.A.
Please note the information provided in
this report was obtained from official and publicly available sources.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.53 |
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UK Pound |
1 |
Rs.100.73 |
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Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
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 |
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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 |
-- |
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.