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Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAMARAS, G., S.A |
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Registered Office : |
Industrialarea, P.O. Box 60178 57001 Thermi Thessaloniki |
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Country : |
Greece |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.01.1993 |
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Com. Reg. No.: |
029807 |
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Legal Form : |
Societe anonyme |
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Line of Business : |
Manufactures dental
equipment and supplies |
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No. of Employees |
36 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Greece |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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: SAMARAS, G., S.A.
Name: SAMARAS,
G., S.A
Address: INDUSTRIAL AREA, P.O. BOX 60178
57001
THERMI
THESSALONIKI
GREECE
Telephone: 30 2310463388
30
2310463633
Telefax: 30 2310464570
E-mail
address: gsamaras@otenet.gr
Web address: www.gsamaras.gr
Business started: Jan 1, 1993.
LEGAL FORM: Societe anonyme
registered on Jan 1, 1993 for a period ending Dec 31, 2043.
Registration
Number: 029807
Government Gazette
Number: 06012 / 1993
Chamber of
Commerce Number: 69545
Tax Registration
Number: 094373861
Established in
Thermi Thessaloniki, following the merger of:
a) The sole proprietorship of George M. Samaras, established in 1968 and
b) The sole proprietorship of Alexandra
Samara, established in 1990.
Alexandra George
Samara
Chairman
Shareholder
Menelaos George
Samaras
Vice-chairman
Shareholder
Alexandra George
Samara
Chief executive
Shareholder
Eirini Efstathioss
Anastassiadou
Member
George Menelaos
Samaras
Shareholder
Alexandra George
Samara
Shareholder
Menelaos George
Samaras
Shareholder
George Samaras
holds 41.00% of the voting capital.
Alexandra Samara
holds 39.00% of the voting capital.
Menelaos Samaras
holds 20.00% of the voting capital.
Nominal capital: 669,884.
Issued capital: 669,884.
Issued/paid-up
capital was last increased on Feb 1, 2011.
Nominal capital is
divided into: 22,824 shares of 29.35
each and fully paid-up.
Alpha Bank A.E.,
Thermi Branch branch., 36 Al. Papagou, Thermi 57001, Greece.
Telephone: 30 2310487493
Alpha Bank S.A.
(ex Emporiki Bank), Thermi Branch branch.,
Thessalonikis - N.
Moudanion Rd (12th km), Thermi 57001, Greece.
Telephone: 30 2310473733
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TRADE PAYMENTS
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Trade Payment
Summary
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--------------------- |
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EXP. DATE PAYING RECORD HIGH CREDIT NOW OWES PAST DUE TERM LAST SALE |
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31/5/2014 PROMPT 6,166 899 0 30 30/4/2014 |
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31/5/2014 PROMPT 370 370 0 30 30/4/2014 |
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31/5/2014 PROMPT/SLOW 23,629
23,629 23,629 30
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13/5/2014 PROMPT/SLOW 3,278
0 0 30 13/2/2014 |
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13/5/2014 PROMPT/SLOW 11,768
2,801 0 30 13/4/2014 |
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30/4/2014 PROMPT 6,166 6,166 0
30 30/3/2014 |
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30/4/2014 PROMPT 1,602 0 0 30 30/3/2014 |
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30/4/2014 PROMPT/SLOW 3,720
1,416 1,416 30
30/11/2013 |
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8/4/2014 PROMPT/SLOW 3,770
0 0 30 8/1/2014 |
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8/4/2014 PROMPT/SLOW 11,768
3,009 0 30 8/3/2014 |
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31/3/2014 PROMPT 4,859 1,882 0
30 28/2/2014 |
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31/3/2014 PROMPT 1,602 86 0 30 28/2/2014 |
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31/3/2014 PROMPT 3,720 0
0 30 31/10/2013 |
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12/3/2014 SLOW15/60 3,770 0 0 30 12/12/2013 |
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12/3/2014 PROMPT/SLOW 11,768
2,985 0 30 12/2/2014 |
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28/2/2014 PROMPT 4,859 0 0 30 28/1/2014 |
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28/2/2014 PROMPT 1,602 1,428 0
30 28/1/2014 |
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28/2/2014 PROMPT 3,720 0 0 30 28/11/2013 |
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12/2/2014 SLOW15/60 3,770 0 0 30 12/1/2014 |
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12/2/2014 PROMPT/SLOW 11,768
1,205 0
30 12/1/2014 |
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31/1/2014 PROMPT 4,859 0 0 30 31/12/2013 |
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31/1/2014 PROMPT 1,602 0 0 30 31/10/2013 |
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31/1/2014 PROMPT/SLOW 14,589
0 0 30 31/10/2013 |
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18/1/2014 PROMPT/SLOW 11,768
11,768 2,348 30
18/12/2013 |
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8/1/2014 SLOW15/30 3,770 0 0 30 8/10/2013 |
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31/12/2013
PROMPT 4,859 0 0 30 30/11/2013 |
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31/12/2013
PROMPT 369 0 0 30 30/11/2013 |
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31/12/2013
PROMPT 1,602 0 0 30 30/11/2013 |
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31/12/2013
PROMPT/SLOW 14,589 0 0 30
30/11/2013 |
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11/12/2013
SLOW15/60 3,770 0 0 30 11/9/2013 |
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11/12/2013
PROMPT/SLOW 7,051 6,505 2,592
30 11/11/2013 |
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30/11/2013
PROMPT 4,859 4,859 0
30 30/10/2013 |
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30/11/2013
PROMPT 369 369 0 30 30/10/2013 |
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30/11/2013
PROMPT 1,602
1,602 0 30 30/10/2013 |
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30/11/2013
PROMPT/SLOW 14,589 3,720 0
30 30/10/2013 |
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11/11/2013
SLOW15/30 3,770 0 0 30 11/8/2013 |
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11/11/2013
PROMPT/SLOW 7,051 5,497 0
30 11/10/2013 |
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30/9/2013 SLOW30/60 7,529 0 0 30 30/8/2013 |
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30/9/2013 PROMPT/SLOW 7,051
2,531 0 30 30/8/2013 |
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30/9/2013 PROMPT 1,114 0 0 30 30/8/2013 |
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30/9/2013 PROMPT/SLOW 14,589
0 0 30 30/8/2013 |
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31/8/2013 PROMPT 1,114 494 0 30 31/7/2013 |
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31/8/2013 PROMPT/SLOW 14,589
0 0 30 31/7/2013 |
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13/8/2013 SLOW30/60 7,529 0 0 30 13/3/2013 |
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13/8/2013 PROMPT/SLOW 15,676
7,051 1,184 30
13/7/2013 |
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31/7/2013 PROMPT 1,114 195 0 30 30/6/2013 |
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31/7/2013 PROMPT/SLOW 14,589
0 0 30 30/6/2013 |
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9/7/2013 SLOW30/60 7,529 0 0 30 9/4/2013 |
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9/7/2013 PROMPT/SLOW 15,676
2,598 773 30
9/6/2013 |
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30/6/2013 PROMPT 1,114 1,114
0 30 30/5/2013 |
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30/6/2013 PROMPT/SLOW 14,589
14,589 3,867 30
30/5/2013 |
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28/6/2013 SLOW30/60 7,529 0 0 30 28/3/2013 |
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28/6/2013 PROMPT/SLOW 15,676
3,256 1,088 30
28/5/2013 |
Local Activity
Code: 3250
Local Activity
Code Type: STAKOD
Equivalent
to: NACE 1
Manufactures
dental equipment and supplies
Contractors
structural steel erection Mfg and installation of hospital equipment (bed head
units, surgery pendant arms, compressed air and vacuum central production
stations, medical gases central distribution stations etc.)
The subject
imports 40% from Germany, Italy and the U K.
Normal importing
terms are cash against document.
The subject exports
20% to Bulgaria, Cyprus, Finland, Hungary, Italy, Libya, Poland, Saudi Arabia
and Turkey.
Normal exporting
terms are open account.
EMPLOYS: 36
including 0 part-time staff.
The number of
employees varies according to needs.
The number of
employees peaks to 36.
Operates from
owned workshop, covering approximately 3,000 square metres at heading address.
The site covers
approximately 3,200 square metres.
REGISTERED OFFICE:
At heading
address.
|
Fiscal Fiscal Fiscal |
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Dec
31,2011 Dec 31,2012 Dec 31,2013 |
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Turnover 2,637,366 3,197,461 3,219,118 |
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Pre-Tax
Profit
62,913 305,391 405,412 |
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Net Worth 2,661,673 3,066,380 2,991,888 |
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Fixed Assets 805,728 982,892 1,003,248 |
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Total Assets 3,078,870 3,516,959 3,742,803 |
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Current
Assets
2,251,357 2,520,641 2,703,592 |
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Current
Liabilities 417,197 450,580 750,915 |
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Working
Capital
1,834,160 2,070,061 1,952,677 |
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Intangibles 21,784 13,426 35,963 |
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Employees 50 |
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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
31,2011 Dec 31,2012 Dec 31,2013 |
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Current Ratio
(X) 5.40 5.59 3.60 |
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Solvency Ratio
(%) 15.67 14.69 25.10 |
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Fixed Assets/Net
Worth (%) 30.27 32.05 33.53 |
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Current Liabs/Net
Worth (%) 15.67 14.69 25.10 |
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Asset Turnover
(%) 85.66 90.92 86.01 |
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Sales / Net Working
Cap (X) 1.44 1.54 1.65 |
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Assets / Sales
(%) 116.74 109.99 116.27 |
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Profit Margin
(%) 2.39 9.55 12.59 |
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S/holders Return
(%) 2.36 9.96 13.55 |
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Return On Assets
(%) 2.04 8.68 10.83 |
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Sales /
Employees
52,747.32 0.00 0.00 |
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Profit /
Employees
1,258.26 0.00 0.00 |
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Abstract from individual fiscal balance sheet as at Dec 31, 2013 |
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LIABILITIES ASSETS |
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Capital 669,884 Land/Buildings 2,176,081 |
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Retained
Profits 817,707 Plant/Machinery 322,430 |
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Misc Reserves 1,504,297 Depreciation 1,495,263 |
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Net Worth 2,991,888 Total Fixed Ass 1,003,248 |
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Misc
Intangible 35,963 |
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Total Intangible
35,963 |
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CURRENT LIABILITIES: CURRENT ASSETS: |
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Trade
Creditors 337,541 Stock 98,709 |
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Proposed
Dividends 333,521 Trade Debtors 989,243 |
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Misc Current
Liabs 79,854 Cash 1,584,776 |
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Market
Securities 30,865 |
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TOTAL
CURRENT 750,916 TOTAL CURRENT 2,703,593 |
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TOTAL LIABS &
NW 3,742,804 TOTAL ASSETS 3,742,804 |
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Profit & Loss Account from Jan
1, 2013 to Dec 31, 2013 |
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Net Sales 3,219,118 |
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Cost of Goods Sold 2,119,202 |
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Gross Profit 1,099,916 |
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Misc Operating Charges 692,839 |
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Misc Operating Income 1,665 |
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Net Operating Income 408,742 |
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Misc Financial Income 6,070 |
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Total Financial Income 6,070 |
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Misc Financial Expenses 9,400 |
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Total Financial Expenses 9,400 |
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Profit Before Taxes 405,412 |
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|
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Income Tax 109,886 |
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|
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Profit After Tax 295,526 |
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Net Profit 295,526 |
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Dividends 150,000 |
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Retained Earnings at End -150,000 |
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According to the balance sheet as of Dec
31, 2013. |
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The above mentioned financial figures
are in Euro |
Please note that
the information provided in this report was obtained from official and publicly
available sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.97 |
|
|
1 |
Rs.102.90 |
|
Euro |
1 |
Rs.82.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.