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Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
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Name : |
SITTELLAS |
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Registered Office : |
20 Kodratou 10436 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
2003 |
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Legal Form : |
Societe
Anonyme |
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Line of Business : |
Subject
is engaged In transportation
services |
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No. of Employees |
17 |
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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Maximum Credit Limit : |
115 000 EUR |
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Status : |
Moderate |
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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 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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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
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Source
: CIA |
Company SITTELLAS S.A.
GivenAddress Kodratou 20, 10436 Athens
Country Greece
Notes VAT
EL999636881
Name SITTELLAS
S.A.
ADDRESS: 20
KODRATOU
10436 ATHENS
ATTIKI
GREECE
TELEPHONE: 30 2105246175
TELEFAX: 30 2105246171
E-MAIL
ADDRESS: sittellas@sittellas.gr
WEB ADDRESS: www.sittellas.gr
Maximum Credit: 115 000 EUR
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ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS
OTHERWISE STATED |
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STARTED: 2003 SALES: 5,397,007 |
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YEAR INC: 2003 PROFIT: 18,998 |
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LEGAL FORM: SOCIETE
ANONYME NET WORTH: 399,650 |
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REG NO: 054060 NOM CAPITAL: 300,000 |
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GOVT GAZ NO:02851 /
2003 ISS CAPITAL: 300,000 |
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EMPLOYS: 17
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SIC: 4789
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ACTIVITY: ENGAGED IN
TRANSPORTATION SERVICES |
George Nikolaos
Spernovassilis
chairman
shareholder
Lambrini George
Spernovassili
vice-chairman
shareholder
John George
Spernovassilis
chief executive
shareholder
Zinovia George
Spernovassili
member
shareholder
John George
Spernovassilis
shareholder
Lambrini George
Spernovassili
shareholder
George Nikolaos
Spernovassilis
shareholder
Zinovia George
Spernovassili
shareholder
Michail Nikolaos
Spernovassilis
shareholder
National Bank of
Greece S.A., Metaxourgeio Branch branch., 19 Achilleos & Kolonou, Athens
10436, Greece.
Telephone: 30
2105220701
EUROBANK ERGASIAS
S.A., Karaiskaki Sq Branch branch., 55-59 Deligiorgi, Athens 10437, Greece.
Telephone: 30
2105202480
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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/SLOW 825
0 0 30 28/2/2014 |
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31/5/2014 PROMPT 820 0 0 30 30/4/2014 |
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13/5/2014 SLOW30/60 2,271 0 0 30 13/5/2013 |
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13/5/2014 SLOW15/30 4,542
431 424 30
13/4/2014 |
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30/4/2014 PROMPT/SLOW 4,670
0 0 30 30/3/2014 |
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30/4/2014 PROMPT/SLOW 6,674
820 0 30 30/3/2014
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8/4/2014 SLOW30/60 2,271 0 0 30 8/11/2013 |
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8/4/2014 PROMPT/SLOW 4,542
424 0 30 8/3/2014 |
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31/3/2014 PROMPT/SLOW 4,670
0 0 30 28/2/2014 |
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31/3/2014 PROMPT/SLOW 6,674
1,346 0 30 28/2/2014 |
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12/3/2014 SLOW30/60 2,271 0 0 30 12/10/2013 |
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12/3/2014 PROMPT/SLOW 4,542
0 0 30 12/12/2013 |
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28/2/2014 PROMPT/SLOW 4,670
0 0
30 28/11/2013 |
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28/2/2014 PROMPT/SLOW 6,674
1,444 0 30 28/1/2014 |
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12/2/2014 PROMPT/SLOW 2,271
0 0 30 12/11/2013 |
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12/2/2014 PROMPT/SLOW 4,542
722 722 30
12/11/2013 |
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31/1/2014 SLOW15/30 4,152 0 0 30 31/10/2013 |
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31/1/2014 PROMPT/SLOW 6,674
6,674 3,484 30
31/12/2013 |
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18/1/2014 PROMPT/SLOW 4,542
1,836 1,836 30
18/12/2013 |
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8/1/2014 PROMPT/SLOW 2,271
0 0 30 8/10/2013 |
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31/12/2013
PROMPT/SLOW 1,838 0 0 30 31/12/2012 |
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31/12/2013 PROMPT 2,306 0 0 30 30/11/2013 |
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11/12/2013
PROMPT/SLOW 2,271 0 0 30 11/9/2013 |
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11/12/2013
PROMPT/SLOW 4,542 1,224 0
30 11/11/2013 |
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30/11/2013
PROMPT/SLOW 2,690 0 0 30 30/11/2012 |
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30/11/2013
PROMPT/SLOW 2,653 2,306 0
30 30/10/2013 |
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11/11/2013
PROMPT/SLOW 1,009 0 0 30 11/8/2013 |
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11/11/2013
PROMPT/SLOW 4,542 4,542 3,896
30 11/10/2013 |
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30/9/2013 PROMPT 32
0 0 30 30/8/2013 |
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30/9/2013 PROMPT 3,966 3,966 0
30 30/8/2013 |
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30/9/2013 PROMPT/SLOW 2,690
0 0 30 30/9/2012
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30/9/2013 PROMPT/SLOW 2,653
0 0 30 30/4/2013 |
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31/8/2013 PROMPT/SLOW 2,690
0 0 30 31/3/2013 |
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31/8/2013 PROMPT/SLOW 2,653
0 0 30 31/3/2013 |
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13/8/2013 PROMPT 22 0 0 30 13/5/2013 |
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13/8/2013 PROMPT/SLOW 375
0 0 30 13/8/2012 |
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13/8/2013 PROMPT 44 0 0 30 13/7/2013 |
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31/7/2013 PROMPT/SLOW 2,690
0 0
30 28/2/2013 |
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31/7/2013 PROMPT/SLOW 2,653
0 0 30 30/4/2013 |
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9/7/2013 PROMPT/SLOW 375
0 0 30 9/7/2012 |
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9/7/2013 PROMPT 44 44 0 30 9/6/2013 |
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9/7/2013 PROMPT 750 0 0 30 9/7/2012 |
Informants report
that subject's payments are prompt.
No protested bills
have been reported.
BACKGROUND
Business started
Apr 10, 2003.
Societe anonyme
registered on Apr 10, 2003 for a period ending Dec 31, 2043.
Registration
Number: 054060
Government Gazette
Number: 02851 / 2003
Tax Registration
Number: 999636881
Subject was
established following a merger of the firms : SITTELLAS LTD (1978), SPERSPED
LTD (1996). Subject generated by the merger of the firms SITTELLAS LTD
(originally founded in 1978) and SPERSPED LTD (originally founded in 1996).
Nominal capital:
300,000.
Issued capital:
300,000.
Nominal capital is
divided into: 30,000 shares of 10 each
and fully paid-up.
John
Spernovassilis holds 35.00% of the voting capital.
Lambrini
Spernovassili holds 35.00% of the voting capital.
George
Spernovassilis holds 20.00% of the voting capital.
Zinovia
Spernovassili holds 9.33% of the voting capital.
Michail
Spernovassilis holds 0.67% of the voting capital.
AFFILIATES
The following are
related through principal(s) and/or financial interest(s):
SPERSPED LTD
Limited Liability Company, Athens, Greece
This is a dormant
concern.
Year started:
1996.
This concern is
related through common shareholders.
SITTELLAS LTD
Limited Liability Company, Athens, Greece
This is a dormant
concern.
Year started:
1978.
This concern is
related through common shareholders.
Local Activity
Code: 5229
Local Activity
Code Type: STAKOD
Equivalent
to: NACE 1
Engaged in transportation
services
Details regarding
subject's clientele are not available.
Subject does not
export.
Subject does not
import.
EMPLOYEESS: 17
The number of
employees varies according to needs.
The number of
employees peaks to 17.
Operates from owned
office, at heading address.
REGISTERED OFFICE:
At heading address.
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Fiscal Fiscal Fiscal |
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Dec
31,2011 Dec 31,2012 Dec 31,2013 |
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Turnover 5,488,449 5,171,173 5,397,007 |
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Pre-Tax Profit 56,843 63,705 18,999 |
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Net Worth 393,711 398,748 399,650 |
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Fixed Assets 878,625 753,919 938,148 |
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Total Assets 3,035,361 2,641,548 2,677,438 |
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Current Assets 2,141,073 1,871,967 1,720,598 |
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Current Liabilities 1,678,646 1,921,904 1,905,997 |
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Working Capital 462,427 -49,937 -185,399 |
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Long Term Debt 963,004 320,896 371,791 |
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Financial Assets 15,662 15,662 15,662 |
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Intangibles 0 0 3,029 |
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Employees 32 |
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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) 1.28 0.97 0.90 |
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Solvency Ratio (%) 670.96 562.46 569.95 |
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Fixed Assets/Net Worth
(%) 223.17 189.07 234.74 |
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Current Liabs/Net Worth
(%) 426.37 481.99 476.92 |
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Asset Turnover (%) 180.82 195.76 201.57 |
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Sales / Net Working Cap
(X) 11.87 -103.55 -29.11 |
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Assets / Sales (%) 55.31 51.08 49.61 |
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Profit Margin (%) 1.04 1.23 0.35 |
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S/holders Return (%) 14.44 15.98 4.75 |
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Return On Assets (%) 1.87 2.41 0.71 |
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Sales / Employees 171,514.03 0.00 0.00 |
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Profit / Employees 1,776.34 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 300,000 Land/Buildings 2,284,903 |
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Retained Profits 24,609
Depreciation
1,346,755 |
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Misc Reserves 75,041 Total Fixed Ass 938,148 |
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Net Worth 399,650 |
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Misc Fin'cl Ass 15,662 |
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Misc Provisions 104,570 Total Fin'cl Ass 15,662 |
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Misc Def Liabs 267,221 |
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Misc Intangible 3,029 |
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Total Intangible
3,029 |
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CURRENT LIABILITIES: CURRENT ASSETS: |
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Trade Creditors 1,202,090 Trade Debtors 1,454,727 |
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Short term Loans 516,898 Misc Debtors 63,606 |
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Misc Current Liabs 187,009 Cash 202,266 |
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TOTAL CURRENT 1,905,997 TOTAL CURRENT 1,720,599 |
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TOTAL LIABS & NW 2,677,438 TOTAL ASSETS 2,677,438 |
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Profit & Loss Account from Jan 1,
2013 to Dec 31, 2013 |
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Net Sales 5,397,007 |
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Cost of Goods Sold 4,469,817 |
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Gross Profit 927,190 |
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Misc Operating Charges 799,158 |
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Misc Operating Income 51 |
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Net Operating Income 128,083 |
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Misc Financial Income 174 |
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Total Financial Income 174 |
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Interest Payable 74,380 |
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Misc Financial Expenses 34,879 |
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Total Financial Expenses 109,259 |
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Profit Before Taxes 18,998 |
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Income Tax 16,967 |
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Profit After Tax 2,031 |
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Net Profit 2,031 |
Subject is a family-run firm, which activates mainly in the sector Transportation
Services. Subject was generated by the merger of the firms SITTELLAS LTD
(originally founded in 1978) and SPERSPED LTD (originally founded in 1996).
According to the 31/12/2013 balance sheet, subjects fixed assets are
mortgaged and prenoted for 420,000 Euro, in favour of Banks, to ensure loans
received, the balance of which at 31/12/2013, amounted to 92,529 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.80 |
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|
1 |
Rs.102.42 |
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Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
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.