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Report Date : |
11.07.2014 |
IDENTIFICATION DETAILS
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Name : |
SYMETAL ALUMINIUM FOIL INDUSTRY S.A. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.01.1990 |
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Com. Reg. No.: |
020963 |
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Legal Form : |
Societe anonyme |
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Line of Business : |
Manufacture of metal cans and processing of aluminum foil |
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No of Employees : |
287 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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: SYMETAL ALUMINIUM FOIL INDUSTRY S.A.
Address: 2-4
MESSOGEION AVE
11527
ATHENS
ATTIKI
GREECE
Telephone:
30
2105556833
E-mail address: akaram@symetal.vionet.gr
Web address: www.symetal.gr
Business started Jan 1, 1990.
Subject moved from 96 Kifissou Avenue, 12241 Aigaleo Attiki on Mar 19,
1998.
Legal Form: Societe anonyme registered on Jan 1, 1990 for a period ending Dec 31,
2039.
Registration Number: 020963
Government Gazette Number: 00142 / 1990
Chamber of Commerce Number: 33762
Tax Registration Number: 094277688
Credit Rating: Low
Risk
John Fotios Oikonomou
Chairman
Nikolaos Konstantinos Koudounis
Vice-Chairman
John Basil Panagiotopoulos
Executive Director
George Nikolaos Passas
Member
Haralambos George Papanikolaou
Member
John Konstantinos Dalianis
Member
Nominal capital: 42,663,773.
Issued capital: 42,663,773.
Issued/paid-up capital was last increased on
Aug 17, 2011.
Parent Company:
The company is a subsidiary of ELVAL HELLENIC
ALUMINIUM SOCIETE ANONYME,
OINOFYTA, GREECE which holds 99.99% interest.
Parent began operations 1 Jan 1981.
The ultimate parent is VIOHALCO SA/NV FOREIGN
COMPANY, Belgium, Belgium.
VIOHALCO SA/NV holds 0.01% of the voting
capital.
The following are related through principal(s)
and/or financial interest(s):
METAL AGENCIES LTD Foreign Participants, United Kingdom, U K
Year started: 1990.
Subject has a 25.0% share interest.
ALURAME SRL Foreign Participants, Italy, Italy
(Duns: 33-833-0797)
Year started: 2002.
Subject has a 12.5% share interest.
Subject has 2 branches/divisions
Athinon - Korinthou National Rd (25th km),
Odos Moira, 19600, Mandra,
Greece. These are owned factory premises.
Size: 9265 square metres.
Athinon - Lamias National Rd (57th km), Agios
Thomas, Madaro, 32011,
Oinofyta, Greece. These are rented factory
premises
Local Activity Code: 2592
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
The subject is involved in the Manufacture of
metal cans and processing of aluminum foil.
Imports 70% from Belgium, China, France,
Germany, Italy, Netherlands, Norway
Normal importing terms are cash against
documents
Exports 86% to Albania, Armenia, Azerbaijan,
Bulgaria, Former Yugoslav Rep of Macedonia, France, Germany, Haiti, Hungary,
Israel, Jordan, Latvia, Lebanon, Moldova, Montserrat, Poland, Portugal,
Romania, Russian Fed, Serbia and Montenegro, U K.
Normal exporting terms are cash against
documents.
EMPLOYS:
287 as at Mar 7, 2014 including 0 part-time staff.
The number of employees varies according to
needs.
The number of employees peaks to 287.
Alpha Bank A.E., Schimatari Branch branch.,
17, Tanagras Street, Schimatari 32009, Greece.
Telephone: 30 2262058645
National Bank of Greece S.A., Athinon - Lamias
National Rd B branch.,
Galinis & 25 Potamou, Kifissia 14564,
Greece.
Telephone: 30 2106252509
Bank of Piraeus S.A., Oinofyta Branch branch,
3 Athinon Ave, Oinofyta 32011, Greece.
Telephone: 30 2262040060
HSBC p.l.c., Ampelokipoi Branch branch.,
Messoghion Ave 109-111, Athens 11526, Greece.
Telephone: 30 2106960000
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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 5,423 0 0 30 30/4/2014 |
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31/5/2014 PROMPT/SLOW 13,593
0 0 30 28/2/2014 |
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31/5/2014 PROMPT 13,389 0
0 30 30/4/2014 |
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31/5/2014 PROMPT 325 0 0 30 30/4/2014 |
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31/5/2014 PROMPT 129 129 0 30 30/4/2014 |
|
|
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|
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|
31/5/2014 PROMPT/SLOW 563
563 563 30
|
|
|
|
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|
13/5/2014 PROMPT/SLOW 1,725
0 0 30 13/4/2014 |
|
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13/5/2014 PROMPT 2,466 552 0 30 13/4/2014 |
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30/4/2014 PROMPT 7,988 5,423 0
30 30/3/2014 |
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30/4/2014 PROMPT/SLOW 344
0 0 30 30/3/2014 |
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30/4/2014 PROMPT/SLOW 28,858
0 0 30 30/11/2013 |
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30/4/2014 PROMPT/SLOW 23,363
13,389 0 30 30/3/2014
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30/4/2014 PROMPT 453 0 0 30 30/1/2014 |
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|
30/4/2014 PROMPT 65 0 0 30 30/11/2013 |
|
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|
30/4/2014 PROMPT/SLOW 1,646
0 0 30 30/1/2014 |
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|
8/4/2014 PROMPT/SLOW 1,725
0 0 30 8/3/2014 |
|
|
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|
|
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|
8/4/2014 PROMPT/SLOW 2,498
943 0 30 8/3/2014 |
|
|
|
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|
|
31/3/2014 PROMPT 7,988 0 0 30 28/2/2014 |
|
|
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|
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|
31/3/2014 PROMPT/SLOW 344
344 222
30 28/2/2014 |
|
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|
31/3/2014 PROMPT/SLOW 28,858
0 0 30 31/10/2013 |
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|
|
|
|
|
|
31/3/2014 PROMPT/SLOW 23,363
0 0 30 28/2/2014 |
|
|
|
|
|
|
|
31/3/2014 PROMPT 5,078 0 0 30 31/12/2013 |
|
|
|
|
|
|
|
31/3/2014 PROMPT 453 0 0 30 28/2/2014 |
|
|
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|
|
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|
31/3/2014 PROMPT 65 0 0 30 31/10/2013 |
|
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|
31/3/2014 PROMPT/SLOW 1,646
0 0 30 28/2/2014 |
|
|
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|
12/3/2014 PROMPT/SLOW 1,725
0 0 30 12/12/2013 |
|
|
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|
12/3/2014 PROMPT/SLOW 2,498
2,466 0 30 12/2/2014 |
|
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|
28/2/2014 PROMPT 7,988 2,744 0
30 28/1/2014 |
|
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|
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|
28/2/2014 PROMPT/SLOW 63
0 0 30 |
|
|
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|
|
|
|
28/2/2014 PROMPT/SLOW 28,858
0 0 30 28/11/2013 |
|
|
|
|
|
|
|
28/2/2014 PROMPT/SLOW 23,363
204 0 30 28/1/2014 |
|
|
|
|
|
|
|
28/2/2014 PROMPT 5,078 0 0 30 28/11/2013 |
|
|
|
|
|
|
|
28/2/2014 PROMPT
453 453 0 30 28/1/2014 |
|
|
|
|
|
|
|
28/2/2014 PROMPT 65 0 0 30 28/11/2013 |
|
|
|
|
|
|
|
28/2/2014 PROMPT/SLOW 1,646
1,646 961 30
28/1/2014 |
|
|
|
|
|
|
|
12/2/2014 PROMPT/SLOW 1,725
0 0 30 12/1/2014 |
|
|
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|
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|
|
12/2/2014 PROMPT/SLOW 2,498
1,384 0 30 12/1/2014 |
|
|
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|
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|
31/1/2014 PROMPT 7,988 0 0 30 31/12/2013 |
|
|
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|
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|
31/1/2014 PROMPT/SLOW 63
0 0 30 |
|
|
|
|
|
|
|
31/1/2014 PROMPT/SLOW 15,121
0 0 30 31/8/2013 |
|
|
|
|
|
|
|
31/1/2014 PROMPT/SLOW 23,363
0 0 30 31/10/2013 |
|
|
|
|
|
|
|
31/1/2014 PROMPT 5,078 0
0 30 31/12/2013 |
|
|
|
|
|
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|
31/1/2014 PROMPT 62 0 0 30 31/10/2013 |
|
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|
31/1/2014 PROMPT 65 0 0 30 31/10/2013 |
|
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|
31/1/2014 PROMPT 362 0 0 30 31/12/2013 |
|
|
|
|
|
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|
18/1/2014 PROMPT/SLOW 2,498
441 0 30 18/12/2013 |
|
|
|
|
|
|
|
8/1/2014 PROMPT/SLOW 1,725
0 0 30 8/10/2013 |
|
|
|
|
|
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|
31/12/2013
PROMPT 7,988 0 0 30 30/11/2013 |
|
|
|
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|
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|
31/12/2013
PROMPT/SLOW 63 63 63 30 |
|
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|
31/12/2013
PROMPT/SLOW 15,121 0 0 30 31/7/2013 |
|
|
|
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|
|
|
31/12/2013
PROMPT/SLOW 23,363 0 0 30 30/11/2013 |
|
|
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|
|
|
|
31/12/2013
PROMPT 5,078 0 0 30 30/9/2013 |
|
|
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|
|
|
|
31/12/2013
PROMPT 62 0 0 30 30/11/2013 |
|
|
|
|
|
|
|
31/12/2013
PROMPT 65 0 0 30 30/11/2013 |
|
|
|
|
|
|
|
31/12/2013
PROMPT 362 214 0 30 30/11/2013 |
|
|
|
|
|
|
|
11/12/2013
PROMPT/SLOW 1,725 0 0 30 11/11/2013 |
|
|
|
|
|
|
|
11/12/2013
PROMPT/SLOW 2,498 411 94 30 11/11/2013 |
|
|
|
|
|
|
|
30/11/2013
PROMPT 7,988 7,988 0
30 30/10/2013 |
|
|
|
|
|
|
|
30/11/2013
PROMPT/SLOW 15,121 0 0 30 30/8/2013 |
|
|
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|
30/11/2013
PROMPT/SLOW 23,363 23,363 15,121
30 30/10/2013 |
|
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|
30/11/2013
PROMPT 5,078 0 0 30 30/10/2013 |
|
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|
|
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|
30/11/2013
PROMPT 62 62 0 30 30/10/2013 |
|
|
|
|
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|
30/11/2013
PROMPT 65 65 0 30 30/10/2013 |
|
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|
30/11/2013
PROMPT 362 362 0 30 30/10/2013 |
|
|
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|
11/11/2013
PROMPT/SLOW 1,725 0 0 30 11/10/2013 |
|
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|
11/11/2013
PROMPT/SLOW 2,498 444 0 30 11/10/2013 |
|
|
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|
30/9/2013 PROMPT/SLOW 1,074
0 0 30 30/8/2013 |
|
|
|
|
|
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|
30/9/2013 PROMPT/SLOW 2,498
2,498 1,546 30
30/8/2013 |
|
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|
30/9/2013 PROMPT 8,699 0 0 30 30/8/2013 |
|
|
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|
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|
30/9/2013 PROMPT/SLOW 31,220
0 0 30 30/6/2013 |
|
|
|
|
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|
30/9/2013 PROMPT/SLOW 29,112
15,121 0 30 30/8/2013 |
|
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|
30/9/2013 PROMPT 1,593 0 0 30 30/6/2013 |
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31/8/2013 PROMPT 8,699 0 0 30 31/7/2013 |
|
|
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|
31/8/2013 PROMPT/SLOW 29,112 0
0 30 31/8/2012 |
|
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|
31/8/2013 PROMPT/SLOW 29,112
16,099 16,099 30
31/3/2013 |
|
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|
31/8/2013 PROMPT 1,593 0 0 30 31/5/2013
|
|
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|
13/8/2013 PROMPT/SLOW 1,074
0 0 30 13/5/2013 |
|
|
|
|
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|
13/8/2013 PROMPT 2,316 2,316 0
30 13/7/2013 |
|
|
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|
31/7/2013 PROMPT 8,699 4,663 0
30 30/6/2013 |
|
|
|
|
|
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|
31/7/2013 PROMPT/SLOW 29,112
0 0 30 28/2/2013 |
|
|
|
|
|
|
|
31/7/2013 PROMPT/SLOW 29,112
0 0 30 30/4/2013 |
|
|
|
|
|
|
|
31/7/2013 PROMPT 1,593 0 0 30 30/6/2013 |
|
|
|
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|
18/7/2013 PROMPT/SLOW 46,168
0 0
30 |
|
|
|
|
|
|
|
9/7/2013 PROMPT/SLOW 1,074
0 0 30 9/6/2013 |
|
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|
9/7/2013 PROMPT 2,247 1,236 0
30 9/6/2013 |
Subject has registered secured charges which include the below:
A charge for an amount of 13,472,400 Euro was registered on 1, 2000.
|
Fiscal Fiscal Fiscal |
|
|
|
Dec
31,2011 Dec 31,2012 Dec 31,2013 |
|
|
|
Turnover 161,906,310 164,706,628 173,302,617 |
|
|
|
Pre-Tax
Profit
2,738,706 5,054,704 6,997,332 |
|
|
|
Net Worth 71,168,508 74,828,316 78,731,601 |
|
|
|
Fixed Assets 53,588,447 54,014,525 51,433,748 |
|
|
|
Total Assets 123,608,292 125,238,739 126,761,083 |
|
|
|
Current
Assets
69,641,153 70,052,954 74,331,770 |
|
|
|
Current
Liabilities
25,783,761 25,899,606 14,883,440 |
|
|
|
Working
Capital 43,857,392 44,153,348 59,448,330 |
|
|
|
Long Term
Debt
26,656,023 24,510,817 33,146,042 |
|
|
|
Financial
Assets
265,289 584,030 586,757 |
|
|
|
Intangibles 113,403 587,230 408,808 |
|
|
|
Employees 225 252 |
|
|
|
Net
Worth and Total Assets are tangible figures shown after the deduction of
intangible assets. |
|
|
|
|
|
|
|
RATIOS |
|
|
|
Dec
31,2011 Dec 31,2012 Dec 31,2013 |
|
|
|
Current
Ratio (X) 2.70 2.70 4.99 |
|
|
|
Solvency
Ratio (%)
73.68 67.37 61.00 |
|
|
|
Fixed
Assets/Net Worth (%)
75.30 72.19 65.33 |
|
|
|
Current
Liabs/Net Worth (%)
36.23 34.61 18.90 |
|
|
|
Asset
Turnover (%)
130.98 131.51 136.72 |
|
|
|
Sales
/ Net Working Cap (X)
3.69 3.73 2.92 |
|
|
|
Assets
/ Sales (%)
76.35 76.04 73.14 |
|
|
|
Profit
Margin (%)
1.69 3.07 4.04 |
|
|
|
S/holders
Return (%)
3.85 6.76 8.89 |
|
|
|
Return
On Assets (%)
2.22 4.04 5.52 |
|
|
|
Sales
/ Employees
719,583.60 0.00 687,708.80 |
|
|
|
Profit
/ Employees 12,172.03 0.00 27,767.19 |
|
|
|
|
|
|
|
Abstract from individual fiscal balance
sheet as at Dec 31, 2013 |
|
|
|
LIABILITIES ASSETS |
|
|
|
Capital 42,663,773 Land/Buildings 12,231,856 |
|
|
|
Retained
Profits 25,451,648 Plant/Machinery 73,123,904 |
|
|
|
Misc
Reserves 10,616,180 Depreciation 33,922,012 |
|
|
|
Net
Worth 78,731,601 Total Fixed Ass 51,433,748 |
|
|
|
Misc
Provisions 1,160,233 Shares in Group 563,015 |
|
|
|
Misc
Def Liabs 31,985,809 Misc Fin'cl Ass 23,742 |
|
|
|
Total Fin'cl Ass
586,757 |
|
|
|
Misc
Intangible 408,808 |
|
|
|
Total Intangible 408,808 |
|
|
|
CURRENT
LIABILITIES:
CURRENT ASSETS:
|
|
|
|
Trade
Creditors 6,598,273 Stock 29,602,249 |
|
|
|
Short
term Loans 1,716,044 Work In Progress 4,007,946 |
|
|
|
Owed
to Memebers 2,316,511 Trade Debtors 31,303,094 |
|
|
|
Misc
Current Liabs 4,252,612 Misc Debtors 4,328,605 |
|
|
|
Cash
5,036,994 |
|
|
|
Market Securities
52,882 |
|
|
|
TOTAL
CURRENT 14,883,440 TOTAL CURRENT 74,331,770 |
|
|
|
TOTAL
LIABS & NW
126,761,083 TOTAL ASSETS 126,761,083 |
|
|
|
Profit & Loss Account from Jan
1, 2013 to Dec 31, 2013 |
|
|
|
Net Sales 173,302,617 |
|
|
|
Cost of Goods Sold 160,724,306 |
|
|
|
Gross Profit 12,578,311 |
|
|
|
Misc Operating Charges 4,932,004 |
|
|
|
Misc Operating Income 772,117 |
|
|
|
Net Operating Income 8,418,424 |
|
|
|
Interest Payable 1,421,092 |
|
|
|
Total Financial Expenses 1,421,092 |
|
|
|
Profit Before Taxes 6,997,332 |
|
|
|
Income Tax 3,375,268 |
|
|
|
Profit After Tax 3,622,064 |
|
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Net Profit 3,622,064 |
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Earnings per Share 0 |
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Previous Year 0 |
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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 |
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Subject to the foregoing, the financial
statements give a true and fair |
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view of the company's affairs. |
Established in Aigaleo (96, Kifissou), in 1990, under the name AVLOS S.A.
In 196 (Gov. Gaz. No: 2680/96), subject's title changed to the above
mentioned, while in 1998 (Gov. Gaz. No: 227/98) it transferred its head office
to the above mentioned.
On 14/2/2008 (Gov. Gaz. No. 00972/2008)
Subject absorbed firm(s)' sector. On 9/1/2012 (Gov. Gaz. No. 00121/2012)
a change of subject's head office was published. SUPPLEMENTARY DATA ON THE
ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.: The Gov.Gaz.No.: 972/08
refers to the absorbtion of the foil sector.
Subject is a large size industrial firm which belongs to the VIOCHALCO
Group of Companies, one of the largest complexes in Greece, with an excellent reputation
among financial circles. It comprises a large number of well-established firms
(mainly basic metal industries and commercial firms), engaged in the trade of
metals and fabricated metal products.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.87 |
|
|
1 |
Rs. 102.58 |
|
Euro |
1 |
Rs. 81.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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%)