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Report Date : |
01.03.2014 |
IDENTIFICATION DETAILS
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Name : |
EUROTRADE |
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Registered Office : |
Agios Dimitrios, Industrial Area 32011 Oinofyta Voiotia |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.01.1996 |
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Com. Reg. No.: |
035143 |
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Legal Form : |
Societe anonyme |
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Line of Business : |
·
Contractors Structural Steel Erection
·
Manufacturing of prefabricated buildings |
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No. of Employees : |
33 |
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
|
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. 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 2% 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 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, called for Greece's creditors to write down a significant portion of their Greek government bond holdings. 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 Antonios 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 the state-owned television and radio company. Subsequent reluctance to institute cuts prompted Greek lenders to withold bailout fund disbursements for much of the rest of the year. Despite progress recapitalizing the banking sector, investors remain skeptical that Greece can sustain fiscal efforts and regain market access in the face of a bleak economic outlook, public discontent, and political instability
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Source
: CIA |
Name EUROTRADE
S.A.
ADDRESS: AGIOS
DIMITRIOS, INDUSTRIAL AREA
32011
OINOFYTA
VOIOTIA
GREECE
TELEPHONE: 30 2262032725
TELEFAX: 30 2262032560
E-MAIL
ADDRESS: info@eurotrade.gr
WEB ADDRESS: www.eurotrade.gr
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ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS
OTHERWISE STATED |
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STARTED: 1996
SALES:
1,994,873 |
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YEAR INC: 1996
PROFIT:
9,325 |
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LEGAL FORM: SOCIETE ANONYME NET WORTH: 1,759,769 |
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REG NO: 035143 NOM
CAPITAL: 1,096,750 |
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GOVT GAZ NO: 00696 / 1996 ISS CAPITAL: 1,096,750 |
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EMPLOYS: 33
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SIC: 1791
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ACTIVITY: CONTRACTORS STRUCTURAL STEEL
ERECTION |
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George Evangelos Stavrou |
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chairman |
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shareholder |
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Stamatina Evangelos Stavrou |
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vice-chairman |
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shareholder |
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George Evangelos Stavrou |
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chief executive |
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shareholder |
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Stamatina Evangelos Stavrou |
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shareholder |
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Deputy Managing Director |
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Nikolaos Anastassios Giannakouris |
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member |
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National Bank of Greece S.A., Athinon
Ave. Branch branch., 128-132 |
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Athinon Ave., Athens 10442, Greece. |
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Telephone: 30 2105180161 |
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National Bank of Greece S.A., Athinon
Ave. Branch branch., 128-132 |
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Athinon Ave., Athens 10442, Greece. |
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Telephone: 30 2105180161 |
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EFG EUROBANK ERGASIAS S.A., Kalamiotou
Branch (Ex Ergobank branch., 3 |
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Kalamiotou, Athens 10563, Greece. |
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Telephone: 30 2103226683 |
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EXP. DATE PAYING RECORD HIGH CREDIT NOW OWES PAST DUE TERM LAST SALE |
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18/1/2014 PROMPT/SLOW 188 0 0
30 18/8/2013 |
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8/1/2014 SLOW15/60 94 0 0 30 8/8/2013 |
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31/12/2013 PROMPT 414 0 0 30 30/11/2013 |
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31/12/2013 PROMPT 431 0 0 30 30/11/2013 |
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11/12/2013 SLOW15/60 94 0 0 30 11/7/2013 |
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11/12/2013
PROMPT/SLOW
188 0 0 30 11/9/2013 |
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30/11/2013 PROMPT 414 108 0 30 30/10/2013 |
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30/11/2013 PROMPT 431 431 0 30 30/10/2013 |
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11/11/2013 SLOW15/60 94 0 0 30 11/8/2013 |
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11/11/2013
PROMPT/SLOW
188 0 0 30 11/8/2013 |
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30/9/2013 PROMPT/SLOW 39 0 0 30 30/4/2013 |
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30/9/2013 PROMPT/SLOW 188 188 0
30 30/8/2013 |
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30/9/2013 PROMPT 414 39 0 30 30/8/2013 |
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31/8/2013 PROMPT 414 0 0 30 31/5/2013 |
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13/8/2013 PROMPT/SLOW 108 0 0 30 13/3/2013 |
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13/8/2013 PROMPT/SLOW 78 0 0 30 13/5/2013 |
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31/7/2013 PROMPT
414 0 0 30 30/6/2013 |
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9/7/2013 PROMPT 108 0 0 30 9/7/2012 |
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9/7/2013 PROMPT/SLOW 108 78 78 30 9/4/2013 |
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30/6/2013 PROMPT 414 414 0
30 30/5/2013 |
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28/6/2013 PROMPT 108 0 0
30 28/6/2012 |
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28/6/2013 PROMPT/SLOW 108 78 78 30 28/5/2013 |
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31/5/2013 PROMPT 384 384 0 30 30/4/2013 |
Informants report that subject's payments are prompt.
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BACKGROUND |
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Business started Jan 1, 1996. |
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LEGAL FORM |
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Societe anonyme registered on Jan 1,
1996 for a period ending Dec 31, 2046. |
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Registration Number: 035143 |
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Government Gazette Number: 00696 / 1996 |
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Chamber of Commerce Number: 151835 |
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Tax Registration Number: 094450809 |
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Established in Athens, on 13.02.96,
following the change of the legal |
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status of EUROTRADE LTD, originally
founded in 1979 (Gov.Gaz.No.: 113/79). |
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CAPITAL |
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Nominal capital: 1,096,750. Issued
capital: 1,096,750. |
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Issued/paid-up capital was last
increased on Feb 10, 2011. |
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Nominal capital is divided into: |
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37,368 shares of 29.35 each and fully
paid-up. |
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SHAREHOLDERS
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Evangelos Stavrou holds 37.50% of the
voting capital. |
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Stamatina Stavrou holds 22.35% of the
voting capital. |
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George Stavrou holds 22.35% of the
voting capital. |
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Myrto-Theodoti Stavrou holds 15.00% of
the voting capital. |
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Anastassia Stavrou holds 2.80% of the
voting capital. |
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Subject has 2 branches/divisions |
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Tzaverdela, 19300, Aspropyrgos, Greece. These
are owned premises. |
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Agios Dimitrios, Industrial Area, 32011,
Oinofyta, Greece. These are |
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owned factory premises. |
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Local Activity Code: 2511 |
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Local Activity Code
Type: STAKOD |
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Equivalent to: NACE 1 |
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Contractors structural steel erection |
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Mfg of prefabricated buildings |
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Exports 10% to Serbia and Montenegro |
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Normal exporting terms are cash against
documents |
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Imports 5% from China |
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Normal importing terms are cash against
documents |
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EMPLOYS: 33 as at Jan 23, 2014 including
0 part-time staff. |
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The number of employees varies according
to needs. |
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The number of employees peaks to 33. |
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Operates from owned office, at heading
address. |
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REGISTERED OFFICE: 47-49 Persefonis,
11854 Athens, Attiki. |
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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 1,822,128 2,235,248 1,994,873 |
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Pre-Tax Profit 24,904 11,805 9,325 |
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Net Worth 1,731,077 1,731,498 1,759,769 |
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Fixed Assets 1,611,351 1,531,980 1,499,175 |
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Total Assets 4,337,765 4,606,907 4,545,780 |
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Current Assets 2,711,763 3,057,633 3,019,188 |
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Current Liabilities 2,606,687 2,875,409 2,786,011 |
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Working Capital 105,076 182,224 233,177 |
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Financial Assets 11,797 11,797 11,797 |
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Intangibles 2,854 5,497 15,620 |
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Employees
30 28 |
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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) 1.04 1.06 1.08 |
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Solvency Ratio (%) 150.58 166.06 158.32 |
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Fixed Assets/Net Worth
(%) 93.08 88.48 85.19 |
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Current Liabs/Net Worth
(%) 150.58 166.07 158.32 |
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Asset Turnover (%) 42.01 48.52 43.88 |
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Sales / Net Working Cap
(X) 17.34 12.27 8.56 |
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Assets / Sales (%) 238.06 206.10 227.87 |
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Profit Margin (%) 1.37 0.53 0.47 |
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S/holders Return (%) 1.44 0.68 0.53 |
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Return On Assets (%) 0.57 0.26 0.21 |
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Sales / Employees 0.00 74,508.27 71,245.46 |
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Profit / Employees 0.00 393.50 333.04 |
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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 1,096,751 Land/Buildings 2,924,087 |
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Retained Profits -1,142 Plant/Machinery 486,641 |
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Misc Reserves 664,160 Depreciation 1,911,553 |
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Net Worth 1,759,769 Total Fixed Ass 1,499,175 |
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Misc
Fin'cl Ass 11,797 |
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Total Fin'cl Ass
11,797 |
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Misc
Intangible 15,620 |
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Total Intangible 15,620 |
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CURRENT LIABILITIES: CURRENT ASSETS: |
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Trade Creditors 571,797 Stock 503,155 |
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Short term Loans 2,044,501 Trade Debtors 2,042,827 |
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Misc Current Liabs 169,713 Misc Debtors 3,015 |
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Cash
470,191 |
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TOTAL CURRENT 2,786,011 TOTAL CURRENT 3,019,188 |
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TOTAL LIABS & NW 4,545,780 TOTAL ASSETS 4,545,780 |
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Profit & Loss Account from Jan 1, 2012
to Dec 31, 2012 |
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Net Sales 1,994,873 |
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Cost of Goods Sold 1,431,834 |
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Gross Profit 563,039 |
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Misc Operating Charges 505,587 |
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Misc Operating Income 138,927 |
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Net Operating Income 196,379 |
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Misc Financial Income 1,998 |
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Total Financial Income 1,998 |
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Interest Payable 186,167 |
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Misc Financial Expenses 2,885 |
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Total Financial Expenses 189,052 |
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Profit Before Taxes 9,325 |
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Income Tax 11,276 |
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Profit After Tax -1,951 |
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Net Loss 1,951 |
Subject is a long established, family-run manufacturing firm.
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.62.07 |
|
|
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
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 |
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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 |
|
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 |
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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.