|
Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
KARATZIS S.A. |
|
|
|
|
Registered Office : |
Melidochori,
Archanon-Asterousion, 70010 Pyrgos, Irakleio |
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Country : |
Greece |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.01.1979 |
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Com. Reg. No.: |
011396 |
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|
Legal Form : |
Societe Anonyme |
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Line of Business : |
·
Manufacturer of cordage and twine
Subject operates hotels and motels
Manufacturer of packaging, agricultural and construction nets.
engaged in production of electricity (photovoltaic park) Hotel operators. |
|
|
|
|
No. of Employees |
277 (28.11.2013) 559 (Group) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Greece |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Greece ECONOMIC OVERVIEW
Greece has a capitalist economy with a public sector accounting for
about 40% of GDP and with per capita GDP about two-thirds that of the leading
euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly
one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece
is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek
economy grew by nearly 4% per year between 2003 and 2007, due partly to
infrastructural spending related to the 2004 Athens Olympic Games, and in part
to an increased availability of credit, which has sustained record levels of
consumer spending. But the economy went into recession in 2009 as a result of
the world financial crisis, tightening credit conditions, and Athens' failure
to address a growing budget deficit. The economy contracted by 2.3% in 2009,
3.5% in 2010, 6.9% in 2011, and 6.0% in 2012. Greece violated the EU's Growth
and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001
to 2006, but finally met that criterion in 2007-08, before exceeding it again
in 2009, with the deficit reaching 15% of GDP. Austerity measures reduced the
deficit to about 8% in 2012. Deteriorating public finances, inaccurate and
misreported statistics, and consistent underperformance on reforms prompted
major credit rating agencies to downgrade Greece's international debt rating in
late 2009, and has led the country into a financial crisis. Under intense
pressure from the EU and international market participants, the government
adopted a medium-term austerity program that includes cutting government
spending, decreasing tax evasion, overhauling the health-care and pension
systems, and reforming the labor and product markets. Athens, however, faces long-term
challenges to push through unpopular reforms in the face of widespread unrest
from the country's powerful labor unions and the general public. In April 2010
a leading credit agency assigned Greek debt its lowest possible credit rating;
in May 2010, the International Monetary Fund and Euro-Zone governments provided
Greece emergency short- and medium-term loans worth $147 billion so that the
country could make debt repayments to creditors. In exchange for the largest
bailout ever assembled, the government announced combined spending cuts and tax
increases totaling $40 billion over three years, on top of the tough austerity
measures already taken. Greece, however, struggled to meet 2010 targets set by
the EU and the IMF, especially after Eurostat - the EU's statistical office -
revised upward Greece's deficit and debt numbers for 2009 and 2010. European
leaders and the IMF agreed in October 2011 to provide Athens a second bailout
package of $169 billion. The second deal however, calls for Greece's creditors
to write down a significant portion of their Greek government bond holdings. In
exchange for the second loan Greece has promised to introduce an additional
$7.8 billion in austerity measures during 2013-15. However, these massive
austerity cuts are lengthening Greece's economic recession and depressing tax
revenues. Greece's lenders are calling on Athens to step up efforts to increase
tax collection, privatize public enterprises, and rein in health spending, and
are planning to give Greece more time to shore up its economy and finances.
Many investors doubt that Greece can sustain fiscal efforts in the face of a
bleak economic outlook, public discontent, and political instability.
Source : CIA
Name KARATZIS
S.A.
ADDRESS: IRAKLEIO
INDUSTRIAL AREA, ODOS A', P.O. BOX 1490
71601 NEA ALIKARNASSOS
IRAKLEIO
TELEPHONE: 30 2810382900
TELEFAX: 30 2810381400
E-MAIL
ADDRESS: account@karatzis.gr
WEB ADDRESS: www.karatzis.gr
|
ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS
OTHERWISE STATED |
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STARTED: 1979 SALES: 51,725,089 |
|
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YEAR
INC: 1979 PROFIT: 5,172,429 |
|
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LEGAL FORM:
SOCIETE ANONYME NET
WORTH: 82,850,890 |
|
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|
REG
NO: 011396 NOM CAPITAL: 24,662,050 |
|
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GOVT GAZ
NO:03613 / 1979 ISS
CAPITAL: 24,662,050 |
|
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EMPLOYS: 277
|
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SIC: 2298 7011
|
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ACTIVITY: MANUFACTURES CORDAGE AND TWINE |
|
Miltiadis Antonios Karatzis |
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chairman |
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Athina Miltiadis Karatzi |
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vice-chairman |
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Antonios Miltiadis Karatzis |
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chief executive |
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shareholder |
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Maria Miltiadis Karatzis |
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shareholder |
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Deputy Managing Director |
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Konstantinos Antonios Perantonakis |
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member |
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Iasson Emmanouil Papastefanakis |
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member |
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Elias Kalathas |
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member |
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Konstantinos Leonidas Archontakis |
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member |
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Eleftherios Konstantinos Antonakakis |
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member |
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Antonios Miltiadis Karatzis |
|
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shareholder |
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Maria Miltiadis Karatzis |
|
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shareholder |
|
Alpha Bank A.E., Irakleio Branch
branch., 7 Giamalaki, Irakleio 71202, |
|
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Greece. |
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Telephone: 30 2810283154 |
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National Bank of Greece S.A., Irakleio
- Crete Island Branch branch., |
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Ikarou & Kazantzidi, Irakleio
71110, Greece. |
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Telephone: 30 2810304942 |
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Alpha Bank S.A. (ex Emporiki Bank),
Irakleio Branch branch., 66 25th |
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Avgoustou, Irakleio 71202, Greece. |
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Telephone: 30 2810226188 |
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EFG EUROBANK ERGASIAS S.A., Irakleio A'
Branch branch., Martyron 25th |
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Avgoustou & Koronaiou, Irakleio
71202, Greece. |
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Telephone: 30 2810337020 |
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Bank of Piraeus S.A., Irakleio (25th
Avgoustou) Bran branch., 39 25th |
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Avgoustou, Irakleio 71202, Greece. |
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Telephone: 30 2810247610 |
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Bank of Piraeus S.A., Irakleio (25th
Avgoustou) Bran branch., 39 25th |
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Avgoustou, Irakleio 71202, Greece. |
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Telephone: 30 2810247610 |
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SECURED
CHARGES |
|
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Subject has registered secured charges
which include the below: |
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A charge for an amount of 1,800,000
Euro was registered on 1, 2000. |
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EXP. DATE PAYING RECORD HIGH CREDIT NOW OWES PAST DUE TERM LAST SALE |
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31/1/2014 PROMPT 408 0 0 30 31/10/2013 |
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31/1/2014 PROMPT 21,220 0 0 30 31/10/2013 |
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31/1/2014 PROMPT 2,153 2,153 0
30 31/12/2013 |
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31/12/2013
PROMPT 433 0 0 30 30/9/2013 |
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31/12/2013
PROMPT 21,220 0 0 30 30/11/2013 |
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31/12/2013
PROMPT 123 0 0 30 30/9/2013 |
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30/11/2013
PROMPT 1,817 0 0 30 30/10/2013 |
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30/11/2013
PROMPT 21,220 21,220 0
30 30/10/2013 |
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30/11/2013
PROMPT 123 0 0 30 30/8/2013 |
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30/9/2013 PROMPT 1,817 0 0 30 30/4/2013 |
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30/9/2013 PROMPT 123
123 0 30 30/8/2013 |
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31/8/2013 PROMPT 1,817 0 0 30 31/3/2013 |
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31/7/2013 PROMPT 1,817 0 0 30 30/4/2013
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30/6/2013 PROMPT 1,817 0 0 30 30/3/2013 |
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31/5/2013 PROMPT 1,817 0 0 30 30/4/2013 |
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30/4/2013 PROMPT 1,817 0 0 30 30/1/2013 |
Informants report that subject's payments are prompt.
|
PRINCIPALS ANTECEDENTS |
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NAME: Miltiadis Antonios Karatzis |
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Also a director of CRETAN ENTERPRISES
S.A.. |
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Also associated with CRETAN ENTERPRISES
S.A.. |
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NAME: Athina Miltiadis Karatzi |
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Also a director of STELLA POLARIS S.A.. |
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NAME: Antonios Miltiadis Karatzis |
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Also a director of PLUSPACK S.A.. |
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Also associated with PLUSPACK S.A.. |
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NAME: Maria Miltiadis Karatzis |
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Also a director of ANGELS, MY, S.A.,
PLUSPACK S.A.. |
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Also associated with PLUSPACK S.A.,
ANGELS, MY, S.A.. |
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NAME: Konstantinos Antonios Perantonakis
|
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Also a director of PERANTONAKIS SOLE
SHAREHOLDER CO. LTD. |
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Also a partner in PERANTONAKIS SOLE
SHAREHOLDER CO. LTD. |
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NAME: Eleftherios Konstantinos
Antonakakis |
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Also a director of INDUSTRIAL COMMERCIAL
CENTER LTD. |
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Also a partner in INDUSTRIAL COMMERCIAL
CENTER LTD. |
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Also associated with ANTONAKAKIS S.A.. |
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BACKGROUND |
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Business started Jan 1, 1979. |
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LEGAL FORM |
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Societe anonyme registered on Jan 1,
1979 for a period ending Dec 31, 2029. |
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Registration Number: 011396 |
|
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Government Gazette Number: 03613 / 1979 |
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Chamber of Commerce Number: 52025 |
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Tax Registration Number: 094113381 |
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Established
in Pyrgos, Irakleio, Crete, in 1979. On 18.09.84 (Gov. Gaz. No.2803/1984)
subject absorbed the firm HELLAS NET M. & A. KARATZIS E.E., established in
1974.
Also
in June 1987 (Gov. Gaz. No.: 1721/87), subject absorbed the firm NAMI S.A.,
established in 1984.
On
20/2/2001 (Gov. Gaz. No. 01121/2001) the company's name was changed.
On
1/7/2011 (Gov. Gaz. No. 05407/2011) a change of subject's head office was
published.
On
21/6/2012 (Gov. Gaz. No. 05036/2012) the company's trading style was changed.
SUPPLEMENTARY
DATA ON THE ABOVE MENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.: Prior to the
change that was published in the Gov.Gaz.No.:1121/01 subject's name was KARATZIS
M. & A. S.A. Gov.Gaz.No.:5036/2012 refers to the change of subject's
trading style from HELLASNET NANA BEACH to KARATZIS., Listed in ASE as of:
9,4,2000
|
Nominal capital: 24,662,050. Issued
capital: 24,662,050. |
|
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Issued/paid-up capital was last increased
on Dec 20, 2013. |
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Nominal capital is divided into: |
|
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14,679,792 shares of 1.68 each and fully
paid-up. |
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Antonios Karatzis holds 44.14% of the
voting capital. |
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Maria Karatzis holds 38.44% of the
voting capital. |
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MESH PACK GMBH Foreign Participants,
Germany, Germany |
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Year started: 1997. |
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Subject owns 100% of the capital. |
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STELLA POLARIS S.A. Societe Anonyme, Nea
Alikarnassos, Greece |
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This subsidiary is dormant. |
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Year started: 1988. |
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Subject owns 100% of the capital. |
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CROPPY SOLUTIONS
S.L. Foreign Participants, Spain, Spain |
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Subject owns 80% of the capital. |
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The following are related through principal(s)
and/or financial |
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interest(s): |
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PLUSPACK S.A. Societe Anonyme, Nea
Alikarnassos, Greece |
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Year started: 2002. |
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This concern is related through common shareholders.
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KARATZI S.A. & CO E.E. Limited
Partnership, Archanes, Greece |
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Year started: 2007. |
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This concern is related through common
shareholders. |
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ANGELS, MY, S.A. Societe Anonyme, Irakleio,
Greece |
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This is a dormant concern. |
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Year started: 2008. |
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This concern is related through common
shareholders. |
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Subject has 5 branches/divisions |
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Industrial Area, Odos A', 71110,
Irakleio, Greece. These are owned |
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factory premises. Size: 5791 square
metres. |
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Industrial Area, P.O. Box 1490, 71110,
Irakleio, Greece. These are owned |
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warehouse premises. Size: 1053 square
metres. |
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Industrial Area, Odos Th', P.O. Box 1490,
71110, Irakleio, Greece. These |
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are owned factory premises. Size: 3150
square metres. |
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Drapanos, 70014, Limenas Hersonissou,
Greece. These are owned premises. |
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Size: 20538 square metres. |
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Larissis - Athinon National Rd (5th km -
palaia), 41500, Larissa, Greece. |
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These are owned factory premises. Size:
19158 square metres. |
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Local Activity Code: 1394 |
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Local Activity Code
Type: STAKOD |
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Equivalent to: NACE 1 |
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Manufactures cordage and twine |
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Operates hotels and motels |
|
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Mfg of packaging, agricultural and
construction nets. Hotel operators. |
|
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Production of electricity (photovoltaic
park) |
|
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Exports 85% to Australia, Austria,
Belgium, Brazil, Bulgaria, Canada, |
|
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Chile, China, Croatia, Cyprus, Czech
Republic, Denmark, Former Yugoslav |
|
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Rep of Macedonia, Finland, France,
Germany, Hungary, Ireland, Israel, |
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Italy, Japan, Kazakhstan, South Korea,
Latvia, Netherlands, New Zealand, |
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Norway, Poland, Portugal, Romania,
Russian Fed, Spain, Sweden, |
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Switzerland, Turkey, U K, U S A |
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Normal exporting terms are cash against
documents |
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Imports 70% from Belgium, Germany,
Italy, Malaysia, Spain, U K |
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Normal importing terms are cash against
documents |
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Subject produces the following brand(s):
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ATLAS PREMIUM GOLD |
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KARATZIS S.A. |
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MEGA NET ROUND BALE NETWRAP |
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NETZWERK PREMIUM |
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PROTECTOR PREMIUM |
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SILA ECO POWER NET |
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TOTAL COVER NETWRAP |
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EMPLOYS: 277 as at Nov 28, 2013
including 0 part-time staff. The group |
|
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employs 559. |
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The number of employees varies according
to needs. |
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The number of employees peaks to 474. |
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Operates from unknown office, at heading
address. |
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REGISTERED OFFICE: Melidochori,
Archanon-Asterousion, 70010 Pyrgos, |
|
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Irakleio. |
|
Fiscal Fiscal Fiscal |
|
|
|
Dec 31,2010 Dec 31,2011 Dec 31,2012 |
|
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Turnover 43,696,000 48,060,860 51,725,089 |
|
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Pre-Tax
Profit
4,439,000 5,587,422 5,172,429 |
|
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Net
Worth
73,919,022 78,480,344 82,850,890 |
|
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Fixed
Assets
69,003,257 79,353,554 82,855,374 |
|
|
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Total
Assets
104,953,952
131,240,074 140,888,207 |
|
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Current
Assets
25,035,418 33,332,799 44,075,622 |
|
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Current
Liabilities
22,466,197 34,257,511 37,393,943 |
|
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Working
Capital
2,569,221 -924,712 6,681,679 |
|
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Long Term
Debt
8,568,733 18,502,219 20,643,374 |
|
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Financial
Assets
10,783,277 18,399,225 13,803,711 |
|
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Intangibles 132,000 154,496 153,500 |
|
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Employees
292 273 |
|
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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)
1.11 0.97 1.18 |
|
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Solvency Ratio
(%) 41.99 67.23 70.05 |
|
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Fixed
Assets/Net Worth (%)
93.35 101.11 100.01 |
|
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Current
Liabs/Net Worth (%)
30.39 43.65 45.13 |
|
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Asset
Turnover (%)
41.63 36.62 36.71 |
|
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Sales / Net
Working Cap (X) 17.01 -51.97 7.74 |
|
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Assets /
Sales (%)
240.19 273.07 272.38 |
|
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Profit
Margin (%)
10.16 11.63 10.00 |
|
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S/holders
Return (%)
6.01 7.12 6.24 |
|
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Return On
Assets (%) 4.23 4.26 3.67 |
|
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Sales /
Employees
0.00 164,591.99 189,469.19 |
|
|
|
Profit /
Employees
0.00 19,135.01 18,946.63 |
|
|
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|
|
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Abstract from individual fiscal balance
sheet as at Dec 31, 2012 |
|
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|
LIABILITIES ASSETS |
|
|
|
Capital 21,138,900 Land/Buildings 66,781,785 |
|
|
|
Retained
Profits 5,098,712 Plant/Machinery 50,334,897 |
|
|
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Misc
Reserves 56,613,278 Depreciation 34,261,308 |
|
|
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Net
Worth 82,850,890 Total Fixed Ass 82,855,374 |
|
|
|
Misc
Provisions 1,293,191 Shares in Group 9,171,551 |
|
|
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Misc Def
Liabs 19,350,183 Misc Fin'cl Ass 4,632,160 |
|
|
|
Total Fin'cl Ass 13,803,711 |
|
|
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Misc
Intangible 153,500 |
|
|
|
Total Intangible
153,500 |
|
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|
CURRENT LIABILITIES: CURRENT ASSETS: |
|
|
|
Trade
Creditors 4,606,636 Stock 13,605,487 |
|
|
|
Short term
Loans 29,821,860 Trade Debtors 7,843,955 |
|
|
|
Misc
Current Liabs 2,965,447 Misc Debtors 3,740,161 |
|
|
|
Cash
18,876,019 |
|
|
|
Market
Securities 10,000 |
|
|
|
TOTAL
CURRENT 37,393,943 TOTAL CURRENT 44,075,622 |
|
|
|
TOTAL LIABS
& NW 140,888,207 TOTAL ASSETS 140,888,207 |
|
|
|
Profit & Loss Account from Jan 1, 2012
to Dec 31, 2012 |
|
|
|
Net Sales 51,725,089 |
|
|
|
Cost of Goods Sold 38,651,492 |
|
|
|
Gross Profit 13,073,597 |
|
|
|
Misc Operating Charges 7,396,968 |
|
|
|
Misc Operating Income 1,071,155 |
|
|
|
Net Operating Income 6,747,784 |
|
|
|
Misc Financial Income
1,179,642 |
|
|
|
Total Financial Income 1,179,642 |
|
|
|
Interest Payable 2,754,997 |
|
|
|
Total Financial Expenses 2,754,997 |
|
|
|
Profit Before Taxes 5,172,429 |
|
|
|
Income Tax 801,883 |
|
|
|
Profit After Tax 4,370,546 |
|
|
|
Net Profit 4,370,546 |
|
|
|
Earnings per Share 0 |
|
|
|
Previous Year 0 |
Subject is a long established
mainly export oriented economic unit, which operates on a high turnover scale.
Its main activity
is the production of nets and concerns the 80% of company's total net sales.
The 'NANA BEACH'
hotel operates during the months April - October each year. Its installations
consist of 5 restaurants, 7 bars, 8 swimming pools, tennis and basket courts,
mini soccer, beach volley, mini market, a conference room.
Subject cooperates
with the foreign travel agency TUI (Germany), TUI UK (United Kingdom), ALPI
TOURS (Italy), LE GRAND TRAVEL BUREAU S.A. Finally the sector of electricity
production presently relates to a small percentage of its total net sales and
concerns photovoltaic parks (of total power 8.24MW) in two leased plots of land
in Voiotia and at the roof of subject's installations in Larissa and Iraklio.
SUPPLEMENTARY DATA
ON THE ABOVE MENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.: Prior to the change
that was published in the Gov.Gaz.No.:1121/01 subject's name was KARATZIS M.
& A. S.A. Gov.Gaz.No.:5036/2012 refers to the change of subject's trading
style from HELLASNET NANA BEACH to KARATZIS. - According to the 31/12/2012
balance sheet, subjects fixed assets are mortgaged and prenoted for 1,800,000
Euro, in favour of Banks, to ensure loans received.
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.61.13 |
|
UK Pound |
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.