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Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
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Name : |
VALIADIS
HELLENIC MOTORS S.A. |
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Registered Office : |
18 GR. Lambraki 14123 Lykovryssi Attiki
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Country : |
Greece |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
23.02.2001 |
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Com. Reg. No.: |
048302 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Manufactures
motors and generators |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 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 |
Name: VALIADIS S A
Principal Address: AHTENS 18 GR LAMBARAKI STR 14123 ATHENS, GREECE
Name: VALIADIS HELLENIC MOTORS S.A.
Address: 18 GR. LAMBRAKI
14123 LYKOVRYSSI
ATTIKI
GREECE
Telephone: 30 2102817217
Telefax: 30 2102814277
E-mail address: valiadis@valiadis.gr
Web Address: www.valiadis.gr
Any amounts
hereafter are in euro unless otherwise stated
Year Started: 2001
Year Inc.: 2001
Legal Form: SOCIETE
ANONYME
Reg. Date: Feb 23, 2001 - Dec
31, 2031.
Reg. No.: 048302
Govt. Gaz. No.: 01190 / 2001
Chamber of Commerce
No.: 155798
Tax Reg. No.: 095213377
Established following a change of the legal status of a firm originally
founded in 1927. Supplementary Data On The Abovementioned Events Published In The
Gov.Gaz.: According to the Gov.Gaz.1190/01 subject was established following
the change in the legal status of the firm VALIADIS & CO HELLENIC MOTORS
LTD which was established in Athens (13 Mich. Voda Str.), on 31.12.1982,
following the change of the legal form of the firm VALIADIS & CO O.E.,
established in 1950 as continuation of the company VALIADIS, DIMITRIOS &
KONSTANTINOS, O.E., a general partnership originally founded in 1927.
On 28.7.1988 (Gov. Gaz. No.: 2827/88), subject moved its head office at
Lykovryssi, to the above mentioned address. The road where subject's head
office is located changed numeration and was formed from 10 Gr. Lambraki to 18
Gr. Lambraki, Lykovryssi.
Antonios
Konstantinos Valiadis Chairman/Shareholder
George
Konstantinos Valiadis Vice-Chairman
Antonios
Konstantinos Valiadis Chief
Executive - Shareholder
George
Konstantinos Valiadis Chief
Executive
Foivos George
Valiadis Chief
Executive/Shareholder
Spyros Antonios
Valiadis Member
Paris George
Valiadis Member/Shareholder
Antonios
Konstantinos Valiadis Shareholder
Paris George
Valiadis Shareholder
Foivos George
Valiadis Shareholder
Alpha Bank A.E. Metamorfossi
Branch branch., 2 Dexamenis, Metamorfossi 14452, Greece.
Telephone: 30
2102850278
National Bank
of Greece S.A. Nea Erythraia Branch
branch., 59 El. Venizelou Ave, Nea Erythraia 14671, Greece.
Telephone: 30
2106283053
Panellinia Bank
S.A. Metamorfossi
Branch branch, 100 G. Papandreou & 40 Papadiamanti, Metamorfossi 14452,
Greece.
Telephone: 30
2102853710
EFG EUROBANK
ERGASIAS S.A. Kalamiotou Branch (Ex
Ergobank branch, 3 Kalamiotou, Athens 10563, Greece).
Telephone: 30
2103226683
Attica Bank S.A. Kifissia
Branch branch., 149 Kifissias, Marousi 15126, Greece.
Telephone: 30
2106120392
Bank of Piraeus
S.A. Athinon,
Lamias National Rd., B branch, Athinon-Lamias National Rd. (17th km), Kifissia
14564, Greece.
Telephone: 30
2106256400
Bank of Piraeus
S.A. (ex
Hellenic Bank LTD), Kifissia Branch branch, 3 Miltiadou, Kifissia 14562,
Greece.
Telephone: 30
2106283300
National Bank
of Greece S.A. (ex Probank S.A.),
Evripidou Branch branch, 23 Evripidou & 24 Polykleitou, Athens 10551,
Greece.
Telephone: 30
2103317590
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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 2,288 0 0 30 31/1/2013 |
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31/12/2013
PROMPT 2,288 0 0 30 31/7/2013 |
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30/11/2013
PROMPT 2,288 0
0 30 30/6/2013 |
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30/9/2013 PROMPT 2,288 0 0 30 30/6/2013 |
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31/8/2013 PROMPT 2,288 0 0 30 31/7/2013
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31/7/2013 PROMPT 2,288 2,288 0
30 30/6/2013 |
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Informants report that subject's payments are prompt.
PRINCIPALS
ANTECEDENTS
Name: Antonios Konstantinos Valiadis
Also a director of
VALIADIS, A. & G., S.A..
Also associated
with VALIADIS, A. & G., S.A..
Name: George Konstantinos Valiadis
Also a director of
VALIADIS, A. & G., S.A..
Also associated
with VALIADIS, A. & G., S.A..
Business started Feb 23, 2001.
Nominal capital is
divided into: 23,844 shares of 29.35 each and fully paid-up.
Antonios Valiadis
holds 50.00% of the voting capital.
Paris Valiadis
holds 25.00% of the voting capital.
Foivos Valiadis
holds 25.00% of the voting capital.
The following are
related through principal(s) and/or financial interest(s):
VALIADIS, A. &
G., S.A. Societe Anonyme, Lykovryssi, Greece
This is a dormant
concern
Year started: 1988
This concern is
related through common shareholders
Subject has 2
branches/divisions:
1.
18 Gr. Lambraki, 14123, Lykovryssi, Greece. These
are rented warehouse premises. Size: 485 square meters.
2.
Building Block 48B, 15th Rd., 57022, Sindos
Industrial Area, Greece. These are owned factory premises. Size: 1400 square
meters.
Local Activity
Code: 2711
Local Activity
Code Type: STAKOD
Equivalent to: NACE 1
Manufactures
motors and generators
"Manufactures
speed changers, drives, and gears"
Mfg, representations,
exclusive imports, wholesale trade and repairs of electric motors, reduction
gears, inverters, pumping units and regular starters , Subject distributes its
goods by wholesale to 700 firms all over Greece and abroad. Inclunding the
following:
Exports 30% to Cyprus, Egypt, Former Yugoslav Rep of Macedonia, Finland, Romania,
Spain, U A E, U K
Normal exporting
terms are cash against documents
Imports 70% from Austria, Finland, Germany, Italy, South Korea, Netherlands, New
Zealand, Romania, Spain
Normal importing
terms are cash against documents
Subject reportedly
acts as agents for:
LG, Netherlands
Oemer, Italy
Euromotori, Italy
LG, South Korea
Aucom, New Zealand
EMPLOYS: 30 as
at May 24, 2011 including 0 part-time staff
The number of
employees varies according to needs.
The number of
employees peaks to 30.
Operates from
rented factory, covering approximately 1,150 square metres at heading address
REGISTERED OFFICE: At heading address
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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 4,690,996 4,705,061 5,167,604 |
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Pre-Tax
Profit
201,015 183,325 201,708 |
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Net Worth 2,161,896 2,292,892 2,582,453 |
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Fixed
Assets
582,289 552,924 675,690 |
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Total
Assets
5,535,539 5,440,220 5,327,907 |
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Current
Assets
4,930,559 4,864,984 4,632,824 |
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Current
Liabilities 2,747,809 2,609,828 2,577,134 |
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Working
Capital
2,182,750 2,255,156 2,055,690 |
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Long Term
Debt
625,833 537,500 168,321 |
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Financial
Assets
22,691 22,313 19,395 |
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Intangibles 0 0 0 |
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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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Dec 31,2010 Dec
31,2011 Dec 31,2012 |
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Current Ratio
(X)
1.79 1.86 1.80 |
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Solvency Ratio
(%)
156.05 137.26 106.31 |
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Fixed Assets/Net
Worth (%) 26.93 24.12 26.17 |
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Current
Liabs/Net Worth (%)
127.10 113.82 99.79 |
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Asset Turnover
(%)
84.74 86.49 96.99 |
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Sales / Net
Working Cap (X) 2.15 2.09 2.51 |
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Assets / Sales
(%)
118.00 115.63 103.10 |
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Profit Margin
(%)
4.29 3.90 3.90 |
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S/holders Return
(%) 9.30 8.00 7.81 |
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Return On Assets
(%) 3.63 3.37 3.79 |
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Sales /
Employees
0.00 147,033.16 0.00 |
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Profit /
Employees
0.00 5,728.91 0.00 |
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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 699,821 Land/Buildings 1,295,670 |
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Retained
Profits 1,227,283 Plant/Machinery 382,508 |
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Misc Reserves 655,348 Depreciation 1,002,488 |
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Net Worth 2,582,452 Total Fixed Ass 675,690 |
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Misc Def
Liabs 168,321 Shares in Group 2,991 |
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Misc Fin'cl Ass
16,404 |
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Total Fin'cl Ass
19,395 |
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Misc
Intangible 0 |
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Total Intangible
0 |
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CURRENT LIABILITIES: CURRENT ASSETS: |
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Trade
Creditors 696,963 Stock 893,920 |
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Short term
Loans 1,686,521 Trade Debtors 1,795,613 |
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Misc Debtors 28,063 |
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Cash
1,914,476 |
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Market Securities
750 |
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TOTAL
CURRENT 2,577,134 TOTAL CURRENT 4,632,822 |
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TOTAL LIABS
& NW 5,327,907 TOTAL ASSETS 5,327,907 |
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Profit & Loss Account from Jan 1, 2012 to Dec 31, 2012 |
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Net Sales 5,167,604 |
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Cost of Goods Sold 3,578,760 |
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Gross Profit 1,588,844 |
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Misc Operating Charges 1,254,395 |
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Misc Operating Income 76,824 |
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Net Operating Income 411,273 |
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Misc Financial Income 142 |
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Total Financial Income 142 |
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Interest Payable 209,614 |
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Misc Financial Expenses 92 |
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Total Financial Expenses 209,706 |
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Profit Before Taxes 201,709 |
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Income Tax 47,287 |
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Profit After Tax 154,422 |
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Net Profit 154,422 |
Subject is considered to be a mainly
manufacturing firm, generated by the conversion of the firm VALIADIS & CO
HELLENIC MOTORS LTD.
Please note that 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 |
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US Dollar |
1 |
Rs.59.99 |
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1 |
Rs.101.75 |
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Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
-- |
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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.