MIRA
INFORM REPORT
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Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
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Name : |
KARAGIORGOU N. BROS SA |
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Registered Office : |
7-9 Kalapothaki, |
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Country : |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
1977 |
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Com. Reg. No.: |
8786/062/B/86/620 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
· Manufacture of textiles ·
Cotton spinning ·
Manufacture of
prepared feeds for farm animals ·
Manufacture of
crude oils and fats |
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No of Employees : |
70 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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 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 |
IDENTIFICATION DETAILS
Company name: KARAGIORGOU N. BROS SA
Address: 7-9 Kalapothaki, Thessaloniki 54624, Thessaloniki, Greece
Phone: 2310254300
Fax: 2310254301
Web-page: www.karagiorgos.gr
Email: info@karagiorgos.gr
COMPANY DETAILS
Status: Active
Tax ID: 094066129
Reg. No.: 8786/062/B/86/620
G.E.MI.: 057258704000
Year Started: 1977
SHARE CAPITAL
INITIAL CAPITAL 5,749,959 EUR
MANAGEMENT/DIRECTORS
NAME TAX ID ID NUMBER DOC DATE
Nikolaos Har. Karagiorgos 017793012
K432968 3584-2014
Board Chairman, Chief Executive Officer, Chief Financial Officer,
General Manager, Legal Representative,
Business Development Director
Nikolaos Kon. Karagiorgos 023260598
Ξ514726 3584-2014
Board Vice Chairman, Production Manager
Evangelia Kon. Karagiorgou ΑΕ
370111 3584-2014
Board Member
Pagona Har. Hatziemmanouil ΑΖ
168518 3584-2014
Board Member
SHAREHOLDERS
FULLENAME PERCENT
TAX ID ID NUMBER
Nikolaos Karagiorgos 50.00% 017793012 K432968
Nikolaos Karagiorgos 47.50% 023260598 Ξ514726
Evangelia Karagiorgou 2.50% ΑΕ 370111
Total share equity 100%
ACTIVITY
SECTOR Manufacture of textiles
NACE INDUSTRY
01.41 Cotton
spinning
15.71 Manufacture
of prepared feeds for farm animals
15.41 Manufacture
of crude oils and fats
PRODUCTS
KIND RELATION
Cotton seed oil Production, Trade
Seed oil milling by-products Production, Trade
Raw cotton Production,
Trade
Cotton seed Production, Trade
Livestock feed Production, Trade
CUSTOMERS
FULLNAME COUNTRY
PAUL REINHART Switzerland
IMPORT
The subject company does not engage in any
import activities.
EXPORT
The subject company exports to Egypt, Brazil,
Japan, India, Israel, China, Pakistan, Saudi Arabia, Taiwan, Province of China
and Hong Kong.
PREMISES
PLANT
Ekada, Domokos 35010, Ftiotis
Ownership: Leased
PLANT
Stavros, Farsala 40300, Larisa
Ownership: Owned
Land: m2: 127651
Building: m2: 20000
PLANT
Thessalonikis - Giannitson Rd (15th km),
Angialos, Gefyra 57011, Thessaloniki
Ownership: Owned
Land: m2: 101000
Building: m2: 27315
PLANT
Agios Georgios, Larissa 41335, Larisa
Ownership: Leased
PLANT
Glavki, Larissa 41000, Larisa
Ownership: Owned
Land: m2: 120000
Building:m2: 25000
PLANT
Drama Industrial Area, Drama 66100, Drama
Ownership: Owned
PLANT
Fax: 2310722152
WORKFORCE
No. of employees: 70
BANKS
BANK NAME AREA BANK NUM
ALPHA BANK THESSALONIKI
0140700
NATIONAL BANK OF GREECE S.A. THESSALONIKI
0110210
AGRICULTURAL BANK OF GREECE THESSALONIKI
0430320
EMPORIKI BANK OF GREECE S.A. THESSALONIKI
CENTER 0120400
EFG EUROBANK ERGASIAS S.A. TRIANDRIA
THESSALONIKI 0260457
PIRAEUS BANK S.A. THESSALONIKI 0172222
FINANCIAL INFORMATION
GENERAL COMMENTS
Company was established in 1977 having a legal
seat at Thessaloniki and is engaged in the cotton ginning.
Subject continues business activities of the
general partnership KARAGIORGOU BROS O.E., originally founded in 1951.
Please note the information provided in this
report was obtained from official and publicly available sources.
Further information was not available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.47 |
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1 |
Rs.98.77 |
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Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
SMN |
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.