MIRA INFORM REPORT

 

 

Report Date :

29.09.2014

 

IDENTIFICATION DETAILS

 

Name :

MEGAFARM S.A. (MEGAFARM AE)     

 

 

Registered Office :

Athens - Korinthos New National Rd (39th km), Megara 19100, Attica,

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1991

 

 

Com. Reg. No.:

25373/001/Β/91/627

 

 

Legal Form :

Public Company

 

 

Line of Business :

·         Wholesale of dairy produce, eggs and edible oils and fats

·         Manufacture of other food products n.e.c.

 

 

No. of Employees :

30

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

206 000 EUR

Status :

Moderate

Payment Behaviour :

No complaints

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

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Greece

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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 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

 

 

 

 

 

Company:                                MEGAFARM AE

Address:                                   39 KLM NEOAK 19100 MEGARA GREECE

VAT Number:                           EL094321495

 

 

IDENTIFICATION DETAILS

 

Company name                       MEGAFARM S.A. (MEGAFARM AE)     

Address:                                   Athens - Korinthos New National Rd (39th km), Megara 19100, Attica, Greece

Phone:                                     2296083055-7

Fax:                                         2296083058

Web- page:                              www.megafarm.gr

Email:                                      info@megafarm.gr

 

 

CREDIT ASSESMENT

                 

Maximum Credit:                       206 000 EUR

 

 

COMPANY DETAILS

 

Status:                                     Active

Tax ID:                                     094321495

Reg. No.:                                  25373/001/Β/91/627

G.E.MI.:                                    123462907000

Year Started:                          1991

 

 

SHARE CAPITAL

 

INITIAL CAPITAL                                   2,064,449 EUR

 

 

MANAGEMENT/DIRECTORS

 

NAME                                       TAX ID             ID NUMBER                  DOC DATE

Efstratios Joh. Fotellis                005479588        Τ115859                        12638-2010

Board Chairman, Chief Executive Officer, Legal Representative

 

Efstratia Efs. Fotelli                    031516523        ΑΖ549570                      12638-2010

Board Vice Chairman, Chief Financial Officer, General Manager

 

Aikaterini Efs. Fotelli                  035550220        Σ279377                        12638-2010

Board Member

 

Alexandros Eleftheriou

Production Manager

 

 

SHAREHOLDERS

 

FULLENAME                             PERCENT         TAX ID                                     ID NUMBER

Efstratios Fotellis                       96.00%             005479588                    Τ115859

Konstantinos Theodoridis            2.00%               041652239                    ΑΖ010403

Anestis Theodoridis                    2.00%               041652276                    ΑΕ013636

 

 

ACTIVITY

 

SECTOR                                   Miscellaneous food products

 

NACE INDUSTRY

51.33                                        Wholesale of dairy produce, eggs and edible oils and fats

15.89                                        Manufacture of other food products n.e.c.

 

PRODUCTS

KIND                                                                            RELATION

Eggs                                                                             Trade

Bakery & confectionery raw materials & additives Production, Trade

 

CERTIFICATION

ISO 9001:2008,

TUV HELLAS (TUV NORD) S.A.

H.A.C.C.P.

TUV NORD CERT GMBH

 

 

CUSTOMERS

 

FULLNAME                                                       TAX NUMBER               COUNTRY

ALDEMAR S.A.                                                 094115595                    Greece

MAKRO CASH & CARRY WHOLESALE S.A.      094241249                    Greece

 

 

SUPPLIERS

 

FULLNAME                               COUNTRY

CELL PLAST                             Italy

 

IMPORT

 

The subject company imports from Spain and Italy.

 

 

EXPORT

 

The subject company does not engage in any export activities.

 

 

PREMISES

 

Address:                       Athens - Korinthos New National Rd (39th km), Megara 19100, Attica, Greece

Ownership:                    Owned

Land:                            m2: 5737

BUILDING:                    m2: 1400

 

 

WORKFORCE

 

No. of employees           30                    

 

 

BANKS

 

BANK NAME                                                     AREA                           BANK NUM

ALPHA BANK                                                   ATHENS                       0140106

ALPHA BANK                                                   MEGARA                      0140274

NATIONAL BANK OF GREECE S.A.                   MEGARA                      0110411

EFG EUROBANK ERGASIAS S.A.                     ATHENS, CENTER        0260341

 

FINANCIAL INFORMATION

 

 

 

 

 

GENERAL COMMENTS

 

Company was established in 1991 having a legal seat at Megara and is engaged in the trade of eggs. Subject is also activated in elaboration of eggs as confectionery raw materials.

This elaboration takes place in the establishments of the firm AVGO SA.

Company’s first legal seat was at 75 Ellispondou Str. Athens and in 1992 subject's head office was moved at 11 Kolokotroni, Nea Peramos, Attiki.

Finally in 1998 subject's head office was transferred to the present address.

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.61.57

UK Pound

1

Rs.100.42

Euro

1

Rs.78.44

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

PDT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.