MIRA INFORM REPORT

 

 

Report Date :

30.09.2014

 

IDENTIFICATION DETAILS

 

Name :

AVGO S.A. (AVGO S.A.)

 

 

Registered Office :

Industrial Area, Larissa 41500, Larisa

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2013

 

 

Year of Establishment :

1997

 

 

Com. Reg. No.:

38302/031/Β/97/19

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Processing of Fresh Eggs.

 

 

No. of Employees :

6

 

 

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 :

11000 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

 

 

 

 

Name:                                      AVGO ABBE

Address:                                   BIPE LARISA GREECE

VAT:                                         EL094369189                           

 

 

IDENTIFICATION DETAILS

 

Company name:                      AVGO S.A. (AVGO S.A.)                      

Address:                                   Industrial Area, Larissa 41500, Larisa, Greece

Phone:                                     2410541170-1

Fax:                                         2410541172

Web page:                               www.avgo.gr

Email:                                      info@avgo.gr

 

 

CREDIT ASSESMENT

 

Credit Rating:                            Above Average Risk        

Maximum Credit:                       11 000 EUR

 

 

COMPANY DETAILS

 

Status:                                     Active

Trade style:                              AVGO S.A.

Tax ID:                                     094369189

Reg. No.:                                  38302/031/Β/97/19

G.E.MI.:                                    26555540000

Year started:                            1997

 

 

SHARE CAPITAL

 

INITIAL CAPITAL                                    610,480 EUR

 

 

MANAGEMENT/DIRECTORS

 

NAME                                                               TAX ID                        ID NUMBER                  DOC DATE

Konstantinos Ana. Theodoropoulos                      041590595                    Ρ898836                       7221-2012

Board Chairman, Chief Executive Officer, Legal Representative

 

Theodoros Ana. Theodoropoulos              029700903                    Σ455589                        7221-2012

Board Vice Chairman

 

Anastassios Theodoropoulos                              002007057                    Μ823158                       7221-2012

Board Member

 

 

SHAREHOLDERS

 

FULLENAME                                                     PERCENT                     TAX ID                                     ID NUMBER

Konstantinos Theodoropoulos                             45.00%                                     041590595                    Ρ898836

Theodoros Theodoropoulos                                 30.00%                                     029700903                    Σ455589

Nikolaos Lekkos                                                15.00%

Antonia Theodoropoulou                                     10.00%                                                                         Π19451

 

 

ACTIVITY

 

Activity:                                    Processing of fresh eggs.

 

SECTOR:                                  Miscellaneous food products

NACE INDUSTRY

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

 

PRODUCTS

KIND                                                                            RELATION

Food product raw materials & additives Production            Trade

 

CERTIFICATION

H.A.C.C.P., TUV HELLAS (TUV NORD) S.A.

 

 

CUSTOMERS

 

FULLNAME                               TAX NUMBER                           COUNTRY

EVGE S.A.                               081623933                               Greece

 

 

IMPORT

 

The subject company imports from Bulgaria, Italy and Romania.

 

 

EXPORT

 

The subject company exports to Cyprus.

 

 

PREMISES

 

Address:                                   Industrial Area, Larissa 41500, Larisa, Greece

Ownership:                                Owned

Land:                                        m2: 5000

Building:                                    m2: 1300

 

 

MOTOR VEHICLES

 

VEHICLE TYPE                                     NUMBER

TRUCKS                                   1

 

 

WORKFORCE

 

No. of employees                       6                                 

 

 

BANKS

 

BANK NAME                             AREA                           BANK NUM

PIRAEUS BANK S.A.                LARISSA                      0172606

 

 

FINANCIAL INFORMATION

 

 

 

 

 

GENERAL COMMENTS

 

Company was established in 1997 having a legal seat at Larissa and is activated in processing of fresh eggs.

 

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.61.43

UK Pound

1

Rs.99.73

Euro

1

Rs.77.93

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

               

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.