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Report No. : |
333999 |
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Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ERGOTEM S.A. |
|
|
|
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Registered Office : |
19600, Giakoumi, Mandra, Attiki, Attiki |
|
|
|
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Country : |
Greece |
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|
|
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.01.1991 |
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|
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Com. Reg. No.: |
25247/003/Β/91/0024 |
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|
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Legal Form : |
SA - Société Anonyme |
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Line of Business : |
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|
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No. of Employee : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Greece |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 reduced the deficit to about 4% in 2013, including government debt payments, but the deficit spiked to 12.7% of GDP in 2014. 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, faced 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, and 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 $60 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. Greece's lenders have continually called on Athens to step up efforts to increase tax collection, dismiss public servants, privatize public enterprises, and rein in health spending.
Investor confidence began to show signs of strengthening by
the end of 2013, and the decline in GDP slowed to 3.9% that year, Greece’s best
performance since 2009. Greece subsequently marked three significant milestones
in 2014: balancing its 2013 budget - not including debt repayments; re-entering
financial markets in April with the first issue of government debt since 2010;
and posting its first quarter of positive growth since 2008. Buoyed by Greece’s
success, Prime Minister Antonios SAMARAS in October announced plans to exit its
bailout program early, provoking a plunge in the Greek stock and debt markets
that pushed Greece back to the negotiating table with its creditors and
ultimately resulted in an agreement to extend the EU portion of Greece’s
bailout through February 2015. The Greek economy posted an annual economic
growth rate of 0.8 percent in 2014, the first year of positive growth since
2008. However, widespread discontent with austerity measures resulted in a
victory for the anti-austerity SYRIZA in the January 2015 parliamentary
elections. In February, Greece reached a tentative agreement with its creditors
that would provide emergency liquidity to Greece in exchange for significant
economic reforms. Uncertainty regarding Greece’s future in the Eurozone has
dampened investor confidence and lowered growth projections for 2015.
|
Source
: CIA |
|
Registered Name |
ERGOTEM S.A. (ERGOTEM S.A.) |
|
Trade Name |
ERGOTEM S.A. (ERGOTEM S.A.) |
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Registered Address |
19600, Giakoumi, Mandra, Attiki, Attiki, Greece |
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Telephone |
+30 2105557636 (HEAD OFFICE - PLANT), +30 2105555835 |
|
Fax |
+30 2105557735 |
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E-mail |
ergotem@ergotem.gr |
|
Web Site |
www.ergotem.gr |
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Status |
Registered and operational |
|
Legal Type |
SA - Société Anonyme |
|
VAT Number |
094321342 |
||
|
Registration No |
25247/003/Β/91/0024 |
Registration Date |
01/01/1991 |
|
Start Date |
01/01/1991 |
Years of Operation |
25 |
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CR number |
25247/003/Β/91/0024 |
||
|
CINFO ID |
26901680 |
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Employees |
Aug 2015 |
|
Total Number |
100 |
|
Authorized Capital |
982,835.00 EUR |
Paid Up |
982,835.00 EUR |
||||
|
Issued capital |
982,835.00 EUR |
||||||
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Directors |
Position |
ID |
Nationality |
Occupation |
Age |
Appointed |
Other dir. |
|
KALΕTJIS, NIKOL |
Director |
ÎÂœ402162 (IDcard) |
Greece |
Executive Member Of The Board |
- |
- |
No |
|
Nik. Violatzis, Fotios |
Director |
- |
Greece |
Executive Member Of The Board |
- |
- |
No |
|
Dim. Sakelliou, Margarita |
Director |
133434370 |
Greece |
Executive Member Of The Board |
- |
- |
No |
|
Evg. Tatsiopoulos, George |
Director |
068338156 |
Greece |
Executive Member Of The Board |
- |
- |
No |
|
Nik. Thymianis, Stefanos |
Director |
044760023 |
Greece |
Executive Member Of The Board |
- |
- |
No |
|
Emm. Ladianos, Konstantinos |
Director |
043767874 |
Greece |
Executive Member Of The Board |
- |
- |
No |
|
Chr. Korovessi, Maria |
Director |
057740572 |
Greece |
Executive Member Of The Board |
- |
- |
No |
|
Ele. Nikolaou, Konstantinos |
Director |
023944867 |
Greece |
Vice President |
- |
- |
No |
|
Nik. Sakellios, Dimitrios |
Director |
019366022 |
Greece |
Chairman |
- |
- |
No |
|
Shareholders |
ID/Reg. No. |
Nationality |
Shares |
% |
|||||
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Stavrou, Eleni |
(Reg. No.) |
Greece |
0 |
0 |
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||||
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|||||||||
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KALΕTJIS, NIKOL |
� 285457 (IDcard) |
Unknown |
0 |
0 |
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Chr. Korovessi, Maria |
057740572 |
Greece |
0 |
0 |
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Dim. Sakelliou, Margarita |
133434370 |
Greece |
0 |
0 |
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|||||||||
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Ele. Nikolaou, Konstantinos |
023944867 |
Greece |
0 |
0 |
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||||
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|
|||||||||
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Nik. Sakellios, Dimitrios |
019366022 |
Greece |
0 |
0 |
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Activity Code |
Description |
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45.21 |
General construction of buildings and civil engineering works |
|
27.32 |
Cold rolling of narrow strip |
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45.23 |
Construction of motorways, roads, airfields and sport facilities |
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[45.31] Installation of electrical wiring and fittings |
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Line of business |
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The subject company is engaged in
technical work contractors. Mfg of metal plates. |
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Export to |
Payment terms |
Percentage |
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The subject company exports to Oman, Austria, Sweden, Belgium, Spain. |
||
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Import from |
Payment terms |
Percentage |
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The subject company imports from China, Turkey, Sweden. |
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Banks |
Swift code |
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NATIONAL BANK OF GREECE S.A. - STADIOU 38 |
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|
Comment |
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|
0110080 |
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ALPHA BANK - ELEFSIS |
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|
Comment |
|
|
0140168 |
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Premises |
Date Updated |
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Operates as: LAND m2: 5100, BUILDINGS m2: 1908 |
13/08/2015 |
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Office |
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Owned |
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19600, Giakoumi, Mandra, Attiki, Attiki, Greece |
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Operates as: LAND m2: 6159, BUILDINGS m2: 600 |
13/08/2015 |
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Warehouse |
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Owned |
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19200, Roupakia, Elefsina , Attiki, Greece |
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Affiliates and Subsidiaries |
Country |
Relation |
Date Reg. |
|
PUBLIC POWER CORPORATION S.A. |
Greece |
Customer |
|
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Agencies and Suppliers |
Country |
Relation |
Date Reg. |
|
BITROS STEEL S.A. |
Greece |
Supplier |
|
|
ELASTRON S.A. |
Greece |
Supplier |
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|
No |
Date Registered |
Date Prepared |
Type |
Description |
Amount |
Secondary amount |
Property |
Unit |
Beneficiary |
|
No information available |
|||||||||
|
No |
Date Registered |
Date Prepared |
Date End |
Type |
Description |
Amount |
Secondary amount |
Property |
Unit |
Beneficiary |
|
No information available |
||||||||||
According
to our against the subject no negatives have been registered.
No financial information available
GENERAL
COMMENTS
CONCLUSION
Company was
established in 1991 having a legal seat at Mandra, Attica and is engaged in
technical work constructions. Subject took over a part of the business
activities of the firm ERGOTECHNIKI S.A. In 1993 (Gov. Gaz. No.: 262/93),
subject moved its head office to 4 Nymfaiou Str., Athens.
On 21/8/1998 (Gov. Gaz. No. 06721/1998) a change of subject`s head office was
published. In 2002 subject absorbed the firm SANIDAS S.A.
Subject holds 5th degree certificate for building works, 5th for road
construction works, 5th for industrial energy works, 5th for electromechanical
works, 5th for water supply,irrigation & sewage works, 1st for harbour works.
Note that subject currently has 23 projects under construction.
G.E.MI.: 121551207000
Please note that the information provided in this report was obtained from
official and publicly available sources.
No information available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.92 |
|
|
1 |
Rs.101.44 |
|
Euro |
1 |
Rs.72.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SDA |
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.