MIRA INFORM REPORT
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Report No. : |
324625 |
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Report Date : |
04.06.2015 |
IDENTIFICATION DETAILS
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Name : |
METLOCKAST HELLAS LTD |
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Registered Office : |
Industrial area, Schisto, 3 Building Block,
Perama 18863, Attiki |
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Country : |
Greece |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
18.06.1998 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject company is involved with
manufacturing, imports, trade and repairs of internal engine spare parts. |
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No. of Employee : |
21 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Unknown |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 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, however, 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.
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Source
: CIA |
IDENTIFICATION
DETAILS
Company name: METLOCKAST
HELLAS LTD (METLOCKAST LTD - LOTOS FARM)
Address: Industrial area, Schisto, 3 Building Block, Perama 18863, Attiki, Greece
Telephone: 2104015615-8
Fax: 2104015616
Website: www.metlockast.gr
Email: info@metlockast.gr
COMPANY
DETAILS
Company status: Active
TAX ID: 095754483
G.E.MI.: 44569407000
LEGAL FORM: Limited
Liability Company
DATE STARTED: 06/18/1998
DURATION: 25
years
SHARE
CAPITAL
Authorized Share Capital: EUR 771,300
MANAGEMENT/DIRECTORS
Name: ApostolosIoaLotos
Position: Administrator
Tax ID: 047687195
Name: John
Bas. Lotos
Position: Administrator
Tax ID: 015663351
SHAREHOLDERS
Name: ApostolosIoaLotos
Percentage: 50.00%
Tax ID: 047687195
Name: John
Bas. Lotos
Percentage: 30.00%
Tax ID: 015663351
Name: John
Joh. Lotos
Percentage: 20.00%
ACTIVITY
The subject company is involved with
manufacturing, imports, trade and repairs of internal engine spare parts.
SECTOR: Machinery
& equipment
NACE INDUSTRY
29.11 Manufacture
of engines and turbines, except aircraft, vehicle and cycle engines
51.87 Wholesale
of other machinery for use in industry, trade and navigation
PRODUCTS:
Internal combustion engine maintenance
& service (Services)
Internal combustion engine spare parts
Production (Trade)
IMPORT
The subject company is engaged in imports from
India and Denmark.
EXPORT
The subject company does not engage in any
export activities.
SUPPLIERS
Name: BOUSOPOULOS,
NIKOLAOS CH., & CO. O.E.
Tax Number: 092848052
Country: Greece
PREMISES
BUILDINGS m2: 7500
WORKFORCE
Number of employees: 21
BANKS
Bank name: NATIONAL
BANK OF GREECE S.A. - MENIDI
Location: ACHARNES
Bank number: 0110091
Bank name: NATIONAL
BANK OF GREECE S.A. - AKTI KONDYLI (ZEA)
Location: PIRAEUS
Bank number: 0110191
Bank name: EFG
EUROBANK ERGASIAS S.A. - AKTI KONDILI
Location: PIRAEUS
Bank number: 0260059
FINANCIAL
INFORMATION
Financial benchmarking analysis
Short term bank debt decrease as percentage of
total assets, at 9.76%, (17.04% in 2011), whereas the median ratio for the sector
is estimated at 18.78%. As apercentage of turnover it is estimated at moderate
-and lower compared to 2011- levels, at 25.32%, whereas the median ratio for
the sector is estimated at 29.75%(short term bank debt to sales).
Total liabilities decrease as percentage of
total assets, at 20.64%, (32.64% in 2011), whereas the median ratio for the
sector is estimated at 57.39%. Debt to equity ratio(leverage) is estimated at
very low -and lower compared to 2011- levels, at 0.26 to 1, whereas the median
ratio for the sector is estimated at 1.22 to 1.
Total current assets decrease as percentage of
total assets, at 47.12%, (49.43% in 2011), whereas the median ratio for the
sector is estimated at 86.01%. In the sametime, current liabilities are
relatively low as a portion of total assets (20.64%) driving the quick ratio to
a high level of 2.28 -and increased compared to 2011- , whereasthe median ratio
for the sector is estimated at 1.61 . Inventory as percentage of total assets
are 22.68%, (15.17% in 2011), whereas the median ratio for the sector
isestimated at 29.85%. In addition, acid test ratio is rather high at 1.76 -and
increased compared to 2011- , whereas the median ratio for the sector is
estimated at 1.07.
Trade cycle is estimated at 295 days, (260
days the median ratio for the sector) while its duration extents compared to
2011 by 24 days. Total assets turnover drops to0.39 times (0.57 in 2011), which
compared to the sector (0.59 times) is relatively low.
Gross profit margin drops to 45.08%, (from
48.53% in 2011), which is very high compared to the median ratio in the sector
(29.88%). EBITDA margin drops to 45.08%, (from 48.53% in 2011), which is very
high compared to the median ratio in the sector (5.89%). Return on equity (RoE)
drops to 18.43%, (from 40.59% in 2011), which isvery high compared to the
median ratio in the sector (8.80%).
GENERAL
COMMENTS
Company was established in 1998 having a legal
seat at Perama and is mainly engaged in manufacturing of internal engine spare
parts. The Gov.Gaz.No.: 7600/2013 refersto the change of subject's trading
style from METLOCKAST LTD to METLOCKAST LTD - LOTOS FARM. Subject took over the
business activities of the firm LOTOS J. - F. BINARIS
O.E., established in 1981 and is inactive
since subject's establishment. It is noted that the report is according to
published data and other information available in our files. The Company hasn’t
published balance sheet for the fiscal year 2013.
The company has obtained the following
certificates:
ISO 9001:2008, HELLENIC LLOYD'S S.A.
Please note that the information provided in
this report was obtained from official, publicly available sources.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.85 |
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|
1 |
Rs.98.12 |
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Euro |
1 |
Rs.71.28 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
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.