ASPIS CREDIT SA
Telephone: 210 3364462-4
Fax: 210 3229185
Address: 23 - 25 Lekka Street, 10562 Athens

Aspis Credit S.A. was established in November 2003 and is a full subsidiary of ASPIS Leasing S.A.
The company`s focus is on operational leasing of medical equipment to hospitals, clinics, doctors and professionals as well as on the long-term leasing of vehicles, while the expansion to printing equipment is part of the company`s immediate plans. 

What does Operating Lease (Planned Rental) mean? 
An Operating Lease (Planned Rental) is the rental of the use of any fixed or tangible asset to corporations, professionals or individuals for a specified period. Operating Leases include, apart from the machinery assets, their maintenance, repair, insurance and all other services connected with the operation of this equipment. 

The company acquires the equipment at the request of the client (lessee) and then leases it to the lessee. Upon expiration of the agreement, the equipment is not assigned to the lessee, who may acquire new equipment, but remains under the ownership of the lessor who either leases to a (necessarily) different lessee or sells it in the secondary market.
 As an indication the following assets may be the objects of operating leasing agreements:

• Motor vehicles for private of professional use
• Medical equipment
• Machinery assets or any other portable equipment
• Real estate: Building plots, buildings, horizontal or vertical ownerships, farming plots, factories, business premises
• Pleasure yachts or any other floating device
• Trucks and busses for private, professional or public service
• Airplanes, gliders, helicopters and others.

International Accounting Standards (IAS)
According to International Accounting Standards (IAS) there is a distinct dissociation between Finance Leases and Operating Leases. There is a different way of handling Finance and Operating Leases for the lessee.
An Operating Lease is recognised as an expense and is deductible whereas with Finance Leases only the interest of the lease is deductible and the asset is depreciated as equipment.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. Whereas At inception of the lease, a finance lease is recognised as an asset and a liability in the lease`s balance sheet at the lower of:

• The fair value of the leased asset, and
• The present value of the minimum lease payments.

Any initial direct costs of the lessee are added to the amount recognised as an asset. The minimum lease payments are apportioned between the finance charge and reduction of the outstanding liability. The finance charge represents a constant periodic rate of interest on the outstanding liability. The leased asset is depreciated in accordance with IAS 16 Property, Plant and Equipment. If there is no reasonable certainty of eventual ownership, the asset is fully depreciated over the shorter of the lease term and the asset`s useful life.

The above concerns only companies that will be following the International Accounting Standards from 2005 onwards.

Operating Lease Products
Medical Equipment: The lessee selects the equipment that better suits his needs. ASPIS Credit buys the equipment from the supplier and leases it to the lessee-client.

We offer:

• 2 to 5-year leases. 
• Fluctuating or fixed lease payments according to client`s preference. 
• Full insurance coverage of the equipment and the doctor. 
• Full maintenance of the equipment covering both preventative and reparative works. 
• Provision of spare parts and expendables.

Vehicles: The client selects the vehicle he wishes to lease. ASPIS Credit buys the vehicle from the supplier and leases it to the client.

We offer:

• Your choice of vehicle
• 2 to 4-year leases and in certain cases up to 5-year leases.
• Fluctuating or fixed lease payments according to client`s preference.
• Full insurance coverage of the vehicle and the driver.
• Payment of the vehicle`s excise duty and forwarding of the Special Stamp.
• Issuing of Exhaust Fume Control Card.
• Provision of service at authorized workshops.
• Full vehicle maintenance and repair (mechanical parts and bodywork) at authorized workshops.
• High specification tyres, which are replaced due to normal wear.
• Road assistance and coverage 24 hours a day.
• Replacement of the vehicle in the case of engine trouble, accident, theft or damage, with another vehicle.

 Our Clients
Companies, Professionals, Doctors, provided the equipment covers their professional needs and they cover the following standards:

• Adequate profitability to cover the lease payments.
• Minimum capital for vehicles only: € 15.000,00

Benefits

• Acquiring the vehicle or equipment of your choice without the commitment of sizable funds that could be invested in other activities.
• Saving time that would be spent on administration and not having to deal with charges such as maintenance and repair expenses, insurance and vehicle excise duty.
• Accident management and disentanglement form insurance companies as far as vehicles are concerned.
• Improving the image of your financial statements 
• Tax benefits (100% deduction of lease payments)

Operating Lease Process
The lessee-client compiles all the supporting documents necessary and delivers it to the company who then proceeds with the procedure of evaluating of the application.
On application approval, an agreement is signed between the lessee and ASPIS Credit.
Next ASPIS Credit places the order for the equipment with the vendor who in turn delivers it to the lessee. The lease begins upon delivery of the equipment.

Supporting Documents
Short company history
Financial records:

• Category C books of account: financial statements for the last 3 years along with attachments, a current general ledger trial balance and the corresponding trial balance for the previous year.  
• Categories A & B books of account: tax returns and cumulative VAT statements for the last 3 years, VAT statements for the current year.  
• Information on guarantors - legally responsible parties: E9 statement (Financial status of the company`s guarantors and legally responsible parties).  
• Investment feasibility study (for newly established companies or large investments)

Vendor quote
Real estate titles (for real asset related leasing)
Lessor`s legalization documents

Our company maintains records of the personal and business information of the companies, bodies and guarantors that are included in the operating lease application in order to evaluate their credit standing. These records are strictly confidential and not publicized or revealed to third parties.