|
Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
PAPAPANAGIOTOU, ANDREAS, & CO E.E. LEXTON
|
|
|
|
|
Registered Office : |
9 Ikarias, 12132 Peristeri, Attiki |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
12.03.2012 |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Limited partnership |
|
|
|
|
Line of Business : |
Wholesaler of footwear Imports and wholesale trade of men's wear, Subject distributes its goods
on wholesale. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Nb |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
---- |
NB |
New Business |
---- |
|
Status : |
New Business |
|
Payment Behaviour : |
Unknown |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Greece |
A2 |
A2 |
|
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 15% 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
grew by nearly 4% per year between 2003 and 2007, due partly to infrastructural
spending related to the 2004 Athens Olympic Games, and in part to an increased
availability of credit, which has sustained record levels of consumer spending.
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. The economy contracted by 2.3% in 2009, 3.5% in 2010, and 6.0%
in 2011. Greece violated the EU's Growth and Stability Pact budget deficit
criterion of no more than 3% of GDP from 2001 to 2006, but finally met that
criterion in 2007-08, before exceeding it again in 2009, with the deficit
reaching 15% of GDP. Austerity measures reduced the deficit to 11% of GDP in 2010
and about 9% in 2011. Eroding public finances, inaccurate and misreported
statistics, and consistent underperformance on reforms prompted major credit
rating agencies in late 2009 to downgrade Greece's international debt rating,
and has 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, reworking the health-care and pension systems, and
reforming the labor and product markets. Athens, however, faces long-term
challenges to push 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 Eurozone 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, calls for Greece's creditors
to write down a significant portion of their Greek government bond holdings. In
exchange for the second loan Greece has promised to introduce an additional
$7.8 billion in austerity measures during 2013-15. However, these massive
austerity cuts are lengthening Greece's economic recession and depressing tax
revenues. Greece's lenders are calling on Athens to step up efforts to increase
tax collection, privatize public enterprises, and rein in health spending, and
are planning to give Greece more time to shore up its economy and finances.
Many investors doubt that Greece can sustain fiscal efforts in the face of a
bleak economic outlook, public discontent, and political instability.
|
Source : CIA |
Company name: PAPAPANAGIOTOU,
ANDREAS, & CO E.E. 'LEXTON' (Correct)
ADDRESS: 9
IKARIAS
12132 PERISTERI
ATTIKI
GREECE
TELEPHONE: 30
2107646392
Andreas John Papapanagiotou
Administrator
Partner
Has a 50% interest in the partnership.
Also a director of OSCAR - LIONS CLUB I. & K. PAPAPANAGIOTOU S.A..
Also associated with OSCAR - LIONS CLUB I. & K. PAPAPANAGIOTOU S.A.,
ALPA DEVELOPMENT S.A..
Non Retrievable
A check against all available information sources revealed that no late
payment incidents against Subject Company exist.
Marfin Egnatia Bank S.A.
Patra Branch branch., 82 Ag. Andreou & 65, Othonos-Amalias, Patra
26221, Greece.
Telephone: 30 2610621155
Probank S.A.
Patra Branch branch., 74 Ag. Andrea & 59 Amalias, Patra, 26221,
Greece.
Telephone: 30 2610242720
Not Available
BACKGROUND
Business started Mar 12, 2012.
LEGAL FORM
Ltd partnership registered on Mar 12, 2012 for a period ending Dec
31,9999.
Tax Registration Number: 800393259
Andreas Papapanagiotou holds 50.00% of the voting capital.
Panagiotis Papapanagiotou holds 50.00% of the voting capital.
AFFILIATES
The following are related through principal(s) and/or financial
interest(s):
OSCAR - LIONS CLUB I. & K. PAPAPANAGIOTOU S.A. Societe Anonyme, Patra,
Greece
Year started: 1982.
This concern is related through common shareholders.
ALPA DEVELOPMENT S.A. Societe Anonyme, Patra, Greece
Year started: 2005.
This concern is related through common shareholders.
Wholesales footwear
Imports and wholesale trade of men's wear, Subject distributes its goods
on wholesale.
10% from Turkey
Normal importing terms are open account
The subject does not engage in any export activities.
Operates from rented office, covering approximately 110 square metres at
heading address.
REGISTERED OFFICE: At heading address.
Subject is a family-run trading firm.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.86.97 |
|
Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.