|
Report Date : |
02.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
Palamaiki S.A. |
|
|
|
|
Registered Office : |
43 Alolou 10551 Athens Attiki |
|
|
|
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Country : |
Greece |
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|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
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Date of Incorporation : |
01.01.1997 |
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|
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Com. Reg. No.: |
037279 |
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|
|
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Legal Form : |
Societe anonyme |
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|
|
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Line of Business : |
Manufacturer of Textile Goods. |
|
|
|
|
No. of Employees : |
35 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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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 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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, 6.9% in 2011, and 6.0% in 2012. 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 about 8% in 2012. 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 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, overhauling 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 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, 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
PALAMAIKI S.A. (Correct)
ADDRESS: 43 AIOLOU
10551 ATHENS
ATTIKI
GREECE
TELEPHONE: 30
2103253432
30 2103210341
FAX: 30
2103241484
EMAIL: texteis@otenet.gr
WEBSITE: www.palamaiki.gr
Basil Haralampos Zitounis
Chairman
Basil Haralampos Zitounis
Chief executive
Manthos Haralampos Zitounis
Member
Christos Konstantinos Lypas
Member
PRINCIPALS
ANTECEDENTS
NAME: Basil Haralampos Zitounis
Also associated with ZITOUNIS BROS S.A..
NAME: Basil Haralampos Zitounis
Also associated with ZITOUNIS BROS S.A..
NAME: Christos Konstantinos Lypas
Also a director of ELEMENTS BY BEDWALL LTD, SFAIROS HOLDING S.A..
Also a partner in ELEMENTS BY BEDWALL LTD.
EMPLOYS: 35 as at Jan 16, 2012.
The number of employees varies according to needs.
A check against all available information revealed that no late payment incidents
against Subject Company exist.
Average Risk.
National Bank of Greece S.A
Chryssospiliotissa Branch branch., 9a Chryssospylaiotissis, Athens
10560, Greece.
Telephone: 30 2103340538
Emporiki Bank
Korai Branch branch., 34 Stadiou & 1 Korai, Athens 10564, Greece.
Telephone: 30 2103282365
Bank of Piraeus S.A
Mitropoleos Branch branch., 5
Mitropoleos & 9Nikis, Athens 10557, Greece.
Telephone: 30 2103256080
The below mentioned financial figures are in Euro
|
|
Dec 31,2009 |
Dec 31,2010 |
Dec31,2011 |
|
Turnover |
5,590,734 |
4,540,144 |
4,071,563 |
|
Pre-Tax Profit |
106,573 |
-192,320 |
-212,730 |
|
Net Worth |
3,312,320 |
3,084,756 |
3,588,545 |
|
Fixed Assets |
81,360 |
78,108 |
118,348 |
|
Total Assets |
9,114,038 |
9,719,795 |
8,865,994 |
|
Current Assets |
8,874,813 |
9,527,369 |
8,682,052 |
|
Current Liabilities |
5,801,718 |
6,048,039 |
5,277,449 |
|
Working Capital |
3,073,095 |
3,479,330 |
3,404,603 |
|
Long Term Debt |
|
587,000 |
|
|
Financial Assets |
18,390 |
18,390 |
18,390 |
|
Intangibles |
139,474 |
95,928 |
47,205 |
|
Employees |
|
34 |
34 |
|
|
|
|
|
|
RATIOS |
|
|
|
|
|
Dec 31,2009 |
Dec 31,2010 |
Dec 31,2011 |
|
Current Ratio (X) |
1.53 |
1.58 |
1.65 |
|
Solvency Ratio (%) |
175.16 |
215.09 |
147.06 |
|
Fixed Assets/Net Worth (%) |
2.46 |
2.53 |
3.30 |
|
Current Liabs/Net Worth (%) |
175.16 |
196.06 |
147.06 |
|
Asset Turnover (%) |
61.34 |
46.71 |
45.92 |
|
Sales / Net Working Cap (X) |
1.82 |
1.3 |
1.20 |
|
Assets / Sales (%) |
163.02 |
214.09 |
217.75 |
|
Profit Margin (%) |
1.91 |
-4.24 |
-5.23 |
|
S/holders Return (%) |
3.22 |
-6.24 |
-5.93 |
|
Return On Assets (%) |
1.17 |
-1.98 |
-2.40 |
|
Sales / Employees |
0 |
133,533.65 |
119,751.85 |
|
Profit / Employees |
0 |
-5,656.47 |
-6,256.76 |
Abstract from
individual fiscal balance sheet as at Dec 31, 2011
|
|
|
|
|
|
LIABILITIES |
|
ASSETS |
|
|
Capital |
1,674,124 |
Land/Buildings |
345,382 |
|
Retained Profits |
-179,369 |
Depreciation |
227,034 |
|
Misc Reserves |
2,093,791 |
Total Fixed Ass |
118,348 |
|
Net Worth |
3,588,546 |
|
|
|
|
|
Misc Fin'cl Ass |
18,390 |
|
|
|
Total Fin'cl Ass |
18,390 |
|
|
|
Misc Intangible |
47,205 |
|
|
|
Total Intangible |
47,205 |
|
CURRENT LIABILITIES: |
|
CURRENT ASSETS: |
|
|
Trade Creditors |
1,335,526 |
Stock |
4,225,212 |
|
Short term Loans |
3,761,258 |
Trade Debtors |
4,370,431 |
|
Misc Current Liabs |
180,665 |
Misc Debtors |
178 |
|
|
|
Cash |
86,231 |
|
TOTAL CURRENT |
5,277,449 |
TOTAL CURRENT |
8,682,052 |
|
TOTAL LIABS & NW |
8,865,995 |
TOTAL ASSETS |
8,865,995 |
|
Profit &
Loss Account from Jan 1, 2011 to Dec 31, 2011 |
|
|
Net Sales |
4,071,563 |
|
Cost of Goods Sold |
2,532,054 |
|
Gross Profit |
1,539,509 |
|
Misc Operating Charges |
1,512,699 |
|
Misc Operating Income |
61,298 |
|
Net Operating Income |
88,108 |
|
Misc Financial Income |
12,848 |
|
Total Financial Income |
12,848 |
|
Interest Payable |
298,779 |
|
Misc Financial
Expenses |
14,907 |
|
Total Financial
Expenses |
313,686 |
|
Profit Before Taxes |
-212,730 |
|
Profit After Tax |
-212,730 |
|
Net Loss |
212,730 |
Financial statement obtained from subject on Jun 22, 2012.
Business started Jan 1, 1997.
LEGAL FORM
Societe anonyme registered on Jan 1, 1997 for a period ending Dec 31,
2049.
Registration Number: 037279
Government Gazette Number: 00049
/ 1997
Chamber of Commerce Number: 129799
Tax Registration Number: 094456457
Established in Athens, on 31.12.1996 (said establishment was published
in the Gov. Gaz. No.: 49/1997 on 8.1.1997), following the change of the legal
status of the firm PALAMAIKI LTD, originally founded in 1989 (Gov. Gaz. No.:
119/80). Subject took over the business activities of ZITOUNIS BROS OE,
originally founded in 1990.
CAPITAL
Nominal capital: 1,674,124.
Issued capital: 1,674,124.
Issued/paid-up capital was last increased on Jul 20, 2011.
Nominal capital is divided into:
57,040 shares of 29.35 each and fully paid-up.
Apostolos Ragias holds 25.00% of the voting capital.
Dimitrios Ragias holds 25.00% of the voting capital.
Theofilos Zitounis holds 16.70% of the voting capital.
Evangelos Zitounis holds 16.70% of the voting capital.
Matthaios Zitounis holds 16.60% of the voting capital
Local Activity Code: 4641
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
Wholesales piece goods and notions
Manufactures textile goods
Imports, mfg (in third party facilities) and wholesale trade of white
linen and curtains, Subject distributes its goods by wholesale.
Subject's clientele includes firms throughout Greece. Among them the
following is noted:
Subject does not export
Imports 80% from China, Italy, Pakistan, Portugal
Normal importing terms are promissory notes
AFFILIATES
The following are related through principal(s) and/or financial
interest(s):
ZITOUNIS BROS - D. RAGIAS & CO. O.E. General Partnership
Athens, Greece
This is a dormant concern.
Year started: 1984.
This concern is related through common shareholders.
ZITOUNIS BROS S.A. Societe
Anonyme
Athens, Greece
This is a dormant concern.
Year started: 1995.
This concern is related through common shareholders.
ZITOUNIS BROS O.E. General Partnership, Tavros
Greece
This is a dormant concern.
Year started: 1990.
This concern is related through common shareholders.
Operates from rented warehouse, covering approximately 400 square metres
at heading address.
REGISTERED OFFICE: At heading address.
Subject has 1 branches/divisions
8 Tavrou, 17778, Tavros, Greece. These are rented warehouse premises.
Size: 780 square metres.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.