|
Report Date : |
05.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
TZAGKARAKIS DIMITRIOS |
|
|
|
|
Registered Office : |
8 Harmanli, 17778 Tavros, Attiki |
|
|
|
|
Country : |
Greece |
|
|
|
|
Date of Incorporation : |
01.01.1984 |
|
|
|
|
Legal Form : |
Proprietorship |
|
|
|
|
Line of Business : |
Wholesales Footwear |
|
|
|
|
No. of Employees : |
Not Available |
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 : |
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 – 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 |
Name: TZAGKARAKIS DIMITRIOS
Address: 8 Harmanli
17778 Tavros
Attiki
Greece
Telephone:
30 2103427660
Telefax: 30 2103425333
E-Mail Address: eurosale@otenet.gr
Started:
1984
Year Inc:
1984
Legal Form: Proprietorship
Sic:
5139
5651
Proprietorship registered on 01.01.1984 for a
period ending Dec 31, 9999.
Tax Registration No: 025200002
Registered office: At
heading address.
Wholesales Footwear
The subject in question operates family
clothing stores. It is involved in representations, imports and trade of unisex
wear. The subject distributes as well.
Operates from owned office, covering
approximately 120 square meters at heading address.
Imports 100% from Belgium, China, France,
India, Italy, Pakistan, Spain, Turkey, U K
Normal importing terms are open account.
The subject does not engage in any export
activities.
Information concerning employees was not
available.
This information is not available.
National Bank of Greece S.A., Mitropoleos Sq.
Branch branch., 3
Mitropoleos Sq, Athens 10556, Greece.
Telephone: 30 2103349619
Bank of Piraeus S.A., Tavros Branch branch.,
205 Peiraios Ave & P.
Tsaldari, Athens 11853, Greece.
Telephone: 30 2103419030
No account numbers were disclosed.
Business started Jan 1, 1984.
Subject moved from 252 Patission, 11255 Athens
Attiki on Jan 15, 2002.
Subject has 2 branches:
252 Patission, 11255, Athens, Greece.
19 Harmanli, 17778, Tavros, Greece.
These are rented warehouse premises.
Size: 150 square metres.
The subject reportedly acts as agents for:
Mustafa & Company, Pakistan
Nafees Fashion, India
The subject is a long established firm that is
engaged in the trade of unisex wear.
Please note that the information provided in
this report was obtained from official and publicly available sources.
Further information was not available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.03 |
|
|
1 |
Rs.104.32 |
|
Euro |
1 |
Rs.88.24 |
INFORMATION DETAILS
|
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.