MIRA
INFORM REPORT
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Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
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Name : |
PAPAGIANNIS BROS - GREEK HALVA PRODUCERS SA |
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Registered Office : |
Larissas - |
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Country : |
Greece |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1953 |
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Com. Reg. No.: |
10235/031/Β/86/3 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
·
Manufacture of cocoa;
chocolate and sugar confectionery ·
Processing and
preserving of fruit and vegetables n.e.c. |
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No. of Employees : |
75 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 have reduced
the deficit to about 4% in 2013, including government debt payments.
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, faces 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; 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 €41 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.
Throughout 2013, Greece's lenders called on Athens to step up efforts to
increase tax collection, dismiss public servants, privatize public enterprises,
and rein in health spending. In June 2013 Prime Minister Antonis SAMARAS's
efforts to meet bailout conditions led to the departure of one party, the
Democratic Left, from the governing coalition when his government made the
controversial decision to shut down and restructure the state-owned television
and radio company. Subsequent reluctance to institute further cuts and delays
in meeting public sector reform targets prompted Greek lenders to withhold
bailout fund disbursements until December 2013. However, investor confidence
began to show signs of strengthening by the end of 2013 as leading
macroeconomic indicators suggested the economy’s freefall had been arrested.
|
Source
: CIA |
IDENTIFICATION DETAILS
Company name: PAPAGIANNIS BROS - GREEK HALVA
PRODUCERS SA
Address:
Larissas -
Volou Rd (6th km), Melissochori, Larissa 41000, Larisa, Greece
Phone: 2410571441-4,
Fax: 2410571445
Web-page:
www.papayiannibros.gr
Email: info@papayiannibros.gr
COMPANY DETAILS
Status:
Active
Tax ID: 094023049
Reg. No.: 10235/031/Β/86/3
G.E.MI.: 26530640000
Year started: 1953
SHARE CAPITAL
INITIAL CAPITAL 3,157,413
EUR
MANAGEMENT/DIRECTORS
NAME TAX
ID ID
NUMBER DOC DATE
Anastasios
Bas. Papayiannis 030017588 Χ408043 9048 -
29.08.2012
Board
Chairman, Chief Executive Officer, Legal Representative, Business Development
Director
Konstantinos
Geo. Papayiannis 022775001
ΑΑ427762 9048 - 29.08.2012
Chief
Executive Officer, Board Vice Chairman, Legal Representative, Production
Manager
George Kon.
Papayiannis 138743210 ΑΑ427763 9048 - 29.08.2012
Board
Member
Maria
Bas. Papayianni 058009353
Μ825167 9048 -
29.08.2012
Board
Member
Alexandra
Ath. Papathanassiou 138724465
Φ 475648 9048 - 29.08.2012
Board
Member
SHAREHOLDERS
FULLENAME
TAX
ID ID
NUMBER
HAITOGLOU BROS S.A. 094132463
Anastasios Bas. Papayiannis 030017588 Χ408043
Konstantinos Geo. Papayiannis 022775001 ΑΑ427762
Fani Papayianni 068618467 Π193305
Basil Batalas
George Kon. Papayiannis 138743210 ΑΑ427763
ACTIVITY
SECTOR: Miscellaneous
food products, Production of halva, sesame cake and paste, jam, turkish
delight, vanilla sweet and sesame (organic products)
NACE INDUSTRY
15.84 Manufacture
of cocoa; chocolate and sugar confectionery
15.33 Processing
and preserving of fruit and vegetables n.e.c.
PRODUCTS
KIND RELATION
Marmalade & jam Production Trade
Vanilla sweet Production Trade
Sesame & honey cake Production Trade
Turkish delight Production Trade
Halva Production Trade
Sesame paste Production Trade
Sesame Production Trade
CERTIFICATION
H.A.C.C.P., EUROCERT S.A.
CUSTOMERS
FULLNAME TAX NUMBER COUNTRY
SKLAVENITIS I. & S. S.A. 999080978 Greece
METRO S.A. 094062259
Greece
SUPPLIERS
FULLNAME TAX
NUMBER COUNTRY
HELLENIC SUGAR INDUSTRY S.A. 094016600 Greece
IMPORT
The subject company
imports from Ethiopia, India, China, Mexico and Niger.
EXPORT
The subject company
exports to Australia, United Kingdom, Canada and Cyprus.
PREMISES
Address: Larissas -
Volou Rd (6th km), Melissochori, Larissa 41000, Larisa, Greece
Ownership: Owned
Land: m2:
24000
Building: m2: 8000
OFFICES
Address: 65 Tritis
Septemvriou, Athens 10433, Attica
Ownership: Leased
Building: m2: 100
OFFICES: 2108229700 (Fax)
MOTOR VEHICLES
VEHICLE TYPE NUMBER
TRUCKS 4
WORKFORCE
No. of employees: 75
BANKS
BANK
NAME AREA
BANK NUM
ALPHA BANK LARISSA
0140300
NATIONAL BANK OF GREECE S.A.
EFG EUROBANK ERGASIAS
PIRAEUS BANK S.A. LARISSA
0172606
FINANCIAL INFORMATION
GENERAL COMMENTS
Established in 1953 in Larisa under the name
"PAPAGIANNI BROS O.E." and activity is the production of halva, Patel
and other foodstuffs. In 1967 it changed its legal form and renamed
"PAPAGIANNIS BROS - GREEK HALVA PRODUCERS SA"
By July 2012, the percentage of Mr. Basil Batala
held by Ms. Maria B. Papagianni.
Please note 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.61.75 |
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|
1 |
Rs.100.06 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
SDA |
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.