MIRA INFORM REPORT

 

 

Report Date :

18.09.2014

 

IDENTIFICATION DETAILS

 

Name :

PALAMAIKI S.A.

 

 

Registered Office :

43 Aiolou, Athens 10560, Attica

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1997

 

 

Com. Reg. No.:

37279/001/B/96/586

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Wholesale of Textiles

 

 

No of Employees :

26

 

 

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 :

No Complaints

 

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Greece

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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:                      PALAMAIKI S.A.          

Address:                                   43 Aiolou, Athens 10560, Attica, Greece 

Phone:                                     2103253432-5

Fax:                                         2103241484

Web page:                               www.palamaiki.gr

Email:                                      texteis@otenet.gr         

 

 

COMPANY DETAILS

 

Status:                                     Active

Tax ID:                                     094456457

Reg. No.:                                  37279/001/B/96/586

G.E.MI.:                                    002400301000

Year started:                            1997

 

 

SHARE CAPITAL

 

INITIAL CAPITAL                                    1,674,124

 

 

MANAGEMENT/DIRECTORS

 

NAME                                       TAX ID                                                 ID NUMBER

Basil Har. Zitounis                      013084333                                            ΑΕ587133

Board Chairman, Chief Executive Officer, Legal Representative

 

Manthos Har. Zitounis                013084369                                            Τ520228

Board Member

 

Christos Kon. Lypas                   026068739                                            Ξ132184

Board Member

 

 

SHAREHOLDERS

 

FULLENAME                             PERCENT                                 TAX ID             ID NUMBER

Dimitrios Ragias                        25.00%                                     015285730        H778255

Apostolos Ragias                       25.00%                                     020261817        Δ584334

Evangelos Zitounis                     16.70%                                     013084345        Ν342546

Theofilos Zitounis                       16.70%                                                             Π355638

Matthaios Zitounis                      16.60%                                                             Ι148542

 

 

ACTIVITY

 

SECTOR: White linen and fabric (Imports and trade)

 

NACE INDUSTRY

51.41                                        Wholesale of textiles

52.41                                        Retail sale of textiles

 

PRODUCTS

Kind                                          Relation

White linen                                 Trade

 

 

CUSTOMERS

 

FULLNAME                                           TAX NUMBER               COUNTRY

HONDOS CENTER S.A.                         099879258                    Greece

 

 

SUPPLIERS

 

FULLNAME                                           COUNTRY

ADALBERTO PINTO DA SILVA PORTUGAL

 

 

IMPORT

 

The subject company imports from China, Pakistan and Turkey

 

 

EXPORT

 

The subject company does not engage in any export activities.

 

 

PREMISES

 

WAREHOUSE

Address:                                   8 Tavrou, Tavros 17778, Attica

Ownership:                                Leased

Building:                                    m2: 780

 

OFFICE

Address:                                   43 Aiolou, Athens 10560, Attica, Greece

Ownership:                                Leased

Buildings:                                  m2: 400

 

 

WORKFORCE

 

No. of employees                       26                    

 

 

BANKS

 

BANK NAME                                                     AREA                           BANK NUM

NATIONAL BANK OF GREECE S.A.                   ATHENS CENTER         0110103

EMPORIKI BANK OF GREECE S.A.                   ATHENS - CENTER       0120035

PIRAEUS BANK S.A.                                        ATHENS                       0172049

 

 

FINANCIAL INFORMATION

 

 

 

 

 

GENERAL COMMENTS

 

It was established in 1997, in Athens in Attica, resulting the change of the legal status of the company PALAMAIKI LTD, under the name PALAMAIKI SA, dealing with the trade of white linen. Noted that until 2012 subject was engaged and in construction (in third parties facillities) of white linen and curtains.

 

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.60.95

UK Pound

1

Rs.99.32

Euro

1

Rs.78.97

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.