MIRA
INFORM REPORT
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Report Date : |
26.09.2014 |
IDENTIFICATION DETAILS
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Name : |
EKTAROGLOU K. SA |
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Registered Office : |
19 Thermaikou, Stavroupoli 56430, |
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Country : |
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Financials (as on) : |
2011 |
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Date of Incorporation : |
07.06.1987 |
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Com. Reg. No.: |
15424/062/Β/87/93 |
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Legal Form : |
Societc Anonyme |
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Line of Business : |
·
Wholesale of textiles ·
The subject is involved
in Imports, mfg (in third party facilities) and trade of white linen fabrics. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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.
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Source
: CIA |
IDENTIFICATION DETAILS
Name: EKTAROGLOU K. SA
Address: 19 Thermaikou, Stavroupoli 56430, Thessaloniki, Greece
BUILDINGS m2: 350
Tel: 2310632060
Fax: 2310632062
Email: astron@otenet.gr
COMPANY DETAILS
TAX ID: 094201160
REG. NO.: 15424/062/Β/87/93
G.E.MI.: 57410704000
Date Started: 07/06/1987
ACTIVITY
NACE INDUSTRY
51.41: Wholesale of textiles
17.21: Cotton-type weaving
The subject is involved in Imports, mfg (in
third party facilities) and trade of white linen fabrics.
PRINCIPALS
NAME TAX
ID ID NUMBER DOC DATE
Tilemachos Kon. Ektaroglou 142309280 X344203 767 - 22.02.2011
Board Chairman, Chief Executive Officer, Legal
Representative
Anastasia Til. Koukidou 104446028 Π428187 767 - 22.02.2011
Board Vice Chairman
Stylianos Kon. Ektaroglou 131502792 Τ201460 767
- 22.02.2011
Board Member
Alexandros Zis. Papastefanou 034561040 Τ230840
Business Development Director
SHAREHOLDERS
FULL NAME TAX
ID ID NUMBER
Konstantinos Ektaroglou 013753293 Π424668
Anastasia Til. Koukidou 104446028 Π428187
PRODUCTS
KIND RELATION
White linen cotton fabrics Import, Trade
White linen fabrics Import, Trade
IMPORT
The subject imports from the United Kingdom
and the Czech Republic.
EXPORT
The subject does not export.
REAL ESTATE / PREMISES
WAREHOUSE
12 Tyrtaiou, Thessaloniki 54634, Thessaloniki
BUILDINGS m2: 200
FINANCIALS
Please note that there are no published
financial statements for the years 2012-2013.
GENERAL COMMENTS
Established in 1987 with headquarters in Thessaloniki
under the name "KONSTANTINOS EKTAROGLOU SA IMPORTS AND TRADE YARN HAIR
TYPES Threads".
Derived from conversion of the legal form of
E.E. EKTAROGLOU K. & CO E.E. that existed in 1984. Primarily involved in
the sale of fabrics.
Please note that the information provided in this report was obtained
from official and publicly available sources.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.03 |
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1 |
Rs.99.43 |
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Euro |
1 |
Rs.77.84 |
INFORMATION DETAILS
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Analysis Done by
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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.