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Report No. : |
316635 |
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Report Date : |
20.04.2015 |
IDENTIFICATION DETAILS
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Name : |
DRITSAS S.A. |
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Registered Office : |
27 Helidonous, Kifissia 14561, Attica |
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Country : |
Greece |
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Year of Establishment : |
1995 |
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Com. Reg. No.: |
33902/001/Β/95/235 |
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Legal Form : |
Not Available |
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Line of Business : |
Manufacturing of cigarette filters (pipes). Representations, imports and wholesale trade of public relation gifts and smokers' supplies. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Dissolved |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 reduced the deficit to about 4% in 2013, including government debt payments, but the deficit spiked to 12.7% of GDP in 2014. 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, faced 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, and 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 $60 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. Greece's lenders have continually called on Athens to step up efforts to increase tax collection, dismiss public servants, privatize public enterprises, and rein in health spending. Investor confidence, however, began to show signs of strengthening by the end of 2013, and the decline in GDP slowed to 3.9% that year, Greece’s best performance since 2009. Greece subsequently marked three significant milestones in 2014: balancing its 2013 budget—not including debt repayments; re-entering financial markets in April with the first issue of government debt since 2010; and posting its first quarter of positive growth since 2008. Buoyed by Greece’s success, Prime Minister Antonios SAMARAS in October announced plans to exit its bailout program early, provoking a plunge in the Greek stock and debt markets that pushed Greece back to the negotiating table with its creditors and ultimately resulted in an agreement to extend the EU portion of Greece’s bailout through February 2015.
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Source
: CIA |
Company name: DRITSAS S.A.
Country: Greece
Address: 27 Helidonous, Kifissia 14561, Attica, Greece
Telephone Number: 2108077913
Status: Active
Business started: Business started on 1995
Registration Number: 33902/001/Β/95/235
Tax Registration Number: 094421771
G.E.MI.: 85077802000
Authorized capital: EUR 300,000.00
Name: Athanasios Joh. Dritsas
ID Number: 033801041
Position: Board Chairman, Chief Executive Officer
Name: Sotirios Joh. Dritsas
ID Number: 016856054
Position: Board Member
Name: Eirini Joh. Dritsa
ID Number: 036084108
Position: Board Member
Name: Artemis Joh. Dritsa
ID Number: 028008972
Position: Board Member
Name: Anastasios Ath. Panou
ID Number: 005632262
Position: Board Member
Name: Athanasios Joh. Dritsas
ID Number: 033801041
Name: Eirini Joh. Dritsa
ID Number: 036084108
Name: Sotirios Joh. Dritsas
ID Number: 016856054
Name: Artemis Joh. Dritsa
ID Number: 028008972
Please note that further information about the company's equity was not available.
The subject company was involved with manufacturing of cigarette
filters (pipes). Representations, imports and wholesale trade of public
relation gifts and smokers' supplies.
SECTOR: Miscellaneous industrial products
NACE INDUSTRY
36.63 Other
manufacture n.e.c.
51.90 Other
wholesale
Company’s products: Smoking goods (Production, Trade), Public relation
giftware (Trade)
The subject does not engage in any import activities.
The subject does not engage in any export activities.
The subject operates an office from the above mentioned premises.
Number
of Employees: N/A
This information is not available.
Please note that the subject declined to release any further detailed and latest financial information neither such data was found being officially published.
Established
in Kifissia, on 17.08.95 under the name "DRITSAS SMOKERS GIFTS
REPRESENTATIONS IMPORTS EXPORTS SA COMMERCIAL INDUSTRIAL COMPANY" On
1/9/2004 (Gov. Gaz. No. 10909/2004) defined company liquidators Athanasios
Dritsas & Sotiris Dritsas. On 05/01/2007 deleted by companies register.
Company’s
history:
STATUS SOURCE NOTES DATE
CHANGED
Cancellation
of R.S.A. Gov. Gazette Deletion from the Register of
S.A. 01/05/2007
Dissolved
Gov.
Gazette Dissolution 09/01/2004
Active Interview 01/01/1995
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.62.37 |
|
|
1 |
Rs.93.10 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
VNT |
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.