|
Report No. : |
351874 |
|
Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
VAMVAX S.A |
|
|
|
|
Registered Office : |
4 Nikiou, 10560 Attiki, Athens |
|
|
|
|
Country : |
Greece |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
21.05.1900 |
|
|
|
|
Com. Reg. No.: |
64477/001/B/07/669 |
|
|
|
|
Legal Form : |
SA - Société Anonyme |
|
|
|
|
Line of Business : |
Subject is involved with exclusive imports and trade of white linen and fabrics, curtains, carpets, wallpaper, tableware and public relation gifts. |
|
|
|
|
No. of Employee : |
53 |
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 : |
Slow but correct |
|
|
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Greece |
B2 |
C1 |
|
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 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 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. The Greek economy posted an annual economic growth rate of 0.8
percent in 2014, the first year of positive growth since 2008. However,
widespread discontent with austerity measures resulted in a victory for the
anti-austerity SYRIZA in the January 2015 parliamentary elections. In February,
Greece reached a tentative agreement with its creditors that would provide
emergency liquidity to Greece in exchange for significant economic reforms.
Uncertainty regarding Greece’s future in the Eurozone has dampened investor
confidence and lowered growth projections for 2015.
|
Source
: CIA |
|
Registered Name |
VAMVAX S.A |
|
Trade Name |
VAMVAX S.A |
|
Registered Address |
4 Nikiou, 10560
Attiki, Athens, Greece |
|
Telephone |
+30 2103232012,
2103247444, 2103243210, 2105590251 (warehouse), 2109313511 (retail store),
2103241879 (retail store), |
|
Fax |
+30 2103232012,
2109325823 (retail store) |
|
E-mail |
|
|
Web Site |
|
|
Status |
Registered and
operational |
|
Legal Type |
SA - Société
Anonyme |
|
VAT Number |
082519389 |
||
|
Registration No |
64477/001/B/07/669 |
Registration Date |
20/05/1990 |
|
Start Date |
20/05/1990 |
Years of Operation |
25 |
|
Last return |
27/11/2015 |
||
|
CR number |
64477/001/B/07/669 |
||
|
CINFO ID |
23411997 |
|
Employees |
Nov 2015 |
|
Full Time
Employees of Company |
53 |
FRS PROTYPOS AUDITING S.A.
CERTIFIED ACCOUNTANTS
KAVELLARIS SPYR. PANOS
|
Payment habits: |
Slow but
correct |
|
Authorized Capital |
2,000,000.00 EUR |
|
Directors |
Position |
ID |
Nationality |
Occupation |
Age |
Appointed |
Other dir. |
|
Mr Ourailidis, Pantazis Mic. |
Director |
033479790 |
Greece |
Executive Vice
Chairman |
- |
- |
No |
|
Mrs Ourailidi, Maria Mic. |
Director |
033768027 |
Greece |
Board Member |
- |
- |
No |
|
Mr Vassilopoulos, Alekos Geo. |
Director |
020875680 |
Greece |
Board Member |
- |
- |
No |
|
Mr Ourailidis, Nikolaos Mic. |
Director |
020242772 |
Greece |
Chairman |
- |
- |
No |
|
Other Relations |
Position |
ID |
Nationality |
Appointed |
|
No information
available |
||||
|
Shareholders |
ID/Reg. No. |
Nationality |
Shares |
% |
|
|
Mr Ourailidis, Pantazis Mic. |
033479790 |
Greece |
- |
50 |
|
|
Mr Ourailidis, Nikolaos Mic. |
020242772 |
Greece |
- |
50 |
|
|
Activity Code |
Description |
|
5141 |
Wholesale of
textiles |
|
5241 |
Retail sale of
textiles |
|
5244 |
Retail sale of
furniture, lighting equipment and household articles n.e.c. |
|
5116 |
Agents involved
in the sale of textiles, clothing, footwear and leather goods |
|
5147 |
Wholesale of
other household goods |
|
5153 |
Wholesale of
wood, construction materials and sanitary equipment |
|
5190 |
Other wholesale |
|
Line of business |
|
The subject company
is involved with exclusive imports and trade of white linen and fabrics,
curtains, carpets, wallpaper, tableware and public relation gifts. |
|
Export to |
Payment terms |
Percentage |
|
Albania,
Cyprus, Jordan, Russian Federation, Tunisia, Ukraine |
- |
N/A |
|
Import from |
Payment terms |
Percentage |
|
China, Egypt, India,
Turkey |
- |
N/A |
|
Banks |
Swift code |
|
NATIONAL BANK
OF GREECE S.A. |
0110103 |
|
Comment |
|
|
Account no.:
not disclosed |
|
|
Alpha Bank |
0140102 |
|
Comment |
|
|
Bank Number:
0140102 |
|
|
Vehicles |
Number |
|
Trucks |
3 |
|
Total Vehicles |
3 |
|
Premises |
Date Updated |
|
Operates as: |
27/11/2015 |
|
Shop |
|
|
Leased |
|
|
Thessalonikis -
Neon Moudanion National Rd (11th km), "Cosmos" shopping centre,
57001 Thessaloniki, Thermi, Greece |
|
|
Operates as: |
27/11/2015 |
|
Shop |
|
|
BUILDINGS m2:
900, 17123 Attiki, Nea Smyrni, Greece |
|
|
Operates as: |
27/11/2015 |
|
Shop |
|
|
Leased |
|
|
46 Aiolou,
10560 Attiki, Athens, Greece |
|
|
Operates as: |
27/11/2015 |
|
Warehouse |
|
|
Leased |
|
|
Tzaverdella,
19300 Attiki, Aspropyrgos, Greece |
|
|
Operates as: |
27/11/2015 |
|
Office |
|
|
Leased |
|
|
4 Nikiou,
BUILDINGS m2: 600, 192601 Attiki, 192601, Athens, Greece |
|
|
Affiliates and Subsidiaries |
Country |
Relation |
Date Reg. |
|
POLITIS, LEON.,
SONS, & CO. O.E. |
Greece |
Customer |
|
|
VYTHOULKAS
HARALAMBOS |
Greece |
Customer |
|
|
Agencies and Suppliers |
Country |
Relation |
Date Reg. |
|
HATZIARGYRIOU
ZAKAR S.A. |
Unknown |
Supplier |
|
|
No |
Date Registered |
Date Prepared |
Type |
Description |
Amount |
Secondary amount |
Property |
Unit |
Beneficiary |
|
No information
available |
|||||||||
|
No |
Date Registered |
Date Prepared |
Date End |
Type |
Description |
Amount |
Secondary amount |
Property |
Unit |
Beneficiary |
|
No information
available |
||||||||||
According
to our against the subject no negatives have been registered.
|
No financial
information available |
GENERAL COMMENTS
COMPANY`S HISTORY
Established following a change of the legal status of the firm OURAILIDIS BROS
O.E. originally founded in 1990. Since 1998 subject has undertaken the business
activities of the affiliated firm, VAMVAX HELLAS N. OURAILIDIS O.E. According
to the Gov.Gaz.No.:12770/07 subject was changed its legal form and name to the
present one. Subject is mainly engaged in trade of white linen and fabrics.
G.E.MI.: 7873601000
LAST TAX AUDIT: 05/15/2015
Former Names
OURAILIDIS BROS O.E. (Gov. Gazette 11/05/2007)
Please note that the information provided in this report was obtained from
official, publicly available sources and confirmed by the person interviewed.
Please note that the subject declined to release any further detailed and latest
financial information neither such data was found being officially published.
|
No information
available |
|
Recent Enquiries on this subject |
|
Last 1 months:
1 |
|
Last 3 months:
1 |
|
Last 6 months:
1 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.52 |
|
|
1 |
Rs.100.43 |
|
Euro |
1 |
Rs.70.44 |
|
EUR |
1 |
Rs.70.71 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.