MIRA INFORM REPORT
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Report No. : |
300797 |
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Report Date : |
06.01.2015 |
IDENTIFICATION DETAILS
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Name : |
PAPASTRATOS S.A. |
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Registered Office : |
Imeros Topos, Kororemi, Aspropyrgos 19300, Attica |
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Country : |
Greece |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1930 |
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Com. Reg. No.: |
6024/002/Β/86/73 |
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Legal Form : |
Public Company |
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Line of Business : |
Manufacture and wholesale of tobacco products |
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No. of Employee : |
1,200 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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
Company name: PAPASTRATOS
S.A.
Trade Style: PAPASTRATOS SA
Country: Greece
Contact Address: Imeros Topos, Kororemi, Aspropyrgos 19300,
Attica, Greece
Contact Telephone Number: +30 2104193000
Head Office -
Plant: +30
2104193366
Fax Number : +30 2104193821
Fax Number (Warehouse): +30 2641058263
Email address: papastratos@pmi.com
Web: www.pmi.com
COMPANY
DETAILS
Status: Active
Registration Number: 6024/002/Β/86/73
Year started: 1930
TAX ID: 094011481
G.E.MI.: 000227601000
SHARE
CAPITAL
INITIAL CAPITAL: 46,827,530
EUR
MANAGEMENT/DIRECTORS
Nikitas Dim. Theofilopoulos
Board Chairman, Chief Executive Officer, Legal Representative
Jacob Joh. Kargarotos
Board Vice Chairman
Christos Ant. Kyritsis
Board Member
Johannes Franc Jos. Vroemen
Board Member
Adamantia Geo. Lola
Board Member
Christos Harpantidis
Business Development Director
Jacqueline debo Mic. Taylor
HR Manager
Angela Luk
Chief Financial Officer
Walter Veen
General Manager
SHAREHOLDERS
PHILIP
MORRIS PARTICIPATIONS BV 100.00%
ACTIVITY
Manufacture
of tobacco products - NACE: 16.00
Wholesale of
tobacco products - NACE: 51.35
Exclusive imports
and trade of tobacco products
Company was
established in 1930 having a legal seat at Aspropyrgos Attica. It is pointed
out that the business activities of Papastratos Family started in 1896 by
Evangelos Papastratos. According to Gov. Gaz. No. 15085/2004 subject absorbed
the firm PHILIP MORRIS HELLAS S.A. The shareholder firm PHILIP MORRIS
PARTICIPATIONS B.V. (a subsidiary of PHILIP MORRIS INTERNATIONAL) acquired the
major part of subject's shares on 14.10.2003. Up to then subject's main
shareholders were: Dimitrios Gertsos, Maria Gertsou, Aikaterini Gertsou,
Assimina Kriezi, Aliki Goulandri, Alexandra Iliaskou, Marina Papanagiotou. It
is noted that company's shares had been quoted in Athens
Exchange
during the period 11.03.1941 - 06.05.2004. The deletion of its shares from
Athens Exchange took place on 07.05.2004. Said event followed the acquisition
of the rest of subject's shares by the major shareholder firm PHILIP MORRIS -
PARTICIPATONS B.V. It is noted that the report was compiled according to published
data and other information available in our files.
IMPORT
Spain
Portugal
EXPORT
Brazil
Dominican Republic
United Arab Emirates
Indonesia
Israel
Costa Rica
Malaysia
Singapore
Philippines
SUPPLIERS
This information is not available
PREMISES
OFFICES: 3
Paparigopoulou, Athens 10561, Attica
OWNERSHIP: Owned,
BUILDINGS m2: 70
WAREHOUSE: 26
Papastratou, Piraeus 18546, Attica
OWNERSHIP: Owned,
LAND m2: 516
WAREHOUSE: Megali
Hora, Neapoli, Agrinio 30100, Etolo-Akarnania
OWNERSHIP: Owned,
LAND m2: 250000, BUILDINGS m2: 56470
WORKFORCE
No. of employees: 1,200
BANKS
ALPHA BANK PIRAEUS Bank Num.: 0140125
NATIONAL BANK OF GREECE S.A. PIRAEUS Bank Num.: 0110190
EFG EUROBANK ERGASIAS S.A. PIRAEUS, O.L.P. Bank Num.: 0260029
PIRAEUS BANK S.A. ELEFSINA Bank Num.: 0172025
MARFIN POPULAR BANK PUBLIC CO LTD,
GREEK BRANCH ASPROPYRGOS Bank Num.: 0280308
CITIBANK International plc ATHENS CENTER Bank Num.: 0840001
FINANCIAL
INFORMATION
GENERAL
COMMENTS:
Please note the information provided in this report was obtained from official and publicly available sources unless otherwise stated in the report.
Further information was not available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
|
1 |
Rs.96.84 |
|
Euro |
1 |
Rs.75.66 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.