|
Report No. : |
323473 |
|
Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
FRAGOS SA |
|
|
|
|
Registered Office : |
Vouliagmenis Ave, 423B, PO box postal code, Ilioupoli, 16346, Attiki |
|
|
|
|
Country : |
Greece |
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
01.01.1989 |
|
|
|
|
Com. Reg. No.: |
18696/002/B/89/14 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employee : |
150 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Greece |
B2 |
B2 |
|
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, 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.
|
Source
: CIA |
|
Registered Name |
FRAGOS SA |
|
Trade Name |
MANDARINO INTERNATIONAL SA) |
|
Registered Address |
Vouliagmenis Ave, 423b, PO box postal code, Ilioupoli, 16346, Attiki,
Greece |
|
Telephone |
+30 2109971000 |
|
Fax |
+30 2109971099 |
|
E-mail |
|
|
Web Site |
|
|
Status |
Registered and operational |
|
Legal Type |
Public Limited Company |
|
VAT Number |
094232960 |
||
|
Registration No |
18696/002/B/89/14 |
Registration Date |
01/01/1989 |
|
Start Date |
01/01/1989 |
Years of Operation |
26 |
|
Last return |
22/05/2015 |
||
|
CR number |
18696/002/B/89/14 |
||
|
CINFO ID |
27614200 |
|
Employees |
May 2015 |
|
Total Number |
150 |
|
Assessment: |
Average Risk |
|
Payment habits: |
Slow but correct |
|
Maximum credit |
400000€ |
|
Authorized Capital |
4,792,745.00 EUR |
|
Directors |
Position |
ID |
Nationality |
Occupation |
Age |
Appointed |
Other dir. |
|
Fragos, Panagiotis |
Director |
024671914 |
Greece |
Chairman & CEO |
- |
- |
No |
|
Geo. Zacharopoulos, Andreas |
Director |
017552843 |
Greece |
Chief Financial Officer |
- |
- |
No |
|
Ari. Vontzalidis, John |
Director |
- |
Unknown |
Board Member |
- |
- |
No |
|
Other Relations |
Position |
ID |
Nationality |
Appointed |
|
|
||||
|
Lampou, Marivi |
Marketing Director |
(Reg. No) |
Unknown |
|
|
|
||||
|
Shareholders |
ID/Reg. No. |
Nationality |
Shares |
% |
|
|
Moschona Fragou, Sotiria |
(Reg. No.) |
Greece |
|
5.88 |
|
|
Fragos, Panagiotis |
024671914 |
Greece |
|
94.12 |
|
|
Activity Code |
Description |
|
56419901 |
CHILDREN\\\\'S WEAR |
|
18.21 |
Manufacture of workwear |
|
74.14 |
Business and management consultancy activities |
|
Line of business |
|
The subject company is operating in: |
|
Purchases |
|
No information
available |
|
Export to |
Payment terms |
Percentage |
|
- |
- |
N/A |
|
The subject company exports to Singapore, United Arab Emirates,
Cyprus, Panama, Kazakhstan |
||
|
Import from |
Payment terms |
Percentage |
|
- |
- |
N/A |
|
The subject company imports from Hong Kong, China, Austria, Belgium,
Spain |
||
|
Banks |
Swift code |
|
EFG EUROBANK ERGASIAS S.A. - KALAMIOTU STR. |
|
|
Comment |
|
|
BANK NUMBER: 0260204 |
|
|
NATIONAL BANK OF GREECE S.A. - MAKRYGIANNI |
|
|
Comment |
|
|
BANK NUMBER: 0110147 |
|
|
ALPHA BANK - ELLINIKON |
|
|
Comment |
|
|
BANK NUMBER: 0140154 |
|
|
Premises |
Date Updated |
|
Operates as: |
22/05/2015 |
|
Office |
|
|
Owned |
|
|
Vouliagmenis Ave, 423b, 185578, Ilioupoli, 185578, Attiki, Greece |
|
|
BUILDINGS m2: 1700 |
|
|
Affiliates and Subsidiaries |
Country |
Relation |
Date Reg. |
|
|
HONDOS POLYKATASTIMATA S.A. |
Greece |
Customer |
|
|
|
|
||||
|
NOTOS COM. HOLDINGS S.A. |
Greece |
Customer |
|
|
|
|
||||
|
Agencies and Suppliers |
Country |
Relation |
Date Reg. |
|
DOUMAS BROS SA (IFANSI) |
Greece |
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.
|
Please note that
the latest financial details were not available at the file of the company at
the official companies' registry house; as the law provides for all
companies. No financial details were available from other public sources. |
CONCLUSION
Company was established
in 1989 having a legal seat Ilioupoli and is engaged in the manufacturing of
children`s wear. Subject was founded following the merger of the companies: a)
MANDARINO INTERNATIONAL CO FRANGOS S.A. (established in 1986) and b) P. FRANGOS
& CO O.E. (established in 1983). In 1991 (Gov.Gaz. No. 3324/91), subject moved
its head office from 58 Aigaiou Str., N. Smyrni, at 536 Vouliagmenis Ave.,
Alimos. On 13/7/2001 (Gov. Gaz. No. 05980/2001) a change of subject`s head
office was published. Noted, that subject maintains 15 retail stores under the
method of franchising throughout Greece. Finally, it is noted that, subject
undertook the trademark SPRINT, on 01.01.2012, from the company SPRINT S.A.
PLANT
2 Ethn. Antistasseos & Arch. Theatrou, Alimos 17455, Attiki, Greece
OWNERSHIP: Owned
RETAIL STORE
18 Ang. Metaxa, Glyfada 16674, Attiki, Greece
OWNERSHIP: Leased
RETAIL STORE
41-45 Kifissias Ave, AVENUE Shopping Centre, Maroussi 15123, Attiki, Greece
RETAIL STORE
14 Louvari, Peristeri 12132, Attiki, Greece
OWNERSHIP: Leased
RETAIL STORE
43b Avanton, Halkida 34100, Evoia, Greece
OWNERSHIP: Leased
RETAIL STORE
17 Ag. Sofias, Thessaloniki 54623, Thessaloniki, Greece
OWNERSHIP: Leased
RETAIL STORE
19 Zervou, Drama 66100, Drama, Greece
OWNERSHIP: Leased
RETAIL STORE
41 Theomitoros, Shopping House, Alimos 17456, Attiki, Greece
OWNERSHIP: Leased
RETAIL STORE
159 El. Venizelou, Kallithea 17672, Attiki, Greece
OWNERSHIP: Leased
RETAIL STORE
76 Peiraios Ave, Piraeus 18547, Attiki, Greece
OWNERSHIP: Leased
RETAIL STORE
McArthurGlen shopping center, Spata 19004, Attiki, Greece
OWNERSHIP: Leased
RETAIL STORE
43 Georgikis Sholis, Pylaia 55535, Thessaloniki, Greece
OWNERSHIP: Leased
RETAIL STORE
Thessalonikis - Moudanion Nat. Rd. (11th km), Mediterranean Cosmos, Thermi
57001,
Thessaloniki, Greece
OWNERSHIP: Leased
PLANT: 2109942845 (Phone)
PLANT: 2109931364 (Fax)
RETAIL STORE: 2106105639 (Phone)
RETAIL STORE: 2310253656 (Phone)
ISO 9001:2008, TUV HELLAS (TUV NORD) S.A.
Please note that the subject declined to release any further detailed and
latest financial information neither such data was found being officially
published.
Please note that the information provided in this report was obtained from
official and publicly available sources.
|
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.63.57 |
|
|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.