3decades

MIRA INFORM REPORT

Report No. :	496814
Report Date :	20.03.2018

IDENTIFICATION DETAILS

Name :	CHALIL SERIF

Registered Office :	13 And. Papandreou str, Melissia, 15127 , Attiki

Country :	Greece

Date of Incorporation :	03.02.2003

Com. Reg. No.:	5086701000

Legal Form :	Sole Proprietorship

Line of Business :	The subject is a Travel agency.

No. of Employees :	Not Available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Unknown

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Greece

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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, when the deficit reached 15% of GDP. 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 accepted a bailout program that called on Athens to cut government spending, decrease tax evasion, overhaul the civil-service, health-care, and pension systems, and reform the labor and product markets. Austerity measures reduced the deficit to 1.3% in 2017. Successive Greek governments, however, failed to push through many of the most unpopular reforms in the face of widespread political opposition, including 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 IMF 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. Greece, however, struggled to meet the 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 called for holders of Greek government bonds to write down a significant portion of their holdings to try to alleviate Greece’s government debt burden. However, Greek banks, saddled with a significant portion of sovereign debt, were 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 2014, the Greek economy began to turn the corner on the recession. Greece achieved three significant milestones: balancing the budget - not including debt repayments; issuing government debt in financial markets for the first time since 2010; and generating 0.7% GDP growth — the first economic expansion since 2007.

Despite the nascent recovery, widespread discontent with austerity measures helped propel the far-left Coalition of the Radical Left (SYRIZA) party into government in national legislative elections in January 2015. Between January and July 2015, frustrations between the SYRIZA-led government and Greece’s EU and IMF creditors over the implementation of bailout measures and disbursement of funds led the Greek government to run up significant arrears to suppliers and Greek banks to rely on emergency lending, and also called into question Greece’s future in the euro zone. To stave off a collapse of the banking system, Greece imposed capital controls in June 2015 shortly before rattling international financial markets by becoming the first developed nation to miss a loan payment to the IMF. Unable to reach an agreement with creditors, Prime Minister Alexios TSIPRAS held a nationwide referendum on 5 July on whether to accept the terms of Greece’s bailout, campaigning for the ultimately successful “no” vote. The TSIPRAS government subsequently agreed, however, to a new $96 billion bailout in order to avert Greece’s exit from the monetary bloc. On 20 August, Greece signed its third bailout which allowed it to cover significant debt payments to its EU and IMF creditors and ensure the banking sector retained access to emergency liquidity. The TSIPRAS government — which retook office on 20 September after calling new elections in late August — successfully secured disbursal of two delayed tranches of bailout funds. Despite the economic turmoil, Greek GDP did not contract as sharply as feared, with official estimates of a -0.2% contraction in 2015, boosted in part by a strong tourist season.

In 2017, Greece saw improvements in GDP and unemployment. Unfinished economic reforms, a massive non-performing loan problem, and ongoing uncertainty regarding the political direction of the country hold the economy back. Some estimates put Greece’s black market at 20- to 25% of GDP, as more people have stopped reporting their income to avoid paying taxes that, in some cases, have risen to 70% of an individual’s gross income. These issues will continue to be a drag on the economy in 2018 and further delay recovery from the financial crisis.

Source : CIA

Basic Details

Registered Name	CHALIL SERIF
English Name	CHALIL SERIF
Registered Address	13 And. Papandreou str, Melissia, 15127 , Attiki, Greece
Activities	Travel agencies, Travel agency activities
Company Status	Registered and operational
Company Reg. No	5086701000
Company Reg. Date	03/02/2003
Start Date	03/02/2003
Tax Reg. No	038936213
Telephone	+30 2103840261	Fax	+30 2103828239

E-mail	cohili@otenet.gr	Websites	www.cohilitours.com

Payment Behaviour

Payment habits

Unknown

Legal Status

CR Number

5086701000

Legal Type

Sole Proprietorship
A business owned by a single individual.\nA sole proprietor does not pay corporate income tax and is not obligated to publish financial statements.\nHas unlimited liability for business debts and obligations.\nNo capital is required.

Capital

No capital information available

Corporate Structure

Directors

Name	Position	ID	Occupation	Age	Nationality	Other Rel.	Appointment date
Mr Chalil, Serif	Director	038936213 (Reg. No)	Owner	-	Unknown	No	-
Comment: Sole Proprietor

Shareholders

Name	ID/Reg. No	Nationality	Number of Shares	Percentage of Shares	Other Rel
Mr Chalil, Serif	038936213 (Reg. No.)	Unknown		100

Operation and Activities

Activity Code	Description
NACE Code	NACE Description
4724	Travel agencies
7911	Travel agency activities

Line of business

SECTOR: Tourist services

The subject is a Travel agency.

Product:
Travel agencies - Services

Services:
Reception and transfer
Discovery stay
Bus tours
Stay and combined islands
Greece at liberty and driving
Knowledge of Crete
Cruises
Car Rentals
Sailboat rentals
Programs à la carte
Thalassotherapy & Spa

Export to	Payment terms	Percentage
-	-	N/A
The subject company does not engage in any export activities.

Import from	Payment terms	Percentage
-	-	N/A
The subject company does not engage in any imports activities.

Premises	Comprise of	Address	Square Meters	Type	Comment
Branch	Office	139 Artemisias str, Nea Alikarnassos, 71601 -, Heraklion, Greece	-	-	-
Registered Address	Office	13 And. Papandreou str, Melissia, 15127 , Attiki, Greece	-	-	-

Negative Incidents

According to our records against the subject no negatives have been registered.

Financial information

No financial information available

Additional Information

Conclusion

Please note that the subject company is not an SA company therefore the subject doesn’t have registration number, the Registration Number mentioned above is the GEMI Number (General Commercial Registry) of the company, which is a newly established service concerning the registration of commercial enterprises regardless of their legal form.

G.E.MI.: 5086701000

Established in February 2003 as a sole proprietorship and is involved in the operation of a tourist office in Melissia, Attica

Please note that the information provided in this report was obtained from official and publicly available sources.

Please note that no financial information neither such data was found being officially published.

Industry Developments

Press and Media Information

No information available

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 90.56
Euro	1	INR 79.78
Euro	1	INR 80.48

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.