MIRA
INFORM REPORT
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Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
CARDICO S.A. |
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Registered Office : |
Perifereiaki Odos Schimatari - Oinoi (2nd
km), 32009, Schimatari, Voiotia |
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Country : |
Greece |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1980 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Processing, imports, exports and trade of nuts. Production of bonbons,
chocolate and sugar products, industrial confectionery and chocolate making
raw materials, corn flakes and snacks. |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
Euro 7,500,000 |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
CARDICO S.A.
Perifereiaki Odos Schimatari - Oinoi (2nd
km)
32009, Schimatari, Voiotia
Tel.: 22620 47700
Fax: 22620 57112-3
U.R.L.: www.cardico.com
E-mail: cardico_sa@cardico.com
Sector
Industry (Food Products)
Year Established
1980
Year Founded
1968
Chairman
Nikolaos Kon. Kardassilaris
Managing Director
John Kon. Kardassilaris
Managing Director
George Kon. Kardassilaris
Capital
Euro 6.576.171
Owners Equity
Euro 52.752.145 (31/12/2006)
Net Sales
Euro 59.464.756 (1/1/2006 - 31/12/2006)
Net Income for the Year Before
Tax
Euro 4.014.192 (1/1/2006 - 31/12/2006)
Staff of employees
102
FINANCIAL STATUS
Moderate
PAYMENT RECORD
Prompt
TREND
Downward
GOV. GAZETTE No
00033/1980
TAX REGISTR. No
094072671
No OF THE REGISTER OF SOCIETE
ANONYME
003760 /006 /Β /86 /05
MEMBER OF
ATHENS CHAMBER OF COMMERCE & INDUSTRY
GENERAL REG. No.
0075306
EXPORTS REG. No.
0013224
ISO Certificate
ISO 9001:2000
Testifying Company
TUV HELLAS (TUV NORD) S.A.
LEGAL FORM
Societe Anonyme
DATE ESTABLISHED
1980
HEAD OFFICE
Athens, Attiki
DURATION
Up to year 2030
HISTORY
Established in Athens, on 05.01.1980, following the merger of the firms
: - KARDASSILARIS KONSTANTINOS N., & SON O.E., established in 1968, -
KARDASSILARIS K. SONS S.A., established in 1976.
On 25/06/2004 (Gov. Gaz. No. 07337/2004) a change of subject's head
office was published.
ACTIVITY
Processing, imports, exports and trade of nuts. Production of bonbons,
chocolate and sugar products, industrial confectionery and chocolate making raw
materials, corn flakes and snacks
PREMISES (as declared )
On 08/06/2004 subject's head office was changed. Previous address 152
Orfeos, 118-55 Athens, Attiki
PREMISES (as
declared ):
BRANCHES: Perifereiaki Odos Schimatari - Oinoi (2nd km), 320-09
Schimatari, Voiotia, owned.
HEAD OFFICE: 2 Kar. Servias,
105-62 Athens, Attiki.
PLANT: Periferiaki Odos
Schimatari - Oinoi (2nd km), 320-09 Schimatari, Voiotia, owned,plot of land
71,333 m2, covered area 13,000 m2.
BUILDINGS: 152 Orfeos,
118-55 Athens, Attiki, owned,plot of land 4,937 m2, covered area 5,893 m2.
The production capacity of subject's plant in Schimatari reached to 75
million kilos annually.
STAFF
Employees : 102 persons
SHAREHOLDERS(as declared)
by 17.38% Nikolaos Kon. Kardassilaris (born in 1948)
by 16.32% John Kon. Kardassilaris (born in 1951)
by 14.76% George Kon. Kardassilaris (born in 1953)
by 3.36% ODIN EUROPA
(Code No: 0327160)
Subject's shares have been quoted at Athens Exchange since 30.09.1996
(Gov. Gaz. No. 6629/96).
BOARD OF DIRECTORS
Nikolaos Kon. Kardassilaris Chairman
John Kon. Kardassilaris Managing Director
George Kon. Kardassilaris Managing
Director
Stavros Kon. Vassileiou Member
Konstantinos Ant. Souliotis Member
Erasmia Pan. Mineta Member
Myrto Dim. Lizardou Member
PARTICIPATIONS
Subject participates in the following firm(s)
by 100.00% ECHALIE S.A.
(Code No: 0320671)
DATE ESTABLISHED: 1961
ACTIVITY: Processing and packaging of dried nuts
HEAD OFFICE: Montrenil Paris, France
by 100.00% CARDICO LTD
(Code No: 0320031)
DATE ESTABLISHED: 1999
HEAD OFFICE: 3 Queen Tamar, Zugdidi Georgia
by 92.86% CARDICO S.R.L.
(Code No: 0179667)
DATE ESTABLISHED: 1996
HEAD OFFICE: Negruzzi 7, Chisinau MD 2001 Moldavia
by 57.70% XIROFROUT S.A.
(Code No: 0054060 VAT:
EL094177327)
DATE ESTABLISHED: 1986
SECTOR: Trade (Food Products)
Share capital : 686,111
Shareholders equity : 377,332
Net Sales : 1,812,842
Net profit : 226,925
Balance sheet details as at (31.12.2006) in Euro.
HEAD OFFICE-WAREHOUSE: Perifereiaki Odos Schimatariou - Oinois
(2nd km) 320 09, Schimatari, Voiotia
by 51.00% SIFAKIS S.A.
(Code No: 4040400 VAT:
EL094068669)
DATE ESTABLISHED: 1979
SECTOR: Industry (Food Products)
Share capital : 445,569
Shareholders equity : 474,911
Net Sales : 7,377,376
Net profit : -488,462
Balance sheet details as at (31.12.2006) in Euro.
HEAD OFFICE-PLANT: Gaziou - Kroussona Rd (1st km) 715 00,
Irakleio
by 51.00% TESCO INVESTMENTS INC
(Code No: 0328051)
DATE ESTABLISHED: 1999
HEAD OFFICE: British Virgin
Islands
by 50.01% KARDALCO LTD
(Code No: 0320819)
DATE ESTABLISHED: 2000
HEAD OFFICE: Giresum,
Turkey
by 50.00% TROFINO LTD
(Code No: 0229878 VAT:
EL095328156)
DATE ESTABLISHED: 1997
SECTOR: Industry (Food Products)
Paid up capital : 96,845
HEAD OFFICE-LAB: Epitalio Pyrgou 271 00, Pyrgos, Ileia
by 24.93% SDOUKOS, A., S.A.
(Code No: 0222667 VAT:
EL094366532)
DATE ESTABLISHED: 1996
SECTOR: Industry (Food Products)
Share capital : 635,884
Shareholders equity : 342,751
Net Sales : 82,643
Net profit : -51,119
Balance sheet details as at (31.12.2006) in Euro.
HEAD OFFICE-WORKSHOP: Neochoropoulo 455 00, Ioannina
It is noted that the firm TESCO INVESTMENTS INC., mentioned above,
participates by 100% in the firm, KENNKO COMMODITIES LIMITED (London, United
Kingdom). The firm, KENNKO COMMODITIES LIMITED participates in the firm, KENKKO
TRADING LTD (United Kingdom).
AFFILIATED COS
John Kon. Kardassilaris participates in the firm(s):
-SDOUKOS S.A.
(Code No: 0245382
VAT: EL099803798)
DATE ESTABLISHED: 2001
SECTOR: Industry (Food Products)
Share capital : 2,230,240
Shareholders equity : 3,210,485
Net Sales : 2,474,966
Losses : -318,720
Balance sheet details as at (31.12.2006) in Euro.
HEAD OFFICE-WORKSHOP: Industrial Area 455 00, Ioannina
-TROFINO LTD by 0.03%
(as mentioned before)
-S.C. CARDROM IMPEX SRL by 37.50%
(Code No: 0320032)
DATE ESTABLISHED: 1994
HEAD OFFICE: Calea Dorobanti 133, Etajou 2 APT4 Bucharest,
Romania
George Kon. Kardassilaris participates in the firm(s):
-SDOUKOS S.A.
(as mentioned before)
-TROFINO LTD by 0.03%
(as mentioned before)
-S.C. CARDROM IMPEX SRL by 37.50%
(as mentioned before)
Nikolaos Kon. Kardassilaris participates in the firm(s):
-SDOUKOS, A., S.A. by 10.07%
(as mentioned before)
-SDOUKOS S.A.
(as mentioned before)
FINANCIAL DATA:
Share capital amounts to Euro 6,576,171 divided into 21,920,570 shares
at EURO 0.30 each.
Prior to capital reduction, effected on 21/06/05 (Gov. Gaz. No.:
7008/05), share capital amounted to 6,652,140 Euro.
The latest published balance sheets are attached.
MID-TERM ACCOUNTING STATEMENT DATA (in Euro)
01/01/2007-30/09/2007
01/01/2006-30/09/2006
SHAREHOLDERS
EQUITY 53 403 283 51 554 676
TOTAL
ASSETS 146 345 984 147 017 257
NET
SALES 33 048 405 40 892 632
PROFIT
BEFORE INCOME T 159 084 4 374 968
The financial data are presented according to the International
Financial Reporting Standards.
MORTGAGES/PRENOTES
Details on subject up to 28.11.2007
:
2007 1 Mortgage(s)/prenote(s) Euro 7,000,000
ON: a plot of land 4,937m2 at 152 Orfeos, Athens. In favour of Alpha
Bank S.A.
According to the 31/12/2006 balance sheet, subject's fixed assets are
mortgaged for 32,000,000 Euro, in favour of banks, to ensure loans received.
BUSINESS
TRANSACTION INDEX
Subject
2007 2006 2005 2004 2003
---- ---- ----
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Group 1: 5*(5.00) 5*(5.00) 5*(5.00)
5*(5.00) 5*(5.00)
Group 2: 5*(5.00) 5*(5.00) 5*(5.00)
5*(5.00) 5*(5.00)
Group 3: 5*(5.00) 5*(5.00) 5*(5.00)
5*(5.00) 5*(5.00)
Total : 5*(5.00) 5*(5.00)
5*(5.00) 5*(5.00) 5*(5.00)
Final Result: 5Stars (5.00)
Index: 5*, 4*, 3*, 2*, 1*, NA (Not
applicable)
CREDIT APPRAISAL
We recommend a maximum credit limit of Euro
7,500,000
BANKS
Alpha Bank A.E.
Petrou Ralli Branch
(tel.:21-03427711)
(Deposits-Loans-Imports/Exports)
National Bank of Greece S.A.
Kaminia Branch
(tel.:21-04810054)
(Deposits-Loans-Imports/Exports)
Emporiki Bank
Kaminia Branch
(tel.:21-04173935)
(Deposits-Loans-Imports/Exports)
Bank of Piraeus S.A.
Panormou Branch
(tel.:21-06931100)
EFG EUROBANK ERGASIAS S.A.
Head Office
(tel.:21-03337000)
Bank of Attica S.A.
Peristeri Branch
(tel.:21-05734213)
Marfin Egnatia Bank S.A.
Head Office
(tel.:21-03350000)
Hellenic Bank LTD
Holargos Branch
(tel.:21-06595900)
Bank of Cyprus Ltd
Halkida Branch
(tel.:22210-73321-3)
FBB - First Business Bank S.A.
Head Office
(tel.:210-7499700)
Societe Generale des Banques
Head Office (tel.:21-03642010-9)
BALANCE SHEET NOTES
- Subject's recent financial statements
are published according to IAS/IFRS. Due to that reason, comparisons with
previous fiscal years in which company published its balance sheets according
to Greek Financial Standards are not presented.
- Type of Auditor's Audit Report
for the Financial Statement ended 31/12/2006 : Unqualified opinion
Type of Auditor's Audit
Report for the Financial Statement ended 31/12/2005 : Unqualified opinion -
Matter of Emphasis
Type of Auditor's Audit
Report for the Financial Statement ended 31/12/2004 : Unqualified opinion -
Matter of Emphasis
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Sample of Companies: 1.272(2006), 1.319(2005), 1.317(2004) |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)