MIRA INFORM REPORT

 

 

Report Date :

13.12.2007

 

IDENTIFICATION DETAILS

 

Name :

TZANIDIS, S., S.A.

 

 

Registered Office :

337a Tatoiou Ave, 13671, Acharnes, Attiki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1986

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Exclusive imports and wholesale trade of confectionery and bakery raw materials.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

Euro 980,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear


name & address

 

TZANIDIS, S., S.A.

337a Tatoiou Ave

13671, Acharnes, Attiki

Tel.: 210 8002550

Fax: 210 8002559

U.R.L.: www.tzanidis.gr

E-mail: tzanidis@ath.forthnet.gr

 

 

Sector

 

Trade (Food Products)

 

 

Year Established

 

1986

 

 

Chairman   

 

Evangelos Sof. Tzanidis

 

 

Managing Director

 

Sotirios Eva. Tzanidis

 

 

Capital

 

Euro 520.000

 

 

Owners Equity    

 

Euro 3.319.110 (31/12/2006)

 

 

Net Sales

 

Euro 7.253.878 (1/1/2006 - 31/12/2006)

 

 

Net Income for the Year Before Tax   

 

Euro 649.373 (1/1/2006 - 31/12/2006)

 

 

Staff of employees 

 

13

 

 

FINANCIAL STATUS  

 

Good                                            

 

 

PAYMENT RECORD 

 

Prompt                                         

 

 

TREND   

 

Stable

 

 

GOV. GAZETTE No

 

03344/1986 

 

 

TAX REGISTR. No

 

094186594                        

 

 

No OF THE REGISTER OF SOCIETE ANONYME

 

014488 /001 /B /86 /6051

 

 

LEGAL FORM

 

Societe Anonyme                                       

 

 

DATE ESTABLISHED

 

1986                                                  

 

 

HEAD OFFICE

 

Acharnes, Attiki                                      

 

 

DURATION

 

Up to year 2017

 

 

HISTORY

 

Established in Athens, on 17.12.1986. Subject has undertaken the business activities of the general partnership TZANIDIS, K., & CO O.E., originally founded in 1970.                                             

 

On 06/06/2002 (Gov. Gaz. No. 04238/2002) a change of subject's head office was published.

 

 

ACTIVITY

 

Exclusive imports and wholesale trade of confectionery and bakery raw materials

 

 

PREMISES (as declared )

                                                      

On 13/05/2002 subject's head office was changed. Previous address 88 Ethn. Antistasseos, 157-72 Zografou, Attiki                                

 

PREMISES (as declared )                                                      

HEAD OFFICE-WAREHOUSE: 337a Tatoiou Ave, 136-71 Acharnes, Attiki, owned,plot of land 5,000 m2, covered area 3,500 m2.

 

 

STAFF

 

Employees      :  13 persons

 

 

SHAREHOLDERS(as declared)

                                                    

by 85.00% Sotirios Eva. Tzanidis (born in 1956)                              

by 10.00% Kyriaki Eva. Tzanidi                                               

by 5.00% Kalliopi Eva. Tzanidi (born in 1951)

 

BOARD OF DIRECTORS

 

Evangelos Sof. Tzanidis                                      Chairman                                        

Sotirios Eva. Tzanidis                                         Vice-Chairman, Managing Director               

Vassiliki Kyr. Athanassiadou                              Member                                         

Konstantina-Ele Sot. Tzanidi - Koutsogiorga         Member

 

 

FINANCIAL DATA

                                                

Share capital amounts to Euro 520,000 divided into 520,000 shares at EURO 1.00 each.                                                     

                                                                               

Prior to the last increase in 2007 (Gov.Gaz.7104/2007) share capital amounted to 400,000 Euro. The above increase was decided to be covered as follows:113,008 Euro being the capitalization of the surplus value, resulting from the revaluation of fixed assets, 6,992 Euro in cash.                                                   

                                                                              

The latest published balance sheets are attached.

 

SALES                                                                          

Projected Net Sales   : Euro 7,000,000 (2007)

 

BUSINESS TRANSACTION INDEX                                                    

 

Subject                                                                       

                                                                              

                  2007      2006       2005      2004       2003                      

                   ----          ----          ----         ----          ----                       

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 980,000

 

 

BANKS

 

Alpha Bank A.E.                                                               

Nea Kifissia Branch (tel.:21-08077969)                                     

(Deposits-Loans-Imports/Exports)                                           

Emporiki Bank Neas Kifissias branch

 

SHORT FINANCIAL STATEMENT (Figures in Euro)

 

ASSETS

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Fixed Assets

1.326.665

-9,70

1.469.194

-9,76

1.628.136

Fields -Lots

425.532

0

425.532

0

425.532

Buildings / Means of Transport / Furniture and Other Equipment

1.459.014

0,11

1.457.433

-17,08

1.757.557

Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Intangible Assets and Establishment Expenses

40.055

0

40.055

N/A

0

Accumulated Depreciation

602.473

31,44

458.363

-18,07

559.489

Depreciation of Buildings / Furniture / Means of Transport

562.418

22,70

458.363

-18,07

559.489

Depreciation of Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Depreciation of Intangible Assets and Establishment Expenses

40.055

N/A

0

N/A

0

Long Term Receivables

4.537

0

4.537

0

4.537

Participations

0

N/A

0

N/A

0

Inventories

819.114

-8,59

896.088

-11,49

1.012.406

Finished Products / Merchandise

777.508

-9,75

861.545

-13,92

1.000.815

Semi finished Goods

0

N/A

0

N/A

0

Raw Direct and Indirect Material

41.606

20,45

34.543

198,02

11.591

Receivables / Transit balances

3.211.406

3,59

3.100.061

8,04

2.869.448

Receivables from Customers / Bills and Cheques

3.211.406

3,59

3.100.061

8,04

2.869.448

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

0

N/A

0

N/A

0

Cash and Deposits

206.055

5,43

195.449

63,36

119.641

Total Assets

5.563.241

-1,72

5.660.793

0,55

5.629.632

LIABILITIES

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Owners Equity

3.319.110

6,18

3.125.804

12,04

2.789.783

Share Capital

400.000

9,89

364.000

0

364.000

Reserves

410.384

-1,11

414.985

9,07

380.479

Retained Earnings / Losses

2.508.726

6,90

2.346.819

14,74

2.045.304

Long Term Liabilities and Provisions

51.497

37,09

37.564

0

37.564

Long Term Liabilities

0

N/A

0

N/A

0

Provisions

51.497

37,09

37.564

0

37.564

Current Liabilities / Transit Balances

2.192.633

-12,20

2.497.425

-10,88

2.802.284

Short Term Bank Debt

1.227.340

-9,23

1.352.127

0,63

1.343.662

Suppliers / Bills Notes Payable and Cheques / Creditors

579.632

-11,72

656.569

-29,14

926.537

Dividends Payable

170.000

-19,05

210.000

16,67

180.000

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

215.661

-22,63

278.729

-20,83

352.086

Total Liabilities and Net Worth

5.563.241

-1,72

5.660.793

0,55

5.629.632

PROFIT AND LOSS ACCOUNT

 

ACCOUNTS

1/1/2006 - 31/12/2006

CHANGE 06/05 (%)

1/1/2005 - 31/12/2005

CHANGE 05/04 (%)

1/1/2004 - 31/12/2004

Total Net Sales

0

N/A

0

N/A

0

Net Sales

7.253.878

0,07

7.248.500

-3,38

7.502.029

Cost of Net Sales

5.911.146

-2,13

6.040.025

-1,61

6.138.782

Gross Margin

1.342.733

11,11

1.208.476

-11,35

1.363.247

Commission and Other Operating Income

23.164

1.199,89

1.782

-21,91

2.282

Interest Expenses

64.982

15,57

56.227

-6,84

60.353

Other Operating Expenses

601.312

12,76

533.261

11,10

479.957

Operating Results after Interest Expenses

699.602

12,70

620.770

-24,78

825.219

Non Operating Income

20

-99,99

351.065

675.025

52

Non Operating Expenses

50.249

41,46

35.522

1.504,43

2.214

Depreciation Out of Cost

0

N/A

0

N/A

0

Total Depreciation

144.111

36,18

105.825

21,52

87.081

Depreciation Included in the Operation Cost

144.111

36,18

105.825

21,52

87.081

Net Income for the Year Before Tax

649.373

-30,64

936.313

13,76

823.057

Net Dividends

170.000

N/A

210.000

N/A

180.000

Income Tax

194.732

-20,90

246.193

-15,88

292.681

COMPANY RATIOS

 

PROFITABILITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Return on Equity (Before Income Tax) (%)

20,15

-36,36

31,66

1,57

31,16

Return on Equity (Before Interest and Income Tax) (%)

22,17

-33,94

33,56

0,33

33,45

Return on Capital Employed (Before Interest and Income Tax) (%)

12,73

-27,59

17,58

5,97

16,58

Gross Profit Margin (%)

18,51

11,04

16,67

-8,26

18,17

Operating Profitability (%)

10,51

12,77

9,32

-20,82

11,77

Net Profit Margin (Before Income Tax) (%)

8,95

-30,73

12,92

17,78

10,97

Net Profit Margin (before Interest, Income Tax, Depreciation and Non Operating Income) (%)

12,50

15,96

10,78

-16,63

12,93

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Financial Leverage (:1)

0,40

-11,11

0,45

-10

0,50

Total Debt Equity Ratio (:1)

0,68

-16,05

0,81

-20,59

1,02

Interest Coverage (Before Interest and Income Tax) (X)

10,99

-37,73

17,65

20,56

14,64

LIQUITIDY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Current Ratio (Χ)

1,80

16,13

1,54

9,93

1,41

Quick Ratio (Acid Test) (Χ)

1,43

20,17

1,18

12,26

1,06

Working Capital (EURO)

2.043.942,64

20,64

1.694.174,01

41,27

1.199.211,04

ACTIVITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Collection Period (DAYS)

151

6,60

141,65

20,08

117,96

Payable Period (DAYS)

32

-24,63

42,46

2,73

41,33

Inventory Turnover (DAYS)

53

-8,10

57,66

4,04

55,43

Equity Turnover (Χ)

2,25

-8,16

2,45

-13,73

2,84

Turnover of Capital Employed (Χ)

1,29

0,78

1,28

-9,22

1,41

INVESTOR RATIOS

 

RATES

31/12/2006

Share Internal Value (EURO)

8,30

Earnings per Share (EURO)

1,62

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Return on Equity (Before Income Tax) (%)

17,24

30,38

13,23

-5,57

14,01

Return on Equity (Before Interest and Income Tax) (%)

24,16

24,99

19,33

-4,50

20,24

Return on Capital Employed (Before Interest and Income Tax) (%)

7,11

25,18

5,68

-2,40

5,82

Gross Profit Margin (%)

19,03

4,33

18,24

0,61

18,13

Operating Profitability (%)

4,33

4,33

3,27

0,61

3,60

Net Profit Margin (Before Income Tax) (%)

3,00

29,87

2,31

-4,15

2,40

Net Profit Margin (before Interest, Income Tax, Depreciation and Non Operating Income) (%)

5,63

23,46

4,56

-5,59

4,83

ACTIVITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Collection Period (DAYS)

92,78

0,13

92,66

2,02

90,82

Payable Period (DAYS)

74,01

-2,44

75,86

-2,72

77,98

Inventory Turnover (DAYS)

35,10

-3,14

36,24

0,50

36,06

Equity Turnover (Χ)

5,74

0,35

5,72

-1,72

5,82

Turnover of Capital Employed (Χ)

1,69

0,60

1,68

0

1,68

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Financial Leverage (:1)

0,70

-1,41

0,71

1,43

0,70

Total Debt Equity Ratio (:1)

2,36

-3,28

2,44

2,95

2,37

Interest Coverage (Before Interest and Income Tax) (X)

3,49

10,09

3,17

-2,46

3,25

 

 

 

LIQUITIDY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Current Ratio (Χ)

1,14

2,70

1,11

0,91

1,10

Quick Ratio (Χ)

0,93

3,33

0,90

1,12

0,89

Working Capital (EURO)

269.818.105,24

47,63

182.761.727,15

15,78

157.849.924,76

Sample of Companies: 874(2006), 932(2005), 942(2004)

NOTES

-

When the minus sign (-) appears to Income Tax Payable account or to other Tax accounts indicates that company is obliged to pay the particular tax amount, while the opposite signifies a tax return.

-

Some ratios are calculated using the average value of the accounts of the Balance Sheet or Midterm Statements. For applying this type of calculation, company's financial statements must be presented in succession, with common accounting standards (either Greek Standards or IFRS) and with the same depth of analysis. In the opposite case, the corresponding ratios are calculated based on the accounts as at they are presented in the reporting year.

-

N/A: Not Available

 

N/C: Not Calculable

 

The indications N/A and N/C may appear in cases where accounts that participate in the computation of the ratios or in the accounts changes are not detected in the original balance sheet as well as the computation of certain ratios does not have a meaning i.e. Return on Equity ratio or Total Dept Equity ratio for companies where Equity is negative, etc.

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

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