MIRA INFORM REPORT

Report Date :

09.12.2008

IDENTIFICATION DETAILS

Name :	RAXEVSKY SA
Registered Office :	6, Katsantoni Street MetamorfossI 14452 Athens
Country :	Greece
Financials (as on) :	31.12.2007
Year of Establishment :	1976
Legal Form :	Societe Anonyme
Line of Business :	Manufacture of Knitted ready-to-wear garments

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	EURO 750.000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

IDENTIFICATION

 
RAXEVSKY SA RAXEVSKY-HELENS CLUB
 
ADDRESS:6, Katsantoni street
METAMORFOSSI
14452 ATHENS-GREECE
 
TELEPHONE: 30210-2846766
TELEFAX :  302102899500
 
 
CURRENCY: Any amounts hereafter are in EURO unless otherwise stated.
 
 

EVALUATION

 
CONDITION: FAIR
CREDIT: Maximum EURO 750.000.-
 
A Financial Strength of USD 2.5 - 12 million (based on Net Worth)
and an Overall Condition which is FAIR (Slightly greater than average risk).
 
 

SUMMARY

 
STARTED: 1976
SALES IN:2007/01-2007/12 -26,095,206 -
YEAR INC: 1976 PROFIT: 1,911,689
LEGAL FORM: Societe Anonyme NET WORTH: 7,348,638
REG NO: 7778/01??/B/86/59 NOM CAPITAL: 2,527,618
CAPITAL: 2,527,618
GOVT GAZ NO: 2461/1976.09.01 PAID CAPITAL: ALL
VAT NUMBER: 094054874
EMPLOYS: 320
SIC: 2253-2339
ACTIVITY: Manufacture of knitted ready-to-wear garments
 

SPECIAL EVENTS

 
No special event posted against this company.
 
 

BANKERS

 
AGRICULTURAL BANK OF GREECE-PERISTERI BRANCH
AGRICULTURAL BANK OF GREECE-HEAD OFFICE
BANK OF PIRAEUS-PERISTERI BRANCH
ALPHA BANK-PERISTERI BRANCH
BANK OF CYPRUS- PERISTERI BRANCH
EFG EUROBANK-PERISTERI BRANCH
 

MANAGEMENT COMMENT

 
NAME AND TITLE OF THE INTERVIEWEE : Mrs Sotikopoulou acc.dep
DATE OF THE INTERVIEW : 04.12.2008
 
 

PRINCIPALS

 
Mourtzouchos George Od.,40, Platonos str., N.Erythrea ,chairm&man.director
Vrotsos Charalambos Pan.,50, V.Ipirou str., N.Erythrea ,member
Georgopoulos Elias Dim.,1A, Evridikis st., Kaissariani,member
Koufopoulos Constantine Joh.,33, Akropoleos str., Alimos,member
Raxevsky Dimitra,40, Platonos str., N.Erythrea ,member
Tsakiris Constantine Pan.,10, Korytsas str., Kifissia,member
 
 

HISTORY/OPERATIONS

 
Subject was founded in 1976, as a Societe Anonyme, under the
title "HELEN'S CLUB", for a 94-year period, with head office
in Peristeri, Athens, and main line of business the manufac-
ture of knitwear and ready-to-wear garments.
In 1991 (Goverment Gazette 1475/91), the Limited Liability
Company "HELEN'S CLUB", started in 1983, was merged to
subject.
In 2000 (Government Gazette: 270/2000), subject absorbed
the sole proprietorship of "MOURTZOUCHOU IOULIA WIFE OD."
In 2000 (Government Gazette: 9545/2000), a plan which
concerned the absorbtion of the firm "RAXEVSKY SA" was
published.
In 2001 (Government Gazette: 3677/2001), subject absorbed
"RAXEVSKY S.A." and the title changed as in caption.
Increase of Share Capital euros 2.527.618.- (G.G. 13616/
2007)
 
Subject is legally represented by Mourtzouchos George and
Vrotsos Charalambos (Government Gazette 1630/2006)
 
Mr Mourtzouchos George : Chairman
 BSc in Mechanical-Electrical
 Engineering
 
NOTE :
* The firm RAXEVSKY S.A., which was absorbed by subject,
in 1999 (Gov.Gaz. 477/1999) absorbed the firms :
- RAXEVSKY DIMITRA & CO O.E., general partnership
 (VAT No 082647443)
- RAXEVSKY HELEN & DIMITRA O.E., general partnership
 (VAT No 081453976)
 
 
 
SHAREHOLDERS/OWNERS
 
Mourtzouchos-Raxevsky Ahilleas, 20,00%
Mourtzouchos George Od.,40, Platonos str., N.Erythrea , 60,00%
Mourtzouchos-Raxevsky Odysseas, 20,00%
 
OPERATIONS
 
Subject has been operating :
- distribution center, plant and shop, at the address in
 caption,
- offices, on rent, at the address in caption,
- branch-shop, at 59, Tsimiski street, Thessaloniki
- branch-shop, on 25th March & 72, Omirou streets,
 N.Smyrni, Athens,
- offices, on rent, at 1-3, Kolonou street, Peristeri,
 Athens.
Subject operates 55 shops in total, all over Greece.
Also operates 2 shop in shops in NOTOS GALLERIES (1 in
Athens and 1 in Piraeus), 2 in FOKAS STORES (1 on Stadiou
street, Athens and 1 on Hermou street, Athens) and 1 in
FOKAS STORES (Thessaloniki)
Engaged in manufacturing and trading knitted ready-to-wear
garments for women, under the trade mark "RAXEVSKY"
and for children under the trade mark "MINI RAXEVSKY".
Imports of yarns and fabrics from France, Italy, Austria,
and Portugal.
Suppliers : "ELISE BILA", "DEVOUX" (France), "NAITEX
 "REPSI" (Italy), "LINTS TEXTIL" (Austria).
Terms of imports : Letters of Bank Guarantee (60-90 days).
STAFF : 320 people.
 
NOTES :
* Additional Tel. Nrs. 210-5751189 up to 210-5751192,
 210-2846766, 210-2847732
* Web-site : www.raxevsky.gr, www.coloribyraxevsky.com
* Through its transactions with foreign firms, subject
uses the title as mentioned in caption.
 
REAL ESTATE
 
It is owner of a ground plot (m2 11.000), in Inofyta, Viotia
and buildings, valued in Euros 2.031.632.- after deprecia-
tion, on 31.12.2007.
 
Mourtzouchos George is owner of an appartment (m2 127),
on Kifissias avenue & Delfon street, Maroussi, Athens,
charged by a notice for mortgage.
 
 

CORPORATE STRUCTURE

 
Subject participates in:
* RAXEVSKY BULGARIA, by 100%
* RAXEVSKY CYPRUS, by 100%
* COLORI BY RAXEVSKY in Egypt
 
RAXEVSKY CYPRUS participates in:
* RAXEVSKY ROMANIA
 
 

PUBLIC NOTICE INFORMATION

 
=============================================================================
MOURTZOUCHOS GEORGE OD.
 YEAR PIECES AMOUNT IN EURO.
 Court judgments for payment 1999 1 24,945
 Notices for mortgage 1999 1  27,880
=============================================================================
RAXEVSKY S.A.
 YEAR PIECES AMOUNT IN EURO.
 Court judgments for payment 2006 1 56,310
 
 

FINANCIAL INFORMATION

 
Against subject there have been reported court orders for
payment in 2006.
 
Subject's Share Capital euro 2.527.618.-, is divided to
1.366.280 shares, valued in euro 1,85.-, each.
 
NAME AND TITLE OF THE INTERVIEWEE : Mrs Sotikopoulou acc.dep
DATE OF THE INTERVIEW : 04.12.2008
BALANCE SHEET
 
 December 2007 December 2006 December 2005
ASSETS
NON PAID UP CAPIT. 0 0  0
ESTABLISH. EXPENC. 111,932 130,104 117,289
NET INTABL.ASSETS. 1,946,442 1,280,643 959,396
NET FIXED ASSETS.. 3,264,393 2,699,652 2,141,149
PARTIC.&L/T CLAIMS 592,020 487,365 450,660
CURRENT ASSETS
Stocks............ 6,330,195 6,053,508 5,534,707
CLAIMS
Clients........... 3,077,001 3,482,109 3,294,510
Bills/cheques rec.  1,521,318 1,761,247 1,924,279
Bad debt.......... 417 417 417
Other claims...... 3,035,912 2,284,987 2,459,430
TOTAL CLAIMS...... 7,634,648 7,528,760 7,678,636
Bonds & securities 0 0 0
Cash & banks...... 1,697,101 500,739 405,956
TOTAL CURR.ASSETS. 15,661,944 14,083,007 13,619,299
TRINSIT.ACCOUNTS.. 19,299 15,332 11,320
TOTAL ASSETS...... 21,596,030 18,696,103 17,299,113
 
LIABILITIES
PROVISIONS........ 218,362 218,362 218,362
L/T LIABILITIES...  2,964,586 3,206,250 0
CURR.LIABILITIES
Suppliers......... 976,381 168,605 828,662
Bills/cheq.payable 361,000 1,325,403 1,782,268
Banks............. 4,806,245  3,066,014 5,263,603
Dividends......... 800,000 1,000,000 1,323,695
Various creditors. 479,588 445,993 65,830
Oth.curr.liabil... 3,419,529 2,415,690 1,578,704
TOTAL CURR.LIABIL. 10,842,743 8,421,705 10,842,762
TRINSIT.ACCOUNTS.. 221,701 34,238 13,094
TOTAL LIABILITIES. 14,247,392 11,880,555 11,074,218
 
NET WORTH
Paid up capital... 2,527,618 1,928,218 1,928,218
Share pr.ab.nomin. 1,833,629 1,833,629 1,833,629
Revaluation reser. 0 0 0
Reserves.......... 2,227,733 2,154,447 2,076,059
Retained profit... 759,658 899,254 386,989
Accumulated losses 0 0 0
Dep.for cap.incr.. 0 0 0
TOTAL NET WORTH... 7,348,638 6,815,548 6,224,895
 
PROF/LOSS ACCOUNTS
Sales............. 26,095,205 24,332,353 21,288,667
Cost of sales..... 10,950,882 10,378,070 9,093,464
GROSS INC.ON SALES 15,144,323 13,954,283 12,195,203
OPERATING INCOME.. 1,920,690 2,182,600 2,345,948
PROFIT BEFORE TAX. 1,911,689 2,208,109 2,343,790
 
 

COMPANY & INDUSTRY FINANCIAL RATIOS

I
NDUSTRY SECTOR OF COMPARISON(SIC): 22
COMPARABLE BUSINESSES IN INDUSTRY SECTOR: 0193
 PERIOD December 2007
 COMPANY LOWEST MEDIAN HIGHEST
 QUARTILE QUARTILE
I.PROFITABILITY
Return on equity.. 26,01 % % 2,77 % 10,16 %
Return on equity +
 L/T liabilities. 18,53 % 0,35-% 2,50 % 9,29 %
Gross incoming +
 sales ratio.....  58,03 % 9,87 % 18,22 % 27,71 %
Oper.inc.to sales+
 ratio........... 7,36 % 2,41-% 1,58 % 5,31 %
Pr/loss bef.tax. +
 sales ratio..... 7,32 % 0,06-% 2,02 % 5,91 %
II.CAPITAL STRUCTURE
Equity to total
 liabilities ratio 0,51 : 1 0,49 : 1 0,96 : 1 2,15 : 1
Net fix+net int to
 total assets rat 0,26 : 1 0,15 : 1 0,29 : 1 0,45 : 1
Equity+L/T liabil.
 to net f+n intag.
 assets ratio.... 1,77 : 1 1,09 : 1 1,86 : 1 3,21 : 1
III.LIQUIDITY
Current ratio..... 1,44 : 1 1,09 : 1 1,49 : 1 2,84 : 1
Acid test ratio... 0,86 : 1 0,70 : 1 1,11 : 1 1,92 : 1
IV. TURNOVER
Aver.collec.period 105,32 d.  291,79 d. 197,92 d. 124,95 d.
Average period of
 purchases outst. 59,73 d. 126,50 d. 80,48 d. 22,23 d.
Aver.stocks hold.
 period......... 208,09 d. 259,25 d. 131,76 d. 48,89 d.
Sales to net work
 capital ratio.. 5,41 : 1 3,68 : 1 1,55 : 1 0,07 : 1
 
 PERIOD December 2006
 COMPANY LOWEST MEDIAN HIGHEST
 QUARTILE  QUARTILE
I.PROFITABILITY
Return on equity.. 32,39 % 1,29-% 2,86 % 9,92 %
Return on equity +
 L/T liabilities. 22,03 % 1,06-% 2,71 % 8,26 %
Gross incoming +
 sales ratio..... 57,34 % 8,88 % 17,10 % 27,18 %
Oper.inc.to sales+
 ratio........... 8,96 % 3,74-% 1,37 % 4,88 %
Pr/loss bef.tax. +
 sales ratio..... 9,07 % 1,85-% 1,49 % 5,11 %
II.CAPITAL STRUCTURE
Equity to total
 liabilities ratio 0,57 : 1 0,47 : 1 1,03 : 1 2,13 : 1
Net fix+net int to
 total assets rat 0,23 : 1 0,16 : 1 0,30 : 1 0,47 : 1
Equity+L/T liabil.
 to net f+n intag.
 assets ratio.... 2,24 : 1 1,10 : 1 1,67 : 1 3,01 : 1
III.LIQUIDITY
Current ratio..... 1,67 : 1 1,10 : 1 1,49 : 1 2,75 : 1
Acid test ratio... 0,95 : 1 0,71 : 1 1,09 : 1 1,86 : 1
IV. TURNOVER
Aver.collec.period 111,38 d. 285,87 d. 199,08 d. 119,47 d.
Average period of
 purchases outst. 67,29 d. 144,43 d. 88,58 d. 28,26 d.
Aver.stocks hold.
 period......... 209,98 d. 240,08 d. 123,65 d. 38,93 d.
Sales to net work
 capital ratio.. 4,29 : 1 3,57 : 1 1,55 : 1 0,19 : 1
 
 PERIOD December 2005
 COMPANY LOWEST MEDIAN HIGHEST
 QUARTILE QUARTILE
I.PROFITABILITY
Return on equity.. 37,65 % 0,08 % 2,72 % 10,60 %
Return on equity +
 L/T liabilities. 37,65 % 0,00 % 2,39 % 7,91 %
Gross incoming +
 sales ratio..... 57,28 % 9,38 % 18,00 % 27,09 %
Oper.inc.to sales+
 ratio........... 11,01 % 1,67-% 1,56 % 5,64 %
Pr/loss bef.tax. +
 sales ratio..... 11,00 % 0,00 % 1,86 % 4,81 %
II.CAPITAL STRUCTURE
Equity to total
 liabilities ratio 0,56 : 1 0,53 : 1 1,08 : 1 1,97 : 1
Net fix+net int to
 total assets rat 0,20 : 1 0,17 : 1 0,33 : 1 0,48 : 1
Equity+L/T liabil.
 to net f+n intag.
 assets ratio.... 1,75 : 1 1,08 : 1 1,60 : 1 2,69 : 1
III.LIQUIDITY
Current ratio..... 1,25 : 1 1,09 : 1 1,41 : 1 2,56 : 1
Acid test ratio... 0,74 : 1 0,69 : 1 1,01 : 1 1,86 : 1
IV. TURNOVER
Aver.collec.period 129,84 d. 252,23 d. 185,17 d. 116,78 d.
Average period of
 purchases outst. 105,96 d. 125,03 d. 71,27 d. 34,83 d.
Aver.stocks hold.
 period......... 219,11 d. 203,61 d. 100,82 d. 43,85 d.
Sales to net work
 capital ratio.. 7,66 : 1 5,06 : 1 1,95 : 1 0,47 : 1
 
 

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.22
UK Pound	1	Rs.73.03
Euro	1	Rs.63.14

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