MIRA INFORM REPORT

 

 

Report Date :

28.12.2007

 

IDENTIFICATION DETAILS

 

Name :

LOLOSSIDIS S.A.

 

 

Registered Office :

76 Amfitheas Ave, 17564, Palaio Faliro, Attiki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1990

 

 

Legal Form :

Societe Anonyme                                       

 

 

Line of Business :

Exclusive imports and wholesale trade of shoes.

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address

 

LOLOSSIDIS S.A.

76 Amfitheas Ave

17564, Palaio Faliro, Attiki

Tel.: 210 9881571-6

Fax: 210 9849413

E-mail: lolossid@otenet.gr

 

 

Sector

 

Trade (Garments - Footwear - Leather Goods)

 

 

Year Established

 

1999

 

 

Year Founded 

 

1990

 

 

Chairman, Managing Director   

 

Nikolaos Kyr. Lolossidis

 

 

Deputy Managing Director    

 

Dimitrios Kyr. Lolossidis

 

 

Capital 

 

Euro 662.473

 

 

Owners Equity    

 

Euro 1.638.910 (31/12/2006)

 

 

Net Sales   

 

Euro 14.856.815 (1/1/2006 - 31/12/2006)

 

 

Net Income for the Year Before Tax

 

Euro 541.215 (1/1/2006 - 31/12/2006)

 

 

Staff of employees 

 

52

 

 

FINANCIAL STATUS    

 
Moderate                                        
 
 

PAYMENT RECORD    

 
Prompt                                          
 
 

TREND   

 
Upward
 
 

GOV. GAZETTE No

 
04824/1999 
 
 

TAX REGISTR. No

 
093740030                         
 
 

No OF THE REGISTER OF SOCIETE ANONYME

 
043165 /001 /Β /99 /139
 
 

LEGAL FORM

 
Societe Anonyme                                        
 
 

DATE ESTABLISHED

 
28/06/1999                                             
 
 

HEAD OFFICE

 
Palaio Faliro, Attiki                                  
 
 

DURATION

 
Up to year 2049
 
                                                                               

HISTORY

         
Established following a change of the legal status of a firm originally founded in 1990.                                                    
 
SUPPLEMENTARY DATA ON THE ABOVE MENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.: According to the Gov.Gaz. 4824/99 subject was established following the change in the legal status of the firm NIK. & DIM. LOLOSSIDIS & CO. E.E.
 
 

ACTIVITY

 
Exclusive imports and wholesale trade of shoes
 
 

PREMISES (as declared )                                                       

 
HEAD OFFICE: 76 Amfitheas Ave, 175-64 Palaio Faliro, Attiki, owned, covered area 826 m2.                                                    
BRANCHES: 2 Har. Trikoupi, 106-79 Athens, Attiki, rented.                     
         -93 Zissimopoulou, 175-64 Palaio Faliro, Attiki, rented.                                                                        
         -21 Pelasgias & Thivon, 121-36 Peristeri, Attiki, rented.                                                                        
         -64 Matzagriotaki, 176-72 Kallithea, Attiki, rented.                 
         -173 Vas. Konstantinou, 194-00 Koropi, Attiki, rented.               
 
WAREHOUSE: 85 Kifissou Ave, 122-41 Aigaleo, Attiki, rented, covered area 1,700 m2.                                                         
                                                                               
Noted that subject maintains three retail stores under the method shop-in-shop in the departments of the firms NOTOS COM.                 
HOLDINGS SA, HONDOS, K. & G., S.A. and ATTIKA POLYKATASTIMATA S.A.
 

STAFF

                                                                         
Employees      :  52 persons
 
 

SHAREHOLDERS(as declared)

                                                     
by 50.40% Nikolaos Kyr. Lolossidis (born in 1952)                             
by 49.60% Dimitrios Kyr. Lolossidis (born in 1957)
 
 

BOARD OF DIRECTORS

 

Nikolaos Kyr. Lolossidis             Chairman, Managing Director                    

Dimitrios Kyr. Lolossidis             Vice-Chairman, Deputy Managing Director                                                                      

Dimitrios Joh. Paschos               Member                                         

Maria Dim. Papatzimopoulou      Member                                         

Anna-Maria Jua. Uslar                Member

 

 

AFFILIATED COS

 
Dimitrios Kyr. Lolossidis participates in the firm(s):                        
                                                                               
-LOLOSSIDIS, DIMITRIOS, & CO E.E.                                           
(Code No: 0097348)                                                            
DATE ESTABLISHED: 1991                                                        
HEAD OFFICE: 8 Vas. Kon. Palaiologou Palaio Faliro                            
Said firm dissolved in 1995
 
 

FINANCIAL DATA

 
Share capital amounts to Euro 662,473 divided into 226,100 shares at EURO 2.93 each.                                                      
                                                                               
Recent financial data are not available.                                      
                                                                               
The latest published balance sheets are attached.
 
 

MORTGAGES/PRENOTES                                                             

 
According to the 31/12/2006 balance sheet, subject's fixed assets are mortgaged and prenoted for  425,532 Euro, in favour of banks to ensure loans received, the balance of which at 31/12/2006, amounted to 1,320,922  Euro.
 
 
 

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 700,000

 

 

BANKS

 
National Bank of Greece S.A.                                                  
Palaio Faliro Branch (tel.:21-09829548)                                     
(Deposits-Loans-Imports/Exports)                                            
EFG EUROBANK ERGASIAS S.A.                                                    
Alimos Branch (tel.:21-09958412)                                            
(Deposits-Loans-Imports/Exports)                                            
Bank of Attica S.A.                                                           
N. Smyrni Branch (tel.:21-09318040)                                         
(Deposits-Loans-Imports/Exports)                                            
Marfin Egnatia Bank S.A.                                                      
Kallithea Branch (tel.:210-9537510)                                         
(Imports/Exports)

 

 

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

1.129.446

13,38

996.125

4,66

951.805

Fields -Lots

158.315

0,94

156.839

96,30

79.897

Buildings / Means of Transport / Furniture and Other Equipment

1.495.352

14,64

1.304.362

9,26

1.193.814

Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Intangible Assets and Establishment Expenses

296.414

-5,52

313.749

0

313.749

Accumulated Depreciation

874.910

5,94

825.893

23,04

671.226

Depreciation of Buildings / Furniture / Means of Transport

709.635

25,60

565.001

24,15

455.092

Depreciation of Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Depreciation of Intangible Assets and Establishment Expenses

165.274

-36,65

260.892

20,71

216.134

Long Term Receivables

54.275

15,31

47.070

32,33

35.571

Participations

0

N/A

0

N/A

0

Inventories

3.067.841

182,22

1.087.054

19,97

906.098

Finished Products / Merchandise

3.067.841

182,22

1.087.054

19,97

906.098

Semi finished Goods

0

N/A

0

N/A

0

Raw Direct and Indirect Material

0

N/A

0

N/A

0

Receivables / Transit balances

9.197.047

23,45

7.450.070

24,45

5.986.356

Receivables from Customers / Bills and Cheques

9.191.685

24,21

7.400.326

23,89

5.973.393

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

5.362

-89,22

49.744

283,74

12.963

Cash and Deposits

392.920

364,47

84.595

-67,92

263.665

Total Assets

13.787.255

43,35

9.617.845

18,62

8.107.924

LIABILITIES

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Owners Equity

1.638.910

8,66

1.508.315

-2,32

1.544.184

Share Capital

662.473

0

662.473

0

662.473

Reserves

575.595

3,60

555.595

3,54

536.595

Retained Earnings / Losses

400.842

38,10

290.246

-15,90

345.116

Long Term Liabilities and Provisions

562.500

N/A

0

N/A

0

Long Term Liabilities

562.500

N/A

0

N/A

0

Provisions

0

N/A

0

N/A

0

Current Liabilities / Transit Balances

11.585.845

42,87

8.109.530

23,55

6.563.740

Short Term Bank Debt

5.097.184

18,44

4.303.430

13,03

3.807.303

Suppliers / Bills Notes Payable and Cheques / Creditors

4.571.333

89,64

2.410.582

49,44

1.613.034

Dividends Payable

250.000

38,89

180.000

-21,74

230.000

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

1.667.327

37,17

1.215.518

33,08

913.403

Total Liabilities and Net Worth

13.787.255

43,35

9.617.845

18,62

8.107.924

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

14.856.815

20,96

12.282.557

12,55

10.912.854

Cost of Net Sales

10.673.525

25,53

8.502.737

11,90

7.598.394

Gross Margin

4.183.290

10,67

3.779.820

14,04

3.314.460

Commission and Other Operating Income

11.266

-64,95

32.140

99,59

16.103

Interest Expenses

371.697

41,16

263.306

0,13

262.957

Other Operating Expenses

3.212.020

8,87

2.950.399

19,90

2.460.683

Operating Results after Interest Expenses

610.839

2,10

598.255

-1,43

606.923

Non Operating Income

30.963

55,87

19.865

-63,24

54.038

Non Operating Expenses

100.587

55,93

64.508

9,40

58.963

Depreciation Out of Cost

0

N/A

0

N/A

0

Total Depreciation

173.025

11,87

154.667

-7,72

167.598

Depreciation Included in the Operation Cost

173.025

11,87

154.667

-7,72

167.598

Net Income for the Year Before Tax

541.215

-2,24

553.612

-8,04

601.998

Net Dividends

250.000

N/A

180.000

N/A

230.000

Income Tax

160.619

-10,22

178.901

-9,88

198.518

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) (%)

34,39

-5,18

36,27

-12,14

41,28

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

58,01

8,39

53,52

-9,78

59,32

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

7,80

-15,40

9,22

-15,57

10,92

Gross Profit Margin (%)

28,16

-8,48

30,77

1,32

30,37

Operating Profitability (%)

6,55

-5,62

6,94

-12,26

7,91

Net Profit Margin (Before Income Tax) (%)

3,64

-19,29

4,51

-18,30

5,52

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

7,71

-5,98

8,20

-13,23

9,45

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Financial Leverage (:1)

0,88

4,76

0,84

3,70

0,81

Total Debt Equity Ratio (:1)

7,41

37,73

5,38

26,59

4,25

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

2,46

-20,64

3,10

-5,78

3,29

LIQUITIDY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Current Ratio (Χ)

1,08

0

1,08

0

1,08

Quick Ratio (Acid Test) (Χ)

0,87

-7,45

0,94

-1,05

0,95

Working Capital (EURO)

1.071.963,85

109,29

512.189,23

-13,54

592.379,42

ACTIVITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Collection Period (DAYS)

193

2,69

187,95

1,19

185,74

Payable Period (DAYS)

119

38,26

86,07

24,14

69,33

Inventory Turnover (DAYS)

71

65,96

42,78

6,90

40,02

Equity Turnover (Χ)

9,44

17,27

8,05

7,62

7,48

Turnover of Capital Employed (Χ)

1,27

-8,63

1,38

0,72

1,38

INVESTOR RATIOS

 

RATES

31/12/2006

Share Internal Value (EURO)

7,25

Earnings per Share (EURO)

2,39

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Return on Equity (Before Income Tax) (%)

20,52

17,12

17,52

-15,77

20,80

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

28,21

13,80

24,79

-14,49

28,99

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

7,92

11,24

7,12

-12,32

8,12

Gross Profit Margin (%)

41,24

2,38

40,28

1,00

39,88

Operating Profitability (%)

8,71

2,38

8,08

1,00

8,35

Net Profit Margin (Before Income Tax) (%)

6,34

15,04

5,52

-10,10

6,14

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

11,61

5,26

11,03

-3,75

11,46

ACTIVITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Collection Period (DAYS)

131,76

4,70

125,85

5,68

119,09

Payable Period (DAYS)

141,89

0,08

141,77

2,36

138,50

Inventory Turnover (DAYS)

153,17

1,12

151,48

-1,26

153,41

Equity Turnover (Χ)

3,23

1,89

3,17

-6,49

3,39

Turnover of Capital Employed (Χ)

0,91

0

0,91

-4,21

0,95

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Financial Leverage (:1)

0,72

0

0,72

1,41

0,71

Total Debt Equity Ratio (:1)

2,57

0,39

2,56

6,67

2,40

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

3,67

7,62

3,41

-3,67

3,54

LIQUITIDY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Current Ratio (Χ)

1,19

3,48

1,14

2,68

1,12

Quick Ratio (Χ)

0,81

5,19

0,77

2,67

0,75

Working Capital (EURO)

455.880.796,51

38,63

328.840.354,86

42,50

230.757.652,12

 

 

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