MIRA INFORM REPORT

 

 

Report Date :

08.01.2008

 

IDENTIFICATION DETAILS

 

Name :

IFI S.A.

 

 

Registered Office :

181 Monastiriou 54627, Thessaloniki, Thessaloniki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

10.11.2000

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

 
Imports and wholesale trade of upholstery fabrics and curtains

 

 

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 and addres of the company

IFI S.A.

181 Monastiriou

54627, Thessaloniki, Thessaloniki

Tel.: 2310 555533

Fax: 2310 556600

U.R.L.: www.thisisifi.gr

E-mail: info@thisisifi.gr

 

 

Sector

 

Trade (White Linen - Upholstery Fabrics)

 

 

Year Established

 

2000

 

 

Chairman, Managing Director

 

Fotios Dim. Tsioulpas

 

 

Capital

 

Euro 231.000

 

 

Owners Equity

 

Euro 387.578 (31/12/2006)

 

 

Net Sales

 

Euro 2.891.518 (1/1/2006 - 31/12/2006)

 

 

Net Income for the Year Before Tax

 

Euro 75.011 (1/1/2006 - 31/12/2006)

 

 

Staff of employees

 

15

 

 

FINANCIAL STATUS  

 
Moderate                                        
 
 

PAYMENT RECORD

 
Prompt                                          
 
 

TREND

 
Upward
 
GOV. GAZETTE No:10444/2000  TAX REGISTR. No: 099936940                         
No OF THE REGISTER OF SOCIETE ANONYME:047334 /004 /Β /00 /156
 
 

LEGAL FORM

 
Societe Anonyme                                        
 
 

DATE ESTABLISHED

 
10/11/2000                                             
 
 

HEAD OFFICE

 
Thessaloniki                                           
 
 

DURATION

 
 Up to year 2100
 
                                                                               

HISTORY

                                                                    
On 12/04/2002 (Gov. Gaz. No. 02626/2002) a change of subject's head office was published.                                                     
On 11.03.2002, subject moved its head office from 84 Dekeleias, Acharnes to 5 Kentrikis Makedonias, Thessaloniki. Subject commenced its business activities in March 2001
 
 

ACTIVITY                                                                  

 
Imports and wholesale trade of upholstery fabrics and curtains
 
 

PREMISES (as declared )                                                    

 
On 01/08/2002 subject's head office was changed. Previous address 5 Kentrikis Makedonias, 546-32 Thessaloniki                                    
 
 

PREMISES (as declared )                                                   

 
HEAD OFFICE-WAREHOUSE: 181 Monastiriou, 546-27 Thessaloniki,                  
rented, covered area 300 m2.
 
 

STAFF                                                                  

 
Employees      :  15 persons
 
 

SHAREHOLDERS(as declared):                                                     

 
by 50.00% Kalliopi Fot. Manoussi (born in 1956)                               
by 50.00% Fotios Dim. Tsioulpas (born in 1973)
 
 

BOARD OF DIRECTORS:                                                            

 
Fotios Dim. Tsioulpas         Chairman, Managing Director                     
Melina Fot. Manoussi          Vice-Chairman                                   
Pavlos The. Makris            Member

 

 

AFFILIATED COS                                                              

 
Fotios Dim. Tsioulpas participates in the firm(s):                            
                                                                               
  -TSIOULPAS, PANAGIOTIS, & CO. E.E. by 25.00% (Limited Partner)              
(Code No: 0174383  VAT: EL093137608)                                          
DATE ESTABLISHED: 1974                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
NET SALES :  555,000 (2006)                                                   
HEAD OFFICE: 38 Valaoritou 546 25, Thessaloniki                               
                                                                               
  -TSIOULPAS FOTIOS "EPI TAPITOS"                                             
(Code No: 0160766  VAT: EL039912201)                                          
DATE ESTABLISHED: 1994                                                        
SECTOR: Trade (Carpets - Moquettes - Wallpaper)                               
Capital employed : 65,000                                                     
HEAD OFFICE: 38 Valaoritou & 9 Kapodistriou 546 24,  Thessaloniki
 
 

FINANCIAL DATA                                                             

Share capital amounts to Euro 231,000 divided into 77,000 shares              
at EURO 3.00 each.                                                             
                                                                               
Prior to the last increase in 2005 (Gov.Gaz.9336/2005) share                  
capital amounted to 60,000 Euro.                                               
                                                                               
The latest published balance sheets are attached.

 

 

SALES                                                                          

 
Sales (as declared)   : Euro 2,900,000 (2007)

 

 

BUSINESS TRANSACTION INDEX                                                     

 
Subject                                                                       
                                                                               
                  2008      2007          2006      2005           2004                       
                 ----            ----            ----             ----           ----                       
 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 160,000

 

 

BANKS                                                                        

 
Bank of Piraeus S.A.                                                          
  I. Dragoumi (Thessaloniki) Branch (tel.:231-0542213)                        
Marfin Egnatia Bank S.A.                                                      
  Thessaloniki Branch (tel.:231-0502400)                                      
  (Imports/Exports)                                                           
Bank of Cyprus Ltd                                                            
  Thessaloniki (nikis Ave) Branch (tel.:231-0363000)

 

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

88.674

9,63

80.884

26,37

64.006

Fields -Lots

0

N/A

0

N/A

0

Buildings / Means of Transport / Furniture and Other Equipment

168.984

27,08

132.974

35,31

98.272

Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Intangible Assets and Establishment Expenses

6.254

50,55

4.154

0

4.154

Accumulated Depreciation

87.634

52,90

57.314

45,14

39.490

Depreciation of Buildings / Furniture / Means of Transport

81.380

53,08

53.160

47,04

36.152

Depreciation of Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Depreciation of Intangible Assets and Establishment Expenses

6.254

50,55

4.154

24,44

3.338

Long Term Receivables

1.070

0

1.070

0

1.070

Participations

0

N/A

0

N/A

0

Inventories

1.696.991

54,01

1.101.864

74,02

633.199

Finished Products / Merchandise

1.696.991

54,01

1.101.864

74,02

633.199

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

2.451.709

44,31

1.698.928

14,44

1.484.491

Receivables from Customers / Bills and Cheques

2.451.709

44,31

1.698.928

14,44

1.484.491

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

0

N/A

0

N/A

0

Cash and Deposits

126.770

118,84

57.928

114,64

26.989

Total Assets

4.364.144

48,46

2.939.604

33,09

2.208.684

LIABILITIES

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Owners Equity

387.578

-19,50

481.488

-13,91

559.308

Share Capital

231.000

0

231.000

285

60.000

Reserves

131.067

-47,04

247.489

-50,36

498.569

Retained Earnings / Losses

25.511

750,65

2.999

305,82

739

Long Term Liabilities and Provisions

0

N/A

0

N/A

0

Long Term Liabilities

0

N/A

0

N/A

0

Provisions

0

N/A

0

N/A

0

Current Liabilities / Transit Balances

3.976.566

61,77

2.458.116

49,03

1.649.376

Short Term Bank Debt

1.929.669

92,09

1.004.556

47,18

682.540

Suppliers / Bills Notes Payable and Cheques / Creditors

1.787.530

49,84

1.192.985

47,59

808.302

Dividends Payable

151.000

0

151.000

65,93

91.000

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

108.367

-1,10

109.575

62,25

67.534

Total Liabilities and Net Worth

4.364.144

48,46

2.939.604

33,09

2.208.684

 

 

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

2.891.518

25,48

2.304.442

29,23

1.783.171

Cost of Net Sales

2.076.070

20,84

1.718.017

23,25

1.393.910

Gross Margin

815.449

39,05

586.424

50,65

389.261

Commission and Other Operating Income

0

N/A

0

N/A

0

Interest Expenses

118.438

31,64

89.974

106,37

43.598

Other Operating Expenses

601.243

59,03

378.064

55,24

243.540

Operating Results after Interest Expenses

95.768

-19,10

118.386

15,92

102.124

Non Operating Income

0

N/A

0

N/A

0

Non Operating Expenses

20.757

13.121,02

157

-98,30

9.211

Depreciation Out of Cost

0

N/A

0

N/A

0

Total Depreciation

0

N/A

0

N/A

0

Depreciation Included in the Operation Cost

0

N/A

0

N/A

0

Net Income for the Year Before Tax

75.011

-36,55

118.229

27,25

92.913

Net Dividends

0

N/A

60.000

N/A

57.000

Income Tax

26.003

-31,27

37.833

16,34

32.519

 

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) (%)

17,26

-24,03

22,72

32,48

17,15

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

44,52

11,27

40,01

58,77

25,20

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

5,30

-34,49

8,09

10,52

7,32

Gross Profit Margin (%)

28,20

10,80

25,45

16,58

21,83

Operating Profitability (%)

7,41

-18,03

9,04

10,65

8,17

Net Profit Margin (Before Income Tax) (%)

2,59

-49,51

5,13

-1,54

5,21

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

7,41

-18,03

9,04

10,65

8,17

 

 

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Financial Leverage (:1)

0,91

8,33

0,84

12

0,75

Total Debt Equity Ratio (:1)

10,26

100,78

5,10

73,22

2,95

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

1,63

-29,44

2,31

-26,20

3,13

 

LIQUITIDY RATIOS

 

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Current Ratio (Χ)

1,11

-9,02

1,22

-10,95

1,37

Quick Ratio (Acid Test) (Χ)

0,67

-16,25

0,80

-18,37

0,98

Working Capital (EURO)

298.903,79

-25,39

400.603,28

-19,12

495.302,07

 

 

ACTIVITY RATIOS

 

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Collection Period (DAYS)

259

4,12

248,75

-4,44

260,30

Payable Period (DAYS)

241

13,36

212,59

9,78

193,65

Inventory Turnover (DAYS)

246

33,47

184,31

35,66

135,86

Equity Turnover (Χ)

6,65

50,11

4,43

34,65

3,29

Turnover of Capital Employed (Χ)

0,79

-12,22

0,90

-6,25

0,96

 

 

INVESTOR RATIOS

 

 

RATES

31/12/2006

Share Internal Value (EURO)

5,03

Earnings per Share (EURO)

0,97

 

 

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Return on Equity (Before Income Tax) (%)

8,48

-6,50

9,07

-35,44

14,05

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

14,12

-7,83

15,33

-23,00

19,91

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

5,06

-9,32

5,58

-24,39

7,38

Gross Profit Margin (%)

40,81

7,31

38,03

3,91

36,60

Operating Profitability (%)

9,66

7,31

7,79

3,91

9,93

Net Profit Margin (Before Income Tax) (%)

4,98

-4,41

5,22

-26,89

7,14

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

11,83

21,33

9,75

-15,44

11,53

 

ACTIVITY RATIOS

 

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Collection Period (DAYS)

201,57

-3,02

207,85

12,62

184,56

Payable Period (DAYS)

201,53

4,23

193,35

13,04

171,04

Inventory Turnover (DAYS)

373,57

9,12

342,34

16,05

295,00

Equity Turnover (Χ)

1,70

-2,30

1,74

-11,68

1,97

Turnover of Capital Employed (Χ)

0,61

-3,17

0,63

-13,70

0,73

 

 

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Financial Leverage (:1)

0,64

0

0,64

1,59

0,63

Total Debt Equity Ratio (:1)

1,81

2,26

1,77

2,31

1,72

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

2,50

2,04

2,45

-27,73

3,39

 

 

LIQUITIDY RATIOS

 

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Current Ratio (Χ)

1,40

0,72

1,39

-2,11

1,42

Quick Ratio (Χ)

0,76

-1,30

0,77

-2,53

0,79

Working Capital (EURO)

82.574.083,35

6,47

77.556.208,11

-4,02

80.802.223,10

 

Sample of Companies: 119(2006), 127(2005), 126(2004)

 

 

 

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