MIRA INFORM REPORT

 

 

Report Date :           

05.04.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

IFI S.A.

 

 

Registered Office :

181 Monastiriou Street, 54627 Thessaloniki, Thessaloniki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

10.11. 2000

 

 

Com. Reg. No.:

47334                                

 

 

Legal Form :

Societe Anonyme       

 

 

Line of Business :

Trade of fabrics

 

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 :

USD 142,171

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Greece

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY NAME

 

 IFI S.A.
Icon no: 195843

 

 

IDENTIFICATION DETAILS

 

NAME:                          IFI S.A.  

 

TRADING STYLE:      'IFI INTERNATIONAL S.A.'

 

ADDRESS:           

181 MONASTIRIOU STREET

54627 THESSALONIKI

THESSALONIKI

GREECE

 

TELEPHONE:          30  2310555533

                                 30  2310551122

TELEFAX:                30  2310556600

E-MAIL ADDRESS:     info@designsandcolors.com

WEB ADDRESS:        www.designsandcolors.com

 

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

 

 

SUMMARY

 

STARTED:           2000                                      SALES:               4,834,521

YEAR INC:          2000                                    PROFIT:             229,359

LEGAL FORM:    SOCIETE ANONYME        NET WORTH:      1,918,134

REG NO:             47334                                 NOM CAPITAL:    1,884,000

GOVT GAZ NO:  10444/11,10,2000               ISS CAPITAL:    1,884,000

EMPLOYS:         22

SIC:                   1310

ACTIVITY:

 

 

SENIOR COMPANY PERSONNEL

 

FOTIOS TSIOULPAS

Chairman

Managing director

Legal representative

 

DIMOSTHENIS TSIOULPAS

Vice-chairman

 

VASILIKI TSIOULPA-HARISI

Member

 

PRINCIPALS ANTECEDENTS

NAME: FOTIOS TSIOULPAS

Nationality: Greek

 

NAME: DIMOSTHENIS TSIOULPAS

Nationality: Greek

 

NAME: VASILIKI TSIOULPA-HARISI

Nationality: Greek

  

WORKFORCE

 

EMPLOYS: 22 as at Nov 19, 2009.

 

 

PAYMENTS

 

PUBLIC RECORD INFORMATION

 

In 2008 1 notice for mortgages for total value of 450000 EUR has been reported.

In 2010 1 notice for mortgages for total value of 1300000 EUR has been reported.

 

 

RATINGS

 

CONDITION:        GOOD

AVG CREDIT (USD): 142,171

PAYMENTS:         UNDETERMINED

 

A Financial Strength of USD 2.5 - 12 million (based on Net Worth) and an Overall Condition which is Good (low risk.

 

 

BANKERS

 

MARFIN EGNATIA BANK S.A., LEON. SOFOU branch., Leontos Sofou 18, THESSALONIKI 54625, Greece.

PIRAEUS BANK S.A., I. DRAGOUMI, THESSALONIKI branch., 5, Ionos Dragoumi str., THESSALONIKI 54625, Greece.

FINANCIALS

 

                       Fiscal           Fiscal          Fiscal

                     Dec 31,2007      Dec 31,2008     Dec 31,2009

Turnover               4,122,264        5,013,290       4,834,521

Pre-Tax Profit           154,427          215,335         229,359

Net Worth                875,102        1,793,585       1,918,134

Fixed Assets             550,156          556,043         709,383

Total Assets           5,579,497        6,633,713       5,834,871

Current Assets         5,027,157        6,075,486       5,122,004

Current Liabilities    4,250,609        4,515,771       3,546,808

Working Capital          776,548        1,559,715       1,575,196

Long Term Debt           453,785          324,356         369,928

Financial Assets           2,184            2,184           3,484

Intangibles                    0                0               0

 

Net Worth and Total Assets are tangible figures shown after the deduction of  intangible assets.

 

RATIOS

 

                        Dec 31,2007      Dec 31,2008     Dec 31,2009
Current Ratio (X)              1.18             1.35            1.44
Solvency Ratio (%)           637.58           369.86          304.20
Fixed Assets/Net Worth (%)    62.87            31.00           36.98
Current Liabs/Net Worth (%)  485.73           251.77          184.91
Asset Turnover (%)            73.88            75.57           82.86
Sales / Net Working Cap (X)    5.31             3.21            3.07
Assets / Sales (%)           135.35           132.32          120.69
Profit Margin (%)              3.75             4.30            4.74
S/holders Return (%)          17.65            12.01           11.96
Return On Assets (%)           2.77             3.25            3.93
 

 

Abstract from individual fiscal balance sheet as at Dec 31, 2009 
 
             LIABILITIES                             ASSETS                        
Capital                      1,884,000   Misc Fixed Ass                 709,383
Legal Reserves                  34,134   Total Fixed Ass                709,383
Net Worth                    1,918,134                     
                                         Investments                      3,484
Misc Def Liabs                 369,929   Total Fin'cl Ass                 3,484
 
     CURRENT LIABILITIES:                         CURRENT ASSETS:               
Trade Creditors              1,062,622   Stock                          870,084
Misc Creditors                 543,623   Trade Debtors                  914,874
Short term Loans             1,511,498   Misc Debtors                 2,484,283
Taxation                       135,595   Cash                           852,763
Proposed Dividends             293,470                                         
 
TOTAL CURRENT                3,546,808   TOTAL CURRENT                5,122,004
 
TOTAL LIABS & NW             5,834,871   TOTAL ASSETS                 5,834,871
 
             Profit & Loss Account from Jan 01, 2009 to Dec 31, 2009               
 
             Net Sales                             4,834,521
             Cost of Goods Sold                    3,477,009
 
             Gross Profit                          1,357,512
             Selling/Admin Expenses                  285,120
             Misc Operating Charges                  740,951
             Misc Operating Income                    67,184
 
             Net Operating Income                    398,625
             Misc Financial Income                    32,005
             Total Financial Income                   32,005
 
             Interest Payable                        156,220
             Total Financial Expenses                156,220
 
             Profit Before Taxes                     229,359
             Income Tax                               57,340
 
             Profit After Tax                        172,019
 
             Net Profit                              172,019

 

 

According to the balance sheet as of Dec 31, 2009.

 

Financial statement obtained from outside sources on May 04, 2010.

 

 

LEGAL STATUS

 

BACKGROUND

Business started Nov 10, 2000.

Subject moved from 84, Dekelias avenue, 13671 ACHARNES ATTIKA on Apr 12, 2002.

 

LEGAL FORM

Societe anonyme registered on Nov 10, 2000 in THESSALONIKI for a period ending Nov 10, 2100.

Registration Number: 47334

Government Gazette Number: 10444/11,10,2000

Tax Registration Number: 099936940

 

 

CAPITAL DETAILS

 

Nominal capital: 1,884,000 Euro. Issued capital: 1,884,000 Euro.

Issued/paid-up capital was last increased on Jan 13, 2010.

 

Nominal capital is divided into: 628,000 ordinary shares of 3.00 each.

 

 

SHAREHOLDERS

 

MANOUSI MELINA FOTIOS

TSIOULPAS FOTIOS DIMOSTHENIS

 

 

LINKED COMPANIES

 

ACTIVITIES

 

Trade of fabrics

 

 

IMPORTS

 

Imports from France, Spain, Italy

Normal importing terms are open account

 

 

EXPORTS

 

Non Retrievable

 

 

PREMISES / REAL ESTATE

 

Operates from office, at heading address.

 

REGISTERED OFFICE: 181 Monastiriou street, 54627 THESSALONIKI, THESSALONIKI.

 

BRANCHES

 

Non Retrievable

 

 

GENERAL COMMENTS 

 

Mrs Voutsala confirmed general details in this report.

 

2011 local informants stated that:

 

According to their statement, subject exports to all over the world.

                                                            


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.65

UK Pound

1

Rs.71.93

Euro

1

Rs.63.24

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.