MIRA INFORM REPORT

 

 

Report Date :           

02.06.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

MAKRYDAKIS IOSSIF S.A. TOURIST FORWARDER

 

 

Registered Office :

8 Petrou Ralli Street, 11855 Athens, Attika.

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

24.01.1985

 

 

Com. Reg. No.:

5486

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Wholesales Packaged Frozen Goods

 

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 :

No Complaints

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Greece

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

IDENTIFICATION DETAILS

 

NAME:              MAKRYDAKIS IOSSIF S.A. TOURIST FORWARDER ADDRESS:

8 PETROU RALLI STREET 11855 ATHENS

ATTIKA

                        GREECE

TELEPHONE:     30 2103459338
                            30 2103425355
TELEFAX:         30 2103425164

E-MAIL ADDRESS: makridakis@ath.forthnet.gr

 

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

 

 

SENIOR COMPANY PERSONNEL

 

GEORGIOS MAKRYDAKIS

Chairman

Legal representative

 

ELIAS MAKRYDAKIS Vice-chairman Managing director Legal representative

 

EMMANOUEL MAKRYDAKIS

Member

 

 

WOrkforce

EMPLOYS: 16

 

 

PAYMENTS

 

No Negative data have been recorded for Subject Company.

 

 

Bankers

 

ALPHA BANK, TAVROS branch., 202, Pireos Street, TAVROS 17778, Greece.

 

FINANCIALS

                                                                        Fiscal                           Fiscal               fiscal

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

Turnover                                                            10,744,729                    9,781,073          9,848,877

Pre-Tax Profit                                                    264,084             68,584              376,722

Net Worth                                                         1,384,819                      1,436,257          1,268,798

Fixed Assets                                                     68,421                          62,438              156,789

Total Assets                                                      7,141,469                      7,068,198          6,875,281         

Current Assets                                                 7,068,145                      7,001,605          6,715,488         

Current Liabilities                                               3,742,419                      4,177,211          4,725,003                     

Working Capital                                                 3,325,726                      2,824, 394         1,990,0485

Long Term Debt                                                 2,014,230                      1,454,729          881,479            

Financial Assets                                                4,903                            4,155                3,004               

Intangibles                                                         0                                  0                      0

 

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

 

                       

                                                      Fiscal                                 Fiscal                           Fiscal

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

Current Ratio (X)                                      1.89                1.68                              1.42

Solvency Ratio   (%)                             515.70                492.13                          541.87

Fixed Assets/Net Worth (%)                     4.94                4.35                              12.36

Current Liabs/Net Worth (%)                  270.25                290.84                          372.40

Asset Turnover (%)                               150.46                138.38                          143.25

Sales / Net Working Cap (X)                     3.23                3.46                              4.95

Assets / Sales (%)                                 66.46                72.266                          9.81

Profit Margin (%)                                      2.46                0.70                              3.83

S/holders Return (%)                              19.07                4.78                              29.69

Return On Assets (%)                              3.70                0.97                              5.48

 

 

Abstract from individual fiscal balance sheet as at Dec 31, 2009

LIABILITIES                                                                               Assets

 

Capital                                                  640,000                         Misc Fixed  assets        156,789

Legal Reserves                                      624,255                         Total Fixed Assets          156,789

Profit For Year                                           4,543                         Misc Fin’cl Assets         3,004

Net Worth                                           1,268,798                         Total Fin’cl Assets         3,004

Misc Def Liabs                                       881,480

 

Current Liabilities                                                   Current Assets

Trade Creditors                                      507,243                         Stock                            1,002,397

Misc Creditors                                       545,567                         Trade Debtors                1,350,610

Short term Loans                                2,602,194                         Bad debt Provision         282,695

Loan Instalments                                   553,620                         Misc Debtors                 3,672,380

Taxation                                               187,454                         Cash                             407,406

Proposed dividend                                  306,000

Advance received                                   22,925

Total Current                                          4,725,0003                    Total Current                  6,715,488                     

Total Liabilities & NW                             6,875,281                      Total Assets                  6,875,281         


Abstract from individual fiscal balance sheet as at Dec 31, 2009

 

Profit & Loss Account from Jan 01, 2009 to Dec 31, 2009

 

Net Sales

9,848,877

Cost of Goods Sold

8,519,838

Gross Profit

1,329,039

Selling/Admin Expenses

205,807

Misc Operating Charges

518,797

Net Operating Income

604,435

Misc Financial Income

835

Total Financial Income

835

Interest Payable

185,669

Total Financial Expenses

185,669

Profit Before Taxes

376,722

Income Tax

94,180

Profit After Tax

282,542

Net Profit

282,542

 

According to the balance sheet as of Dec 31, 2009. Financial statement obtained from outside sources.

 

 

LEGAL STATUS

 

Societe anonyme registered on Jan 24, 1985 in ATHENS for a period ending Jan 24, 2084.

Registration Number: 5486

Government Gazette Number: 161/01,24,1985

Tax Registration Number: 094145631

 

Business started Jan 24, 1985.

 

 

CAPITAL DETAILS

Nominal capital: 640,000 Euro. Issued capital: 640,000 Euro.

Issued/paid-up capital was last increased on Sep 02, 2009.

 

Nominal capital is divided into: 200,000 ordinary shares of 3.20 each.

 

 

SHAREHOLDERS

 

MAKRYDAKI GIANNOULA ELIAS holds 5.00% of the voting capital.

 

 

MAKRYDAKIS JOSEPH GEORGIOS holds 95.00°% of the voting capital.

 

 

LINKED COMPANIES

 

Non Retrievable

 

Activities

 

Wholesales packaged frozen goods

Trade of frozen meat, fish and vegetables

Number of accounts: 300

Territory: 100% National

 

 

Imports

Imports from Australia, Belgium, Brazil, France, India, Spain, Italy, Netherlands Normal importing terms are 60 days open account

 

 

EXPORTS

 

The subject does not engage in any export activities.

 

 

PREMISES / REAL ESTATE

 

Operates from office, at heading address.

 

REGISTERED OFFICE: 8 Petrou Ralli street, 11855 ATHENS, ATTIKA.

 

 

BRANCHES

 

Warehouse: Industrial Area of Iraklio, 71601, IRAKLIO, Greece.

 

GENERAL COMMENTS

 

We contacted Mr Kouzoulis who confirmed general details in this report.

 

The subject is also known as MAKRYDAKIS I. S.A. Subject has been continuing, since 1970, the activities of the previous general partnership MAKRYDAKIS JOSEPH O.E. According to their statement, subject has undertaken, since January 2010, the activities of the relative firm MAKRYDAKIS JOSEPH & CO O.E. (VAT No 092313807).

 

Subject has also transactions with NATIONAL BANK OF GREECE.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.89

UK Pound

1

Rs.73.85

Euro

1

Rs.64.76

 

 

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

----

NB

New Business

----

 

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.