MIRA INFORM REPORT

 

 

Report Date :

02.06.2011

 

IDENTIFICATION DETAILS

 

Name :

VASSILIOU-TROFINKO S.A. FOODSTUFF 

 

 

Formerly Known As :

TROFINKO S.A

 

 

Registered Office :

Dervenochorion Street 19600 Mandra Attika

 

 

Country :

Greece

 

 

Years of Establishment :

1985

 

 

Com. Reg. No.:

5599

 

 

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 :

Unknown

 

 

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

 

IDENTIFICATION DETAILS

 

NAME: VASSILIOU-TROFINKO S.A. FOODSTUFF 

 

TRADING STYLE:      'VASSILIOU-TROFINKO S.A.'

 

(FORMER NAME:       TROFINKO S.A.)

 

 

Company ADDRESS

           

DERVENOCHORION STREET

19600 MANDRA

ATTIKA

GREECE

 

TELEPHONE                 :30  2105512100

                                    30  2105512117

                                    30  2105512131

TELEFAX                      30  2105551000

E-MAIL ADDRESS         : dika@vtf.gr

WEB ADDRESS            :  www.vtf.gr

 

ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

 

 

SUMMARY

 

STARTED:         1985                            SALES:                     38,655,826

YEAR INC:        1985                             PROFIT:                   109,109

LEGAL FORM: SOCIETE ANONYME     NET WORTH:          6,012,152

REG NO:          5599                             NOM CAPITAL:       3,434,420

GOVT GAZ NO: 459/01,13,1985              ISS CAPITAL:        3,434,420

EMPLOYS:       130

SIC:                  5146 5142

 

ACTIVITY:   WHOLESALES FISH AND SEAFOODS

 

 

SENIOR COMPANY PERSONNEL

 

PARASKEVI VASILIOU

Chairman

 

GRIGORIOS VASILIOU

Vice-chairman

Managing director

Legal representative

 

NIKOLAOS HATZIGEORGAKIS

Member

 

XENOFON-SPYRIDON LOURANTOS

Member

Legal representative

 

PETROS KASIMATIS

Member

 

PRINCIPALS ANTECEDENTS

NAME: PARASKEVI VASILIOU

Nationality: Greek

 

NAME: GRIGORIOS VASILIOU

Nationality: Greek

 

NAME: NIKOLAOS HATZIGEORGAKIS

Nationality: Greek

 

NAME: XENOFON-SPYRIDON LOURANTOS

Nationality: Greek

 

NAME: PETROS KASIMATIS

Nationality: Greek

  

 

WORKFORCE

 

EMPLOYS: 130

 

 

PAYMENTS

 

PUBLIC RECORD INFORMATION

In 2005 1 auction for total value of 1236000 EUR has been reported.

In 2006 1 auction for total value of 10300000 EUR has been reported.

In 2008 1 auction for total value of 2060000 EUR has been reported.

In 2006 1 mortgage for total value of 1236000 EUR has been reported.

In 2007 1 mortgage for total value of 10299999 EUR has been reported.

 

 

RATINGS

 

CONDITION                   : GOOD                

AVG CREDIT (USD)       : 1,136,775           

PAYMENTS                  : UNDETERMINED

 

 

BANKERS

 

·         BANK OF ATTICA S.A., TAVROS branch., 22, Piraeus Street, TAVROS 17778, Greece.

·         NATIONAL BANK OF GREECE S.A., MOSCHATO branch., Makrygianni 88, MOSCHATO 18345, Greece.

·         EMPORIKI BANK OF GREECE S.A., TAVROS branch., 209, Pireos St., TAVROS 17778, Greece.

·         PIRAEUS BANK S.A., KALLITHEAS branch., 167, El. Venizelou str., Davaki sq., KALLITHEA 17672, Greece.

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

·         BANK OF CYPRUS PUBLIC COMPANY LIMITED, CONSUMER BRANCH ALEXANDRAS AVE. branch., 170, Alexandras Ave., ATHENS 11521, Greece.

·         MARFIN EGNATIA BANK S.A., KALLITHEA branch., 147, El. Venizelou st., KALLITHEA 17673, Greece.

·         EFG EUROBANK ERGASIAS S.A., OTHONOS STR. SYNTAGMA branch., 8, Othonos Str., ATHENS 10557, Greece.

 

 

FINANCIALS

 

                                              Fiscal                      Fiscal                      Fiscal

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

Turnover                                  40,452,632               40,286,207               38,655,826

Pre-Tax Profit                          226,591                   124,867                   109,109

Net Worth                               6,231,175                6,136,562                6,012,152

Fixed Assets                           12,792,042               12,942,075               12,573,533

Total Assets                                           39,408,340               37,369,449               36,747,132

Current Assets                        25,405,691               23,136,589               23,166,041

Current Liabilities                     21,782,080               15,022,564               12,614,017

Working Capital                       3,623,611                8,114,025                10,552,024

Long Term Debt                       11,395,084               16,210,322               18,120,962

Financial Assets                      1,108,503                1,198,438                943,585

Intangibles                              102,104                   92,347                     63,973

 

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)                      1.17                        1.54            1.84
Solvency Ratio (%)                  632.44                     608.96          611.21
Fixed Assets/Net Worth (%)    205.29                      210.90          209.14
Current Liabs/Net Worth (%)     349.57                     244.80          209.81
Asset Turnover (%)                  102.65                     107.81          105.19
Sales / Net Working Cap (X)    11.16                         4.97             3.66
Assets / Sales (%)                  97.42                       92.76           95.06
Profit Margin (%)                      0.56                        0.31            0.28
S/holders Return (%)                3.64                        2.03            1.81
Return On Assets (%)              0.57                        0.33            0.30

 

Abstract from individual fiscal balance sheet as at Dec 31, 2009 
 
             LIABILITIES                             ASSETS                        
Capital                                    3,434,419   Misc Fixed Ass                     12,573,533
Legal Reserves                        115,066   Total Fixed Ass                        12,573,533
Revaltn Reserve                       2,454,758                     
Profit For Year                         7,909   Investments                                 250,096
Net Worth                               6,012,152   Misc Fin'cl Ass                      693,489
                                              Total Fin'cl Ass                                       943,585
Misc Provisions                       275,299                     
Misc Def Liabs                        17,845,664   Misc Intangible                    63,973
                                              Total Intangible                                       63,973
 
CURRENT LIABILITIES:                                          CURRENT ASSETS:               
Trade Creditors                        4,522,258                Stock                                                     10,031,628
Misc Creditors                         2,004,062                Trade Debtors                          6,796,030
Short term Loans                     4,300,391                Bad Debt Provision                   920,075
Loan Instalments                     1,521,800                Misc Debtors                           4,867,225
Taxation                                  244,837                   Cash                                       545,780
Advances Received               20,669                        Market Securities                     5,303
 
TOTAL CURRENT               12,614,017   TOTAL CURRENT               23,166,041
 
TOTAL LIABS & NW            36,747,132   TOTAL ASSETS                36,747,132
 
             Profit & Loss Account from Jan 01, 2009 to Dec 31, 2009               
 
             Net Sales                                                 38,655,826
             Cost of Goods Sold                                   31,663,388
 
             Gross Profit
                          6,992,438
             Selling/Admin Expenses                            1,112,921
             Misc Operating Charges                            5,082,560
             Misc Operating Income                              195,975
 
             Net Operating Income                                992,932
             Misc Financial Income                               851
             Total Financial Income                               851
 
             Interest Payable                                        1,231,936
             Total Financial Expenses                           1,231,936
 
             Profit Before Taxes                                                   109,109
             Income Tax                                                              31,749
             Misc Tax                                                  10,843
 
             Profit After Tax                                          66,517
 
             Net Profit                                                  66,517
    

 

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

 

Financial statement obtained from outside sources

 

 

LEGAL STATUS

 

BACKGROUND

Business started Jan 13, 1985.

Subject moved from 226, Pireos street, 17778 TAVROS ATTIKA on 2004.

 

LEGAL FORM

Societe anonyme registered on Jan 13, 1985 in MANDRA for a period ending Jan 13, 2035.

Registration Number: 5599

Government Gazette Number: 459/01,13,1985

Tax Registration Number: 094146050

Subject's name was changed from 'TROFINKO S.A.' in 2001.

 

 

CAPITAL DETAILS

 

CAPITAL

Nominal capital: 3,434,420 Euro. Issued capital: 3,434,420 Euro.

Issued/paid-up capital was last increased on Jan 01, 2007.

 

Nominal capital is divided into: 117,016 ordinary shares of 29.35 each.

 

 

SHAREHOLDERS

 

VASILIOU GRIGORIOS DIMITRIOS

HATZIGEORGAKIS NIKOLAOS NIK.

SISKOS GEORGIOS IOANNIS holds 29.16% of the voting capital.

VASILIOU DIMITRIOS GRIGORIOS holds 29.17% of the voting capital.

 

 

LINKED COMPANIES

 

AFFILIATES

The following are related through principal(s) and/or financial interest(s):

TROFINKO MAKEDONIAS A.E. , AG.ATHANASIOS, Greece

VASILIOU VILLAGE A.E.X.T.V.E. , MALIA, Greece

 

 

ACTIVITIES

 

Wholesales fish and seafoods

Wholesales packaged frozen goods

Trade of frozen products (vegetables, fish etc).

Sells to Super market chains, hotel chains on a regular basis.

Territory: 10% International 90% National

 

 

Subject reportedly acts as agents for:

ARDO, Belgium

LUTOZA, Belgium

FROSTA, Germany

 

Subject has 20 vehicles including: 20 trucks; which are used in the running of the business.

 

 

IMPORTS

 

Imports from Spain, Germany, Belgium, France, Denmark, India, Italy, New Zealand, Netherlands

Normal importing terms are 60 days

Normal importing terms are open account

 

 

EXPORTS

 

Exports 10% to Spain, Germany, Cyprus, Turkey, Former Yugoslav Rep of Macedonia

Normal exporting terms are open account

 

 

PREMISES / REAL ESTATE

 

Operates from office, at heading address.

 

REGISTERED OFFICE: Dervenochorion street, 19600 MANDRA, ATTIKA.

 

 

BRANCHES

 

226 Pireos street, 17778, TAVROS, Greece. These are shop premises.

 

5th klm Kalochori-Thessaloniki Road, 57009, KALOCHORI, Greece. These are office premises.

 

Industrial Zone of Iraklio, 71500, IRAKLIO, Greece. These are office premises.

 

 

GENERAL COMMENTS 

 

Mrs Milopoulou confirmed general details in this report.

 

 

 

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.