MIRA INFORM REPORT

 

 

Report Date :

18.08.2012

 

IDENTIFICATION DETAILS

 

Name :

MIRARAKI, D., S.A.

 

 

Registered Office :

55 Kifissias Ave  15123 Maroussi Attiki                                                                                                           

 

 

Country :

Greece          

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.01.1995.

 

 

Com. Reg. No.:

034410

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Imports and trade of carpets, antiques, upholstery and curtain fabrics.

 

 

No. of Employees :

16

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

MIRARAKI, D., S.A.

Customer reference no: 189911 Normal

 

 

IDENTIFICATION DETAILS

                       

ADDRESS:              55 KIFISSIAS AVE                                         

                               15123 MAROUSSI                                           

                               ATTIKI                                                   

                               GREECE                                                   

 

TELEPHONE:          30  2106179294                                            

TELEFAX:                30  2106179376                                           

E-MAIL ADDRESS:     info@miraraki.gr                                          

WEB ADDRESS:        www.miraraki.gr                                           

 

 

SENIOR COMPANY PERSONNEL

 
George K Mirarakis – Member of the Board
            
Evdoxia Christos Karafina – Member of the Board
 
Despina Konstantinos Miraraki - CEO
            
Despina Konstantinos Miraraki – Chairman of the Board

 

 

 

WORKFORCE

 

EMPLOYS: 16 as at Jan 10, 2012

 

 

 

PAYMENTS

 

 

 

A check against all available information sources revealed that no late payment incidents against Subject Company exist.

 

 

BANKERS

 

EFG EUROBANK ERGASIAS S.A., Kifissia Branch (Trochaia) branch., 270

Kifissias Ave, Kifissia 14563, Greece.

Telephone: 30 2108084146

 

Bank of Piraeus S.A., Paradeissos Branch branch., 26 Kifissias Ave& 2

Paradeissou, Maroussi 15125, Greece.

Telephone: 30 2108774340

 

 

FINANCIALS

 

 

 

 

 

 

 

 

 

 

 

 

 

                             Fiscal           Fiscal          Fiscal

                         Dec 31,2009      Dec 31,2010     Dec 31,2011

Turnover                   3,961,620        2,540,136       2,000,445

Pre-Tax Profit                50,455           30,793          18,621

Net Worth                    330,786          213,461         553,707

Fixed Assets               1,434,637        1,381,437       1,301,329

Total Assets               5,699,704        4,763,942       4,637,894

Current Assets             4,230,088        2,931,137       2,761,904

Current Liabilities        4,265,391        3,491,014       3,021,135

Working Capital              -35,303         -559,877        -259,231

Long Term Debt             1,103,527        1,059,467       1,063,052

Intangibles                   34,978          451,368         574,662

Employees                         15               18              18

 

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

 

+--------+

| RATIOS |

+--------+

                         Dec 31,2009      Dec 31,2010     Dec 31,2011

Current Ratio (X)               0.99             0.84            0.91

Solvency Ratio (%)          1,723.08         2,231.76          837.61

Fixed Assets/Net Worth (%)    433.71           647.16          235.02

Current Liabs/Net Worth (%) 1,289.47         1,635.43          545.62

Asset Turnover (%)             69.51            53.32           43.13

Sales / Net Working Cap (X)  -112.22            -4.54           -7.72

Assets / Sales (%)            143.87           187.55          231.84

Profit Margin (%)               1.27             1.21            0.93

S/holders Return (%)           15.25            14.43            3.36

Return On Assets (%)            0.89             0.65            0.40

Sales / Employees         264,108.00       141,118.67      111,135.83

Profit / Employees          3,363.67         1,710.72        1,034.50

 

     Abstract from individual fiscal balance sheet as at Dec 31, 2011

 

             LIABILITIES                             ASSETS                       

Capital              247,585   Land/Buildings               2,534,296

Retained Profits    -144,027   Depreciation                 1,232,967

Misc Reserves        450,149   Total Fixed Ass              1,301,329

Net Worth            553,707                    

                               Misc Intangible                574,662

Misc Def Liabs     1,063,052   Total Intangible               574,662

 

     CURRENT LIABILITIES:                         CURRENT ASSETS:              

Trade Creditors    2,297,697   Stock                        2,527,944

Short term Loans     410,462   Trade Debtors                  161,381

Misc Current Liabs   312,975   Misc Debtors                     2,950

                               Cash                            69,627

 

TOTAL CURRENT      3,021,134   TOTAL CURRENT                2,761,902

 

TOTAL LIABS & NW   4,637,893   TOTAL ASSETS                 4,637,893

 

 Profit & Loss Account from Jan 1, 2011 to Dec 31, 2011               

 

             Net Sales                             2,000,445

             Cost of Goods Sold                    1,208,546

 

             Gross Profit                            791,899

             Misc Operating Charges                1,259,920

             Misc Operating Income                   653,802

 

             Net Operating Income                    185,781

 

             Interest Payable                        110,824

             Misc Financial Expenses                  56,337

             Total Financial Expenses                167,161

 

             Profit Before Taxes                      18,620

             Income Tax                               18,709

 

             Profit After Tax                            -89

 

             Net Loss                                     89

    

 

 

 

 

 

LEGAL STATUS

 

 
Business started Jan 1, 1995. 
Subject moved from 263a Kifissias Ave, 14561 Kifissia Attiki on Nov 19,2001.
 
LEGAL FORM
 
Societe anonyme registered on Jan 1, 1995 for a period ending Dec 31, 2045.
     Registration Number: 034410 
     Government Gazette Number: 06284 / 1995 
     Chamber of Commerce Number: 110755 
     Tax Registration Number: 094436667 
     
Established in Kifissia, on 03.11.95. On 7/1/2002 (Gov. Gaz. No.
00112/2002) a change of subject's head office was published. 
   

 

 

CAPITAL DETAILS

 

Nominal capital: 597,720. Issued capital: 597,720.

Issued/paid-up capital was last increased on Apr 20, 2012.

    

     Nominal capital is divided into:

     204,000 shares of 2.93 each and fully paid-up.

       

 

SHAREHOLDERS

 

Despina Miraraki holds 85.00% of the voting capital.

 

Emmanouil Pervolarakis holds 5.00% of the voting capital.

 

Evdoxia Karafina holds 5.00% of the voting capital.

 

George Mirarakis holds 5.00% of the voting capital.

 

 

 

LINKED COMPANIES

 

GALLERIE MOIRARAKI S.A. Societe Anonyme, Kifissia, Greece 
     This is a dormant concern. 
     Year started: 1990. 
     This concern is related through common shareholders.
 
MIRARAKI, DESPOINA, & CO. E.E. Limited Partnership, Maroussi, Greece
     
     Year started: 2008. 
     This concern is related through common shareholders. 
     MOIRARAKI DESPOINA Sole Proprietorship, Athens, Greece 
     This is a dormant concern. 
     Year started: 1976. 
     This concern is related through common shareholders.
 
 

ACTIVITIES

 
Local Activity Code:                 4753                                           
Local Activity Code Type:         STAKOD                                         
Equivalent to:                          NACE 1 
                                        
Operates floor covering stores 
Operates family clothing stores 
Imports and trade of carpets, antiques, upholstery and curtain fabrics.
Subject distributes its goods by retail.

 

 

 

 

IMPORTS

 

Imports 90% from China, Germany, India, Iran, Italy, Pakistan, Turkey 
Normal importing terms are cash against documents

 

 

EXPORTS

 

The subject does not export.

 

 

 

PREMISES / REAL ESTATE

 

Operates from owned office, covering approximately 377 square meters at:

55 KIFISSIAS AVE                                         

15123 MAROUSSI                                           

ATTIKI                                                   

GREECE

                                                    

REGISTERED OFFICE: At heading address

 

 

BRANCHES

 

 

Subject has 3 branches/divisions 
Vas. Georgiou & Zissimopoulou, 16674, Glyfada, Greece. These are owned premises. 
Size: 550 square metres. 
     
55 Kifissias Ave, 15123, Maroussi, Greece. These are owned premises.
Size: 377 square metres. 
     
Fortetsa, 71409, Irakleio, Greece. These are owned premises. 
Size: 396 square metres. 
     
 

GENERAL COMMENTS 

 

Subject is a long established trading economic unit, which is mainly engaged in the trade of hand woven carpets (99%). It is noted that subject advertises its goods through TV stations.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.87.54

Euro

1

Rs.68.85

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.