MIRA INFORM REPORT

 

 

Report Date :

24.05.2012

 

IDENTIFICATION DETAILS

 

Name :

MEIDANIS - SOFOS TYRES S.A.

 

 

Registered Office :

10 Dimitros 10442 Athens  Attiki           

 

 

Country :

Greece    

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.01.1993

 

 

Com. Reg. No.:

028239

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Wholesales automobiles and other motor vehicles

 

 

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

 

 

 

IDENTIFICATION DETAILS

                       

NAME:                          MEIDANIS - SOFOS TYRES S.A.

ADDRESS:                   10 DIMITROS                                               

                                    10442 ATHENS                                             

                                    ATTIKI                                                   

                                    GREECE                                                    

 

TELEPHONE:                30  2105151860                                           

TELEFAX:                     30  2105143788                                           

E-MAIL ADDRESS:        hsofos01@otenet.gr                                        

WEB ADDRESS:           www.mstires.eu                                           

 

     ANY AMOUNTS HEREAFTER ARE IN EURO UNLESS OTHERWISE STATED

     

              

SENIOR COMPANY PERSONNEL

 

Aikaterini George Meidani

Member

Shareholder

           

Elias Antonios Sofos

Chairman

Shareholder

           

Nikolaos Gennimatas

Member

           

Vassiliki Angelos Meidani

Member

Shareholder

           

Athanassios Angelos Meidanis

Chief executive

Shareholder

            

Elias Antonios Sofos

Chief executive

Shareholder

PRINCIPALS ANTECEDENTS                                                    

NAME: Aikaterini George Meidani

Also associated with MEIDANIS, G. & S., S.A..

    

NAME: Elias Antonios Sofos

Also a director of MEIDANIS, G. & S., S.A., MEIDANIS TIRES S.A., MEIDANIS

TIRES S.A., ZAKESTIDIS, ST., - A. MEIDANIS - E. SOFOS 'ELASTIKOEMPORIK' S.A..

Also associated with MEIDANIS TIRES S.A., ZAKESTIDIS, ST., - A. MEIDANIS - E. SOFOS 'ELASTIKOEMPORIK' S.A., MEIDANIS, G. & S., S.A..

    

NAME: Nikolaos Gennimatas

Also associated with ZAKESTIDIS, ST., - A. MEIDANIS - E. SOFOS

'ELASTIKOEMPORIK' S.A..

    

NAME: Vassiliki Angelos Meidani

Also associated with ZAKESTIDIS, ST., - A. MEIDANIS - E. SOFOS

'ELASTIKOEMPORIK' S.A., MEIDANIS, G. & S., S.A..

    

NAME: Athanassios Angelos Meidanis

Also associated with MEIDANIS TIRES S.A., ZAKESTIDIS, ST., - A. MEIDANIS

  - E. SOFOS 'ELASTIKOEMPORIK' S.A., MEIDANIS, G. & S., S.A..

    

NAME: Elias Antonios Sofos

Also a director of MEIDANIS, G. & S., S.A., MEIDANIS TIRES S.A., MEIDANIS

TIRES S.A., ZAKESTIDIS, ST., - A. MEIDANIS - E. SOFOS 'ELASTIKOEMPORIK' S.A..

Also associated with MEIDANIS TIRES S.A., ZAKESTIDIS, ST., - A. MEIDANIS

  - E. SOFOS 'ELASTIKOEMPORIK' S.A., MEIDANIS, G. & S., S.A..

         

    

WORKFORCE

 

EMPLOYS: 16 as at Jan 4, 2011 including 0 part-time staff.

     The number of employees varies according to needs.

     The number of employees peaks to 16.

    

 

PAYMENTS

 

Informants report that subject's payments are prompt.

 

 

BANKERS

 

National Bank of Greece S.A., Maroussi Branch branch., 42 Dionyssou &

      Thisseos, Maroussi 15124, Greece.

      Telephone: 30 2106283034

 

EFG EUROBANK ERGASIAS S.A., P. Ralli Branch branch., 55 P. Ralli,

      Tavros 17778, Greece.

      Telephone: 30 2103461120

 

Bank of Piraeus S.A., Stadiou & Amerikis Branch branch., 4 Stadiou,

      Athens 10557, Greece.

      Telephone: 30 2103335195

 

Probank S.A., Evripidou Branch branch., 23 Evripidou & 24 Polykleitou,

      Athens 10551, Greece.

      Telephone: 30 2103317590

 

 

FINANCIALS

 

FINANCES

 

 
                              Fiscal           Fiscal          Fiscal
                         Dec 31,2009      Dec 31,2010     Dec 31,2011
 
Turnover                   6,731,701        6,035,864       6,921,718
Pre-Tax Profit               380,505           33,253         184,691
Net Worth                  1,987,701        1,934,445       2,003,796
Fixed Assets                 843,115        1,539,097       1,493,655
Total Assets               7,115,671        7,257,641       7,189,481
Current Assets             6,198,063        5,495,705       5,494,348
Current Liabilities        5,112,887        5,323,196       4,902,863
Working Capital            1,085,176          172,509         591,485
Long Term Debt                15,083                          282,822
Financial Assets              74,437           77,462          76,770
Intangibles                       56          145,377         124,707
Employees                         16                               16
 

 

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)               1.21             1.03            1.12
Solvency Ratio (%)            357.98           375.18          358.79
Fixed Assets/Net Worth (%)     42.42            79.56           74.54
Current Liabs/Net Worth (%)   257.23           275.18          244.68
Asset Turnover (%)             94.60            83.17           96.28
Sales / Net Working Cap (X)     6.20            34.99           11.70
Assets / Sales (%)            105.70           120.24          103.87
Profit Margin (%)               5.65             0.55            2.67
S/holders Return (%)           19.14             1.72            9.22
Return On Assets (%)            5.35             0.46            2.57
Sales / Employees         420,731.31             0.00      432,607.38
Profit / Employees         23,781.56             0.00       11,543.19

 

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

 

LIABILITIES                    ASSETS   
                     
Capital            1,454,048   Land/Buildings               2,074,928
Retained Profits     349,407   Depreciation                   581,273
Misc Reserves        200,341   Total Fixed Ass              1,493,655
Net Worth           2,003,796                     
                               Shares in Group                 68,756
Misc Def Liabs       282,822   Misc Fin'cl Ass                  8,014
                               Total Fin'cl Ass                76,770
 
                               Misc Intangible                124,707
                               Total Intangible               124,707
 
CURRENT LIABILITIES:           CURRENT ASSETS: 
              
Trade Creditors    2,110,945   Stock                        1,032,454
Short term Loans   2,461,118   Trade Debtors                4,310,538
Proposed Dividends    60,000   Misc Debtors                    39,058
                               Cash                           112,300
 
TOTAL CURRENT      4,902,864   TOTAL CURRENT                5,494,350
 
TOTAL LIABS & NW   7,189,482   TOTAL ASSETS                 7,189,482

 

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

 

             Net Sales                             6,921,718
             Cost of Goods Sold                    5,065,195
 
             Gross Profit                          1,856,523
             Misc Operating Charges                1,427,761
             Misc Operating Income                    39,425
 
             Net Operating Income                    468,187
             Misc Financial Income                    12,334
             Total Financial Income                   12,334
 
             Interest Payable                        242,612
             Misc Financial Expenses                  53,218
             Total Financial Expenses                295,830
 
             Profit Before Taxes                     184,691
             Income Tax                               46,350
 
             Profit After Tax                        138,341
 
             Net Profit                              138,341
 
             Dividends                                60,000
             Retained Earnings at End                -60,000

              

According to the balance sheet as of Dec 31, 2011.

    

The below mentioned financial figures are in Euro

         

Sales for the 02 month period ending Mar 31, 2012 were 1,427,000.

    

 

LEGAL STATUS

 

BACKGROUND

     Business started Jan 1, 1993.

    

   LEGAL FORM

     Societe anonyme registered on Jan 1, 1993 for a period ending Dec 31, 2043.

     Registration Number: 028239

     Government Gazette Number: 00161 / 1993

     Chamber of Commerce Number: 68262

     Tax Registration Number: 094356237

 

Established in Athens, on 18.1.1993, to undertake the business activities of the affiliated firm MEIDANIS TIRES S.A. mentioned below.

    

 

CAPITAL DETAILS

 

Nominal capital is divided into:

496,262 shares of 2.93 each and fully paid-up.

 

 

SHAREHOLDERS

 

Athanassios Meidanis holds 33.33% of the voting capital.

Aikaterini Meidani holds 16.67% of the voting capital.

Evangelia Meidani holds 16.67% of the voting capital.

Vassiliki Meidani holds 16.65% of the voting capital.

Elias Sofos holds 16.65% of the voting capital.

 

 

AFFILIATED COMPANIES

 

SUBSIDIARIES

     

     VIANEL S.A. Societe Anonyme, Larissa, Greece

     This subsidiary is dormant.

     Year started: 2001.

     Subject owns 51% of the capital.

  

   AFFILIATES

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

     interest(s):

     MEIDANIS TIRES S.A. Societe Anonyme, Athens, Greece

     This is a dormant concern.

     Year started: 1991.

     This concern is related through common shareholders.

     ZAKESTIDIS, ST., - A. MEIDANIS - E. SOFOS 'ELASTIKOEMPORIK' S.A. Societe

     Anonyme, Kalochori, Greece

     Year started: 1999.

     This concern is related through common shareholders.

     MEIDANIS, G. & S., S.A. Societe Anonyme, Athens, Greece 

     Year started: 1974.

     This concern is related through common shareholders.

     MEIDANIS, ANGELOS, & CO O.E General Partnership

     This is a dormant concern.

     Year started: 1977.

     This concern is related through common shareholders.

     MEIDANI, E., & CO. O.E. General Partnership, Athens, Greece

     Year started: 1990.

     This concern is related through common shareholders.

            

                                                             

ACTIVITIES

 

Local Activity Code:                   4531                                           

Local Activity Code Type:           STAKOD                                        

Equivalent to:                             NACE 1                                        

    

     Wholesales automobiles and other motor vehicles

     Representations, imports and wholesale trade of car and machinery tires,

     Subject's clientele comprises approximately 500 firms all over Greece

     (Wholesalers and engineers).

 

Subject reportedly acts as agents for:

     BKT, India

     Hankook Tire, South Korea

 

 

IMPORTS

 

Imports 99% from China, Hungary, India, South Korea

Normal importing terms are bills of exchange

 

 

EXPORTS

 

Subject does not export.

 

 

PREMISES / REAL ESTATE

 

Operates from rented warehouse, covering approximately 6,500 square metres at heading address.

    

REGISTERED OFFICE: At heading address

 

 

BRANCHES

 

Subject has 3 branches/divisions :

 

      19011, Avlona, Greece. These are owned premises. Size: 9000 square

     metres.

    

     2 Anat. Romylias, 57009, Kalochori, Greece. These are owned premises.

     Size: 2500 square metres.

    

     Platikambos, Melissochori, 41001, Larissa, Greece. These are owned

     premises. Size: 1742 square metres.

    

 

GENERAL COMMENTS 

 

Subject confirmed general details in this report.

    

     Local informants stated that:

     Subject is an old established trading firm , which is activated in sector

     Transport Means. According to statement it uses 2 owned trucks and 2

     semi-trucks to cover its needs.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.93

UK Pound

1

Rs.88.15

Euro

1

Rs.70.88

 

 

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.