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Report Date : |
08.11.2012 |
IDENTIFICATION DETAILS
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Name : |
TZANIDIS, S., S.A. |
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Registered Office : |
337a
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.01.1986 |
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Com. Reg. No.: |
014488 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Wholesaler of fish and sea foods. |
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No. of Employees : |
14 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Greece |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
greece - ECONOMIC OVERVIEW
Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. But the economy went into recession in 2009 as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit. The economy contracted by 2.3% in 2009, 3.5% in 2010, and 6.0% in 2011. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP. Austerity measures reduced the deficit to 11% of GDP in 2010 and about 9% in 2011. Eroding public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, and has led the country into a financial crisis. Under intense pressure from the EU and international market participants, the government adopted a medium-term austerity program that includes cutting government spending, decreasing tax evasion, reworking the health-care and pension systems, and reforming the labor and product markets. Athens, however, faces long-term challenges to push through unpopular reforms in the face of widespread unrest from the country's powerful labor unions and the general public. In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in May 2010, the International Monetary Fund and Eurozone governments provided Greece emergency short- and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. In exchange for the largest bailout ever assembled, the government announced combined spending cuts and tax increases totaling $40 billion over three years, on top of the tough austerity measures already taken. Greece, however, struggled to meet 2010 targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for 2009 and 2010. European leaders and the IMF agreed in October 2011 to provide Athens a second bailout package of $169 billion. The second deal however, calls for Greece's creditors to write down a significant portion of their Greek government bond holdings. In exchange for the second loan Greece has promised to introduce an additional $7.8 billion in austerity measures during 2013-15. However, these massive austerity cuts are lengthening Greece's economic recession and depressing tax revenues. Greece's lenders are calling on Athens to step up efforts to increase tax collection, privatize public enterprises, and rein in health spending, and are planning to give Greece more time to shore up its economy and finances. Many investors doubt that Greece can sustain fiscal efforts in the face of a bleak economic outlook, public discontent, and political instability.
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Source : CIA |
TZANIDIS, S., S.A.
ADDRESS: 337A TATOIOU
AVE
13677
ACHARNES
ATTIKI
GREECE
REGISTERED OFFICE: At
heading address.
TELEPHONE: 30 2108002550
TELEFAX: 30 2108002559
E-MAIL ADDRESS: tzanidis@tzanidis.gr
WEB ADDRESS: www.tzanidis.gr
Evangelos Sofoklis Tzanidis -
chairman
Sotirios Evangelos Tzanidis -
vice-chairman , shareholder
Sotirios Evangelos Tzanidis -
chief executive , shareholder
Vyron Vagiatis - member
Vassiliki Athanassiadou - member
The number of employees varies according to needs.
The number of employees peaks to 14.
No complaints regarding payments from local suppliers or banks have been sourced.
Alpha Bank A.E.,
Nea Kifissia Branch, 25 Ilission, Kifissia 14564, Greece.
Telephone: 30 2108077969
The below mentioned financial figures are in Euro
Fiscal Fiscal Fiscal
Dec 31,2009 Dec
31,2010 Dec 31,2011
Turnover
9,750,291 9,934,006 11,563,410
Pre-Tax Profit
1,127,802 847,668 1,054,620
Net Worth
4,696,734 4,952,801 5,299,929
Fixed Assets
1,450,658 1,706,490 1,557,825
Total Assets
7,496,843 8,094,795 8,633,561
Current Assets
6,041,648 6,383,768 7,071,200
Current Liabilities
1,683,297 2,581,391 3,260,606
Working Capital
4,358,351 3,802,377 3,810,594
Long Term Debt
1,116,812 560,603 73,026
Financial Assets
4,537 4,537 4,537
Intangibles 0 0
0
Net Worth and Total Assets are tangible figures shown after the
deduction of intangible assets.
Abstract from individual fiscal balance sheet as at Dec 31, 2011:
LIABILITIES ASSETS
Capital 535,000
Land/Buildings 2,791,605
Retained Profits 4,293,839
Depreciation 1,233,780
Misc Reserves 471,090
Total
Fixed Ass 1,557,825
Net Worth
5,299,929
Misc
Fin'cl Ass 4,537
Misc Provisions 73,026
Total
Fin'cl Ass 4,537
Misc
Intangible 0
Total
Intangible 0
CURRENT LIABILITIES CURRENT
ASSETS
Trade Creditors 673,820 Stock 1,414,614
Short term Loans 1,949,850 Trade
Debtors 5,426,169
Proposed Dividends 200,000 Misc
Debtors 3,881
Cash 226,534
TOTAL CURRENT 3,260,605 TOTAL
CURRENT 7,071,198
TOTAL LIABS & NW 8,633,560
TOTAL
ASSETS 8,633,560
Profit & Loss Account from Jan 1, 2011 to Dec 31, 2011:
Net Sales
11,563,410
Cost of Goods Sold
9,284,085
Gross Profit
2,279,325
Misc Operating Charges 756,746
Misc Operating Income 36,203
Net Operating Income 1,558,782
Misc Financial Income 5,135
Total Financial Income 5,135
Interest Payable
129,906
Misc Financial Expenses 379,392
Total Financial Expenses 509,298
Profit Before Taxes
1,054,619
Income Tax 287,492
Profit After Tax
767,127
Net Profit
767,127
Dividends
200,000
Retained Earnings at End -200,000
Business started: Jan
1, 1986 for a period ending Dec 31, 2017
Year Incorporated: 1986
Legal Form: Societe
anonyme
Registration Number: 014488
Government Gazette Number: 03344
/ 1986
Chamber of Commerce Number: 48346
Tax Registration Number: 094186594
Established in Athens, on 17.12.1986. Subject has undertaken the
business activities of the general partnership TZANIDIS, K., & CO O.E.,
originally founded in 1970. On 6/6/2002 (Gov. Gaz. No. 04238/2002) a change of
subject's head office was published.
Nominal capital is
divided into:
535,000 shares of 1 each and fully paid-up.
Former Address:
Subject moved from 88 Ethn. Antistasseos, 15772 Zografou Attiki on May
13, 2002.
Sotirios Tzanidis holds 85.00% of the voting capital.
Kyriaki Tzanidi holds 10.00% of the voting capital.
Kalliopi Tzanidi holds 5.00% of the voting capital.
SIC: 5146
ACTIVITY: WHOLESALES FISH
AND SEAFOODS
Local Activity Code: 4638
Local Activity Code Type: STAKOD
Equivalent to: NACE 1
Wholesales fish and sea foods.
Exclusive imports and wholesale trade of confectionery and bakery raw
materials.
Subject's customers are 400 enterprises, including: Exports 1% to
Albania, Cyprus
Subject reportedly acts as agents for: Sanovo Foods A/S, Denmark
Imports 80% from Belgium, China, Denmark, Germany, India, Indonesia,
Netherlands, Sri Lanka, Syria, Turkey
Normal importing terms are cash against documents
Exports 1% to Albania, Cyprus Normal exporting terms are cash against documents Operates from owned warehouse, covering approximately 5,000 square metres at heading address. The site covers approximately 5,000 square metres.
Subject is a long established, family run, trading firm, that activates at the sector trade of food products.
No further information was available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.25 |
|
UK Pound |
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.