MIRA INFORM REPORT

 

 

Report Date :

23rd June 2006

 

IDENTIFICATION DETAILS

 

Name :

LACOMAR S.A

 

 

Registered Office :

1 Spathari

17121, Nea Smyrni, Attiki

 

 

Country :

Greece

 

 

Financials (as on) :

31/12/2005

 

 

Date of Incorporation :

04/01/2001

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Importers and traders of marble and granite

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

 

Name  & address

 

LACOMAR S.A.

ISN ID: 55837

1 Spathari

17121, Nea Smyrni, Attiki

Tel.: 210 9329530

Fax: 210 9329530

U.R.L.: www.lacomar.gr

E-mail: info@lacomar.gr

 

Summery

 

Sector                                                                      :   Trade (Wall & Floor Panelling)

Year Established                                                       :   2001

Year Founded                                                           :   1986

Chairman                                                                  :   Nikolaos Pan. Pipitsoulis

Capital                                                                      :   Euro 87.900

Shareholders Equity                                                  :   Euro 230.685 (31/12/2005)

Total Net Sales                                                         :   Euro 1.914.805 (1/1/2005 - 31/12/2005)

Net Income for the Year Before Tax                             :   Euro 114.927 (1/1/2005 - 31/12/2005)

Staff of employees                                                        :   4

 
 
FINANCIAL STATUS                                                    : Satisfactory                                    
PAYMENT RECORD                                                    : Prompt                                          
TREND                                                                          : Stable
 
 

GOV. GAZETTE No

 
00072/2001  
 
 

TAX REGISTR. No

 

095357220                         

 
 

No OF THE REGISTER OF SOCIETE ANONYME

 
047882 /001 /Β /00 /344                  
                                                                               

MEMBER OF               

 
PIRAEUS CHAMBER OF COMMERCE & INDUSTRY                 
 
 

EXPORTS REG. No.  

 
0003104                                                
               
                                                                

ISO Certificate             

 
ISO 9001:2000                                          
 
 

Testifying Company    

 
UKAS - EUROPEAN QUALITY ASSURANCE LIMITED
 
 

LEGAL FORM

 
Societe Anonyme                                        
 
 

DATE ESTABLISHED

 
04/01/2001                                             
 
 

HEAD OFFICE

 
Nea Smyrni, Attiki                                     
 
 

DURATION

 
Up to year 2051
 
 
                                                                               

HISTORY

                                                                    

Established following a change of the legal status of a firm originally founded in 1986.On 03/11/2005 (Gov. Gaz. No 11485/2005) a change of subject's head office was published.                   
SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE              GOV.GAZ.:According to the Gov.Gaz. 72/01 subject was established following the change in the legal status of the firm LACOMAR LTD.
 
 

ACTIVITY

                                 

Imports and trade of marble and granite
 
 

PREMISES (as declared )

 

On 03/11/2005 subject's head office was changed. Previous address 93 S. Karagiorga, 166-75 Glyfada, Attiki                                      

 

 

HEAD OFFICE

 
 1 Spathari, 171-21 Nea Smyrni, Attiki, rented.
 
 

STAFF

                                                                        

Employees      :  4 persons
 
 

SHAREHOLDERS(as declared)

                                                    

by 33.34% Kalliopi Ant. Lagoudaki (born in 1964)                              
by 33.33% Nikolaos Pan. Pipitsoulis (born in 1961)                            
by 33.33% Dionyssia Ant. Lagoudaki - Pipitsouli (born in 1963)
 
 

BOARD OF DIRECTORS

                                                           

Nikolaos Pan. Pipitsoulis      Chairman                                        
Kalliopi Ant. Lagoudaki         Vice-Chairman                                   
Dionyssios Kyp. Liveris         Member                                          
Dionyssia Ant. Lagoudaki -   Pipitsouli Member
 
 

PARTICIPATIONS                                                               

 

Subject participates in the following firm(s)  by 50.00% LACOMAR - PISANI (HELLAS) S.A.                                      
(Code No: 0252042  VAT: EL999863764)                                          
DATE ESTABLISHED: 2002                                                        
SECTOR: Trade (Wall & Floor Panelling)                                        
Share capital : 450,000                                                       
Shareholders equity : 774,764                                                 
Net Sales : 2,731,426                                                         
Net profit : 21,773                                                           
Balance sheet details as at (31.12.2005) in Euro.                             
HEAD OFFICE-WAREHOUSE: 1 Iakinthon, Agioi Assomatoi, P.O. Box                 
383 194 00, Koropi, Attiki
 

AFFILIATED COS                                                               

 
Nikolaos Pan. Pipitsoulis participates in the firm(s):                        
                                                                               
  -GREEK STONE LTD by 33.34%                                                  
(Code No: 0235676  VAT: EL099048137)                                          
DATE ESTABLISHED: 1999                                                        
SECTOR: Trade (Wall & Floor Panelling)                                        
Paid up capital : 17,608                                                      
Shareholders equity : 20,677                                                  
Net Sales : 49,020                                                            
Losses : -1,287                                                               
Balance sheet details as at (31.12.2001) in Euro.                             
HEAD OFFICE: 93 S. Karagiorga 166 75, Glyfada, Attiki                         
Said firm dissolved in 2005                                                   
                                                                               
                                                                               
Dionyssia Ant. Lagoudaki - Pipitsouli participates in the firm(s):                                                                       
                                                                               
  -EUROMARBLE LTD by 50.00%                                                   
(Code No: 0218187  VAT: EL095554450)                                          
DATE ESTABLISHED: 1995                                                        
SECTOR: Trade (Wall & Floor Panelling)                                        
Paid up capital : 18,000                                                      
Shareholders equity : 3,423                                                   
Net Sales : 5,025                                                             
Losses : -20,577                                                              
Balance sheet details as at (31.12.2004) in Euro.                             
HEAD OFFICE: 93 S. Karagiorga 166 75, Glyfada, Attiki                         
Said firm dissolved in 2005                                                   
                                                                               
  -GREEK STONE LTD by 33.33%                                                  
(as mentioned before)                                                         
                                                                               
                                                                               
Kalliopi Ant. Lagoudaki participates in the firm(s):                          
                                                                               
  -EUROMARBLE LTD by 50.00%                                                   
(as mentioned before)                                                         
                                                                               
  -GREEK STONE LTD by 33.33%                                                  
(as mentioned before)
 
 

FINANCIAL DATA                                                                

 
Share capital amounts to Euro 87,900 divided into 30,000 shares at EURO 2.93 each.                                                             
                                                                               
Share capital was covered as follows: 41,086 Euro being the contribution of the net worth of the converted LTD. 46,955 Euro in cash.                                                                       
                                                                               
The latest published balance sheets are attached.

 

BUSINESS TRANSACTION INDEX 

                                                   

Subject                                                                       
                                                                               
                      2006      2005      2004       2003       2002                       
                      ----          ----        ----           ----          ----                       
 Group 1:      5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00)                     
 Group 2:      5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00)                     
 Group 3:      5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00)                     
 Total  :         5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00)                     
                                                                               
Final Result: 5Stars (5.00)                                                   
                                                                               
Index: 5*, 4*, 3*, 2*, 1*, NA (Not applicable)

 

CREDIT APPRAISAL

 

We recommend a maximum credit limit of Euro 99,000

 

 

BANKS  

                                                                      

Alpha Bank A.E.                                                               
  Glyfada Branch (tel.:21-08945229)                                           
National Bank of Greece S.A.                                                  
  Glyfada Branch (tel.:21-08982230)                                           
Egnatia Bank S.A.                                                             
  Piraeus Branch (tel.:21-04580500)                                           
Bank of Cyprus Ltd                                                            
  Piraeus (Filonos) Branch (tel.:21-04284664-5)

 

SHORT FINANCIAL STATEMENT (Figures in Euro)

 

ASSETS

 

ACCOUNTS

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Fixed Assets

338.957

95,59

173.302

244,76

50.268

Land

0

N/A

0

N/A

0

Buildings / Means of Transport / Furniture and Other Equipment

156.735

-7,78

169.956

87,35

90.716

Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Intangibles Assets and Estabishment Expenses

1.434

-53,34

3.073

87,49

1.639

Accumulated Depreciation

45.836

-52,30

96.098

22,48

78.457

Depreciation of Buildings / Furniture / Means of Transport

44.402

-52,27

93.024

21,10

76.818

Depreciation of Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Depreciation of Intangible Assets and Establishment Expenses

1.434

-53,34

3.073

87,49

1.639

Long Term Receivables

1.623

-74,52

6.370

0

6.370

Participations

225.000

150

90.000

200

30.000

Inventories

124.558

-63,14

337.947

17,06

288.694

Finished Products / Merchandise

121.256

-61,00

310.876

7,68

288.694

Semifinished Goods

0

N/A

0

N/A

0

Raw Direct and Indirect Material

3.302

-87,80

27.071

N/A

0

Receivables / Transit balances

955.547

2,65

930.840

14,43

813.444

Receivables from Customers / Bills and Cheques

949.934

2,12

930.199

14,42

812.927

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

5.613

775,66

641

23,98

517

Cash and Deposits

58.110

-34,68

88.968

103,17

43.790

Total Assets

1.477.172

-3,52

1.531.057

27,99

1.196.196

LIABILITIES

 

ACCOUNTS

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Shareholders Equity

230.685

14,81

200.923

53,36

131.009

Share Capital

87.900

0

87.900

0

87.900

Capital Surplus

44.441

0

44.441

25,22

35.490

Earned Surplus / Accumulated Losses

98.343

43,39

68.582

800,03

7.620

Long Term Liabilities and Provisions

1.033

N/A

0

N/A

0

Long Term Liabilities

0

N/A

0

N/A

0

Provisions

1.033

N/A

0

N/A

0

Current Liabilities / Transit Balances

1.245.454

-6,37

1.330.134

24,87

1.065.187

Short Term Bank Debt

397.326

27,73

311.066

409,33

61.074

Suppliers / Bills Notes Payable & Cheques / Creditors

591.116

4,10

567.838

-16,78

682.333

Dividends Payable

245.000

-22,22

315.000

171,55

116.000

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

12.013

-91,18

136.230

-33,80

205.780

Total Liabilities and Net Worth

1.477.172

-3,52

1.531.057

27,99

1.196.196

PROFIT AND LOSS ACCOUNT

 

ACCOUNTS

1/1/2005 - 31/12/2005

CHANGE 05/04 (%)

1/1/2004 - 31/12/2004

CHANGE 04/03 (%)

1/1/2003 - 31/12/2003

Total Net Sales

0

N/A

0

N/A

0

Total Net Sales

1.914.805

4,45

1.833.287

15,81

1.582.960

Cost of Net Sales

1.435.007

6,62

1.345.858

19,74

1.123.987

Gross Margin

479.798

-1,56

487.429

6,20

458.974

Commission and Other Operating Income

9.313

-95,17

192.687

-47,42

366.486

Interest Expenses

31.528

17,54

26.822

32,19

20.290

Other Operating Expenses

414.272

19,70

346.097

-9,82

383.796

Operating Results after Interest Expenses

43.310

-85,90

307.198

-27,10

421.374

Non Operating Income

101.952

-26,35

138.436

1.159,88

10.988

Non Operating Expenses

30.336

418,65

5.849

-95,79

138.808

Depreciation Out of Cost

0

N/A

0

N/A

0

Total Depreciation

17.517

-0,70

17.640

114,94

8.207

Depreciation Included in the Operation Cost

17.517

-0,70

17.640

114,94

8.207

Net Income for the Year Before Tax

114.927

-73,87

439.784

49,81

293.554

Net Dividends

60.000

N/A

240.000

N/A

75.000

Income Tax

25.166

-77,35

111.098

13,43

97.946

COMPANY RATIOS

 

PROFITABILITY RATIOS

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Return on Equity - ROE (Before Income Tax) (%)

53,26

-79,90%

264,98

4,00%

254,78

Return on Equity - ROE (Before Interest and Income Tax) (%)

67,86

-75,86%

281,14

3,21%

272,39

Return on Capital Employed -ROCE (Before Interest and Income Tax) (%)

9,74

-71,54%

34,22

35,90%

25,18

Gross Profit Margin (%)

25,06

-5,75%

26,59

-8,28%

28,99

Operating Profitability (%)

3,90

-78,53%

18,21

-34,71%

27,89

Net Profit Margin (Before Income Tax) (%)

6,00

-74,99%

23,99

29,40%

18,54

Net Profit Margin EBITDA ((before Interest, Income Tax, Depreciation and Non Operating Income)) (%)

4,82

-74,86%

19,17

-32,52%

28,41

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Financial Leverage (:1)

0,84

-3,45%

0,87

-2,25%

0,89

Total Debt Equity Ratio (:1)

5,40

-18,43%

6,62

-18,57%

8,13

Interest Coverage (Before Interest and Income Tax) (X)

4,64

-73,28%

17,40

12,48%

15,47

LIQUITIDY RATIOS

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Current Ratio (Χ)

0,97

-7,62%

1,04

0%

1,05

Quick Ratio (Acid Test) (Χ)

0,79

1,28%

0,78

1,30%

0,77

Working Capital (EURO)

-107.239,13

N/A

27.621,51

-65,79%

80.741,15

ACTIVITY RATIOS

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Collection Period (DAYS)

159,52

7,36%

148,59

-12,16%

169,16

Payable Period (DAYS)

122,65

-12,04%

139,44

-10,83%

156,38

Inventory Turnover (DAYS)

58,82

-30,78%

84,97

-19,56%

105,63

Equity Turnover (Χ)

8,87

-19,73%

11,05

-19,58%

13,74

Turnover of Capital Employed (Χ)

1,27

-5,22%

1,34

5,51%

1,27

INVESTOR RATIOS

 

RATES

31/12/2005

Share Internal Value (EURO)

7,69

Earnings Per Share (EPS) (EURO)

3,83

SYMBOLS EXPLANATION

N/A: Not Available

N/C: Not Calculable

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Return on Equity - ROE (Before Income Tax) (%)

N/A

N/A

26,16

-15,75%

31,05

Return on Equity - ROE (Before Interest and Income Tax) (%)

N/A

N/A

38,76

-18,45%

47,53

Return on Capital Employed -ROCE (Before Interest and Income Tax) (%)

N/A

N/A

7,99

-15,81%

9,49

Gross Profit Margin (%)

N/A

N/A

28,54

2,40%

27,87

Operating Profitability (%)

N/A

N/A

8,41

2,40%

8,90

Net Profit Margin (Before Income Tax) (%)

N/A

N/A

5,77

0,87%

5,72

Net Profit Margin EBITDA ((before Interest, Income Tax, Depreciation and Non Operating Income)) (%)

N/A

N/A

9,77

-4,96%

10,28

ACTIVITY RATIOS

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Collection Period (DAYS)

N/A

N/A

150,84

13,54%

132,86

Payable Period (DAYS)

N/A

N/A

155,73

9,46%

142,27

Inventory Turnover (DAYS)

N/A

N/A

125,72

14,54%

109,76

Equity Turnover (Χ)

N/A

N/A

4,53

-16,57%

5,43

Turnover of Capital Employed (Χ)

N/A

N/A

0,93

-13,89%

1,08

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Financial Leverage (:1)

N/A

N/A

0,78

-3,70%

0,80

Total Debt Equity Ratio (:1)

N/A

N/A

3,62

-12,35%

4,13

Interest Coverage (Before Interest and Income Tax) (X)

N/A

N/A

3,08

6,94%

2,88

LIQUITIDY RATIOS

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Current Ratio (Χ)

N/A

N/A

1,13

0%

1,13

Quick Ratio (Χ)

N/A

N/A

0,82

1,22%

0,82

Working Capital (EURO)

N/A

N/A

10.283.005,02

37,00%

7.505.521,89

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

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