MIRA INFORM REPORT

 

 

Report Date :

12th May 2006

 

IDENTIFICATION DETAILS

 

Name :

AL-CO AGNA PROIONTA S.A.

 

 

Registered Office :

Langada - Sochou Rd (3th km)

57200, Langadas, Thessaloniki

 

 

Date of Incorporation :

19/10/2000

 

 

Legal Form :

Societe Anonyme   

 

 

Line of Business :

Processing of spices, nuts and confectionery raw materials

 

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

 

AL-CO AGNA PROIONTA S.A.

 

 

ADDRESS

 

Langada - Sochou Rd (3th km)

57200, Langadas, Thessaloniki

Tel.: 23940 23667

Fax: 23940 23136

U.R.L.: www.al-co.gr

E-mail: alcosa@otenet.gr

 

Sector

:

Industry (Food Products)

Year Established

:

2000

Chairman, Managing Director

:

Alexandros Joh. Mouratidis

Capital

:

Euro 440.250

Sales as declared

:

Euro 1.500.000 (2005)

Shareholders Equity

:

Euro 833.773 (31/12/2004)

Total Net Sales

:

Euro 1.447.519 (1/1/2004 - 31/12/2004)

Net Income for the Year Before Tax

:

Euro 218.047 (1/1/2004 - 31/12/2004)

Staff of employees

:

25 

 

 FINANCIAL STATUS       

 
Satisfactory                
 
                   

 PAYMENT RECORD       

 
Prompt                                          
 
 

 TREND                          

 
Upward
 
 

GOV. GAZETTE No

 
09694/2000  
 
 

TAX REGISTR. No

 
800175220                         
 
 

No OF THE REGISTER OF SOCIETE ANONYME

 
047172 /062 /Β /00 /256
 
 

LEGAL FORM

 
Societe Anonyme    
 
                                   

DATE ESTABLISHED

 
19/10/2000      
 
                                      

HEAD OFFICE

 
Langadas, Thessaloniki   
                              
 

DURATION

 
Up to year 2050
 
 
                                                                              

HISTORY                                                                

 
On 04/04/2003 (Gov. Gaz. No. 02651/2003) subject absorbed a                    
sector of the firms(s) ALCO S.A..  SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.: The Gov.Gaz.No.: 2651/03 refers to the absorption of the processing sector.
 
 

ACTIVITY                                                                

 
Processing of spices, nuts and confectionery raw materials
 
 

PREMISES (as declared )

 
HEAD OFFICE-PLANT: Langada - Sochou Rd (3th km), 572-00                       
Langadas, Thessaloniki, owned,plot of land 20,000 m2, covered                  
area 2,000 m2.
 
 
 

STAFF 

 
Employees      :  25 persons
 

SHAREHOLDERS(as declared)                                                     

 
by 50.00% Alexandros Joh. Mouratidis (born in 1949)                           
by 50.00% Konstantinos Tri. Tsamos (born in 1948)
 
 
 

BOARD OF DIRECTORS                                                            

 
Alexandros Joh. Mouratidis                  Chairman, Managing Director                     
Konstantinos Tri. Tsamos                     Vice-Chairman                                   
Chrysso Kon. Tsamou                           Member                                          
Elpida Har. Mouratidi                           Member                                          
Paschalina Ale. Mouratidi                     Member                                          
Maria Geo. Pazvanti                              Member                                          
Konstantinos Apo. Marannas                Member

 

 

 

AFFILIATED COS                                                                

 
Alexandros Joh. Mouratidis participates in the firm(s):                       
                                                                               
  -ALCO S.A. by 50.00%                                                        
(Code No: 0097208  VAT: EL094268839)                                          
DATE ESTABLISHED: 1992                                                        
SECTOR: Industry (Food Products)                                              
Share capital : 483,336                                                       
Shareholders equity : 829,226                                                 
Net Sales : 2,966,047                                                         
Losses : -188,173                                                             
Balance sheet details as at (31.12.2004) in Euro.                             
HEAD OFFICE-PLANT: Langada - Sochou Rd (3rd km) 572 00,                       
Langadas, Thessaloniki                                                         
                                                                               
  -MOURATIDIS, A., - K. TSAMOS O.E. by 50.00%                                 
(Code No: 0186435  VAT: EL082015396)                                          
DATE ESTABLISHED: 1984                                                        
SECTOR: Trade (Miscellaneous Commodities)                                     
Capital employed : 900,000                                                    
NET SALES :  4,635,000 (2004)                                                 
HEAD OFFICE-WAREHOUSE: Langada - Sochou Rd (3rd km) 572 00,                   
Langadas, Thessaloniki                                                         
                                                                               
                                                                               
Konstantinos Tri. Tsamos participates in the firm(s):                         
                                                                               
  -ALCO S.A. by 50.00%                                                        
(as mentioned before)                                                         
                                                                               
  -MOURATIDIS, A., - K. TSAMOS O.E. by 50.00%                                 
(as mentioned before)
 

FINANCIAL DATA                                                                

 
Share capital amounts to Euro 440,250 divided into 15,000 shares at EURO 29.35 each.                                                            
                                                                               
Prior to the last increase in 2005 (Gov.Gaz.10492/2005) share capital amounted to 422,640 Euro. The above increase was decided to be covered as follows: 14,839 Euro being the capitalization of the surplus value, resulting from the revaluation of fixed assets, 2,771 Euro in cash.                                                    
                                                                               
The latest published balance sheets are attached.

 

SALES                                                                          

 
Sales (as declared)   : Euro 1,500,000 (2005)

 

 

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 180,000

 

 

BANKS                                                                         

 
National Bank of Greece S.A.                                                  
  Langadas Branch (tel.:2394-025203)                                          
Agricultural Bank of Greece                                                   
  Lagadas Branch (tel.:2394-023624)                                           
Emporiki Bank                                                                 
  Langadas Branch (tel.:2394-022122)

 

SHORT FINANCIAL STATEMENT (Figures in Euro)

 

ASSETS

 

ACCOUNTS

31/12/2004

CHANGE 04/03 (%)

31/12/2003

CHANGE 03/02 (%)

31/12/2002

Fixed Assets

554.513

-1,29

561.775

486,43

95.795

Land

14.400

0

14.400

N/A

0

Buildings / Means of Transport / Furniture and Other Equipment

441.682

12,36

393.089

4.272,51

8.990

Machinery and Mechanical Equipment

220.883

8,54

203.507

141,17

84.384

Intangibles Assets and Estabishment Expenses

2.421

0

2.421

0

2.421

Accumulated Depreciation

125.413

140,34

52.182

N/A

0

Depreciation of Buildings / Furniture / Means of Transport

67.189

141,72

27.796

N/A

0

Depreciation of Machinery and Mechanical Equipment

55.804

128,84

24.385

N/A

0

Depreciation of Intangible Assets and Establishment Expenses

2.421

N/A

0

N/A

0

Long Term Receivables

540

0

540

N/A

0

Participations

0

N/A

0

N/A

0

Inventories

96.752

54,83

62.490

67,95

37.207

Finished Products / Merchandise

29.152

-1,90

29.718

N/A

0

Semifinished Goods

0

N/A

0

N/A

0

Raw Direct and Indirect Material

67.600

106,27

32.772

-11,92

37.207

Receivables / Transit balances

445.295

1,50

438.704

5.272,98

8.165

Receivables from Customers / Bills and Cheques

445.295

1,50

438.704

5.272,98

8.165

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

0

N/A

0

N/A

0

Cash and Deposits

124.505

95,44

63.705

-28,00

88.484

Total Assets

1.221.065

8,38

1.126.675

390,60

229.651

LIABILITIES

 

ACCOUNTS

31/12/2004

CHANGE 04/03 (%)

31/12/2003

CHANGE 03/02 (%)

31/12/2002

Shareholders Equity

833.773

27,91

651.828

286,54

168.633

Share Capital

422.640

0

422.640

140,02

176.082

Capital Surplus

306.126

44,60

211.700

N/A

0

Earned Surplus / Accumulated Losses

105.007

500,45

17.488

N/A

-7.449

Long Term Liabilities and Provisions

15.876

-33,06

23.717

-24,40

31.370

Long Term Liabilities

15.876

-33,06

23.717

-24,40

31.370

Provisions

0

N/A

0

N/A

0

Current Liabilities / Transit Balances

371.416

-17,67

451.130

1.421,62

29.648

Short Term Bank Debt

0

N/A

100.085

N/A

0

Suppliers / Bills Notes Payable & Cheques / Creditors

281.105

-12,86

322.582

988,04

29.648

Dividends Payable

0

N/A

0

N/A

0

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

90.311

217,29

28.463

N/A

0

Total Liabilities and Net Worth

1.221.065

8,38

1.126.675

390,60

229.651

PROFIT AND LOSS ACCOUNT

 

ACCOUNTS

1/1/2004 - 31/12/2004

CHANGE 04/03 (%)

1/1/2003 - 31/12/2003

CHANGE 03/02 (%)

1/1/2002 - 31/12/2002

Total Net Sales

0

N/A

0

N/A

0

Total Net Sales

1.447.519

23,95

1.167.804

N/A

0

Cost of Net Sales

1.098.584

5,14

1.044.834

N/A

0

Gross Margin

348.935

183,76

122.969

N/A

0

Commission and Other Operating Income

0

N/A

0

N/A

0

Interest Expenses

169

-77,32

745

N/A

0

Other Operating Expenses

130.719

51,20

86.455

2.495,47

3.331

Operating Results after Interest Expenses

218.047

509,60

35.769

N/A

-3.331

Non Operating Income

0

N/A

0

N/A

0

Non Operating Expenses

0

N/A

0

N/A

0

Depreciation Out of Cost

0

N/A

0

N/A

0

Total Depreciation

72.172

38,31

52.182

N/A

0

Depreciation Included in the Operation Cost

72.172

38,31

52.182

N/A

0

Net Income for the Year Before Tax

218.047

509,60

35.769

N/A

-3.331

Net Dividends

0

N/A

0

N/A

0

Income Tax

50.941

413,93

9.912

N/A

0

 

 

COMPANY RATIOS

 

PROFITABILITY RATIOS

 

RATES

31/12/2004

CHANGE 04/03 (%)

31/12/2003

CHANGE 03/02 (%)

31/12/2002

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

29,35

236,58%

8,72

N/A

-1,96

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

29,38

230,11%

8,90

N/A

-1,96

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

18,59

245,54%

5,38

N/A

-1,31

Gross Profit Margin (%)

24,10

128,96%

10,53

N/A

N/C

Operating Profitability (%)

15,08

381,79%

3,13

N/A

N/C

Net Profit Margin (Before Income Tax) (%)

15,06

392,16%

3,06

N/A

N/C

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

20,06

163,95%

7,60

N/A

N/C

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2004

CHANGE 04/03 (%)

31/12/2003

CHANGE 03/02 (%)

31/12/2002

Financial Leverage (:1)

0,32

-23,81%

0,42

55,56%

0,26

Total Debt Equity Ratio (:1)

0,46

-36,99%

0,73

102,78%

0,36

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

N/A

N/A

49,02

N/A

N/C

LIQUITIDY RATIOS

 

RATES

31/12/2004

CHANGE 04/03 (%)

31/12/2003

CHANGE 03/02 (%)

31/12/2002

Current Ratio (Χ)

1,50

3,45%

1,45

-57,97%

3,45

Quick Ratio (Acid Test) (Χ)

1,30

4%

1,25

-56,60%

2,88

Working Capital (EURO)

295.136,23

159,41%

113.770,02

9,18%

104.207,66

ACTIVITY RATIOS

 

RATES

31/12/2004

CHANGE 04/03 (%)

31/12/2003

CHANGE 03/02 (%)

31/12/2002

Collection Period (DAYS)

107,55

58,51%

67,85

N/A

N/C

Payable Period (DAYS)

99,31

66,99%

59,47

N/A

N/C

Inventory Turnover (DAYS)

26,45

51,92%

17,41

N/A

N/C

Equity Turnover (Χ)

1,95

-31,58%

2,85

N/A

N/C

Turnover of Capital Employed (Χ)

1,23

-28,49%

1,72

N/A

N/C

INVESTOR RATIOS

 

RATES

31/12/2004

Share Internal Value (EURO)

57,90

Earnings Per Share (EPS) (EURO)

15,14

SYMBOLS EXPLANATION

N/A: Not Available

N/C: Not Calculable

 

 

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2004

CHANGE 04/03 (%)

2003

CHANGE 03/02 (%)

2002

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

10,39

23,10%

8,44

-11,72%

9,56

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

15,10

10,78%

13,63

-8,09%

14,83

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

6,12

11,07%

5,51

-10,70%

6,17

Gross Profit Margin (%)

24,78

2,99%

24,06

2,38%

23,50

Operating Profitability (%)

6,39

2,99%

5,72

2,38%

6,50

Net Profit Margin (Before Income Tax) (%)

4,51

25,63%

3,59

-12,44%

4,10

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

10,62

3,11%

10,30

-7,95%

11,19

ACTIVITY RATIOS

 

RATES

2004

CHANGE 04/03 (%)

2003

CHANGE 03/02 (%)

2002

Collection Period (DAYS)

104,90

1,52%

103,33

4,05%

99,31

Payable Period (DAYS)

80,33

2,33%

78,50

5,64%

74,31

Inventory Turnover (DAYS)

85,96

0,33%

85,68

0,32%

85,40

Equity Turnover (Χ)

2,30

-1,70%

2,35

0,86%

2,33

Turnover of Capital Employed (Χ)

0,94

-1,05%

0,95

-2,06%

0,97

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2004

CHANGE 04/03 (%)

2003

CHANGE 03/02 (%)

2002

Financial Leverage (:1)

0,59

-1,67%

0,60

1,69%

0,59

Total Debt Equity Ratio (:1)

1,44

-3,36%

1,49

2,05%

1,46

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

3,21

22,52%

2,62

-6,76%

2,81

LIQUITIDY RATIOS

 

RATES

2004

CHANGE 04/03 (%)

2003

CHANGE 03/02 (%)

2002

Current Ratio (Χ)

1,22

1,67%

1,20

0%

1,20

Quick Ratio (Χ)

0,86

2,38%

0,84

1,20%

0,83

Working Capital (EURO)

968.123.532,14

18,07%

819.941.582,36

15,30%

711.133.080,93

Sample of Companies: 1.252(2004), 1.279(2003), 1.233(2002)

 

AS PER WEBSITE

 

The company

 

AL-CO s.a. was established in 1972, with object of activity the processing - standardization and trading - distribution of spices , dried fruit and raw materials for pastry making.

The aim of our company is the quality supply of products and services in the minimum time possible.

 

 

 

Our clients are also our friends.

 

The business success of AL-CO is due to all of you who show preference to our products. Our orientation in the servicing of the client's needs is the main axis on which the running of AL-CO is built. During the last few years , efforts are being made in order to establish the company in the countries of the E.C.

 

Plant facilities - Equipment

The company has laid emphasis on the mechanical equipment , which it constantly upgrades in order to be able to provide the best possible quality in the minimum time.

In the space of production there are 22 packing machines , 9 machines for the processing of spices , 3 machines for the dried - fruit , 2 baking furnaces and 4 preservation rooms

 

 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