MIRA INFORM REPORT

 

 

Report Date :

20.08.2007

 

IDENTIFICATION DETAILS

 

Name :

MELETIADIS S.A.

 

 

Registered Office :

Symmachiki Odos Oraiokastrou (6.5th km), 57013, Oraiokastro, Thessaloniki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

26/02/2003                                            

 

 

Legal Form :

Societe Anonyme                                       

 

 

Line of Business :

Imports and wholesale trade of sugar products

 

 

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

 

MELETIADIS S.A.

Symmachiki Odos Oraiokastrou (6.5th km)

57013, Oraiokastro, Thessaloniki

Tel.: 2310 683341

Fax: 2310 683343

E-mail: info@meletiadis.gr

 

 

Sector  

 

Trade (Food Products)

 

 

Year Established

 

2003

 

 

Chairman, Managing Director

 

Lazaros Ioa. Meletiadis

 

 

Capital 

 

Euro 100.000

 

 

Owners Equity    

 

Euro 115.673 (31/12/2006)

 

 

Net Sales   

 

Euro 2.089.124 (1/1/2006 - 31/12/2006)

 

 

Net Income for the Year Before Tax   

 

Euro 8.524 (1/1/2006 - 31/12/2006)

 

 

 

 

 

Staff of employees 

 

2

 

 

FINANCIAL STATUS   

 

Below average                                  

 

 

PAYMENT RECORD      

 
Prompt                                          
 
 

TREND    

 
Stable
 
 

GOV. GAZETTE No

 
01628/2003  
 
 

TAX REGISTR. No

 
999717540                         
 
 

No OF THE REGISTER OF SOCIETE ANONYME

 
053733 /062 /Β /03 /0031
 
 

LEGAL FORM

 
Societe Anonyme                                        
 
 

DATE ESTABLISHED

 
26/02/2003                                             
 
 

HEAD OFFICE

 
Oraiokastro, Thessaloniki                              
 
 

DURATION

 
Up to year 2053
 
 

HISTORY

 
Subject's full business activities commenced in January 2005.
 
 

ACTIVITY

 
Imports and wholesale trade of sugar products
 
 

PREMISES (as declared )

                                                      
HEAD OFFICE-WAREHOUSE: Symmachiki Odos Oraiokastrou (6.5th km), 570-13 Oraiokastro, Thessaloniki.                                              
                                                                               
Above mentioned premises are owned by affiliated firm MELETIADIS LSA which hosts subject.
 
 

STAFF

 
Employees      :  2 persons
 
 

SHAREHOLDERS(as declared)

                                                    
Lazaros Ioa. Meletiadis (born in 1943)                                        
Anna Nik. Meletiadi - Sarafoglou (born in 1957)                               
Michail Chr. Ananiadis                                                        
Shareholders' percentages are not available.
 
 

BOARD OF DIRECTORS

 
Lazaros Ioa. Meletiadis       Chairman, Managing Director                     
Anna Nik. Meletiadi -           Sarafoglou Member                                       
Michail Chr. Ananiadis        Member

 

 

AFFILIATED COS

 
Lazaros Ioa. Meletiadis participates in the firm(s):                          
                                                                               
-INTERPLAST S.A. by 51.00%                                                  
(Code No: 0015477  VAT: EL094485219)                                          
DATE ESTABLISHED: 1997                                                        
SECTOR: Industry (Rubber - Plastics)                                          
Share capital : 250,740                                                       
Shareholders equity : 328,253                                                 
Net Sales : 506,279                                                           
Net profit : 35,069                                                           
Balance sheet details as at (31.12.2006) in Euro.                             
HEAD OFFICE-WORKSHOP: Symmachiki Odos Oraiokastrou (6.5 km),                  
P.O. Box 349 570 13, Oraiokastro, Thessaloniki                                 
                                                                               
-MELETIADIS, L., S.A. by 98.00%                                             
(Code No: 0021960  VAT: EL094342522)                                          
DATE ESTABLISHED: 1992                                                        
SECTOR: Industry (Food Products)                                              
Share capital : 2,549,295                                                     
Shareholders equity : 2,493,960                                               
Net Sales : 2,826,596                                                         
Net profit : 9,949                                                            
Balance sheet details as at (31.12.2006) in Euro.                             
HEAD OFFICE-PLANT: Symmachiki Odos Oraiokastrou (6.5 km) 564 30,              
Stavroupoli, Thessaloniki                                                      
                                                                               
-VIOKAT S.A. by 2.00%                                                       
(Code No: 0227716  VAT: EL094519288)                                          
DATE ESTABLISHED: 1997                                                        
SECTOR: Trade (Miscellaneous Commodities)                                     
Share capital : 176,100                                                       
Shareholders equity : 189,220                                                 
Net Sales : 602,643                                                           
Net profit : 59,140                                                           
Balance sheet details as at (31.12.2002) in Euro.                             
HEAD OFFICE: Symmachiki Odos Oraiokastrou (6.5 km) 564 30,                    
Stavroupoli, Thessaloniki                                                      
Said firm has been inactive since 2005                                        
                                                                               
-CLIPPER VIOTECHNIA ZACHARODON PROIONTON LTD by 60.00%                      
(Code No: 0058321  VAT: EL095381139)                                          
DATE ESTABLISHED: 1987                                                        
SECTOR: Industry (Food Products)                                              
Paid up capital : 58,694                                                      
HEAD OFFICE-WORKSHOP:  590 32, Platy Railway Station, Imathia                 
Said firm has been inactive since 2000                                        
                                                                               
Anna Nik. Meletiadi - Sarafoglou participates in the firm(s):                 
                                                                               
-MELETIADIS, L., S.A. by 2.00%                                              
(as mentioned before)
FINANCIAL DATA:                                                                
Share capital amounts to Euro 100,000 divided into 10,000 shares at EURO 10.00 each.                                                            
                                                                               
 
The latest published balance sheets are attached.

 

 

BUSINESS TRANSACTION INDEX                                                     

 
Subject                                                                       
                                                                               
                   2007      2006      2005      2004       2003                       
                    ----         ----          ----          ----         ----                       
 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 52,000

 

 

BANKS

 
Emporiki Bank                                                                 
Evosmos Branch (tel.:231-0766161)                                           
 
Bank of Piraeus S.A.                                                          
Eptalofos Branch (tel.:231-0733134)

 

 

BALANCE SHEET NOTES

-

Balance Sheet for the year 2004 is covering a period greater or less than twelve months. Therefore any accounts changes are not depicted while ratios are calculated after the calibration of Profit and Loss Accounts in to a twelve-basis period.

SHORT FINANCIAL STATEMENT (Figures in Euro)

 

ASSETS

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

31/12/2004

Fixed Assets

6.477

-23,22

8.436

9.050

Fields -Lots

0

N/A

0

0

Buildings / Means of Transport / Furniture and Other Equipment

19.171

0

19.171

14.452

Machinery and Mechanical Equipment

0

N/A

0

0

Intangible Assets and Establishment Expenses

0

N/A

0

1.994

Accumulated Depreciation

13.734

16,63

11.776

8.435

Depreciation of Buildings / Furniture / Means of Transport

13.734

16,63

11.776

6.442

Depreciation of Machinery and Mechanical Equipment

0

N/A

0

0

Depreciation of Intangible Assets and Establishment Expenses

0

N/A

0

1.994

Long Term Receivables

1.040

0

1.040

1.040

Participations

0

N/A

0

0

Inventories

711.384

135,59

301.958

65.284

Finished Products / Merchandise

711.384

135,59

301.958

51.959

Semi finished Goods

0

N/A

0

0

Raw Direct and Indirect Material

0

N/A

0

13.325

Receivables / Transit balances

577.943

12,75

512.594

7.388

Receivables from Customers / Bills and Cheques

568.958

11,01

512.508

6.224

Marketable Securities

0

N/A

0

0

Other Receivables / Transit Debit Balances

8.985

10.347,67

86

1.165

Cash and Deposits

10.436

-94,80

200.508

121.008

Total Assets

1.306.240

27,62

1.023.496

202.730

LIABILITIES

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

31/12/2004

Owners Equity

115.673

5,52

109.621

59.568

Share Capital

100.000

0

100.000

100.000

Reserves

2.158

16,27

1.856

0

Retained Earnings / Losses

13.514

74,04

7.765

-40.432

Long Term Liabilities and Provisions

0

N/A

0

0

Long Term Liabilities

0

N/A

0

0

Provisions

0

N/A

0

0

Current Liabilities / Transit Balances

1.190.567

30,28

913.876

143.162

Short Term Bank Debt

0

N/A

0

94.271

Suppliers / Bills Notes Payable and Cheques / Creditors

1.169.702

30,05

899.410

45.934

Dividends Payable

0

N/A

0

0

Partners / Shareholders Accounts

0

N/A

0

0

Other Liabilities / Transit Credit Balances

20.865

44,23

14.466

2.958

Total Liabilities and Net Worth

1.306.240

27,62

1.023.496

202.730

PROFIT AND LOSS ACCOUNT

 

ACCOUNTS

1/1/2006 - 31/12/2006

CHANGE 06/05 (%)

1/1/2005 - 31/12/2005

12/2/2003 - 31/12/2004

Total Net Sales

0

N/A

0

0

Net Sales

2.089.124

16,72

1.789.796

85.895

Cost of Net Sales

1.930.164

19,74

1.612.028

82.583

Gross Margin

158.959

-10,58

177.767

3.312

Commission and Other Operating Income

467

N/A

0

0

Interest Expenses

427

-95,40

9.278

7.799

Other Operating Expenses

150.395

32,02

113.916

35.946

Operating Results after Interest Expenses

8.604

-84,23

54.574

-40.432

Non Operating Income

63

800

7

0

Non Operating Expenses

144

N/A

0

0

Depreciation Out of Cost

0

N/A

0

0

Total Depreciation

1.959

-63,27

5.334

8.435

Depreciation Included in the Operation Cost

1.959

-63,27

5.334

8.435

Net Income for the Year Before Tax

8.524

-84,38

54.580

-40.432

Net Dividends

0

N/A

0

0

Income Tax

2.472

-45,39

4.527

0

COMPANY RATIOS

 

PROFITABILITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

31/12/2004

Return on Equity (Before Income Tax) (%)

7,57

-88,27

64,52

-35,46

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

7,95

-89,47

75,49

-28,62

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

0,77

-92,61

10,42

-8,41

Gross Profit Margin (%)

7,61

-23,36

9,93

3,86

Operating Profitability (%)

0,43

-87,96

3,57

-37,99

Net Profit Margin (Before Income Tax) (%)

0,41

-86,56

3,05

-47,07

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

0,53

-86,30

3,86

-28,17

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

31/12/2004

Financial Leverage (:1)

0,91

2,25

0,89

0,71

Total Debt Equity Ratio (:1)

10,29

23,38

8,34

2,40

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

20,98

204,94

6,88

N/C

LIQUITIDY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

31/12/2004

Current Ratio (Χ)

1,10

-3,51

1,14

1,35

Quick Ratio (Acid Test) (Χ)

0,62

-22,50

0,80

0,90

Working Capital (EURO)

109.195,85

7,92

101.185,22

50.517,71

ACTIVITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

31/12/2004

Collection Period (DAYS)

85

73,58

48,97

27,32

Payable Period (DAYS)

193

83,32

105,28

367,00

Inventory Turnover (DAYS)

96

130,88

41,58

552,24

Equity Turnover (Χ)

18,55

-12,33

21,16

0,75

Turnover of Capital Employed (Χ)

1,79

-38,70

2,92

0,22

INVESTOR RATIOS

 

RATES

31/12/2006

Share Internal Value (EURO)

11,57

Earnings per Share (EURO)

0,85

 

 

 

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

2004

Return on Equity (Before Income Tax) (%)

16,92

27,60

13,26

14,01

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

23,58

21,80

19,36

20,24

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

7,01

23,20

5,68

5,82

Gross Profit Margin (%)

19,18

4,98

18,27

18,13

Operating Profitability (%)

4,33

4,98

3,28

3,60

Net Profit Margin (Before Income Tax) (%)

3,05

31,46

2,32

2,40

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

5,62

22,98

4,57

4,83

ACTIVITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

2004

Collection Period (DAYS)

94,95

2,28

92,83

90,82

Payable Period (DAYS)

75,54

-0,49

75,91

77,98

Inventory Turnover (DAYS)

35,94

-1,10

36,34

36,06

Equity Turnover (Χ)

5,55

-2,80

5,71

5,82

Turnover of Capital Employed (Χ)

1,65

-1,78

1,68

1,68

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

2004

Financial Leverage (:1)

0,70

-1,41

0,71

0,70

Total Debt Equity Ratio (:1)

2,30

-5,35

2,43

2,37

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

3,54

11,67

3,17

3,25

LIQUITIDY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

2004

Current Ratio (Χ)

1,14

2,70

1,11

1,10

Quick Ratio (Χ)

0,93

3,33

0,90

0,89

Working Capital (EURO)

260.357.319,85

42,64

182.532.965,18

157.849.924,76

Sample of Companies: 796(2006), 919(2005), 942(2004)

NOTES

-

When the minus sign (-) appears to Income Tax Payable account or to other Tax accounts indicates that company is obliged to pay the particular tax amount, while the opposite signifies a tax return.

-

Some ratios are calculated using the average value of the accounts of the Balance Sheet or Midterm Statements. For applying this type of calculation, company's financial statements must be presented in succession, with common accounting standards (either Greek Standards or IFRS) and with the same depth of analysis. In the opposite case, the corresponding ratios are calculated based on the accounts as at they are presented in the reporting year.

-

N/A: Not Available

 

N/C: Not Calculable

 

The indications N/A and N/C may appear in cases where accounts that participate in the computation of the ratios or in the accounts changes are not detected in the original balance sheet as well as the computation of certain ratios does not have a meaning i.e. Return on Equity ratio or Total Dept Equity ratio for companies where Equity is negative, etc.

 

 

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.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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