MIRA INFORM REPORT

 

 

Report Date :

22nd February, 2007

 

IDENTIFICATION DETAILS

 

Name :

VLACHOS, G., LTD

 

 

Registered Office :

35 Polytechneiou, 54625, Thessaloniki, Thessaloniki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

 
14.05.2002

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Imports and wholesale trade of food products, grains and livestock feed.

 

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

 

Maximum Credit Limit :

Euro 24,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Company Name & Address

 

VLACHOS, G., LTD

35 Polytechneiou

54625, Thessaloniki, Thessaloniki

Tel.       : 2310 513842

Fax       : 2310 541206

E-mail   : gvlachos@the.forthnet.gr

 

 

Sector  

 

Trade (Food Products)

 

 

Year Established

 

2002

 

 

Year Founded

 

1994

 

 

Administrator

 

Aikaterini Geo. Vlachou

 

 

Administrator

 

Eleni Geo. Vlachou

 

 

Capital

 

Euro 42.000

 

 

Shareholders Equity

 

Euro 170.408 (31/12/2005)

 

 

Total Net Sales

 

Euro 189.788 (1/1/2005 - 31/12/2005)

 

 

Net Income for the Year Before Tax

 

Euro -30.716 (1/1/2005 - 31/12/2005)

 

 

Staff of employees

 

4

 

 

FINANCIAL STATUS    

 
Satisfactory
 
 

PAYMENT RECORD      

 
Prompt
 
 

TREND               

 
Downward
 
 

GOV. GAZETTE No

 
03393/2002  TAX REGISTR. No: 999766558
 
 

LEGAL FORM

 
Limited Liability Company  
 
              
              

DATE ESTABLISHED

 
14/05/2002
 
                                            

HEAD OFFICE

 
Thessaloniki   
 
                                       

DURATION

 
Up to year 2032
 
 

HISTORY

                                                                      
Subject continues the business activities of the general partnership VLACHOS G & CO. O.E., below mentioned general partnership.
 
 

ACTIVITY                                                                    

 
Imports and wholesale trade of food products, grains and livestock feed
 
 

PREMISES 

 
(as declared )  
 
                                                   

HEAD OFFICE-WAREHOUSE

 
35 Polytechneiou, 546-25 Thessaloniki,               
owned.
 
 

STAFF

                                                                      
Employees      :  4 persons
 
 

PARTNERS

                                                                
by 50.00% Aikaterini Geo. Vlachou                                             
by 50.00% Eleni Geo. Vlachou
ADMINISTRATOR/S:                                                               
Aikaterini Geo. Vlachou                                                       
Eleni Geo. Vlachou

 

 

AFFILIATED COS

                                                         
Aikaterini Geo. Vlachou participates in the firm(s):                          
 -VLACHOS, G., & CO. O.E. by 30.00%                                          
(Code No: 0137966  VAT: EL082885979)                                          
DATE ESTABLISHED: 1994                                                        
SECTOR: Trade (Food Products)                                                 
HEAD OFFICE: 35 Polytechneiou 546 25, Thessaloniki                            
Said firm has been inactive since 2002                                        
                                                                             
Eleni Geo. Vlachou participates in the firm(s):                               
-VLACHOS, G., & CO. O.E. by 30.00%                                          
(as mentioned before)
 
 

FINANCIAL DATA

                                                                
Paid up capital amounts to Euro 42,000 divided into 1,400 units at Euro 30.00 each.                                                            
                                                                               
Prior to the last increase in 2003 (Gov.Gaz.9025/2003) paid up capital amounted to 21,000 Euro.                                               
                                                                               
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 24,000

 

 

BANKS

                                                                        
Alpha Bank A.E.                                                               
Mitropoleos Branch (tel.:231-0267311)

 

 

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

22.669

-11,41

25.588

-5,84

27.175

Land

0

N/A

0

N/A

0

Buildings / Means of Transport / Furniture and Other Equipment

22.669

-27,47

31.253

17,07

26.695

Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Intangibles Assets and Estabishment Expenses

0

N/A

0

N/A

0

Accumulated Depreciation

0

N/A

5.665

N/A

0

Depreciation of Buildings / Furniture / Means of Transport

0

N/A

5.665

N/A

0

Depreciation of Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Depreciation of Intangible Assets and Establishment Expenses

0

N/A

0

N/A

0

Long Term Receivables

0

N/A

0

N/A

480

Participations

0

N/A

0

N/A

0

Inventories

4.585

N/A

0

N/A

13.720

Finished Products / Merchandise

4.585

N/A

0

N/A

13.720

Semi finished Goods

0

N/A

0

N/A

0

Raw Direct and Indirect Material

0

N/A

0

N/A

0

Receivables / Transit balances

51.381

-67,96

160.357

9,88

145.943

Receivables from Customers / Bills and Cheques

51.381

-59,93

128.242

-12,13

145.943

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

0

N/A

32.115

N/A

0

Cash and Deposits

100.948

66,52

60.620

424,17

11.565

Total Assets

179.583

-27,17

246.565

24,27

198.403

 

 

LIABILITIES

 

 

ACCOUNTS

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Shareholders Equity

170.408

-18,76

209.757

170,23

77.621

Share Capital

42.000

0

42.000

0

42.000

Capital Surplus

159.125

0

159.125

263,66

43.757

Earned Surplus / Accumulated Losses

-30.716

N/A

8.632

N/A

-8.135

Long Term Liabilities and Provisions

0

N/A

0

N/A

0

Long Term Liabilities

0

N/A

0

N/A

0

Provisions

0

N/A

0

N/A

0

Current Liabilities / Transit Balances

9.174

-75,08

36.808

-69,52

120.781

Short Term Bank Debt

38

N/A

0

N/A

69.368

Suppliers / Bills Notes Payable and Cheques / Creditors

7.071

-74,48

27.704

-44,90

50.275

Dividends Payable

0

N/A

0

N/A

0

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

2.065

-77,32

9.104

699,30

1.139

Total Liabilities and Net Worth

179.583

-27,17

246.565

24,27

198.403

 

 

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

189.788

-76,26

799.579

76,46

453.118

Cost of Net Sales

151.502

-77,61

676.750

81,44

372.998

Gross Margin

38.286

-68,83

122.829

53,30

80.121

Commission and Other Operating Income

0

N/A

0

N/A

0

Interest Expenses

3.870

-74,97

15.463

111,97

7.295

Other Operating Expenses

68.434

-18,70

84.171

2,05

82.479

Operating Results after Interest Expenses

-34.018

N/A

23.195

N/A

-9.653

Non Operating Income

6.221

N/A

0

N/A

4.244

Non Operating Expenses

0

N/A

0

N/A

0

Depreciation Out of Cost

2.919

11,71

2.613

-4,14

2.726

Total Depreciation

2.919

11,71

2.613

-4,14

2.726

Depreciation Included in the Operation Cost

0

N/A

0

N/A

0

Net Income for the Year Before Tax

-30.716

N/A

20.582

N/A

-8.135

Net Dividends

0

N/A

0

N/A

0

Income Tax

0

N/A

7.451

N/A

0

 

 

COMPANY RATIOS

 

PROFITABILITY RATIOS

 

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Return on Equity (Before Income Tax) (%)

-16,16

N/A

14,32

N/A

-12,42

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

-14,12

N/A

25,08

N/A

-1,28

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

-12,60

N/A

16,20

N/A

-0,48

Gross Profit Margin (%)

20,17

31,32

15,36

-13,12

17,68

Operating Profitability (%)

-15,88

N/A

4,83

N/A

-0,52

Net Profit Margin (Before Income Tax) (%)

-16,18

N/A

2,57

N/A

-1,80

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

-15,88

N/A

4,83

N/A

-0,52

 

 

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Financial Leverage (:1)

0,05

-66,67

0,15

-75,41

0,61

Total Debt Equity Ratio (:1)

0,05

-72,22

0,18

-88,46

1,56

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

N/C

N/A

2,33

N/A

N/C

                                               N/C

 

LIQUITIDY RATIOS

 

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Current Ratio (Χ)

8,22

230,12

2,49

69,39

1,47

Quick Ratio (Acid Test) (Χ)

8,12

238,33

2,40

70,21

1,41

Working Capital (EURO)

147.739,44

-19,78

184.168,46

265,08

50.446,38

 

 

ACTIVITY RATIOS

 

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Collection Period (DAYS)

172,72

176,01

62,58

-42,00

107,90

Payable Period (DAYS)

N/C

N/A

3,00

-90,42

31,33

Inventory Turnover (DAYS)

5,52

49,19

3,70

-44,86

6,71

Equity Turnover (Χ)

1,00

-82,01

5,56

-19,65

6,92

Turnover of Capital Employed (Χ)

0,89

-75,21

3,59

37,55

2,61

 

 

 

INVESTOR RATIOS

 

 

RATES

31/12/2005

Share Internal Value (EURO)

121,72

Earnings per Share (EURO)

N/C

 

 

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Return on Equity (Before Income Tax) (%)

13,10

-6,50

14,01

-1,41

14,21

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

19,10

-5,63

20,24

-5,64

21,45

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

5,62

-3,44

5,82

-3

6,00

Gross Profit Margin (%)

18,30

0,94

18,13

3,25

17,56

Operating Profitability (%)

3,27

0,94

3,60

3,25

3,60

Net Profit Margin (Before Income Tax) (%)

2,32

-3,73

2,40

8,56

2,22

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

4,55

-5,80

4,83

1,47

4,76

 

ACTIVITY RATIOS

 

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Collection Period (DAYS)

93,72

3,19

90,82

5,30

86,25

Payable Period (DAYS)

76,20

-2,28

77,98

2,44

76,12

Inventory Turnover (DAYS)

36,45

1,08

36,06

9,07

33,06

Equity Turnover (Χ)

5,64

-3,09

5,82

-9,06

6,40

Turnover of Capital Employed (Χ)

1,66

-1,19

1,68

-6,14

1,79

 

 

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Financial Leverage (:1)

0,71

1,43

0,70

-2,78

0,72

Total Debt Equity Ratio (:1)

2,42

2,11

2,37

-8,14

2,58

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

3,18

-1,85

3,25

9,80

2,96

 

LIQUITIDY RATIOS

 

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Current Ratio (Χ)

1,11

0,91

1,10

0,92

1,09

Quick Ratio (Χ)

0,90

1,12

0,89

0

0,89

Working Capital (EURO)

178.955.138,76

13,37

157.849.924,76

17,60

134.230.182,70

 

 

Sample of Companies: 860(2005), 942(2004), 951(2003)

 

 

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/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

NR

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

No Rating

 

 

 

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