MIRA INFORM REPORT

 

 

Report Date :

15.01.2007

 

IDENTIFICATION DETAILS

 

Name :

HARMPILAS, K. E., S.A.

 

 

Registered Office :

157 Tatoiou, 14452, Metamorfossi, Attiki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

1984

 

 

Legal Form :

Societe Anonyme                                       

 

 

Line of Business :

Imports and wholesale trade of clothing fabrics

 

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 180,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address

 

HARMPILAS, K. E., S.A.

157 Tatoiou

14452, Metamorfossi, Attiki

Tel.       : 210 2848888

Fax       : 210 2856703

E-mail: harbilas@otenet.gr

 

 

summary

 

Sector                                                               : Trade (Yarns - Fabrics)

Year Established                                               : 1995

Year Founded                                                    : 1984

Chairman, Managing Director                              : Elias Kle. Harmpilas

Capital                                                              : Euro 2.089.969

Shareholders Equity                                           : Euro 2.385.153 (31/12/2005)

Total Net Sales                                                  : Euro 1.441.694 (1/1/2005 - 31/12/2005)

Net Income for the Year Before Tax                     : Euro 56.052 (1/1/2005 - 31/12/2005)

Staff of employees                                             : 4

 

 

FINANCIAL STATUS

 
Satisfactory                                    
 
 

PAYMENT RECORD 

 
Prompt                                          
 
 

TREND 

 
Stable
 
 

GOV. GAZETTE No

 
02811/1995  
 
 

TAX REGISTR. No

 
094434846                         

No OF THE REGISTER OF SOCIETE ANONYME

 
033569 /001 /Β /95 /306
 
 

LEGAL FORM

 
Societe Anonyme                                        
 
 

DATE ESTABLISHED

 
1995                                                   
 
 

HEAD OFFICE

 
Metamorfossi, Attiki                                   
 
 

DURATION

 
Up to year 2045
 
 

HISTORY

 

Established in Athens, on 14.6.1995, to continue the business activities of the sole proprietorship HARMPILAS ELIAS originally founded in 1984 as a continuation of the sole proprietorship HARMPILAS KLEOMENIS, which pre-existed many years ago.  On 20/06/2001 (Gov. Gaz. No. 04306/2001) a change of subject's head office was published.
 
 

ACTIVITY

 
Imports and wholesale trade of clothing fabrics
 
 

PREMISES (as declared )

 
On 08/06/2001 subject's head office was changed. 
 
Previous address              
74 Ermou, 105-51 Athens, Attiki                                                
 

PREMISES (as declared)                                                     

 
HEAD OFFICE-WAREHOUSE: 157 Tatoiou, 144-52 Metamorfossi, Attiki,              
owned, covered area 1,500 m2.
 
 

STAFF

 
Employees      :  4 persons
 
 

SHAREHOLDERS(as declared)                                                     

 
by 95.00% Elias Kle. Harmpilas (born in 1955)                                 
by 5.00% Despoina Sty. Papafloratou
 
 

BOARD OF DIRECTORS

                                                            

Elias Kle. Harmpilas                                Chairman, Managing Director                     
Alexandros Tim. Petroutsopoulos             Vice-Chairman                                 
John Eva. Papagiannopoulos                    Member

 

 

FINANCIAL DATA

 
Share capital amounts to Euro 2,089,969 divided into 713,300 shares at EURO 2.93 each.                                                      
                                                                               
According to subject's principals statement share capital has been increased in November 2006, now amounting to 2,230,609 Euro, said increase has not been published in the Gov.Gaz. yet.                      
                                                                               
The latest published balance sheets are attached.

 

 

SALES                                                                          

 
Sales (as declared)   : Euro 1,130,000 (2006)

 

 

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 180,000

 

 

BANKS

 
Emporiki Bank                                                                 
Athinas Branch (tel.:21-03213230)                                           
 
Emporiki Bank                                                                 
Lykourgou Branch (tel.:21-03249931)                                         
 
Emporiki Bank                                                                 
Metamorfossi Branch (tel.:21-02814036)                                      
 
EFG EUROBANK ERGASIAS S.A.                                                    
Kalamiotou Branch (Ex Ergobank Branch) (tel.:21-03226683)                   
 
EFG EUROBANK ERGASIAS S.A.                                                    
Mitropoleos Branch (tel.:21-03244752-4)                                     
(Imports/Exports)                                                           
 
Bank of Cyprus Ltd                                                            
Metamorfossi Branch (tel.:210-2851205)

 

 

 

 

 

 

 

 

 

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

669.958

-6,84

719.169

22,30

588.031

Land

173.725

0

173.725

45,00

119.811

Buildings / Means of Transport / Furniture and Other Equipment

705.944

0,23

704.315

22,58

574.580

Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Intangibles Assets and Estabishment Expenses

59.195

0

59.195

0

59.195

Accumulated Depreciation

290.071

21,42

238.895

28,25

186.269

Depreciation of Buildings / Furniture / Means of Transport

230.877

28,48

179.701

40,79

127.641

Depreciation of Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Depreciation of Intangible Assets and Establishment Expenses

59.195

0

59.195

0,97

58.627

Long Term Receivables

21.165

1,61

20.829

0,55

20.715

Participations

0

N/A

0

N/A

0

Inventories

1.190.185

-12,60

1.361.778

-5,01

1.433.586

Finished Products / Merchandise

1.190.185

-12,60

1.361.778

-5,01

1.433.586

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

1.242.332

31,93

941.674

-8,45

1.028.622

Receivables from Customers / Bills and Cheques

1.242.332

31,93

941.674

-8,36

1.027.642

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

0

N/A

0

N/A

980

Cash and Deposits

37.786

112,33

17.796

-71,06

61.503

Total Assets

3.140.261

3,28

3.040.416

-2,29

3.111.742

 

LIABILITIES

 

ACCOUNTS

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Shareholders Equity

2.385.153

1,64

2.346.585

7,57

2.181.350

Share Capital

2.089.969

0

2.089.969

0

2.089.969

Capital Surplus

200.693

1,52

197.693

266,10

54.000

Earned Surplus / Accumulated Losses

94.492

60,36

58.923

57,63

37.381

Long Term Liabilities and Provisions

0

N/A

23.886

0

23.886

Long Term Liabilities

0

N/A

0

N/A

0

Provisions

0

N/A

23.886

0

23.886

Current Liabilities / Transit Balances

755.107

12,71

669.945

-26,10

906.506

Short Term Bank Debt

502.181

0

502.177

-2,52

515.173

Suppliers / Bills Notes Payable and Cheques / Creditors

230.046

174,64

83.762

-66,38

249.146

Dividends Payable

0

N/A

0

N/A

110.000

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

22.880

-72,76

84.006

160,99

32.187

Total Liabilities and Net Worth

3.140.261

3,28

3.040.416

-2,29

3.111.742

 

 

 

 

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

1.441.694

-1,96

1.470.535

-1,37

1.490.964

Cost of Net Sales

1.077.208

4,09

1.034.864

-0,62

1.041.372

Gross Margin

364.487

-16,34

435.670

-3,10

449.592

Commission and Other Operating Income

22.560

54,94

14.560

83,84

7.920

Interest Expenses

35.886

-1,41

36.401

-11,34

41.057

Other Operating Expenses

317.706

-3,99

330.898

3,80

318.793

Operating Results after Interest Expenses

33.455

-59,66

82.932

-15,08

97.662

Non Operating Income

24.386

1.119,30

2.000

-82,93

11.715

Non Operating Expenses

1.789

-7,21

1.928

-8,84

2.115

Depreciation Out of Cost

0

N/A

0

N/A

0

Total Depreciation

53.377

7,87

49.483

0,69

49.145

Depreciation Included in the Operation Cost

53.377

7,87

49.483

0,69

49.145

Net Income for the Year Before Tax

56.052

-32,47

83.004

-22,62

107.262

Net Dividends

0

N/A

0

N/A

50.000

Income Tax

11.512

-64,94

32.837

-14,53

38.421

 

 

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) (%)

2,37

-35,42%

3,67

-42,83%

6,42

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

3,89

-26,18%

5,27

-40,59%

8,87

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

2,98

-23,20%

3,88

-19,83%

4,84

Gross Profit Margin (%)

25,28

-14,68%

29,63

-1,72%

30,15

Operating Profitability (%)

4,81

-40,69%

8,11

-12,80%

9,30

Net Profit Margin (Before Income Tax) (%)

3,89

-31,03%

5,64

-21,56%

7,19

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

8,51

-25,87%

11,48

-8,89%

12,60

 

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Financial Leverage (:1)

0,24

4,35%

0,23

-23,33%

0,30

Total Debt Equity Ratio (:1)

0,32

6,67%

0,30

-30,23%

0,43

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

2,56

-21,95%

3,28

-9,14%

3,61

 

LIQUITIDY RATIOS

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Current Ratio (Χ)

3,36

9,45%

3,07

71,51%

1,79

Quick Ratio (Acid Test) (Χ)

1,57

20,77%

1,30

73,33%

0,75

Working Capital (EURO)

1.715.195,75

3,87%

1.651.302,77

2,11%

1.617.205,29

 

ACTIVITY RATIOS

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Collection Period (DAYS)

271,70

13,76%

238,84

7,23%

222,74

Payable Period (DAYS)

50,68

-9,89%

56,24

7,90%

52,12

Inventory Turnover (DAYS)

432,35

-12,30%

492,97

-1,42%

500,08

Equity Turnover (Χ)

0,61

-6,15%

0,65

-26,97%

0,89

Turnover of Capital Employed (Χ)

0,47

-2,08%

0,48

-2,04%

0,49

 

INVESTOR RATIOS

 

RATES

31/12/2005

Share Internal Value (EURO)

3,34

Earnings per Share (EURO)

0,08

 

 

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Return on Equity (Before Income Tax) (%)

3,78

-31,64%

5,53

-46,67%

10,37

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

8,21

-24,33%

10,85

-33,35%

16,28

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

3,70

-20,26%

4,64

-26,81%

6,34

Gross Profit Margin (%)

24,29

-2,37%

24,88

2,68%

24,23

Operating Profitability (%)

6,48

-2,37%

8,22

2,68%

8,96

Net Profit Margin (Before Income Tax) (%)

3,22

-21,46%

4,10

-34,82%

6,28

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

8,07

-16,89%

9,71

-5,08%

10,23

 

ACTIVITY RATIOS

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Collection Period (DAYS)

278,58

6,21%

262,28

7,10%

244,88

Payable Period (DAYS)

115,68

10,06%

105,11

1,70%

103,35

Inventory Turnover (DAYS)

194,56

3,77%

187,49

12,32%

166,92

Equity Turnover (Χ)

1,17

-13,33%

1,35

-18,18%

1,65

Turnover of Capital Employed (Χ)

0,53

-8,62%

0,58

-9,38%

0,64

 

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Financial Leverage (:1)

0,56

3,70%

0,54

-10%

0,60

Total Debt Equity Ratio (:1)

1,25

5,04%

1,19

-21,19%

1,51

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

1,85

-9,31%

2,04

-26,09%

2,76

 

LIQUITIDY RATIOS

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Current Ratio (Χ)

1,47

3,52%

1,42

3,65%

1,37

Quick Ratio (Χ)

1,04

4%

1

3,09%

0,97

Working Capital (EURO)

121.812.154,93

1,16%

120.420.527,88

9,56%

109.917.610,73

 

 

Sample of Companies: 150(2005), 171(2004), 186(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.

 

- 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

 

 

 

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