MIRA INFORM REPORT

 

 

Report Date :

24th January, 2007

 

IDENTIFICATION DETAILS

 

Name :

SARLAS S. A.

 

 

Registered Office :

143 Irakleiou Ave, 14231, Nea Ionia, Attiki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

18.04.1994

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Imports and wholesale trade of curtains, quilts, wallpaper and upholstery 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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Company Name & Address

 

SARLAS S.A.

143 Irakleiou Ave

14231, Nea Ionia, Attiki

Tel.       : 210 2586200-3

Fax       : 210 2527314

U.R.L.   : www.sarlas.gr

E-mail   : info@sarlas.gr

Sector   : Trade (White Linen - Upholstery Fabrics)

 

 

Year Established

 

1994

 

 

Chairman, Managing Director   

 

Sotirios Joh. Sarlas

 

 

Capital 

 

Euro 4.623.000

 

 

Shareholders Equity   

 

Euro 6.131.501 (31/12/2005)

 

 

Total Net Sales  

 

Euro 10.496.015 (1/1/2005 - 31/12/2005)

 

 

Net Income for the Year Before Tax   

 

Euro 2.010.538 (1/1/2005 - 31/12/2005)

 

 

Staff of employees 

 

30

FINANCIAL STATUS    

 
Good
 
                                           

PAYMENT RECORD      

 
Prompt
 
 

TREND               

 
Stable
 
GOV. GAZETTE No:01341/1994  TAX REGISTR. No: 094400820                         
No OF THE REGISTER OF SOCIETE ANONYME:030891 /001 /B /94 /167
 
LEGAL FORM                         : Societe Anonyme                                        
DATE ESTABLISHED              : 1994                                                   
HEAD OFFICE                        : Nea Ionia, Attiki                                      
DURATION                              : Up to year 2024
 
 

HISTORY

                                                                      

Established in Athens (61 Ermou Str.), on 18.4.1994. Subject commenced full business activities in August 1994. On 19.4.1996 (Gov. Gaz. No.: 1563/96) subject absorbed the firms: - SARLAS, S., & CO E.E., established in 1977 and - SARLAS BROS - D. NIKAS O.E., established in 1987. In September 1996, subject transferred its head office to N. Ionia, 26 Antheon. On 14/09/2005 (Gov. Gaz. No. 09796/2005) a change of subject's head office was published.

 

 

ACTIVITY

 

Imports and wholesale trade of curtains, quilts, wallpaper and upholstery fabrics

PREMISES (as declared ):

On 01/07/2005 subject's head office was changed.

Previous address 62b Antheon, 111-43 Athens, Attiki

PREMISES (as declared ):

HEAD OFFICE-WAREHOUSE: 143 Irakleiou Ave, 142-31 Nea Ionia,

Attiki, owned,plot of land 2,400 m2, covered area 5,800 m2.

WAREHOUSE: 62b Antheon, 111-43 Athens, Attiki, owned, covered area 1,462 m2.

 
 
 
 

STAFF    

                                                                     

Employees     

 
30 persons
 

SHAREHOLDERS(as declared)\

                                                     
Sotirios Joh. Sarlas (born in 1944)                                           
Basil Joh. Sarlas (born in 1938)                                              
John Oth. Nikas (born in 1966)                                                
Panagiotis Bas. Sarlas (born in 1965)                                         
John Bas. Sarlas (born in 1964)                                               
Dimitrios Oth. Nikas (born in 1964)                                           
Eleni Sot. Sarla (born in 1956)                                               
Vassiliki Sot. Sarla (born in 1975)                                           
Theodora Sot. Sarla (born in 1977)                                            
Shareholders' participation percentages are not available.
 

BOARD OF DIRECTORS

                                                        
Sotirios Joh. Sarlas                  Chairman, Managing Director                     
John Oth. Nikas                       Vice-Chairman                                   
Panagiotis Bas. Sarlas             Member                                          
John Bas. Sarlas                     Member                                          
Dimitrios Oth. Nikas                 Member                                          
Eleni Sot. Sarla                       Member                                          
Vassiliki Sot. Sarla                   Member

 

 

AFFILIATED COS

                                                              
Sotirios Joh. Sarlas participates in the firm(s):                             
                                                                               
 -SARLAS, S., INTERIORS LTD by 20.00%                                        
(Code No: 0228851  VAT: EL095354309)                                          
DATE ESTABLISHED              : 1997                                                        
SECTOR                                 : Trade (White Linen - Upholstery Fabrics)                              
Paid up capital                        : 36,000                                                      
HEAD OFFICE                        : 61 Ermou 105 61, Athens, Attiki                                  
                                                                               
  -SARLAS SOTIRIOS                                                            
(Code No: 0087379  VAT: EL008152352)                                          
DATE ESTABLISHED              : 1989                                                        
SECTOR                                 : Trade (White Linen - Upholstery Fabrics)                              
HEAD OFFICE                        : 35 Kolokotroni 105 62, Athens, Attiki                            
Said firm has been inactive since 2000                                        
                                                                               
                                                                               
John Oth. Nikas participates in the firm(s):                                  
                                                                               
  -NIKAS, J., & CO O.E. by 50.00%                                             
(Code No: 0168069  VAT: EL082520550)                                          
DATE ESTABLISHED              : 1993                                                        
SECTOR                                 : Trade (White Linen - Upholstery Fabrics)                              
HEAD OFFICE-WAREHOUSE  : 35 Kolokotroni 105 62, Athens, Attiki                  
Said firm has been inactive since 1997                                        
                                                                         

Dimitrios Oth. Nikas participates in the firm(s):                            

                                                                               

  -SARLAS, S., INTERIORS LTD by 20.00%                                       

(as mentioned before)                                                        

                                                                              

Vassiliki Sot. Sarla participates in the firm(s):                            

                                                                              

  -NIKAS, J., & CO O.E. by 50.00%                                            

(as mentioned before)                                                        

                                                                              

  -SARLAS, S., INTERIORS LTD by 30.00%                                       

(as mentioned before)                                                         

                                                                              

                                                                              

Theodora Sot. Sarla participates in the firm(s):                              

                                                                              

  -SARLAS, S., INTERIORS LTD by 30.00%                                       

(as mentioned before)

 

 

FINANCIAL DATA

                                                             

Share capital amounts to Euro 4,623,000 divided into 1,541,000  shares at EURO 3.00 each.                                                     

                                                                              

Prior to the last increase in 2003 (Gov.Gaz.12030/2003) share capital amounted to 3,450,000 Euro.                                           

                                                                              

The latest published balance sheets are attached.

MORTGAGES/PRENOTES                                                            

Details on subject up to 23.01.2007  :                                        

2007 1 Mortgage(s)/prenote(s) Euro 6,500,000                                 

2003 1 Mortgage(s)/prenote(s) Euro 1,820,000                                 

 

On a plot of land with a building 2,433m2 at 143 Irakleiou Ave, N. Ionia. In favour of EFG EUROBANK ERGASIAS S.A.

 

 

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 1,300,000

 

 

BANKS                                                                      

 
National Bank of Greece S.A.                                                  
  Nea Ionia Branch (tel.:21-02777014)                                         
 
EFG EUROBANK ERGASIAS S.A.                                                    
  N. Ionia Branch (tel.:21-02799870-5)

 

 

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

4.030.673

19,35

3.377.072

17,15

2.882.619

Land

1.029.192

0

1.029.192

7,69

955.696

Buildings / Means of Transport / Furniture and Other Equipment

3.440.717

28,62

2.675.095

22,31

2.187.160

Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Intangibles Assets and Estabishment Expenses

232.045

5,00

220.983

-46,64

414.137

Accumulated Depreciation

706.428

21,64

580.755

-17,80

706.524

Depreciation of Buildings / Furniture / Means of Transport

494.570

31,96

374.772

12,38

333.473

Depreciation of Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Depreciation of Intangible Assets and Establishment Expenses

211.858

2,85

205.983

-44,78

373.052

Long Term Receivables

35.147

7,96

32.557

1,26

32.151

Participations

0

N/A

0

N/A

0

Inventories

6.126.059

5,81

5.789.445

22,19

4.738.215

Finished Products / Merchandise

6.005.318

6,25

5.652.123

21,46

4.653.428

Semi finished Goods

0

N/A

0

N/A

0

Raw Direct and Indirect Material

120.741

-12,07

137.322

61,96

84.786

Receivables / Transit balances

7.371.295

1,58

7.256.475

5,93

6.850.365

Receivables from Customers / Bills and Cheques

7.363.541

1,75

7.236.625

5,91

6.832.744

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

7.754

-60,94

19.850

12,65

17.621

Cash and Deposits

556.776

-39,99

927.750

-1,18

938.797

Total Assets

18.084.803

4,23

17.350.742

12,59

15.409.996

 

 

LIABILITIES

 

 

ACCOUNTS

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Shareholders Equity

6.131.501

1,74

6.026.672

13,06

5.330.337

Share Capital

4.623.000

0

4.623.000

0

4.623.000

Capital Surplus

1.045.184

6,62

980.242

68,74

580.930

Earned Surplus / Accumulated Losses

463.317

9,42

423.430

234,98

126.406

Long Term Liabilities and Provisions

981.236

-12,38

1.119.951

-12,04

1.273.215

Long Term Liabilities

979.762

-12,50

1.119.728

-11,11

1.259.693

Provisions

1.475

558,48

224

-98,34

13.521

Current Liabilities / Transit Balances

10.972.066

7,52

10.204.119

15,87

8.806.445

Short Term Bank Debt

4.427.705

13,30

3.907.974

2,28

3.820.724

Suppliers / Bills Notes Payable and Cheques / Creditors

1.479.935

-12,76

1.696.502

22,19

1.388.361

Dividends Payable

4.265.047

15,83

3.682.016

29,73

2.838.137

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

799.379

-12,89

917.628

20,86

759.223

Total Liabilities and Net Worth

18.084.803

4,23

17.350.742

12,59

15.409.996

 

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

10.496.015

-1,33

10.637.173

7,01

9.940.623

Cost of Net Sales

6.146.540

-4,04

6.405.442

1,85

6.289.237

Gross Margin

4.349.475

2,78

4.231.731

15,89

3.651.386

Commission and Other Operating Income

21.530

119,81

9.795

-15,43

11.582

Interest Expenses

296.021

31,10

225.792

-19,82

281.623

Other Operating Expenses

2.011.595

33,65

1.505.121

26,80

1.186.952

Operating Results after Interest Expenses

2.063.389

-17,81

2.510.613

14,41

2.194.393

Non Operating Income

3.163

-98,34

190.565

4.236,94

4.394

Non Operating Expenses

56.013

1.944,27

2.740

214,58

871

Depreciation Out of Cost

0

-100

41.086

0

41.086

Total Depreciation

125.673

51,34

83.038

3,23

80.442

Depreciation Included in the Operation Cost

125.673

199,56

41.952

6,60

39.356

Net Income for the Year Before Tax

2.010.538

-24,34

2.657.352

23,21

2.156.830

Net Dividends

1.155.750

N/A

1.201.980

N/A

1.232.800

Income Tax

644.193

-17,89

784.565

20,61

650.506

 

 

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) (%)

33,07

-29,34

46,80

1,39

46,16

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

37,94

-25,27

50,77

-2,70

52,18

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

13,02

-26,02

17,60

1,68

17,31

Gross Profit Margin (%)

41,44

4,17

39,78

8,30

36,73

Operating Profitability (%)

22,46

-12,64

25,71

3,29

24,89

Net Profit Margin (Before Income Tax) (%)

19,16

-23,30

24,98

15,12

21,70

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

23,66

-9,35

26,10

3,24

25,28

 

 

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Financial Leverage (:1)

0,66

1,54

0,65

0

0,65

Total Debt Equity Ratio (:1)

1,95

3,72

1,88

-0,53

1,89

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

7,79

-39,00

12,77

47,46

8,66

 

LIQUITIDY RATIOS

 

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Current Ratio (Χ)

1,32

-5,04

1,39

-2,11

1,42

Quick Ratio (Acid Test) (Χ)

0,76

-9,52

0,84

-3,45

0,87

Working Capital (EURO)

3.082.064,09

-18,24

3.769.550,54

1,31

3.720.932,14

 

ACTIVITY RATIOS

 

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Collection Period (DAYS)

240,14

4,22

230,42

5,39

218,63

Payable Period (DAYS)

94,31

7,30

87,89

8,44

81,05

Inventory Turnover (DAYS)

353,79

17,95

299,95

16,42

257,65

Equity Turnover (Χ)

1,73

-7,49

1,87

-12,21

2,13

Turnover of Capital Employed (Χ)

0,59

-9,23

0,65

-8,45

0,70

 

INVESTOR RATIOS

 

 

RATES                                                         31/12/2005

Share Internal Value (EURO)                           3,98

Earnings per Share (EURO)                            1,30

 

 

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Return on Equity (Before Income Tax) (%)

8,85

-37,01

14,05

-17,30

16,99

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

15,07

-24,31

19,91

-13,51

23,02

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

5,50

-25,47

7,38

-12,56

8,44

Gross Profit Margin (%)

38,13

4,18

36,60

1,50

36,06

Operating Profitability (%)

7,70

4,18

9,93

1,50

10,81

Net Profit Margin (Before Income Tax) (%)

5,14

-28,01

7,14

-13,14

8,22

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

9,67

-16,13

11,53

-8,42

12,58

 

ACTIVITY RATIOS

 

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Collection Period (DAYS)

209,28

13,39

184,56

6,19

173,80

Payable Period (DAYS)

194,58

13,76

171,04

-1,12

172,98

Inventory Turnover (DAYS)

344,02

16,62

295,00

1,68

290,11

Equity Turnover (Χ)

1,72

-12,69

1,97

-4,83

2,07

Turnover of Capital Employed (Χ)

0,63

-13,70

0,73

-3,95

0,76

 

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Financial Leverage (:1)

0,64

1,59

0,63

1,61

0,62

Total Debt Equity Ratio (:1)

1,75

1,16

1,72

4,22

1,66

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

2,42

-28,61

3,39

-11,26

3,82

 

 

LIQUITIDY RATIOS

 

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Current Ratio (Χ)

1,39

-2,11

1,42

0

1,42

Quick Ratio (Χ)

0,77

-2,53

0,79

2,60

0,77

Working Capital (EURO)

76.599.773,96

-5,20

80.802.223,10

10,69

72.999.615,37

 

Sample of Companies: 124(2005), 126(2004), 123(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

 

 

 

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