MIRA INFORM REPORT

 

 

Report Date :

09.07.2007

 

IDENTIFICATION DETAILS

 

Name :

PAPAYIANNIS BROS GREEK HALVA PRODUCERS S.A.

 

 

Registered Office :

Larissas - Volou Rd (6th km), Melissochori 41500, Larissa, Larissa

 

 

Country :

Greece

 

 

Financials (as on) :

30.06.2006

 

 

Date of Incorporation :

1949

 

 

Legal Form :

Societe Anonyme                                       

 

 

Line of Business :

Production of halva, sesame cake and paste, jam, turkish delight, vanilla sweet and sesame.

 

 

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

 

PAPAYIANNIS BROS GREEK HALVA PRODUCERS S.A.

Larissas - Volou Rd (6th km), Melissochori

41500, Larissa, Larissa

Tel.       : 2410 571441-4

Fax       : 2410 571445

U.R.L.   : www.papayiannibros.gr

E-mail   : papayianni@altecnet.gr

 

 

Sector

 

Industry (Food Products)

 

 

Year Established

 

1967

 

 

Year Founded

 

1949

 

 

Chairman, Managing Director

 

Konstantinos Geo. Papayiannis

 

 

Managing Director

 

Anastassios Bas. Papayiannis

 

 

Capital

 

Euro 1.985.346

 

 

Shareholders Equity

 

Euro 5.139.306 (30/6/2006)

 

 

Total Net Sales

 

Euro 9.790.073 (1/7/2005 - 30/6/2006)

 

 

Net Income for the Year Before Tax

 

Euro 291.893 (1/7/2005 - 30/6/2006)

 

 

Staff of employees

 

85

 

 

FINANCIAL STATUS   

 
Moderate                                        
 
 

PAYMENT RECORD   

 
Prompt                                          
 
 

TREND   

 
Stable
 
 

GOV. GAZETTE No

 
00945/1967  
 
 

TAX REGISTR. No

 
094023049                         
 
 

No OF THE REGISTER OF SOCIETE ANONYME

 
010235 /031 /Β /86 /3                    
 
                                                                              

MEMBER OF

 
LARISSA CHAMBER OF COMMERCE & INDUSTRY                 
 
 

GENERAL REG. No.

 
0403014                                                
 
 

EXPORTS REG. No.

 
0000050
 
 

LEGAL FORM

 
Societe Anonyme                                        
 
 

DATE ESTABLISHED

 
1967                                                   
 
 

HEAD OFFICE

 
Larissa                                                
 
 

DURATION

 
Up to year 2017
 
 

HISTORY

 
Established in Larissa, in 1967, following the change in the legal status of the firm PAPAGIANNIS BROS O.E., originally founded in 1949.
 
 

ACTIVITY

 
Production of halva, sesame cake and paste, jam, turkish delight, vanilla sweet and sesame (organic products)
 
 

PREMISES (as declared)

                                                       
HEAD OFFICE-PLANT: Larissas - Volou Rd (6th km), Melissochori, 415-00 Larissa, owned,plot of land 24,000 m2, covered area 8,000 m2.                                                                            
 
OFFICES: 65 Tritis Septemvriou, 104-33 Athens, Attiki, rented, covered area 100 m2.                                            
               
BRANCHES: 6 Petrobei, 412-21 Larissa, rented, covered area 140 m2.
 
 

STAFF

 
Employees      :  85 persons
 
 

SHAREHOLDERS(as declared)

                                                     
by 30.00% Anastassios Bas. Papayiannis (born in 1963)                         
by 25.00% HAITOGLOU BROS S.A.                                                 
(Code No: 4071700  VAT: EL094132463)                                          
DATE ESTABLISHED: 1985                                                        
SECTOR: Industry (Food Products)                                              
Share capital : 16,047,810                                                    
Shareholders equity : 25,321,172                                              
Net Sales : 67,300,037                                                        
Net profit : 1,009,587                                                        
Balance sheet details as at (31.12.2006) EURO                                 
It's main shareholders by 35% each are Messrs Alexandros Nik.                 
Haitoglou and Konstantinos Nik. Haitoglou.                                     
HEAD OFFICE-PLANT:  570 09, Kalochori, Thessaloniki                           
                                                                               
by 24.08% Konstantinos Geo. Papayiannis (born in 1955)                        
by 10.00% Maria Bas. Papayianni (born in 1958)                                
by 10.00% Fani Bas. Papayianni (born in 1960)                                 
by 0.02% George Kon. Papayiannis
 
 

BOARD OF DIRECTORS

 
Konstantinos Geo. Papayiannis               Chairman, Managing Director                     
Anastassios Bas. Papayiannis                 Vice-Chairman, Managing Director                
George Kon. Papayiannis                        Member                                          
Maria Bas. Papayianni                            Member                                          
Fani Bas. Papayianni                              Member                                          
 
The above mentioned Board of Directors' structure is in effect since 26/1/2007 and has not been published in the Gov. Gaz. yet.
 
 

PARTICIPATIONS

 
Subject participates in the following firm(s)                                 
by 1.00% LAMPROULIS - PAPAYIANNIS ALPEIS COLD STORAGE S.A.                    
(Code No: 4061500  VAT: EL094182952)                                          
DATE ESTABLISHED: 1993                                                        
SECTOR: Storage - Warehousing                                                 
Share capital : 2,752,416                                                     
Shareholders equity : 2,416,237                                               
Net Sales : 849,161                                                           
Net profit : -176,029                                                         
Balance sheet details as at (31.12.2006) in Euro.                             
HEAD OFFICE-COLD STORAGE: Larissas - Volou Rd (4th km - palaia),              
Melissochori, P.O. Box 1405 411 10, Larissa
AFFILIATED COS:                                                                
Anastassios Bas. Papayiannis participates in the firm(s):                     
                                                                               
-LAMPROULIS - PAPAYIANNIS ALPEIS COLD STORAGE S.A.                          
(as mentioned before)                                                         
                                                                               
-PAPAGIANNIS, A, & K., O.E.                                                 
(Code No: 1168463  VAT: EL099275893)                                          
DATE ESTABLISHED: 1999                                                        
HEAD OFFICE: 30 Erythrou Stavrou 412 21, Larissa                              
                                                                               
Konstantinos Geo. Papayiannis participates in the firm(s):                    
                                                                               
-LAMPROULIS - PAPAYIANNIS ALPEIS COLD STORAGE S.A.                          
(as mentioned before)                                                         
                                                                               
-PAPAGIANNIS, A, & K., O.E.                                                 
(as mentioned before)
 
 

FINANCIAL DATA

 
Share capital amounts to Euro 1,985,346 divided into 661,782 shares at EURO 3.00 each.                                                      
                                                                               
Prior to the last increase in 2007 (Gov.Gaz.2221/2007) share capital amounted to 1,746,876 Euro. The above increase was decided to be covered as follows: 238,470 Euro being the capitalization of the surplus value, resulting from the revaluation of fixed assets.                                                   
                                                                               
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 1,000,000

 

 

BANKS

 
Alpha Bank A.E.                                                               
Larissa Branch (tel.:241-0254698)                                           
(Imports/Exports)                                                           
 
Bank of Piraeus S.A.                                                          
Larissa Branch (tel.:241-0258501)                                           
 
Aspis Bank S.A.                                                               
Larissa Branch (tel.:241-0537932-3)

 

 

SHORT FINANCIAL STATEMENT (Figures in Euro)

 

ASSETS

 

ACCOUNTS

30/6/2006

CHANGE 06/05 (%)

30/6/2005

CHANGE 05/04 (%)

30/6/2004

Fixed Assets

2.480.151

8,19

2.292.365

26,59

1.810.790

Land

1.071.284

0

1.071.284

28,01

836.865

Buildings / Means of Transport / Furniture and Other Equipment

1.652.474

5,64

1.564.172

6,68

1.466.278

Machinery and Mechanical Equipment

2.613.783

9,60

2.384.884

12,88

2.112.788

Intangibles Assets and Estabishment Expenses

0

N/A

0

N/A

0

Accumulated Depreciation

2.921.423

4,62

2.792.413

7,19

2.605.141

Depreciation of Buildings / Furniture / Means of Transport

1.308.739

-4,12

1.365.032

2,31

1.334.177

Depreciation of Machinery and Mechanical Equipment

1.612.683

12,98

1.427.382

12,31

1.270.963

Depreciation of Intangible Assets and Establishment Expenses

0

N/A

0

N/A

0

Long Term Receivables

20.803

-1,90

21.207

N/A

0

Participations

43.230

0

43.230

N/A

0

Inventories

2.127.886

11,24

1.912.920

19,62

1.599.104

Finished Products / Merchandise

857.231

8,62

789.189

2,58

769.315

Semi finished Goods

0

N/A

0

N/A

0

Raw Direct and Indirect Material

1.270.655

13,07

1.123.731

35,42

829.789

Receivables / Transit balances

8.948.286

2,54

8.726.846

6,44

8.198.833

Receivables from Customers / Bills and Cheques

8.948.286

2,54

8.726.846

6,44

8.198.833

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

0

N/A

0

N/A

0

Cash and Deposits

16.029

-40,90

27.124

-15,29

32.021

Total Assets

13.572.352

4,73

12.959.254

11,33

11.640.748

LIABILITIES

 

ACCOUNTS

30/6/2006

CHANGE 06/05 (%)

30/6/2005

CHANGE 05/04 (%)

30/6/2004

Shareholders Equity

5.139.306

0,78

5.099.413

4,30

4.889.053

Share Capital

1.746.876

0

1.746.876

0

1.746.876

Capital Surplus

1.496.318

2,55

1.459.123

16,27

1.254.980

Earned Surplus / Accumulated Losses

1.896.113

0,14

1.893.414

0,33

1.887.197

Long Term Liabilities and Provisions

61.261

2.526,97

2.332

-96,36

64.157

Long Term Liabilities

0

N/A

0

N/A

0

Provisions

61.261

2.526,97

2.332

-96,36

64.157

Current Liabilities / Transit Balances

8.371.785

6,54

7.857.510

17,49

6.687.538

Short Term Bank Debt

5.635.674

7,19

5.257.464

14,45

4.593.705

Suppliers / Bills Notes Payable and Cheques / Creditors

2.268.317

-0,64

2.282.979

23,14

1.854.027

Dividends Payable

174.688

399,99

34.938

-57,14

81.521

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

293.106

3,89

282.129

78,24

158.285

Total Liabilities and Net Worth

13.572.352

4,73

12.959.254

11,33

11.640.748

PROFIT AND LOSS ACCOUNT

 

ACCOUNTS

1/7/2005 - 30/6/2006

CHANGE 06/05 (%)

1/7/2004 - 30/6/2005

CHANGE 05/04 (%)

1/7/2003 - 30/6/2004

Total Net Sales

0

N/A

0

N/A

0

Total Net Sales

9.790.073

6,59

9.184.771

6,00

8.664.432

Cost of Net Sales

6.083.679

7,43

5.662.903

6,20

5.332.459

Gross Margin

3.706.394

5,24

3.521.867

5,70

3.331.972

Commission and Other Operating Income

6.359

1,13

6.288

-2,28

6.435

Interest Expenses

271.236

7,59

252.103

-4,65

264.389

Other Operating Expenses

3.291.558

10,86

2.968.999

1,34

2.929.806

Operating Results after Interest Expenses

149.960

-51,16

307.054

112,92

144.212

Non Operating Income

152.837

21,82

125.463

-46,72

235.484

Non Operating Expenses

10.904

-88,68

96.362

235,32

28.737

Depreciation Out of Cost

0

N/A

0

N/A

0

Total Depreciation

241.578

34,22

179.979

10,17

163.363

Depreciation Included in the Operation Cost

241.578

34,22

179.979

10,17

163.363

Net Income for the Year Before Tax

291.893

-13,17

336.155

-4,22

350.959

Net Dividends

174.688

N/A

34.938

N/A

81.521

Income Tax

104.583

-19,00

129.113

31,26

98.363

COMPANY RATIOS

 

PROFITABILITY RATIOS

 

RATES

30/6/2006

CHANGE 06/05 (%)

30/6/2005

CHANGE 05/04 (%)

30/6/2004

Return on Equity (Before Income Tax) (%)

5,70

-15,30

6,73

-15,13

7,93

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

11

-6,62

11,78

-15,25

13,90

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

4,24

-11,30

4,78

-11,64

5,41

Gross Profit Margin (%)

37,86

-1,25

38,34

-0,31

38,46

Operating Profitability (%)

4,30

-29,39

6,09

29,02

4,72

Net Profit Margin (Before Income Tax) (%)

2,98

-18,58

3,66

-9,63

4,05

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

6,77

-15,90

8,05

21,97

6,60

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

30/6/2006

CHANGE 06/05 (%)

30/6/2005

CHANGE 05/04 (%)

30/6/2004

Financial Leverage (:1)

0,62

1,64

0,61

5,17

0,58

Total Debt Equity Ratio (:1)

1,64

6,49

1,54

11,59

1,38

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

2,08

-10,73

2,33

0

2,33

LIQUITIDY RATIOS

 

RATES

30/6/2006

CHANGE 06/05 (%)

30/6/2005

CHANGE 05/04 (%)

30/6/2004

Current Ratio (Χ)

1,34

-4,96

1,41

-2,08

1,44

Quick Ratio (Acid Test) (Χ)

1,09

-6,84

1,17

-1,68

1,19

Working Capital (EURO)

2.720.416,54

-3,17

2.809.379,74

-10,60

3.142.419,87

ACTIVITY RATIOS

 

RATES

30/6/2006

CHANGE 06/05 (%)

30/6/2005

CHANGE 05/04 (%)

30/6/2004

Collection Period (DAYS)

317

-2,39

324,76

-1,34

329,17

Payable Period (DAYS)

133

2,46

129,80

13,97

113,89

Inventory Turnover (DAYS)

121

6,91

113,18

-4,00

117,89

Equity Turnover (Χ)

1,91

3,80

1,84

-6,12

1,96

Turnover of Capital Employed (Χ)

0,74

-1,33

0,75

-1,32

0,76

INVESTOR RATIOS

 

RATES

30/6/2006

Share Internal Value (EURO)

8,81

Earnings per Share (EURO)

0,50

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Return on Equity (Before Income Tax) (%)

6,52

-19,01

8,05

-19,98

10,06

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

13,04

-0,53

13,11

-11,06

14,74

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

4,77

-6,47

5,10

-15

6,00

Gross Profit Margin (%)

24,88

-0,24

24,94

0,81

24,74

Operating Profitability (%)

5,70

-0,24

6,02

0,81

6,43

Net Profit Margin (Before Income Tax) (%)

3,09

-14,17

3,60

-18,92

4,44

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

9,11

-5,10

9,60

-3,03

9,90

ACTIVITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Collection Period (DAYS)

114,56

12,28

102,03

0,71

101,31

Payable Period (DAYS)

95,24

9,47

87,00

7,73

80,76

Inventory Turnover (DAYS)

95,95

10,05

87,19

5,01

83,03

Equity Turnover (Χ)

2,11

-5,38

2,23

-1,76

2,27

Turnover of Capital Employed (Χ)

0,77

-11,49

0,87

-5,43

0,92

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Financial Leverage (:1)

0,64

1,59

0,63

6,78

0,59

Total Debt Equity Ratio (:1)

1,78

5,32

1,69

16,55

1,45

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

2,00

-22,78

2,59

-17,78

3,15

LIQUITIDY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Current Ratio (Χ)

1,17

-1,68

1,19

-0,83

1,20

Quick Ratio (Χ)

0,83

-1,19

0,84

-1,18

0,85

Working Capital (EURO)

651.061.725,72

-23,72

853.551.321,42

2,80

830.334.524,75

Sample of Companies: 806(2006), 1.296(2005), 1.317(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/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

 

 

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