MIRA INFORM REPORT

 

 

Report Date :

26.07.2007

 

IDENTIFICATION DETAILS

 

Name :

METRIDIS S.A.

 

 

Registered Office :

23 Kifissou, 18233, Agios Ioannis Rentis, Attiki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

16/01/2003                                            

 

 

Legal Form :

Societe Anonyme                                       

 

 

Line of Business :

Representations, exclusive imports and trade of upholstery fabrics, white linen, curtains, carpets, moquettes, household furniture, decorative and giftware

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address

 

METRIDIS S.A.

23 Kifissou

18233, Agios Ioannis Rentis, Attiki

Tel.       : 210 4829611-4

Fax       : 210 4829453

U.R.L.   : www.metridis.gr

E-mail   : metridis@metridis.gr

 

 

summary

 

Sector                                                   :Trade (White Linen - Upholstery Fabrics)

Year Established                                   : 2003

Chairman, Managing Director                  : George Kon. Metridis

Capital                                                  : Euro 200.000

Owners Equity                                       : Euro 797.609 (31/12/2006)

Net Sales                                              : Euro 7.410.945 (1/1/2006 - 31/12/2006)

Net Income for the Year Before Tax         : Euro 128.783 (1/1/2006 - 31/12/2006)

Staff of employees                                 : 35

 

 

FINANCIAL STATUS    

 
Good                                            
 
 

PAYMENT RECORD   

 
Prompt                                          
 
 

TREND   

 
Upward
 
 

GOV. GAZETTE No

 
00284/2003 
 
 

TAX REGISTR. No

 
999608140                         
 
 

No OF THE REGISTER OF SOCIETE ANONYME

 

053503 /002 /Β /03 /02                   
                                                                               
                                                                               

ISO Certificate

 
ISO 9001:2000                                          
 
 

Testifying Company

 
ELOT HELLENIC ORGANIZATION FOR                         
STANDARDIZATION S.A.
 
 

LEGAL FORM

 
Societe Anonyme                                        
 
 

DATE ESTABLISHED

 
16/01/2003                                             
 
 

HEAD OFFICE

 
Nikaia, Attiki                                         
 
 

DURATION

 
Up to year 2052
 
                                                                              

HISTORY

 
On 11/12/2006 (Gov. Gaz. No. 13348/2006) a change of subject's head office was published.
 
 

ACTIVITY

 
Representations, exclusive imports and trade of upholstery fabrics, white linen, curtains, carpets, moquettes, household furniture, decorative and giftware
 
 

PREMISES (as declared )                          

 
On 01/10/2006 subject's head office was changed. Previous address              
2 Haldaias, 184-50 Nikaia, Attiki                                              
 
PREMISES (as declared ):                                                     
  
OFFICES: 23 Kifissou, 182-33 Agios Ioannis Rentis, Attiki, rented.                                                                        
HEAD OFFICE-WAREHOUSE: 4 Maiandrou, 184-50 Nikaia, Attiki, rented.                                                                        
BRANCHES: 11 Ilioupoleos, 116-31 Athens, Attiki, rented.                      
                      -37 Andrianoupoleos, 551-33 Kalamaria, Thessaloniki, rented.                                                                        
WAREHOUSE: 5 Danais, 116-31 Athens, Attiki, rented.                           
RETAIL STORE: 50 Patriarchou Ioakeim, 106-76 Athens, Attiki, rented.                                                                        
                                                                               
Above premise at 4 Maiandrou Str. is owned by G. Metridis. Also at offices at 23 Kifissou Str. operates subject's accounting and administrative services. Finally the above branches operate as retail stores.
 
 

STAFF

 
Employees      :  35 persons
 
 

SHAREHOLDERS(as declared)

 
by 55.00% George Kon. Metridis (born in 1956)                                 
by 15.00% Konstantinos Geo. Metridis (born in 1975)                           
by 15.00% Emmanouil Geo. Metridis (born in 1976)                              
by 15.00% Efrossyni Geo. Metridi (born in 1956)
 
 

BOARD OF DIRECTORS

 
George Kon. Metridis               Chairman, Managing Director                     
Konstantinos Geo. Metridis      Member                                          
Emmanouil Geo. Metridis         Member                                          
Efrossyni Geo. Metridi              Member

 

 

AFFILIATED COS

 
George Kon. Metridis participates in the firm(s):                             
                                                                               
-TISSUS METRIDIS S.A. by 33.33%                                             
(Code No: 0201849  VAT: EL094334602)                                          
DATE ESTABLISHED: 1992                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
Share capital : 800,000                                                       
Shareholders equity : 167,936                                                 
Net profit : 3,764                                                            
Balance sheet details as at (08.07.2005) in Euro.                             
HEAD OFFICE: 30 Ethn. Antistasseos 184 50, Nikaia, Attiki                     
Said firm dissolved in 2005                                                   
                                                                               
-COMMERCIAL INVESTMENT S.A. by 33.34%                                       
(Code No: 0202939  VAT: EL094334301)                                          
DATE ESTABLISHED: 1992                                                        
SECTOR: Holding Companies                                                     
Share capital : 1,420,770                                                     
Shareholders equity : 354,679                                                 
Losses : -788,613                                                             
Balance sheet details as at (03.10.2005) in Euro.                             
HEAD OFFICE: 4 Maiandrou 184 50, Nikaia, Attiki                               
Said firm dissolved in 2005                                                   
                                                                               
-TECHNODOMIKI S.A. by 33.34%                                                
(Code No: 0204303  VAT: EL094351997)                                          
DATE ESTABLISHED: 1992                                                        
SECTOR: Trade (Furniture - Lighting Fixtures)                                 
Share capital : 30,814                                                        
Shareholders equity : 8,514                                                   
Losses : -5,657                                                               
Balance sheet details as at (04.01.2001) in Euro.                             
HEAD OFFICE: 11 Ilioupoleos 116 31, Athens, Attiki                            
Said firm dissolved in 2001                                                   
                                                                               
-ERGON S.A. by 33.34%                                                       
(Code No: 0204329  VAT: EL094352017)                                          
DATE ESTABLISHED: 1992                                                        
SECTOR: Engineering - Construction                                            
Share capital : 246,600                                                       
Shareholders equity : 285,940                                                 
Net profit : 9,282                                                            
Balance sheet details as at (31.12.2006) in Euro.                             
HEAD OFFICE: 11 Ilioupoleos 116 31, Athens, Attiki                            
Said firm has been inactive since 2005                                        
                                                                               
-METRIDI BROS S.A. by 33.34%                                                
(Code No: 0204330  VAT: EL094352005)                                          
DATE ESTABLISHED: 1992                                                        
SECTOR: Engineering - Construction                                            
Share capital : 61,629                                                        
Shareholders equity : 29,508                                                  
Losses : -5,255                                                               
Balance sheet details as at (31.01.2001) in Euro.                             
HEAD OFFICE: 11 Ilioupoleos 116 31, Athens, Attiki                            
Said firm dissolved in 2001                                                   
                                                                               
-METRIDIS BROS & CO O.E. by 33.33%                                          
(Code No: 0070568  VAT: EL081518832)                                          
DATE ESTABLISHED: 1985                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
HEAD OFFICE-WAREHOUSE: 8 Maiandrou 184 50, Nikaia, Attiki                     
Said firm has been inactive since 2000                                        
                                                                               
-METRIDIS, G. J. P., O.E. by 33.34%                                         
(Code No: 0076583  VAT: EL081184907)                                          
DATE ESTABLISHED: 1981                                                        
SECTOR: Trade (Furniture - Lighting Fixtures)                                 
HEAD OFFICE-SHOWROOM: 49 Praxitelous & Pylis 185 32, Piraeus,                 
Attiki                                                                         
Said firm has been inactive since 1999                                        
                                                                               
-METRIDIS BROS O.E. "COMME PELLE" by 33.33%                                 
(Code No: 0086076  VAT: EL082267342)                                          
DATE ESTABLISHED: 1989                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
HEAD OFFICE: 8 Maiandrou 184 50, Nikaia, Attiki                               
Said firm has been inactive since 1998                                        
                                                                               
-MITIS G. METRIDIS - P. KOUMPIS O.E. by 95.00%                              
(Code No: 0120151  VAT: EL082235018)                                          
DATE ESTABLISHED: 1993                                                        
SECTOR: Engineering - Construction                                            
HEAD OFFICE: 39 Alopekis 106 76, Athens, Attiki                               
Said firm dissolved in 1998                                                   
                                                                               
-METRIDIS, G. & J., O.E. by 50.00%                                          
(Code No: 0120152)                                                            
DATE ESTABLISHED: 1976                                                        
SECTOR: Engineering - Construction                                            
HEAD OFFICE: 4 Sistou Str 184 54, Nikaia, Attiki                              
Said firm has been inactive since 1999                                        
                                                                               
-NICEA EIRINI METRIDI & CO O.E. by 33.34%                                   
(Code No: 0152985  VAT: EL082618564)                                          
DATE ESTABLISHED: 1992                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
HEAD OFFICE: 5 Maiandrou 184 50, Nikaia, Attiki                               
Said firm dissolved in 1995                                                   
                                                                               
-METRIDIS GEORGE                                                            
(Code No: 0099853  VAT: EL017677639)                                          
DATE ESTABLISHED: 1980                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
HEAD OFFICE: 3a Eptalofou 184 50, Nikaia, Attiki                              
Said firm has been inactive since 0000                                        
                                                                              
Konstantinos Geo. Metridis participates in the firm(s):                       
                                                                               
-METRIDIS KONSTANTINOS                                                      
(Code No: 0157976  VAT: EL046128260)                                          
DATE ESTABLISHED: 1993                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
HEAD OFFICE-WAREHOUSE: 10 Haldaias 184 50, Nikaia, Attiki                     
Said firm has been inactive since 2000                                        
                                                                               
Emmanouil Geo. Metridis participates in the firm(s):                          
                                                                               
-METRIDIS EMMANOUIL                                                         
(Code No: 0161624  VAT: EL046547281)                                          
DATE ESTABLISHED: 1995                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
HEAD OFFICE-WAREHOUSE: 4 Sistou 184 54, Nikaia, Attiki                        
Said firm has been inactive since 1998
FINANCIAL DATA:                                                                
Share capital amounts to Euro 200,000 divided into 20,000 shares at EURO 10.00 each.                                                            
                                                                               
Prior to capital reduction, effected on 10/12/04 (Gov. Gaz. No.:1064/05), share capital amounted to 500,000 Euro. Present financial data are not available.                                              
                                                                               
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 340,000

 

 

BANKS

 
Alpha Bank A.E.                                                               
Nikaia Branch (tel.:21-04916736)                                            
(Deposits)                                                                  
National Bank of Greece S.A.                                                  
Nikaia Branch (tel.:21-04911724)                                            
(Deposits)                                                                  
EFG EUROBANK ERGASIAS S.A.                                                    
Moschato Branch (tel.:21-09417900-6)                                        
(Deposits-Loans-Imports/Exports)                                            
Bank of Piraeus S.A.                                                          
Nikaia (Perivolaki) Branch (tel.:21-04250087)                               
Aspis Bank S.A.                                                               
Nikaia Branch (tel.:21-04929714-6)                                          
(Loans-Imports/Exports)                                                     
Marfin Egnatia Bank S.A.                                                      
Nikaia (P. Ralli) Branch (tel.:210-4254410)                                 
(Loans-Imports/Exports)                                                     
Hellenic Bank LTD                                                             
Kallithea Branch (tel.:210-9538320-9)                                       
(Deposits-Loans)                                                            
Bank of Cyprus LTD Ag. I. Rentis Branch (deposits, loans)

 

 

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

841.192

0,48

837.135

598.642

Fields -Lots

0

N/A

0

0

Buildings / Means of Transport / Furniture and Other Equipment

1.042.332

14,64

909.211

651.845

Machinery and Mechanical Equipment

0

N/A

0

0

Intangible Assets and Estabishment Expenses

227.558

47,50

154.280

6.882

Accumulated Depreciation

473.040

80,88

261.528

95.099

Depreciation of Buildings / Furniture / Means of Transport

405.550

74,77

232.042

91.577

Depreciation of Machinery and Mechanical Equipment

0

N/A

0

0

Depreciation of Intangible Assets and Establishment Expenses

67.490

128,90

29.485

3.522

Long Term Receivables

44.342

26,07

35.172

35.014

Participations

0

N/A

0

0

Inventories

2.397.865

18,48

2.023.839

1.754.112

Finished Products / Merchandise

2.397.865

25,48

1.911.005

1.754.112

Semi finished Goods

0

N/A

0

0

Raw Direct and Indirect Material

0

-100

112.834

0

Receivables / Transit balances

5.826.442

26,68

4.599.345

3.700.783

Receivables from Customers / Bills and Cheques

5.399.171

31,79

4.096.867

3.032.358

Marketable Securities

411.063

-17,57

498.703

600.000

Other Receivables / Transit Debit Balances

16.207

329,32

3.775

68.425

Cash and Deposits

173.781

-41,42

296.631

85.706

Total Assets

9.239.280

19,11

7.756.949

6.139.244

LIABILITIES

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

31/12/2004

Owners Equity

797.609

4,65

762.141

1.091.366

Share Capital

200.000

0

200.000

300.000

Reserves

518.246

35,07

383.676

379.666

Retained Earnings / Losses

79.363

-55,53

178.465

411.700

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

8.441.670

20,68

6.994.808

5.047.877

Short Term Bank Debt

6.083.977

30,59

4.658.820

2.932.226

Suppliers / Bills Notes Payable and Cheques / Creditors

1.739.732

-2,81

1.790.031

1.660.211

Dividends Payable

265.000

-11,67

300.000

0

Partners / Shareholders Accounts

0

N/A

0

0

Other Liabilities / Transit Credit Balances

352.961

43,50

245.957

455.440

Total Liabilities and Net Worth

9.239.280

19,11

7.756.949

6.139.244

PROFIT AND LOSS ACCOUNT

 

ACCOUNTS

1/1/2006 - 31/12/2006

CHANGE 06/05 (%)

1/1/2005 - 31/12/2005

7/1/2003 - 31/12/2004

Total Net Sales

0

N/A

0

0

Net Sales

7.410.945

21,75

6.086.886

7.917.916

Cost of Net Sales

3.982.435

23,33

3.229.171

4.623.501

Gross Margin

3.428.510

19,97

2.857.714

3.294.415

Commission and Other Operating Income

16.938

66,01

10.203

1

Interest Expenses

386.191

16,78

330.702

141.493

Other Operating Expenses

2.895.061

21,80

2.376.912

2.112.296

Operating Results after Interest Expenses

164.196

2,43

160.303

1.040.627

Non Operating Income

303

-91,13

3.415

962

Non Operating Expenses

35.717

-21,96

45.766

1.405

Depreciation Out of Cost

0

N/A

0

0

Total Depreciation

211.443

25,99

167.822

95.099

Depreciation Included in the Operation Cost

211.443

25,99

167.822

95.099

Net Income for the Year Before Tax

128.783

9,18

117.952

1.040.183

Net Dividends

100.000

N/A

300.000

0

Income Tax

42.936

-8,99

47.178

248.817

COMPANY RATIOS

 

PROFITABILITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

31/12/2004

Return on Equity (Before Income Tax) (%)

16,51

29,69

12,73

47,33

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

66,03

36,40

48,41

53,76

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

6,06

-6,19

6,46

9,56

Gross Profit Margin (%)

46,26

-1,47

46,95

41,61

Operating Profitability (%)

7,24

-10,28

8,07

14,93

Net Profit Margin (Before Income Tax) (%)

1,74

-10,31

1,94

13,14

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

10,09

-6,75

10,82

16,13

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

31/12/2004

Financial Leverage (:1)

0,91

1,11

0,90

0,82

Total Debt Equity Ratio (:1)

10,58

15,25

9,18

4,62

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

1,33

-2,20

1,36

8,35

LIQUITIDY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

31/12/2004

Current Ratio (Χ)

0,99

-3,88

1,03

1,10

Quick Ratio (Acid Test) (Χ)

0,71

-1,39

0,72

0,75

Working Capital (EURO)

-43.582,04

41,88

-74.993,66

492.723,93

ACTIVITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

31/12/2004

Collection Period (DAYS)

232

9,01

212,83

281,51

Payable Period (DAYS)

155

-18,85

191,00

259,90

Inventory Turnover (DAYS)

203

-4,92

213,51

278,88

Equity Turnover (Χ)

9,50

44,60

6,57

3,60

Turnover of Capital Employed (Χ)

0,87

-1,14

0,88

0,64

INVESTOR RATIOS

 

RATES

31/12/2006

Share Internal Value (EURO)

39,88

Earnings per Share (EURO)

6,44

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

2004

Return on Equity (Before Income Tax) (%)

7,54

-16,87

9,07

14,05

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

13,14

-14,34

15,34

19,91

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

4,77

-14,52

5,58

7,38

Gross Profit Margin (%)

40,70

6,96

38,05

36,60

Operating Profitability (%)

9,57

6,96

7,78

9,93

Net Profit Margin (Before Income Tax) (%)

4,66

-10,56

5,21

7,14

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

11,75

20,64

9,74

11,53

ACTIVITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

2004

Collection Period (DAYS)

209,94

1,08

207,70

184,56

Payable Period (DAYS)

204,32

5,80

193,12

171,04

Inventory Turnover (DAYS)

388,92

13,83

341,67

295,00

Equity Turnover (Χ)

1,62

-6,90

1,74

1,97

Turnover of Capital Employed (Χ)

0,59

-6,35

0,63

0,73

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

2004

Financial Leverage (:1)

0,64

0

0,64

0,63

Total Debt Equity Ratio (:1)

1,74

-1,13

1,77

1,72

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

2,35

-4,08

2,45

3,39

LIQUITIDY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

2004

Current Ratio (Χ)

1,41

1,44

1,39

1,42

Quick Ratio (Χ)

0,76

-1,30

0,77

0,79

Working Capital (EURO)

81.658.135,23

5,15

77.659.302,65

80.802.223,10

Sample of Companies: 109(2006), 127(2005), 126(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