MIRA INFORM REPORT

 

 

Report Date :

23.05.2007

 

IDENTIFICATION DETAILS

 

Name :

EFODIASTIKI S.A.

 

 

Registered Office :

49 Doganis 18546, Piraeus, Attiki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

1997

 

 

Legal Form :

Societe Anonyme                                       

 

 

Line of Business :

Imports and trade of marine supplies

 

 

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

 

EFODIASTIKI S.A.

49 Doganis

18546, Piraeus, Attiki

Tel.: 210 4637120-1

Fax: 210 4637075

U.R.L.: www.efodiastiki.gr

E-mail: efodia@hol.gr

 

 

Sector

 

Marine & Industrial Supplies - Ship Chandling

 

 

Year Established

 

1997

 

 

Chairman, Managing Director

 

Dimitrios Emm. Kontrafouris

 

 

Capital 

 

Euro 439.500

 

 

Shareholders Equity   

 

Euro 747.650 (31/12/2005)

 

 

Total Net Sales

 

Euro 3.106.774 (1/1/2005 - 31/12/2005)

 

 

Net Income for the Year Before Tax   

 

Euro 122.016 (1/1/2005 - 31/12/2005)

 

 

Staff of employees 

 

12

 

 

FINANCIAL STATUS   

 
Satisfactory                                    
 
 

PAYMENT RECORD   

 
Prompt                                          
 
 

TREND   

 
Upward
 
 

GOV. GAZETTE No

 
01857/1997 
 
 

TAX REGISTR. No

 
094508540                         
 
 

No OF THE REGISTER OF SOCIETE ANONYME

 
037999 /022 /Β /97 /53                   
 
                                                                              

MEMBER OF

 
PIRAEUS CHAMBER OF COMMERCE & INDUSTRY                 
 
 

EXPORTS REG. No.   

 
0004441                                                
 
                                                                              

ISO Certificate

 
ISO 9001:2000                                          
 
 

Testifying Company

 
BUREAU VERITAS S.A.
 
 

LEGAL FORM

 
Societe Anonyme                                        
 
 

DATE ESTABLISHED

 
1997                                                   
 
 

HEAD OFFICE

 
Piraeus, Attiki                                        
 
 

DURATION

 
Up to year 2057
 
 

HISTORY

 
Established in Keratsini (21 Spartis Str.), on 06.05.97. In 1997 (Gov. Gaz. No.: 4217/97), subject's head office was transferred to Piraeus at the above mentioned address.
 
 

ACTIVITY 

 
Imports and trade of marine supplies
 
 

PREMISES (as declared )

 
HEAD OFFICE-WAREHOUSE: 49 Doganis, 185-46 Piraeus, Attiki, owned, covered area 350 m2.                                                    
WAREHOUSE: 87 Messolongiou, 185-46 Piraeus, Attiki, rented.                   
                                                                               
The premise at 49 Doganis str is consisted of 2 buildings. One is a warehouse and the other are offices.
 

STAFF 

 
Employees      :  12 persons
 
 

SHAREHOLDERS(as declared)

                                   
by 50.00% Dimitrios Emm. Kontrafouris (born in 1960)                          
by 50.00% Evangelia Spy. Tzortzi (born in 1970)
 
 

BOARD OF DIRECTORS

 
Dimitrios Emm. Kontrafouris     Chairman, Managing Director                     
Evangelia Spy. Tzortzi              Vice-Chairman                                   
Spyridon Ant. Tzortzis              Member                                          
Emmanouil Dim. Kontrafouris    Member

 

 

AFFILIATED COS

 
Dimitrios Emm. Kontrafouris participates in the firm(s):                      
                                                                               
-ILIOS KTIMATIKI SOLE SHAREHOLDER CO. LTD by 100.00%                        
(Code No: 0261822)                                                            
DATE ESTABLISHED: 2004                                                        
SECTOR: Real Estate                                                           
HEAD OFFICE: 20 Chrys. Smyrnis 187 55, Keratsini, Attiki                      
                                                                               
-KONTRAFOURIS, H., & CO. O.E. by 33.30%                                     
(Code No: 0601155  VAT: EL081745010)                                          
DATE ESTABLISHED: 1987                                                        
SECTOR: Trade (Machinery - Tools - Abrasives)                                 
Capital employed : 45,000                                                     
HEAD OFFICE: 15 Karaiskaki 230 53, Neapoli, Lakonia                           
                                                                               
-KONTRAFOURIS, D., & CO. E.E. by 80.00% (General Partner)                   
(Code No: 0094013  VAT: EL093584918)                                          
DATE ESTABLISHED: 1988                                                        
SECTOR: Marine & Industrial Supplies - Ship Chandling                         
Capital employed : 293,470                                                    
NET SALES :  909,758 (1994)                                                   
HEAD OFFICE-WAREHOUSE: 104 Salaminas 185 46, Piraeus, Attiki
 
 

FINANCIAL DATA

 
Share capital amounts to Euro 439,500 divided into 150,000 shares at EURO 2.93 each.                                                      
                                                                               
The latest published balance sheets are attached.

 

 

SALES                                                                          

 
Sales (as declared)   : Euro 4,500,000 (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 320,000

 

 

BANKS

 
Alpha Bank A.E.                                                               
  Ethnikis Antistassis Branch (tel.:21-04121721-5)                            
National Bank of Greece S.A.                                                  
  Keratsini Branch (tel.:21-04622055)                                         
EFG EUROBANK ERGASIAS S.A.                                                    
  Piraeus Branch  (Ex Ergobank Branch) (tel.:21-04115626)

 

 

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

416.496

-0,08

416.821

9,02

382.342

Land

200.719

0

200.719

30,38

153.949

Buildings / Means of Transport / Furniture and Other Equipment

247.273

13,32

218.206

-29,46

309.323

Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Intangibles Assets and Estabishment Expenses

267.322

45,46

183.778

8,89

168.778

Accumulated Depreciation

310.683

60,32

193.792

-23,27

252.574

Depreciation of Buildings / Furniture / Means of Transport

195.280

19,82

162.982

-31,57

238.189

Depreciation of Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Depreciation of Intangible Assets and Establishment Expenses

115.403

274,56

30.810

114,18

14.385

Long Term Receivables

11.866

50,03

7.909

175,96

2.866

Participations

0

N/A

0

N/A

0

Inventories

1.034.513

10,18

938.914

11,16

844.621

Finished Products / Merchandise

1.034.513

10,18

938.914

11,16

844.621

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

990.859

12,13

883.642

-31,71

1.294.013

Receivables from Customers / Bills and Cheques

990.192

12,76

878.163

-31,94

1.290.220

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

667

-87,83

5.479

44,45

3.793

Cash and Deposits

39.445

8,66

36.302

241,92

10.617

Total Assets

2.481.312

9,04

2.275.679

-10,11

2.531.592

LIABILITIES

 

ACCOUNTS

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Shareholders Equity

747.650

11,96

667.793

10,94

601.944

Share Capital

439.500

0

439.500

0

439.500

Capital Surplus

223.950

1,81

219.958

27,71

172.234

Earned Surplus / Accumulated

Losses

84.200

910,08

8.336

N/A

-9.790

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

1.733.662

7,82

1.607.886

-16,67

1.929.648

Short Term Bank Debt

575.266

-21,81

735.760

9,27

673.349

Suppliers / Bills Notes Payable and Cheques / Creditors

1.023.604

33,26

768.097

-36,23

1.204.561

Dividends Payable

0

N/A

0

N/A

0

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

134.792

29,57

104.029

101,07

51.738

Total Liabilities and Net Worth

2.481.312

9,04

2.275.679

-10,11

2.531.592

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

3.106.774

27,77

2.431.518

-26,80

3.321.659

Cost of Net Sales

2.406.731

33,50

1.802.747

-29,73

2.565.508

Gross Margin

700.043

11,34

628.771

-16,84

756.151

Commission and Other Operating Income

35.572

116,47

16.433

-38,11

26.554

Interest Expenses

55.832

1,19

55.175

9,19

50.531

Other Operating Expenses

558.784

7,56

519.533

-20,12

650.432

Operating Results after Interest Expenses

120.999

71,64

70.495

-13,76

81.741

Non Operating Income

1.050

480,11

181

-87,95

1.502

Non Operating Expenses

32

-98,96

3.081

16,40

2.647

Depreciation Out of Cost

0

N/A

0

N/A

0

Total Depreciation

116.892

200,99

38.836

-31,68

56.844

Depreciation Included in the Operation Cost

116.892

200,99

38.836

-31,68

56.844

Net Income for the Year Before Tax

122.016

80,51

67.595

-16,13

80.596

Net Dividends

0

N/A

0

N/A

0

Income Tax

42.159

57,26

26.809

-14,57

31.382

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) (%)

17,24

61,88

10,65

-19,80

13,28

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

25,13

29,94

19,34

-10,50

21,61

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

7,48

46,38

5,11

-11,13

5,74

Gross Profit Margin (%)

22,53

-12,88

25,86

13,62

22,76

Operating Profitability (%)

5,69

10,06

5,17

29,90

3,98

Net Profit Margin (Before Income Tax) (%)

3,93

41,37

2,78

14,40

2,43

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

9,45

39,59

6,76

18,98

5,69

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Financial Leverage (:1)

0,70

-1,41

0,71

-6,58

0,76

Total Debt Equity Ratio (:1)

2,32

-3,73

2,41

-24,92

3,20

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

3,18

43,05

2,22

-13,90

2,59

LIQUITIDY RATIOS

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Current Ratio (Χ)

1,17

3,54

1,13

0

1,13

Quick Ratio (Acid Test) (Χ)

0,58

-7,94

0,63

-12,50

0,72

Working Capital (EURO)

331.154,59

31,95

250.972,40

14,28

219.602,10

ACTIVITY RATIOS

 

RATES

31/12/2005

CHANGE 05/04 (%)

31/12/2004

CHANGE 04/03 (%)

31/12/2003

Collection Period (DAYS)

85,75

-33,62

129,19

27,00

101,72

Payable Period (DAYS)

119,35

-35,17

184,10

58,23

116,35

Inventory Turnover (DAYS)

149,64

-17,12

180,56

85,90

97,13

Equity Turnover (Χ)

4,39

14,62

3,83

-29,98

5,47

Turnover of Capital Employed (Χ)

1,31

29,70

1,01

-30,82

1,46

INVESTOR RATIOS

 

RATES

31/12/2005

Share Internal Value (EURO)

4,98

Earnings per Share (EURO)

0,81

 

 

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Return on Equity (Before Income Tax) (%)

13,72

-29,06

19,34

-24,45

25,60

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

20,46

-18,52

25,11

-20,01

31,39

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

6,67

-23,24

8,69

-19,01

10,72

Gross Profit Margin (%)

26,44

-4,79

27,77

2,17

27,18

Operating Profitability (%)

5,99

-4,79

7,50

2,17

8,50

Net Profit Margin (Before Income Tax) (%)

4,02

-30,33

5,77

-15,40

6,82

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

7,59

-15,38

8,97

-33,21

13,43

ACTIVITY RATIOS

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Collection Period (DAYS)

136,67

5,80

129,18

9,39

118,09

Payable Period (DAYS)

87,71

4,37

84,04

4,38

80,51

Inventory Turnover (DAYS)

127,64

4,43

122,22

15,76

105,59

Equity Turnover (Χ)

3,41

1,79

3,35

-10,90

3,76

Turnover of Capital Employed (Χ)

1,11

-4,31

1,16

-9,38

1,28

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Financial Leverage (:1)

0,69

4,54

0,66

1,54

0,65

Total Debt Equity Ratio (:1)

2,21

13,92

1,94

5,43

1,84

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

3,03

-30,50

4,36

-19,56

5,42

LIQUITIDY RATIOS

 

RATES

2005

CHANGE 05/04 (%)

2004

CHANGE 04/03 (%)

2003

Current Ratio (Χ)

1,39

0,72

1,38

2,22

1,35

Quick Ratio (Χ)

0,91

0

0,91

1,11

0,90

Working Capital (EURO)

85.865.371,68

8,53

79.113.683,24

7,20

73.799.253,81

 

Sample of Companies: 131(2005), 141(2004), 153(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

 

 

 

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