MIRA INFORM REPORT

 

 

Report Date :

05.10.2007

 

IDENTIFICATION DETAILS

 

Name :

AL-CO S.A.

 

 

Registered Office :

Langada - Sochou Rd (3th km), 57200, Langadas, Thessaloniki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

19/10/2000                                            

 

 

Legal Form :

Societe Anonyme                                       

 

 

Line of Business :

Processing of spices, nuts and confectionery raw materials

 

 

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

 

AL-CO S.A.

Langada - Sochou Rd (3th km)

57200, Langadas, Thessaloniki

Tel.:      23940 23667

Fax:      23940 23136

U.R.L.: www.al-co.gr

E-mail: alcosa@otenet.gr

 

 

Sector

 

Industry (Food Products)

 

 

Year Established

 

2000

 

 

Chairman, Managing Director

 

Alexandros Joh. Mouratidis

 

 

Capital

 

Euro 440.250

 

 

Owners Equity

 

Euro 1.023.000 (31/12/2006)

 

 

Net Sales

 

Euro 1.440.794 (1/1/2006 - 31/12/2006)

 

 

Net Income for the Year Before Tax

 

Euro 88.945 (1/1/2006 - 31/12/2006)

 

 

Staff of employees

 

25

 

 

FINANCIAL STATUS   

 
Moderate                                        
 
 

PAYMENT RECORD     

 
Prompt                                          
 
 

TREND   

 
Stable
 
 

GOV. GAZETTE No

 

09694/2000

 

 

TAX REGISTR. No

 
800175220                         
 
 

No OF THE REGISTER OF SOCIETE ANONYME

 
047172 /062 /Β /00 /256
 
 

LEGAL FORM

 
Societe Anonyme                                        
 
 

DATE ESTABLISHED

 
19/10/2000                                             
 
 

HEAD OFFICE

 
Langadas, Thessaloniki                                 
 
 

DURATION

 
Up to year 2050
 
                                                                              

HISTORY

 
On 04/04/2003 (Gov. Gaz. No. 02651/2003) subject absorbed a sector of the firms(s) ALCO S.A.
                                              
SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.: The Gov.Gaz.No.: 2651/03 refers to the absorption of the processing sector.
 
 

ACTIVITY

 
Processing of spices, nuts and confectionery raw materials
 
 

PREMISES (as declared )

                                                       
HEAD OFFICE-PLANT: Langada - Sochou Rd (3th km), 572-00 Langadas, Thessaloniki, owned,plot of land 20,000 m2, covered area 2,000 m2.
 
 

STAFF

 
Employees      :  25 persons
 
 

SHAREHOLDERS(as declared)

                                                     
Alexandros Joh. Mouratidis (born in 1949)                                     
Konstantinos Tri. Tsamos (born in 1948)                                       
-    ALCO S.A.                                                                
(Code No: 0097208  VAT: EL094268839)                                          
DATE ESTABLISHED: 1992                                                        
SECTOR: Industry (Food Products)                                              
Share capital : 483,336                                                       
Shareholders equity : 1,028,998                                               
Net profit : 98,768                                                           
Balance sheet details as at (31.12.2006) EURO                                 
HEAD OFFICE-PLANT: Langada - Sochou Rd (3rd km) 572 00,                       
Langadas, Thessaloniki
 
BOARD OF DIRECTORS:                                                            
Alexandros Joh. Mouratidis                      Chairman, Managing Director                     
Konstantinos Tri. Tsamos                        Vice-Chairman                                   
Chrysso Kon. Tsamou                             Member                                          
Elpida Har. Mouratidi                               Member                                          
Paschalina Ale. Mouratidi                        Member                                          
Maria Geo. Pazvanti                                Member                                          
Konstantinos Apo. Marannas                   Member

 

 

AFFILIATED COS

 
Alexandros Joh. Mouratidis participates in the firm(s):                       
                                                                               
-ALCO S.A. by 50.00%                                                        
(as mentioned before)                                                         
                                                                               
-MOURATIDIS, A., - K. TSAMOS O.E. by 50.00%                                 
(Code No: 0186435  VAT: EL082015396)                                          
DATE ESTABLISHED: 1984                                                        
SECTOR: Trade (Miscellaneous Commodities)                                     
Capital employed : 500,000                                                    
NET SALES :  5,210,000 (2006)                                                 
HEAD OFFICE-WAREHOUSE: Langada - Sochou Rd (3rd km) 572 00, Langadas, Thessaloniki                                                         
                                                                               
Konstantinos Tri. Tsamos participates in the firm(s):                         
                                                                               
-ALCO S.A. by 50.00%                                                        
(as mentioned before)                                                         
                                                                               
-MOURATIDIS, A., - K. TSAMOS O.E. by 50.00%                                 
(as mentioned before)
 
FINANCIAL DATA:                                                                
Share capital amounts to Euro 440,250 divided into 15,000 shares at EURO 29.35 each.                                                            
                                                                               
Prior to the last increase in 2005 (Gov.Gaz.10492/2005) share capital amounted to 422,640 Euro. The above increase was decided to be covered as follows: 14,839 Euro being the capitalization of the surplus value, resulting from the revaluation of fixed assets, 2,771 Euro in cash.                                                    
                                                                               
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 180,000

 

 

BANKS

 
National Bank of Greece S.A.                                                  
  Langadas Branch (tel.:2394-022666)                                          
ATEBANK S.A.                                                                  
  Lagadas Branch (tel.:2394-023624)                                           
Emporiki Bank                                                                 
  Langadas Branch (tel.:2394-022122)

 

 

SHORT FINANCIAL STATEMENT (Figures in Euro)

 

ASSETS

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Fixed Assets

526.220

-5,20

555.111

0,11

554.513

Fields -Lots

14.400

0

14.400

0

14.400

Buildings / Means of Transport / Furniture and Other Equipment

519.496

11,99

463.885

5,03

441.682

Machinery and Mechanical Equipment

352.205

12,74

312.413

41,44

220.883

Intangible Assets and Establishment Expenses

3.021

0

3.021

24,78

2.421

Accumulated Depreciation

363.442

51,97

239.148

90,69

125.413

Depreciation of Buildings / Furniture / Means of Transport

166.405

49,70

111.155

65,44

67.189

Depreciation of Machinery and Mechanical Equipment

194.016

54,50

125.572

125,02

55.804

Depreciation of Intangible Assets and Establishment Expenses

3.021

24,78

2.421

0

2.421

Long Term Receivables

540

0

540

0

540

Participations

0

N/A

0

N/A

0

Inventories

200.432

58,54

126.424

30,67

96.752

Finished Products / Merchandise

81.320

70,73

47.631

63,39

29.152

Semi finished Goods

0

N/A

0

N/A

0

Raw Direct and Indirect Material

119.112

51,17

78.793

16,56

67.600

Receivables / Transit balances

435.525

-6,19

464.282

4,26

445.295

Receivables from Customers / Bills and Cheques

435.525

-6,19

464.282

4,26

445.295

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

0

N/A

0

N/A

0

Cash and Deposits

601.477

213,90

191.611

53,90

124.505

Total Assets

1.763.654

31,87

1.337.428

9,53

1.221.065

LIABILITIES

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Owners Equity

1.023.000

4,59

978.132

17,31

833.773

Share Capital

440.250

0

440.250

4,17

422.640

Reserves

332.520

0,96

329.363

7,59

306.126

Retained Earnings / Losses

250.229

20,00

208.520

98,58

105.007

Long Term Liabilities and Provisions

0

-100

7.925

-50,08

15.876

Long Term Liabilities

0

-100

7.925

-50,08

15.876

Provisions

0

N/A

0

N/A

0

Current Liabilities / Transit Balances

740.654

110,79

351.371

-5,40

371.416

Short Term Bank Debt

400.000

N/A

0

N/A

0

Suppliers / Bills Notes Payable and Cheques / Creditors

292.084

9,29

267.247

-4,93

281.105

Dividends Payable

0

N/A

0

N/A

0

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

48.569

-42,26

84.124

-6,85

90.311

Total Liabilities and Net Worth

1.763.654

31,87

1.337.428

9,53

1.221.065

PROFIT AND LOSS ACCOUNT

 

ACCOUNTS

1/1/2006 - 31/12/2006

CHANGE 06/05 (%)

1/1/2005 - 31/12/2005

CHANGE 05/04 (%)

1/1/2004 - 31/12/2004

Total Net Sales

0

N/A

0

N/A

0

Net Sales

1.440.794

-0,52

1.448.302

0,05

1.447.519

Cost of Net Sales

1.069.322

-1,74

1.088.267

-0,94

1.098.584

Gross Margin

371.472

3,18

360.035

3,18

348.935

Commission and Other Operating Income

0

N/A

0

N/A

0

Interest Expenses

3.137

825,37

339

100,59

169

Other Operating Expenses

279.389

68,01

166.293

27,21

130.719

Operating Results after Interest Expenses

88.945

-54,01

193.402

-11,30

218.047

Non Operating Income

0

N/A

0

N/A

0

Non Operating Expenses

0

-100

7

N/A

0

Depreciation Out of Cost

0

N/A

0

N/A

0

Total Depreciation

0

-100

113.734

57,59

72.172

Depreciation Included in the Operation Cost

0

-100

113.734

57,59

72.172

Net Income for the Year Before Tax

88.945

-54,01

193.395

-11,30

218.047

Net Dividends

0

N/A

0

N/A

0

Income Tax

25.794

-50,21

51.806

1,70

50.941

COMPANY RATIOS

 

PROFITABILITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Return on Equity (Before Income Tax) (%)

8,89

-58,36

21,35

-27,26

29,35

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

9,20

-56,97

21,38

-27,23

29,38

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

5,94

-60,77

15,14

-18,56

18,59

Gross Profit Margin (%)

25,78

3,70

24,86

3,11

24,10

Operating Profitability (%)

6,39

-52,24

13,38

-11,27

15,08

Net Profit Margin (Before Income Tax) (%)

6,17

-53,78

13,35

-11,35

15,06

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

6,39

-69,90

21,23

5,83

20,06

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Financial Leverage (:1)

0,42

55,56

0,27

-15,62

0,32

Total Debt Equity Ratio (:1)

0,72

94,59

0,37

-19,56

0,46

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

29,35

-94,86

571,05

N/A

N/A

LIQUITIDY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Current Ratio (Χ)

1,85

-7,50

2,00

33,33

1,50

Quick Ratio (Acid Test) (Χ)

1,55

-8,82

1,70

30,77

1,30

Working Capital (EURO)

496.780,06

15,28

430.946,31

46,02

295.136,23

ACTIVITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Collection Period (DAYS)

108

0,74

107,21

-0,32

107,55

Payable Period (DAYS)

95

3,30

91,96

-7,40

99,31

Inventory Turnover (DAYS)

56

49,61

37,43

41,51

26,45

Equity Turnover (Χ)

1,44

-10

1,60

-17,95

1,95

Turnover of Capital Employed (Χ)

0,93

-17,70

1,13

-8,13

1,23

INVESTOR RATIOS

 

RATES

31/12/2006

Share Internal Value (EURO)

68,20

Earnings per Share (EURO)

5,93

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Return on Equity (Before Income Tax) (%)

6,45

-19,27

7,99

-20,58

10,06

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

13,27

1,68

13,05

-11,46

14,74

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

4,85

-4,34

5,07

-15,50

6,00

Gross Profit Margin (%)

24,81

-0,88

25,03

1,17

24,74

Operating Profitability (%)

5,49

-0,88

6,01

1,17

6,43

Net Profit Margin (Before Income Tax) (%)

2,83

-20,95

3,58

-19,37

4,44

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

9,15

-5,18

9,65

-2,52

9,90

ACTIVITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Collection Period (DAYS)

107,17

4,35

102,70

1,37

101,31

Payable Period (DAYS)

89,37

1,98

87,63

8,51

80,76

Inventory Turnover (DAYS)

89,22

1,91

87,55

5,44

83,03

Equity Turnover (Χ)

2,28

2,24

2,23

-1,76

2,27

Turnover of Capital Employed (Χ)

0,83

-4,60

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)

1,77

4,12

1,70

17,24

1,45

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

1,94

-24,42

2,58

-18,10

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)

775.764.752,59

-9,67

858.827.631,34

3,43

830.334.524,75

Sample of Companies: 1.199(2006), 1.309(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.

 

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