MIRA INFORM REPORT

 

 

Report Date :

25.10.2007

 

IDENTIFICATION DETAILS

 

Name :

KOUIDIS, A.& P.& L., S.A.

 

 

Registered Office :

Ilioupoleos, 57013, Oraiokastro, Thessaloniki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1926

 

 

Legal Form :

Societe Anonyme                                       

 

 

Line of Business :

Imports and wholesale trade of food products.

 

 

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 1,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address

 

KOUIDIS, A.& P.& L., S.A.

Ilioupoleos

57013, Oraiokastro, Thessaloniki

Tel.: 2310 531458

Fax: 2310 531266

E-mail: kouidis3@vivodinet.gr

 

 

Sector

 

Trade (Food Products)

 

 

Year Established

 

1971

 

 

Year Founded

 

 

1926

 

 

Chairman, Managing Director

 

Leonidas Ant. Kouidis

 

 

Managing Director

 

Antonios Leo. Kouidis

 

 

Capital

 

Euro 4.541.553

 

 

Owners Equity

 

Euro 4.479.128 (31/12/2006)

 

 

Net Sales

 

Euro 10.091.857 (1/1/2006 - 31/12/2006)

 

 

Net Income for the Year Before Tax

 

Euro -50.583 (1/1/2006 - 31/12/2006)

 

 

Staff of employees

 

18

 

 

FINANCIAL STATUS 

 

Satisfactory                                   

 

 

PAYMENT RECORD  

 

Prompt                                         

 

 

TREND

 

Stable

 

 

GOV. GAZETTE No

 

01431/1971

 

 

TAX REGISTR. No

 

094036600                        

 

 

No OF THE REGISTER OF SOCIETE ANONYME

 

008330 /062 /B /86 /165                 

 

                                                                              

MEMBER OF

 

THESSALONIKI CHAMBER OF COMMERCE & INDUSTRY                                                                       

 

 

GENERAL REG. No.

 

0012100                                               

 

 

EXPORTS REG. No.

 

0005369

 

 

LEGAL FORM

 

Societe Anonyme                                       

 

 

DATE ESTABLISHED

 

1971                                                   

 

 

HEAD OFFICE

 

Oraiokastro, Thessaloniki                             

 

 

DURATION

 

Up to year 2020

 

 

HISTORY

 

Established in Thessaloniki in 1971, to continue the business activities of KOUIDIS, ANT. & PER., & CO O.E., originally founded in 1953 (pre-existing since 1926).                                            

 

On 08/08/2007 (Gov. Gaz. No. 09385/2007) a change of subject's head office was published.

 

 

ACTIVITY

 

Imports and wholesale trade of food products

 

 

PREMISES (as declared )

                                                       

On 30/06/2007 subject's head office was changed. Previous address 26th Oktovriou (terma), Sfageia, 546-27 Thessaloniki                          

 

PREMISES (as declared ):                                                       

HEAD OFFICE-WAREHOUSE: Ilioupoleos, 570-13 Oraiokastro, Thessaloniki.                                                                 

BRANCHES: 32 Chr. Smyrnis, 185-41 Piraeus, Attiki, rented.                   

WAREHOUSE: 570-13 Oraiokastro, Thessaloniki, owned,plot of land 9,920 m2, covered area 1,250 m2.                                              

BUILDINGS: Giannitson 5th Side Streat, 546-27 Thessaloniki, owned.                                                                         

                                                                              

Above building is rented to third parties.

 

 

STAFF

 

Employees      :  18 persons

 

 

SHAREHOLDERS(as declared)

                                                    

by 44.00% Leonidas Ant. Kouidis (born in 1936)                               

by 20.00% Leonidas Per. Kouidis (born in 1956)                               

by 20.00% PESTORE LTD                                                        

(Code No: 0321841)                                                            

HEAD OFFICE:  Nicosia, Cyprus                                                

                                                                              

by 11.00% COFIN LTD                                                           

(Code No: 0321842)                                                           

HEAD OFFICE:  Nicosia, Cyprus                                                

                                                                               

by 5.00% Antonios Leo. Kouidis (born in 1972)

 

 

BOARD OF DIRECTORS

 

Leonidas Ant. Kouidis                Chairman, Managing Director                    

Antonios Leo. Kouidis                Vice-Chairman, Managing Director               

Leonidas Per. Kouidis                Member                                         

Meropi Nik. Kalogianni - Kouidi    Member                                       

Eleni-Maria Leo. Kouidi               Member                                         

Martha Kalogianni - Sapountzi     Member                                         

Eleni The. Athanassiadou           Member

 

 

AFFILIATED COS

 

Leonidas Per. Kouidis participates in the firm(s):                           

                                                                               

-MANOS S.A. by 55.00%                                                      

(Code No: 0222747  VAT: EL094474438)                                         

DATE ESTABLISHED: 1996                                                       

SECTOR: Industry (Food Products)                                             

Share capital : 812,907                                                      

Shareholders equity : -222,149                                               

Net Sales : 353,908                                                           

Losses : -137,197                                                            

Balance sheet details as at (31.12.2006) in Euro.                            

HEAD OFFICE: 26th Oktovriou (terma), Sfageia 546 27, Thessaloniki                                                                  

                                                                              

-TALOKA LTD by 30.00%                                                      

(Code No: 0201419)                                                           

DATE ESTABLISHED: 1991                                                       

SECTOR: Trade (Food Products)                                                

Paid up capital : 14,674                                                      

HEAD OFFICE: 28, Ermou str. 546 24, Thessaloniki                             

Said firm has been inactive since 1992                                       

                                                                               

-KOUIDIS, L. & L., O.E. by 50.00%                                          

(Code No: 0327758  VAT: EL082102492)                                         

DATE ESTABLISHED: 1991                                                        

SECTOR: Industry (Food Products)                                             

HEAD OFFICE:  570 13, Oraiokastro, Thessaloniki                              

                                                                              

-KALOGIANNI, M., & CO. O.E. by 30.00%                                      

(Code No: 0400601  VAT: EL081587782)                                         

DATE ESTABLISHED: 1995                                                       

SECTOR: Industry (Food Products)                                             

HEAD OFFICE: 28 Ermou 546 24, Thessaloniki                                   

                                                                              

-KOUIDIS, L. & M., O.E. by 80.00%                                           

(Code No: 0796072  VAT: EL082496998)                                         

DATE ESTABLISHED: 1992                                                       

SECTOR: Engineering - Construction                                            

HEAD OFFICE: 26th Oktovriou (terma), Sfageia 546 27,                         

Thessaloniki                                                                  

                                                                              

Leonidas Ant. Kouidis participates in the firm(s):                           

                                                                              

-B.E.R.MA. S.A. by 73.00%                                                  

(Code No: 4006800  VAT: EL094054561)                                         

DATE ESTABLISHED: 1976                                                       

SECTOR: Trade (Food Products)                                                

Share capital : 1,203,967                                                     

Shareholders equity : 224,488                                                

Net Sales : 412,186                                                          

Losses : -119,529                                                             

Balance sheet details as at (31.12.2006) in Euro.                            

HEAD OFFICE-PLANT: Giannitson (5th side street) 545 00,                      

Thessaloniki                                                                   

                                                                              

-TALOKA LTD by 30.00%                                                      

(as mentioned before)                                                        

                                                                               

-KOUIDIS, L. & L., O.E. by 50.00%                                          

(as mentioned before)                                                        

                                                                               

 

 

Antonios Leo. Kouidis participates in the firm(s):                           

                                                                              

-MANOS S.A. by 45.00%                                                       

(as mentioned before)                                                        

                                                                              

-TALOKA LTD by 20.00%                                                       

(as mentioned before)

FINANCIAL DATA:                                                               

Share capital amounts to Euro 4,541,553 divided into 1,550,018 shares at EURO 2.93 each.                                                     

                                                                               

Prior to the last increase in 2006 (Gov.Gaz.2657/2006) share capital amounted to 4,279,499 Euro. On 21/08/06                               

(Gov.Gaz.10843/2006) the latest capital increase was amended instead of 400,004 Euro, to 262,053 Euro, as the amount of the increase which initially has been defined was not covered in full by the shareholders.                                                          

                                                                               

The latest published balance sheets are attached.

 

 

MORTGAGES/PRENOTES                                                            

 

Details on subject up to 24.09.2007  :                                         

2006 1 Mortgage(s)/prenote(s) Euro 3,000,000                                 

On a plot of land 5,083m2 at Sfageia, Thessaloniki. In favour of PIRAEUS BANK SA.                                                              

                                                                               

According to the 31/12/2006 balance sheet, subject's fixed assets are mortgaged and prenoted for 4,000,000 Euro, in favour of BANKS, to ensure loans received, the balance of which at 31/12/2006, amounted to 3,800,091 Euro.

 

 

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.                                                              

  Mitropoleos Branch (tel.:231-0267311)                                       

  (Deposits)                                                                 

Bank of Piraeus S.A.                                                         

  Ethnikis Amynis (Lefkos Pyrgos) Branch (tel.:231-0293469)                   

  (Deposits-Loans-Imports/Exports)                                           

Marfin Egnatia Bank S.A.                                                     

  Thessaloniki Branch (tel.:231-0286170)                                     

  (Deposits-Loans-Imports/Exports)                                           

EFG EUROBANK ERGASIAS S.A.                                                   

  Porto Center Branch (tel.:231-0556525)                                     

Marfin Egnatia Bank S.A.                                                      

  Leontos Sofou Branch (tel.:231-0501400)                                    

  (Deposits-Loans-Imports/Exports)

 

 

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

5.766.277

3,11

5.592.249

0,54

5.561.916

Fields -Lots

1.522.287

0

1.522.287

0

1.522.287

Buildings / Means of Transport / Furniture and Other Equipment

1.848.690

4,69

1.765.829

1,36

1.742.161

Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Intangible Assets and Establishment Expenses

4.090.178

0,69

4.062.038

0,27

4.051.038

Accumulated Depreciation

1.759.768

0

1.759.768

0

1.759.768

Depreciation of Buildings / Furniture / Means of Transport

176.769

0

176.769

0

176.769

Depreciation of Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Depreciation of Intangible Assets and Establishment Expenses

1.582.999

0

1.582.999

0

1.582.999

Long Term Receivables

64.891

3.383,14

1.863

-69,94

6.198

Participations

0

N/A

0

N/A

0

Inventories

576.097

-21,19

731.010

-6,19

779.268

Finished Products / Merchandise

576.097

-21,19

731.010

-6,19

779.268

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

10.155.473

14,52

8.867.443

14,24

7.762.396

Receivables from Customers / Bills and Cheques

9.961.565

13,62

8.767.783

13,76

7.707.005

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

193.908

94,57

99.660

79,92

55.391

Cash and Deposits

10.006

-87,78

81.862

31,64

62.186

Total Assets

16.507.853

8,09

15.272.564

7,81

14.165.766

LIABILITIES

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Owners Equity

4.479.128

4,96

4.267.657

11,19

3.838.300

Share Capital

4.541.553

6,12

4.279.499

16,31

3.679.494

Reserves

511.185

0

511.185

0

511.185

Retained Earnings / Losses

-573.610

-9,67

-523.027

-48,43

-352.379

Long Term Liabilities and Provisions

3.932.650

N/A

0

-100

850.000

Long Term Liabilities

3.932.650

N/A

0

-100

850.000

Provisions

0

N/A

0

N/A

0

Current Liabilities / Transit Balances

8.096.076

-26,43

11.004.907

16,12

9.477.466

Short Term Bank Debt

7.432.242

-26,63

10.129.619

15,65

8.758.910

Suppliers / Bills Notes Payable and Cheques / Creditors

506.759

6,00

478.059

-18,68

587.912

Dividends Payable

0

N/A

0

N/A

0

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

157.074

-60,46

397.229

204,05

130.645

Total Liabilities and Net Worth

16.507.853

8,09

15.272.564

7,81

14.165.766

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

10.091.857

-0,34

10.126.180

-9,36

11.172.256

Cost of Net Sales

9.006.293

-1,67

9.159.282

-7,31

9.882.047

Gross Margin

1.085.564

12,27

966.898

-25,06

1.290.210

Commission and Other Operating Income

441.049

24,19

355.128

58,75

223.707

Interest Expenses

762.430

5,82

720.520

7,62

669.502

Other Operating Expenses

833.453

-2,14

851.666

-9,47

940.762

Operating Results after Interest Expenses

-69.270

72,31

-250.161

-159,64

-96.347

Non Operating Income

24.317

-93,80

392.548

3.543,48

10.774

Non Operating Expenses

5.630

-87,40

44.672

44,11

30.998

Depreciation Out of Cost

0

N/A

0

-100

526.531

Total Depreciation

0

N/A

0

-100

526.531

Depreciation Included in the Operation Cost

0

N/A

0

N/A

0

Net Income for the Year Before Tax

-50.583

-151,77

97.714

115,19

-643.102

Net Dividends

0

N/A

0

N/A

0

Income Tax

0

N/A

0

N/A

0

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) (%)

-1,16

-147,72

2,41

114,71

-16,39

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

16,28

-19,37

20,19

2.913,43

0,67

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

4,48

-19,42

5,56

2.988,89

0,18

Gross Profit Margin (%)

10,76

12,67

9,55

-17,32

11,55

Operating Profitability (%)

3,07

46,89

2,09

-36,08

3,27

Net Profit Margin (Before Income Tax) (%)

-0,50

-151,04

0,96

116,70

-5,76

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

3,07

46,89

2,09

-36,08

3,27

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Financial Leverage (:1)

0,73

1,39

0,72

-1,37

0,73

Total Debt Equity Ratio (:1)

2,69

4,26

2,58

-4,09

2,69

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

0,93

-18,42

1,14

N/A

N/C

LIQUITIDY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Current Ratio (Χ)

1,07

20,22

0,89

-8,25

0,97

Quick Ratio (Acid Test) (Χ)

1

21,95

0,82

-5,75

0,86

Working Capital (EURO)

2.645.500,28

299,72

-1.324.591,54

-51,62

-873.616,21

ACTIVITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Collection Period (DAYS)

337

14,18

295,16

11,59

264,51

Payable Period (DAYS)

15

-3,60

15,56

-33,05

23,24

Inventory Turnover (DAYS)

26

-13,59

30,09

-16,23

35,92

Equity Turnover (Χ)

2,31

-7,60

2,50

-12,28

2,85

Turnover of Capital Employed (Χ)

0,64

-7,25

0,69

-9,21

0,76

INVESTOR RATIOS

 

RATES

31/12/2006

Share Internal Value (EURO)

2,89

Earnings per Share (EURO)

N/C

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Return on Equity (Before Income Tax) (%)

17,24

30,38

13,23

-5,57

14,01

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

24,16

24,99

19,33

-4,50

20,24

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

7,11

25,18

5,68

-2,40

5,82

Gross Profit Margin (%)

19,03

4,33

18,24

0,61

18,13

Operating Profitability (%)

4,33

4,33

3,27

0,61

3,60

Net Profit Margin (Before Income Tax) (%)

3,00

29,87

2,31

-4,15

2,40

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

5,63

23,46

4,56

-5,59

4,83

ACTIVITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Collection Period (DAYS)

92,78

0,13

92,66

2,02

90,82

Payable Period (DAYS)

74,01

-2,44

75,86

-2,72

77,98

Inventory Turnover (DAYS)

35,10

-3,14

36,24

0,50

36,06

Equity Turnover (Χ)

5,74

0,35

5,72

-1,72

5,82

Turnover of Capital Employed (Χ)

1,69

0,60

1,68

0

1,68

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Financial Leverage (:1)

0,70

-1,41

0,71

1,43

0,70

Total Debt Equity Ratio (:1)

2,36

-3,28

2,44

2,95

2,37

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

3,49

10,09

3,17

-2,46

3,25

LIQUITIDY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Current Ratio (Χ)

1,14

2,70

1,11

0,91

1,10

Quick Ratio (Χ)

0,93

3,33

0,90

1,12

0,89

Working Capital (EURO)

269.818.105,24

47,63

182.761.727,15

15,78

157.849.924,76

Sample of Companies: 874(2006), 932(2005), 942(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