MIRA INFORM REPORT

 

 

Report Date :

02.04.2008

 

IDENTIFICATION DETAILS

 

Name :

VIELEN SA

 

 

Registered Office :

25 Oikonomidou, 12132, Peristeri, Attiki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1994

 

 

Legal Form :

 
Societe Anonyme                                       

 

 

Line of Business :

 
Imports and wholesale trade of white linen fabrics and curtains

 

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 390,000

 

 

Status :

Satisfactory 

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

Name & address

 

VIELEN S.A.

25 Oikonomidou

12132, Peristeri, Attiki

Tel.: 210 5772616

Fax: 210 5740661

U.R.L.: www.vielen.gr

E-mail: vielen@otenet.gr

 

 

Sector  

 

Trade (White Linen - Upholstery Fabrics)

 

 

Year Established

 

1994

 

 

Chairman, CEO             

 

Aristeidis Evg. Zavitsianos

 

 

Capital                                        

 

Euro 2.344.000

 

 

Owners Equity           

 

Euro 4.457.235 (31/12/2006)

 

 

Net Sales                                

 

Euro 3.555.893 (1/1/2006 - 31/12/2006)

 

 

Net Income for the Year Before Tax                    

 

Euro 58.860 (1/1/2006 - 31/12/2006)

 

Staff of employees    

 

20

 

 

FINANCIAL STATUS   

 
Moderate                                        
 
 

PAYMENT RECORD      

 
Prompt                                          
 
 

TREND              

 
Stable
 
 

GOV. GAZETTE No

 
01147/1994  
 
 
TAX REGISTR. No
 
094400972        
 
                

No OF THE REGISTER OF SOCIETE ANONYME

 
030842 /001 /Β /94 /149                  
 
                                                                              

MEMBER OF              

 
ATHENS CHAMBER OF COMMERCE & INDUSTRY                  
 
 

GENERAL REG. No.    

 
0133278                                                
 
 

EXPORTS REG. No.  

 
0024394
 
 

LEGAL FORM            

 
Societe Anonyme                                        
 
 

DATE ESTABLISHED    

 
1994                                                   
 
 

HEAD OFFICE           

 
Peristeri, Attiki                                      
 
 

DURATION               

 
Up to year 2044
 
 

HISTORY                                                                     

 
Established in Athens (77-79 Horemi str.), on 28.4.1994. Subject undertook the business activities of the affiliated firm VIELEN YFASMATEMBORIKI LTD originally founded in 1986. On 7.10.1994, subject moved its head office to 11 Triantafyllopoulou str, Athens and in December 1994, in Aigaleo (68 Kifissou Aven.) (Gov. Gaz. 6671/94). 
 
On 13/01/1999 (Gov. Gaz. No. 00147/1999) a change of subject’s head office was published.
 
 

ACTIVITY                                                                      

 
Imports and wholesale trade of white linen fabrics and curtains
 
 

PREMISES (as declared)                                                     

 
On 01/06/2005 subject's head office was changed. Previous address  5 Stymfalias, 121-32 Peristeri, Attiki                                         
 
 

PREMISES (as declared)                                                       

 
HEAD OFFICE-        WAREHOUSE: 25 Oikonomidou, 121-32 Peristeri, Attiki.                                                                        
 
RETAIL STORE:      25 Oikonomidou, 121-32 Peristeri, Attiki, owned.                
 
LAND PLOTS:         Selianitika, 251-00 Aigio, Achaia, owned.                         
                                                                               
The above mentioned plot of land remains unexploited. Subject's head office was sold through sale and lease back method.
 
 

STAFF                                                                         

 
Employees      :  20 persons
 
 

SHAREHOLDERS(as declared)                                                     

 
by 99.99% Aristeidis Evg. Zavitsianos (born in 1963)                          
 
Panagiotis Eva. Verouchis (born in 1972)                                      
 
Michail Joh. Kokkaris (born in 1970)
 
 

BOARD OF DIRECTORS                                                            

 
Aristeidis Evg. Zavitsianos   Chairman, CEO                                   
 
Panagiotis Eva. Verouchis     Member                                          
 
Michail Joh. Kokkaris         Member

 

 

AFFILIATED COS                                                                

 
Aristeidis Evg. Zavitsianos participates in the firm(s):                      
                                                                               
-KOURTINOTOPOS S.A. by 99.00%                                               
(Code No: 0243159  VAT: EL099759513)                                          
DATE ESTABLISHED: 2000                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
Share capital : 293,000                                                       
Shareholders equity : 301,853                                                 
Net Sales : 664,413                                                           
Net profit : 10,353                                                           
Balance sheet details as at (31.12.2006) in Euro.                             
HEAD OFFICE-WAREHOUSE: 93 Taxiarchon 181 21, Korydallos, Attiki               
                                                                               
-VIELEN YFASMATEMBORIKI LTD by 25.00%                                       
(Code No: 0053321  VAT: EL095279028)                                          
DATE ESTABLISHED: 1986                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
Paid up capital : 44,021                                                      
Shareholders equity : 80,660                                                  
Net Sales : 3,149,274                                                         
Net profit : 120,373                                                          
Balance sheet details as at (31.12.1993) in Euro.                             
HEAD OFFICE: 8 Sissyfou 121 35, Peristeri, Attiki                             
 
Said firm dissolved in 2000                                                                                                                     
 
-ZAVITSIANOS, A., & CO. O.E. by 99.00%                                      
(Code No: 0365630  VAT: EL999043196)                                          
DATE ESTABLISHED: 2005                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
NET SALES :  130,000 (2006)                                                   
HEAD OFFICE-WAREHOUSE: 23 Karori 105 51, Athens, Attiki
 
 

FINANCIAL DATA                                                               

 
Share capital amounts to Euro 2,344,000 divided into 800,000  shares at EURO 2.93 each.                                                      
                                                                               
The latest published balance sheets are attached.

 

 

SALES                                                                          

 
Sales (as declared)   : Euro 3,300,000 (2007)
 
 

MORTGAGES/PRENOTES                                                             

 
Details on subject up to 26.03.2008  :                                         
2005 1 Mortgage(s)/prenote(s) Euro 1,500,000                                  
On a plot of land 1,050m2 with building 1,717m2 at 25 Oikonomidou,             
Peristeri. In favour of EFG EUROBANK ERGASIAS SA.
 
 

BUSINESS TRANSACTION INDEX                                                     

 
Subject                                                                       
                                                                               
            2008      2007      2006      2005      2004                       
            ----      ----      ----      ----      ----                       
 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 390,000

 

 

BANKS                                                                       

 
Alpha Bank A.E.                                                               
  Peristeri Branch (tel.:21-05780094)                                         
  (Deposits-Loans-Imports/Exports)                                            
EFG EUROBANK ERGASIAS S.A.                                                    
  Nikaia Branch (Ex Ergobank Branch) (tel.:21-04915217)                       
  (Deposits-Loans-Imports/Exports)                                            
EFG EUROBANK ERGASIAS S.A.                                                    
  Peristeri (Ethn. Makariou) Branch (tel.:21-05775104)                        
  (Deposits-Loans-Imports/Exports)                                            
Bank of Attica S.A.                                                           
  Peristeri Branch (tel.:21-05734213)                                         
  (Deposits-Loans-Imports/Exports)                                            
Bank of Cyprus Ltd                                                            
  Athinon Ave Branch (tel.:210-5135049)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

335.167

-13,57

387.783

-71,98

1.383.874

Fields -Lots

64.375

0

64.375

0

64.375

Buildings / Means of Transport / Furniture and Other Equipment

918.076

-65,31

2.646.582

51,70

1.744.667

Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Intangible Assets and Establishment Expenses

84.146

0

84.146

0

84.146

Accumulated Depreciation

792.734

-67,89

2.468.624

317,65

591.073

Depreciation of Buildings / Furniture / Means of Transport

709.322

-70,26

2.385.212

369,84

507.661

Depreciation of Machinery and Mechanical Equipment

0

N/A

0

N/A

0

Depreciation of Intangible Assets and Establishment Expenses

83.412

0

83.412

0

83.412

Long Term Receivables

61.304

0

61.304

146,92

24.827

Participations

0

N/A

0

-100

56.933

Inventories

2.845.254

-2,08

2.905.843

-3,90

3.023.933

Finished Products / Merchandise

2.845.254

-2,08

2.905.843

-3,90

3.023.933

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

4.975.933

41,13

3.525.687

-18,20

4.309.918

Receivables from Customers / Bills and Cheques

4.975.933

41,13

3.525.687

-18,20

4.309.918

Marketable Securities

0

N/A

0

N/A

0

Other Receivables / Transit Debit Balances

0

N/A

0

N/A

0

Cash and Deposits

2.767.543

152,58

1.095.730

809,92

120.420

Total Assets

10.923.896

38,01

7.915.042

-10,44

8.838.145

LIABILITIES

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Owners Equity

4.457.235

0,05

4.455.145

76,70

2.521.265

Share Capital

2.344.000

0

2.344.000

0

2.344.000

Reserves

2.113.235

0,10

2.111.145

293,47

536.539

Retained Earnings / Losses

0

N/A

0

100

-359.274

Long Term Liabilities and Provisions

0

N/A

0

-100

980.356

Long Term Liabilities

0

N/A

0

-100

763.715

Provisions

0

N/A

0

-100

216.642

Current Liabilities / Transit Balances

6.466.662

86,90

3.459.897

-35,16

5.336.523

Short Term Bank Debt

5.582.774

167,03

2.090.707

-48,62

4.069.128

Suppliers / Bills Notes Payable and Cheques / Creditors

786.713

-40,64

1.325.363

17,22

1.130.633

Dividends Payable

39.701

N/A

0

N/A

0

Partners / Shareholders Accounts

0

N/A

0

N/A

0

Other Liabilities / Transit Credit Balances

57.474

31,14

43.827

-67,95

136.762

Total Liabilities and Net Worth

10.923.896

38,01

7.915.042

-10,44

8.838.145

 

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

3.555.893

13,25

3.139.962

-16,90

3.778.534

Cost of Net Sales

2.133.536

5,39

2.024.467

-19,99

2.530.381

Gross Margin

1.422.357

27,51

1.115.495

-10,63

1.248.153

Commission and Other Operating Income

25.218

-90,69

270.979

N/A

0

Interest Expenses

247.080

0,42

246.034

22,64

200.619

Other Operating Expenses

1.111.622

5,09

1.057.738

14,03

927.561

Operating Results after Interest Expenses

88.873

7,46

82.702

-31,07

119.974

Non Operating Income

37.939

-98,01

1.905.183

28.446,34

6.674

Non Operating Expenses

67.952

69,97

39.978

117,44

18.386

Depreciation Out of Cost

0

N/A

0

N/A

0

Total Depreciation

69.681

-62,46

185.630

74,67

106.272

Depreciation Included in the Operation Cost

69.681

-62,46

185.630

74,67

106.272

Net Income for the Year Before Tax

58.860

-96,98

1.947.906

1.699,25

108.262

Net Dividends

39.701

N/A

0

N/A

0

Income Tax

17.069

21,69

14.027

-46,33

26.134

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) (%)

1,32

-97,64

55,84

1.204,67

4,28

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

6,87

-89,08

62,90

415,57

12,20

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

3,25

-87,59

26,19

623,48

3,62

Gross Profit Margin (%)

40

12,58

35,52

7,57

33,03

Operating Profitability (%)

8,74

-16,52

10,47

23,47

8,48

Net Profit Margin (Before Income Tax) (%)

1,66

-97,32

62,04

2.061,67

2,86

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

10,70

-34,68

16,38

44,96

11,30

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Financial Leverage (:1)

0,59

34,09

0,44

-38,03

0,71

Total Debt Equity Ratio (:1)

1,45

85,90

0,78

-68,92

2,50

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

1,24

-86,10

8,92

479,22

1,54

LIQUITIDY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Current Ratio (Χ)

1,83

7,65

1,70

21,43

1,40

Quick Ratio (Acid Test) (Χ)

1,25

21,36

1,03

22,62

0,84

Working Capital (EURO)

4.122.067,49

1,34

4.067.362

92,06

2.117.747,27

ACTIVITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Collection Period (DAYS)

426

5,71

403

15,47

349

Payable Period (DAYS)

178

-19,46

221

9,95

201

Inventory Turnover (DAYS)

492

-8,04

535

22,15

438

Equity Turnover (Χ)

0,80

-11,11

0,90

-39,60

1,49

Turnover of Capital Employed (Χ)

0,38

2,70

0,37

-15,91

0,44

INVESTOR RATIOS

 

RATES

31/12/2006

Share Internal Value (EURO)

5,57

Earnings per Share (EURO)

0,07

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Return on Equity (Before Income Tax) (%)

8,48

-6,50

9,07

-35,44

14,05

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

14,12

-7,83

15,33

-23,00

19,91

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

5,06

-9,32

5,58

-24,39

7,38

Gross Profit Margin (%)

40,81

7,31

38,03

3,91

36,60

Operating Profitability (%)

9,66

7,31

7,79

3,91

9,93

Net Profit Margin (Before Income Tax) (%)

4,98

-4,41

5,22

-26,89

7,14

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

11,83

21,33

9,75

-15,44

11,53

ACTIVITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Collection Period (DAYS)

201,57

-3,02

207,85

12,62

184,56

Payable Period (DAYS)

201,53

4,23

193,35

13,04

171,04

Inventory Turnover (DAYS)

373,57

9,12

342,34

16,05

295,00

Equity Turnover (Χ)

1,70

-2,30

1,74

-11,68

1,97

Turnover of Capital Employed (Χ)

0,61

-3,17

0,63

-13,70

0,73

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Financial Leverage (:1)

0,64

0

0,64

1,59

0,63

Total Debt Equity Ratio (:1)

1,81

2,26

1,77

2,31

1,72

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

2,50

2,04

2,45

-27,73

3,39

LIQUITIDY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Current Ratio (Χ)

1,40

0,72

1,39

-2,11

1,42

Quick Ratio (Χ)

0,76

-1,30

0,77

-2,53

0,79

Working Capital (EURO)

82.574.083,35

6,47

77.556.208,11

-4,02

80.802.223,10

Sample of Companies: 119(2006), 127(2005), 126(2004)


 

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