MIRA INFORM REPORT

 

 

Report Date :

01.07.2008

 

IDENTIFICATION DETAILS

 

Name :

SECURITY ALUMINUM HELLAS S.A.

 

 

Registered Office :

76 Ag. Annis 12241, Aigaleo, Attiki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

1963

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Industry (Metal Products & Structures)

 

 

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 :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

 

 

name & address

 

SECURITY ALUMINUM HELLAS S.A.

 

76 Ag. Annis

12241, Aigaleo, Attiki

Tel.: 210 3450221

Fax: 210 3422519

E-mail: info@security-aluminum.gr

 

 

summary

 

Legal form

Public Limited company - according to the law of Turkey                                      

Founded

1963

Present form since 1977                                                  

Trade register

Registered at the GOV. GAZETTE under number 03450/1977  

 
No OF THE REGISTER OF SOCIETE ANONYME:
007793 /003 /Β /86 /74                  

 

GENERAL REG. No.   :    0082271                                               

EXPORTS REG. No.   :    0022399      

Shareholders 

Stefanos Nik. Petroulas (born in 1966)                                     by 99.00%                             

Share capital

nominal

Euro 660.000,-

 

issued/paid up

Euro 660.000,-

 

 

Management

 
Stefanos Nik. Petroulas        Chairman, CEO                                   
Maria P. Mantzorou              Vice-Chairman                                   
Anastassios Nik. Asteris       Member                                         

Emmanouil P. Heroukias        Member

 

 

General

Industry (Metal Products & Structures)

 

"Duro-Steel" galvanized steel profiles for false ceilings and partitions, "Safe-Lock" steel frames for false ceilings, aluminium and steel panels, fastening fittings for dry wall systems and metal false ceilings.

 

 

Staff

40 employees.

 

 

Turnover

2007 - Euro 7.653.559,-

 

 

Real estate

Subject owns no real estate property as far as we could gather.

 

Plot of land 4,000 m2, covered area 1,800 m2.

 

 

Finances

See enclosed balance sheet.

 

 

Remarks

U.R.L.: www.security-aluminum.gr

 

ISO Certificate:        ISO 9001:2000                                         

Testifying Company:     EQA HELLAS LTD

 

 

VAT Nr.

TAX REGISTR. No: 094070481                        

 

 

Bankers

 
Alpha Bank A.E.,   Petrou Ralli Branch (tel.:21-03427711)                                      
 (Imports/Exports)                                                           
National Bank of Greece S.A.,   Angelopoulou Branch (tel.:21-08897129)                                     

EFG EUROBANK ERGASIAS S.A.,   P. Ralli Branch (tel.:21-03461120)

 

 

Mode of Payment

No complaints on record.

 

 

Credit opinion

No objections against entering into a business relationship.

 

 

SHORT FINANCIAL STATEMENT (Figures in Euro)

 

ASSETS

 

ACCOUNTS

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Fixed Assets

452.169

-3,81

470.065

10,60

425.019

Buildings / Means of Transport / Furniture and Other Equipment

354.185

0,31

353.103

-6,93

379.415

Machinery and Mechanical Equipment

1.045.116

10,71

943.995

13,99

828.159

Accumulated Depreciation

964.234

14,23

844.136

5,56

799.657

Depreciation of Buildings / Furniture / Means of Transport

268.936

16,78

230.295

5,66

217.948

Depreciation of Machinery and Mechanical Equipment

695.299

13,27

613.841

5,52

581.709

Long Term Receivables

17.103

0

17.103

0

17.103

Inventories

1.868.916

33,53

1.399.573

16,74

1.198.828

Finished Products / Merchandise

13.583

-40,42

22.798

-27,46

31.427

Raw Direct and Indirect Material

1.855.333

34,76

1.376.775

17,94

1.167.401

Receivables / Transit balances

3.215.356

48,75

2.161.612

31,57

1.642.967

Receivables from Customers / Bills and Cheques

3.185.238

57,94

2.016.719

23,14

1.637.774

Other Receivables / Transit Debit Balances

30.117

-79,21

144.893

2.690,16

5.193

Cash and Deposits

533.475

-20,89

674.324

682,98

86.123

Total Assets

6.069.916

28,99

4.705.574

40,34

3.352.937

LIABILITIES

 

 

ACCOUNTS

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Owners Equity

955.950

3,87

920.301

4,04

884.517

Share Capital

660.000

0

660.000

0

660.000

Reserves

248.359

15,66

214.726

14,71

187.187

Retained Earnings / Losses

47.591

4,42

45.575

22,09

37.330

Long Term Liabilities and Provisions

86.250

53,33

56.250

112,10

26.520

Provisions

86.250

53,33

56.250

112,10

26.520

Current Liabilities / Transit Balances

5.027.716

34,83

3.729.022

52,71

2.441.900

Short Term Bank Debt

1.900.000

18,75

1.600.000

158,06

620.000

Suppliers / Bills Notes Payable and Cheques / Creditors

2.099.223

59,91

1.312.726

18,82

1.104.843

Dividends Payable

637.000

53,49

415.000

55,70

266.530

Other Liabilities / Transit Credit Balances

391.493

-2,44

401.296

-10,93

450.527

Total Liabilities and Net Worth

6.069.916

28,99

4.705.574

40,34

3.352.937

 

PROFIT AND LOSS ACCOUNT

 

 

ACCOUNTS

1/1/2007 - 31/12/2007

CHANGE 07/06 (%)

1/1/2006 - 31/12/2006

CHANGE 06/05 (%)

1/1/2005 - 31/12/2005

Net Sales

7.653.559

17,26

6.526.722

23,48

5.285.504

Cost of Net Sales

5.797.712

17,44

4.936.845

24,49

3.965.614

Gross Margin

1.855.847

16,73

1.589.877

20,46

1.319.891

Commission and Other Operating Income

8.924

-69,10

28.882

135,42

12.268

Interest Expenses

113.523

65,21

68.715

64,09

41.876

Other Operating Expenses

794.285

9,56

724.966

15,13

629.677

Operating Results after Interest Expenses

956.963

15,98

825.077

24,90

660.606

Non Operating Income

4.175

3.015,67

134

-99,61

34.263

Non Operating Expenses

55.096

46,99

37.483

40,30

26.716

Total Depreciation

128.927

-3,24

133.246

-9,24

146.806

Depreciation Included in the Operation Cost

128.927

-3,24

133.246

-9,24

146.806

Net Income for the Year Before Tax

906.043

15,02

787.728

17,90

668.153

Net Dividends

637.000

N/A

415.000

N/A

266.530

Income Tax

233.394

-1,50

236.944

13,73

208.345

 

Profit / (Loss) Before Tax, Financing and Investing Results and Depreciation-Amortisation (EBITDA)

1.197.737

16,73

1.026.043

20,85

849.028

 

 

COMPANY RATIOS

 

PROFITABILITY RATIOS

 

RATES

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Return on Equity (Before Income Tax) (%)

96,58

10,64%

87,29

13,58%

76,85

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

108,68

14,51%

94,91

16,22%

81,66

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

18,92

-11,01%

21,26

2,85%

20,67

Gross Profit Margin (%)

24,25

-0,45%

24,36

-2,44%

24,97

Operating Profitability (%)

13,96

2,05%

13,68

2,93%

13,28

Net Profit Margin (Before Income Tax) (%)

11,84

-1,90%

12,07

-4,51%

12,64

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

15,65

-0,44%

15,72

-2,12%

16,06

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

 

RATES

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Financial Leverage (:1)

0,84

5%

0,80

8,11%

0,74

Total Debt Equity Ratio (:1)

5,35

30,17%

4,11

47,31%

2,79

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

8,98

-27,93%

12,46

-26,53%

16,96

 

LIQUITIDY RATIOS

 

RATES

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Current Ratio (Χ)

1,13

-2,59%

1,16

0%

1,16

Quick Ratio (Acid Test) (Χ)

0,75

1,35%

0,74

10,45%

0,67

Working Capital (EURO)

590.030,78

16,49%

506.486,50

4,21%

486.018,13

ACTIVITY RATIOS

 

RATES

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Collection Period (DAYS)

113

24,18%

91

30%

70

Payable Period (DAYS)

30

11,11%

27

-55%

60

Inventory Turnover (DAYS)

103

7,29%

96

-15,79%

114

Equity Turnover (Χ)

8,16

12,86%

7,23

18,91%

6,08

Turnover of Capital Employed (Χ)

1,42

-12,34%

1,62

5,19%

1,54

INVESTOR RATIOS

 

RATES

31/12/2007

Share Internal Value (EURO)

43,45

Earnings per Share (EURO)

41,18

 

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2007

CHANGE 07/06 (%)

2006

CHANGE 06/05 (%)

2005

Return on Equity (Before Income Tax) (%)

9,66

13,51%

8,51

166,77%

3,19

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

13,07

-0,61%

13,15

81,63%

7,24

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

5,38

3,26%

5,21

76,01%

2,96

Gross Profit Margin (%)

17,93

-1,59%

18,22

4,05%

17,51

Operating Profitability (%)

8,12

-1,59%

7,19

4,05%

4,76

Net Profit Margin (Before Income Tax) (%)

6,04

25,31%

4,82

126,29%

2,12

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

11,52

2,31%

11,26

15,84%

9,72

 

ACTIVITY RATIOS

 

RATES

2007

CHANGE 07/06 (%)

2006

CHANGE 06/05 (%)

2005

Collection Period (DAYS)

150,76

8,93%

138,40

-6,87%

148,61

Payable Period (DAYS)

92,45

4,82%

88,20

-5,82%

93,65

Inventory Turnover (DAYS)

120,69

2,41%

117,84

-9,39%

130,07

Equity Turnover (Χ)

1,60

-9,09%

1,76

17,33%

1,50

Turnover of Capital Employed (Χ)

0,66

-5,71%

0,70

14,75%

0,61

 

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2007

CHANGE 07/06 (%)

2006

CHANGE 06/05 (%)

2005

Financial Leverage (:1)

0,56

-8,20%

0,61

1,67%

0,60

Total Debt Equity Ratio (:1)

1,29

-16,77%

1,54

3,33%

1,50

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

3,82

35,34%

2,83

58,10%

1,79

 

LIQUITIDY RATIOS

 

RATES

2007

CHANGE 07/06 (%)

2006

CHANGE 06/05 (%)

2005

Current Ratio (Χ)

1,50

1,35%

1,48

0,68%

1,47

Quick Ratio (Χ)

1,04

4%

1,00

2,04%

0,98

Working Capital (EURO)

947.319.792,54

-24,99%

1.262.951.774,31

17,81%

1.072.036.133,39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.34

UK Pound

1

Rs.86.53

Euro

1

Rs.68.54

 

 

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