MIRA INFORM REPORT

Report Date :

01.07.2008

IDENTIFICATION DETAILS

Name :	PANELCO S.A.
Registered Office :	134 Meg. Alexandrou 10435, Athens, Attiki
Country :	Greece
Financials (as on) :	31.12.2007
Date of Incorporation :	26.10.2000
Legal Form :	Societe Anonyme
Line of Business :	Manufacturer of Metal Insulating Panels, Trapezoidal Sheets, Fastening Systems, Profiles, Purlings And Gutters

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 2,800,000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

name & address

PANELCO S.A.

134 Meg. Alexandrou

10435, Athens, Attiki

Tel.: 210 3428481-4

Fax: 210 3428486

U.R.L.: www.panelco.gr

E-mail: aifanti@panelco.gr

summary

Sector : Industry (Metal Products & Structures)

Year Established : 2000

Chairman, CEO : Haim Moy. Nachmias

Capital : Euro 4.200.000

Owners Equity : Euro 8.772.708 (31/12/2007)

Net Sales : Euro 26.899.036 (1/1/2007 - 31/12/2007)

Net Income for the Year Before Tax : Euro 3.124.003 (1/1/2007 - 31/12/2007)

Staff of employees : 75

 
FINANCIAL STATUS  : Satisfactory 
PAYMENT RECORD  : Prompt 
TREND  : Upward
 
GOV. GAZETTE No:09943/2000 TAX REGISTR. No: 099890447  
No OF THE REGISTER OF SOCIETE ANONYME:047257 /001 /Β /00 /540 
 
 
ISO Certificate: ISO 9001:2000 
Testifying Company: BUREAU VERITAS QUALITY INTERNATIONAL HELLAS S.A.
 
LEGAL FORM: Societe Anonyme 
DATE ESTABLISHED: 26/10/2000 
HEAD OFFICE: Athens, Attiki 
DURATION: Up to year 2050
 
 

HISTORY

 
On 23/07/2001 (Gov. Gaz. No. 06363/2001) a change of subject's head office was published. On 10/02/2003 (Gov. Gaz. No. 01147/2003) a change of subject's head office was published.  
Subject commenced full business activities in January 2003.
 
 

ACTIVITY

 
Mfg of metal insulating panels, trapezoidal sheets, fastening systems, profiles, purlings and gutters
 
 

PREMISES

 
(as declared ): 
On 10/02/2003 subject's head office was changed. Previous address 
39 P. Ralli, 177-78 Tavros, Attiki 
PREMISES (as declared ): 
HEAD OFFICE: 134 Meg. Alexandrou, 104-35 Athens, Attiki, 
rented. 
OFFICES: Palaiokastro, 570-13 Oraiokastro, Thessaloniki, 
rented. 
PLANT: Industrial Area, Building Block 4B, 351-00 Lamia, 
Fthiotida, owned,plot of land 43,480 m2, covered area 10,000 m2.
 
 

STAFF

 
Employees : 75 persons
 
 

SHAREHOLDERS

 
(as declared): 
by 80.00% SIDMA S.A.  
(Code No: 2032620 VAT: EL094106678) 
DATE ESTABLISHED: 1981 
SECTOR: Industry (Metal Products & Structures)  
Share capital : 13,500,000 
Shareholders equity : 56,432,313 
Net Sales : 138,083,286  
Net profit : 4,692,718 
Balance sheet details as at (31.12.2007) EURO 
HEAD OFFICE: 39 P. Ralli, P.O. Box 8476 177 78, Tavros, Attiki 
  
by 16.00% RACONT ENTERPRISES LIMITED 
(Code No: 0321022) 
HEAD OFFICE: Cyprus  
 
by 4.00% ELVAL COLOUR S.A. 
(Code No: 0009061 VAT: EL094105670)  
DATE ESTABLISHED: 1982 
SECTOR: Industry (Metal Products & Structures) 
Share capital : 3,747,285  
Shareholders equity : 25,908,764 
Net Sales : 18,508,520 
Net profit : 2,667,414 
Balance sheet details as at (31.12.2006) EURO 
OFFICES: Thivas - Halkidas Rd (5th km - palaia) 322 00, Thiva, 
Voiotia
 
 
 
 
 

BOARD OF DIRECTORS

 
Haim Moy. Nachmias  Chairman, CEO 
Menelaos Ath. Tassopoulos Vice-Chairman 
Daniil Dav. Benardout  Member 
Anastassios Nik. Kolyvanos Member 
Michail Kon. Samonas  Member 
Elias Leo. Naar  Member 
Paraskevas Geo. Papageorgiou Member
 
 

AFFILIATED COS

 
Shareholder firm SIDMA SA participates also in the firm SIDMA 
WORLDWIDE CYPRUS LTD
 
 

FINANCIAL DATA

 
Share capital amounts to Euro 4,200,000 divided into 420,000 shares at EURO 10.00 each. 
 
Prior to the last increase in 2006 (Gov. Gaz. 6611/2006) share capital amounted to 3,450,000 Euro. Recent financial data are not available. 
  
The latest published balance sheets are attached.
 
 

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 2,800,000

PREVIOUS CREDIT APPRAISAL:

We recommend a maximum credit limit of Euro 2,800,000 (27/6/2008)

BANKS

 
Alpha Bank A.E. 
 Head Office (tel.:21-03260000) 
National Bank of Greece S.A.  
 Syntagma Sq. Branch (tel.:21-03340204) 
 (Imports/Exports) 
Bank of Piraeus S.A.  
 Head Office (tel.:21-03335455) 
EFG EUROBANK ERGASIAS S.A. 
 Head Office (tel.:21-06400740)

BALANCE SHEET NOTES

-

Subject's recent financial statements are published according to IAS/IFRS. Due to that reason, comparisons with previous fiscal years in which company published its balance sheets according to Greek Financial Standards are not presented.

-

Type of Auditor's Audit Report for the Financial Statement ended 31/12/2007 : Unqualified opinion

Type of Auditor's Audit Report for the Financial Statement ended 31/12/2006 : Unqualified opinion

Type of Auditor's Audit Report for the Financial Statement ended 31/12/2005 : Unqualified opinion

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	7.832.346	-3,03	8.077.137	12,47	7.181.628
Buildings / Means of Transport / Furniture and Other Equipment	4.849.363	5,94	4.577.442	9,07	4.196.839
Machinery and Mechanical Equipment	5.315.064	2,59	5.181.049	26,62	4.091.898
Intangible Assets and Establishment Expenses	7.967	67,73	4.750	N/A
Accumulated Depreciation	2.365.676	38,23	1.711.412	51,46	1.129.903
Depreciation of Buildings / Furniture / Means of Transport	855.965	32,39	646.541	54,54	418.378
Depreciation of Machinery and Mechanical Equipment	1.508.774	42,24	1.060.721	49,08	711.525
Depreciation of Intangible Assets and Establishment Expenses	937	-77,42	4.150	N/A
Long Term Receivables	25.628	1,26	25.308	11,03	22.794
Inventories	5.153.443	13,34	4.546.895	78,66	2.545.065
Finished Products / Merchandise	684.282	-11,33	771.731	34,66	573.077
Raw Direct and Indirect Material	4.469.161	18,38	3.775.164	91,44	1.971.988
Receivables / Transit balances	14.622.595	-3,50	15.152.869	16,30	13.028.805
Receivables from Customers / Bills and Cheques	14.231.192	-3,02	14.674.869	23,37	11.894.556
Other Receivables / Transit Debit Balances	391.403	-18,12	478.000	-57,86	1.134.249
Cash and Deposits	5.258	-80,27	26.645	-53,39	57.161
Total Assets	27.613.642	-0,68	27.803.546	21,88	22.812.659

LIABILITIES

ACCOUNTS	31/12/2007	CHANGE 07/06 (%)	31/12/2006	CHANGE 06/05 (%)	31/12/2005
Owners Equity	8.772.708	23,32	7.113.534	46,04	4.871.107
Share Capital	4.200.000	0	4.200.000	21,74	3.450.000
Reserves	1.234.045	109,52	588.983	930,09	57.178
Retained Earnings / Losses	3.338.663	43,63	2.324.551	70,43	1.363.929
Long Term Liabilities and Provisions	11.800.134	60,10	7.370.278	200,49	2.452.715
Long Term Liabilities	11.755.383	60,06	7.344.101	201,34	2.437.137
Provisions	44.751	70,96	26.177	68,04	15.578
Current Liabilities / Transit Balances	7.040.800	-47,14	13.319.734	-14,00	15.488.838
Short Term Bank Debt	1.796.104	-72,69	6.577.888	-37,25	10.483.275
Suppliers / Bills Notes Payable and Cheques / Creditors	3.870.451	-22,68	5.005.514	31,37	3.810.192
Other Liabilities / Transit Credit Balances	1.374.245	-20,85	1.736.332	45,25	1.195.370
Total Liabilities and Net Worth	27.613.642	-0,68	27.803.546	21,88	22.812.659

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	26.899.036	16,46	23.098.099	30,53	17.695.027
Cost of Net Sales	21.747.956	18,86	18.297.446	25,29	14.604.001
Gross Margin	5.151.080	7,30	4.800.653	55,31	3.091.026
Commission and Other Operating Income	488.345	N/A		-100	194.106
Interest Expenses	784.255	28,92	608.335	4,46	582.330
Other Operating Expenses	1.731.167	6,33	1.628.061	14,88	1.417.155
Operating Results after Interest Expenses	3.124.003	21,83	2.564.257	99,45	1.285.647
Total Depreciation	658.332	12,79	583.659	13,14	515.854
Depreciation Included in the Operation Cost	658.332	12,79	583.659	13,14	515.854
Net Income for the Year Before Tax	3.124.003	21,83	2.564.257	99,45	1.285.647
Income Tax	-736.579	-5,44	-698.579	-278,81	390.684
Profit / (Loss) Before Tax, Financing and Investing Results and Depreciation-Amortisation (EBITDA)	4.566.590	21,57	3.756.251	57,57	2.383.831

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) (%)	39,33	-8,09%	42,79	47,25%	29,06
Return on Equity (Before Interest and Income Tax) (%)	49,20	-7,06%	52,94	25,36%	42,23
Return on Capital Employed (Before Interest and Income Tax) (%)	14,10	12,44%	12,54	45,14%	8,64
Gross Profit Margin (%)	19,15	-7,84%	20,78	18,95%	17,47
Operating Profitability (%)	14,53	5,75%	13,74	30,11%	10,56
Net Profit Margin (Before Income Tax) (%)	11,61	4,59%	11,10	52,68%	7,27
Net Profit Margin EBITDA (before Interest, Income Tax, Depreciation and Non Operating Income) (%)	16,98	4,43%	16,26	20,71%	13,47

VIABILITY AND CAPITAL STRUCTURE RATIOS

RATES	31/12/2007	CHANGE 07/06 (%)	31/12/2006	CHANGE 06/05 (%)	31/12/2005
Financial Leverage (:1)	0,68	-8,11%	0,74	-6,33%	0,79
Total Debt Equity Ratio (:1)	2,15	-26,12%	2,91	-20,92%	3,68
Interest Coverage (Before Interest and Income Tax) (X)	4,98	-4,60%	5,22	62,62%	3,21

LIQUITIDY RATIOS

RATES	31/12/2007	CHANGE 07/06 (%)	31/12/2006	CHANGE 06/05 (%)	31/12/2005
Current Ratio (Χ)	1,94	57,72%	1,23	28,12%	0,96
Quick Ratio (Acid Test) (Χ)	1,46	48,98%	0,98	28,95%	0,76
Working Capital (EURO)	12.740.496	98,86%	6.406.675	4.405,61%	142.193,27

ACTIVITY RATIOS

RATES	31/12/2007	CHANGE 07/06 (%)	31/12/2006	CHANGE 06/05 (%)	31/12/2005
Collection Period (DAYS)	196	-5,77%	208	-3,70%	216
Payable Period (DAYS)	68	-18,07%	83	-2,35%	85
Inventory Turnover (DAYS)	81	14,08%	71	-6,58%	76
Equity Turnover (Χ)	3,39	-11,95%	3,85	-3,75%	4
Turnover of Capital Employed (Χ)	0,97	6,59%	0,91	10,98%	0,82

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

Sample of Companies: 304(2007), 673(2006), 677(2005)

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.43.30
UK Pound	1	Rs.86.13
Euro	1	Rs.68.72

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