MIRA INFORM REPORT

 

 

Report Date :

19.06.2008

 

IDENTIFICATION DETAILS

 

Name :

ISOBAU HELLAS S.A.

 

 

Registered Office :

54 Aigialeias 15125, Maroussi, Attiki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

1972

 

 

Legal Form :

Societe Anonyme                                       

 

 

Line of Business :

Manufacture of Heat Insulating Panels, Steel Sheets and Profiles, Prefabricated Building Elements. Metal 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 :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

 

name & address

 

ISOBAU HELLAS S.A.

 

54 Aigialeias

15125, Maroussi, Attiki

Tel.: 210 6371300

Fax: 210 6108151

U.R.L.: www.isobau.gr

E-mail: sales@isobau.gr

 

 

summary

 

Sector                                                               : Industry (Metal Products & Structures)

Year Established                                               : 1990

Year Founded                                                    : 1972

Chairman, CEO                                                 : Panagiotis Joh. Kontogiannis

Capital                                                              : Euro 2.880.000

Owners Equity                                                   : Euro 5.419.086 (31/12/2007)

Net Sales                                                          : Euro 21.424.626 (1/1/2007 - 31/12/2007)

Net Income for the Year Before Tax                     : Euro 324.973 (1/1/2007 - 31/12/2007)

Staff of employees                                             : 90

 

FINANCIAL STATUS    : Satisfactory                                    
PAYMENT RECORD     : Prompt                                          
TREND                          : Upward
 
GOV. GAZETTE No:03456/1990  TAX REGISTR. No: 094278765                         
No OF THE REGISTER OF SOCIETE ANONYME:022447 /004 /Β /90 /208                  
                                                                               
                                                                               
ISO Certificate:                ISO 14001                                              
Testifying Company:       TUV HELLAS (TUV NORD) S.A.                             
                                                                               
ISO Certificate:               ISO 9001:2000                                          
Testifying Company:       TUV HELLAS (TUV NORD) S.A.
 
LEGAL FORM:                        Societe Anonyme                                        
DATE ESTABLISHED:              1990                                                   
HEAD OFFICE:                       Maroussi, Attiki                                       
DURATION:                              Up to year 2089
 
 

HISTORY                                                                    

 
Established in Acharnes, Attiki (110 Athinon Ave), in 1990,  following the change in the legal status of the firm, ISOBAU                   
HELLAS LTD, established in 1981, as a continuation of the sole proprietorship KONTOGIANNIS JOHN, originally founded in 1972. On 24/02/1998 (Gov. Gaz. No. 01067/1998) a change of subject's head office was published.
 

ACTIVITY                                                                     

 
Mfg of heat insulating panels, steel sheets and profiles, prefabricated building elements. Metal structures
 
 

PREMISES

 

 (as declared ):                                                       
On 24/02/1998 subject's head office was changed. Previous address              
110 Athinon Ave, 136-71 Acharnes, Attiki                                       
 
PREMISES (as declared ):                                                       
HEAD OFFICE: 
54 Aigialeias, 151-25 Maroussi, Attiki, owned,                   
covered area 360 m2.      
                                                     
BRANCHES: 
11 Adrianoupoleos, 551-33 Kalamaria, Thessaloniki.                  
  -110 Athinon Ave, 136-71 Acharnes, Attiki, owned,plot                
of land 3,000 m2, covered area 1,800 m2.                                       
 
PLANT:
 Industrial Area, 320-11 Oinofyta, Voiotia, owned, covered              
area 5,000 m2.                                                                 
 
LAND PLOTS: 
Tembeli, 320-11 Oinofyta, Voiotia, owned.                         
                                                                               
In addition at the premise at subject's head office and in Tembeli, Oinofyta, the below mentioned affiliated firm KMS                     
BUILDINGS S.A., owns also real estate property.
 
 

STAFF                                                                    

 

Employees      :  90 persons
 
 

SHAREHOLDERS

 
(as declared):                                                     
by 50.00% Panagiotis Joh. Kont
ogiannis (born in 1954)                         
by 50.00% Nikolaos Joh. Kontogiannis (born in 1957)
 
 

BOARD OF DIRECTORS                                                       

 

Panagiotis Joh. Kontogiannis  Chairman, CEO                                   
Alexandros Pan. Kontogiannis  Vice-Chairman                                   
Aikaterini Geo. Moulkioti     Member                                          
Gerassimos Ant. Gerolymatos   Member                                          
Christos Dim. Stavropoulos    Member
 
 

AFFILIATED COS                                                               

 
Panagiotis Joh. Kontogiannis participates in the firm(s):                     
                                                                               
  -KMS BUILDINGS S.A. by 50.00%                                               
(Code No: 0036682  VAT: EL094278488)                                          
DATE ESTABLISHED: 1990                                                        
SECTOR: Industry (Metal Products & Structures)                                
Share capital : 915,702                                                       
Shareholders equity : 3,855,377                                               
Net Sales : 8,020,774                                                         
Net profit : 30,340                                                           
Balance sheet details as at (31.12.2007) in Euro.                             
HEAD OFFICE: 54 Aigialeias 151 25, Maroussi, Attiki                           
                                                                               
  -POLARIS ENGINEERING S.A. by 33.34%                                         
(Code No: 0237738  VAT: EL099359923)                                          
DATE ESTABLISHED: 1999                                                        
SECTOR: Industry (Machinery)                                                  
Share capital : 60,000                                                        
Shareholders equity : 141,851                                                 
Net Sales : 1,528,430                                                         
Net profit : 109,315                                                          
Balance sheet details as at (31.12.2007) in Euro.                             
HEAD OFFICE: 23 Paradeissou 151 25, Maroussi, Attiki                          
                                                                               
                                                                               
Nikolaos Joh. Kontogiannis participates in the firm(s):                       
                                                                               
  -KMS BUILDINGS S.A. by 50.00%                                               
(as mentioned before)                                                         
                                                                               
  -POLARIS ENGINEERING S.A. by 33.33%                                         
(as mentioned before)
 
 

FINANCIAL DATA                                                             

 
Share capital amounts to Euro 2,880,000 divided into 96,000 shares at EURO 30.00 each.                                                     
                                                                               
Prior to the last increase in 2007 (Gov. Gaz. 6929/2007) share capital amounted to 2,700,000 Euro.                                            
                                                                               
The latest published balance sheets are attached.
 
MORTGAGES/PRENOTES                                                             
Details on subject up to 12.06.2008  :                                         
2008 1 Mortgage(s)/prenote(s) Euro 4,000,000                                  
On an office 263m2 at 54 Aigialeias, Maroussi. In favour of Emporiki           
Bank SA.                                                                       
2005 1 Mortgage(s)/prenote(s) Euro 1,000,000                                  
On fields at Oinofyta, Voiotia. In favour of Emporiki Bank SA                  
                                                                               
 According to the 31/12/07 balance sheet, subject's fixed assets              
are  prenoted for 4,000,000 Euro, in favour of banks, to ensure loans received.
 
 

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 1,900,000

 

BANKS                                                                      

 
Alpha Bank A.E.                                                               
  Maroussi Branch (tel.:21-06197710)                                          
Emporiki Bank                                                                 
  Kifissia Branch (tel.:21-08088250)                                          
  (Loans-Imports/Exports)                                                     
EFG EUROBANK ERGASIAS S.A.                                                    
  Menidi Branch (Ex Ergobank Branch) (tel.:21-02401900)                       
  (Deposits)                                                                  
Bank of Piraeus S.A.                                                          
  Lykovryssi Branch (tel.:21-2854930)

 

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

7.145.014

18,84

6.012.027

53,05

3.928.141

Fields -Lots

884.486

0

884.486

4,29

848.095

Buildings / Means of Transport / Furniture and Other Equipment

4.729.391

-10,69

5.295.676

67,36

3.164.304

Machinery and Mechanical Equipment

7.107.356

46,76

4.842.807

10,62

4.377.990

Intangible Assets and Establishment Expenses

1.229.742

50,85

815.202

16,62

699.016

Accumulated Depreciation

6.846.304

14,06

6.002.341

12,66

5.327.906

Depreciation of Buildings / Furniture / Means of Transport

2.258.997

5,47

2.141.742

6,08

2.018.957

Depreciation of Machinery and Mechanical Equipment

3.871.577

17,11

3.305.807

15,39

2.864.942

Depreciation of Intangible Assets and Establishment Expenses

715.729

29,01

554.793

24,95

444.007

Long Term Receivables

40.343

11,28

36.255

35,78

26.701

Participations

 

-100

139.942

0

139.942

Inventories

4.765.546

20,52

3.953.982

17,40

3.367.886

Finished Products / Merchandise

528.641

50,62

350.988

-29,10

495.074

Raw Direct and Indirect Material

4.236.906

17,59

3.602.994

25,42

2.872.812

Receivables / Transit balances

12.161.786

68,22

7.229.882

2,03

7.085.700

Receivables from Customers / Bills and Cheques

9.632.767

58,55

6.075.483

-1,82

6.188.376

Other Receivables / Transit Debit Balances

2.529.019

119,08

1.154.399

28,65

897.323

Cash and Deposits

808.829

-5,00

851.412

55,68

546.910

Total Assets

24.881.176

37,87

18.047.304

20,89

14.928.637

LIABILITIES

 

ACCOUNTS

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Owners Equity

5.419.086

11,20

4.873.168

4,38

4.668.460

Share Capital

2.880.000

6,67

2.700.000

0

2.700.000

Reserves

2.695.324

-0,88

2.719.322

7,49

2.529.783

Retained Earnings / Losses

-156.238

71,39

-546.154

2,70

-561.323

Long Term Liabilities and Provisions

8.847.469

704,77

1.099.384

549,36

169.302

Long Term Liabilities

8.847.469

704,77

1.099.384

549,36

169.302

Current Liabilities / Transit Balances

10.614.621

-12,09

12.074.751

19,66

10.090.874

Short Term Bank Debt

6.103.839

-13,85

7.085.147

10,12

6.434.282

Suppliers / Bills Notes Payable and Cheques / Creditors

4.004.252

-11,42

4.520.625

38,01

3.275.586

Other Liabilities / Transit Credit Balances

506.530

8,01

468.979

23,09

381.006

Total Liabilities and Net Worth

24.881.176

37,87

18.047.304

20,89

14.928.637

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

21.424.626

62,70

13.167.818

23,10

10.696.953

Cost of Net Sales

17.969.262

59,46

11.268.556

16,99

9.631.941

Gross Margin

3.455.364

81,93

1.899.262

78,33

1.065.012

Commission and Other Operating Income

143.834

258,95

40.071

-38,71

65.378

Interest Expenses

972.711

104,42

475.834

21,02

393.190

Other Operating Expenses

2.315.234

48,55

1.558.568

5,54

1.476.706

Operating Results after Interest Expenses

311.254

427,40

-95.069

87,14

-739.506

Non Operating Income

90.922

-20,14

113.853

-37,87

183.239

Non Operating Expenses

77.202

2.036,19

3.614

-28,52

5.056

Total Depreciation

896.067

30,69

685.627

4,51

656.052

Depreciation Included in the Operation Cost

896.067

30,69

685.627

4,51

656.052

Net Income for the Year Before Tax

324.973

2.042,21

15.170

102,70

-561.323

 

 

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) (%)

6,31

1.871,88%

0,32

102,66%

-12,02

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

25,22

145,09%

10,29

386,63%

-3,60

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

6,05

103,02%

2,98

366,07%

-1,13

Gross Profit Margin (%)

16,13

11,86%

14,42

44,78%

9,96

Operating Profitability (%)

5,89

105,94%

2,86

187,46%

-3,28

Net Profit Margin (Before Income Tax) (%)

1,52

1.166,67%

0,12

102,29%

-5,25

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

10,08

25,06%

8,06

182,81%

2,85

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Financial Leverage (:1)

0,78

6,85%

0,73

5,80%

0,69

Total Debt Equity Ratio (:1)

3,59

32,96%

2,70

22,73%

2,20

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

1,33

29,13%

1,03

N/A

N/C

 

LIQUITIDY RATIOS

 

RATES

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Current Ratio (Χ)

1,31

25,96%

1,04

-4,59%

1,09

Quick Ratio (Acid Test) (Χ)

0,93

30,98%

0,71

-6,58%

0,76

Working Capital (EURO)

7.121.540,17

18.141,09%

-39.474,02

-104,34%

909.621,82

ACTIVITY RATIOS

 

RATES

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Collection Period (DAYS)

129

-21,34%

164

-19,61%

204

Payable Period (DAYS)

85

-30,89%

123

4,24%

118

Inventory Turnover (DAYS)

89

-25,21%

119

-7,03%

128

Equity Turnover (Χ)

4,16

50,72%

2,76

20,52%

2,29

Turnover of Capital Employed (Χ)

1

25%

0,80

11,11%

0,72

INVESTOR RATIOS

 

RATES

31/12/2007

Share Internal Value (EURO)

56,45

Earnings per Share (EURO)

3,39

 

 

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2007

CHANGE 07/06 (%)

2006

CHANGE 06/05 (%)

2005

Return on Equity (Before Income Tax) (%)

N/A

N/A

8,46

165,20%

3,19

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

N/A

N/A

13,10

80,94%

7,24

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

N/A

N/A

5,19

75,34%

2,96

Gross Profit Margin (%)

N/A

N/A

18,21

4,00%

17,51

Operating Profitability (%)

N/A

N/A

7,28

4,00%

4,76

Net Profit Margin (Before Income Tax) (%)

N/A

N/A

4,82

126,29%

2,12

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

N/A

N/A

11,29

16,15%

9,72

ACTIVITY RATIOS

 

RATES

2007

CHANGE 07/06 (%)

2006

CHANGE 06/05 (%)

2005

Collection Period (DAYS)

N/A

N/A

138,61

-6,73%

148,61

Payable Period (DAYS)

N/A

N/A

88,13

-5,89%

93,65

Inventory Turnover (DAYS)

N/A

N/A

118,36

-9,00%

130,07

Equity Turnover (Χ)

N/A

N/A

1,75

16,67%

1,50

Turnover of Capital Employed (Χ)

N/A

N/A

0,70

14,75%

0,61

 

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

2007

CHANGE 07/06 (%)

2006

CHANGE 06/05 (%)

2005

Financial Leverage (:1)

N/A

N/A

0,61

1,67%

0,60

Total Debt Equity Ratio (:1)

N/A

N/A

1,54

2,67%

1,50

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

N/A

N/A

2,82

58,10%

1,79

LIQUITIDY RATIOS

 

RATES

2007

CHANGE 07/06 (%)

2006

CHANGE 06/05 (%)

2005

Current Ratio (Χ)

N/A

N/A

1,48

0,68%

1,47

Quick Ratio (Χ)

N/A

N/A

1,00

2,04%

0,98

Working Capital (EURO)

N/A

N/A

1.261.350.485,32

17,66%

1.072.036.133,39

Sample of Companies: -(2007), 654(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

 

 

 

 

 

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