MIRA
INFORM REPORT
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Report Date : |
20.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
KALPINIS, A., - N. SIMOS S.A. |
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Registered Office : |
Diilistirion Ave, Agios Ioannis 19300, Aspropyrgos, Attiki |
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Country : |
Greece |
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Date of Incorporation : |
1958 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Imports, Trade, Shaping and Processing of Steel Products |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
KALPINIS, A., - N. SIMOS S.A.
Diilistirion Ave, Agios Ioannis
19300, Aspropyrgos, Attiki
Tel.: 210 5515000
Fax: 210 5515015
U.R.L.: www.kalpinis-simos.gr
E-mail: kalsim@otenet.gr
summary
Sector : Trade (Metals - Metal Products)
Year Established : 1965
Year Founded : 1958
Chairman : Panagiotis Nik. Simos
CEO : Athanassios And. Kalpinis
Capital : Euro 14.918.400
Owners Equity : Euro 86.410.670 (31/12/2007)
Net Sales : Euro 155.278.707 (1/1/2007 - 31/12/2007)
Net Income for the Year Before Tax : Euro 11.511.209 (1/1/2007 - 31/12/2007)
Staff of employees : 209
FINANCIAL STATUS : Excellent PAYMENT RECORD : Prompt TREND : Upward GOV. GAZETTE No:00748/1965 TAX REGISTR. No: 094018802 No OF THE REGISTER OF SOCIETE ANONYME:007365 /006 /B /86 /32 MEMBER OF : PIRAEUS CHAMBER OF COMMERCE & INDUSTRY EXPORTS REG. No. : 0003994 ISO Certificate: ISO 9001:2000 Testifying Company: TUV HELLAS (TUV NORD) S.A. LEGAL FORM: Societe Anonyme DATE ESTABLISHED: 01/01/1965 HEAD OFFICE: Aspropyrgos, Attiki DURATION: Up to year 2040
HISTORY
Established in 1965 under the name KALPINIS, A., - N. SIMOS METAL TRADE S.A., operating as a commercial company and following the change of the legal status of the firm KALPINIS, A., - N. SIMOS LTD, founded in 1958. Since the end of 1989 subject is engaged also in the shaping of steel. In the same year its name changed to the above mentioned (Gov. Gaz. No. 766/89).
ACTIVITY
Imports, trade, shaping and processing of steel products
PREMISES
(as declared ): On 28/06/2002 subject's head office was changed. Previous address 190 Thivon, 182-33 Agios Ioannis Rentis, Attiki PREMISES (as declared ): HEAD OFFICE-PLANT: Diilistirion Ave, Agios Ioannis, 193-00 Aspropyrgos, Attiki, owned,plot of land 94,800 m2, covered area 29,000 m2. PLANT1 Palaska, Skaramagas, 124-62 Haidari, Attiki, owned,plot of land 15,700 m2, covered area 8,500 m2. BUILDINGS: 190 Thivon Ave, 182-33 Agios Ioannis Rentis, Attiki, owned,plot of land 5,600 m2, covered area 5,200 m2.
STAFF
Employees : 209 persons
SHAREHOLDERS
(as declared): by 18.10% Athanassios And. Kalpinis (born in 1964) by 17.69% Panagiotis Nik. Simos (born in 1958) by 13.03% Eirini Nik. Simou (born in 1956) by 12.13% Elvira And. Kalpini (born in 1962) by 4.84% Michail Karagiannis by 2.33% Andreas Sty. Kalpinis (born in 1939) Subject's shares have been quoted at Athens Exchange since 1990 (Gov. Gaz. No. 3266/90). Subject's share is included in FTSE/ASE SMALLCAP 80 index (small capitalization companies).
BOARD OF DIRECTORS
Panagiotis Nik. Simos Chairman Elvira And. Kalpini Vice-Chairman Athanassios And. Kalpinis CEO Konstantinos Joh. Gianniris Member Andreas Sty. Kalpinis Member Stylianos Chr. Koutsothanassis Member Eirini Nik. Simou Member Basil Geo. Malalitzoglou Member Anastassios Pat. Binioris Member
PARTICIPATIONS
Subject participates in the following firm(s) by 100.00% KALPINIS - SIMOS BULGARIA EOOD (Code No: 0327099) HEAD OFFICE: Sofia, Bulgaria by 50.00% CORUS KALPINIS - SIMOS S.A. (Code No: 0238654 VAT: EL099995442) DATE ESTABLISHED: 1999 SECTOR: Industry (Rubber - Plastics) Share capital : 6,163,500 Shareholders equity : 12,030,960 Net Sales : 28,212,130 Net profit : 2,815,880 Balance sheet details as at (31.12.2007) in Euro. HEAD OFFICE-PLANT: Diylistirion Ave, Stefani 193 00, Aspropyrgos, Attiki by 50.00% CORUS KALPINIS SIMOS S.A. STEEL SERVICE CENTER (Code No: 0250876 VAT: EL999842283) DATE ESTABLISHED: 2002 SECTOR: Trade (Metals - Metal Products) Share capital : 4,400,000 Shareholders equity : 4,274,530 Net profit : -167,290 Balance sheet details as at (31.12.2007) in Euro. HEAD OFFICE: Zoni A' Building Block 59 570 22, Sindos Industrial Area, Thessaloniki by 33.30% KALPINIS - SIMOS ROM SRL (Code No: 0327166) HEAD OFFICE: Bucharest, Romania
AFFILIATED COS
Panagiotis Nik. Simos participates in the firm(s): -STEEL CENTER S.A. by 25.00% (Code No: 2078600 VAT: EL094041725) DATE ESTABLISHED: 1973 SECTOR: Trade (Metals - Metal Products) Share capital : 5,400,000 Shareholders equity : 9,271,020 Net Sales : 21,319,530 Net profit : 942,020 Balance sheet details as at (31.12.2007) in Euro. HEAD OFFICE: 2 Oidipodos 184 54, Nikaia, Attiki Athanassios And. Kalpinis participates in the firm(s): -STEEL CENTER S.A. by 24.00% (as mentioned before) Elvira And. Kalpini participates in the firm(s): -PROFASHIONAL S.A. by 70.00% (Code No: 0120061 VAT: EL094466137) DATE ESTABLISHED: 1997 SECTOR: Trade (Garments - Footwear - Leather Goods) Share capital : 58,600 Shareholders equity : 92,745 Net Sales : 1,078,126 Net profit : 16,469 Balance sheet details as at (30.06.2007) in Euro. HEAD OFFICE: 111 Gr. Lambraki 185 34, Piraeus, Attiki -CORPORATE FASHION S.A. by 32.50% (Code No: 0229974 VAT: EL094459238) DATE ESTABLISHED: 1997 SECTOR: Trade (Garments - Footwear - Leather Goods) Share capital : 251,980 Shareholders equity : 73,595 Net Sales : 837,394 Net profit : 13,408 Balance sheet details as at (30.06.2007) in Euro. HEAD OFFICE: 28 Pityountos 111 42, Athens, Attiki -STEEL CENTER S.A. by 26.00% (as mentioned before) Eirini Nik. Simou participates in the firm(s): -SMART HOUSE S.A. by 50.00% (Code No: 0227406 VAT: EL094508784) DATE ESTABLISHED: 1997 SECTOR: Trade (Tableware - Cooking Utensils - Decoratives) Share capital : 460,455 Shareholders equity : -40,595 Net Sales : 1,357,628 Losses : -470,096 Balance sheet details as at (31.12.2007) in Euro. HEAD OFFICE: 2a Esperidon Sq 166 74, Glyfada, Attiki -STEEL CENTER S.A. by 25.00% (as mentioned before)
FINANCIAL DATA
Share capital amounts to Euro 14,918,400 divided into 37,296,000 shares at EURO 0.40 each. Prior to the last increase in 2007 (Gov. Gaz. No.10958/2007) share capital amounted to 11,188,800 Euro. The above increase was decided to be covered as follows: 3,729,600 Euro being the capitalization of part of capital surplus. The latest published balance sheets are attached.
MID-TERM ACCOUNTING STATEMENT DATA (in Euro) 01/01/2008-31/03/2008 01/01/2007-31/03/2007 SHAREHOLDERS EQUITY 89 327 046 83 279 827 TOTAL ASSETS 162 708 417 156 849 181 NET SALES 41 275 282 38 343 970 PROFIT BEFORE INCOME T 3 937 173 3 886 999 The financial data are presented according to the International Financial Reporting Standards.
BUSINESS TRANSACTION INDEX
Subject 2008 2007 2006 2005 2004
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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 23,000,000
BANKS
Alpha Bank A.E. Ethnikis Antistassis Branch (tel.:21-04121721-5) Alpha Bank A.E. Aspropyrgos Branch (tel.:21-05576134) National Bank of Greece S.A. Akti Kondyli (Zea) Branch (tel.:21-04144811) (Deposits-Imports/Exports) Emporiki Bank Nikaia Branch (tel.:21-04912579) (Deposits-Imports/Exports) Alpha Bank A.E. Filonos Branch (tel.:21-04177772) (Deposits-Imports/Exports) EFG EUROBANK ERGASIAS S.A. Aspropyrgos Branch (tel.:21-05578752)
Bank of Piraeus S.A. Ag. Triada Piraeus Branch (tel.:21-04139310) Marfin Egnatia Bank S.A. Piraeus Branch (tel.:21-04283050) Proton Bank S.A. Piraeus Branch (tel.:21-06970352-3)
BALANCE SHEET NOTES
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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.
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Type of Auditor's Audit Report for the Financial Statement ended
31/12/2007 : Unqualified opinion - Matter of Emphasis
Type of Auditor's Audit Report for the Financial Statement ended
31/12/2006 : Unqualified opinion - Matter of Emphasis
Type of Auditor's Audit Report for the Financial Statement ended
31/12/2005 : Unqualified opinion - Matter of Emphasis
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PROFIT AND LOSS ACCOUNT
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COMPANY RATIOS
PROFITABILITY RATIOS
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SECTOR RATIOS
PROFITABILITY RATIOS
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Sample of Companies: -(2007), 193(2006), 197(2005) |
NOTES
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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.
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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.
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N/A: Not Available
N/C: Not Calculable
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)