MIRA INFORM REPORT

Report Date :

20.06.2008

IDENTIFICATION DETAILS

Name :	SIDMA S.A.
Registered Office :	39 P. Ralli, P.O. Box 8476 17778, Tavros, Attiki
Country :	Greece
Financials (as on) :	31.12.2007
Date of Incorporation :	1931
Legal Form :	Societe Anonyme
Line of Business :	Processing of Metals

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

name & address

SIDMA S.A.

39 P. Ralli, P.O. Box 8476

17778, Tavros, Attiki

Tel.: 210 3498200

Fax: 210 3412223

U.R.L.: www.sidma.gr

E-mail: info@sidma.gr

summary

Sector : Industry (Metal Products & Structures)

Year Established : 1981

Year Founded : 1931

Chairman : Marcello-Haris Leo. Amariglio

Capital : Euro 13.500.000

Owners Equity : Euro 56.432.313 (31/12/2007)

Net Sales : Euro 138.083.286 (1/1/2007 - 31/12/2007)

Net Income for the Year Before Tax : Euro 4.692.718 (1/1/2007 - 31/12/2007)

Staff of employees : 218

 
FINANCIAL STATUS  : Good  
PAYMENT RECORD  : Prompt 
TREND  : Stable
 
GOV. GAZETTE No:04222/1981 TAX REGISTR. No: 094106678 
No OF THE REGISTER OF SOCIETE ANONYME:007946 /006 /B /86 /2 
 
 
ISO Certificate:   ISO 9001:2000  
Testifying Company:  BUREAU VERITAS S.A.
 
LEGAL FORM:   Societe Anonyme 
DATE ESTABLISHED:  1981 
HEAD OFFICE:  Tavros, Attiki 
DURATION:   Up to year 2031
 
 

HISTORY

 
Subject was established in 1981 as a societe anonyme, however it was pre-existed under other legal status since 1931. It remained inactive from July 1998 up to September 1999. 
On 05/10/1999 (Gov. Gaz. No. 07970/1999) subject absorbed a sector of the firms(s) KEM S.A..On 05/01/2000 (Gov. Gaz. No. 00054/2000) subject absorbed a sector of the firms(s) SIDMA S.A..On 05/01/2000 (Gov. Gaz. No. 00058/2000) a change of subject's head office was published. On 05/01/2000 (Gov. Gaz. No. 00058/2000) the company's name was changed. On 20/03/2000 (Gov. Gaz. No. 02106/2000) a change of subject's head office was published. 
SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.: 
The Gov.Gaz.No.: 7970/99 refers to the absorption of the commercial sector of iron and related products. 
The Gov.Gaz.No.: 54/2000 refers to the absorption of the sector of processing - trade of iron products. Prior to the change that was 
published in the Gov.Gaz.No.:58/2000 subject's name was ETEM ANTIPROSOPIAI S.A.
 
 

ACTIVITY

 
Processing of metals. Regional agent, imports and wholesale trade of metal sheets and profiles, hollow bars, steel pipes, metals, wire, electrodes and fencing wire
 
 

PREMISES

 
(as declared ): 
On 31/12/1999 subject's head office was changed. Previous address 
96 Kifissou, 122-41 Aigaleo, Attiki 
 
PREMISES (as declared ): 
HEAD OFFICE: 39 P. Ralli, P.O. Box 8476, 177-78 Tavros, Attiki, 
rented,plot of land 16,291 m2, covered area 6,347 m2. 
 
PLANT
P.O. Box 10280, Palaiokastro, 541-10 Thessaloniki, 
owned,plot of land 52,855 m2, covered area 20,736 m2.-320-11 Oinofyta, Voiotia, owned,plot of land 61,000 m2, 
covered area 11,600 m2.  
 
WAREHOUSE: 
Neochoropoulo, 455-00 Ioannina, rented, covered area 
250 m2. 
 -Mavri Ora, 193-00 Aspropyrgos, Attiki, owned,plot of 
land 35,344 m2, covered area 13,547 m2. 
 
At its plants subject operates Steel Service Centers. The plot of land at Oinofyta was acquired by subject in May 2006.
 
 

STAFF

 
Employees : 218 persons
 
 

SHAREHOLDERS

(as declared): 
by 28.21% SOVEL S.A.  
(Code No: 0043463 VAT: EL094280379) 
DATE ESTABLISHED: 1991 
SECTOR: Industry (Metal Products & Structures)  
Share capital : 40,981,356 
Shareholders equity : 224,215,627 
Net Sales : 363,170,984 
Net profit : 21,869,038 
Balance sheet details as at (31.12.2007) EURO 
HEAD OFFICE: 2-4 Messogeion 115 27, Athens, Attiki 
by 15.68% SIDACIER HOLDING SCA 
(Code No: 0320570) 
HEAD OFFICE: Boulevard Prince Henry II L, 1724 Luxembourg 
  
by 6.87% RAPALLO INVEST HOLDING S.A. 
(Code No: 0323552) 
HEAD OFFICE: Virgin Islands, British  
 
by 6.80% Andreas Hai. Pizante (born in 1935) 
by 6.50% SIDENOR S.A. 
(Code No: 8511100 VAT: EL094043233) 
DATE ESTABLISHED: 1974 
SECTOR: Industry (Primary Metal Products) 
Share capital : 39,413,091 
Shareholders equity : 293,113,803 
Net Sales : 394,692,772 
Net profit : 37,044,798  
Balance sheet details as at (31.12.2007) EURO 
OFFICES: 57b Ethnikis Antistasseos 152 31, Halandri, Attiki 
  
by 2.99% Nelli Dan. Amariglio 
by 2.62% Ioulia-Lola Sam. Amariglio (born in 1938) 
by 2.00% David Dan. Amariglio 
by 0.85% Santy Dan. Amariglio 
by 0.29% VIOHALCO S.A. 
(Code No: 3908700 VAT: EL094004569) 
DATE ESTABLISHED: 1937 
SECTOR: Holding Companies 
Share capital : 59,842,227 
Shareholders equity : 948,329,077  
Net Sales : 28,753 
Net profit : 73,123,468 
Balance sheet details as at (31.12.2007) EURO  
HEAD OFFICE: 2-4 Messogeion, Athens Tower (B' building) 115 27, 
Athens, Attiki 
  
Subject's shares have been quoted at Athens Exchange since 
10.05.2005. The shareholders firms, SIDACIER HOLDING SCA and 
RAPALLO INVEST HOLDING, are of the family Amarilio interests. The 
shareholders firms, SOVEL S.A. and SIDENOR S.A., belong to the 
wellknown Group of Companies VIOHALCO. 
 
  
 Subject's share is included in FTSE/ASE SMALLCAP 80 index (small 
capitalization companies).
 
 

BOARD OF DIRECTORS

 
Marcello-Haris Leo. Amariglio  Chairman 
Menelaos Ath. Tassopoulos  Vice-Chairman 
Daniil Dav. Benardout  Member 
Anastassios Nik. Kolyvanos  Member 
Haim Moy. Nachmias  Member 
Sarantos Kon. Milios  Member 
Alexandra Ath. Nikolitsa   Member 
George Spy. Katsaros  Member 
Konstantinos Dim. Karonis  Member
 
 

PARTICIPATIONS

 
Subject participates in the following firm(s) 
by 100.00% SIDMA WORLDWIDE (CYPRUS) LTD 
(Code No: 0324885) 
Above mentioned firm participates by 100% in the firms: - 
SID-PAC STEEL & CONSTRUCTION PRODUCTS SRL (Romania) and - SID-PAC 
BULGARIA S.A. (Bulgaria). 
HEAD OFFICE: Nicosia, Cyprus  
 
by 80.00% PANELCO S.A. 
(Code No: 0244179 VAT: EL099890447)  
DATE ESTABLISHED: 2000 
SECTOR: Industry (Metal Products & Structures) 
Share capital : 4,200,000  
Shareholders equity : 7,113,534 
Net Sales : 23,098,099 
Net profit : 2,564,257 
Balance sheet details as at (31.12.2006) in Euro. 
HEAD OFFICE: 134 Meg. Alexandrou 104 35, Athens, Attiki
 
 

AFFILIATED COS

 
Andreas Hai. Pizante participates in the firm(s): 
 
 -PROSIDER S.A. by 17.17% 
(Code No: 2005280 VAT: EL094076633)  
DATE ESTABLISHED: 1979 
SECTOR: Trade (Metals - Metal Products) 
Share capital : 4,800,000  
Shareholders equity : 5,531,375 
Net Sales : 7,862,801 
Net profit : 575,101 
Balance sheet details as at (31.12.2006) in Euro. 
HEAD OFFICE: 134 Meg. Alexandrou 104 35, Athens, Attiki 
  
 
Santy Dan. Amariglio participates in the firm(s): 
  
 -PROSIDER S.A. by 2.56% 
(as mentioned before) 
 
Nelli Dan. Amariglio participates in the firm(s): 
 
 -PROSIDER S.A. by 8.96% 
(as mentioned before)  
 
David Dan. Amariglio participates in the firm(s): 
  
 -PROSIDER S.A. by 8.96% 
(as mentioned before) 
  
 
 
  
Ioulia-Lola Sam. Amariglio participates in the firm(s): 
 
 -PROSIDER S.A. by 8.48% 
(as mentioned before)
 
 

FINANCIAL DATA

 
Share capital amounts to Euro 13,500,000 divided into 10,000,000 shares at EURO 1.35 each. 
  
Prior to the last increase in 2005 (Gov.Gaz.2702/2005) share capital amounted to 10,125,000 Euro. The above increase was decided to be covered as follows: 160,650 Euro being private investment 3,214,350 Euro through public subscription. 
 
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 59 019 406 59 349 471  
TOTAL ASSETS   186 761 270 169 297 616 
NET SALES   41 305 412 35 207 090 
PROFIT BEFORE INCOME T 2 677 249 3 114 596 
  
 
The financial data are presented according to the International 
Financial Reporting Standards.
 
 

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 18,000,000

BANKS

 
Alpha Bank A.E. 
 Head Office (tel.:21-03260000) 
National Bank of Greece S.A. 
 Syntagma Sq. Branch (tel.:21-03340204) 
Emporiki Bank  
 Head Office (tel.:21-03210911) 
EFG EUROBANK ERGASIAS S.A. 
 Head Office (tel.:21-03337000)  
Bank of Piraeus S.A. 
 Head Office (tel.:21-03335455) 
Millennium Bank S.A.  
 Kallithea Branch (tel.:210-9536502) 
Banque Nationale de Paris 
 Head Office (tel.:21-03643711-6) 
HSBC p.l.c. 
 Head Office (tel.:21-06961040-50) 
Societe Generale des Banques 
 Head Office (tel.:21-03642010-9)

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 - Matter of Emphasis

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	44.658.540	15,35	38.716.843	20,19	32.212.224
Buildings / Means of Transport / Furniture and Other Equipment	32.369.444	11,92	28.921.262	33,91	21.597.168
Machinery and Mechanical Equipment	11.515.110	46,55	7.857.270	18,83	6.612.046
Intangible Assets and Establishment Expenses	1.044.630	9,33	955.465	35,88	703.188
Accumulated Depreciation	6.103.716	28,91	4.734.983	247,75	1.361.606
Depreciation of Buildings / Furniture / Means of Transport	2.395.525	11,06	2.156.959	357,57	471.393
Depreciation of Machinery and Mechanical Equipment	3.329.224	43,62	2.318.054	192,21	793.287
Depreciation of Intangible Assets and Establishment Expenses	378.967	45,77	259.970	168,21	96.926
Long Term Receivables	49.471	26,11	39.228	-0,25	39.327
Participations	5.783.601	1,85	5.678.601	22,86	4.622.101
Inventories	26.465.111	12,09	23.610.672	20,16	19.649.685
Finished Products / Merchandise	14.118.949	12,20	12.583.555	7,42	11.713.774
Raw Direct and Indirect Material	12.346.162	11,96	11.027.117	38,95	7.935.911
Receivables / Transit balances	103.641.085	8,82	95.240.369	40,03	68.014.250
Receivables from Customers / Bills and Cheques	103.353.762	8,60	95.172.055	40,11	67.925.472
Marketable Securities	25.917	0	25.917	N/A
Other Receivables / Transit Debit Balances	261.406	516,57	42.397	-52,24	88.778
Cash and Deposits	562.801	-87,10	4.363.662	-54,51	9.592.838
Total Assets	175.327.537	8,27	161.931.546	25,07	129.468.998

LIABILITIES

ACCOUNTS	31/12/2007	CHANGE 07/06 (%)	31/12/2006	CHANGE 06/05 (%)	31/12/2005
Owners Equity	56.432.313	-1,12	57.073.311	11,54	51.169.950
Share Capital	13.500.000	0	13.500.000	0	13.500.000
Reserves	21.945.284	-2,22	22.442.993	4,18	21.543.380
Retained Earnings / Losses	20.987.029	-0,68	21.130.318	31,03	16.126.570
Long Term Liabilities and Provisions	54.559.806	-0,30	54.721.821	1.567,58	3.281.508
Long Term Liabilities	53.559.204	-0,38	53.765.873	2.154,55	2.384.772
Provisions	1.000.602	4,67	955.948	6,60	896.736
Current Liabilities / Transit Balances	64.335.418	28,32	50.136.414	-33,17	75.017.539
Short Term Bank Debt	20.371.288	176,78	7.360.127	-85,56	50.991.073
Suppliers / Bills Notes Payable and Cheques / Creditors	40.281.891	7,07	37.623.337	64,82	22.826.653
Dividends Payable	494	161,38	189	-50	378
Other Liabilities / Transit Credit Balances	3.681.745	-28,55	5.152.761	329,60	1.199.435
Total Liabilities and Net Worth	175.327.537	8,27	161.931.546	25,07	129.468.998

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	138.083.286	5,62	130.739.181	22,05	107.119.507
Cost of Net Sales	123.797.323	11,20	111.332.465	17,07	95.100.384
Gross Margin	14.285.963	-26,39	19.406.716	61,46	12.019.122
Commission and Other Operating Income	6.614.581	30,32	5.075.790	-2,52	5.207.277
Interest Expenses	3.066.920	18,24	2.593.832	28,32	2.021.319
Other Operating Expenses	13.140.906	12,13	11.718.930	0,26	11.688.827
Operating Results after Interest Expenses	4.692.718	-53,86	10.169.744	189,22	3.516.253
Total Depreciation	1.650.109	8,84	1.516.063	4,84	1.446.093
Depreciation Included in the Operation Cost	1.650.109	8,84	1.516.063	4,84	1.446.093
Net Income for the Year Before Tax	4.692.718	-53,86	10.169.744	189,22	3.516.253
Income Tax	-2.330.516	17,67	-2.830.632	-122,84	-1.270.257

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) (%)	8,27	-55,99%	18,79	140,28%	7,82
Return on Equity (Before Interest and Income Tax) (%)	13,67	-42,03%	23,58	91,40%	12,32
Return on Capital Employed (Before Interest and Income Tax) (%)	4,60	-47,49%	8,76	94,67%	4,50
Gross Profit Margin (%)	10,35	-30,26%	14,84	32,26%	11,22
Operating Profitability (%)	5,62	-42,42%	9,76	88,78%	5,17
Net Profit Margin (Before Income Tax) (%)	3,40	-56,30%	7,78	137,20%	3,28
Net Profit Margin EBITDA (before Interest, Income Tax, Depreciation and Non Operating Income) (%)	6,81	-37,64%	10,92	67,48%	6,52

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	4,62%	0,65	8,33%	0,60
Total Debt Equity Ratio (:1)	2,11	14,67%	1,84	20,26%	1,53
Interest Coverage (Before Interest and Income Tax) (X)	2,53	-48,58%	4,92	79,56%	2,74

LIQUITIDY RATIOS

RATES	31/12/2007	CHANGE 07/06 (%)	31/12/2006	CHANGE 06/05 (%)	31/12/2005
Current Ratio (Χ)	2,22	26,14%	1,76	0%	1,76
Quick Ratio (Acid Test) (Χ)	1,78	25,35%	1,42	5,18%	1,35
Working Capital (EURO)	66.333.579	-9,23%	73.078.289	228,60%	22.239.234,04

ACTIVITY RATIOS

RATES	31/12/2007	CHANGE 07/06 (%)	31/12/2006	CHANGE 06/05 (%)	31/12/2005
Collection Period (DAYS)	257	15,25%	223	4,20%	214
Payable Period (DAYS)	110	15,79%	95	17,28%	81
Inventory Turnover (DAYS)	74	4,22%	71	-15,48%	84
Equity Turnover (Χ)	2,43	0,41%	2,42	1,68%	2,38
Turnover of Capital Employed (Χ)	0,82	-8,89%	0,90	3,45%	0,87

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