MIRA INFORM REPORT

 

 

Report Date :

20.06.2008

 

IDENTIFICATION DETAILS

 

Name :

VACONTIOS, D. G., S.A.

 

 

Registered Office :

Athinon - Thivon National Rd (29th km - palaia) 19600, Mandra, Attiki

 

 

Country :

Greece

 

 

Date of Incorporation :

1962

 

 

Legal Form :

Societe Anonyme                                       

 

 

Line of Business :

Metal Structures. Processing and Wholesale Trade of Steel Sheets and Guardrails

 

 

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

 

VACONTIOS, D. G., S.A.

Athinon - Thivon National Rd (29th km - palaia)

19600, Mandra, Attiki

Tel.: 210 5550306-9

Fax: 210 5556709

U.R.L.: www.bitros.gr

E-mail: vacontsa@otenet.gr

 

 

summary

 

Sector                                                   :           Industry (Metal Products & Structures)

Year Established                                   :           1977

Year Founded                                        :           1962

Chairman                                              :           Panagiotis Joh. Bitros

CEO                                                     :           George Dio. Vacontios

Capital                                                  :           Euro 3.815.500

Owners Equity                                       :           Euro 4.596.413 (31/12/2007)

Net Sales                                              :           Euro 9.180.055 (1/1/2007 - 31/12/2007)

Net Income for the Year Before Tax         :           Euro -382.156 (1/1/2007 - 31/12/2007)

Staff of employees                                 :           25

 

 
FINANCIAL STATUS                  : Satisfactory                                    
PAYMENT RECORD               : Prompt                                          
TREND                                   : Stable
 
GOV. GAZETTE No:03758/1977  TAX REGISTR. No: 094063674                         
No OF THE REGISTER OF SOCIETE ANONYME:007806 /003 /B /86 /87                   
                                                                               
MEMBER OF                           :    PIRAEUS CHAMBER OF COMMERCE & INDUSTRY                 
EXPORTS REG. No.                 :    0003412
 
LEGAL FORM:                        Societe Anonyme                                        
DATE ESTABLISHED:              1977                                                   
HEAD OFFICE:                        Mandra, Attiki                                         
DURATION:                              Up to year 2017
 
 

HISTORY                                                                     

 
Subject resulted from the conversion of the sole proprietorship               
VACONTIOS DIOGENIS, originally founded in 1962. On 5.12.95 (Gov.               
Gaz. No 6870/95) subject absorbed the affiliated firm VACONTIOS                
IRON PRODUCTS S.A.
 
 

ACTIVITY                                                                     

 
Metal structures. Processing and wholesale trade of steel sheets and guardrails
 
 
 

PREMISES

 
 (as declared ):                                                       
HEAD OFFICE-PLANT: Athinon - Thivon National Rd (29th km -                    
palaia), 196-00 Mandra, Attiki, owned,plot of land 26,000 m2,                  
covered area 3,000 m2.                                                         
                                                                               
It is noted that subject had also an owned plot of land at   Megara which was sold.
 
 

STAFF                                                                         

 
Employees      :  25 persons
 
 

SHAREHOLDERS

 
(as declared):                                                     
by 50.00% BITROS HOLDINGS S.A.                                                
(Code No: 2060150  VAT: EL094107675)                                          
DATE ESTABLISHED: 1957                                                        
SECTOR: Holding Companies                                                     
Share capital : 24,446,882                                                    
Shareholders equity : 43,859,051                                              
Net Sales : 2,414,468                                                         
Net profit : 2,678,835                                                        
Balance sheet details as at (31.12.2007) EURO                                 
HEAD OFFICE: 100 NATO Ave 193 00, Aspropyrgos, Attiki                         
                                                                               
by 32.22% Diogenis Geo. Vacontios                                             
by 5.86% George Dio. Vacontios (born in 1956)                                 
by 5.85% Sevasti D. Vacontiou (born in 1958)                                  
by 5.24% Virginia Vacontiou                                                   
by 0.83% Theoni Dio. Vacontiou (born in 1973)
 
 

BOARD OF DIRECTORS                                                           

 
Panagiotis Joh. Bitros        Chairman                                        
Theoni Dio. Vacontiou         Vice-Chairman                                   
George Dio. Vacontios         CEO                                             
Panagiotis Ada. Petroulias    Member                                          
Stavros Nik. Gatopoulos       Member
 
 
 
 
 
 
 
 

AFFILIATED COS                                                               

 
George Dio. Vacontios participates in the firm(s):                            
                                                                               
  -E.K.AN. S.A. by 20.00%                                                     
(Code No: 0252747  VAT: EL999754812)                                          
DATE ESTABLISHED: 2002                                                        
SECTOR: Industry (Miscellaneous Products)                                     
Share capital : 1,000,200                                                     
Shareholders equity : 2,483,719                                               
Net Sales : 7,863,345                                                         
Net profit : 2,479,655                                                        
Balance sheet details as at (31.12.2007) in Euro.                             
HEAD OFFICE-PLANT: Palaio Horio 200 03, Agioi Theodoroi,                      
Korinthia                                                                      
                                                                               
                                                                               
Theoni Dio. Vacontiou participates in the firm(s):                            
                                                                               
  -E.K.AN. S.A. by 10.00%                                                     
(as mentioned before)                                                         
                                                                               
                                                                               
The shareholder firm BITROS HOLDINGS S.A. also participates in                
other large size companies in Greece.
 
 

FINANCIAL DATA                                                              

 
Share capital amounts to Euro 3,815,500 divided into 130,000 shares at EURO 29.35 each.                                                     
                                                                               
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 840,000

BANKS                                                                         

 
Alpha Bank A.E.                                                               
  Elefsina Branch (tel.:21-05561447)                                          
National Bank of Greece S.A.                                                  
  Akti Kondyli (Zea) Branch (tel.:21-04144811)                                
  (Deposits-Loans-Imports/Exports)                                            
National Bank of Greece S.A.                                                  
  Mandra Branch (tel.:21-05550807)                                            
  (Deposits)                                                                  
Bank of Piraeus S.A.                                                          
  Elefsina Branch (tel.:21-05565700)

 

 

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

4.972.906

0,93

4.927.229

-4,58

5.163.786

Fields -Lots

2.577.800

0

2.577.800

0

2.577.800

Buildings / Means of Transport / Furniture and Other Equipment

2.582.389

0,60

2.567.005

91,64

1.339.509

Machinery and Mechanical Equipment

1.832.100

14,98

1.593.434

37,94

1.155.194

Accumulated Depreciation

2.137.998

13,85

1.877.919

N/A

 

Depreciation of Buildings / Furniture / Means of Transport

1.462.230

9,77

1.332.088

N/A

 

Depreciation of Machinery and Mechanical Equipment

675.768

23,80

545.831

N/A

 

Long Term Receivables

118.615

77,28

66.909

-26,70

91.284

Inventories

2.659.402

-5,42

2.811.965

66,97

1.684.141

Finished Products / Merchandise

973.153

15,78

840.516

7,08

784.922

Raw Direct and Indirect Material

1.686.249

-14,47

1.971.449

119,24

899.219

Receivables / Transit balances

5.080.101

3,38

4.914.024

16,58

4.215.141

Receivables from Customers / Bills and Cheques

4.960.113

6,93

4.638.651

10,37

4.202.738

Other Receivables / Transit Debit Balances

119.988

-56,43

275.373

2.120,21

12.403

Cash and Deposits

665.498

155,78

260.178

41,92

183.331

Total Assets

13.377.907

3,60

12.913.395

14,82

11.246.399

LIABILITIES

 

ACCOUNTS

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Owners Equity

4.596.413

-4,79

4.827.512

-1,48

4.900.157

Share Capital

3.815.500

0

3.815.500

0

3.815.500

Reserves

1.449.623

5,14

1.378.785

4,01

1.325.656

Retained Earnings / Losses

-668.710

-82,32

-366.773

-52,19

-240.999

Long Term Liabilities and Provisions

455.471

-13,02

523.657

-15,64

620.708

Long Term Liabilities

359.538

-15,94

427.724

-18,49

524.775

Provisions

95.933

0

95.933

0

95.933

Current Liabilities / Transit Balances

8.326.023

10,10

7.562.226

32,08

5.725.534

Short Term Bank Debt

6.967.600

10,47

6.307.000

34,26

4.697.600

Suppliers / Bills Notes Payable and Cheques / Creditors

1.263.252

8,61

1.163.102

38,16

841.867

Other Liabilities / Transit Credit Balances

95.171

3,31

92.124

-50,49

186.068

Total Liabilities and Net Worth

13.377.907

3,60

12.913.395

14,82

11.246.399

 

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

9.180.055

10,60

8.300.220

1,99

8.138.037

Cost of Net Sales

8.474.181

13,74

7.450.361

-2,44

7.636.983

Gross Margin

705.874

-16,94

849.859

69,61

501.054

Commission and Other Operating Income

177.545

31,83

134.674

-15,22

158.849

Interest Expenses

400.094

42,13

281.505

18,66

237.239

Other Operating Expenses

865.481

2,04

848.178

17,11

724.269

Operating Results after Interest Expenses

-382.156

-163,28

-145.149

51,87

-301.606

Total Depreciation

260.143

-0,72

262.039

97,72

132.528

Depreciation Included in the Operation Cost

260.143

-0,72

262.039

97,72

132.528

Net Income for the Year Before Tax

-382.156

-163,28

-145.149

51,87

-301.606

Income Tax

80.219

314,03

19.375

-78,22

88.964

 

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) (%)

-8,11

-172,73%

-2,98

50,25%

-5,98

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

0,38

-86,43%

2,80

320,47%

-1,28

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

0,14

-87,61%

1,13

317,31%

-0,53

Gross Profit Margin (%)

7,69

-24,90%

10,24

66,23%

6,16

Operating Profitability (%)

0,02

-98,55%

1,38

217,95%

-1,18

Net Profit Margin (Before Income Tax) (%)

-4,16

-138,50%

-1,75

52,97%

-3,71

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

2,85

-37,22%

4,54

908,89%

0,45

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Financial Leverage (:1)

0,66

4,76%

0,63

12,50%

0,56

Total Debt Equity Ratio (:1)

1,91

14,37%

1,67

28,46%

1,30

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

0,04

-91,67%

0,48

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)

1,03

-2,83%

1,06

-3,64%

1,10

Quick Ratio (Acid Test) (Χ)

0,69

-4,17%

0,72

-7,69%

0,78

Working Capital (EURO)

78.977,97

-81,37%

423.940,45

18,72%

357.078,45

ACTIVITY RATIOS

 

RATES

31/12/2007

CHANGE 07/06 (%)

31/12/2006

CHANGE 06/05 (%)

31/12/2005

Collection Period (DAYS)

188

0,53%

187

-10,53%

209

Payable Period (DAYS)

52

8,33%

48

-17,24%

58

Inventory Turnover (DAYS)

118

7,27%

110

11,11%

99

Equity Turnover (Χ)

1,95

14,04%

1,71

6,21%

1,61

Turnover of Capital Employed (Χ)

0,70

1,45%

0,69

2,98%

0,67

 

 

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