MIRA INFORM REPORT

 

 

Report Date :

06.05.2008

 

IDENTIFICATION DETAILS

 

Name :

SARLAS S.A.

 

 

Registered Office :

143 Irakleiou Ave, Perissos 14231, Nea Ionia, Attiki

 

 

Country :

Greece

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1994

 

 

Legal Form :

Societe Anonyme                                       

 

 

Line of Business :

Representations, Exclusive Imports and Wholesale Trade of Curtains, White Linen, Wallpaper, Upholstery Fabrics, Carpets and Blinds

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

Euro 1,600,000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

name & address

 

SARLAS S.A.

143 Irakleiou Ave, Perissos

14231, Nea Ionia, Attiki

Tel.: 210 2586200-3

Fax: 210 2527314

U.R.L.: www.sarlas.com

E-mail: info@sarlas.com

 

summary

 

Sector                                                               : Trade (White Linen - Upholstery Fabrics)

Year Established                                               : 1994

Chairman, CEO                                                 : Sotirios Joh. Sarlas

Capital                                                              : Euro 4.854.150

Owners Equity                                                   : Euro 6.254.650 (31/12/2006)

Net Sales                                                          : Euro 12.700.688 (1/1/2006 - 31/12/2006)

Net Income for the Year Before Tax                     : Euro 2.463.710 (1/1/2006 - 31/12/2006)

Staff of employees                                             : 47

 

 
FINANCIAL STATUS      : Excellent                                       
PAYMENT RECORD      : Prompt                                          
TREND                           : Upward
 
 
GOV. GAZETTE No:01341/1994  TAX REGISTR. No: 094400820                         
No OF THE REGISTER OF SOCIETE ANONYME:030891 /001 /B /94 /167
 
 
LEGAL FORM:                        Societe Anonyme                                        
DATE ESTABLISHED:            1994                                                   
HEAD OFFICE:                       Nea Ionia, Attiki                                      
DURATION:                             Up to year 2024
 
 

HISTORY                                                                 

 
Established in Athens (61 Ermou Str.), on 18.4.1994. Subject commenced full business activities in August 1994. On 19.4.1996 (Gov. Gaz. No.: 1563/96) subject absorbed the firms: - SARLAS,                 
S., & CO E.E., established in 1977 and - SARLAS BROS - D. NIKAS  O.E., established in 1987. In September 1996, subject transfered its head office to N. Ionia, 26 Antheon. On 14/09/2005 (Gov. Gaz. No. 09796/2005) a change of subject's head office was published.
 
 
 
 
 
 
 

ACTIVITY                                                                  

 
Representations, exclusive imports and wholesale trade of curtains, white linen, wallpaper, upholstery fabrics, carpets and blinds
 
 

PREMISES 

 
(as declared ):                                                       
On 01/07/2005 subject's head office was changed. Previous address              
62b Antheon, 111-43 Athens, Attiki                                             
PREMISES (as declared ):                                                       
HEAD OFFICE-WAREHOUSE: 143 Irakleiou Ave, Perissos, 142-31 Nea                
Ionia, Attiki, owned,plot of land 2,433 m2, covered area 5,800                 
m2.                                                                            
WAREHOUSE: 62b Antheon, 111-43 Athens, Attiki, owned, covered                 
area 1,462 m2.
 
 

STAFF                                                                       

 
Employees      :  47 persons
 

SHAREHOLDERS             

 
(as declared):                                                     
Sotirios Joh. Sarlas (born in 1944)                                           
Basil Joh. Sarlas (born in 1938)                                              
John Oth. Nikas (born in 1966)                                                
Panagiotis Bas. Sarlas (born in 1965)                                         
John Bas. Sarlas (born in 1964)                                               
Dimitrios Oth. Nikas (born in 1964)                                           
Eleni Sot. Sarla (born in 1956)                                               
Vassiliki Sot. Sarla (born in 1975)                                           
Theodora Sot. Sarla (born in 1977)                                            
Shareholders' participation percentages are not available.
 
 

BOARD OF DIRECTORS

                                                           
Sotirios Joh. Sarlas             Chairman, CEO                                   
John Oth. Nikas                  Vice-Chairman                                   
Panagiotis Bas. Sarlas        Member                                          
John Bas. Sarlas                 Member                                          
Dimitrios Oth. Nikas            Member                                          
Eleni Sot. Sarla                   Member                                          
Vassiliki Sot. Sarla              Member

 

AFFILIATED COS                                                              

 
Sotirios Joh. Sarlas participates in the firm(s):                             
                                                                               
  -SARLAS, S., INTERIORS LTD by 20.00%                                        
(Code No: 0228851  VAT: EL095354309)                                          
DATE ESTABLISHED: 1997                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
Paid up capital : 36,000                                                      
HEAD OFFICE: 61 Ermou 105 61, Athens, Attiki                                  
                                                                               
  -SARLAS SOTIRIOS                                                            
(Code No: 0087379  VAT: EL008152352)                                          
DATE ESTABLISHED: 1989                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
HEAD OFFICE: 35 Kolokotroni 105 62, Athens, Attiki                            
Said firm has been inactive since 2000                                        
                                                                               
                                                                               
John Oth. Nikas participates in the firm(s):                                  
                                                                               
  -NIKAS, J., & CO O.E. by 50.00%                                             
(Code No: 0168069  VAT: EL082520550)                                          
DATE ESTABLISHED: 1993                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
HEAD OFFICE-WAREHOUSE: 35 Kolokotroni 105 62, Athens, Attiki                  
Said firm has been inactive since 1997                                        
                                                                               
                                                                               
Dimitrios Oth. Nikas participates in the firm(s):                             
                                                                               
  -SARLAS, S., INTERIORS LTD by 20.00%                                        
(as mentioned before)                                                         
                                                                               
                                                                               
Vassiliki Sot. Sarla participates in the firm(s):                             
                                                                               
  -NIKAS, J., & CO O.E. by 50.00%                                             
(as mentioned before)                                                         
                                                                               
  -SARLAS, S., INTERIORS LTD by 30.00%                                        
(as mentioned before)                                                         
                                                                               
  -SARLA, V. & TH., O.E. by 50.00%                                            
(Code No: 0824468  VAT: EL999038635)                                          
DATE ESTABLISHED: 2006                                                        
SECTOR: Trade (White Linen - Upholstery Fabrics)                              
HEAD OFFICE: 4 Athinaidos 105 60, Athens, Attiki                              
                                                                               
                                                                               
Theodora Sot. Sarla participates in the firm(s):                              
                                                                               
  -SARLAS, S., INTERIORS LTD by 30.00%                                        
(as mentioned before)                                                         
                                                                               
  -SARLA, V. & TH., O.E. by 50.00%                                            
(as mentioned before)
 
 

FINANCIAL DATA                                                               

 
Share capital amounts to Euro 4,854,150 divided into 1,618,050                
shares at EURO 3.00 each.                                                      
                                                                               
Prior to the last increase in 2006 (Gov.Gaz.362/2007) share                   
capital amounted to 4,623,000 Euro. Recent financial data are not              
available.                                                                     
                                                                               
The latest published balance sheets are attached.
 
 

MORTGAGES/PRENOTES                                                             

 
Details on subject up to 26.02.2008  :                                         
2007 1 Mortgage(s)/prenote(s) Euro 6,500,000                                  
On a plot of land with a building 2,433m2 at 143 Irakleiou Ave, N.             
Ionia. In favour of EFG EUROBANK ERGASIAS SA.
 
 

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 1,600,000

 

 

BANKS                                                                     

 
National Bank of Greece S.A.                                                  
  Nea Ionia Branch (tel.:21-02777014)                                         
EFG EUROBANK ERGASIAS S.A.                                                    
  N. Ionia Branch (tel.:21-02799870-5)

 

SHORT FINANCIAL STATEMENT

 

(Figures in Euro)

 

ASSETS

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Fixed Assets

4.061.491

0,76

4.030.673

19,35

3.377.072

Fields -Lots

1.029.193

0

1.029.192

0

1.029.192

Buildings / Means of Transport / Furniture and Other Equipment

3.691.229

7,28

3.440.717

28,62

2.675.095

Intangible Assets and Establishment Expenses

239.477

3,20

232.045

5,00

220.983

Accumulated Depreciation

948.537

34,27

706.428

21,64

580.755

Depreciation of Buildings / Furniture / Means of Transport

725.119

46,62

494.570

31,96

374.772

Depreciation of Intangible Assets and Establishment Expenses

223.417

5,46

211.858

2,85

205.983

Long Term Receivables

50.129

42,63

35.147

7,96

32.557

Inventories

6.604.003

7,80

6.126.059

5,81

5.789.445

Finished Products / Merchandise

6.586.068

9,67

6.005.318

6,25

5.652.123

Raw Direct and Indirect Material

17.935

-85,14

120.741

-12,07

137.322

Receivables / Transit balances

9.413.434

27,70

7.371.295

1,58

7.256.475

Receivables from Customers / Bills and Cheques

9.405.712

27,73

7.363.541

1,75

7.236.625

Other Receivables / Transit Debit Balances

7.722

-0,41

7.754

-60,94

19.850

Cash and Deposits

508.826

-8,61

556.776

-39,99

927.750

Total Assets

20.587.755

13,84

18.084.803

4,23

17.350.742

LIABILITIES

 

ACCOUNTS

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Owners Equity

6.254.650

2,01

6.131.501

1,74

6.026.672

Share Capital

4.854.150

5

4.623.000

0

4.623.000

Reserves

1.059.149

1,34

1.045.184

6,62

980.242

Retained Earnings / Losses

341.351

-26,32

463.317

9,42

423.430

Long Term Liabilities and Provisions

4.622.835

371,12

981.236

-12,38

1.119.951

Long Term Liabilities

4.500.000

359,30

979.762

-12,50

1.119.728

Provisions

122.835

8.227,80

1.475

558,48

224

Current Liabilities / Transit Balances

9.710.270

-11,50

10.972.066

7,52

10.204.119

Short Term Bank Debt

1.917.975

-56,68

4.427.705

13,30

3.907.974

Suppliers / Bills Notes Payable and Cheques / Creditors

1.974.037

33,39

1.479.935

-12,76

1.696.502

Dividends Payable

4.954.580

16,17

4.265.047

15,83

3.682.016

Other Liabilities / Transit Credit Balances

863.678

8,04

799.379

-12,89

917.628

Total Liabilities and Net Worth

20.587.755

13,84

18.084.803

4,23

17.350.742

PROFIT AND LOSS ACCOUNT

 

 

ACCOUNTS

1/1/2006 - 31/12/2006

CHANGE 06/05 (%)

1/1/2005 - 31/12/2005

CHANGE 05/04 (%)

1/1/2004 - 31/12/2004

Net Sales

12.700.688

21,00

10.496.015

-1,33

10.637.173

Cost of Net Sales

7.481.097

21,71

6.146.540

-4,04

6.405.442

Gross Margin

5.219.591

20,00

4.349.475

2,78

4.231.731

Commission and Other Operating Income

35.846

66,49

21.530

119,81

9.795

Interest Expenses

300.587

1,54

296.021

31,10

225.792

Other Operating Expenses

2.449.121

21,75

2.011.595

33,65

1.505.121

Operating Results after Interest Expenses

2.505.730

21,44

2.063.389

-17,81

2.510.613

Non Operating Income

21.641

584,19

3.163

-98,34

190.565

Non Operating Expenses

63.661

13,65

56.013

1.944,27

2.740

Depreciation Out of Cost

 

N/A

 

-100

41.086

Total Depreciation

242.267

92,78

125.673

51,34

83.038

Depreciation Included in the Operation Cost

242.267

92,78

125.673

199,56

41.952

Net Income for the Year Before Tax

2.463.710

22,54

2.010.538

-24,34

2.657.352

Net Dividends

1.618.050

N/A

1.155.750

N/A

1.201.980

Income Tax

716.276

11,19

644.193

-17,89

784.565

 

COMPANY RATIOS

 

PROFITABILITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Return on Equity (Before Income Tax) (%)

39,78

20,29%

33,07

-29,34%

46,80

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

44,64

17,66%

37,94

-25,27%

50,77

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

14,30

9,83%

13,02

-26,02%

17,60

Gross Profit Margin (%)

41,10

-0,82%

41,44

4,17%

39,78

Operating Profitability (%)

22,08

-1,69%

22,46

-12,64%

25,71

Net Profit Margin (Before Income Tax) (%)

19,40

1,25%

19,16

-23,30%

24,98

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

23,99

1,39%

23,66

-9,35%

26,10

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Financial Leverage (:1)

0,70

6,06%

0,66

1,54%

0,65

Total Debt Equity Ratio (:1)

2,29

17,44%

1,95

3,72%

1,88

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

9,20

18,10%

7,79

-39,00%

12,77

LIQUITIDY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Current Ratio (Χ)

1,48

12,12%

1,32

-5,04%

1,39

Quick Ratio (Acid Test) (Χ)

0,86

13,16%

0,76

-9,52%

0,84

Working Capital (EURO)

6.815.992,90

121,15%

3.082.064,09

-18,24%

3.769.550,54

ACTIVITY RATIOS

 

RATES

31/12/2006

CHANGE 06/05 (%)

31/12/2005

CHANGE 05/04 (%)

31/12/2004

Collection Period (DAYS)

229

-4,58%

240

4,35%

230

Payable Period (DAYS)

72

-23,40%

94

6,82%

88

Inventory Turnover (DAYS)

311

-12,15%

354

18%

300

Equity Turnover (Χ)

2,05

18,50%

1,73

-7,49%

1,87

Turnover of Capital Employed (Χ)

0,66

11,86%

0,59

-9,23%

0,65

INVESTOR RATIOS

 

RATES

31/12/2006

Share Internal Value (EURO)

3,87

Earnings per Share (EURO)

1,52

SECTOR RATIOS

 

PROFITABILITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Return on Equity (Before Income Tax) (%)

8,48

-6,50%

9,07

-35,44%

14,05

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

14,12

-7,83%

15,33

-23,00%

19,91

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

5,06

-9,32%

5,58

-24,39%

7,38

Gross Profit Margin (%)

40,81

7,31%

38,03

3,91%

36,60

Operating Profitability (%)

9,66

7,31%

7,79

3,91%

9,93

Net Profit Margin (Before Income Tax) (%)

4,98

-4,41%

5,22

-26,89%

7,14

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

11,83

21,33%

9,75

-15,44%

11,53

ACTIVITY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Collection Period (DAYS)

201,57

-3,02%

207,85

12,62%

184,56

Payable Period (DAYS)

201,53

4,23%

193,35

13,04%

171,04

Inventory Turnover (DAYS)

373,57

9,12%

342,34

16,05%

295,00

Equity Turnover (Χ)

1,70

-2,30%

1,74

-11,68%

1,97

Turnover of Capital Employed (Χ)

0,61

-3,17%

0,63

-13,70%

0,73

 

 

 

 

VIABILITY AND CAPITAL STRUCTURE RATIOS

 

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Financial Leverage (:1)

0,64

0%

0,64

1,59%

0,63

Total Debt Equity Ratio (:1)

1,81

2,26%

1,77

2,31%

1,72

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

2,50

2,04%

2,45

-27,73%

3,39

LIQUITIDY RATIOS

 

RATES

2006

CHANGE 06/05 (%)

2005

CHANGE 05/04 (%)

2004

Current Ratio (Χ)

1,40

0,72%

1,39

-2,11%

1,42

Quick Ratio (Χ)

0,76

-1,30%

0,77

-2,53%

0,79

Working Capital (EURO)

82.574.083,35

6,47%

77.556.208,11

-4,02%

80.802.223,10

Sample of Companies: 119(2006), 127(2005), 126(2004)

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.

 

 

 

 

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