MIRA INFORM REPORT

Report Date :

15.05.2008

IDENTIFICATION DETAILS

Name :	KAYAS SPICES S.A.
Registered Office :	8-10 Faidonos, Perivola, 26335, Patra, Achaia
Country :	Greece
Date of Incorporation :	06.12.2002
Legal Form :	Societe Anonyme
Line of Business :	Standardization of Spices, Herbs, Sugar And Ready-To-Drink Instant Coffee

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

Maximum Credit Limit :	Euro 480,000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

name & address

KAYAS SPICES S.A.

8-10 Faidonos, Perivola

26335, Patra, Achaia

Tel.: 2610 640557

Fax: 2610 640412

U.R.L.: www.spiceskagia.gr

E-mail: kagias@hol.gr

summary

Sector : Industry (Food Products)

Year Established : 2002

Year Founded : 1982

Chairman, CEO : Nikolaos Eft. Kayas

Capital : Euro 1.360.000

Owners Equity : Euro 2.597.047 (31/12/2006)

Net Sales : Euro 3.834.894 (1/1/2006 - 31/12/2006)

Net Income for the Year Before Tax : Euro 858.942 (1/1/2006 - 31/12/2006)

Staff of employees : 45

 
FINANCIAL STATUS : Good  
PAYMENT RECORD : Prompt 
TREND : Stable

 
GOV. GAZETTE No:12233/2002 TAX REGISTR. No: 999947960 
No OF THE REGISTER OF SOCIETE ANONYME:053213 /022 /Β /02 /54 
 
 
ISO Certificate: ISO 9001:2000  
Testifying Company: TUV HELLAS (TUV NORD) S.A.

 
LEGAL FORM: Societe Anonyme 
DATE ESTABLISHED: 06/12/2002 
HEAD OFFICE:  Patra, Achaia 
DURATION: Up to year 2052
 

HISTORY

 
Established following a change of the legal status of a firm originally founded in 1982. 
SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.:According to the Gov.Gaz.12233/02 subject was established following the change in the legal status of the sole proprietorship NIKOLAOS EF. KAYAS.

ACTIVITY

 
Standardization of spices, herbs, sugar and ready-to-drink instant coffee

PREMISES

 (as declared ):  
HEAD OFFICE-PLANT: 8-10 Faidonos, Perivola, 263-35 Patra, 
Achaia, owned,plot of land 6,000 m2, covered area 4,000 m2.

STAFF

 
Employees : 45 persons

SHAREHOLDERS

 
(as declared): 
by 50.00% Nikolaos Eft. Kayas (born in 1951) 
by 50.00% Pinelopi Nik. Kaya (born in 1961)

BOARD OF DIRECTORS

 
Nikolaos Eft. Kayas Chairman, CEO 
Panagiota Dim. Xypolia Member  
Konstantinos Laz. Faitatzoglou Member 
Pinelopi Nik. Kaya Member 
Efthymios Laz. Faitatzoglou Member

AFFILIATED COS

 
Nikolaos Eft. Kayas participates in the firm(s): 
 
 -KAYAS, NIKOLAOS, & CO O.E. by 50.00% 
(Code No: 0196818 VAT: EL084021976) 
DATE ESTABLISHED: 1998 
SECTOR: Industry (Food Products)  
HEAD OFFICE-WORKSHOP: 40 Aristotelous, Perivola 265 00, Patra, 
Achaia

FINANCIAL DATA

 
Share capital amounts to Euro 1,360,000 divided into 136,000 shares at EURO 10.00 each. 
 
Prior to the last increase in 2006 (Gov.Gaz.8171/2006) share 
capital amounted to 1,120,000 Euro.The above increase was decided 
to be covered as follows: 122,495 Euro being the capitalization 
of the surplus value, resulting from the revaluation of fixed 
assets, 117 Euro in cash, 117,388 Euro being the capitalization 
of part of capital surplus. 
 
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 480,000

BANKS

 
Alpha Bank A.E. 
 Akrotiriou-Patra Branch (tel.:261-0312542) 
National Bank of Greece S.A. 
 Patra - Omonoia Sq Branch (tel.:261-0226216) 
 (Imports/Exports)  
EFG EUROBANK ERGASIAS S.A. 
 Patra Branch (Ag. Andrea Rd) (tel.:261-0270136-7) 
Bank of Cyprus Ltd  
 Patra A' Branch (tel.:261-0635500)

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	1.557.603	19,07	1.308.132	16,41	1.123.730
Fields -Lots	478.019	0	478.019	0	478.019
Buildings / Means of Transport / Furniture and Other Equipment	2.118.896	17,95	1.796.436	11,67	1.608.629
Machinery and Mechanical Equipment	369.773	24,28	297.536	51,02	197.013
Accumulated Depreciation	1.412.759	11,72	1.264.534	8,95	1.160.605
Depreciation of Buildings / Furniture / Means of Transport	1.197.142	10,11	1.087.262	7,51	1.011.286
Depreciation of Machinery and Mechanical Equipment	215.617	21,63	177.272	18,72	149.318
Long Term Receivables	3.674	445,10	674	0	674
Inventories	714.120	102,42	352.781	-16,38	421.895
Finished Products / Merchandise	348.400	574,66	51.641	18,91	43.428
Raw Direct and Indirect Material	365.721	21,44	301.139	-20,43	378.468
Receivables / Transit balances	1.707.046	4,91	1.627.143	42,32	1.143.288
Receivables from Customers / Bills and Cheques	1.684.927	4,04	1.619.480	42,13	1.139.398
Other Receivables / Transit Debit Balances	22.119	188,65	7.663	96,99	3.890
Cash and Deposits	357.310	82,88	195.382	-38,09	315.614
Total Assets	4.336.079	24,48	3.483.437	15,94	3.004.528

LIABILITIES

ACCOUNTS	31/12/2006	CHANGE 06/05 (%)	31/12/2005	CHANGE 05/04 (%)	31/12/2004
Owners Equity	2.597.047	17,84	2.203.883	20,63	1.826.950
Share Capital	1.360.000	21,43	1.120.000	0	1.120.000
Reserves	580.390	2,14	568.240	9,10	520.838
Retained Earnings / Losses	656.657	27,35	515.644	177,06	186.112
Long Term Liabilities and Provisions	52.904	-66,72	158.960	4,28	152.432
Long Term Liabilities	2.904	-98,17	158.960	4,28	152.432
Provisions	50.000	N/A		N/A
Current Liabilities / Transit Balances	1.686.128	50,47	1.120.593	9,31	1.025.146
Short Term Bank Debt	300.300	N/A		N/A
Suppliers / Bills Notes Payable and Cheques / Creditors	651.680	87,26	348.017	-24,91	463.464
Dividends Payable	499.203	41,18	353.600	-1,56	359.200
Other Liabilities / Transit Credit Balances	234.945	-43,92	418.976	106,92	202.481
Total Liabilities and Net Worth	4.336.079	24,48	3.483.437	15,94	3.004.528

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	3.834.894	6,03	3.616.772	17,12	3.088.200
Cost of Net Sales	1.960.768	5,04	1.866.748	9,10	1.711.074
Gross Margin	1.874.126	7,09	1.750.024	27,08	1.377.126
Commission and Other Operating Income	51.742	65,24	31.314	17,74	26.595
Interest Expenses	7.644	-11,28	8.616	304,51	2.130
Other Operating Expenses	1.043.181	16,54	895.154	24,80	717.293
Operating Results after Interest Expenses	875.044	-0,29	877.569	28,24	684.299
Non Operating Income	3.721	16,83	3.185	537	500
Non Operating Expenses	19.823	-14,53	23.193	3.199,15	703
Total Depreciation	171.188	37,37	124.614	1,28	123.033
Depreciation Included in the Operation Cost	171.188	37,37	124.614	1,28	123.033
Net Income for the Year Before Tax	858.942	0,16	857.561	25,36	684.096
Net Dividends	250.000	N/A	200.000	N/A	160.000
Income Tax	215.894	-23,07	280.627	33,63	210.000

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) (%)	35,78	-15,91%	42,55	0,05%	42,52
Return on Equity (Before Interest and Income Tax) (%)	36,10	-16,01%	42,98	0,75%	42,66
Return on Capital Employed (Before Interest and Income Tax) (%)	22,16	-17,00%	26,70	10,93%	24,07
Gross Profit Margin (%)	48,87	0,99%	48,39	8,52%	44,59
Operating Profitability (%)	23,02	-6,04%	24,50	10,21%	22,23
Net Profit Margin (Before Income Tax) (%)	22,40	-5,52%	23,71	7,04%	22,15
Net Profit Margin EBITDA (before Interest, Income Tax, Depreciation and Non Operating Income) (%)	27,48	-1,68%	27,95	6,64%	26,21

VIABILITY AND CAPITAL STRUCTURE RATIOS

RATES	31/12/2006	CHANGE 06/05 (%)	31/12/2005	CHANGE 05/04 (%)	31/12/2004
Financial Leverage (:1)	0,40	8,11%	0,37	-5,13%	0,39
Total Debt Equity Ratio (:1)	0,67	15,52%	0,58	-9,38%	0,64
Interest Coverage (Before Interest and Income Tax) (X)	113,38	12,77%	100,54	-68,80%	322,24

LIQUITIDY RATIOS

RATES	31/12/2006	CHANGE 06/05 (%)	31/12/2005	CHANGE 05/04 (%)	31/12/2004
Current Ratio (Χ)	1,76	-6,88%	1,89	21,15%	1,56
Quick Ratio (Acid Test) (Χ)	1,38	-9,80%	1,53	24,39%	1,23
Working Capital (EURO)	1.092.348,86	3,57%	1.054.711,99	23,26%	855.652,30

ACTIVITY RATIOS

RATES	31/12/2006	CHANGE 06/05 (%)	31/12/2005	CHANGE 05/04 (%)	31/12/2004
Collection Period (DAYS)	141	16,53%	121	7,08%	113
Payable Period (DAYS)	79	41,07%	56	27,27%	44
Inventory Turnover (DAYS)	99	30,26%	76	-5%	80
Equity Turnover (Χ)	1,60	-10,61%	1,79	-6,77%	1,92
Turnover of Capital Employed (Χ)	0,98	-11,71%	1,11	2,78%	1,08

INVESTOR RATIOS

RATES	31/12/2006
Share Internal Value (EURO)	19,10
Earnings per Share (EURO)	6,32

SECTOR RATIOS

PROFITABILITY RATIOS

RATES	2006	CHANGE 06/05 (%)	2005	CHANGE 05/04 (%)	2004
Return on Equity (Before Income Tax) (%)	6,41	-19,57%	7,97	-20,78%	10,06
Return on Equity (Before Interest and Income Tax) (%)	13,27	1,84%	13,03	-11,60%	14,74
Return on Capital Employed (Before Interest and Income Tax) (%)	4,86	-4,14%	5,06	-15,50%	6,00
Gross Profit Margin (%)	24,67	-1,36%	25,01	1,09%	24,74
Operating Profitability (%)	5,42	-1,36%	6,00	1,09%	6,43
Net Profit Margin (Before Income Tax) (%)	2,78	-22,13%	3,57	-19,59%	4,44
Net Profit Margin (before Interest, Income Tax, Depreciation and Non Operating Income) (%)	9,09	-5,80%	9,65	-2,52%	9,90

ACTIVITY RATIOS

RATES	2006	CHANGE 06/05 (%)	2005	CHANGE 05/04 (%)	2004
Collection Period (DAYS)	106,97	3,77%	103,08	1,75%	101,31
Payable Period (DAYS)	88,68	1,01%	87,80	8,72%	80,76
Inventory Turnover (DAYS)	87,90	0,44%	87,51	5,40%	83,03
Equity Turnover (Χ)	2,30	3,14%	2,23	-1,76%	2,27
Turnover of Capital Employed (Χ)	0,84	-3,45%	0,87	-5,43%	0,92

VIABILITY AND CAPITAL STRUCTURE RATIOS

RATES	2006	CHANGE 06/05 (%)	2005	CHANGE 05/04 (%)	2004
Financial Leverage (:1)	0,64	1,59%	0,63	6,78%	0,59
Total Debt Equity Ratio (:1)	1,76	3,53%	1,70	17,24%	1,45
Interest Coverage (Before Interest and Income Tax) (X)	1,94	-24,51%	2,57	-18,41%	3,15

LIQUITIDY RATIOS

RATES	2006	CHANGE 06/05 (%)	2005	CHANGE 05/04 (%)	2004
Current Ratio (Χ)	1,17	-1,68%	1,19	-0,83%	1,20
Quick Ratio (Χ)	0,83	-1,19%	0,84	-1,18%	0,85
Working Capital (EURO)	788.983.169,80	-8,22%	859.699.059,22	3,54%	830.334.524,75

Sample of Companies: 1.275(2006), 1.321(2005), 1.317(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