MIRA INFORM REPORT
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Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAI TEX S.A. |
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Registered Office : |
N.Kountouriotou Street, Thessaloniki, 54625 Thessaloniki-Gr |
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Country : |
Greece |
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Financials (as on) : |
December, 2007 |
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Year of Establishment : |
1993 |
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Com. Reg. No.: |
27854/62/B/92/304 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Dyeing
- Finishing of fabrics |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
EURO
220.000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
IDENTIFICATION
MAI
TEX S.A.
ADDRESS:2,
N.Kountouriotou street
THESSALONIKI
54625
THESSALONIKI-GR
TELEPHONE:
302310-555177
TELEFAX : 302310532357
CURRENCY:
Any amounts hereafter are in EURO unless otherwise stated.
EVALUATION
CONDITION:
STRONG
CREDIT:
Maximum EURO 220.000.-
A
Financial Strength of USD 2.5 - 12 million (based on Net Worth)
and an
Overall Condition which is STRONG (Minimal risk).
SUMMARY
STARTED:
1993
SALES
IN: 2007/01-2007/12
-7,114,572 -
YEAR
INC: 1993
PROFIT:
452,742
LEGAL
FORM: Societe Anonyme
NET
WORTH: 4,438,671
REG
NO: 27854/62/B/92/304
NOM
CAPITAL: 1,177,200
CAPITAL:
1,177,200
GOVT
GAZ NO: 29/1993.01.07
PAID
CAPITAL: ALL
VAT
NUMBER: 094372250
EMPLOYS:
95
SIC: 2269
ACTIVITY:
Dyeing - Finishing of
fabrics
SPECIAL EVENTS
No
special event posted against this company.
BANKERS
NATIONAL
BANK OF GREECE
BANK
OF PIRAEUS
ALPHA
BANK
MANAGEMENT COMMENT
PRINCIPALS
Venos
John Geor.,10, I.Kalika str., Thes/niki,chairm&man.director
Venou
Maria wife Joh.,10, I.Kalika str., Thes/niki,vice chairman
Venos
Constantine Geor.,30, Stamkou str., Giannitsa,member
HISTORY/OPERATIONS
Subject
was founded in 1993, as a Societe Anonyme, under
the
title in caption, for a 50-year period, with head office
in
Thessaloniki and principal line of business the dyeing
and
finishing of fabrics.
Subject's
Share Capital increased to euros 1.177.200.-
(Gov.Gaz.
12753/2006)
Legal
representative : Venos John (Gov.Gaz. 8468/2006)
In
1996 (Thessalonini's City Court Decision Number :
33280/96),
subject was declared bankrupt.
Later,
the above decision of bankruptcy was revoked.
(The
official registration of the revokal is not available)
SHAREHOLDERS/OWNERS
Venos
John Geor.,10, I.Kalika str., Thes/niki,
1952 90,00%
Venou
Maria wife Joh.,10, I.Kalika str., Thes/niki,
1957 05,00%
OPERATIONS
Subject
has been operating :
-
offices, at the address and under the title in caption and
-
plant, in Paleo Katramio, Xanthi.
Engaged
in dyeing and finishing fabrics for garments.
Imports
of raw materials from Italy, Bulgaria and India.
Terms
of imports : Open Credit and/or
Open Account.
STAFF :
95 people.
NOTES :
*
e-mail: account@maitex.gr
* web
site: www.maitex.gr
NACE
CODE : 17.30
REAL ESTATE
Subject
is owner of ground plots and buildings, valued in
euros
933.631.- after depreciation, on 31.12.2007
Venos
John is owner of an office (m2 130), at 137, Monasti-
riou
& Giannitson streets, Thessaloniki.
CORPORATE STRUCTURE
There
are no affiliations or other participations.
PUBLIC NOTICE INFORMATION
=============================================================================
MAI-TEX
S.A.
YEAR PIECES AMOUNT IN EURO.
Decisions for bankruptcy 1996 1
Court judgments for payment 1995 1
16,669
Petitions in bankruptcy 1996 1 4,549
Petitions in bankruptcy 1995 1
4,549
FINANCIAL INFORMATION
Nothing
adverse has been reported, recently.
The
Share Capital in euros 1.177.200.- is divided to 19.260
shares
valued in euros 60.- each one
FINANCIAL
FIGURES OF THE BALANCE SHEET OF 2007 :
-
Operating expenses : euro 953.827.-.
-
Payable interests : euro 101.900.-.
BALANCE SHEET
December 2007 December 2006 December 2005
ASSETS
NON PAID
UP CAPIT. 0 0 0
ESTABLISH.
EXPENC. 21,835 32,262 42,030
NET
INTABL.ASSETS. 15,285 26,215 37,145
NET
FIXED ASSETS.. 1,853,696 1,937,155 2,111,134
PARTIC.&L/T
CLAIMS 17,732 16,700 15,860
CURRENT
ASSETS
Stocks............ 1,121,873 365,701
438,753
CLAIMS
Clients........... 940,988 944,529 1,022,827
Bills/cheques
rec. 1,831,114 2,632,289 3,566,693
Bad
debt.......... 469,802 5,679 5,679
Other
claims...... 1,366,409 177,235 40,070
TOTAL
CLAIMS...... 4,608,313 3,759,732 4,635,269
Bonds
& securities 0 15,453 15,453
Cash
& banks...... 50,714 10,822 35,384
TOTAL
CURR.ASSETS. 5,780,900 4,151,708 5,124,859
TRINSIT.ACCOUNTS.. 276,974 228,329
124,381
TOTAL
ASSETS...... 7,966,422 6,392,369 7,455,409
LIABILITIES
PROVISIONS........ 0 0 0
L/T
LIABILITIES... 409,404 513,247 687,495
CURR.LIABILITIES
Suppliers......... 1,099,855 757,411
754,563
Bills/cheq.payable 87,786 190,335 427,105
Banks............. 226,122 573,677
2,394,236
Dividends......... 0 0 0
Various
creditors. 1,026,949 614,145 196,708
Oth.curr.liabil...
677,635 801,765 610,357
TOTAL
CURR.LIABIL. 3,118,347 2,937,333 4,382,969
TRINSIT.ACCOUNTS.. 0 0 0
TOTAL
LIABILITIES. 3,527,751 3,450,580 5,070,464
NET
WORTH
Paid up
capital... 1,177,200 1,177,200 1,074,000
Share
pr.ab.nomin. 0 0 0
Revaluation
reser. 1,637,436 587,636 617,460
Reserves.......... 1,624,035 1,176,953
808,069
Retained
profit... 0 0 114,584-
Accumulated
losses 0 0 0
Dep.for
cap.incr.. 0 0 0
TOTAL
NET WORTH... 4,438,671 2,941,789 2,384,945
PROF/LOSS
ACCOUNTS
Sales............. 7,114,572 6,501,457
4,891,305
Cost of
sales..... 5,646,560 5,423,864 4,563,630
GROSS
INC.ON SALES 1,468,012 1,077,593 327,675
OPERATING
INCOME.. 607,314 602,272 101,657-
PROFIT
BEFORE TAX. 452,742 688,614 136,501
COMPANY & INDUSTRY FINANCIAL
RATIOS
INDUSTRY
SECTOR OF COMPARISON(SIC): 22
COMPARABLE
BUSINESSES IN INDUSTRY SECTOR: 0193
PERIOD December 2007
COMPANY LOWEST MEDIAN HIGHEST
QUARTILE
QUARTILE
I.PROFITABILITY
Return
on equity.. 10,19 % % 2,77 % 10,16 %
Return
on equity +
L/T liabilities. 9,33 %
0,35-% 2,50 % 9,29 %
Gross
incoming +
sales ratio..... 20,63 % 9,87
% 18,22 % 27,71 %
Oper.inc.to
sales+
ratio........... 8,53 %
2,41-% 1,58 % 5,31 %
Pr/loss
bef.tax. +
sales ratio..... 6,36 % 0,06-% 2,02 % 5,91 %
II.CAPITAL
STRUCTURE
Equity
to total
liabilities ratio 1,25 : 1 0,49 :
1 0,96 : 1 2,15 : 1
Net
fix+net int to
total assets rat 0,23 : 1 0,15 :
1 0,29 : 1 0,45 : 1
Equity+L/T
liabil.
to net f+n intag.
assets ratio.... 2,56 : 1 1,09 :
1 1,86 : 1 3,21 : 1
III.LIQUIDITY
Current
ratio..... 1,85 : 1 1,09 : 1 1,49 : 1 2,84 : 1
Acid
test ratio... 1,49 : 1 0,70 : 1 1,11 : 1 1,92 : 1
IV.
TURNOVER
Aver.collec.period 233,18 d. 291,79 d. 197,92
d. 124,95 d.
Average
period of
purchases outst. 141,19 d. 126,50
d. 80,48 d. 22,23 d.
Aver.stocks
hold.
period......... 71,52 d. 259,25
d. 131,76 d. 48,89 d.
Sales
to net work
capital ratio.. 2,67 : 1 3,68 :
1 1,55 : 1 0,07 : 1
PERIOD December 2006
COMPANY LOWEST MEDIAN
HIGHEST
QUARTILE QUARTILE
I.PROFITABILITY
Return
on equity.. 23,40 % 1,29-% 2,86 % 9,92 %
Return
on equity +
L/T liabilities. 19,93 %
1,06-% 2,71 % 8,26 %
Gross incoming +
sales ratio..... 16,57 % 8,88
% 17,10 % 27,18 %
Oper.inc.to
sales+
ratio........... 9,26 %
3,74-% 1,37 % 4,88 %
Pr/loss
bef.tax. +
sales ratio..... 10,59 %
1,85-% 1,49 % 5,11 %
II.CAPITAL
STRUCTURE
Equity
to total
liabilities ratio 0,85 : 1 0,47 :
1 1,03 : 1 2,13 : 1
Net
fix+net int to
total assets rat 0,30 : 1 0,16 :
1 0,30 : 1 0,47 : 1
Equity+L/T
liabil.
to net f+n intag.
assets ratio.... 1,74 : 1 1,10 :
1 1,67 : 1 3,01 : 1
III.LIQUIDITY
Current
ratio..... 1,41 : 1 1,10 : 1 1,49 : 1 2,75 : 1
Acid
test ratio... 1,28 : 1 0,71 : 1 1,09 : 1 1,86 : 1
IV.
TURNOVER
Aver.collec.period 208,18 d. 285,87 d. 199,08
d. 119,47 d.
Average
period of
purchases outst. 103,66 d. 144,43
d. 88,58 d. 28,26 d.
Aver.stocks
hold.
period......... 24,27 d. 240,08
d. 123,65 d. 38,93 d.
Sales
to net work
capital ratio.. 5,35 : 1 3,57 :
1 1,55 : 1 0,19 : 1
PERIOD December 2005
COMPANY LOWEST MEDIAN
HIGHEST
QUARTILE QUARTILE
I.PROFITABILITY
Return
on equity.. 5,72 % 0,08 % 2,72 % 10,60 %
Return
on equity +
L/T liabilities. 4,44 % 0,00
% 2,39 % 7,91 %
Gross
incoming +
sales ratio..... 6,69 % 9,38
% 18,00 % 27,09 %
Oper.inc.to
sales+
ratio........... 2,07-%
1,67-% 1,56 % 5,64 %
Pr/loss
bef.tax. +
sales ratio..... 2,79 % 0,00
% 1,86 % 4,81 %
II.CAPITAL
STRUCTURE
Equity
to total
liabilities ratio 0,47 : 1 0,53 :
1 1,08 : 1 1,97 : 1
Net
fix+net int to
total assets rat 0,29 : 1 0,17 :
1 0,33 : 1 0,48 : 1
Equity+L/T
liabil.
to net f+n intag.
assets ratio.... 1,41 : 1 1,08 :
1 1,60 : 1 2,69 : 1
III.LIQUIDITY
Current
ratio..... 1,16 : 1 1,09 : 1 1,41 : 1 2,56 : 1
Acid
test ratio... 1,06 : 1 0,69 : 1 1,01 : 1 1,86 : 1
IV.
TURNOVER
Aver.collec.period 341,15 d. 252,23 d. 185,17 d. 116,78 d.
Average
period of
purchases outst. 108,73 d. 125,03
d. 71,27 d. 34,83 d.
Aver.stocks
hold.
period......... 34,61 d. 203,61
d. 100,82 d. 43,85 d.
Sales
to net work
capital ratio.. 6,59 : 1 5,06 :
1 1,95 : 1 0,47 : 1
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.68 |
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UK Pound |
1 |
Rs.84.37 |
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Euro |
1 |
Rs.65.70 |
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%)