MIRA INFORM REPORT

 

 

Report Date :

2nd June 2006

 

IDENTIFICATION DETAILS

 

Name :

P. C. JOANNOU AND SONS LIMITED

 

 

Registered Office :

64, Stratigou Timayia Ave., Ioannou Bldg.,

40860 - Larnaca, Postal Code- 6307 - Larnaca

Larnaca

 

 

Country :

Cyprus

 

 

Financials (as on) :

2006-Target

 

 

Date of Incorporation :

1962

 

 

Com. Reg. No.:

1029 - Nicosia

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :
  • Wholesalers of Cotton products (carpets, synthetics, blankets, textiles, clothing, etc.).
  • Retailers of  curtains & upholstery fabrics.

 

 

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

 

Name Inquired Under:                         P. C. JOANNOU AND SONS LIMITED

Correct Registered Name:       P. C. JOANNOU AND SONS LIMITED

           

Street:                                      64, Stratigou Timayia Ave., Ioannou Bldg.,

Postal Code:                            6051 - Larnaca

P.O.Box:                                  40860 - Larnaca

Postal Code:                            6307 - Larnaca

Locality:                                   Larnaca

Town:                                      Larnaca

 

Tel :                                         24821000         

Fax:                                         24634550

E-Mail:                                                 Office@pcjoannou.com  

Telex:                                      N/A

 

 

LEGAL STATUS

 

Private Limited Liability Company

 

Date Founded: 1962

 

Legal Status (Cont.):

 

Trade Registration No. & Town: 1029 - Nicosia

 

Date Registered: 15/02/1962

 

Name Regist. Under: “VIOMICHANIA VAMVACOS P. IOANNOU CO. LTD”

 

Present Style Adopted on: 06/06/1984

 

 

PRINCIPALS

 

Shareholders/Partners/Proprietor

Name                                       Equity              Nationality

                       

Mr. Demetrakis P. Ioannou         7.000                Cypriot

Mr. Costakis P. Ioannou             7.000                Cypriot

Mrs. Sophia Ioannou (Phitides)    1.000                Cypriot

                     

 

Directors/Managers

 

Name                                       Position

 

Mr. Demetrakis P. Ioannou         Managing Director/Export Manager

Mr. Costakis P. Ioannou             Director & Secretary/General Manager

Mr. Kosmas Georgiou                Marketing Manager (Limassol & Paphos– except Hotels)

Mrs. Annie D. Ioannou Sergiou    Ass. to the Managing Director

Mr. Kiriakos Kokonis                  Marketing Manager Hotel

Mrs. Sofia Ioannou (Phitides)      Assistant Secretary

Mr. Savvas Vakchos                   Chief Accountant

Mrs. Andri Flourentzou               Marketing Manager (Nicosia district)

 

 

RELATED COMPANIES

 

Parent/Subsidiary/Sister/Associate:

 

“P. C. Ioannou Immovable Ltd” - Sister company, that owns and manages immovable property of considerable value.

 

 

OPERATIONS

 

Mode of Operation:

 

Importers (100%)

Distributors (12 vehicles)

Exporters (20% of their activities)

Operations (Cont.):

Activities:

Wholesalers (70%): Cotton products (carpets, synthetics, blankets, textiles, clothing, etc.).

Retailers (30%): curtains & upholstery fabrics.

 

No of Employees (Categorise): 20 persons

 

 

 

AGENCIES

Name                           Country                        Products

 

“Sentrotex”                    Czech Republic             Textiles & Blankets

“Boro”                           Belgium                        Carpets

“Chinatex”                     China                            Towels

“Llovera”                        Spain                            Blankets

“Cupidtex”                     Taiwan                          Textiles

“Orient”                         Pakistan                       Textiles & Ready Made Bed-Sheets

“Dana Mills”                   U.S.A.                          Curtains

“Jiovanni Crespi” Italy                              P.V.C. Sheets

“Sattler”                         Austria                          Textiles

“Adamides Bros”            Greece                          Blankets

“Pablos”                        Spain                            Home Furnishings

and many others.

Import from: Belgium, Czech Republic, Spain, Italy, U.K., France, Austria,

                      Greece, China, Taiwan, Hong-Kong, U.S.A., Pakistan, etc.

 

Import Terms: through bank 90 days credit facilities, CAD.

 

Export to: Lebanon (mainly), Greece.

 

Export Terms: through bank 180 days credit facilities, CAD, Open Account,

 

 

 

DESCRIPTION OF PREMISES

 

Headquarters:

 

The company operates from its own premises, which are located at the address given overleaf, a main commercial road. Premises are old and large sized, comprised of offices and warehouses.

 

Branches:

 

The company also maintains a rented branch office/warehouse in Nicosia city, on Nafpactou street.

 

 

BANKERS

 

Bank of Cyprus Ltd (Main Branch 0550)

25, Vasileos Pavlou Squ., 6023 Larnaca

Tel.: 24653181   Fax: 24653900

 

 

FINANCES

 

Currency: As Indicated.

Registered Capital: CYP 200.000         

Paid Up Capital: CYP 150.000

Value of each share: 20.000 shares per CYP 10.00

 

Sales Turnover:           US$   7.000.000 (2002)

                                    US$   6.500.000 (2003)

                                    CYP   2.800.000 (2004)

                                    CYP  3.300.000  (2005)

                                    CYP  3.300.000  (2006-Target)

 

Economic Results: Negative (but not losses)

 

Average Stock: US$ 2.500.000 

           

Charges:         

 

26/04/88            Mortgage           CYP     250.000 in f/o     Bank of Cyprus Ltd.

22/05/90            Mortgage           CYP     150.000 in f/o     Bank of Cyprus Ltd.

22/05/90            Mortgage           CYP     100.000            in f/o     Bank of Cyprus Ltd.

26/07/91            Float. charge     CYP     1.000.000          in f/o     Bank of Cyprus Ltd.

26/06/92            Mortgage           CYP      50.000             in f/o     Bank of Cyprus Ltd

26/06/92            Mortgage           CYP     50.000 in f/o     Bank of Cyprus Ltd

26/06/92            Float.charge      CYP     1.500.000          in f/o     Bank of Cyprus Ltd

12/08/93            Mortgage           CYP     150.000             in f/o     Bank of Cyprus Ltd

06/09/94            Mortgage           CYP     100.000             in f/o     Bank of Cyprus Ltd

12/11/96            Mortgage           CYP     150.000 in f/o     Bank of Cyprus Ltd

12/11/96            Mortgage           CYP     120.000 in f/o     Bank of Cyprus Ltd

30/12/03            Mortgage           CYP     40.000  in f/o     Bank of Cyprus Ltd

 

No further detailed Financial Information was released.

 

 

 

PAYMENT

 

No complaints

 

Commercial Morality: Good

 

Financial Strength: Good

 

Good For Amount and Terms of Inquiry: We can not comment on such a big amount given in your inquiry.

 

 

GENERAL COMMENTS

 

The present is an old established company, well known in the local market involved in the trade of cotton products. About 60% is distributed locally through the use of the company's own distribution fleet (2 lorries & vans).  The remaining 30% of the imported products are re-exported, mainly to Lebanon (Beirut). About 20% of the products are promoted and sold on retail base in the local market.

 

The company represents many well known foreign firms, names of which are given overleaf.

 

Mr. Demetrakis P. Ioannou is a well known reputable and wealthy businessman.  Further, he is a shareholder and a member of the Board of Directors of "Cyprus Trading Corporation Ltd" (CTC) a leading trading organisation, as well as a shareholder of the Bank of Cyprus, the largest local bank.

 

 

 

 

 

 

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/normal.

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

 

 

 

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