MIRA
INFORM REPORT
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Report Date : |
7th June 2006 |
IDENTIFICATION DETAILS
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Name : |
ESEL - SPOLP LIMITED |
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Registered
Office : |
13, Gladstone
Street 3041- Limassol 50311 -
Limassol 3603 - Limassol Limassol |
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Country : |
Cyprus |
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Date of
Incorporation : |
1994 |
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Legal Form : |
Co-op Society |
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Line of
Business : |
Wholesalers, and retailers of foodstuff &
drinks, Grocery and Supermarket goods. Animal foodstuff. Household electrical
and electronic appliances. Home-furnishings such as curtains, carpets, bed linen,
home textiles, kitchen utensils, etc.Clothing for men, women and children,
cosmetics, stationery items, toys and many other products. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
NAME & ADDRESS
Name Inquired Under: E
S E L SPOLP LTD
Correct Registered Name: ESEL
- SPOLP LIMITED
Street: 13,
Gladstone Street
Postal Code: 3041-
Limassol
P.O.Box: 50311
- Limassol
Postal Code: 3603
- Limassol
Locality: Limassol
Town: Limassol
Tel: 25362624
/ 25340392 / 25366131
Fax: 25352628
/ 25358576
Telex: N/A
E-Mail: esel@eands.com.cy
Website: www.eands.com.cy
LEGAL STATUS
Co-op Society
Date Founded: 1994
(Please see general comments).
PRINCIPALS
Shareholders/Partners/Proprietor
Name Equity Nationality
Cooperative
Company with 30.000 members.
Directors/Managers
Name Position
Mr. Christos
Kyriacou Chairman
Mr. Kyriacos
Nicolaides General
Trade Manager
Mr. Nicos Soutzis Personnel
Manager
Mr. Pavlos
Aristidou Sales
& Marketing Manager
Mr. Pavlos
Stavrou Purchasing
Manager
Mr. Panayiotis
Kleanthous Accountant
RELATED COMPANIES
Parent/Subsidiary/Sister/Associate:
“E & S
TRADING LIMITED” - This
is a 100% subsidiary company of the subject in question.
OPERATIONS
Mode of
Operation:
Importers (25%)
Local Purchases (75% including a significant
proportion of imported goods) Distributes to a number of customers through its
distribution centre.
Activities:
Wholesale activities (20%), Retail activities
(80%): Foodstuff & drinks, Grocery and Supermarket goods. Animal foodstuff.
Household electrical and electronic appliances. Home-furnishings such as
curtains, carpets, bed linen, home textiles, kitchen utensils, etc.Clothing for
men, women and children, cosmetics, stationery items, toys and many other
products.
No of Employees
(Categorise): 267 persons
-----------------------------------------------------------------------------------------------------
Type and Number
of Major Customers:
Not applicable, operate as a retailer, but
cooperative grocery stores are major wholesale customers.
AGENCIES
Name Country Product
“August Torfer
Co. Gmbh” Germany Sugar
“Synergaz” Cyprus Gas Bottler
“ISA/TASELLI” Italy Commercial
Refrigerator
“Coop Italia” Italy Consumer Goods
“Coop U.K.” U.K. Consumer Goods
TRADE SUPPLIERS
Name Country Product
Over 700 suppliers to the retail trade in Cyprus
(both local and overseas)
Import From:
Europe (i.e. Italy, Germany, Greece, France, U.K., etc.),
Far East (i.e. Japan, Taiwan, Korea, China,
Hong-Kong, etc.)
Import Terms: L/C
base (60-90 days credit), CAD, etc.
Export To: None.
Export Terms: None.
DESCRIPTION OF PREMISES
Headquarters:
The company’s headquarters are located at the
address given overleaf.
Branches:
The company owns and operates a convenience store
network comprising about 30 shops under the name “ESSEL STORE” mainly under a
Franchise agreement around Limassol city.
In addition to these, the company owns and operates
seven hypermarkets, four specialized stores and one multi-storey department
store, in Limassol, Nicosia and Paphos. New stores are planned for the Nicosia,
Larnaca and Famagusta districts.
Finally, the company owns and operates a central
Distribution Centre at the Ypsonas Industrial Area near Limassol.
BANKERS
Co-operate Central Bank Ltd (Main Branch)
84, Gladstone str., 3040 Limassol
Tel: 25364711
Fax: 25371322
Bank of Cyprus Ltd (Main Branch 0330)
P.O.Box: 51868 – 3509 Limassol
1, Saripolou str., 3036 Limassol
Tel.: 25369322, Fax: 25378249
Cyprus Popular Bank Ltd (Main Branch)
P.O.Box: 50106 3697 Limassol
Athinon, Popular Bank, 3041 Limassol
Tel.: 80002000 Fax:
25354717
Hellenic Bank Ltd (Main Branch)
P O Box: 56588
Telex: 2058 HELENIC CY
52, Gladstone street, 3041 Limassol
Tel: 25367000
Fax: 25367324
Limassol Co-operative Saving Bank Ltd
27, Arch. Kyprianou str., 3036 Limassol
Tel.: 25365394
Fax: 25365739
FINANCES
Currency: Cyprus Pounds Registered
Capital: CYP 252.000
Sales
Turnover: CYP
33.700.000 (2003)
CYP
33.500.000 (2004)
CYP
33.100.000 (2005 - Final)
CYP
34.000.000 (2006 - Target)
Economic Results:
Positive.
Closing Stock: CYP
8.030.000 (2001)
CYP
8.775.234 (2002)
CYP
6.036.685 (2003)
CYP
5.754.233 (2004)
CYP
6.077.729 (2005)
Fixed Assets: CYP
18.300.000 (2000)
CYP
17.600.000 (2001)
CYP
17.698.769 (2002)
CYP 3.942.414 (2003)
CYP 3.747.578 (2004)
CYP 3.730.467 (2005)
Debtors: CYP
3.200.000 (2001)
CYP
3.200.000 (2002)
CYP
5.843.000 (2003)
CYP
4.603.624 (2004)
CYP
4.191.392 (2005)
Creditors: CYP 10.000.000 (2001)
CYP
10.957.405 (2002)
CYP
10.795.209 (2003)
CYP
10.094.885 (2004)
CYP 9.746.292 (2005)
Bank
Overdraft: CYP
8.100.000 (2000)
CYP
8.200.000 (2001)
CYP
8.982.384 (2002)
CYP
8.000.000 (2003)
CYP 1.066.117(2004)
CYP 1.631.034(2005)
Note: The company has
also a substantial amount of cash deposit. No further detailed information on
this was released.
PAYMENT
No complaints
Commercial
Morality: Good
Financial
Strength: Very Good
Good for Amount
and Terms of Inquiry: We
can not comment on the figure of your inquiry as it seems to be an incorrect
one. Please let us know of the actually amount on which we have to comment.
GENERAL COMMENTS
The present limited liability company belongs to
the co-operative society and it was established in 1994. The company was formed
after the merged of “ESEL LTD” and “SPOLP LTD”.
“ESEL LTD” belongs to the co-operative society. It
was incorporated under the Co-op Societies Law in 1971 and took over the
activities of a concern founded in 1942.
“SPOL LTD” also belongs to the co-operative
society. It was incorporated
under the Co-op Societies Law, in 1954. “SPOL LTD”
used to have co-operative consumer and credit societies as their shareholders.
GENERAL COMMENTS(Cont.)
It used to be managed successfully by an elected
committee of representatives of the co-operative societies, member of SPOLP.
Both “ESEL LTD” and “SPOLP LTD” used to be involved
in the field of trade. Currently after the merge the new company “ESEL-SPOLP
LTD” has continued operating on exactly the same line of business. The company
is importing and trading with foodstuff, grocery and supermarket goods, home
furnishing, domestic appliances, sanitary ware, clothing and many other
products.
The company carries out both wholesale and retail
trade. Apart their own retail superstores, there are also franchising stores,
through which the subject sells its product. The owners, of those franchising
stores, are working on commission base, on behalf of the subject in question.
They have the right to employ as many people as they want in their stores but these
additional employees will be under their payroll and not under the payroll of
the subject in question.
Subject has development plans which involve opening
a branch locally in Larnaca city, on the East Coasts of Cyprus. Additionally,
they are currently upgrading the company's distribution center, they are giving
emphasis on expanding the convenience stores network and opening new shops in
Nicosia, Larnaca and Famagusta districts.
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/normal. |
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 |