MIRA
INFORM REPORT
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Report Date : |
15th June 2006 |
IDENTIFICATION DETAILS
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Name : |
CHARILAOS
STAVRAKIS LIMITED |
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Registered
Office : |
29, Griva
Digheni Avenue 21919 - Nicosia Nicosia |
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Country : |
Cyprus |
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Date of
Incorporation : |
1910 |
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Com. Reg. No.: |
10944 - Nicosia |
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Legal Form : |
Private Limited Liability Company |
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Line of
Business : |
Wholesalers, retailers and agents of upholstery,
curtains, bed sheets and covers, carpets (Chinese, Persian, etc.), wall
paper, suspended and false ceilings, dowry clothing, plastic floor tiles,
parquet, office and other kind of furniture, lighting & fittings, etc. |
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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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
NAME & ADDRESS
Name
Inquir. Under: CHARILAOS STAVRAKIS LIMITED
Correct
Registered Name: CHARILAOS STAVRAKIS LIMITED
Street: 29, Griva Digheni Avenue
Postal Code: 1082 - Nicosia
P.O.Box: 21919 - Nicosia
Postal Code: 1514 - Nicosia
Locality: Nicosia
Town: Nicosia
Tel: 22763964
Fax: 22761192
Telex: N/A
E-Mail: stavraki@logos.cy.net
LEGAL STATUS
Private Limited Liability Company
Date Founded: 1910
Legal Status
(Cont.):
Trade
Registration No. & Town: 10944 - Nicosia
Date Registered:
14/01/1978
PRINCIPALS
Shareholders/Partners/Proprietor
Name Equity Nationality
Mr.
Charis L. Stavrakis 13.475 Cypriot
(Heirs
of)Mr. Leonidas L. Stavrakis 13.475 Cypriot
Mrs.
Androulla N. Lazaraki 11.550 Cypriot
Directors/Managers
Name Position
Mr. Charis L.
Stavrakis General
Manager/Director
Mr. Leonidas L.
Stavrakis Director(Passed
Away)
Mrs. Androulla N.
Lazaraki Director
Mr. Marios
Zachariou Financial
Manager
Mr. Spyros
Karatzias Sales
& Marketing Manager
Mrs. Maro Myrianthea Chief Accountant
Mr. George Constantinides Contracts Department Manager
RELATED COMPANIES
Parent/Subsidiary/Sister/Associate:
“Residence
Furnishing Redistribution Co” - Associate co. Operating in the same line of
business, located in Dubai - UAE.
“Window Harmony” – The
company is operating in the same line of business as the company in question,
and is located in Dubai-UAE.
“Interdecor” – The
company is operating in Dubai
“Ruwi Valley” – The
company is involved in the same line of business a s the company in question,
and is Iocated in Lythrodontas village in Nicosia city.
“Rodina Limited”- The
company runs a boutique which operates under the name “Wolfrd”. The boutique is
located at Stassicratous Str, in Nicosia City.
OPERATIONS
Mode of
Operation:
Importers – 100%
Distributors – 10 vehicles
Exclusive Agents
Activities:
Wholesalers (10%), Retailers (90%), Agents:
Upholstery, curtains, bed sheets and covers, carpets (Chinese, Persian, etc.),
wall paper, suspended and false ceilings, dowry clothing, plastic floor tiles,
parquet, office and other kind of furniture, lighting & fittings, etc.
No of Employees
(Categorise): 122 persons.
AGENCIES
Name Country Product
“Nicolletti” Italy furniture
"Zucchi" Italy table clothes
& sheets
"Canon" U.S.A. bed sheets and face
towels
"Balta" Belgium carpets
"Betap" Holland carpets
"Baumann" Austria curtains &
upholstery
"Texoprint" Holland curtains & upholstery
"Artex" USA carpets
"Armstrong" U.K./Germany suspended ceilings
"Chigaco
Metallic" Belgium suspended ceilings'
parts
“Icuzzini” Italy lighting &
fittings
“Xiasuig” China upholstery &
curtain fabrics
“Hanghou” China upholstery &
curtain fabrics and many other
Import From: U.K., Holland, Italy, Belgium, Germany,
Austria, South Africa, Korea, China, Iraq, U.S.A..
Import Terms: Cash
on Delivery, 60-90 days credit facilities.
Export To: Not
applicable (Please see general comments).
Export Terms: Not
applicable.
DESCRIPTION OF PREMISES
Headquarters:
The company is operating from own premises, which
are located at the address given overleaf, a main commercial street. Premises are newly constructed and spacious,
comprised of offices (head offices) and the Showroom They also maintains owned
and spacious warehouses, which are located at Latsia Village not far from
Nicosia Center.
Branches:
The company runs three more rented retail
stores/branches, which are located at:
·
177, Arch. Makarios III Avenue, Ariel Area,
Limassol (Tel: 25353288)
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14, Arch.
Makarios III Avenue, Larnaca (Tel:
24656964)
·
9,
Athenon Street, Paphos (Tel: 26238413)
BANKERS
Hellenic Bank Ltd (Head Office)
P.O.Box: 24747 – 1394 Nicosia
92, Digenis Akritas Avenue, 1061 Nicosia
Tel.: 22860000
Fax: 22750669
Bank of Cyprus Ltd (Head Office)
P.O.Box: 21472 – 1599 Nicosia
51, Stasinou, 2002 Strovolos
Tel.: 22378000
Fax: 22378111
Cyprus Popular Bank Ltd (Head Offices)
P.O.Box: 22032 – 1598 Nicosia
Telex: 2494 LAIKIH CY
154, Limassol Avenue, 2025 Strovolos
Tel.: 80002000
Fax: 22812250
Cyprus Development Bank Ltd
P.O.Box: 21415 –1508 Nicosia
50, Arch. Makariou III Ave., 1065 Nicosia
Tel.: 22846500, Fax: 22846603
FINANCES
Currency:
Cyprus Pounds.
Registered Capital: CYP 50.000
Paid Up Capital: CYP 38.500
Finances (Cont.):
Sales Turnover: CYP
4.800.000 (2000)
CYP
4.900.000 (2001)
CYP
4.800.000 (2002)
CYP
5.000.000 (2003)
CYP
4.000.000 (2004)
CYP
4.000.000 (2005)
CYP
4.075.000 (2006-Target)
Economic Results:
Positive.
Average Stock: CYP
1.500.000
Charges:
20/11/82 Mortgage CYP 60.000 in
f/o Barclays Bank Plc.
07/04/88 Mortgage CYP 90.000 in
f/o Hellenic Bank Ltd.
17/01/89 Mortgage CYP 40.000 in
f/o Hellenic Bank Ltd.
06/11/89 Float.charge CYP 75.000 in f/o Bank
of Cyprus Ltd.
24/05/91 Mortgage CYP 85.500 in
f/o Cyprus Popular Bank Ltd.
24/05/91 Mortgage CYP 80.000 in
f/o Bank of Cyprus Ltd.
24/05/91 Mortgage CYP 80.000 in
f/o Bank of Cyprus Ltd.
24/05/91 Mortgage CYP 100.000 in
f/o Bank of Cyprus Ltd.
24/05/91 Mortgage CYP 100.000 in
f/o Bank of Cyprus Ltd.
24/05/91 Mortgage CYP 60.000 in
f/o Barclays Bank Plc.
02/11/04 Float.charge CYP 250.000 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
& Terms of Inquiry: Despite the fact that the company seems to
operate successfully we feel unable to comment on such a big amount given in
your inquiry.
GENERAL COMMENTS
The present limited liability company was
incorporated on 14/01/1978 and took
over the activities of a private concern founded in 1910.
It is a long and well established company,
operating successfully in the local market. It is among the leading companies
in its field.
The company deals with the import and sales on
retail and wholesale basis of upholstery and curtains fabrics, bed sheets and
covers, carpets, wallpaper,
suspended ceiling, furniture (office and other
kind), lighting and fittings and other related products.
Apart from their sales in the local market the
company undertakes projects in Greece. Cypriot Companies, owners of Hotels in
Greece assign to them projects for renovation and redecoration. Thus the
company in question exports products for their own projects.
Their products are of good quality and are aiming
to the middle and upper class. The company imports its products mainly from
Europe, Far East, South Africa and the USA.
Further, they are agents for several foreign firms, names of which are
given overleaf.
According to the person interviewed the company has
expanded the premises of the retail shop located in Larnaca city. She also
added that during the last couple of years they have laid off about 20 persons,
to minimize their costs.
The home textiles business is suffering from strong
competition as many shops operating in the same line are continuously being set
up. Like many other Cypriot companies, the present concern has to deal with the
delays of customers’ payments, either these are retailers or individuals.
Thus, inflow of cash is sometimes slow. Therefore
someone should be careful with his dealing with companies operating in this
line of business.
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 |