MIRA INFORM REPORT
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Report Date : |
19th May 2006 |
IDENTIFICATION DETAILS
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Name : |
MICHALOS
DEMETRIOU LIMITED |
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Registered Office : |
5, Steliou Ioannou, 2235 – Latsia, 12555 - Nicosia 2250 – Latsia, Latsia
Village Nicosia |
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Date of Incorporation : |
1982 |
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Com. Reg. No.: |
92720
- Nicosia |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Engaged
in the business of packaging & wholesale (100%) of foodstuff (i.e. Sugar,
rice, legumes, tinned fish and meat, etc.) and robs. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 Inquired Under: MICHALOS DEMETRIOU LTD
Correct Registered Name: MICHALOS DEMETRIOU LIMITED
Street: 5, Steliou Ioannou
Postal Code: 2235 - Latsia
P.O.Box: 12555 - Nicosia
Postal Code: 2250 - Latsia
Locality: Latsia Village
Town: Nicosia
Tel : 22483579
Fax: 22486059
Telex: N/A E-Mail: michalos@cytanet.com.cy
Note: The street name was recently changed to Steliou Ioannou (before it was Ermou).
LEGAL STATUS
Private Limited Liability Company
Legal Status (Cont.):
Date Founded: 1982
Trade Registration No. & Town: 92720 - Nicosia
Date Registered: 24/02/1998
PRINCIPALS
Shareholders/Partners/Proprietor
Name Equity Nationality
Mr. Michael Christoforou 9.900 Cypriot
Mrs. Chrysanthi D. Christoforou 10.100 Cypriot
Directors/Managers
Name Position
Mr. Michael Christoforou Director / General Manager
Mrs. Chrysanthi D. Christoforou Director / Secretary
RELATED COMPANIES
Parent/Subsidiary/Sister/Associate:
None.
OPERATIONS
Mode of Operation:
Importers (100%)
Distributors (4 vehicles)
Activities:
Packaging & Wholesalers (100%): Foodstuff (i.e. sugar, rice, legumes, tinned fish and meat, etc.) and robs.
No of Employees (Categorise): 6 persons
AGENCIES
Name Country Product
None.
TRADE SUPPLIERS
Name Country Product
Not disclosed.
Import From: Italy, Greece, Germany, UK, France, Latin American, USA, etc.
Import Terms: L/C base, CAD, 60 - 90 -120 days credit facilities.
Export To: Not applicable.
Export Terms: Not applicable.
DESCRIPTION OF PREMISES
Headquarters:
The company operates from owned multi - storey building which is located at the address given overleaf. Premises comprised of offices, packinghouse and warehouses and flats. The company is using the ground floor (offices & warehouse) and the underground (warehouses and packing house.).
Branches:
The company maintains a second, owned warehouse, which is located on 4, Dionysiou Solomou str., Latsia Village in Nicosia district.
BANKERS
Bank of Cyprus Ltd
48, Stassinos Ave., 1060 Nicosia
Tel.: 22344933 Fax: 22343988
FINANCES
Currency: Cyprus Pounds.
Registered Capital: CYP 20.000 Paid Up Capital: CYP 20.000
Finances (Cont.):
Sales Turnover: CYP 750.000 (2000)
CYP 800.000 (2001)
CYP 900.000 (2002)
CYP 1.000.000 (2003)
CYP 1.000.000 (2004)
CYP 1.000.000 (2005 – Unaudited)
Economic Results: Positive.
Average Stock: CYP 100.000 – 150.000
Fixed Assets: CYP 800.000
Immovable Property: CYP 1.000.000
Charges:
07/12/98 Float.Charge CYP 20.000 in f/o Bank of Cyprus Limited
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 operates successfully we feel unable to express a safe and reliable opinion on such a big amount given in your inquiry.
GENERAL COMMENTS
Mr
Demetriou started his private activities in 1982, after he had been working
with a similar business for 20 years.
He imports
large quantities of commodities from all over the world, which he packs locally
in one kilo packing, bearing the trade mark "TELION". He distributes
his products to Nicosia, Limassol and Larnaca districts through his own
distribution network comprising 4 vans. The company’s main clients are
supermarkets and fruitmarkets, throughout Cyprus.
General Comments (Cont.):
Mr
Demetriou with the assistance of his son-in-law, through his long experience in
this field and his good contacts has managed to expand his business and
establish it well in the market. He is the owner of considerable property in
Latsia and Lythrodontas villages.
RATING EXPLANATIONS
RATING
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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 |