MIRA INFORM REPORT

 

 

Report Date :

30.07.2007

 

IDENTIFICATION DETAILS

 

Name :

J. KANNAS ENTERPRISES LIMITED

 

 

Registered Office :

Pallouriotissa Area, 41, Agiou Andrea street, 1041 Pallouriotissa Cyprus, P. O. Box 21694-1511 Nicosia

 

 

Country :

Cyprus

 

 

Date of Incorporation :

01.01.1996

 

 

Com. Reg. No.:

C82665 Nicosia

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Import and wholesale trade of marbles and granite.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

 

NAME & ADDRESS

 

 

Correct Registered Name:           J. KANNAS ENTERPRISES LIMITED

Address:                                   Pallouriotissa Area, 41, Agiou Andrea street
1041 Pallouriotissa CYPRUS

P.O.Box:                                   21694-1511 Nicosia

Telephone:                                + 357-22343688
+ 357-99671464

Fax:                                          + 357-22349249

Email:                                       jcannas@cytanet.com.cy

 

 

LEGAL STATUS

 

 

Legal Form:                               Private Limited Liability Company

Date of foundation:                     01.01.1996

Registration number and city:      C82665 Nicosia

Registration date:                       21.11.1996

 

 

 

PRINCIPALS

 

SHAREHOLDERS

 

Full Name

Function

Nationality

EQUITY

Address

Mr. Giannos Kannas

Shareholder

CYPRUS

80.00%
4,000 Ordinary

10, Arch. Makariou B Avenue
Nicosia
Palouriotissa CYPRUS

Mrs. Elena Kanna

Manager

CYPRUS

20.00%
1,000 Ordinary

10, Arch. Makariou B Avenue
Nicosia
Palouriotissa CYPRUS

 

MANAGEMENT:

 

Full Name

Age

Function

Qualification

Experience

Address

Mr. Giannos Kannas

50

Director / Secretary (General Manager)

N/A

N/A

10, Arch. Makariou B Avenue
Nicosia
Palouriotissa CYPRUS

Mrs. Elena Kanna

43

Director

N/A

N/A

10, Arch. Makariou B Avenue
Nicosia
Palouriotissa CYPRUS

Mrs. Elena Kanna

43

Manager

N/A

N/A

10, Arch. Makariou B Avenue
Nicosia
Palouriotissa CYPRUS

 

 

 

 

 

ACTIVITIES

 

Importers & Wholesalers

 

OPERATIONS:          
SIC
5032 Brick, Stone, and Related Construction Materials (except construction materials sold via retail method)

Importers (100%)
Wholesalers (100%)

The company is involved in the import and wholesale trade of marbles and granite.

 

 

IMPORTS

 

ARAB COUNTRIES, CHINA, INDIA, SPAIN

 

Payment terms:

CAD (Cash Against Documents)

Credit Facilities 180 days

 

 

EXPORTS

 

Not applicable

 

 

AGENCIES

 

Name                           Country            Product

International Marble        OMAN              Marbles

Al-Nasser Industries       OMAN              Marbles

 

 

TRADE SUPPLIERS

 

Name                           Country                        Product

Not Disclosed               

 

 

 

NUMBER OF EMPLOYEES

 

4

 

 

 

 

 

 

 

 

 

DESCRIPTION OF PREMISES

 

HEADQUARTERS

The company in question operates from rented offices, which are located at the address given overleaf. Total size of premises is 100 square meters.

 

 

BRANCHES

 

The company maintains 2 rented warehouses. One of them is located at Palouriotissa Area, in Nicosia City and the other one in Kofinou village, close to Limassol City.

 

 

RELATED COMPANIES

 

Sister Company

CHARILAOS KANNAS & CO LIMITED , CYPRUS , National ID: NIC003001


“Charilaos Kannas & Cia Limited”-Sister Company, which is located in Nicosia City. It is involved in the imports and trade of cars spare-parts.

 

 

BANKERS

 

BANK OF CYPRUS PUBLIC COMPANY LIMITED

35D, Marcos Drakos str,1040-Palouriotissa, Nicosia City. Tel: +257 22436161 Fax:+357 22349152


The bank provides to the company in question an Overdraft amount of CYP 50000

 

 

SHARE CAPITAL

 

Registered capital:                             CYP 5,000.00        since 21.11.1996

Number of Ordinary:                                          5,000        

Value per share of Ordinary:                        CYP 1.00         

 

Issued capital:                                    CYP 5,000.00        since 21.11.1996

Number of                         Ordinary:                   5000        

Value per share of             Ordinary:           CYP 1.00         

 

Paid-up capital:                                  CYP 5,000.00        since 21.11.1996

of which paid in cash:                           CYP 5,000.00      

 

 

 

 

CHARGES


None in current years

 

 

 

FINANCE

 

Amounts shown in Cyprus Pounds (CYP) 

2004

2003

2002

 



PROFIT & LOSS

 

Sales Turnover

560,000.00

409,082.00

212,805.00

 

Cost of Sales

 

302,470.00

164,120.00

 

Gross Profit

 

106,612.00

48,685.00

 

Selling / Distribution / Promotional Expenses

 

14,668.00

10,687.00

 

Administrative Expenses

 

24,996.00

18,369.00

 

Operational Profit

 

66,948.00

19,629.00

 

Finance Costs

 

975.00

520.00

 

Profit Before Taxation

 

66,174.00

19,230.00

 

Net Profit

 

58,701.00

14,754.00

 

Taxation

 

7,473.00

4,476.00

 

Taxes

 

10,081.00

5,327.00

 



BALANCE SHEET

 

Fixed Assets

 

4,198.00

4,384.00

 

Total Fixed Assets

 

4,198.00

4,384.00

 

Inventory / Stock

 

32,150.00

26,383.00

 

Trade Debtors (receivables from customer)

 

231,756.00

59,986.00

 

Taxation Receivable

 

201.00

121.00

 

Cash in Hand & at Bank

 

5,645.00

1,443.00

 

Total Current Assets

 

269,837.00

112,104.00

 

Total Assets

 

274,035.00

116,488.00

 

Profit & Loss Account

 

85,354.00

26,653.00

 

Total Equity

 

90,354.00

31,653.00

 

Current Lliabilities

 

48,738.00

48,630.00

 

Bank Overdraft

 

286.00

24,292.00

 

Total Current Liabilities

 

183,681.00

84,835.00

 

Total Equity & Liabilities

 

274,035.00

116,488.00

 

Share Capital

 

5,000.00

5,000.00

 

Creditors

 

124,862.00

30,878.00

 

Total Liabilities

 

274,035.00

116,488.00


Sales Turnover for the year 2005 is CYP 700000
Sales Turnover for the year 2006 is CYP 750000
Projected sales turnover for the year 2007 is CYP 850000

 

 

 

RATIOS

 

 

2003

2002

Return on assets ( ROA )
Net profit before tax and interest/ Total assets

0.24

0.17

Debt ratio
(Long-term liabilities + Short-term payables + Accruals and deferred income) / Total Assets

1

1

Current ratio ( CR )
Current assets / Current liabilities

1.47

1.32

Day's supply in inventory
( Turnover / Inventory )

12.72

8.07

 

 

PAYMENT

 

No complaints

 

 

GOOD FOR AMOUNT & TERMS OF INQUIRY

 

Unable to comment


We cannot comment on such high amount given in your inquiry

 

 

COMMERCIAL MORALITY

 

Good

 

 

FINANCIAL STRENGTH

 

Moderate

 

 

GENERAL COMMENTS

 

The present limited Liability Company was incorporated on 21/11/1996 and it is involved in the Imports and trade on wholesale base of marbles and granite.


Products are imported from Arab Counties, Spain, India, China, etc, exclusively for the local market. The company’s clientele are basically local factories that they processing materials such as granite and marbles.


In addition the company imports about 100 containers of marble and granite per year.

 

 

 

Contact Person:         Mr Giannos Kannas

Position:                    Director/General Manager/Secretary

 

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

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