MIRA INFORM REPORT

 

 

Report Date :

23rd February, 2007

 

IDENTIFICATION DETAILS

 

Name :

PATARI LIMITED

 

 

Registered Office :

21-22a, Costaki Pantelidi Avenue, 1010 Nicosia Cyprus

 

 

Country :

Cyprus

 

 

Date of Incorporation :

24.03.1980

 

 

Com. Reg. No.:

C13792 Nicosia

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importers & Wholesalers & Distributors & Retailers home furnishings, curtains, upholstery and accessories.

 

 

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 :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

 

 

NAME & ADDRESS

 

 

Correct Registered Name            : PATARI LIMITED

 

Other Trading name                    : "PATARI"

 

Address                                    : 21-22A, Costaki Pantelidi Avenue, 1010 Nicosia CYPRUS

 

Telephone                                 : +357-22-660460

Fax                                           : +357-22-668502

Email                                        : patari@logos.cy.com

Web                                         : www.patari.com.cy

 

 

 

LEGAL STATUS

 

 

Legal Form                                : Private Limited Liability Company

 

Date of foundation                      : 01.01.1975

 

Registration number and city       : C13792 Nicosia

 

Registration date                        : 24.03.1980

 

 

 

PRINCIPALS

 

SHAREHOLDERS:

 

Full Name

Function

Nationality

EQUITY

Address

Mr. Thrassos Constandinou

Shareholder

 

46.67%
111,950 Ordinary A
50 Ordinary B

Larnaca
Athienou CYPRUS

Mr. Antonis Antoniou

Shareholder

 

46.67%
111,950 Ordinary A
50 Ordinary B

4 Olympou Street,Agios Pavlos
Nicosia CYPRUS

Mrs. Erini A. Antoniou

Shareholder

 

3.33%
8,000 Ordinary A

4 Olympou Street,Agios Pavlos
Nicosia CYPRUS

Mrs. Evangelia Thr. Constandinou

Shareholder

 

3.33%
8,000 Ordinary A

Athienou CYPRUS

 

MANAGEMENT:

 

Full Name

Age

Function

Qualification

Experience

Address

Mr. Antonis Antoniou

63

Director

N/A

N/A

4 Olympou Street,Agios Pavlos
Nicosia CYPRUS

Mr. Georgios A. Costandinou

 

Director

Has a degree in Engineering University

N/A

2, Pigasou Street
Nicosia CYPRUS

Mrs. Fotini Thr. Costandinou

 

Director

Has a degree in Business Administration

N/A

15,Thessalonikis Street,Platy Aglantzias
Nicosia

Mrs. Evangelia Thr. Costandinou

 

Director

N/A

N/A

Larnaca

Mrs. Erini A. Antoniou

 

Director

N/A

N/A

Nicosia

Mr. Thrasos Costandinou

 

Director (Secretary)

N/A

Has 33 years experience in this market

Larnaca

 

 

 

 

ACTIVITIES  

 

Importers & Wholesalers & Distributors & Retailers

 

 

OPERATIONS           
SIC
  main activity
  2254 Knit Underwear and Nightwear Mills (dyeing and finishing only)

  5023 Homefurnishings (except homefurnishings sold via retail method)
  5131 Piece Goods and Notions (broadwoven piece good converters)
  5137 Women's, Children's, and Infants' Clothing and Accessories
  5719 Miscellaneous Homefurnishings Stores (blinds and shades)
  5714 Drapery, Curtain, and Upholstery Stores (custom drapes)
  5632 Women's Accessory and Specialty Stores (accessories)

The company is involved mainly with the import, wholesale and retail of home furnishings, curtains, upholstery and accessories. Patari Limited also maintains its own workshop for domestic production. They mainly operate via their retail shops selling to general public.

 

 

 

MOTOR VEHICLES        

                                                                                      2006

Number of vans                                                                owned: 6

Number of saloon cars                                                      owned: 2

Total number of vehicles                                                   8

 

 

 

 

IMPORTS

          

EUROPE, UNITED STATES, CHINA, FAR EAST, AUSTRALIA, INDIA
Payment terms:

 

 

O/A (Open Account) 90 days
CAD (Cash Against Documents)

 

 

 

 

EXPORTS

                                

Not applicable.

 

 

 

 

AGENCIES

                                

Name                        Country                               Product

None                                                                    

 

 

 

 

TRADE SUPPLIERS

                                                   

Name                                           Country                      Product

Pierre Garden                                FRANCE                     Blankets

Naf Naf                                          FRANCE                     Towels

 

 

 

 

NUMBER OF EMPLOYEES

                                

37

 

 

 

 

DESCRIPTION OF PREMISES

 

BRANCHES:

Subject has 6 branches/divisions

'PATARI LIMITED' 57 Pericleous Street, 1010, Nicosia, Cyprus. These are owned
workshop premises. Size: 500 square metres.

'PATARI LIMITED' 86 Archbishop Makarios III Avenue, 1077, Nicosia, Cyprus.
These are rented shop premises. Size: 400 square metres.
Operates as a retail shop.

'PATARI LIMITED' 75 Democratias Street, Latsia, 2222, Nicosia, Cyprus. These
are rented shop premises. Size: 450 square metres.
Operates as a retail shop.

'PATARI LIMITED' 10 Andrea Geroudi Street, 8010, Paphos, Cyprus. These are
rented shop premises. Size: 200 square metres.
Operates as a retail shop.

'PATARI LIMITED' Latsia Industrial Area, Latsia, Nicosia, Cyprus. These are
rented warehouse premises. Size: 500 square metres.
Operates as 3 warehouse buildings.

'

PATARI LIMITED' 72 Ayias Philaxeos street, 3305, Limassol, Cyprus. These are
rented shop premises. Size: 600 square metres.
Operates as a retail shop.

 

 

RELATED COMPANIES

           

None.

 

 

 

 

BANKERS

 

BANK OF CYPRUS PUBLIC COMPANY LIMITED

29-29A, Arch.Makarios Ave, 1065 Nicosia Tel.:357 22847100 Fax:357 22755987

 

 

SHARE CAPITAL

 

Registered capital:

 

CYP 300,000.00

since 18.07.1996

Number of Ordinary A:

299,900

 

Value per share of Ordinary A:

CYP 1.00

 

Number of Ordinary B:

100

 

Value per share of Ordinary B:

CYP 1.00

 

 

Issued capital:

 

CYP 240,000.00

since 18.07.1996

Number of

Ordinary A:

239900

 

Value per share of

Ordinary A:

CYP 1.00

 

Number of

Ordinary B:

100

 

Value per share of

Ordinary B:

CYP 1.00

 

 

Paid-up capital:

 

CYP 240,000.00

since 18.07.1996

of which paid in cash:

CYP 240,000.00

 

 

 

 

 

 

 

CHARGES

 

17.04.1986

Floating

CYP 20,000.00

 

in f/o:Bank of Cyprus Ltd

07.08.1987

Floating

CYP 30,000.00

 

in f/o:Bank of Cyprus Ltd

23.04.1993

Mortgage

CYP 55,000.00

 

in f/o:Bank of Cyprus Ltd

23.04.1993

Mortgage

CYP 60,000.00

 

in f/o:Bank of Cyprus Ltd

22.10.1993

Mortgage

CYP 50,000.00

 

in f/o:Bank of Cyprus Ltd

15.07.1994

Mortgage

CYP 100,000.00

 

in f/o:Bank of Cyprus Ltd

10.10.1997

Floating

CYP 100,000.00

 

in f/o:Bank of Cyprus Ltd

 

 

FINANCE

 

Amounts shown in Cyprus Pounds (CYP) 

2006

2004

2003

2002

 



PROFIT & LOSS EXTRACTS

 

Sales Turnover

1,600,000.00 (Expected)

1,600,000.00

1,223,000.00

1,225,000.00

 



BALANCE SHEET EXTRACTS

 

Average Stock

 

425,000.00

400,000.00

 

 

 

 

 

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:            Good

 

 

 

GENERAL COMMENTS  

 

The present limited liability company was incorporated on 24/03/1980, in order to take over all the activities of the private business of Mr Antoniou and Constandinou which was originally established in 1975.

They are involved in the imports and trade of home textiles, curtains, carpets, underwear etc. Goods are imported mainly from Europe and sometimes from several Asian countries. They mainly operate on a wholesale basis.

The company maintains its own distribution network and maintains a small workshop for sewing curtains, bed linen and table clothes according to customers orders. They install and deliver everywhere in Cyprus.

Please note that companies belong to this industry are experiencing a strong competition. Thus, their market share is becoming smaller each year since more companies are entering the field.

 

 

 

Contact Person:         Mr. Thrasos Constandinou

 

Position:                    Director/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