MIRA INFORM REPORT

 

 

Report Date :

04.06.2007

 

IDENTIFICATION DETAILS

 

Name :

DEMETRIS SARRIS LIMITED

 

 

Registered Office :

13, Leontiou Machaira Street, 6012 Larnaca Cyprus, P. O. Box 40842 - 6307 Larnaca

 

 

Country :

Cyprus

 

 

Date of Incorporation :

01.01.1975

 

 

Com. Reg. No.:

C7196

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Local Purchasers, Importers, Retailers & Wholesalers of Homefurnishings, Groceries and Related Products

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

Correct Registered Name

 

DEMETRIS SARRIS LIMITED

 

 

Address

 

13, Leontiou Machaira Street
6012 Larnaca CYPRUS

P. O. Box : 40842 - 6307 Larnaca

Telephone:        +357-24-664222
+357-24-653126

Fax:                  +357-24-626225

Email:               dsarris@cytanet.com.cy

 

 

 

LEGAL STATUS

 

 

Legal Form:                               Private Limited Liability Company

Date of foundation:                    01.01.1975

Registration number and city:      C7196 Nicosia

Registration date:                       13.05.1975

Present Style Adopted on:          03.07.1981

Former registration name:           DEMETRIS SARRIS (GROCERIES) LIMITED, valid since: 13.05.1975, until:

                                                27.11.1981

 

Former company names:            DEMETRIS SARRIS (GROCERIES) LIMITED

 

 

 

 

PRINCIPALS

 

SHAREHOLDERS:

 

Full Name

Function

Nationality

EQUITY

Address

Mr. Giannis Kalaitzis

Shareholder

CYPRUS

20.00%
3,000 Ordinary

13, Leontiou Machaira Street

6012 Larnaca CYPRUS

Mr. Demetris Sarris

Shareholder

CYPRUS

20.00%
3,000 Ordinary

13, Leontiou Machaira Street

6012 Larnaca CYPRUS

Mr. Elias Kalaitzis

Shareholder

CYPRUS

20.00%
3,000 Ordinary

13, Leontiou Machaira Street

6012 Larnaca CYPRUS

Mr. Nicos Athanasiou

Shareholder

CYPRUS

20.00%
3,000 Ordinary

13, Leontiou Machaira Street

6012 Larnaca CYPRUS

Mr. Panayiota Kalaitzi

Shareholder

CYPRUS

10.00%
1,500 Ordinary

13, Leontiou Machaira Street

6012 Larnaca CYPRUS

Ms. Demetra Ioulianou

Shareholder

CYPRUS

5.00%
750 Ordinary

35A,Chrysopoleos Street

6041 Larnaca CYPRUS

Mr. Panayiota Athanasiou

Shareholder

CYPRUS

5.00%
750 Ordinary

8,Fanariou Street

7100 Larnaca CYPRUS

 

 

 

MANAGEMENT:

 

Full Name

Age

Function

Qualification

Experience

Address

Mr. Nicos Athanasiou

36

Manager

N/A

N/A

13, Leontiou Machaira Street
6012 Larnaca CYPRUS

Mr. Elias Kalaitzis

28

Manager

N/A

N/A

13, Leontiou Machaira Street
6012 Larnaca CYPRUS

Mr. Giannis Kalaitzis

23

Manager

N/A

N/A

13, Leontiou Machaira Street
6012 Larnaca CYPRUS

Mr. Athanasios

Athanasiou

71

Director / Secretary

N/A

N/A

13, Leontiou Machaira Street
6012 Larnaca CYPRUS

Mr. Loizos Kalaitzis

60

Director

N/A

N/A

13, Leontiou Machaira Street
6012 Larnaca CYPRUS

 

 

 

ACTIVITIES

 

Local Purchasers & Importers & Retailers & Wholesalers

 

 

OPERATIONS


SIC
  main activity

  5023 Homefurnishings (except homefurnishings sold via retail method)


  5149 Groceries and Related Products, NEC (bottling mineral or spring water)

  5411 Grocery Stores (except convenience stores and grocery stores with substantial general merchandise)

  5499 Miscellaneous Food Stores (poultry and poultry products)

  5719 Miscellaneous Homefurnishings Stores (blinds and shades)


Supermarket owners

Local purchases(70%)

Imports (70%)

Wholesalers (30%), Retailers (70%): foodstuffs, supermarket items, glassware, kitchenware, stationery items, toys, children's clothing etc.

 

 

MOTOR VEHICLES

 

                                                            2007

Number of vans  owned:                          8

Total number of vehicles             8

 

 

IMPORTS

 

GEORGIA, BELGIUM, ITALY

Payment terms:

All Kinds of Terms

 

 

EXPORTS

 

To: Not applicable.

Terms: Not applicable.

 

 

AGENCIES

 

Name                           Country                        Product

Bazar                            GREECE         

Lopez Morena                ITALY  

Hamlet                          BELGIUM         

 

 

TRADE SUPPLIERS

 

Name                                                   Country            Product

All locals. Names were not disclosed.                 

 

 

NUMBER OF EMPLOYEES

 

65

 

 

 

 

DESCRIPTION OF PREMISES

 

HEADQUARTERS: The company is operating from spacious, owned premises, which are located at the address given overleaf. It is a 3 storey building comprised of offices, the supermarket and coldstores. The ground floor is the foodstuff department and the first floor is the department for glass gifts and kitchen wares, stationery products, etc. Offices are occupying the third floor. Recently, an extension to the existing premises was made. Their warehouses are housed in an owned, separate building, opposite the main premises. There is also a fruit market house in these premises.

 

 

BRANCHES

 

Subject has 4 branches/divisions

'DEMETRIS SARRIS LIMITED' 71 Aigaiou Street, Anthoupoli, 2303, Nicosia, These
are office premises.
Operates as supermarket.

'DEMETRIS SARRIS LIMITED' Metochiou Street, Ormidia, Larnaca, Cyprus. These
are office premises.
Operates as supermarket.

'DEMETRIS SARRIS LIMITED' Grigori Afxentiou Avenue, Deftera, Nicosia, Cyprus.
These are office premises.
Operates from the heading address.

'DEMETRIS SARRIS LIMITED' Strovolos Avenue, Tseri, Nicosia, Cyprus. These are
office premises.
Operates as supermarket.

 

 

RELATED COMPANIES

 

None

 

 

BANKERS

 

BANK OF CYPRUS PUBLIC COMPANY LIMITED

25,Kink Paul A' Square,Tel.:357 24844100 Fax:357 24653900

 

 

AUDITORS / ACCOUNTANTS


Date: 31.05.2007
Financials have been audited
Company: PricewaterhouseCoopers, 4,Artemidos Avenue,City House,Larnaca,Tel: 357 24555000

 

 

SHARE CAPITAL

 

Registered capital:                           CYP 20,000.00        since 20.05.1983

Number of Ordinary:                            20,000                     

Value per share of Ordinary:                 CYP 1.00                

 

Issued capital:                                  CYP 15,000.00        since 20.05.1983

Number of                        Ordinary:     15000                      

Value per share of             Ordinary:     CYP 1.00                 

 

Paid-up capital:                                CYP 20,000.00        since 20.05.1983

 

 

 

 

CHARGES

 

see details

01.03.1988            Mortgage          CYP 20,000.00                    in f/o:Bank of Cyprus Limited

18.02.1993            Fixed               CYP 33,000.00                    in f/o:Bank of Cyprus Limited

23.03.1993            Mortgage          CYP 200,000.00                   in f/o:Bank of Cyprus Limited

20.05.1994            Mortgage          CYP 70,000.00                    in f/o:Bank of Cyprus Limited

23.05.1994            Floating            CYP 50,000.00                    in f/o:Bank of Cyprus Limited

22.02.1996            Mortgage          CYP 120,000.00                   in f/o:Bank of Cyprus Ltd

11.06.2002            Mortgage          CYP 200,000.00                   in f/o:Bank of Cyprus Limited

05.04.2005            Mortgage          CYP 200,000.00                   in f/o:Bank of Cyprus Limited

15.05.2006            Floating            CYP 200,000.00                   in f/o:Bank of Cyprus Limited

18.05.2006            Mortgage          CYP 500,000.00                   in f/o:Bank of Cyprus Limited

 

 

 

FINANCE

Amounts shown in Cyprus Pounds (CYP) 

2004

2003

 



PROFIT & LOSS EXTRACTS

 

Sales Turnover

7,513,714.00

7,632,934.00

 

Cost of Sales

6,739,909.00

6,881,354.00

 

Gross Profit

773,805.00

751,580.00

 

Other Operating Income

142,489.00

140,546.00

 

Selling / Distribution / Promotional Expenses

603,687.00

592,621.00

 

Administration & General Expenses

110,482.00

108,345.00

 

Profit / (Loss) from Investments

5,697.00

-5,273.00

 

Other (Expenses) / Income

 

-54,369.00

 

Finance Costs

-62,218.00

-60,962.00

 

Profit Before Taxation

145,604.00

70,556.00

 

Taxation

-2,890.00

-4,351.00

 

Net Profit

142,714.00

66,205.00

 



BALANCE SHEET EXTRACTS

 

Total Fixed Assets

1,126,477.00

1,183,509.00

 

Property, Plant & Equipment

1,126,477.00

1,183,509.00

 

Investments

66,027.00

60,330.00

 

Total Current Assets

1,423,772.00

1,394,151.00

 

Inventory / Stock

777,352.00

780,000.00

 

Debtors

485,780.00

382,614.00

 

Taxation Receivable

12,000.00

12,000.00

 

Cash in Hand & at Bank

82,613.00

159,207.00

 

Total Assets

2,550,249.00

2,577,660.00

 

Share Capital

15,000.00

15,000.00

 

Reserves

-65,272.00

-207,986.00

 

Long - Term Loans

78,305.00

109,450.00

 

Total Equity

-50,272.00

-192,986.00

 

Borrowings

422,325.00

421,398.00

 

Total Current Liabilities

2,522,216.00

2,661,196.00

 

Creditors

2,097,001.00

2,237,587.00

 

Taxation Payable

2,890.00

2,211.00

 

Total Liabilities

2,600,521.00

2,770,646.00

 

Total Shareholders Equity

-50,272.00

-192,986.00

 

Total Equity & Liabilities

2,550,249.00

2,577,660.00


No further financial information was release at this stage

 

 

 

RATIOS

 

2004

2003

Return on assets ( ROA )

Net profit before tax and interest/ Total assets

0.06

0.03

Debt ratio

(Long-term liabilities + Short-term payables +

Accruals and deferred income) / Total Assets

1.02

1.07

Current ratio ( CR )

Current assets / Current liabilities

0.56

0.52

Day's supply in inventory

( Turnover / Inventory )

9.67

9.79

 

 

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

 

Unknown
Given the fact that no updated financial information was release at this stage we feel unable to comment on the financial strength of the company.

 

 

GENERAL COMMENTS

 

The present limited liability company was registered on 13/05/1975. It was written off from the Registrar on 22/03/1978 and was re-registered on 3/7/81 under the name "DEMETRIS SARPIS LTD".


The company runs a large and well stocked supermarket, popular and well known in Larnaca city and district.


Apart from the retail trade they are carrying out, they also sell products on wholesale base, to other retailers.

 

 

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