MIRA
INFORM REPORT
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Report Date : |
17.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
CH K MORPHAKIS TRADING CO LIMITED |
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Registered Office : |
27, Kalamon Street, Nicosia, 2032 Nicosia |
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Country : |
CYPRUS |
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Date of Incorporation : |
01.01.1963 |
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Com. Reg. No.: |
C10616 Nicosia |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Wholesale of machine tools Wholesale of hardware, plumbing and heating equipment and supplies |
RATING &
COMMENTS
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MIRA’s Rating : |
NR |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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Status : |
Dormant Company |
NAME & ADDRESS
Correct Registered Name: CH K MORPHAKIS TRADING CO LIMITED
Address: 27, Kalamon Street
Nicosia
2032 Nicosia CYPRUS
P.O.Box: N/A - N/A
Telephone: + 357-22-730214
Email: cmorphakis@cytanet.com.cy
Web: N/A
LEGAL STATUS
Legal Form: Private Limited Liability Company
Date of foundation: 01.01.1963
Registration number and city: C10616 Nicosia
Registration date: 18.01.1978
Activity status: 01.01.1997 - dormant company
PRINCIPALS
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SHAREHOLDERS: |
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Full Name |
Function |
Nationality |
EQUITY |
Address |
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Mr. Stylianos Morphakis Ch. |
Shareholder |
CYPRUS |
17.05% |
River Court, Apt. 49, Fotiou Street |
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Mr. Georgios Ch. Morphakis |
Shareholder |
CYPRUS |
60.00% |
River Court, Apt. 49, Fotiou Street |
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Mr. Charalambos K. Morphakis |
Shareholder |
CYPRUS |
5.68% |
River Court, Apt. 49, Fotiou Street |
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Heirs of Maroulla Ch. Morphaki |
Shareholder |
CYPRUS |
17.27% |
N/A |
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MANAGEMENT: |
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Full Name |
Age |
Function |
Qualification |
Experience |
Address |
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Mr. Georgios Ch. Morphakis |
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Director / Secretary |
N/A |
N/A |
River Court, Apt. 49,
Fotiou Street, Nicosia |
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Mr. Charalambos K. Morphakis |
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Director |
N/A |
N/A |
River Court, Apt. 49, Fotiou Street |
ACTIVITIES
Importers & Retailers & Wholesalers
OPERATIONS: NACE
main activity
5161 Wholesale of machine tools
5154 Wholesale of hardware, plumbing and heating equipment and
supplies
SIC
main activity
5072 Hardware (except sold via retail method)
5074 Plumbing and Heating
Equipment and Supplies (Hydronics) (except plumbing equipment sold via retail
method)
Analysis: Dormant. The company used to deal with the wholesale (90%) and retail
(10%) trade of hand tools, bolts and nuts, pipe fittings and other related
products. (Please see general comments).
IMPORTS
UNITED KINGDOM, GERMANY, SPAIN, ITALY, CHINA, TAIWAN, PROVINCE OF CHINA, UNITED STATES
Payment terms:
Draft Acceptance
The company used to import from above countries.
EXPORTS
To: Not applicable
Terms: Not applicable
AGENCIES
Name Country Product
None.
TRADE SUPPLIERS
Name Country Product
None.
NUMBER OF EMPLOYEES
0
WORKFORCE
2007
Total Workforce 0
DESCRIPTION OF PREMISES
HEADQUARTERS: The company used to operate from premises which were located at the address given
overleaf.
BRANCHES: None
RELATED COMPANIES
"G. Morphakis Payless Ltd" - About 80% of the company's shares are held by Mr George Morphakis. The company involves in the retail trade and is operating from 20, Ag. Anargiron street, in Larnaca city. (Tel.: 04-663631 Fax: 04-663633).
"K. Morphakis Trading Co. Ltd" - Sister company operating in Nicosia
city, from the address, 5, Medontos str., 1060 Nicosia (Tel.: 02-466575 Fax:
02-444096). The company’s major shareholder is Mr Kostas Morphakis.
BANKERS
The
company’s bankers used to be:
Bank of Cyprus Ltd.
Griva Digeni Avenues, Nicosia
Tel: 02-446266, Fax: 02-368249
SHARE CAPITAL
Registered capital: CYP 20,000.00 since 28.07.1984
Number of Ordinary: 20,000
Value per share of Ordinary: CYP 1.00
Issued capital: CYP 20,000.00 since 28.07.1984
Number of Ordinary: 20000
Value per share of Ordinary: CYP 1.00
Paid-up capital: CYP 20,000.00 since 28.07.1984
of which paid in cash: CYP 20,000.00
CHARGES
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29.08.1984 |
Charge on the Debit Debenture |
CYP 20,000.00 |
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in f/o:Bank of Cyprus Limited |
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25.11.1988 |
Floating Charge on all Company's Assets |
CYP 20,000.00 |
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in f/o:Bank of Cyprus Limited |
FINANCE
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PAYMENT
Please see General Comments
GOOD FOR AMOUNT & TERMS OF
INQUIRY
No credit
COMMERCIAL MORALITY
Please see General Comments
FINANCIAL STRENGTH
Too early to comment
GENERAL COMMENTS
The
present limited liability company was incorporated on 18/1/78 and took over the
activities of the private concern which was established in 1963.
The company used to deal with the trade of hand tools, bolts and nuts and pipe
fittings. Products used to be imported through commission agents from European
and Far East countries and sold locally mainly on wholesale base.
According to the person interviewed, the company is currently DORMANT. The
founder of the company withdrew early in 1996. After that tow new companies
have been established by the two sons, George and Kostas Morphakis. One is
operating in Nicosia and is owned by Mr Kostas Morphakis (i.e. K. Morphakis
Trading Ltd) and the other one is operating by Mr George Morphakis (i.e. G.
Morphakis Payless Ltd).
Under this circumstances we believe that no credit should be granted since the
Company is DORMANT and someone should be careful with his dealings with
"CH. K. MORPHAKIS TRADING LTD".
Contact Person: Mr Costas Morphakis
Position: Son of the Founder of the company
Contact Tel.No.: +357 22730214
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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)