MIRA INFORM REPORT

 

 

Report Date :

03.10.2007

 

IDENTIFICATION DETAILS

 

Name :

LACORZETA TRADING LIMITED

 

 

Registered Office :

6, Theokritou Street, Nicosia 1060 Nicosia, P. O. Box  26584 - 1640 Nicosia

 

 

Country :

Cyprus

 

 

Date of Incorporation :

13.05.1993

 

 

Com. Reg. No.:

C55300

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture of work-wear
Wholesale of clothing and footwear

 

 

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 :

No Complaints

 

 

Litigation :

Clear

 

 

 

NAME & ADDRESS

 

 

Correct Registered Name:           LACORZETA TRADING LIMITED

Address:                                  6, Theokritou Street

Nicosia
1060 Nicosia CYPRUS

P.O.Box:                                   26584 - 1640 Nicosia

Telephone:                                +357-22-433318
+357-22-375995
+357-99-315121

Fax:                                          +357-22-344061

Email:                                       lacorzeta@cytanet.com.cy

Web:                                         N/A

 

 

LEGAL STATUS

 

 

Legal Form:                               Private Limited Liability Company

Registration number and city:      C55300 Nicosia

Registration date:                       13.05.1993

 

 

 

PRINCIPALS

 

SHAREHOLDERS:

 

Full Name

Function

Nationality

EQUITY

Address

Mr. Nicos G. Christodoulou

Shareholder

CYPRUS

80.00%
160 Ordinary A
3,840 Ordinary B

17A, Afroditis Street
Nicosia
1026 Kaimakli CYPRUS

Ms. Giorgoula N. Christodoulou

Shareholder

CYPRUS

20.00%
40 Ordinary A
960 Ordinary B

17A, Afroditis Street
Nicosia
1026 Kaimakli CYPRUS

 

MANAGEMENT:

 

Full Name

Age

Function

Qualification

Experience

Address

Mr. Nicos G. Christodoulou

60

Managing Director

N/A

N/A

17A, Afroditis Street
Nicosia
1026 Kaimakli CYPRUS

Mr. Christodoulos Christodoulou

 

Manager

N/A

N/A

17A, Afroditis Street
Nicosia
1026 Kaimakli CYPRUS

Ms. Giorgoula N. Christodoulou

 

Director / Secretary

N/A

N/A

17A, Afroditis Street
Nicosia
1026 Kaimakli CYPRUS

Ms. Giorgoula N. Christodoulou

 

Production Manager Dept.

N/A

N/A

17A, Afroditis Street
Nicosia
1026 Kaimakli CYPRUS

 

 

 

ACTIVITIES

 

Importers & Manufacturers & Wholesalers & Retailers & Contractors

 

 

OPERATIONS

 

NACE
1821 Manufacture of work-wear
5142 Wholesale of clothing and footwear

SIC
main activity
2311 Men's and Boys' Suits, Coats, and Overcoats (contractors)

2326 Men's and Boys' Work Clothing (contractors)
5136 Men's and Boys' Clothing and Furnishings
5999 Miscellaneous Retail Stores, NEC (typewriters and telephones)
5699 Miscellaneous Apparel and Accessory Stores (custom tailors)

Analysis: Importers(90% Raw Materials & Finished Goods)
Manufacturers(90%)
Contractors (70% with private and governmental sector)

Wholesalers, Retailers: specialized clothing and uniforms(breetable, waterproof, Fireproof coats and jackets), gloves and caps.

 

 

 

MOTOR VEHICLES

 

                                                                   2007

Number of commercial vans                    owned: 1

Number of vans                                      owned: 1

Total number of vehicles                         2

 

 

IMPORTS

 

UNITED KINGDOM, TAIWAN, PROVINCE OF CHINA, GREECE, INDIA, SPAIN, EUROPEAN UNION, MALAYSIA

Payment terms:

Cash Payment

L/C Base (Letter of Credit)

Bank Transfer

 

 

EXPORTS

 

To: Not applicable
Terms: Not applicable

 

 

AGENCIES

 

Name                                  Country                                         Product

Hainsworth                           UNITED KINGDOM                         fireproof textile

Gray Houdent Co Limited       TAIWAN, PROVINCE OF CHINA      gloves, caps

 

 

TRADE SUPPLIERS

 

Name                                             Country                     Product

Not Disclosed                                                                  

 

 

NUMBER OF EMPLOYEES

 

7

 

 

 

 

DESCRIPTION OF PREMISES

 

HEADQUARTERS:

Subject operates from rented premises which are located at the address given overleaf. Premises comprised of office, shop/showroom covering 100 sq. metres.

 

BRANCHES:

Subject maintains 2 branches/divisions:

a) 70, Aischilou Street, 1011, Nicosia, Cyprus. This is where company's rented factory is located. It covers 200 sq. metres.

b) 17A Afroditis Street, 1026, Kaimakli, Nicosia, Cyprus. This is the residence of Mr Nikos Christodoulou where he maintains a warehouse(150 Sq. metres)

 

 

RELATED COMPANIES

 

None

 

 

BANKERS

 

BANK OF CYPRUS PUBLIC COMPANY LIMITED

48, Stassinos Ave., 1060, Nicosia Tel:+357 22848300 Fax:+357 22343988


KAIMAKLI CO-OPERATIVE CREDIT SOCIETY

66, Ayiou Ilarionos Street Tel:+357 22348700 Fax:+357 22343201


POLYSTYPOS CO-OPERATIVE CREDIT SOCIETY

2, Arch. Makarios III Street Tel:+357 22652140 Fax:+357 2252668

 

 

SHARE CAPITAL

 

Registered capital:                               CYP 5,000.00       since 13.05.1993

Number of Ordinary A:                                            200      

Value per share of Ordinary A:                        CYP 1.00       

Number of Ordinary B:                                         4,800       

Value per share of Ordinary B:                        CYP 1.00       

 

Issued capital:                                      CYP 5,000.00       since 13.05.1993

Number of                        Ordinary A:                    200       

Value per share of            Ordinary A:           CYP 1.00        

Number of                        Ordinary B:                   4800       

Value per share of            Ordinary B:           CYP 1.00        

 

Paid-up capital:                                   CYP 5,000.00       since 13.05.1993

of which paid in cash:                             CYP 5,000.00     

 

 

 

 

CHARGES

 

21.02.1997

Floating Charge on all Company's Assets

CYP 50,000.00

 

in f/o:Bank of Cyprus Limited

21.02.1997

Assignment of guarantee letter

CYP 60,000.00

 

in f/o:Bank of Cyprus Limited

 

 

 

 

FINANCE

Amounts shown in Cyprus Pounds (CYP) 

2007

2005

2004

2003

 



PROFIT & LOSS

 

Sales Turnover

180,000.00 (Targeted)

24,384.00

12,977,156,508.00

 

 

Cost of Sales

 

-16,502.00

-85,775.00

-39,605.00

 

Gross Profit

 

7,882.00

43,996.00

16,903.00

 

Other Operating Income

 

 

 

1,058.00

 

Selling / Distribution / Promotional Expenses

 

-2,349.00

-3,632.00

-2,728.00

 

Administrative Expenses

 

-23,794.00

-26,351.00

-25,298.00

 

Operational Profit

 

-18,261.00

14,013.00

-10,065.00

 

Finance Costs

 

-7,630.00

-10,635.00

-5,446.00

 

Financial Income

 

5.00

5.00

 

 

Profit Before Taxation

 

 

3,383.00

 

 

Profit After Taxation

 

 

3,382.00

 

 

(Loss) Before Taxation

 

25,886.00

 

15,511.00

 

Taxation

 

 

-1.00

 

 

(Loss) After Taxation

 

25,886.00

 

15,511.00

 



BALANCE SHEET

 

Property, Plant & Equipment

 

5,722.00

7,134.00

4,251.00

 

Total Fixed Assets

 

5,722.00

7,134.00

4,251.00

 

Inventory / Stock

 

102,637.00

75,605.00

46,345.00

 

Trade Debtors (receivables from customer)

 

9,081.00

2,170.00

26,383.00

 

Cash in Hand & at Bank

 

412.00

358.00

1,790.00

 

Total Current Assets

 

112,130.00

78,133.00

74,518.00

 

Total Assets

 

117,852.00

85,267.00

78,769.00

 

Retained Profit / Earnings) for the year

 

-39,065.00

-13,179.00

-16,561.00

 

Total Equity

 

-34,065.00

-8,179.00

-11,561.00

 

Long - Term Loans

 

29,355.00

6,228.00

8,944.00

 

Taxation Payable

 

 

 

208.00

 

Trade Creditors (accounts payable)

 

21,901.00

15,587.00

11,332.00

 

Short - Term Borrowings, Loans

 

100,661.00

71,631.00

69,846.00

 

Total Current Liabilities

 

122,562.00

87,218.00

81,386.00

 

Total Equity & Liabilities

 

117,852.00

85,267.00

78,769.00

 

Share Capital

 

5,000.00

5,000.00

5,000.00

 

Borrowings

 

100,661.00

71,631.00

69,846.00

 

Total Liabilities

 

151,917.00

93,446.00

90,330.00


2006 Sales Turnover CYP 150,000.00 (Approximately)

2007 Sales Turnover CYP 180,000.00 (Targeted)

 

 

 

RATIOS

 

2005

2004

2003

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

-

0.04

-

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

1.29

1.10

1.15

Current ratio ( CR )
Current assets / Current liabilities

0.91

0.90

0.92

Day's supply in inventory
( Turnover / Inventory )

0.24

171,644.16

-

 

 

PAYMENT

 

No complaints

 

 

GOOD FOR AMOUNT & TERMS OF INQUIRY

 

Too high

 

 

COMMERCIAL MORALITY

 

Good

 

 

FINANCIAL STRENGTH

 

Good

 

 

GENERAL COMMENTS

 

The present limited liability Company was incorporated on 13/05/1993 and it is involved mainly in the manufacture of specialized clothes and uniforms for policemen, firemen, nurses, doctors.

Their major percentage of sales comes from contracts(70%)undertaken for private or public sectors, but they have their Retail Department too.

According to the person interviewed the Company intend to start exporting activities Greece and generally in Europe.

 

 

 

Contact Person:         Mr Nicos G. Christodoulou

Position:                   Managing Director

Contact Tel. No.:        +357 22433318

 

 

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.

 

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