MIRA INFORM REPORT

 

 

Report Date :

30.01.2008

 

IDENTIFICATION DETAILS

 

Name :

KARMI UNIFRUIT LIMITED

 

 

Formerly Known As :

ALECOS SOFOCLEOUS (IMPORT - EXPORTS) LTD

 

 

Registered Office :

5, Costas Coralli street Limassol 3010 Tsiflicoudia

 

 

Country :

Cyprus

 

 

Financials (as on) :

2006

 

 

Date of Incorporation :

01.01.1995

 

 

Com. Reg. No.:

C68513 Nicosia

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importers & Wholesalers & Distributors of Fresh Fruits and Vegetables

 

 

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

 

 

 

 

 

 

 

 

 

Correct Registered Name

 

KARMI UNIFRUIT LIMITED

 

 

Address

 

5, Costas Coralli street
Limassol
3010 Tsiflicoudia CYPRUS

P.O.Box: N/A - N/A

Telephone:                 +357-25563639

+357-25567639
+357-25771626

Fax:                              +357-25575862
357-25-563989

Email:                        info@karmi-unifruit.com

Web:                         www.karmi-unifruit.com

 

 

 

LEGAL STATUS

 

 

Legal Form:                Private Limited Liability Company

 

 

Date of foundation

 

01.01.1995

 

 

Registration number and city

 

C68513 Nicosia

 

 

Registration date:  

 

02.02.1995

 

 

Former registration name

 

ALECOS SOFOCLEOUS (IMPORT - EXPORTS) LTD, valid since: 02.02.1995, until: 28.03.1996

 

 

Former company names

 

ALECOS SOFOCLEOUS (IMPORT - EXPORTS) LTD

 

 

 

PRINCIPALS

 

SHAREHOLDERS:

Full Name

Function

Nationality

EQUITY

Address

Mr. Alecos Sofocleous

Shareholder

CYPRUS

54.00%
900 Ordinary A
4,500 Ordinary B

15, Parodos Arnaout street
3017 Limassol CYPRUS

Mrs. Chrystalla Sofocleous

Shareholder

CYPRUS

46.00%
100 Ordinary A
4,500 Ordinary B

15, Parodos Arnaout street
3017 Limassol CYPRUS

 

MANAGEMENT:

 

Full Name

Age

Function

Qualification

Experience

Address

Mr. Alecos Sofocleous

 

Managing Director

N/A

N/A

15, Parodos Arnaout street
3017 Limassol CYPRUS

Ms. Zoe Theodorou

 

Accountant

NA

N/A

CYPRUS

Ms. Antonis Rousos

 

Financial Controller

N/A

N/A

CYPRUS

Mrs. Chrystalla Sofocleous

 

Director / Secretary

N/A

N/A

15, Parodos Arnaout street
3017 Limassol CYPRUS

 

 

ACTIVITIES  

 

Importers & Wholesalers & Distributors

 

OPERATIONS:


SIC
  main activity
  5148 Fresh Fruits and Vegetables

  5431 Fruit and Vegetable Markets

The company was established in order to get involved in the import (70%)distribution and wholesale (100%) trade of fresh fruits and vegetables, dry nuts and other foodstuff. The Company sells its fresh fruit and vegetables to other companies (e.g. supermarkets, fruit markets, hotels, etc.) all over the island. In addition the Company sells to its subsidiary company ('Limia Fruit Market Limited') which sells the products through its own supermarkets situated in Limassol city.

In Cyprus subject is considered to be a large concern in this field.

Sells to fruit markets, supermarkets, hypermarkets, sister company, hotels, etc. on a regular basis.

 

 

MOTOR VEHICLES   

 

2008

Number of lorries owned: 10

Total number of vehicles 10

 

 

IMPORTS 

 

ITALY, SPAIN, GREECE, BELGIUM
Payment terms:
Bank Transfer

 

 

EXPORTS

 

To: Not applicable.
Terms: Not applicable.

 

 

AGENCIES    

 

Name                        Country                               Product

None.                                                                   

 

 

 

TRADE SUPPLIERS:

Name

Country

Product

"VIP"

ITALY

Bananas

"PLADE SCOPE"

SPAIN

Fruits

"DOLLE HELLAS"

GREECE

Fruits

"APOLLO FRUITS"

GREECE

Fruits

 

 

NUMBER OF EMPLOYEES   

 

14

 

 

DESCRIPTION OF PREMISES

 

HEADQUARTERS:    

The company operates from owned premises, which are located at the address given overleaf. Premises are comprised of offices, warehouse, cold stores.They cover a total area of 1500 sq.metres.

 

 

 

BRANCHES   

 

NONE

 

 

RELATED COMPANIES

 

Subsidiary Company
Limia Fruit Market Limited , CYPRUS

"Limia Fruit Market Ltd" - Subsidiary Company.This concern operates as retailer of fruits and vegetables through its four outelts.

 

 

BANKERS

 

HELLENIC BANK PUBLIC COMPANY LIMITED
131 Arch. Makarios Ave. & Ioanni Polemi Str. 3021 Limassol Tel:+357 25502000 Fax:+357 25731031 Email: makarioulimassol@hellenicbank.com

MARFIN POPULAR BANK PUBLIC LIMITED
Corner, Athinon Road & N. Xiouta Street, 3041 Limassol Tel:+357 815000, Fax:+357 25815144

SOCIETE GENERALE CYPRUS LIMITED
3, J.F. K

ennedy Str., Stefel Court, PO Box 54911, 3729 Limassol +357 25 583377 +357 25 853399

AUDITORS / ACCOUNTANTS:


Financials have been audited
Company: Miltos Athanasiou F.C.A , 14,John Kennedy Avenue,Flat 33,3106 LimassolTel:357 25588555

 

 

SHARE CAPITAL

 

Registered capital:                              CYP 50,000.00       since 02.02.1995

Number of Ordinary B:                           49,000                    

Value per share of Ordinary B:                CYP 1.00               

Number of Ordinary A:                           1,000                     

Value per share of Ordinary A:                CYP 1.00               

 

Issued capital:                                     CYP 10,000.00       since 02.02.1995

Number of                       Ordinary B:     49000                     

Value per share of           Ordinary B:     CYP 1.00                

Number of                       Ordinary A:     1000                       

Value per share of           Ordinary A:     CYP 1.00                

 

Paid-up capital:                                   CYP 10,000.00       since 02.02.1995

of which paid in cash:                            CYP 10,000.00     

 

 

 

CHARGES

 

18.02.1997

Floating Charge on all Company's Assets

CYP 100,000.00

 

in f/o:Alpha Bank Limited

17.02.2003

Floating Charge on all Company's Assets

CYP 25,000.00

 

in f/o:Hellenic Bank Public Company Limited

18.12.2003

Floating Charge on all Company's Assets

CYP 50,000.00

 

in f/o:Laiki Factors Limited

29.09.2004

Mortgage

CYP 130,000.00

 

in f/o:Marfin Popular Public Bank Limited

26.10.2005

Floating Charge on all Company's Assets

CYP 50,000.00

 

in f/o:Laiki Factors Limited

01.02.2006

Floating Charge on all Company's Assets

CYP 100,000.00

 

in f/o:Laiki Factors Limited

01.12.2003

Floating Charge

CYP 130,000.00

 

in f/o:Marfin Popular Public Bank Limited

 

 

 

FINANCE

 

Amounts shown in Cyprus Pounds (CYP) 

2006

2005

2004

 



PROFIT & LOSS

 

Sales Turnover

4,812,070.00

3,242,213.00

3,070,961.00

 

Cost of Sales

-4,064,008.00

-2,813,960.00

-2,661,473.00

 

Gross Profit

748,062.00

428,253.00

409,488.00

 

Other Operating Income

 

16,259.00

 

 

Selling / Distribution / Promotional Expenses

-112,399.00

-230,057.00

-205,507.00

 

Administrative Expenses

 

-92,462.00

-97,662.00

 

Operational Profit

303,492.00

121,993.00

106,319.00

 

Finance Costs

-57,571.00

-75,280.00

-90,668.00

 

Financial Income

1,021.00

 

 

 

Profit Before Taxation

246,942.00

46,713.00

15,651.00

 

Net Profit

222,253.00

50,796.00

14,049.00

 

Taxation

-24,689.00

-4,083.00

-1,602.00

 



BALANCE SHEET

 

Property, Plant & Equipment

373,516.00

318,393.00

330,744.00

 

Total Fixed Assets

373,516.00

318,393.00

330,744.00

 

Inventory / Stock

156,520.00

91,114.00

136,070.00

 

Trade Debtors (receivables from customer)

1,932,072.00

1,300,389.00

962,622.00

 

Cash in Hand & at Bank

16,611.00

5,835.00

5,039.00

 

Total Current Assets

2,105,203.00

1,397,338.00

1,103,731.00

 

Total Assets

2,478,719.00

1,715,731.00

1,434,475.00

 

Reserves

-18,586.00

-229,951.00

-249,522.00

 

Total Equity

-8,586.00

-219,951.00

-239,522.00

 

Long - Term Loans

753,759.00

334,257.00

423,259.00

 

Taxation Payable

 

9,027.00

11,281.00

 

Short - Term Borrowings, Loans

729,574.00

874,629.00

575,965.00

 

Total Current Liabilities

1,733,546.00

1,601,425.00

1,250,738.00

 

Total Equity & Liabilities

2,478,719.00

1,715,731.00

1,434,475.00

 

Share Capital

10,000.00

10,000.00

10,000.00

 

Creditors

976,590.00

717,769.00

663,592.00

 

Total Liabilities

2,487,305.00

1,935,682.00

1,673,997.00


The company sales turnover for the year 2007 will be around CYP 5600000

 

 

 

RATIOS

 

 

2006

2005

2004

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

0.10

0.03

0.01

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

1.00

1.13

1.17

Current ratio ( CR )
Current assets / Current liabilities

1.21

0.87

0.88

Day's supply in inventory
( Turnover / Inventory )

30.74

35.58

22.57

 

 

 

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 02/02/1995. It is involved in the trade of fresh fruits and vegetables, dry nuts, and other foodstuff.

The Company sells its fresh fruits and vegetables to other Companies all over the island. In addition the Company sells to its affiliate company which sells the products through its own supermarkets situated in Limassol city.

In Cyprus subject considered to be large concern in this field.

According to Ms Theodorou the Company acquired a plot next to its premises and they are planning to construct new warehouses in the near future.

 

 

 

 

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