%20LIMITED%2030-Apr-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
30.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
G. KALLIS
(MANUFACTURERS) LIMITED |
|
|
|
|
Formerly Known as : |
G KALLLIS & CO LTD |
|
|
|
|
Registered Office : |
2, Gevgelis Street 1071 Nicosia |
|
|
|
|
Country : |
Cyprus |
|
|
|
|
Date of Incorporation : |
01.01.1951 |
|
|
|
|
Com. Reg. No.: |
C1243 Nicosia |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Importers, Wholesalers, Retailers, Exporters and Distributors of Family Clothing Stores. |
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
NAME INQUIRED
UNDER: G Kallis (Mfrs) Ltd
Correct Registered
Name: G. KALLIS (MANUFACTURERS)
LIMITED
Other Trading
name: JET , EUROJET
Address: 2,
Gevgelis Street
1071 Nicosia CYPRUS
P.O. Box: 21750 - 1512
Nicosia
Telephone: +357-22-375050
+357-24-634489
Fax: +357-22-374333
Email: gkallis@gkallis.com.cy
Web: www.gkallis.com.cy
www.eurojet.com.cy
LEGAL STATUS
Legal Form: Private Limited
Liability Company
Date of
foundation: 01.01.1951
Registration
number and city: C1243 Nicosia
Registration date:
11.05.1964
Former
registration name: G KALLLIS
& CO LTD, valid since: 11.05.1964, until: 10.03.1967
Former company names: G KALLLIS & CO LTD
PAYMENT
No complaints
COMMERCIAL
MORALITY:
Good
FINANCIAL
STRENGTH:
Very good
PRINCIPALS
SHAREHOLDERS
|
Full Name |
Function |
Nationality |
EQUITY |
Address |
|
Mr. George Kallis |
Shareholder |
Cypriot |
9.15% |
|
|
Mr. Sotiris Kallis |
Shareholder |
Cypriot |
10.00% |
|
|
Mrs. Maria G. Kallis |
Shareholder |
Cypriot |
8.00% |
|
|
Mr. Zacharias G. Kallis |
Shareholder |
Cypriot |
14.96% |
|
|
Mr. Paris G. Kallis |
Shareholder |
CypriotCypriot |
14.96% |
|
|
Mr. Marinos G. Kallis |
Shareholder |
Cypriot |
14.96% |
|
|
Mr. Marios Z. Kallis |
Shareholder |
Cypriot |
8.00% |
|
|
Mr. Loucas Kallis |
Shareholder |
Cypriot |
5.00% |
|
|
Mr. Athos G. Kallis |
Shareholder |
Cypriot |
14.96% |
|
MANAGEMENT
|
Full Name |
Age |
Function |
Qualification |
Experience |
Address |
|
Mr. George Kallis |
|
Director (Chairman & Managing Director) |
N/A |
N/A |
10, Ailonnidos Street, Aglatzia |
|
Mr. Sotiris Kallis |
|
Director (Administrative Director/Purchasing Mgr.) |
N/A |
N/A |
10, Ailonnidos Street |
|
Mr. Marios Kallis |
56 |
Director (Marketing Director/Purchasing Manager) |
N/A |
N/A |
2, Ioanninon Street, Agios Dometios |
|
Mr. Loizos Phedias |
70 |
Secretary (Financial Manager) |
N/A |
N/A |
6, Kroisou Street, Strovolos |
|
Mr. Marinos Kallis |
38 |
Financial Manager |
N/A |
N/A |
|
|
Mr. Paris Kallis |
40 |
Production Manager Dept. |
N/A |
N/A |
|
|
Mr. Athos Kallis |
36 |
Export Manager |
N/A |
N/A |
|
ACTIVITIES
Importers &
Wholesalers & Retailers & Exporters & Distributors
OPERATIONS:
SIC
main activity
5651 Family Clothing Stores
2311 Men's and Boys' Suits, Coats, and Overcoats (contractors)
2337 Women's, Misses', and Juniors' Suits, Skirts, and Coats (contractors)
5136 Men's and Boys' Clothing and Furnishings
5621 Women's Clothing Stores
The company was
established in order to get involved in the imports(90%),
exports (35%), manufacturing (30%) and sell on a retail basis (35%) men's and
women's casual and formal wear through company's retail outlets.. In addition
the subject sells on a wholesale basis (5%).
Products manufactured are traded under names such as 'Jet' and 'Eurojet'.
The company undertakes tenders for uniforms from goverment, police, military,
municipalities, hotels etc.
MOTOR VEHICLES
|
IMPORTS
EUROPEAN UNION,
MIDDLE EAST, FAR EAST, UNITED STATES
Payment terms:
L/C Base at Sigth
Credit Facilities 30 - 60 days
Credit Facilities 90 - 120 days
EXPORTS
IRELAND, UNITED
KINGDOM, FRANCE, GERMANY, BELGIUM
Payment terms:
O/A (Open Account) 60 days
CAD (Cash Against Documents)
AGENCIES
|
TRADE SUPPLIERS
|
NUMBER OF EMPLOYEES
150
DESCRIPTION OF PREMISES
HEADQUARTERS:
The company operates from newly constructed premises which are located
at the address given overleaf. Their large offices occupy the first floor of a
new building located on a main commercial road in Nicosia. The ground floor and
basement of the same building house one of the company's retail shops. The
total size of premises is 700 square meters.
BRANCHES:
Subject
has 2 branches/divisions
Strovolos Industrial Area,5 Porfyra Street, Strovolos, 2033, Nicosia, 1041,
Cyprus. These are owned factory premises. Size: 2500 square metres.
Operates as Nicosia manufacturing factory.
'G KALLIS ( MANUFACTURERS ) LIMITED' Rafail Santi Street, Aradippou, 6052,
Larnaca, Cyprus. These are owned factory premises. Size: 2000 square metres.
Operates as Larnaca manufacturing factory.
Subject has 23 other branches throughout the country.
RELATED COMPANIES
Sister Company
G. KALLIS (NICOSIA DISTRIBUTORS) LIMITED , CYPRUS , National ID: NIC018408
Subsidiary Company
G.KALLIS (Jordan) Limited , CYPRUS
Sister Company
G.Kallis Distributors (Limassol) Ltd , CYPRUS
Sister Company
G.Kallis Distributors (Paphos) Limited , CYPRUS
Sister Company
Jet Junior Limited , CYPRUS
Sister Company
K.T. Prastitis & Co. Limited , CYPRUS
"G. Kallis Jordan Ltd" - Subsidiary company operating their factory
in Jordan.
"G. Kallis Distributors (Limassol) Ltd" - Sister company, owner of
retial shops in Limassol City.
"G. Kallis Distributors (Paphos) Ltd" - Sister company owner of
retail shops in Paphos city. This company is currently dormant.
"G. Kallis Distributors (Nicosia) Ltd" - Sister company, owners of
retail shops in Nicosia.
"K. T. Prastitis & Co. Ltd" - Sister company, owners of retail
shops in Larnaca.
"Jet Junior Ltd" - Sister company operating on the same line as the
subject in question.
BANKERS
MARFIN POPULAR BANK PUBLIC LIMITED
39 Arch. Makarios III Avenue, 1065 Nicosia,City Centre Nicosia Tel:357 22887766
, Fax:357 2281225
SHARE CAPITAL
|
||||||||||||||||||||||||||||||||||||||||||||
CHARGES
|
03.03.1977 |
Charge on the Debit Debenture |
CYP 500,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
28.04.1977 |
Mortgage |
CYP 20,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
28.04.1977 |
Mortgage |
CYP 40,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
06.10.1978 |
Mortgage |
CYP 25,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
06.10.1978 |
Mortgage |
CYP 60,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
10.10.1978 |
Fixed Charge on the Company's Machinery |
CYP 100,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
15.06.1983 |
Floating Charge |
CYP 800,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
15.06.1983 |
Mortgage |
CYP 40,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
15.06.1983 |
Mortgage |
CYP 110,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
17.06.1983 |
Mortgage |
CYP 102,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
14.03.1984 |
Charge on the Debit Debenture |
CYP 550,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
27.06.1985 |
Mortgage |
CYP 150,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
29.07.1988 |
Mortgage |
CYP 110,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
24.05.1990 |
Mortgage |
CYP 250,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
03.10.2002 |
Floating Charge on all Company's Assets |
CYP 1,500,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
04.11.2002 |
Mortgage |
CYP 200,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
04.11.2002 |
Mortgage |
CYP 300,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
04.11.2002 |
Mortgage |
CYP 700,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
27.08.2001 |
Mortgage |
CYP 500,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
04.11.2002 |
Mortgage |
CYP 300,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
02.11.2004 |
Mortgage |
CYP 273,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
02.11.2004 |
Mortgage |
CYP 570,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
02.11.2004 |
Mortgage |
CYP 195,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
02.11.2004 |
Mortgage |
CYP 315,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
02.11.2004 |
Mortgage |
CYP 281,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
02.11.2004 |
Mortgage |
CYP 119,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
02.11.2004 |
Mortgage |
CYP 581,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
|
02.11.2004 |
Mortgage |
CYP 59,000.00 |
|
in f/o:Marfin
Popular Public Bank Limited |
FINANCE
|
|||||||||||||||
GENERAL COMMENTS
This is the leading men's wear manufacturing company and the largest
clothing exporter in Cyprus. It was founded by George Kallis in 1951, as a
small tailoring shop in the heart of Nicosia market. Ten years later the first
factory was established operating from a plant at Nicosia industrial area.
In 1964, the present limited liability company was incorporated and took over
the business. Today they run 3 factories and 23 retail shops scattered all over
Cyprus. They have expanded their business and have established a factory in
Jordan too, from where most of the exports of the company, are carried out. The
company exports about 70% of its own production. Their overseas clients are
large and well known chain stores.
Their products are very well known in the market under the brand names
"Jet" "G. Kallis" and "Warbler". Four of their
retail shops are selling their imported goods and are known with the registered
trade name "Eurojet".
Please note that the clothing industry, the last couple of years, is going
through a serious crisis. Most of the local firms especially small ones have
been affected heavily and many of them closed down. Today the picture has been
cleared up. The remain units are operating well.
The present company, is still considered to be the leading manufacturing
company and the largest clothing exported in Cyprus. Despite the fact that
their sales showed a stability during the last few years they have managed to
get through the crisis and their sales shows an upward trend again.
They have also expand their activities in the import and trade of ready made
clothes for all ages (men, women, children). They have also secured the sole
distributorship right of U2 products of Hong-Kong, for young people (15-25
years old). They maintain three "Franchise shop” from where the products
are sold, on retail base (2 Nicosia, 1 Larnaca, 1 Limassol).
The company has introduced a new line of products, which is the cosmetic line.
These products are promoted and sold through two specilaized shops, one in
Larnaca city and another one in Limassol city. Both stores are operating under
the style "RED EARTH”.
Contact Person: Mr Marinos Kallis
Position: Financial Controller
Contact information: Web-site:
www.eurojet.com.cy
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%)