MIRA INFORM REPORT

 

 

Report Date :

29.02.2012

 

IDENTIFICATION DETAILS

 

Name :

LIFETIME (TILES) LIMITED

 

 

Registered Office :

Aradippou Industrial Area 7100 Larnaca

 

 

Country :

Cyprus

 

 

Financials (as on) :

2009

 

 

Date of Incorporation :

01.01.1986

 

 

Com. Reg. No.:

C26782 Nicosia

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Cut Stone and Stone Products

 

 

No. of Employees :

26

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Cyprus

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

Name & Address

 

NAME INQUIRED UNDER:

Lifetime (Tiles) Ltd

 

Correct Registered Name:

LIFETIME (TILES) LIMITED

 

Address:

Aradippou Industrial Area
7100 Larnaca CYPRUS

 

P.O.Box:

45034 - 7110 Aradippou

 

Telephone:

+357-24530533
+357-24531233
357-24-530533

 

Fax:

+357-24531340

 

Email:

info@lifetime.com.cy
e.georgiou@lifetime.com.cy

 

Web:

www.vase.com.cy

 

Business address:

Aradippou Industrial Area
7100 Larnaca CYPRUS

 

 

 

 

Payment

 

PAYMENT HABITS:

No Complaints

 

 

 

 

Commercial Morality:

Moderate

 

Financial Strength:

Unable to comment
Given the fact that no recent detailed financial statements were released to us, we feel unable to express a safe and reliable opinion on their creditability and Financial Strength.

 

 

 

Legal Status

 

 

Legal Form:

Private Limited Liability Company

Private Limited Liability Company: It is incorporated by one or more individuals or companies (maximum: 50). It is managed by a board of directors consisted of minimum two individuals or juridical persons. Capital is required. The shareholders are liable for the companys debts to the extent of their respective interests in the capital. Its shares are not to be sold through public subscription. Private Limited Liability companies are obliged to file their accounts with the Registrar of Companies (Company Registry).

 

Date of foundation:

01.01.1986

 

Registration number and city:

C26782 Nicosia

 

Registration date:

26.04.1986

 

National ID: C26782

 

 

Company Status

 

Registration status: 26.04.1986 - registered company
Activity status: 26.04.1986 - Company is active

 

 

 

Principals

 

Shareholders

 

 

Full Name

Personal ID

Function

Nationality

Equity

Address

Mr. Stelios Ellinas

756985

Shareholder

CYPRUS

20.00%
39,980 Ordinary - A

Athienou, Hatziconstantinou Lytra Street
Larnaca CYPRUS

Mr. George Ellinas

677652

Shareholder

CYPRUS

20.00%
39,980 Ordinary - A

Athienou, Hatziconstantinou Lytra Street
7600 Larnaca CYPRUS

Mr. Vasos Ellinas

007926

Shareholder

CYPRUS

20.00%
39,880 Ordinary - A
90 Ordinary - B

Athienou, Hatziconstantinou Lytra Street
7600 Larnaca CYPRUS

Ms. Androulla Ellina

469329

Shareholder

CYPRUS

20.00%
39,980 Ordinary - A
10 Ordinary - B

Athienou, Hatziconstantinou Lytra Street
7600 Larnaca CYPRUS

Ms. Christina Ellina

677653

Shareholder

CYPRUS

20.00%
39,980 Ordinary - A

Athienou, Hatziconstantinou Lytra Street
7600 Larnaca CYPRUS

 

Management

 

 

Full Name

Personal ID

Age

Function

Nationality

Qualification

Experience

Address

Mr. Vasos Ellinas

007926

70

Director

CYPRUS

Non retrievable

Also director of V.A.S.E. LIMITED.

Athienou, Hatziconstantinou Lytra Street
7600 Larnaca CYPRUS

Mr. George Ellinas

677652

43

Director / Secretary

CYPRUS

Non retrievable

Also shareholder of V.A.S.E. LIMITED.

Athienou, Hatziconstantinou Lytra Street
7600 Larnaca CYPRUS

 

 

Activities

 

Activities:

Importers & Wholesalers & Distributors & Manufacturers & Retailers & Exporters

 

Operations:


SIC
  main activity
  3281 Cut Stone and Stone Products

  5032 Brick, Stone, and Related Construction Materials (except construction materials sold via retail method)

The company in question is involved in the process (40% of the total products)
of granite, marble, Cyprus stone and Silestone. They import (95%), wholesale
(20%), retail sale (80%) and distribution of marble, granite, ceramic tiles,
sanitary ware, parquet, mixers and bath accessories, all imported from Spain
and Italy. Moreover, the company acts as a commission agent as well.

The company is the representative of Consentino products dealing with more
than 40 colours of granite and 30 colours of marble. Moreover, the company
represents more than 15 foreign companies in the island.

Business Activities
Marble and Granite Products - Manufacturers and Suppliers

Industry Classifications - NAICS
» Building Material and Supplies Dealers NAICS # 4441

 

 

Motor Vehicles

 

 

2012

Number of vans

owned: 5

Total number of vehicles

5

 

 

Imports

 

ITALY, SPAIN, GREECE, ISRAEL, EGYPT
Payment terms:
O/A (Open Account) 90 - 180 days

 

 

Exports

 

The subject does not engage in any export activities.

 

 

Agencies

 

Name

Country

Product

"Venafro Marmi"

ITALY

 

Cerypsa

SPAIN

 

Natucel

SPAIN

 

"Azulev"

SPAIN

ceramic tiles

"Conentino"

SPAIN

filestones

"Jose Carcia Moya"

SPAIN

marbles

"Incea"

ITALY

sanitary ware

"R.H.F."

ITALY

ceramic tiles

"Saicif"

ITALY

ceramic tiles

 

 

Trade Suppliers

 

Same as agencies

 

 

 

Workforce

 

Number Of Employees:

26

Description Of Premises

 

Address:

Aradippou Industrial Area
7100 Larnaca CYPRUS

Type of premises:

Premises

 

Headquarters:

The company is operating from owned premises, which are located at the address given overleaf. Premises comprised of offices and showrooms (400 m˛) and the factory and warehouses (2,580 m˛). They also maintain an open-air storage place that covers 7,190 m˛. They also expand their storage facilities. They will have an open warehouse of 3,200 m˛ and a second one, covered of 800 m˛.

Please note that this is also the subject's registered address.

 

Branches:

 

 

 

Related Companies

 

Affiliated Company
V.A.S.E. LIMITED , CYPRUS , National ID: C82806

*PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

"V.A.S.E. Ltd” - Affiliated company operating from Nicosia city (200, Limassol Ave., Latsia Area). The company maintains a retail outlet, through which products imported by the subject in question are promoted and sold (i.e. marbles, granites, ceramic tiles for floor and wall coverings, etc.). the company’s manager is Mr. Stelios Ellinas. Their sales turnover was as follow: CYP 300.000 (1999), CYP 370.000 (2000), CYP 414.000 (2001), CYP 540.000 (2002), CYP 765.070 (2003). It is expected that their sales turnover will decrease by 10%-15% in the year 2004. Their closing stock for the years 2003 is CYP 188.464.

 

 

Bankers

 

BANK OF CYPRUS PUBLIC COMPANY LIMITED
14 Gregoriou Afxentiou Street, Larnaca 6021, Cyprus, Telephone: 357 24652054

MARFIN POPULAR BANK PUBLIC LIMITED
33A Lordou Vyronos Street, Larnaca, Cyprus, Telephone: 357 24814500

SOCIETE GENERALE BANK - CYPRUS LIMITED
35 Corner of King Paul Square & Grigori Afxentiou Avenue, Larnaca 6023, Cyprus., Telephone: 357 24818830


Account numbers are not disclosed.

 

 

Press

 

28.02.2012, No press / media available at present.

 

 

Auditors / Accountants

 

Auditor: Ms Marina Yerolemou
Date: 31.12.2009
Financials have been audited
Company: Deloitte & Touche, Zachariades Court, 15

 

 

Share Capital

 

Registered capital:

EUR 512,658.00 since 01.01.2008

Number of Ordinary - A:

199,800

Value per share of Ordinary - A:

EUR 1.71

Number of Ordinary - B:

100,000

Value per share of Ordinary - B:

EUR 1.71

 

Issued capital:

EUR 341,829.00 since 01.01.2008

Number of Ordinary - A:

199800

Value per share of Ordinary - A:

EUR 1.71

Number of Ordinary - B:

100

Value per share of Ordinary - B:

EUR 1.71

 

Paid-up capital:

EUR 341,829.00 since 01.01.2008

 

Charges

 

20.01.1989

Floating Charge

CYP 10,000.00

 

in f/o:Bank of Cyprus Public Co Ltd

12.05.1992

Floating Charge

CYP 30,000.00

 

in f/o:Bank of Cyprus Public Co Ltd

12.05.1992

Mortgage

CYP 96,000.00

 

in f/o:Bank of Cyprus Public Co Ltd

29.03.1994

Mortgage

CYP 34,000.00

 

in f/o:Bank of Cyprus Public Co Ltd

04.11.1994

Floating Charge

CYP 60,000.00

 

in f/o:Bank of Cyprus Public Co Ltd

04.11.1994

Mortgage

CYP 50,000.00

 

in f/o:Bank of Cyprus Public Co Ltd

18.07.1995

Mortgage

CYP 42,000.00

 

in f/o:Bank of Cyprus Public Co Ltd

09.09.1996

Floating Charge

CYP 20,000.00

 

in f/o:Marfin Popular Bank Public Co Limited

20.11.2008

Mortgage

EUR 250,000.00

 

in f/o:Bank of Cyprus Public Co Ltd

03.02.2011

Mortgage

EUR 350,000.00

 

in f/o:Bank of Cyprus Public Co Ltd

 

 

Finance

 

 

2009

2008

2003

2002

 



PROFIT & LOSS

 

Sales Turnover

3050151 EUR

3597972 EUR

1399969 CYP

1262558 CYP

 

Cost of Sales

-2447516 EUR

-3001362 EUR

 

 

 

Gross Profit

602635 EUR

596610 EUR

 

 

 

Other Operating Income

1617 EUR

7817 EUR

 

 

 

Administrative Expenses

-167416 EUR

-141544 EUR

 

 

 

Other Operating Expenses

-191346 EUR

-220320 EUR

 

 

 

Operational Profit

245490 EUR

242563 EUR

 

 

 

Finance Costs

-123163 EUR

-101400 EUR

 

 

 

Profit Before Taxation

122327 EUR

141163 EUR

 

 

 

Corporate Income Tax

-14717 EUR

-17033 EUR

 

 

 

Net Profit

107610 EUR

124130 EUR

 

 

 



BALANCE SHEET

 

FIXED ASSETS

 

 

775000 CYP

 

 

Property, Plant & Equipment

2609296 EUR

2670342 EUR

 

 

 

Total Fixed Assets

2609296 EUR

2670342 EUR

 

 

 

Inventory / Stock

1781364 EUR

2010226 EUR

 

 

 

Average Stock

 

 

515116 CYP

442411 CYP

 

Trade Debtors (receivables from customer)

1107278 EUR

837521 EUR

 

 

 

Taxation Receivable

11258 EUR

 

 

 

 

Cash in Hand & at Bank

10313 EUR

13394 EUR

 

 

 

Total Current Assets

2910213 EUR

2861141 EUR

 

 

 

Total Assets

5519509 EUR

5531483 EUR

 

 

 

Other Reserves

2198524 EUR

2198626 EUR

 

 

 

Retained Profit / Earnings) for the year

526260 EUR

548539 EUR

 

 

 

Total Equity

3066613 EUR

3088894 EUR

 

 

 

Long - Term Loans

212305 EUR

 

 

 

 

Taxation Payable

189408 EUR

189306 EUR

 

 

 

Trade Creditors

575027 EUR

925862 EUR

 

 

 

Short - Term Borrowings, Loans

85085 EUR

96847 EUR

 

 

 

Taxation Due

 

11260 EUR

 

 

 

Bank Overdraft

1391071 EUR

1219314 EUR

 

 

 

Total Current Liabilities

2051183 EUR

2253283 EUR

 

 

 

Total Equity & Liabilities

5519509 EUR

5531483 EUR

 

 

 

SHARE CAPITAL

341829 EUR

341829 EUR

 

 


Please note that the financials were provided by the subject on a previous interview.

In addition, Ms Elena Georgiou, company accountant, promised to provide us with the accounts of 2010; however nothing received yet. Should any additional information becomes available we will forward them to you as soon as possible.

 

 

Ratios

 

 

2009

2008

2003

2002

Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice
Current Assets / Current Liabilities

1.42

1.27

-

-

Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good
(Current Assets - Inventory) / Current Liabilities

1.42

1.27

-

-

Return on assets ( ROA )
Net Profit After Tax / Total assets

0.02

0.02

-

-

Return on equity ( ROE )
Net Profit After Tax / Total Equity

0.04

0.04

-

-

Return on sales ( ROS )
Net Profit x 100 / Sales Turnover

3.53

3.45

-

-

Day's supply in inventory
Sales Turnover / Inventory

1.71

1.79

-

-

Collection Period Ratio (in days)
Accounts Receivable x 365 / Sales Turnover

132.50

84.96

-

-

Cash Liquidity Ratio
Liquid Assests / Current Liabilities x 100

0.50

0.59

-

-

Receivables Ratio (%)
Accounts Receivable / Current Liabilities x 100

53.98

37.17

-

-

Current Assets Ratio (%)
(Current Assets - Accounts Receivable) / Current Liabilities x 100

141.88

126.98

-

-

Shareholder Equity Increase Ratio (%)
Total Equity / Share Capital x 100

897.12

903.64

-

-

 

 

GENERAL COMMENTS

 

MAIN SOURCES OF INFORMATION - FOR THIS REPORT

i. Visited Official Companies’ Registry

ii. Interview with Company / Correspondence

iii. Desk Research

iv. Search through Internet Subscription Databases (Business Information)

v. Specialized Media Search Global & Local

vi. Search through internet Social Networks

The present limited liability company was incorporated on 26/04/1986.

They are involved in the processing and trade of marbles, granite, ceramic tiles, sanitary ware, fittings and other related products, in both the local and overseas markets.

Products are imported from European and Arab Countries and are distributed and sold locally either directly by the company or through the sister company.

We contacted the company in question and talked to Ms Elena Georgiou, company
accountant, who confirmed the information provided in this report. Ms Georgiou
also promised to provide us with the subjects latest financial information; however nothing received yet.

Should any additional information becomes available we will forward them to
you as soon as possible.

A check against our records revealed that no negative payment incidents
against Subject Company, such as unpaid invoices, dishonored cheques and
utility bills, bankruptcies exist etc.

COUNTRY DEVELOPMENTS:

On, 04th of November 2011 published that: Moody's Investors Service has today downgraded Cyprus's government bond ratings to Baa3 from Baa1 and placed the ratings on review for further possible downgrade. The rating agency has also downgraded Cyprus's short-term rating to Prime-3 from Prime-2 and placed it on review for further possible downgrade.
The key drivers for today's rating announcement are: 1. The high likelihood that the Cypriot banking system will require state support in 2012 as a result of the large expected write-downs on its exposures to Greek government bonds... 2. The Cypriot government's loss of international market access and the resulting likelihood that the government will need to seek emergency funding from official sources. 3. Cyprus's weaker-than-expected institutional capacity to approve and implement the budgetary and structural changes that are needed to correct the government's rising debt trajectory and improve the longer-term sustainability of its public finances.

On 10th of August 2011 Cyprus mail published that: Fitch cut Cyprus’ credit rating by two notches to BBB on Wednesday due to fiscal slippages, saying the island state was likely to require a bailout to meet its funding needs.

"The two-notch downgrade of ratings to 'BBB' reflects the actual and anticipated fiscal slippage, compounded by Fitch's expectation that the sovereign will be unable to access the international debt markets in order to refinance an increasing debt maturity profile in H211 and H112," Fitch said in a statement.

The other two main rating agencies, Standard and Poor’s and Moody’s, both cut the island's rating at the end of July. Moody's rates Cyprus Baa1, Standard and Poor's BBB-plus.

On 19th of August 2011 Financial Mirror News published that: The industrial turnover index for reached 129.8 in May (base 2005=100) according to the Statistical Service, recording an increase of 3.8% compared with May 2010. Industrial production in the same period rose by 1.1%. For the period January-May 2011, the turnover index recorded an increase of 1.9% over the same period of the previous year. For manufacturing alone, the turnover index for May 2011 reached 121.0, recording an increase of 1,5% compared with May 2010.

The price index of construction materials reached 126.11 units (base year 2005=100,00) in July according to the Statistical Service Cystat, recording a marginal increase of 0.02% over the previous month. In the period January - July 2011, the index recorded an increase of 4.13% compared to the same period last year. The biggest increase so far has been in electromechanical products, price of which rose compared with the year earlier by 8.1% in the first seven months of the year. Metallic products rose by 6.9% and minerals rose by 4.3% in the same period. A milder increase of 2.9% was recorded for mineral products, while a decline of 0.4% was recorded for wood, insulation materials, chemicals and plastics. (End of Country Developments).

 

Contact information

 

Telephone number:

357 24 530533

Ms Elena Georgiou, company accountant

Email address:

e.georgiou@lifetime.com.cy

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.14

UK Pound

1

Rs.77.86

Euro

1

Rs.66.06

 

 

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

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

--

NB

                                       New Business

 

--

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.