C /01/1972 LIMITED LIABILITY COMPANY December 31, 2006

Transcription

1 Registration Briefing Registration Number: Registration Date: Legal Form: Latest Financials: C /01/1972 LIMITED LIABILITY COMPANY December 31, 2006 Financial Briefing Nominal Capital: Issued Capital: Turnover: Net Loss: Net Worth: xx xx x xxx Rating Briefing Current Rime Rating: Former Rime Rating: Current Recommended Credit: Former Recommended Credit: Rating Trend: Payment Record: BBB N/A N/A POSITIVE NOT APPLICABLE Rating BBB Definition GOOD CREDIT QUALITY Suggests a low expectation of credit risk and a reasonable capacity for timely payment of financial commitments. This rating is based on available data. In the event of additional information a possibility for a different rating applies. Page 1 of 13

2 Company Details Rime Reference: Company Name: Headquarter Address: Postal Address: Telephone: Fax: 10248xxxx XXX xxxx xxxxxxxxxx xxx xxx Web Site: Company History Previous Names Date of Change Original Company Name: XXXXXXXXXXXXX Company was originally started as a LIMITED LIABILITY COMPANY on 13/01/1972 Registration & Legal Details Current Legal Form: LIMITED LIABILITY COMPANY Registration Address: xxxx xxxxxxxxxx Registration Number: xx Registration Date: 13/01/1972 Year/Date Company Established: 13/01/1972 Registration Town: Tax Registration Number: Capital Currency: xxxxxxxxx Nominal Capital: 1,000,000 Issued Capital: 1,000,000 Paid Up Capital: 1,000,000 Nominal Capital Breakdown Number of Shares: 1,000,000 Type of Shares: ordinary Issued Shares: 1,000,000 Value per share: xxxx 1.00 Value of this type: 1,000, Page 2 of 13

3 Shareholders Parent Company: AAAAAAAAAAA xxxxxxxxx xxxxxxxx xxxxx % Shares Held: 99.99% Shareholders: Name/Address Shares Held % of Voting/Non-Voting capital alfa 1 xxxxxxx xx bravo xxxxxxx xx 1 charlie xxxxxxx xx 1 delta xxxxxxx xx 354,997 Principals Name: QQQQQQQQQQQ Position within the company: Director & Legal Representative Address: xxx Date of Birth: 1986 Country of Birth: x Nationality: xxx Can fluently speak: English Work Experience and History: xxxxx Association as Director: x Name: WWWWWWWW Position within the company: Director & Legal Representative Address: xxxxxxx Date of Birth: 1957 Country of Birth: Nationality: xxxxxxx Can fluently speak: English Association as Director: xxxxxx Name: EEEEEEEEEEEEEEEEE Position within the company: Managing Director & Legal Representative Additional Information: Judicial Representative Address: xxxx Date of Birth: 1948 Page 3 of 13

4 Country of Birth: Nationality: Can fluently speak: Association as Director: x English x Name: RRRRRRRRRRRRRRR Position within the company: Operations Director & Legal Representative Address: xxxx Date of Birth: 1945 Country of Birth: x Nationality: xxxxxx Can fluently speak: English, Italian Other qualifications include: 'O' & 'A' Levels Name: TTTTTTTTTTTTTTTTTT Position within the company: Company Company Secretary Address: xx Date of Birth: 1978 Nationality: Profession: Lawyer Company Activities Sic Codes: 5111 Wholesaler of printing and writing paper Provides the local printing industry with Printing Press machinery and allied equipment, after-sales technical support and services, consumables, paper and board Local Reporters consider the investigated company to be LARGE in their field of concern. Operations Employees Company Employs: 13 Group employs: 400 staff Figure is approximate HQ Premises Operates from: Owned Offices Location: Central Business Area, Secondary Road Branches YYYYYYYYYYYY xxxxxxx xxx Branch is: Owned Description of branch: Warehouse Branch premises size: sq.mtrs. UUUUUUUUUUUUUUU xxxxxxx xxxxxxxx xxxxxxxxx Branch is: Owned Description of branch: Warehouse Branch premises size: sq.mtrs. Page 4 of 13

5 Imports Import % and type of product: Imports From: Importing Terms: Additional Information: Subject's Suppliers: 25% Raw Materials, 75% Finished Goods Germany, England, Italy 60 days credit imports of machinery are paid in advance Company Name: OOOOOOOOOOOO Address: xxxxxxxx xxxxxxx Germany Phone: xxxx Company Name: PPPPPPPPPPPPPPPPP Address: xxxxxx xxx xxxxx xxxxxxxx Germany Phone: xxxxx Fax: xxxx Company Name: AAAAAAAAAAAAAA Address: xxxxxxx xxxxxxx England Phone: xxxx Fax: xxxx Company Name: xxx Agencies: OOOOOOOOOOO PPPPPPPPPPPPPPP AAAAAAAAAAAAAAAAAAAA Germany Germany England Exports Export % and type of product: Subject does not export (only 2%) Trading & Selling Territory: 98% Local, 2% International Terms of Sales: 120 days credit Type of Customer: Printing industry Number of accounts: 120 Company is reported to have a market share of: 40% Vehicles: Total number of vehicles: 14 Related Companies Affiliates SSSSSSSSSSSSSSSS xxxx xxxxxxx xxxxxxxxxx xxxxxxxxxx Operates as: supplier of quality timber, and timber-related products Page 5 of 13

6 DDDDDDDDDDDDDDDDDD xxx xxxxxxxxx xxxxxxxx Start Date: 2003 Operates as: Provider of a range of professional services to the XXXXXXX Group in the fields of Finance, Information Technology, Human Resources, Logistics, Legal, Business Development and Ancillary services FFFFFFFFFFFFFFF xxxxx xxx xxxxxx Start Date: 1906 Operates as: importer of specialised equipment for customers in various business spheres providing solutions mainly to corporate customers, particularly in the banking sector. It also specialises in the supply and running of systems for the issuing of security documents, such as Passports, Identity Cards and Car Driving Licences. Other information: Joined the XXXXXXX Group in 1963 GGGGGGGGGGGGG x x Operates as: supplier of the oil and gas industry, particularly the offshore sector, with equipment, consumables and services HHHHHHHHHHHHHHHHHHHH x x xxxx Operates as: Importer and distributor of wines and spirits JJJJJJJJJJJJJJ xxxx xxxxxxx Operates as: Importer and distributor of toys and games KKKKKKKKKKKKKKKKKK xxxx xxxxxx Operates as: Operators of toyshops LLLLLLLLLLLLLLLLLLLLl xx xxxxxx Operates as: Importer of motorcyles and tyres Page 6 of 13

7 ZZZZZZZZZZZZZZZZ xxx xxxxxxx xxxxxx Start Date: 1964 Operates as: manufacturer of corrugated board and corrugated cardboard cartons / boxes CCCCCCCCCCCCCCCCCC xxxx x xxxxxxxxxx Start Date: 1986 Operates as: provides total IT solutions to private and government organisations including complete xxxxxxxx projects, technical consultancy, systems analysis and design, software development and after-sales support VVVVVVVVVVVVVVVVV xxx x xxxxxxxxxx Operates as: distributor in xxxxxxxx for Microsoft and other major software vendors BBBBBBBBBBBBBB x xx Start Date: 1994 Operates as: provider of Corporate Internet Services in xxxxxxxxxx NNNNNNNNNNNNNNNNNN x x Operates as: Internet value added services company MMMMMMMMMMMMM x xxxxxxxxxx xxxxxxxxx Operates as: Software solutions company QQQQQQQQQQ xxxxxx xx xx Operates as: Destination Management Company WWWWWWWWWWWWWWWWW xxxxxx xxx xxxxxxxxx Operates as: Travel Agency Page 7 of 13

8 EEEEEEEEEEEEEEEEE xx x xxxxxxxxxx Operates as: Sales Agents for Philippine Airlines and Saudi Arabian Airlines as well as Passenger Sales Agents for Air China YYYYYYYYYYYYYY xx x Bankers Bank of xxxxxxxx Branch: Main Branch xx x Currency: HSBC Bank Branch: Merchant Street Branch x xxxx xxx Currency: xxx Overdraft Facility Overdraft Currency: Overdraft is available xxxxxxx Financial Information Financial Interview Date: 21/04/2006 Figures are: Official Figures Sales are consolidated Currency: xxxxxxxxx Months Sales Figures Sales Gross Profit/Loss Net Profit/Loss 12 31/12/ ,674, ,686,114 (96,227) 12 31/12/ ,411, ,040,831 24,547 Page 8 of 13

9 Balance Sheet & Profit & Loss BALANCE SHEET Fixed Assets Land & Buildings Plant & Machinery Furniture & Equipment Motor Vehicles Misc. Fixed Assets Total Fixed Assets Financial Assets Shares in Related Companies Loans to related companies Investments Deposits Misc. Financial Assets Total Financial Assets Intangibles Goodwill Organisational Expenses Patents Misc. Intangible Assets Total Intangible Assets Current Assets Stock Stock & Work in Progress Trade Debtors & receivables Provision for bad debs Other receivables Due from related companies Owed by shareholders Prepaid expenses Cash Tax recoverable Marketable Securities Misc. Current Assets Total Current Assets Total Assets Owner's Equity & Liabilities Issued and paid up capital Share premium account Retained earnings Net profit/loss for the year Revaluation reserves Legal Reserves Other reserves Net Worth Group Accounts Interim Year ,338,349 5,338, , , , ,069,988 5,934, ,733 9,173,115 15,201,956 1,000,000 1,672,939 2,672,939 Group Accounts Interim Year ,370,451 5,370, , , ,050,926 6,080, ,278 9,302,510 15,360,510 1,000,000 1,829,853 2,829,853 Page 9 of 13

10 Deffered Taxation Provisions/allowances Mortgages/Loans Hire purchase Due to group of companies Minority interest Misc. deferred liabilities Total Long Term Liabilities Current Liabilities Creditors Other creditors Accruals Bank overdrafts/loans Misc. Loans Directors accounts Owing to shareholders Owing to related companies Proposed dividend Long Term-due 1 year Hire Purchase-under 1 year Taxation Advance receipts Misc. Current Liabilities Total Current Liabilities Owner's Equity & Liabilities PROFIT & LOSS -563,264 2,960, ,680 2,518,051 2,807,019 2,235,227 5,047,188-78,468 10,010,966 15,201,956 Figures are: -298,097 2,577,364 98,490 2,377,757 3,855,097 2,050,136 4,222,120 25,547 10,152,900 15,360,510 Figures are: Total Income/Turnover Cost of sales Gross Profit/(Loss) Admin/selling expenses Services Salaries Auditors Fee Stock Depreciation Depreciation Misc. Operating Expenses Misc. Operating Income Net Operating Profit/(Loss) Interest Receivable/Finance Income Group related income Misc. Financial Income Total Financial Income Interest Payable/Finance costs Misc. financial expenses Total Financial Expenses Profit/(Loss) before taxes Income Tax Other Tax Profit/(Loss) after taxes Extraordinary items Exceptional items Misc. Items Net Profit/(Loss) 01/01/2006 to 31/12/ ,674,086 11,087,972 3,586,114 3,949, ,618 26, ,524 11, , , ,692-74,058-74,058 01/01/2005 to 31/12/ ,411,934 10,371,303 3,040,631 2,930, , , ,307 16, ,083 36,812 43,123-6,311-6,311 Page 10 of 13

11 Previous years related earnings Current years net income Misc. additions in current year Current years net loss Dividends in current year Withdrawals in current year Misc. deductions in current year Retained earnings at end of financial period Average employees Directors fee Earnings per share Earnings per share-previous year -74,058 22,169-96,227 30,858-6,311 24,547 FINANCIAL RATIOS Liquidity Ratios Current Ratio Acid Test Ratio Profitability Ratios Gross Profit Ratio (%) Return on Capital Employed Asset Turnover (%) Solvency OR Gearing Ratio Miscellaneous Ratios Sales/Working Capital Assets/Sales (%) Shareholders Return (%) Return on Assets (%) Sales/Employees Profit/Employees Debt Ratio Interest Coverage Ratio Accounts obtained from: Companies registry Payments Subject's payments reported to be: NOT APPLICABLE Representation Auditors: Solicitors: Other Comments: GGGGGGGGGGGGGG xxxxxxxxx Tel: 2169xxxxxx KKKKKKKKKKKKKKK xxxxxx Tel: 2122xxxx In-House Solicitor - Ms ABCDEF Page 11 of 13

12 Interview & Reporter Comments Date: 21/04/2006 Name/Title: Mr. xx Operations Director Comment: Latest Financial Statements are not currently available. Subject has confirmed the general details provided in the report but has declined to provide any Financial Data. Expansion Plans: At present XXX is working on opening a branch in XXXXXXXXX Reporter Comment Date: 21/04/2006 Reporter Comment: XXX is a leader in its field and supplies the majority of the local printing industry with machinery, consumables, paper and technical support. XXX forms part of the xxxxxxxxxx Group which is a family run business and one of the biggest Group of Companies in the country. I also found references on the internet to an article by in which xxxxxxx Group was named amongst the top 100 companies in XXXXX. This article could not be viewed since it was removed from the site. Conclusions Local Reputation: General Conclusion: Owner/Shareholders Comments: Age of Business: The company being investigated is considered by local reporters to be a Fair / Normal Trade Risk. A leading concern in this line, well known principals, considered good. Some of the owners / shareholders have an active participation in the running of the business. The company is a long established family run business. END OF REPORT Page 12 of 13

13 Rating AAA AA A BBB Definition HIGHEST CREDIT QUALITY Suggests the lowest expectation of credit risk and exceptionally strong capacity for timely payment of financial commitments. VERY HIGH CREDIT QUALITY Suggests a very low expectation of credit risk and strong capacity for timely payment of financial commitments. HIGH CREDIT QUALITY Suggests a low expectation of credit risk and a good capacity for timely payment of financial commitments. GOOD CREDIT QUALITY Suggests a low expectation of credit risk and a reasonable capacity for timely payment of financial commitments. BB B C D NB NN FAIR CREDIT QUALITY Suggests some possibility of credit risk developing. However financial commitments to be met. LOW CREDIT QUALITY Suggests possibility of significant credit risk. Assurances should be sought regarding ability to meet financial commitments. VERY LOW CREDIT QUALITY Suggests possibility of very significant risk. It is recommended that any credit facilities should be secured. EXTREMELY LOW CREDIT QUALITY It is recommended that any transactions should be secured by irrevocable letter of credit. NEWLY ESTABLISHED BUSINESS Subject is under 18 months old. Monitoring its future progress is recommended. INSUFFICIENT INFORMATION There is insufficient information for an adequate credit assessment. Rating Trend Rating trends present the expected trend of credit rating development with four grades. POSITIVE RIME suggest subject s credit is going to be improved. STABLE We are expecting a stable development of the company without big fluctuations. NEGATIVE There are some indications the credit rating is going to be downgraded. RATING TRENDS CANNOT BE CONFIRMED Essential information is missing or out of date. Rime Information Bureau has made every effort to ensure that the information given is accurate and complete, however no legal responsibility is accepted for any errors or omissions in the report. Some of the data is obtained from the subject or other sources that cannot be confirmed or controlled by Rime Correspondents. All rights are reserved. This report is provided for internal use only and cannot be re-sold or re-distributed. Page 13 of 13