MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
AGMARK PACIFIC LTD |
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Registered Office : |
1Fl |
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Country : |
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Financials (as on) : |
31.12.2003 |
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Date of Incorporation : |
6 April, 1988 |
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Legal Form : |
Private company with limited liability |
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Line of Business : |
Trader of agricultural product |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
AGMARK PACIFIC LTD
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Company Details |
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Key Facts |
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Adverse Data |
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Financial Summary (Currency:
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Recommended Credit
Limit – Trade Finance |
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Management &
Products |
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Commercial Credit
Inquiries |
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Fullcheck Report
Details |
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SIC PRODUCT CLASSIFICATION & ACTIVITY |
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HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY |
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DETAILED PRODUCT CLASSIFICATION & ACTIVITY |
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OWNERSHIP |
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Direct / Indirect Corporate Parent Details |
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COMPANY MANAGEMENT |
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Management Listings |
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FINANCIALS SUMMARY (Currency: |
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FINANCIAL &
LEGAL STATUS |
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*Approved Signatures* ==================
============= Share value
: PGK 1.00/-each Issued and paid up capital : PGK 136,000
divided into 136,000 ordinary shares, cash
Denomination : PGK
------------------------- ------------------------- Assets Cash on hand
285,186
1,440,807 Prepaid expenses
33,237
717,071 Trade debtors
12,014,847
11,586,527 Stock on hand-at cost
30,412,222
20,668,838
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42,745,492
34,413,244
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Leasehold land - at Directors
valuation
1,162,868
227,623
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1,955,780
1,020,535
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------------------------- Buildings - at cost
4,309,161
4,773,738 Buildings - at Directors valuation
297,743
297,743
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4,606,903
5,071,481 Less : accumulated depreciation
(2,024,717)
(1,910,958)
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------------------------- Plant & equipment - at cost
1,899,798
1,250,018 Less: accumulated depreciation
(598,203)
(453,600)
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1,301,595
796,419
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------------------------- Motor vehicles - at cost
842,763
530,397 Less: accumulated depreciation
(453,839)
(299,916)
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388,923
270,480
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Furniture & fittings - at cost
310,992
284,231 Less: accumulated depreciation
(120,520)
(95,656)
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190,472
188,575
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------------------------- Leased assets - at cost
2,034,581
1,235,040 Less: accumulated depreciation
(1,023,407)
(799,398)
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1,011,084
435,642
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------------------------- Notremal plantation
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218,062
218,062
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------------------------- Capital work in progress - at cost
1,078,247
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------------------------- Total assets
61,702,935
46,833,545
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Bank overdrafts
12,335,732
12,055,356 Trade creditors & provisions
2,053,511
4,263,295 Provision for tax
896,688
444,365 Unsecured loans
1,718,160
2,416,646 Fully drawn loans secured
12,950,457
1,543,120 Chattel mortgages
775,476
271,735
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------------------------- Total liabilities
30,730,024
20,994,517
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------------------------- Net Assets
30,972,911
25,839,027
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136,000 ordinary shares fully paid
136,000
136,000
Retained profits
23,173,014
22,866,378
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------------------------- Share capital and reserves
30,972,911
25,839,027
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Denomination : PGK
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------------------------- Operating revenue
277,134,216
244,444,395
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Income tax expense prior
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15,301 Income tax exemption Dividend rebates
(188,786)
(25,361)
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396,687
1,528,860
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------------------------- Retained profits-beginning of year
22,866,378
16,642,314
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------------------------- Total available for
appropriation
23,973,014
22,866,378 Provision for dividend
(800,000)
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------------------------- Retained profits as at 31 December,
2003 23,173,014
22,866,378
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Denomination : PGK
31 December, 2003 31
December, 2002
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------------------------- Cash flow from operating activities Receipts from customers
277,134,216
244,444,395 Payments to suppliers &
employees
285,643,751
210,663,109 Dividends received
629,287
101,445 Interest received
35,202
50,760 Interest & other costs of
finance paid
(1,945,068)
(2,557,635) Income tax paid
850,037
1,602,236
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------------------------- Net cash provided by (used in) Operating activities
(8,940,078)
2,978,092
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Proceeds from sale of fixed
assets
613,553
330,113 Payment for purchase of fixed
assets
(3,191,889)
(947,028) Reduction work in progress
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325,137 Payment for investments
(348,850)
(12,000)
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------------------------- Net cash provided by (used in) Investing activities
(2,908,512)
(303,778)
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Proceeds from borrowing
11,911,077
1,595,282 Repayment of borrowing
(698,485)
(1,577,362) Dividends provided
(800,000)
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------------------------- Net cash provided by (used in) Financing activities
10,412,592
17,920
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Cash at beginning of year
10,614,548
13,326,407
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------------------------- Cash at end of year
12,050,547
10,614,548
Creation date
: 14 February,
1989 Registration date
: 2 July, 1993 Secured instrument
: Equity Mortgage Chargee/Beneficiary
: PAPUA NEW GUINEA BANKING CORP Amount secured by charge : Unspecified Amount
Registration number
: 7579 Creation date
: 23 June,
1989 Registration date
: 30 June, 1993 Secured instrument
: Equity Mortgage Chargee/Beneficiary
: PAPUA NEW GUINEA BANKING CORP
Amount secured by charge : Unspecified
Amount
Creation date
: 15
September, 1997 Registration date
: 7 October, 1997 Type of charge
: Fixed and Floating Chargee/Beneficiary
: PAPUA NEW GUINEA BANKING CORP Amount secured by charge : Unspecified
Amount
Creation date
: 27 February, 1998 Registration date
: 30 March, 1998 Secured instrument
: Ship Mortgage Chargee/Beneficiary
: PAPUA NEW GUINEA BANKING CORP Amount secured by charge : Unspecified Amount
Registration number
: 11057 Creation date
: 19 February, 1998 Registration date
: 9 March, 1998 Secured instrument
: Charge over Deposits Chargee/Beneficiary
: MEES PIERSON NV Amount secured by charge : Unspecified
Amount
Creation date
: 19 February,
1998 Registration date
: 9 March, 1998 Secured instrument
: General Letter of Pledge Chargee/Beneficiary
: MEES PIERSON NV Amount secured by charge : Unspecified
Amount
Creation date
: 26 January,
2001 Registration date
: 5 February, 2001 Type of charge
: Fixed and Floating Chargee/Beneficiary
: PAPUA NEW GUINEA BANKING CORP Amount secured by charge : PGK 13,718,422
- Plus interests, costs, fees, duties, expenses (including Legal expenses)
Creation date
: 16
June, 2003 Registration date
: 28 August, 2003 Type of charge
: Fixed &
Floating Secured instrument
: All current and future advances
and financial accommodation Amount secured by charge :
Amount not specified Chargee/Beneficiary
: WESTPAC BANK PNG LTD
========================= Date of lodgment : 30 June, 2004
=========== ---------------
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---------------- PAPUA NEW GUINEA BANKING CORP
Kokopo
- BANK OF SOUTH PACIFIC LTD
WESTPAC BANK PNG LTD
Lae
WPACPGPM
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Credit Export : Letter of Credit (L/C)
Telegraphic Transfer (T/T) - Received at time of transaction
Credit
Telegraphic Transfer (T/T) - Received at time of transaction
==================== Date issued
: 6 April, 1988 Issuing authority
: Papua New Guinea Investment Promotion Authority
*Company Name* ============== Date of incorporation : 6 April, 1988 Changed name to
: AGMARK PACIFIC PTY LTD Date of change
: N/A
Date of change
: 2 September, 1998
===================== Value
: PGK 4,000,000 |
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ADVERSE DATA
MONITORING |
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BANK DETAILS |
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LOCAL BRANCHES
& MANAGEMENT |
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PRODUCT,
TECHNOLOGY, SERVICES DESCRIPTION |
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*Main Products & Services* ====================== 1. Trading of agricultural products like
cocoa, coffee and vanilla. 2. Provides financial, computer, shipping
and plantation and other related services. 3. Exportation and distribution of
agricultural supplies, machinery and chemicals. |
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ORGANIZATION
STRUCTURE |
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*Company History* =============== 1999
- Established welding division 2001
- Sold its subsidiary company, COMPUTERS & COMMUNICATIONS (PNG)
LTD
============ Date of birth : 6 May,
1947 Addresses :
Section 15, Allotment 32,
Lot 87, Section Responsibility : Handles the overall
operations and management of the company
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- SEPIK
COFFEE-AGMARK JV LTD
- WATTA
PLANTATIONS LTD
----------------------------- Email :
agmark.hq@global.net.pg |
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TRADE REFERENCES |
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*Competitors* - BELLTEK CHEMICALS LTD - CHEMICA LTD - ORICA PAPUA NEW - FARMSET LTD |
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RELATED
PARTIES(Subsidiaries , Joint -ventures &
Affiliates) |
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RELATED PARTIES
DESCRIPTION |
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*Major Shareholders* ================= Total number of ordinary shares: 136,000
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--------------------------------- ---------------- NEW WATTA PLANTATIONS LTD
10,000
10,000.00
7.35
- Rabaul - Mt Hagen - Lae - Kimbe - Wewak - Kieta - Buin - Madang
=============== Date of birth : 17
December, 1948 Address
: Section 9, Allotment 8, Kokopo ( Other positions : Director of the following
companies : -
NEW GUINEA ISLANDS PRODUCE CO LTD
- NEW GUINEA
PLANTATIONS LTD
- WALMETKE LTD
- RAMU SUGAR
LTD
- ZURICH
PACIFIC INSURANCE LTD
- COMPUTERS
& COMMUNICATIONS (PNG) LTD
Owner of the
following companies :
- PAPADU
HOLDINGS LTD
- RABAUL
TRANSPORT & CUSTOMS LTD
Date of birth : 20 July, 1952 Addresses : Section
15, Allotment 2,
Lot 87, Section
Date of birth : 18 September,
1947 Address
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(
Date of birth : 4 January,
1952 Address
: Tagitagi 1 Village, Tomar / Vunadidir Local Level Government, Rabaul,
(
Address
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Address
: Unit 1, Era Dorina, Ela Makana,
Address
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Ellison Kaivovo Address
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Address
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================ Address
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====================== Parties involved :
AGMARK PACIFIC LTD, COMPUTERS & COMMUNICATION (PNG) LTD Year of transaction : 1990 Details
: AGMARK PACIFIC LTD acquired
COMPUTERS & COMMUNICATION (PNG) LTD |
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SHAREHOLDERS |
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COMPANY DIRECTORS |
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LOCAL DISTRIBUTION
& WAREHOUSING |
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*Local Distribution Network* ======================= |
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INTERNATIONAL TRADE
: ACTIVITY & MARKETS |
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Exporting to Exporting to Exporting to Exporting to Exporting to Exporting to Exporting to Importing from Importing from Importing from Importing from Importing from |
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INTERNATIONAL TRADE
ACTIVITY DESCRIPTION |
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*Export Markets* ============= |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)