MIRA
INFORM REPORT
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Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
C & C COMPANY LIMITED |
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Registered Office : |
Redcliffe Quay, Parhamtown, Old Parham, |
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Country : |
Antigua |
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Date of Incorporation : |
April 2001 |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Import/Wholesale/Retail
of Wine |
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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Maximum Credit Limit : |
EUR 20,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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REQUIRED CREDIT |
ADVISED CREDIT |
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Maximum |
20,000 EUR |
GEOPOLITICS
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POLITICAL DATA |
ECONOMIC DATA |
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FORM OF GOVERNMENT ECONOMIC RISK |
Parliamentary monarchy None |
CURRENCY BRANCH SITUATION |
Eastern
Caribbean Dollars (XCD) 100 XCD = 26.17
USD Good |
IDENTIFICATION
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Company Name: |
C & C COMPANY LIMITED DBA “C & C WINE HOUSE” OR “C & C
WINE BAR” |
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Address: |
Redcliffe Quay, Parhamtown, Old
Parham, Antigua |
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Phone: Facsimile: ID: State: Managers: |
1-268-561-0221 / 460-7025 (cell) 1-268-561-0221 N.A. ANGUILLA Ms. Claudine Vierstraete – Managing Director |
Date founded: |
April 2001 Private Limited Liability Company Unlimited Ordinary Shares XCD 1.00 each 7 employees |
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Legal form: |
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Stock: Value: |
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Staff: |
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Business: |
Import/Wholesale/Retail |
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BANKS
RBTT Bank Antigua Limited
Old Parham Road, St Johns, Antigua
Telephone Number: 1-268-462-4217
Fax: 1-268-462-5040
Banker’s Assessment:
Confidential sources at the above banking
institution reported relationship with the subject Company for about two
years. During this time the subject was
granted a Current Account with overdraft facility in addition to a Credit
Card. These two facilities are being
handled to the Bank’s satisfaction, as arranged with no problems.
In addition, the subject is currently
repaying a medium term loan, guaranteed by Guarantor’s deposit, which is being
handled as arranged in accordance with terms, out of the operating cash flow of
the business.
The subject comes highly recommended by
their bankers who regard them in high esteem.
BUSINESS
The subject Company operates a wine house /
wine bar, where mainly wines, but other spirits like brandy are sold.
The subject offers a delivery service to
anywhere on the Island, including the home villas in Antigua and yachties
living on their private yachts.
All wines are imported from South Africa
Registered
Office:
Redcliffe Quay
Parhamtown, Old Parham
St Johns
Antigua
Mailing
Address:
P.O. Box 2511, St Johns, Antigua
Present
Operating Address:
Redcliffe Quay
Parhamtown, Old Parham
St Johns
Antigua
At the address given above can be found the Wine
Bar that is set in a comfortable and relaxed atmosphere where the wines are
easily visible for patrons to select and sample, after which they can sit and
enjoy.
Legal
Status: Private Company, Limited by shares incorporated under the Companies
Ordinance and duly continued under the Companies Act of the Laws of the Antigua
Date
of Commencement: July 2001
Dated
of Incorporation: April 2001
Based on information received from the
subject, the Company operates with a staff of seven permanent employees on its
payroll.
Parent/Associated
or Subsidiaries
Australia Home Made Ice Cream
Redcliffe Quay, St Johns, Antigua
March 2006
LOCAL
/ FOREIGN SUPPLIERS
LOCAL
A S Bryden & Sons Antigua Limited
St Johns, Antigua
Tel: 1-268-462-1810
Ms. Vierstraete advised that most of their
purchases are done abroad, however she purchases a small amount of napkins and
paper towels, sanitary cups etc from this supplier. This was confirmed by A. S . Bryden & Sons Antigua Limited
who also informed that their average purchase is EC$1500.00 and their payments
are usually on time with no problems or delays.
FOREIGN
O W D
South Africa
Australian Home Made Ice Cream
Amsterdam, Holland
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
DIRECTOR:
Ms. Claudine Vierstraete
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
The Subject Company is registered as Private
Limited Company and is therefore exempt from filing and/or publishing Annual
Audited Accounts at the Registrar of Companies, under Antiguan Law. In
addition, due to the laws of privacy governing disclosure of BANKING
INFORMATION, we are unable to demand a copy of the subject’s Latest FINANCIAL
STATEMENTS.
In this case, a copy of their Financial
Statement was not given for the preparation of this Report however their
bankers gave an average annual income of the Company for 2007, but no expenses
were given to determine their gross/net profit.
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Fiscal Year |
2007 |
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Turnover
in XCD |
2,557,000 |
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Debentures/Mortgages/Charges:
Our Legal searches in the Credit Bureau Data
Base of Antigua have revealed no evidence of any current registered Mortgage,
Chattel Mortgage or Debentures filed in the name of the Company or its given
Director.
Other
relevant data:
With reference to your request for a
Business Credit Report on the above Subject, we hereby advise that, according
to the Credit Bureau Data Base of Antigua, there were no reports of any Credit
Delinquencies registered in the name of the subject Company.
In addition, there were no record of any
High Court or Petty Civil Court Judgments entered against the Company or its
Directors in any civil suit and/or litigation matter in Antigua during the
period of our Judgment searches (6 years).
Further investigation into the MBS files of
Antigua, revealed no reports of any Mortgage Bill of Sale registered in the
name of the Company.
RATING
Local credit bureau gave an excellent credit
rate.
The cash is sufficient.
The Company is in good standing with their
local Bankers and the local Government.
Payments are within 30 days.
All bills are paid as due.
INTERVIEW
Date of Interview:
Person Interviewed and Position:
Ms. Claudine Vierstraete – Managing Director
Mr. Vierstraete provided all of the
information entered in this Report
Our
final opinion
The subject has 7 years experience in the
business.
It is a small company working in a stable
industry.
The company is well regarded by its banker
and payments are regular.
A credit line may be considered for a
maximum of EUR 20,000.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS AND PAYMENTS |
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PROFITABILITY INDEBTEDNESS CASH |
CORRECT CONTROLLED SUFFICIENT |
PUBLIC PAYMENTS |
NO REGULAR |
ADVISED
CREDIT
20,000 EUR
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. |
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%)