MIRA
INFORM REPORT
|
Report Date : |
03.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CIRKEL GROUP
N.V. |
|
|
|
|
Registered Office : |
Domineestraat 22
Paramaribo |
|
|
|
|
Country : |
Suriname |
|
|
|
|
Date of Incorporation : |
01.03.1995 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trader / Importer - Wholesaler |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company's Style
CIRKEL GROUP N.V.
Trade Name
Same
Trading Address
Domineestraat
22
Town :
PARAMARIBO
Telephone :
(597) 42 5254 - 425435 - 42 2855 - 42 2862 - 42 5315
Fax :
(597) 42 5191
Country :
SURINAME
BACKGROUND INFORMATION &
BUSINESS PROFILE
LEGAL STRUCTURE
·
Legal
status : Limited
Company
·
Formation
Date : 01.03.1995
CAPITAL
STRUCTURE & OWNERSHIP : In SRG (Suriname Guilder)
REGISTERED
CAPITAL FUNDS: SRG 10.000.000
It is a privately-owned company whose shares are no
traded on the Stock Exchange, and whose controlling shareholders are Mr. Arun
Hindori and Mr. Kirran Panjabi.
MANAGEMENT: President & C.E.O. Arun
HINDORI
Vice-President Vinodj (Vinosh) NANDLAL
Financial
Director Erna REDJODIWIRJO
Administ.
Director Robby BHULA
Operations
Directors Sjirk MORSEN
Patrick TSON A TEN
General Manager Jurgen
KARWAFODI
TYPE OF
BUSINESS : TRADER / IMPORTER - WHOLESALER
MAIN BUSINESS
LINE : HOLDING COMPANY
PRINCIPAL
ACTIVITIES:
Subject is the holding company of the CIRKEL GROUP OF
COMPANIES, which operates in the
following areas: restaurants & hospitality, distribution and retail, and
money exchange and currency transfer services.
The restaurants business includes the license for the
operation in Suriname of TRICOM and PIZZA HUT restaurants since 1998, and the
operation of the KFC/KENTUCKY FRIED CHICKEN fast-food chain since
September/1996, comprising four restaurants.
The distribution & retail business consists of :
·
CDS/CIRKEL
DIRECT SALES N.V., its main subsidiary, which is engaged in the import and
wholesale trade of canned foodstuffs and basic food commodities, frozen beef,
frozen whole chicken and chicken leg quarters, flour, sugar, dairy proeucts,
pasta and noodles, toilette and tissue-paper, vegetable oil, salt, split peas,
milk powder, canned sardines and other fish and seafood, disposable baby
diapers, cured beef, pork tails, etc.
·
UD/UNITED
DISTRIBUTORS N.V. , engaged in the import and wholesale trade of the full line
of PROCTER & GAMBLE mass consumer goods, the line of PEPSICO snacks, QUAKER
and KELLOG'S foodstuffs, JACK DANIELS bourbon, M&M MARS confectionery,
COLGATE toiletries and personal care products, PILLSBURY products, UNITED
BISCUIT foodstuffs, WRIGLEY'S chewing gum, and RAY-O-VAC batteries.
·
the
license for Suriname of the Dutch BLOKKERS home decoration and household goods
retail concept store, which opened its doors in November/1998, and currently
has four stores in the best shopping districts of Paramaribo city.
The financial services business consists of the
operation of CIRKEL EXCHANGE N.V. which holds the official agency for Suriname
of WESTERN UNION money transfer services since October/2000,
which currently operates twenty locations, including
nine in joint venture with Shell gas stations, and recording around 50,000 in -
and outbound transactions per year.
CIRKEL TRINIDAD LTD , is a wholy-owned
subsidiaryestablished in 2002 in Port of Spain, Trinidad, Trinidad &
Tobago, which specializes in product and label procurement, development, sales
promotion, merchandising and serves as a Manufacturers' representative and
liaison. The product range
consists of many International, Regional, Local and our Private brands in the
FMCG sector and also consists of commodities such as vegetable oil, diapers,
toilet paper, onions, frozen chicken products and sugar.
SEAT N.V. is a horticulture farm located in the
district of Commewijne, Suriname, and specialized in growing vegetables with a
drip irrigation system in greenhouses. The vegetables are sold to subject's
restaurants and to the local retail market. This subsidiary also produces hot
peppers and sweet peppers for the production of hot sauce, which is marketed in
the Caribbean and The Netherlands.
MAMBO GRILL opened in December/2002 is a unique
restaurant concept where mainly grilled dishes such as Golden Snapper, Creole
Shrimps, T-bone steaks, Baby Back ribs and Buffalo Chicken Wings are served.
CIRKEL BEVERAGES N.V., is a wholly-owned subsidiary
created in May/2005, as separate beverage distribution unit from the spin off
from United Distributors NV. This subsidiary company’s main focus is the
distribution of the PEPSI, 7Up, and SLICE BRANDS, which are bottled locally and
GATORADE which is imported from the USA.
N.V. J.F.D. HAENEN, is a wholly-owned subsidiary
operating as the official importer of YAMAHA motorcycles for Suriname
Overall Assessment
·
Company
Size : Midsize
·
Business
trend : Stable
·
Present
situation : Operating normally
·
Outlook :
Favourable
·
Organization :
Average. No major problems observed.
·
Reputation :
Long established and werll known company of good reputation. An active company
in its line. Good market position.
·
Management
standard: Traditional methods of management with good forward planing, and
defined corporate policy
Annual Revenues : USD 26.852.000 (FY 2006)
Imports from : The Netherlands, Belgium,
Germany, U.S.A.
STAFF
250
BANKERS
·
De Surinaamsche Bank N.V (DSB)
·
RBTT Bank Suriname NV
TANGIBLE FIXED ASSETS,
INVESTMENTS, ETC.
REAL ESTATE
PROPERTIES :
Owner of the following properties:
- Domineestraat 22, Paramaribo
- Blokkers Bldg. Kwattaweg 196A, Paramaribo
CREDIT STANDING
BANKING RECORD :
Banks reported properly managed checking accounts
(Suriname guilder and USD), also
foreign trade operations, collections of bills of exchange, negotiation of
LC's. andcredit lines for imports, etc.
Good credit history information and banker's opinion.
TRADE REFERENCES SURVEY :
|
Supplier |
Supplies |
Supplies |
Supplies |
Supplies |
|
Known
since |
Years |
Years |
Years |
Years |
|
Latest
Sale Date |
Feb/2008 |
Feb/2008 |
Feb/2008 |
Feb/2008 |
|
Latest
Sale Amount |
USD 7.619 |
USD 16.445 |
USD 19.886 |
USD 11.390 |
|
Highest
Sale |
USD 11.285 |
USD 17.623 |
USD 22.172 |
USD 13.610 |
|
Buying
terms |
30-day O/A |
30-day O/A |
30-day O/A |
30-day O/A |
|
Paying
record |
PROMPT |
PROMPT |
PROMPT |
PROMPT |
|
NSF
checks |
NO |
NO |
NO |
NO |
|
Delayed
payments |
NO |
NO |
NO |
NO |
|
Non-payments |
NO |
NO |
NO |
NO |
|
Experience |
GOOD |
GOOD |
GOOD |
GOOD |
|
Rating |
GOOD |
GOOD |
GOOD |
GOOD |
PAYMENT ANALYSIS
·
Type of suppliers :
local trade & service suppliers
·
Payment patterns : Good
bill-pay habits. Pays within agreed terms
·
Commercial morality : GOOD - Commitments are respected
·
Repayment capacity : Moderate
·
Negative facts check : No defaults, delinquencies, legal
suits, judgements, collection claims, protested items, returned checks or other
detrimental record or adverse references are traced against the subject.
CONCLUSIVE OPINION
We are reporting upon a midsize company which is
considered to be one of the most important companies in Suriname.
It is a successful business operation and a well
organized company.
It operates on a wide scale and enjoys an ample and
well diversified clientele.
It is also a financially sound company, well run by
experienced staff and its future outlook is favourable.
The company has a generally prompt payment record and
the operating history appears clear.
National banking and commercial references are
favourable and no adverse information was learned, so the firm appears to be
operating normally.
Therefore, so business connections with this company
are suitable, and moderate credits are recommended under normal supervision.
CREDIT QUALITY ANALYSIS
·
Level
of riskiness : Standard (Normal)-risk
buyer
·
Credit
soundness : Standard
·
Credit
appraisal : Recommended
·
Potential
credit limit: USD 250.000
·
Assessment :
This amount may be considered as an initial credit limit.
·
Credit
surveillance : Subject to regular
review & supervision
Exchange rate USD 1 = SRG 2,74
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%)
