MIRA INFORM REPORT

Report Date :

17.05.2011

IDENTIFICATION DETAILS

Name :	THIRD MILLENNIUM COMMODITY TRADING INC
Registered Office :	Rm. 403, CSP Bldg., Quezon Ave, Quezon City, Metro Manila 1100
Country :	Philippines
Financials (as on) :	31.12.2009
Date of Incorporation :	03.05.2007
Com. Reg. No.:	CS200706484
Legal Form :	Joint Stock Company
Line of Business :	Wholesale of Agricultural Raw Material.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	50,000 GBP
Status :	Moderate
Payment Behaviour :	Unknown
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Philippines	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

REGISTERED NAME & COMPANY SUMMARY

IDENTIFICATION
Given
Subject Name:	Third Millennium Commodity Trading Inc
Address:	Room 403, Csp Building, 815 Quezon Avenue
Town:	Quezon City
Country:	Philippines
Verified
Subject Name:	THIRD MILLENNIUM COMMODITY TRADING INC.
Address:	Unit 801, Tiffany Mansion 21 Eisenhower St. Greenhills
Town:	San Juan City
State/province:	Metro Manila
Country:	Philippines
Telephone:	+63 (2) 3731219 / 3731229
Fax:	+63 (2) 3731209
Email:	jessefcheng@tmomi.com
Remarks:	The Subject's registered address is: Rm. 403, CSP Bldg., Quezon Ave Quezon City, Metro Manila 1100 Philippines
EXECUTIVE SUMMARY
Date registered:	03-05-2007
Legal form:	Joint Stock Company
Authorised Capital:	PHP 80,000,000
Sales turnover:	PHP 2,296,324,705 (Non-consolidated 12 months, 31/12/2009)
Main activities:	Wholesale of agricultural raw material.
Employees:	10
REGISTRY DATA
Key Facts
Date registered:	03-05-2007
Legal form:	Joint Stock Company
Registration no:	CS200706484
Registry auth.	Philippines Register of Companies
Fiscal/tax code:	TIN: 006-720-319
Registry status:	Live/Active

CREDIT recommendation

Current Credit Limit: 50,000 GBP

DIRECTORS/MANAGEMENT

MANAGEMENT & STAFF
Key Managers
Name:	Mariano Mc Arnold Lim
Job Title:	President
Name:	Eddie S. Crescini
Job Title:	Director
Name:	Elmo C. Villanueva
Job Title:	Director
Name:	Julio T. PORAQUE
Job Title:	Director
Name:	Jhonny T. Pua
Job Title:	Company Secretary
Name:	Nelson S. Lim
Job Title:	Treasurer
Name:	Mr. Jesse Cheng
Job Title:	Sales Manager (Coconut Oil)
Key Advisors
Auditor:	Ocampo, Mendoza, Leong, Lim & Co.
Staff
No of employees	10
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Mariano Mc Arnold Lim
Board function:	President
ID Number:	108-913-978
Address:	Rizal St. Tabaco, Albay Philippines
Name:	Eddie S. Crescini
Board function:	Director
ID Number:	114-082-152
Address:	New San Roque. Pill. Camarinies Sur Philippines
Name:	Elmo C. Villanueva
Board function:	Director
ID Number:	101-210-618
Address:	No 67 Don Ramon Street Tayalan Village Quezon City Philippines
Name:	Julio T. Poraque
Board function:	Director
ID Number:	180-452-998
Address:	San Isidro, Northern Samar Philippines
Name:	Jhonny T. Pua
Board function:	Company Secretary
ID Number:	162-246-152
Address:	No 30 Don Ramon Street Tayalan Village Quezon City Philippines
Name:	Nelson S. Lim
Board function:	Treasurer
ID Number:	103-996-663
Address:	27 Oakville St , White Plains Quezon City, Metro Manila Philippines

NEGATIVE INFORMATION

LEGAL FILINGS
Bankruptcy Filings:	None
Court Judgements:	None
Tax Liens:	None
Other:	None

SHARE & SHARE CAPITAL INFORMATION

SHARE CAPITAL
Composition
Authorised:	PHP 80,000,000
Number/type:	800,000 common shares
Share value:	PHP 100
Issued:	PHP 20,000,000
Paid-up:	PHP 20,000,000
Shareholders/Owners
How Listed	Full List
Composition
Name:	THIRD MILLENNIUM OIL MILLS, INC.
No. of shares:	199,994 common shares
Address:	Rm. 403, CSP Bldg., Quezon Ave., Quezon City, Metro Manila Philippines
Name:	Julio T. Poraque
No. of shares:	1 common share
Address:	San Isidro, Northern Samar Philippines
Name:	Eddie S. Crescini
No. of shares:	1 common share
Address:	New San Roque. Pill. Camarinies Sur Philippines
Name:	Mariano Mc Arnold Lim
No. of shares:	1 common share
Address:	Rizal St. Tabaco, Albay Philippines
Name:	Jhonny T. Pua
No. of shares:	1 common share
Address:	No 30 Don Ramon Street Tayalan Village Quezon City Philippines
Name:	Elmo C. Villanueva
No. of shares:	1 common share
Address:	No 67 Don Ramon Street Tayalan Village Quezon City Philippines
Name:	Nelson S. Lim
No. of shares:	1 common share
Address:	27 Oakville St , White Plains Quezon City, Metro Manila Philippines

PAYMENT INFORMATION

PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment Behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.

GROUP STRUCTURE & AFFILIATED COMPANIES

CORPORATE AFFILIATIONS
Structure
Name:	THIRD MILLENNIUM OIL MILLS, INC.
Affiliation type:	Parent Company
Address:	Rm. 403, CSP Bldg., Quezon Ave., Quezon City, Metro Manila Philippines
Name:	DAVAO BAY COCONUT OIL MILLS INC
Affiliation type:	Sister Company
Address:	Rm. 403, CSP Bldg., Quezon Ave., Quezon City, Metro Manila Philippines
Name:	SPECIALTY PULP MANUFACTURING, INC.
Affiliation type:	Associate
Address:	Philippines

FINANCIAL INFORMATION

FINANCIAL ACCOUNTS
Description
Required to file:	Yes
Source:	Commercial Registry Filings
Presentation:	Attached to this report / Summarised below
Date of accounts:	31-12-2009
Type of accounts:	Full audited
Currency:	Philippines Peso (PHP)
Exchange rate:	USD 1 = PHP 43.08 as of 06/05/2011
Summarised
	31-12-2009	31-12-2008
Consolidation:	Non-consolidated	Non-consolidated
Period:	12 months	12 months
Sales turnover:	2,296,324,705	132,708,416
Gross profit:	28,513,371	7,072,579
Operating profit:	21,498,345	5,980,999
Profit before tax:	30,725,905	-79,891
Profit after tax:	21,467,390	-54,972
Non-current assets:	20,986	0
Current assets:	872,695,673	29,896,018
Inventories:	712,930,735	27,172,450
Total assets:	872,716,659	29,896,018
Current liabilities:	488,875,607	19,134,850
Non-current liabilities:	344,194,300	4,081,806
Total liabilities:	833,069,907	23,216,656
Shareholders' equity:	39,646,752	6,679,362
Retained Earnings:	19,646,752	1,679,362

Third Millennium Commodity Trading Inc
Statements of Financial Position
In Philippine Peso
	Years ended December 31
	2009	2008
Assets
Current assets
Cash	17,535,738	1,136,737
Receivables	51,681,475	-
Merchandise inventories	712,930,735	27,172,450
Other current assets	90,547,725	1,586,831
Total Current Assets	872,695,673	29,896,018
Non Current Assets
Office Equipment	826	-
Security deposit	20,160	-
Total Non Current Assets	20,986	-
Total Assets	872,716,659	29,896,018
Liabilities and stockholder's equity
Current liabilities
Notes payable	487,100,000	19,000,000
Accounts payable and accrued expenses	1,775,607	134,850
Total Current liabilities	488,875,607	19,134,850
Non-Current liabilities
Due to related parties	344,194,300	4,081,806
Total Non-Current liabilities	344,194,300	4,081,806
Stockholders' equity
Share Capital (at P100 par value per share)
Authorized - 800,000 shares
Issued - 200,000 shares	20,000,000	-
Subscribed - 200,000 shares	-	5,000,000
Un-appropriated retained earnings	19,646,752	1,679,362
Total Stockholders' equity	39,646,752	6,679,362
Total Liabilities and stockholder's equity	872,716,659	29,896,018

Third Millennium Commodity Trading Inc
Statements of Comprehensive Income
In Philippine Peso
	Years ended December 31
	2009	2008
Sales	2,296,324,705	132,708,416
Less: cost of Sales	2,267,811,334	125,635,837
Gross Income	28,513,371	7,072,579
Less: Selling and Administrative Expenses
Selling	5,697,296	-
Administrative	1,317,730	1,091,580
Total operating expenses	7,015,026	1,091,580
Income from Operations	21,498,345	5,980,999
Other Income (Expenses)
Interest income	1,825,085	6,679
Foreign exchange gain	25,751,219	-
Input tax attributable to exempt sale	(836,877)	(26,478)
Total other expenses	26,739,427	(19,799)
Income before finance costs and income tax	48,237,772	5,961,200
Interest expense and finacing charges	(17,511,867)	(6,041,091)
Income before tax	30,725,905	(79,891)
Provision for Income Tax
Current	9,237,245	-
Deferred	21,270	24,919
	9,258,515	(24,919)
Net Income (Loss) for the year	21,467,390	(54,972)

Financial Ratios
	31-12-2009	31-12-2008	Trend
PROFITABILITY [%]
Gross Margin	1.24%	5.33%	-76.74 %
Gross Profit / Revenue * 100
Operating Margin	0.94%	4.51%	-79.16 %
Operating Income / Revenue * 100
Net Profit Margin	0.93%	-0.04%	2425 %
Profit After Tax / Revenue * 100
Return On Equity (ROE)	54.15%	-0.82%	6703.66 %
Profit After Tax / Equity * 100
Return On Assets (ROA)	2.46%	-0.18%	1466.67 %
Profit After Tax / Total Assets * 100
Return On Investment (ROI)	77.5%	-1.2%	6558.33 %
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover	263.12%	443.9%	-40.73 %
Revenue / Total Assets * 100
Inventory Turnover	322.1%	488.39%	-34.05 %
Revenue ./ Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)	178.51%	156.24%	14.25 %
Current Assets ./ Current Liabilities * 100
Quick Ratio (QR)	32.68%	14.23%	129.66 %
(Current Assets – Inventory) ./ Current Liabilities * 100
DEBT [%]
Debt Ratio	95.46%	77.66%	22.92 %
Total Liabilities ./ Total Assets * 100
Long-Term Debt Ratio	868.15%	61.11%	1320.63 %
Long-Term Liabilities ./ Equity * 100

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

BANKING & FINANCING
Bankers
Bank name:	BANCO DE ORO
Address:	Philippines
Relationship type:	Current Account
Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in the wholesale and retail such goods as: agricultural products, lauric oil and grains, and other related goods of similar nature.
Sales
Local:	Yes
Trade Bodies	Members of : Philippines Coconut Oil Producers Association, Inc
PROPERTY & ASSETS
Premises	The Subject operates from premises located at the heading address, consisting of administrative offices.

NOTES & COMMENTS

INVESTIGATIVE NOTES
Sources:	Interviews and material provided by the Subject Other official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.07
UK Pound	1	Rs.72.97
Euro	1	Rs.63.57

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.