MIRA INFORM REPORT

 

 

Report Date :

11.03.2013

 

IDENTIFICATION DETAILS

 

Name :

TMS GLOBAL SERVICES

 

 

Registered Office :

No.507, Main Street, Sigatoka Fiji

 

 

Country :

Fiji

 

 

Date of Incorporation :

10.09.1941

 

 

Com. Reg. No.:

8037

 

 

Legal Form :

Foreign Company  

 

 

Line of Business :

wholesaler and online retailer of lottery products

 

 

No. of Employees :

15

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Fiji

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

FIJI - ECONOMIC OVERVIEW

 

Fiji, endowed with forest, mineral, and fish resources, is one of the most developed of the Pacific island economies though still with a large subsistence sector. Sugar exports, remittances from Fijians working abroad, and a growing tourist industry - with 400,000 to 500,000 tourists annually - are the major sources of foreign exchange. Fiji's sugar has special access to European Union markets but will be harmed by the EU's decision to cut sugar subsidies. Sugar processing makes up one-third of industrial activity but is not efficient. Fiji's tourism industry was damaged by the December 2006 coup and is facing an uncertain recovery time. In 2007 tourist arrivals were down almost 6%, with substantial job losses in the service sector, and GDP dipped. The coup has created a difficult business climate. The EU has suspended all aid until the interim government takes steps toward new elections. Long-term problems include low investment, uncertain land ownership rights, and the government's inability to manage its budget. Overseas remittances from Fijians working in Kuwait and Iraq have decreased significantly. Fiji's current account deficit peaked at 23% of GDP in 2006, and declined to 12.5% of GDP in 2012.

 

Source : CIA

 

 

Company Name       

 

TMS Global Services

 

Contact Information

 

Address

No.507, Main Street

Sigatoka Fiji

Postal Address

P.O.Box 48 Sigatoka Fiji

Telephone

+ 679 3306114

Fax

+ 679 3314008

 

 

Registration Data

 

Date of Registration

10/09/1941

Registration number

8037

Legal address

No.507, Main Street

Sigatoka Fiji

Legal Form

Foreign Company  

Authorized Capital

200,000.00 FJD

Other Registration Data

-

 

 

DIRECTORS/MANAGEMENT

 

Board/Executive

Name

Mr. Yonon Sianare

Position within the company

Director

Country of Birth

Fiji 

Nationality

Fijian 

Can fluently speak

English

 

Name

Mr. Agus Waitaiti

Position within the company

Manager  

Country of Birth

Fiji

Nationality

Fijian

Can fluently speak

English

 

Name

Mrs. Venita Biumaiwai

Position within the company

Manager

Country of Birth

Fiji

Nationality

Fijian

Can fluently speak

English

 

 

NEGATIVE INFORMATION

 

Litigation, Remarks on Payment

Litigation

None Recorded

Remarks on Payment

No Complaints

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Shareholders with Shares

 

Parent Co:

TMS Global Services Pty Ltd

55 Flemington Road North

Level 1

Melbourne, VIC 3051

Australia

Share%: 100%

 

 

PAYMENT INFORMATION

 

Export/Import ( Countries, goods and total values for the period)

Imports From

Australia

Importing Terms

Letters of Credit

Import % and type of product

100%- Finished Goods  

 

Exports To

Asian countries

Exporting Terms

Letters of Credit

Export % and type of product

10%- Finished Goods

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Subsidiaries and Participation

Parent Company

-

Subsidiaries

 

 

Affiliates

-

 

 

FINANCIAL INFORMATION

 

Financial Information

It declined it.

 

 

ADDITIONAL INFORMATION

 

Activities ( realistic and officials)

It operates as a wholesaler and online retailer of lottery products.

 

Staff

Number of staff employed

15

 

Facilities

Owned

Office, Warehouses

Premises Size

- 

 

Stores

Address

-

 

Bankers

Bank

Fiji Bank

Branch

-

Address

-

Telephone

-

 

Suppliers, Partners

Suppliers

-

Partners

-

 

Representation

Auditors

-

Solicitors

Ms. Jubii Turafanivalu

 

 

NOTES & COMMENTS

 

Reporter Comments

Comments

In the interview conducted with  Mrs. Venita Biumaiwai (Manager),  she refused to cooperate with us completely.

 

Local Reputation

The company being investigated is believed by 

local reporters to 

be a Medium Trade Risk and to be fair.

 

Owner/Shareholders 

Comments

All of  the owners / shareholders have an 

active participation in the running of  the business.

Age of Business

Old Business

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.40

UK Pound

1

Rs.81.57

Euro

1

Rs.71.24

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.