MIRA INFORM REPORT

Report Date :

01.02.2014

IDENTIFICATION DETAILS

Name :	PHILS FOOD SERVICES LIMITED
Formerly Known As :	Premium Food Services
Registered Office :	Gladstone Road, Nassau
Country :	Bahamas
Date of Incorporation :	27.02.2009
Com. Reg. No.:	57748C
Legal Form :	Limited Company
Line of Business :	importer and distributor of food products including Fresh, Frozen, Dry and Specialty Items such as Vegetables, Fruits, Chicken, Tuna in Oil/Water, Meat (Oxtail, Steaks, Pork Shops.) & Non-Food Products
No. of Employees :	135

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 :	No Complaints
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 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Bahamas	B1	B1

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

Bahamas ECONOMIC OVERVIEW

The Bahamas is one of the wealthiest Caribbean countries with an economy heavily dependent on tourism and offshore banking. Tourism together with tourism-driven construction and manufacturing accounts for approximately 60% of GDP and directly or indirectly employs half of the archipelago's labor force. Financial services constitute the second-most important sector of the Bahamian economy and, when combined with business services, account for about 36% of GDP. Manufacturing and agriculture combined contribute less than a 10th of GDP and show little growth, despite government incentives aimed at those sectors. The economy of The Bahamas shrank at an average pace of 0.8% annually between 2007-11, and tourism, financial services, and construction - pillars of the national economy - remained weak. These challenges, coupled with a growing public debt, increases in government expenditures, a narrow revenue base, and heavy dependence on customs and property taxes have led to prospects of limited growth for The Bahamas.

Source : CIA

GEOPOLITICS
POLITICAL DATA	ECONOMIC DATA
Form of Government: Commonwealth Realm - Parliamentary system Economic Risk: Low	Currency: Bahamas (BSD) 100 BSD = 100.00 USD Branch Situation: Stable

IDENTIFICATION
Legal Name:	PHILS FOOD SERVICES LIMITED
Legal Address	Gladstone Road
Postal Town	Nassau
Country	BS
Location Status	Headquarters, Single Location, Legal Address,
Operative Address	Gladstone Road, Nassau, Bahamas.
Mailing Address	P.O. Box CB-11403, Nassau, Bahamas.
Telephone:	(242) 361-0402	Registration Number :	57748C
Fax:	(242) 361-0402	Legal Form:	Limited Company
Email:	phill023@hotmail.com / vanessa.mckenzie@philsfoodltd.com	Registered in:	BS
Website:	www.philsfoodltd.com (under construction)	Date Created:	2009
Manager:	Mr. Phillip Lightbourne - President	Date Incorporated:	February 27, 2009
Staff:	135	Stock:	N.A.
SIC Code:	5149	Value:	N.A.
Activity:	Food Products Distributor.

BANKS
Name of the Bank	Bank of the Bahamas
Location	Bahamas
Account Number	Confidential
Comments	This information was not verified by the company.
Name of the Bank	Scotia Bank
Location	Bahamas
Account Number	Confidential
Comments	This information was not verified by the company.
BUSINESS HISTORY
	The company is operating since 2009 was formerly known as Premium Food Services. It is registered and based in the Bahamas.
PRINCIPAL ACTIVITY
	The company engages in the import and distribution of food products.
Products/Services description:
	The company offers: Fresh, frozen, dry and specialty items: Vegetables, Fruits, chicken, tuna in oil/water, meat (oxtail, steaks, pork shops.) & non-food products
Sales are:
	Wholesale, Retail
Brands:
	The subjects owned brand is Phils Choice and they are wholesalers of Starkist, Clorox, Scott, Airwick, Mistolin, Bounty, Kelloggs, Welchs, Nestle, Minute Maid, among others.
Clients:
	Distributors, Hotels, Restaurants, convenience stores, food stores, hospitals, governmental organizations, schools, and households. It also serves the general public.
Suppliers:
	DOUX FRANGOSUL SA Navegantes, Brazil. NINGBO FREE TRADE ZONE MOD INDUSTRY & TRADE CO. LTD. Lantian Road, Ningbo, China. CHEP USA 8517 South Park Circle, Florida, USA. (407) 370-2437
Operations area:
	National, International, Local.
The company imports from China and America.
The company exports to America.
Trade References:
	We called CHEP USA and reached a female representative from the accounts receivable department who refused to provide us any check reference due to the company's privacy policy.
The subject employs 135 employee(s)
Comments on staff:
	This information was not verified by the company. We obtained an estimate by using third sources. In 2010, after its first year of operations, the business was challenged to stay open and was experiencing difficulties in maintaining their staff complement. The company laid off 50 workers after paying out more than 3 million in salaries and 800,000 in overtime. However, as of today, the company is stable and increased their employee quantity since their incorporation.
PAYMENTS
	Regular.
LOCATION
Headquarters
	Gladstone Road, Nassau, Bahamas.
Surface area:
	55 000 ft2
The property is:
	Owned
Comments on location:
	It is divided in wholesales room, warehouse-store and executive offices.
Branches:
	Does not have branches.

Shareholders Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company. It is owned and managed by Mr. Philip Lightbourne.
Management:
	MR. PHILLIP LIGHTBOURNE President
Related Companies:
	This information was not provided. We could not locate related companies despite our searches through third sources.

Financials

COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted Ms. Vanessa Mckenzie, Accountant, who refused to provide us any financial data on grounds of confidentiality.

However our financial sources could provide us with the following data.

Those figures are estimates provided by confidential banking and financial institutions working with the company.

Currency	DATE
USD	2011
Turnover	19 580 000
Operating Income	990 000
Net Income	650 000
Net worth	2 450 000
Bank liabilities	0
The cash flow is	Good

Comments on the financial data: Despite our long searches and the contact with the company we could not get financial information for 2012 or 2013.

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

Rating
Local credit bureau gave a correct credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	The company has 5 years of experience, reporting steady activity and having shown positive development. The company engages as a food products distributor. They currently have 135 employees, for which it is considered a medium sized company. The company has bank accounts with well known banks and has steady commercial relations with its suppliers.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX

Person Interviewed
	Ms. Vanessa Mckenzie
Position
	Accountant
Comments
	Ms. Mckenzie refused to provide us any information on grounds of confidentiality. The information in this report was obtained using third sources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.48
UK Pound	1	Rs.102.95
Euro	1	Rs.84.60

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.