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[Bond] 50b for 6 months [CSHNETXBO018]

Author
Tanith YarnDemon
Hypernet Inc.
Umbrella Chemical Inc
#1 - 2012-02-16 16:39:34 UTC  |  Edited by: Tanith YarnDemon
Morning everyone,

As per the discussion thread* it's now time to finally go live. Chribba holds the collateral in the form of BPOs matching the full bondvalue in NPC-value and will confirm doing so below. And with this post VV can finally get to sum up the audit.

Most of what's mentioned in the discussion thread still stays true. The one big difference is that the interest rate has unsuprisingly been lowered to 2%. This partly to reflect the massive response recieved, but also to facilitate some unforseen changes made in Crucible 1.1 and 1.2, making one of our markets somewhat unstable. Given the low risk and duration of the bond the interest rate is still competetive.

Basic terms:
1b minimum in 1b increments to a total of 50b.
2% monthly interest, paid during the first week of each month.
Bond starts once filled, first interest payout is April
Bond ends with the sixth interestpayout, expected to be early September.


We reserve the right to cash out any investor at any time, refunding the full investment and accrued interest rounded up to nearest full month.

Reservations are handled on a first come first served basis. Either post in thread or mail me if you want to maintain anonymity.

I'm sure I've forgotten a bunch, but just chime and I'll keep on adding info about it.
https://forums.eveonline.com/default.aspx?g=posts&m=628971

Isk recieved:
EnterprisePSI 5b
Ambo 20b
Oerlikon Llama 2b
Anonymous 18b
Lost Hamster 5b
enterprisePSI
#2 - 2012-02-16 16:46:19 UTC
Pending Chribba confirmation my offer still stands.

The tears of the many, outweigh the tears of the few. Or the one. enterprise-psi©

Tanith YarnDemon
Hypernet Inc.
Umbrella Chemical Inc
#3 - 2012-02-16 16:52:52 UTC
enterprisePSI wrote:
Pending Chribba confirmation my offer still stands.


My god you people are fast. Thanks and noted.

Everyone but you from the former thread should now have been mailed a heads up aswell.
Chribba
Otherworld Enterprises
Otherworld Empire
#4 - 2012-02-16 17:45:45 UTC
Confirming that my alt Lizzy Caplan is the CEO of the R&D corp and that I hold all the shares as well as the BPOs, valued to 50b (NPC price) are locked - and I will not issue any unlocks until the venture is over.

Should they take the ISK and run I will unlock the BPOs and sell them to return the original investments.

/c

★★★ Secure 3rd party service ★★★

Visit my in-game channel 'Holy Veldspar'

Twitter @ChribbaVeldspar

Oerlikon Llama
Viziam
Amarr Empire
#5 - 2012-02-16 19:30:31 UTC
Reserving 2B.
Lost Hamster
Hamster Holding Corp
#6 - 2012-02-16 20:07:05 UTC
If RAW do not take the whole, then I'm in with 5b, as mentioned in the original thread.
Ambo
Caldari Provisions
Caldari State
#7 - 2012-02-16 21:00:48 UTC
I'll take up to 20 bil if there is any left...
flakeys
Doomheim
#8 - 2012-02-16 22:01:09 UTC
2 % ?

Seems i parted with loans just in time .... how long till 1% is the question Blink

We are all born ignorant, but one must work hard to remain stupid.

Death ToU
Brutor Tribe
Minmatar Republic
#9 - 2012-02-16 22:09:56 UTC
If there is any left, which I am not sure there is..

I will take 10 Billion

Or please add me to the reserve list.
Grendell
Technologies Unlimited
#10 - 2012-02-17 14:24:15 UTC
flakeys wrote:
2 % ?

Seems i parted with loans just in time .... how long till 1% is the question Blink


I'm working on itBlink

◄[♥]►3rd Party Service◄[♥]►

♥ Securing Peace of mind ♥

Vaerah Vahrokha
Vahrokh Consulting
#11 - 2012-02-17 20:33:36 UTC
A fully featured audit for Tanith YarnDemon has been published on the Public Audit Records database.

A forum compliant version of the audit will be produced and posted as soon as possible.
Vaerah Vahrokha
Vahrokh Consulting
#12 - 2012-02-17 20:58:09 UTC
Audit report for Tanith YarnDemon business proposal

This is Vaerah Vahrokha’s analysis as of 2012-02-16 19:00 EvE Time.
NEISIN code: CSHNETXBO018.
Official discussion: link to investment prospectus.
Public Audits Record (PAR) for this investment: backlink.


Tools used

jEveAssets
EvE Mentat
Microsoft® Excel™
Blender 3D => LuxRender
Paint.NET => Bolt Bait Pack, DPY Plugins, MadJik Pack, Vandermotten Effects


Forewords about the Audit

Tanith YarnDemon is an high sec trader and capital ships manufacturer. He also builds other assets that look profitable.
In order to expand on his current activity he is starting a collateralized, public bond.
This audit will not cover the general trading activities in depth, it’s mostly focused at skills and production jobs checks and NAV statements.


Generalities

Main character for this proposal is Tanith YarnDemon, along with four other accounts and another associated player, a real life friend of him. Among the various characters, there are skills for manufacturing a diverse basket if items including capital ships, high end faction ships of all sorts, mineral compression items, several level IV skills for trading, contracting, mining, refining, hauling with industrials and freighters, L4 missioning, incursions and PvPing (but he stopped such activity in 2009-2010).
Tanith YarnDemon, is a March 2008 character with 68.7M SP.

Investigation through about a total of 800 posts seem consistent with the character not being purchased. Post history is ok, except for some old auctions the Investee self bumped by using some of his alts. Killboard is ok, save an empty CNR loss, bought in low sec at rebate price but resulted into a log in trap.

Statement of ability to deliver: the contracts API has been manually queried to find out whether the claimed products were produced and in a sufficient volume. There have been found more than 60 capital ships contracted in the last month, for about 62.404B.

Capital ships sales contracts snapshot

Statement of past activity: the jobs API records report production for many kinds of items including the stated capital ships.


Involvement in other business

None at the moment.


Business Plan Analysis

The Investee posted a draft / discussion of the bond here.
He also disclosed his manufacturing and trading strategy to the Auditor.

The business plan is about raising funds to be able and provide enough input materials to a production chain and sell the finished products.
The Investee is already in the proposed production and market niche, his logistics have shown no relevant losses.
The Investee even in a worst case scenario is also active into general trading and has a number of unused fitted exhumers laying around.
Due to the relative slowness in capital ships production and the possible mineral prices drop in the coming months, it’s possible the plan will lose some of its profitability over time. This could force the Investee into selling products aligned with current mineral prices, while he had to purchase those minerals when their price was higher.

Feasibility statement: the business plan looks viable, especially after the lowering of the offered interest rate.


Collateral and exit strategy

The Investee tasked Chribba to hold / lock BPOs as collateral covering the full bond principal.
No exit strategy has been discussed but his associate could be able to honor the bond in case the Investee meets unforeseen issues at continuing the production.


Net Asset Value and other balance considerations

The estimated net worth of all liabilities, solid & liquid assets is about 279.441B ISK. These include the 50B worth of BPOs now held by Chribba.
Market transactions are made by the Investee character.
Assets across all of the characters and corporations are estimated to be worth 188.792B.

Important notice: the reported values are lower than the real amounts, because certain assets in certain conditions are not reported by the API.
There are an additional more than 60B worth in minerals currently being used. The NAV for the Chribba’s managed production corporation is worth about 110-120B (minerals plus components plus BPOs).
Vaerah Vahrokha
Vahrokh Consulting
#13 - 2012-02-17 20:59:25 UTC
Assets and balance


Balance

Wallet balance: 77.700B
Market sell-orders: 11.928B
Market escrow: 1.021B
Contracts: 0.000B
Investments / receivable: 0.000B
Liabilities / payable: (0.000) B
Total: 90.649B



Assets
POS: 3.492B
Fleet / ships (unfitted): 12.916B
Modules: 82.210B
Misc. solid assets; minerals, salvage, ice and trade goods etc.: 5.597B
Blueprint copies and originals: 61.646B


Other

Accessories (includes PLEXes): 5.203B
Charges: 3.546B
Commodities: 4.795B
Drones: 1.961B
Ordered assets under construction: 0.000B
Planetary items or resources: 1.113B
Ship components: 0.005B
General or classified items: 6.308B
Total: 188.792B

Estimated grand total: 279.441 Billion ISK

The above evaluations were made by using The Forge prices as reference.




Current assets

The Investee heavily deals in contracts. Since the general EvE Investor might be not accustomed at complex balance sheets, the Auditor chose to keep the current assets off the NAV. There is a total of 7,169,342,000 ISK in current assets. When sold, those would add to the current wallet balance.

Snapshot of outstanding contracts

Another reason to keep them separate is the current lack of reliable contracts API software, the whole process has been completely performed by hand and Excel, since tools like API Jacknife failed to return a correct and full dataset.


Markets analysis

This is not a full market analysis but just a proof that the Investee also deals in other markets. The balance looks negative but this because it includes all the purchases but none of the finished products contracts sales.

Last month sales graph

Last month income: 21.15B.
Last month expenses: 24.4B
Total month balance: -3.25B


Positives

The Investee has the character skills to confirm his claims.
The Investee net worth is vastly more than the requested capital, the Investee is comfortable dealing with the involved amounts.
The Investee has proved the blueprints being original.
The Investee accepted an audit, had a prior discussion and took time to share his final prospectus and have some points checked.
The Investee accepted a long conversation to bring many factors in light.
Some PvP past is always a boon when dealing with prolonged operations that could be wardecced or whatever.
Low interest rate makes for an easier investment profitability.
Investment is fully collateralized.


Negatives

Supply chain might be disrupted and tangible losses could happen due to the location of the production.
Part of the Investee production happens in low security, this is always a risk factor, whatever the safety measures and experience involved.
Mineral prices might drop and eat into the investment profitability. The Investee could be forced selling ships whose minerals were more expensive than at the time of sale.


Conclusions

Due to the full collateral, possible RL associate being able to help, multiple availability of records, and Investee past ability both to deliver and form a functional supply chain, the Auditor classifies this investment as moderate risk.

Please notice how “moderate risk” does not mean “safe”. There might be loss of profitability over time, supply chain disruption, real life issues involving the Investee or Chribba.

The Investee seems competent (skills wise and player wise) enough to deliver on his statements and has records. His business is in a growth phase, his API records show he may operated as he stated.

Basically, the Investee looks like with the ability to successfully honor the bond. Notice how an audit can only evaluate the ability or potential of an Investee to succesfully honor a bond / IPO.
The Auditor suggests perspective Investors NOT to invest their full capital on this venture but to offer what they could eventually afford to lose.


Disclaimers

Due to stringent EvE API limitations, although the information provided to you on this document is obtained or compiled from sources believed to be reliable, Vahrokh Consulting cannot and does not guarantee the accuracy, validity, timeliness, or completeness of any information or data made available to you for any particular purpose.
This Auditor is actively and passionately against any breach of privacy, in particular regarding in game mail API access. Therefore no information will ever be gathered and no audit will ever be released that will contain any element found by eavesdropping someone else’s private communications.
Neither the information nor any opinion contained in this document constitutes a solicitation or offer by Vahrokh Consulting or its affiliates to buy or sell any securities, assets or services.
Serene Python
#14 - 2012-02-18 06:37:10 UTC
flakeys wrote:
2 % ?

Seems i parted with loans just in time .... how long till 1% is the question Blink

Because I think you are cute, I'll give you a 1% take in my next loan ;)
flakeys
Doomheim
#15 - 2012-02-18 07:25:39 UTC
Grendell wrote:
flakeys wrote:
2 % ?

Seems i parted with loans just in time .... how long till 1% is the question Blink


I'm working on itBlink



Worst part is you could prob get away with 0.5% Blink

We are all born ignorant, but one must work hard to remain stupid.

Tanith YarnDemon
Hypernet Inc.
Umbrella Chemical Inc
#16 - 2012-02-18 09:12:44 UTC
Bond is filled up with reservations, and I'll be contacting everyone the 5 people mentioned in OP right away through mail. Should any of the listed not be interested anymore I'll instead contact the next posted in the thread.

Thanks alot everyone.
Ambo
Caldari Provisions
Caldari State
#17 - 2012-02-18 19:13:21 UTC
Isk sent.
flakeys
Doomheim
#18 - 2012-02-18 19:53:41 UTC
Serene Python wrote:
flakeys wrote:
2 % ?

Seems i parted with loans just in time .... how long till 1% is the question Blink

Because I think you are cute, I'll give you a 1% take in my next loan ;)



What in that line didn't make clear i don't invest any more? Lol

We are all born ignorant, but one must work hard to remain stupid.

Lost Hamster
Hamster Holding Corp
#19 - 2012-02-18 21:51:48 UTC
ISK transfered.
Tanith YarnDemon
Hypernet Inc.
Umbrella Chemical Inc
#20 - 2012-02-18 23:02:22 UTC
Excellent, with that all the isk is recieved, see you all in a month!
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