MIRA
INFORM REPORT
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Report Date : |
23rd
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
EURO
CHEMICALS INC |
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Registered Office : |
26 20/F., Avenue, Cubao, Quezon City |
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Country : |
Philippines |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1992 |
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Legal Form : |
Stock Corporation |
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Line of Business : |
Engaged
in trading of raw material for cosmetics |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 13,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company name & Address
EURO CHEMICALS INC
Country : Philippines
Company Name : EURO CHEMICALS INC
Company Address : Lot 2 Arty II Subdivision cor Rd 1 Mindanao Avenue Quezon City
Company Tel : 2-9300720
Company Fax : 2-9301153
Company Email : jessicalplana@eurochemph.com
Company Type : Trading
Industry : Chemicals
Established Year : 1992
Key Facts
Established Year : 1992
License number/s : ASO92-0000002745
Formation : Private
Employees : 10
Credit Rating & Risk Analysis
Risk Index : Medium
Rating : Average
Points Allocated : 57
Credit Opinion :
Credit of a moderate amount can be considered.
Adverse Data
Results : Total of 0 record found.
Recommended Credit Limit - Trade Finance
Amount : USD 13,000
Period : 30 days
Management & Products
Management : Mr Eugen z Burk, Chairman
Sex : M
Nationality : Switzerland
Management : Ms Jessica j Plana, President
Sex : F
Nationality : Philippines
Management : Mr Alejo matthias t Terencio III, Secretary
Sex : M
Nationality : Philippines
Management : Mr Errol Javier, Treasurer
Sex : M
Nationality : Philippines
Management :Mr Michael Eugenio o Plana, Vice President
Sex :M
Nationality :Philippines
Products : Cosmetic materials
*Credit Assessment*
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The company is considered an average sized company in its line locally. Based on its history background, established market connectivity and trade connections, credit of a moderate amount can be considered.
*Operation Status*
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Investigations have included :
1) A site visit was conducted at the company's heading address which revealed that the above company's name was seen on display.
2) The company is engaged in cosmetics materials.
3) The company's products are imported from oversea markets such as South East Asia and Europe.
4) The company's products are sold to local corporations.
*Lodgment of Annual Returns*
============================
Year ending : 2006
Last filing date : 15 June, 2006
*Company Registration*
======================
(1)
Company Name : Euro Chemicals, Inc
License number : ASO92-0000002745
Tax number : 001-670-569-000
Date issued : 22 April, 1992
Legal form : Stock Corporation
Issuing authority : Securities And Exchange Commission
*Registered Office*
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26 20/F., Avenue, Cubao, Quezon City.
FINANCIAL RELATED DESCRIPTION
*Financials*
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Euro chemicals Inc
Balance Sheet
Unit : Philippines
As of December 31, 2005
2005 2004
ASSETS
Current Assets
Cash in Bank & Hand 360,118.50 566,027.91
Accounts Receivable 2,565,222.60 2,722,287.94
Accounts Receivable-non trade 558,319.81 272,212.02
Merchandise Inventory 18,371,331.49 15,559,761.96
Prepaid Corporate Tax 129,176.43 13,105.79
Witholding Taxes at Source 201,455.81 262,987.25
Deferred Charge Rent - -
Total Current 22,185,624.64 19,396,382.87
Non-Current Asset
Land 4,500,000.00 4,500,000.00
Improvement 14,141,777.86 14,141,777.86
Service Vehicles 545,507.11 545,507.11
Office, Fix Equip, Net 368,712.90 368,712.90
Construction on Progress - -
Total Non-Current Assets 19,555,997.87 19,555,997.87
Total Asset 41,741,622.51 38,952,380.74
Liabilities & Stock Holder Equity
Current Liabilities
Teleg, Transfer Payable-trade 10,381,763.68 10,643,997.74
Accounts Payable 1,701,333.38 -
Due From Stockholders 3,093,017.60 4,151,664.27
Income Tax Payable 202,537.24 38,363.34
Withholding Tax Payable 375,722.30 510,532.15
Accrued Expenses 2,740,900.23 1,589,525.79
Total Current Liabilities 18,495,274.43 17,134,083.29
Long Term Liabilities 11,000,000.00 10,300,000.06
Total Liabilities 29,495,274.43 27,434,083.36
Stock Holder Equity
Capital Stock
Authorized 16,000 SH@P100/SH
Subscribed and Paid Up 400,000.00 400,000.00
Retained Earnings 11,118,297.39 10,611,775.29
Net Income/(Loss)for the year 728,050.69 506,522.10
Retained Earnings End 11,846,348.08 11,118,297.39
Total Stock Holder Equity 12,246,348.08 11,518,297.39
Total Liabilities & Stock Holder Equity 41,741,622.51 38,952,380.74
INCOME STATEMENT
For the year Ended December, 31, 2005
Unit : Philippines
2005 2004
Sales 51,574,338.10 46,453,943.47
Cost of Sales
Inventory January 1 15,559,761.96 10,708,635.53
Purchase 43,993,690.40 42,906,936.87
Total Merchandise Available 59,553,452.36 53,612,572.40
Less: Inventory December, 31 18,371,331.49 15,559,761.96
Cost of Good Sold 41,182,120.87 38,052,810.44
Gross Income 10,392,217.23 8,401,133.03
Less Gen. Operating Expenses 9,664,166.54 7,656,247.59
Net Income Before Tax 728,050.69 744,885.44
Less: Provision for income tax 202,537.24 238,363.34
Net Income After Tax 525,513.45 506,522.10
*Reputation*
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Reference checking for the purpose of establishing the firm's reputation within the respective industry failed to reveal any negative information.
*Auditors *
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J.T. Cayetano
*Payment Terms*
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Sales
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Local : Cash on Delivery (COD)
Cheque
30-90 days credit
Purchases
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Import :
Cheque
Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Credit
BANKS REFERENCES
Bank : METROPOLITAN BANK & TRUST CO
PRODUCT, TECHNOLOGY, SERVICE
DESCRIPTION
*Main Products & Services*
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Specializes in trading of raw material for cosmetics
ORGAINIZATION STRUCTURE
*Key Personnel*
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(1)
Name : Eugen z. Burk
Position : Chairman
Resident status : Swiss nationality
ID no/Passport no : Holder of Passport no. 127-582-154
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Registered address : 2-12 Antipolo Street, Woodland Carmenville, Angeles City.
TRADE REFERENCES
*Associations*
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Member of
ASEAN Cosmetics Association
SHAREHOLDER'S DESCRIPTION
*Major Shareholders*
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Total number of shareholders : 5
Total number of Paid-up shares : 4,000
Shareholder's Name No of Shares
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Eugen Z Burk 1,598
Jessica J. Plana 1,600
Michael Eugenio O. Plana 800
Errol Javier 1
Alejo Matthias T. Terencio III 1
*Shareholders' Details*
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Eugen Z Burk
Address: 2-12 Antipolo Street, Woodland Carmenville, Angeles City.
Jessica J. Plana
Address: 52 Rome Street, Phase 111, Loyola Grand Villa, Marikina City.
Michael Eugenio O. Plana
Address: 52 Rome Street, Phase 111, Loyola Grand Villa, Marikina City.
Errol Javier
Address: 2 DE Los Angeles Drive, Country Homes, Cainta, Rizal.
Alejo Matthias T. Terencio III
Address: 2147 P.Binay Street, Bangkal , Makati.
RELATED PARTIES DESCRIPTION
*Directors' Details*
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(1)
Name : Eugen Z Burk
(2)
Name : Jessica J. Plana
Position : President
Resident status : Philippines nationality
ID no/Passport no : Holder of Philippines ID no. 154-830-364
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Registered address : 52 Rome Street, Phase 111, Loyola Grand Villa, Marikina City.
(3)
Name : Michael Eugenio O. Plana
Position : Vice President
Resident status : Philippines nationality
ID no/Passport no : Holder of Philippines ID no. 145-502-284
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Registered address : 52 Rome Street, Phase 111, Loyola Grand Villa, Marikina City.
(4)
Name : Errol Javier
Position : Treasurer
Resident status : Philippines nationality
ID no/Passport no : Holder of Philippines ID no.197-912-019
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Registered address : 2 DE Los Angeles Drive, Country Homes, Cainta, Rizal.
*Company Secretary Details*
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Name : Alejo Matthias T. Terencio III
Resident status : Philippines nationality
ID no/Passport no : Holder of Philippines ID no.218-037-642
Registered address : 2147 P.Binay Street, Bangkal , Makati
LOCAL DISTRIBUTION &
WAREHOUSING
*Local Distribution Network*
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100% of the annual turnover is attributed to local sale to corporations.
*Imports*
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100% of the companyˇ¦s products are imported from South East Asia and Europe.
INTERNATIONAL TRADE ACTIVITY
DESCRIPTION
*Overseas Suppliers*
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The company is an official distributor of
Sinerga SpA
Pentapharm
Cirebelle
Kobo
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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