MIRA INFORM REPORT
|
Report Date : |
09.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
MEC ELECTRONICS PHILIPPINES CORPORATION |
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|
|
|
Registered Office : |
Block 8-A, Lot 1
Phase I, Cavite Economic Zone, Rosario, Cavite 4106 |
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|
|
|
Country : |
Philippines |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
|
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Date of Incorporation : |
16.05.1989 |
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|
|
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Com. Reg. No.: |
163481 |
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|
|
|
Legal Form : |
Corporation |
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|
|
|
Line of Business : |
Manufacturer and exporter of electrical power supply cables |
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|
|
|
No. of Employees
: |
615 Persons |
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 |
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|
|
|
Payment
Behaviour : |
No Complaints |
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|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Philippines |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company Details
|
Company
Name: |
MEC ELECTRONICS PHILIPPINES CORPORATION |
|
Supplied
Name: |
MEC Electronics Phillipines Corpn |
|
Headquarter
Address: |
BLOCK 8-A, LOT 1 PHASE I, CAVITE
ECONOMIC ZONE, ROSARIO, CAVITE 4106, PHILIPPINES |
|
Supplied
Address: |
Lot 1 Block 8A, Phase I, Cavite Economic
Zone, Rosario Cavite 4106, Philippines |
|
Telephone
Number: |
+63 46 437-22-01 TO 04/ 437-64-74 |
|
Fax
Number: |
+63 46 437-05-34 |
Note:
The supplied name and address are slightly different from what we’ve confirmed, and the accurate ones are shown as above.
Company Identification Details
|
Company
Name: |
MEC ELECTRONICS PHILIPPINES CORPORATION |
|
Registered
Number: |
163481 |
|
TIN
Number: |
360-000-289-786 |
|
Legal
Form: |
Corporation |
|
Date
Incorporated: |
1989-5-16 |
|
Authorized
capital stock |
PHP 60,000,000 |
|
Subscribed
capital stock |
PHP 50,000,000 |
|
Paid-up
capital |
PHP 50,000,000 |
|
Par
value per share |
PHP 10 |
|
Listed
at Stock Exchange: |
No |
|
Staff: |
615 |
Corporate Structure
Affiliates:
|
1. |
Chiao Lin Electronics Philippines
Corporation |
|
2. |
MEC Imex, Inc. |
|
3. |
MEC Interanational Inc. |
Shareholders
|
Name |
Amount Subscribed & Paid- Up |
|
LEE, ROBERT S. |
PHP 40,996,890 |
|
LIN YUE |
PHP 6,152,100 |
|
MEC IMEX, INC. |
PHP 2,000,000 |
|
MEC INTERNATIONAL INC. |
PHP 851,010 |
Management Information
|
Name |
Position |
|
LEE, ROBERT S. |
Chairman/ President |
|
LEE, ANGEL S. |
Vice President/ Director |
|
YU, LORENZO G. |
Treasurer/ Director |
|
LEE, LEMUEL Y. |
General Manager/ Director |
|
CHUNG, JOAQUIN |
Corporate Secreatry/ Director |
Operation
Activities
|
|
PSIC Code: D28996 |
|
Manufacturer and exporter of electrical
power supply cables such as wiring harness, telecommunications cables, cord
sets, power supply cord sets, and coil windings. |
|
Other products are DC output cords, RF cable
assembly, cellular phone cable, HDMI cable assembly, LCD panel cable
assembly, computer cable assembly, adaptor and gender changer, mini USB and
USB cable assembly, and micro coaxial cable assembly for mobile phone. |
|
Supplies and requirements are 100%
imported from Taiwan, US, and Singapore through letters of credit. |
|
Foreign clients include Keytronics
Corporation and Mingston Electronics (both of US) |
|
Local clients are for constructive
export (intra-export) include American Power Conversion, Daman Philippines,
Toshiba Philippines, and Astec Power Corporation, among others. |
Premises
|
|
Headquarters, administrative office,
plant and warehouse at captioned address. Located in a government–regulated
industrial zone. |
Balance Sheet
Unit: USD
|
Date |
2010-12-31 |
2009-12-31 |
|
TotalCurrentAssets |
6,610,091.00 |
5,866,852.00 |
|
Cash |
1,718,760.00 |
2,080,194.00 |
|
ShortInvest |
0.00 |
0.00 |
|
Receivable |
1,396,882.00 |
1,186,499.00 |
|
Inventory |
3,400,187.00 |
2,117,660.00 |
|
OtherCurrentAssets |
94,262.00 |
482,499.00 |
|
LongInvestTotal |
9,331.00 |
83,531.00 |
|
LongInvestSecurity |
0.00 |
0.00 |
|
LongInvestEquity |
0.00 |
0.00 |
|
LongInvestOther |
0.00 |
0.00 |
|
FixedAssetsTotal |
866,036.00 |
899,866.00 |
|
FixedAssets |
3,424,177.00 |
3,322,794.00 |
|
DepreciationTotal |
2,558,141.00 |
2,422,928.00 |
|
IntangibleAssets |
0.00 |
0.00 |
|
OtherAssets |
64,052.00 |
61,329.00 |
|
TotalAssets |
7,549,510.00 |
6,911,578.00 |
|
TotalCurrentDebt |
4,314,289.00 |
4,663,430.00 |
|
ShortLoan |
0.00 |
0.00 |
|
AccountsPayable |
2,508,585.00 |
2,337,457.00 |
|
OtherCurrentLiability |
1,805,704.00 |
2,325,973.00 |
|
LongLiabilityTotal |
108,095.00 |
84,813.00 |
|
LongLeases |
0.00 |
0.00 |
|
LongLoan |
0.00 |
0.00 |
|
LongLoanOther |
0.00 |
0.00 |
|
TotalLiability |
4,422,384.00 |
4,748,243.00 |
|
TotalEquity |
3,127,126.00 |
2,163,335.00 |
|
ShareCapital |
1,250,000.00 |
1,250,000.00 |
|
CapitalPaid |
0.00 |
0.00 |
|
LegalReserve |
0.00 |
0.00 |
|
SurplusReserve |
0.00 |
0.00 |
|
UndistributedProfit |
0.00 |
0.00 |
|
RetainedEarning |
1,877,126.00 |
913,335.00 |
|
OtherEquity |
0.00 |
0.00 |
|
TotalLiabilityAndEquity |
7,549,510.00 |
6,911,578.00 |
Profit/ Loss Accounts
Unit: USD
|
|
2010 |
2009 |
|
OperatingRevenue |
0.00 |
0.00 |
|
SalesRevenue |
19,262,093.00 |
11,567,454.00 |
|
InterestRevenue |
0.00 |
0.00 |
|
OtherRevenue |
0.00 |
33,366.00 |
|
TotalRevenue |
19,262,093.00 |
11,600,820.00 |
|
SalesCost |
17,530,342.00 |
10,781,831.00 |
|
GrossProfit |
1,731,751.00 |
785,623.00 |
|
SalesExpenses |
0.00 |
0.00 |
|
ManagementExpenses |
568,362.00 |
577,268.00 |
|
FinancialExpenses |
110,175.00 |
7,979.00 |
|
TotalExpenses |
18,208,879.00 |
11,367,078.00 |
|
OperatingProfit |
1,053,214.00 |
233,742.00 |
|
NonOperatingProfit |
0.00 |
0.00 |
|
ProfitBeforeTax |
1,053,214.00 |
233,742.00 |
|
Tax |
89,423.00 |
30,724.00 |
|
NetProfit |
963,791.00 |
203,018.00 |
Cash Flow
Unit: USD
|
|
2010 |
2009 |
|
OperatingNetCash |
544,655.00 |
1,614,640.00 |
|
InvestmentNetCash |
-101,664.00 |
-129,293.00 |
|
FinanceNetCash |
-802,729.00 |
-1,078,966.00 |
Bankers
|
Name: |
Chinatrust Philippines Commercial Bank
Corporation |
Bank Loan Exposure File
Subject: MEC ELECTRONICS PHILIPPINES CORPORATION Unit: PHP
|
Collateral/Security |
Loan Type |
Loan Status |
Outstanding Amount |
Market Gain/Loss |
Secured Amount |
Unsecured Amount |
|
Holdout vs. FCDU Deposit of Resident |
Time Loans |
Current |
3,000,000 |
0 |
3,000,000 |
0 |
|
|
Loans and Discounts - Foreign |
Current |
43,390,000 |
0 |
0 |
43,390,000 |
Public
No negative records (court cases,
delinquent accounts) found under “ MEC ELECTRONICS PHILIPPINES CORPORATION” in
our available database as of December 6, 2011.
“MEC ELECTRONICS PHILIPPINES CORPORATION”
not found in our database of companies with labor related cases as of December
6, 2011.
Special Notes
Contents of this report were obtained from
company source Ms. Kuiacos, Personnel Staff, government records, and available
information in our database.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.78 |
|
UK Pound |
1 |
Rs.81.32 |
|
Euro |
1 |
Rs.69.42 |
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 |
|
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.