MIRA
INFORM REPORT
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Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
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Name : |
ARMS CORP OF THE |
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Registered Office : |
Fortune Ave Parang |
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Country : |
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Date of Incorporation : |
23.01.1980 |
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Com. Reg. No.: |
90794 |
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Legal Form : |
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Line of Business : |
Manufacturing and exporting firearms and ammunitions. |
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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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Phi9lippines |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name and address
ARMS
CORP OF THE
FORTUNE AVE PARANG
TEL: 0063-2-9416243 FAX:
0063-2-9420682
EXECUTIVE SUMMARY
INCORPORATION DATE : 23
JANUARY, 1980
REGISTRATION NO. :
90794
CHIEF EXECUTIVE :
MR. DEMETRIO R. TUASON (CHAIRMAN)
STAFF STRENGTH :
1,000
CAPITAL :
PHP 89,300,000
BUSINESS LINE :
MANUFACTURER
TURNOVER :
N/A (AS OF DEC. 31, 2009)
EQUITIES :
N/A (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
PHP 43.53508 = US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
PHP –
Acronym: ARMSCOR
*Company Registration*
===================
License number : 90794
Date issued : 23
January, 1980
Issuing authority : Securities
& Exchange Commission (SEC)
Corporate term : 50 years
*Company History*
===============
1980's - Introduction of new
manufacturing technologies through the effort of the Tuason brothers.
*Capital Details*
=============
Share value
: PHP 10.00/-each
Authorized capital :
PHP 150,000,000
Initial paid-up capital :
PHP 7,500,000
Paid-up capital increase : PHP
89,300,000
Date of increase : 31 December, 1999
*Office & Facilities*
===============
Size :
5.5 hectares
Transport facilities : Maintains 3 closed vans and about 10 cars.
Property status : Owned by
ARMS CORP OF THE PHILIPPINES
Type of building : Large
building and more than 10 medium and smaller structures
Comments : Serves
as office and factory
Other tel. nos. :
2-9416244, 9423653, 9414288, 9415840
Previous Contact Details
--------------------------------
Address :
Fax No : 2-6312876
*Machinery & Equipment*
====================
Maintains Computerized Numerical Control (CNC) machinery.
*Loan & Facilities*
===============
(1)
Loan facility : PHP 64,403,000
Lender : LANDBANK OF THE
Collateral : Mortgage Trust
Indenture/Real Estate Mortgage/Chattel Mortgage/Joint & Several Signature
Date of loan : 7 November, 2001
Expiry date : 7 November, 2006
Balance : PHP
52,092,205.93 (as of 30 April,2004)
(2)
Loan facility : PHP 30 million
Lender : LANDBANK OF THE
Collateral : Mortgage trust
indenture, joint & several signatures of Demetrio and Severo Tuason, plus
guarantee of SQUIRES BINGHAM CO INC
Date of loan : 13 December, 2000
Balance : Not available
(3)
Loan facility : PHP 127,791,000
Lender : METROPOLITAN
BANK & TRUST CO
Collateral : Joint &
several signatures of Severo and Demetrio Tuason
Date of loan : N/A
Expiry year : 2006
Balance : PHP 118,122,000
(as of 21 October, 2001)
*Industry Ranking*
===============
Considered to be one of the leading manufacturers of firearms and
ammunition in the world and the largest arms and ammunition manufacturer in
*Labor Union*
============
Majority of employees are members of MAKAPA (Manggagawa para sa
Kapakanan at Pagkakaisa sa Armscor).
*Insurance Companies*
===================
Insurance company : TRINITY INSURANCE
Insurance coverage : Fire on properties
Amount :
Amount not specified
*Auditors*
========
SYCIP GORRES VELAYO & CO
www.armscor.com.ph
SC’s website is unable to be landed at present for the technical reason.
E-mail: armscor@info.com.ph
For the past two years there is no record of litigation.
*Major Shareholders*
===============
Shareholders' Name No of
Shares Amount (PHP)
---------------------------
------------------
--------------------
Ernest L. Escaler
600,000
1,500,000
Antonio O. Pasia
600,000 1,500,000
Juan Miguel Romualdez
600,000
1,500,000
Roberto C. Bartolome
600,000
1,500,000
Jose Maria P. Lizares
600,000
1,500,000
(Note: it is a previously shareholding
details, according our investigation the paid-up capital was changed to PHP
89,300,000, but the update shareholding details are not available for unknown
reason.)
*COMPANY SECRETARY*
======================
Name : Mr. Ferdinand Domingo
Nationality : Filipino
*Key Personnel*
=============
(1)
Demetrio R. Tuason
Descent : Spanish
Age : 58 years
Civil status : Married
Education : Business
administration graduate
Responsibilities : Overall management and operation of the company
Relationship : Brother of
Severo
Other position : Board
chairman, SQUIRES BINGHAM CO INC and PRECISION FOUNDRY OF THE PHILIPPINES INC
(2)
Severo J. Tuason
Age : 50
years
Civil status : Married
Education : Bachelor of
Science in Business Administration graduate
Other position : President,
SQUIRES BINGHAM CO INC and PRECISION FOUNDRY OF THE PHILIPPINES INC
(3)
Gina Marie G. Angangco
Responsibilities : Corporate Planning & Business Development
Association : Member of Financial Executives Institute of
the
(4)
Danilo M. Lorico
Age : 53 years
Civil status : Married
Qualification : Certified Public Accountant
(5)
Pedro H. Maniego
Age : mid 50's
Civil status : Married
Qualification : Practicing Lawyer
(6)
Catalina
Age : 46 years
Education : BSBA Management,
Management: Mrs. Catalina San Diego,
Assist. Company Secretary
Mr. Danilo M. Lorico, Chief Financial Officer
Mr. Pedro H. Maniego, Chief Operating Officer
Name Nationality Job Description
Mrs. Catalina San Diego Filipino
Assist. Company Secretary
Mr. Danilo M. Lorico Filipino
Chief Financial Officer
Mr. Pedro H. Maniego Filipino
Chief Operating Officer
Mr. Carlos Tuason Filipino
General Manager
Mr. Demetrio R. Tuason Filipino President
Ms. Gina Marie G. Angangco Filipino
Senior Vice President
Mr. Severo J. Tuason Filipino
Vice Chairman
*COMPANY DIRECTORS*
====================
1
Name : Mrs. Catalina San Diego
Sex : F
2
Name : Mr. Danilo M. Lorico
Sex : M
3
Name : Mr. Pedro H. Maniego
Sex : M
4
Name : Mr. Carlos Tuason
Sex : M
5
Name : Mr. Demetrio R. Tuason
Sex : M
6
Name : Ms. Gina Marie G. Angangco
Sex : F
7
Name : Mr. Severo J. Tuason
Sex : M
8
Name : Mr. Alfonso Cruz Jr.
Nationality : Filipino
9
Name : Mr. David Fuller
Nationality : American
10
Name : Mr. George Chua
Nationality : Filipino
11
Name : Ms. Rosanna Poblete
Nationality : Filipino
*Main Products & Services*
======================
Engaged in manufacturing and exporting firearms and ammunitions.
Products also include the following:
- Rim fire & Center fire Ammunition
-
- 12 Gauge Shotgun
- 1911 Parts and accessories
Products: Air rifles
Ammunition 12 gauge,
Shot shells
Ammunitions
Armalites
Bolt action
rifles
*Payment Terms*
==============
Sales
-------
Local : 100% on 30 to 45 days
credit, through SQUIRES BINGHAM CO INC
Export : Letter of Credit (L/C)
Purchases
--------------
Local : Cash or credit
Import : Letter of Credit (L/C)
*Quality Certification*
=================
Type of certification : ISO 9001
Issuing authority : BVQI
Year of certification : 1990's
Comment : Sole
recipient among those firearms and ammunition companies
*Associations*
===========
Member of:
- FEDERATION OF PHILIPPINE INDUSTRIES INC
*Subcontractors*
=============
Company name : PRECISION FOUNDRY
OF THE PHILIPPINES INC
Work performed : Manufactures firearm components for the company.
*Competitors*
===========
The following locally based firms supply similar range of products:
- JALIMCO INDUSTRIES CORP
- TWIN PINES INC
- STRONGHAND INC
- P B DIONISIO & CO INC
- MOSSBERG (PHILS) INC
- TRUST TRADE
- ACCURATE ARMS INC
*Domestic & Raw Materials Suppliers*
============================
10% of materials are locally sourced.
Major suppliers include:
(1)
Supplier's name : SPECIAL STEEL PRODUCTS INC
Material/components : Steel
(2)
Supplier's name :
INVERTER CHIPS CORP
Item : Computers products
*Imports*
========
90% of the raw materials are imported from the following countries :
-
-
-
-
-
-
*Domestic Agent & Distributors*
==========================
Maintains the following agents:
- SQUIRES BINGHAM CO INC
- MARKSMAN SPORTS HOUSE INC
- SHOOTERS GUNS & AMMO CORP
- WILLI HAHN ENTERPRISES
- TOBY'S SPORTING GOODS
- PEOPLES SPORTING GOODS
- ARMSCOR SHOOTING RANGES INC
*Local Distribution Network*
=======================
75% of the annual turnover is attributed to local sales.
*Export Markets*
=============
25% of the annual turnover is attributed to export to over 30 countries
in 6 continents worldwide including
*Overseas Agents & Distributors*
========================
Maintains exclusive import agencies with companies in the following
countries:
Country Agent
Company Name
----------- --------------------------------
USA KBI
INC
Australia HIGHLAND
SPORTS PTY LTD
New Zealand
CAMERON SPORTS IMPORTS LTD
*International Exhibition Participation*
==============================
Exhibition fair : Shooting,
Hunting, Outdoor Trade Show and Conference (SHOT SHOW)
Date attended : 28-31 January,
2005
Location :
Details : The show
covers auctions, days and hours, drawings, the show travel desk, special
events, and information about
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : ARMS CORP OF THE
Branch Address : 6Fl
Branch Tel : [+63] 2-6371885
Branch Fax : [+63] 2-6343906
*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Business Entity Name : ARMSCOR PRECISION INC
Address :
Country :
Relationship : Affiliate
Legal Form : Private Company with Limited Liability
Company Type : Trader
Industry : Military / Defense
Business Entity Name : ARMSCOR SHOOTING RANGES INC
Address :
Country :
Relationship : Subsidiary
Legal Form : Private Company with Limited Liability
Company Type : Service
Industry : Toys, Sporting & Leisure Equipment
Business Entity Name : PRECISION FOUNDRY OF THE PHILIPPINES INC
Address :
Country :
Relationship : Affiliate
Legal Form : Private Company with Limited Liability
Company Type : Manufacturer
Industry : Metals & Metal Products
Business Entity Name : SQUIRES BINGHAM INT'L INC
Address : 6Fl Strata
Country :
Relationship : Affiliate
Legal Form : Private Company with Limited Liability
Company Type : Trader
Industry : Military / Defense
*Branches*
========
Comment : Premises is shared with affiliate, SQUIRES
BINGHAM CO INC
PAYMENT RATING : 3 OBTAINED SCORES : 60
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the payment
pattern of SC based upon our Payment Database, comments from suppliers of SC,
information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for
MODERATE amounts depending on individual judgement experience.
SC’s financial details are not available at present.
*Long & Short Term Investments*
=========================
Invested on the casting of the finest steels, computerized numerical control
(CNC) machineries, and expert hand craftsmanship.
*Bank Details*
===========
Bank Name : LAND BANK OF THE
Branch : Malate,
Branch Address : Land Bank Bldg
SWIFT Code : TLBPPHMM
Bank Name : METROPOLITAN BANK & TRUST CO
Branch :
Branch Address : 3Fl
SWIFT Code : MBTCPHMM
*DEBT*
=======
Country :
Amount : PHP 51 mill ~ PHP 250 mill
Debt Date : 31 January, 2002
Type : Bank loan
Reason : Delayed payments
Settlement of Debt : No known settlement yet
SC is considered large-sized in its line with an acceptable base to come
into credit dealings of moderate amount.
Attached: trade references
SIC PRODUCT
CLASSIFICATION & ACTIVITY
Activity Code Product/Service
Description
Manufacturing 3482 Small
arms ammunition
Manufacturing 3483 Ammo
Exc Small Arms
Manufacturing 3484 Small arms
Manufacturing 3489 Military
weapons; and parts,
Trading 3482 Small arms
ammunition
Trading 3483 Ammo Exc
Small Arms
Trading 3484 Small arms
Trading 3489 Military
weapons; and parts,
HARMONIZED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Manufacturing 9300 Arms
& ammunition; parts & accessories
Manufacturing 9301 Military
weapons ex revolvers pistols lances etc
Manufacturing 9301003000 Rifles
of heading 9307 (military)
Manufacturing 9301006000 Shotguns
of heading 9307 (military)
Manufacturing 9302 Revolvers
& pistols, designed to fire live ammunition
Manufacturing 9302000000 Revolvers
and pistols, other than those of heading 9303 or 9304
Manufacturing 9303200040 Over
and under shotguns
Manufacturing 9303200060 Shotguns
Manufacturing 9303308010 Center
fire auto loading rifles
Manufacturing 9303308015 Center
fire bolt action rifles
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Manufacturer Guns
Manufacturer Firearms
Manufacturer Ammunitions
Manufacturer Shot shells
Manufacturer Center fire
rifle
Manufacturer Center fire
pistols
Manufacturer Semi auto
rifles
Manufacturer Bolt action
rifles
Manufacturer Rifles
Manufacturer Rim fire
ammunition 2 cal
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region
Pacific Exporting,Importing
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.21 |
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|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
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 |
|
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.