MIRA INFORM REPORT
|
Report Date : |
15.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
LARRY'S CURTAIN & UPHOLSTERY SUPPLY, INC.
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|
|
|
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Registered Office : |
5608 South Superhighway Corner
Fahrenheit Street, Brgy. Palanan 1235, Makati City |
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Country : |
Philippines |
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|
|
|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.17.1994 |
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Com. Reg. No.: |
ASO94-00010462 |
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Legal Form : |
Corporation |
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Line of Business : |
Importer, wholesaler, and retailer of curtains and upholstery supplies |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD
50,000 |
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|
|
|
Status : |
Moderate |
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|
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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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company Details
|
Company Name: |
LARRY'S
CURTAIN & UPHOLSTERY SUPPLY, INC. |
|
Trading Name: |
LARRY’S
HOUSE OF CURTAINS |
|
Supplied Name: |
Larrys
Curtain & Upholstery Supply Inc |
|
Trading
Address: |
|
|
Supplied
Address: |
5608,
South Super Highway Cor Fahrenheti St, Palaman Makati City, Philippines 1229 |
|
Telephone
Number: |
+02
551-2168/ 833-8780/ 244-3910 |
|
Fax
Number: |
+02 833-9090/ 244-3930 |
Note:
The correct registered name of subject is LARRY'S CURTAIN & UPHOLSTERY SUPPLY, INC.
The correct address is shown as above.
Credit Summary
|
Credit Rating: |
Maximum credit USD 50,000 |
|
Credit Opinion: |
Business connections are
permissible. |
Company Identification Details
|
Company Name: |
LARRY'S
CURTAIN & UPHOLSTERY SUPPLY, INC. |
|
Registered
Number: |
ASO94-00010462 |
|
TIN Number: |
003-956-557 |
|
Legal
Form: |
Corporation |
|
Date
Incorporated: |
|
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Authorized
Capital Stock: |
PHP 35,000,000.00 (USD 807,300) (As of 2011.10, 1 PHP = 0.02307 USD) |
|
Subscribed
Capital Stock: |
PHP 27,500,000.00 (USD 634,307) (As of 2011.10, 1 PHP = 0.02307 USD) |
|
Paid-up
Capital: |
PHP 25,625,500.00 (USD 591,070) (As of 2011.10, 1 PHP = 0.02307 USD) |
|
Listed
at Stock Exchange: |
No |
|
Staff: |
50 Employees |
Note:
Amounts in Philippine Peso unless otherwise specified.
About 50 administrative, sales/marketing, warehouses and other support personnel
(per our available report dated May 9, 2011)
History
CORPORATION
Verification with the local registry revealed the following correct registration details as of (October 13, 2011).
Company
Background
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and Exchange
Commission |
|
ASO94-00010462 |
50 years |
As of
|
Type |
Share |
Par Value |
|
Authorized Capital |
35,000,000.00 |
500.00 |
|
Subscribed Capital |
27,500,000.00 |
500.00 |
|
Paid Up Capital |
25,625,500.00 |
500.00 |
Note:
Capital structure per latest
available General Information Sheet.
Corporate Structure
Affiliate
|
Name: |
Larry's Textile Industries,
Inc. |
Shareholders
Stockholders (
|
Name |
Subscribed and Paid-Up |
Capital Type |
Nationality |
|
ONG, HERBERT |
9,350,000.00 |
Subscribed |
Filipino |
|
ONG, HERBERT |
8,712,500.00 |
Paid Up |
Filipino |
|
ONG, HARRY |
9,350,000.00 |
Subscribed |
Filipino |
|
ONG, HARRY |
8,712,500.00 |
Paid Up |
Filipino |
|
GOSIACO, BELEN O. |
7,700,000.00 |
Subscribed |
Filipino |
|
GOSIACO, BELEN O. |
7,175,500.00 |
Paid Up |
Filipino |
|
MANLY, RUBY |
550,000.00 |
Subscribed |
Filipino |
|
MANLY, RUBY |
512,500.00 |
Paid Up |
Filipino |
|
ONG, HENRY |
550,000.00 |
Subscribed |
Filipino |
|
ONG, HENRY |
512,500.00 |
Paid Up |
Filipino |
Management Information
Management (
|
ONG, HERBERT 5608 South Superhighway, |
Chairman / President |
|
MANLY, RUBY |
Treasurer / Director |
|
GOSIACO, BELEN O. |
Corporate Secretary / Director |
|
ONG, HARRY |
Director |
|
ONG, HENRY |
Director |
|
ONG, HERBERT 5608 South Superhighway, |
Chairman / President |
Note:
List
of officers per latest available General Information Sheet.
Operation
Activities
|
|
Importer, wholesaler, and retailer of
curtains and upholstery supplies. |
Premises
|
|
Located at the above address. |
Balance Sheet
Unit:
PHP
|
Balance Sheet |
2010.12.31 |
2009.12.31 |
|
Total
Current Assets |
94,509,562.84 |
96,850,757.57 |
|
Cash |
38,708,262.84 |
67,037,132.57 |
|
Short
Invest |
0.00 |
0.00 |
|
Receivable |
1,874,500.00 |
1,874,500.00 |
|
Inventory |
53,926,800.00 |
27,939,125.00 |
|
Other
Current Assets |
0.00 |
0.00 |
|
Long
Invest Total |
0.00 |
0.00 |
|
Long
Invest Security |
0.00 |
0.00 |
|
Long
Invest Equity |
0.00 |
0.00 |
|
Long
Invest Other |
0.00 |
0.00 |
|
Fixed
Assets Total |
7,395,094.19 |
6,706,145.86 |
|
Fixed
Assets |
9,200,643.19 |
8,000,643.19 |
|
Depreciation
Total |
1,805,549.00 |
1,294,497.33 |
|
Intangible
Assets |
0.00 |
0.00 |
|
Other
Assets |
0.00 |
0.00 |
|
Total
Assets |
101,904,657.03 |
103,556,903.43 |
|
Total
Current Debt |
37,090,492.05 |
16,294,350.35 |
|
Short
Loan |
0.00 |
0.00 |
|
Accounts
Payable |
6,215,270.92 |
8,284,134.29 |
|
Other
Current Liability |
30,875,221.13 |
8,010,216.06 |
|
Long
Liability Total |
0.00 |
0.00 |
|
Long
Leases |
0.00 |
0.00 |
|
Long
Loan |
0.00 |
0.00 |
|
Long
Loan Other |
0.00 |
0.00 |
|
Total
Liability |
37,090,492.05 |
16,294,350.35 |
|
Total
Equity |
64,814,164.98 |
87,262,553.08 |
|
Total
Equity (USD) |
1,494,980 |
2,012,770 |
|
Share
Capital |
27,500,000.00 |
27,500,000.00 |
|
Capital
Paid |
0.00 |
0.00 |
|
Legal
Reserve |
0.00 |
0.00 |
|
Surplus
Reserve |
0.00 |
0.00 |
|
Undistributed
Profit |
0.00 |
0.00 |
|
Retained
Earning |
37,314,164.98 |
59,762,553.08 |
|
Other
Equity |
0.00 |
0.00 |
|
Total
Liability And Equity |
101,904,657.03 |
103,556,903.43 |
|
Total
Liability And Equity (USD) |
2,350,500 |
2,388,610 |
(As of 2011.10, 1 PHP = 0.02307 USD)
Profit/ Loss Accounts
Unit:
PHP
|
|
2010 |
2009 |
|
Operating
Revenue |
0.00 |
0.00 |
|
Sales
Revenue |
168,602,340.38 |
199,262,383.93 |
|
Sales
Revenue (USD) |
3,888,930 |
4,596,130 |
|
Interest
Revenue |
0.00 |
0.00 |
|
Other
Revenue |
0.00 |
0.00 |
|
Total
Revenue |
168,602,340.38 |
199,262,383.93 |
|
Sales
Cost |
133,200,123.01 |
151,355,976.55 |
|
Gross
Profit |
35,402,217.37 |
47,906,407.38 |
|
Sales
Expenses |
0.00 |
0.00 |
|
Management
Expenses |
24,614,200.36 |
20,982,538.73 |
|
Financial
Expenses |
0.00 |
0.00 |
|
Total
Expenses |
157,814,323.37 |
172,338,515.28 |
|
Operating
Profit |
10,788,017.01 |
26,923,868.65 |
|
Non
Operating Profit |
0.00 |
0.00 |
|
Profit
Before Tax |
10,788,017.01 |
26,923,868.65 |
|
Tax |
3,236,405.10 |
8,077,160.60 |
|
Net
Profit |
7,551,611.91 |
18,846,708.05 |
|
Net
Profit (USD) |
174,183 |
434,713 |
(As of 2011.10, 1 PHP = 0.02307 USD)
Cash Flow
Unit:
PHP
|
|
2010 |
2009 |
|
Operating
Net Cash |
-27,128,869.73 |
36,366,246.13 |
|
Investment
Net Cash |
-1,200,000.00 |
-300,948.90 |
|
Finance
Net Cash |
0.00 |
0.00 |
Bankers
No dealings based on credit exposure report with one million and above dealings as of June 30, 2011.
Public
No negative records (court cases, credit cards cancelled and delinquent accounts) found under “LARRY'S CURTAIN & UPHOLSTERY SUPPLY, INC.” in our available database as of October 13, 2011.
Special Note
Above
information were based on the subject’s 2010 General Information Sheet, the
latest available at the Securities and Exchange Commission and our available
databases.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.