MIRA INFORM REPORT

 

 

Report Date :           

22.10.2011

 

IDENTIFICATION DETAILS

 

Name :

J.I.T.INJECTION MACHINERY PHILLIPPINES CORP

 

 

 

 

Registered Office :

B1 Level 1, Golden Mile Avenue, Golden Mile Business Park, Carmona Cavite 4116

 

 

 

 

Country :

Philippines

 

 

 

 

Financials (as on) :

31.12.2010

 

 

 

 

Date of Incorporation :

16.11.2009

 

 

 

 

Com. Reg. No.:

CS200917756

 

 

 

 

Legal Form :

Joint Stock Company

 

 

 

 

Line of Business :

Manufacturer of injection moulding machines and equipments

 

 

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 :

46,000 GBP

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

 Bottom of Form

 

REGISTERED NAME & COMPANY SUMMARY

 

IDENTIFICATION

Given

 

Subject Name:

Jit Injection Machinery Phillippines Corp

Address:

Lot 1, Block 6, Golden Mile Ave. Golden Mile Business Park

Town:

Carmona Cavite

Country:

Philippines

 

 

Verified

 

Subject Name:

J.I.T.INJECTION MACHINERY PHILLIPPINES CORP

Address:

B1 Level 1, Golden Mile Avenue

Golden Mile Business Park

Town:

Carmona Cavite

Zip/postal code:

4116

Country:

Philippines

Telephone:

+63 (46) 4820045

Fax:

+63 (46) 4820045

Email:

info@jit-ph.com

Website:

www.jit-ph.com

 

EXECUTIVE SUMMARY

Date registered:

16-11-2009

Legal form:

Joint Stock Company

Authorised Capital:

PHP 25,000,000

Main activities:

Manufacturer of injection moulding machines and equipments.

Employees:

30 (including casual workers)

 

REGISTRY DATA

Key Facts

 

Date registered:

16-11-2009

Legal form:

Joint Stock Company

Registration no:

CS200917756

Registry auth.

Philippines Register of Companies

Fiscal/tax code:

TIN: 007-472-409-000

Registry status:

Live/Active

 

CREDIT RECOMENDATION

 

Current Credit Limit: 46,000 GBP

 

Credit Rating / Limit additional comments:

Organisational structure is acceptable

Management is reasonably experienced

No detrimental found

Financial performance is fair

Operational trend is in start-up phase

No payment delays noted

 

 

DIRECTORS/MANAGEMENT

 

MANAGEMENT & STAFF

Key Managers

 

Name:

He Ying

Job Title:

President

 

 

Name:

He Zhou Fu

Job Title:

Director

 

 

Name:

Hsu Li Yui

Job Title:

Director

 

 

Name:

Lee Lung Shan

Job Title:

Director

 

 

Name:

Aimee C. Lee

Job Title:

Company Secretary

 

 

Name:

Lin Hui Hui

Job Title:

Treasurer

 

 

Staff

 

No of employees

30 (including casual workers)

 

 

 

 

BOARD OF DIRECTORS / OTHER APPOINTMENTS

Appointments

 

Name:

He Ying

Board function:

President

ID Number:

G29951554

Address:

Building B39, New West Lake Garden

Hangzhou, China.

 

 

Name:

He Zhou Fu

Board function:

Director

ID Number:

G36368439

Address:

Golden Mile Business Park

Carmona, Cavite

Philippines

 

 

Name:

Hsu Li Yui

Board function:

Director

ID Number:

2117748837

Address:

4F-3, No. 102 Sec.2,

Chung Shan North Road

Taipei, Taiwan

 

 

Name:

Lee Lung Shan

Board function:

Director

ID Number:

210916206

Address:

29 Eulogia Drive,

Bgy A Samson,

Quezon City

Philippines

 

 

Name:

Aimee C. Lee

Board function:

Company Secretary

ID Number:

200-658-667-000

Address:

29 Eulogia Drive, Bgy A

Samson, Quezon City

Philippines

 

 

Name:

Lin Hui Hui

Board function:

Treasurer

ID Number:

G22010105

Address:

Golden Mile Business Park,

Carmona Cavite

Philippines

 

 

NEGATIVE INFORMATION

 

LEGAL FILINGS

Bankruptcy Filings:

None

Court Judgements:

None

Tax Liens:

None

Other:

None

 

SHARE & SHARE CAPITAL INFORMATION

 

SHARE CAPITAL

Composition

 

Authorised:

PHP 25,000,000

Number/type:

25,000 common shares

Share value:

PHP 1,000

Issued:

PHP 14,111,000

Paid-up:

PHP 14,111,000

Shareholders/Owners

How Listed

Full List

 

 

Composition

 

Name:

He Zhou Fu

No. of shares:

6,250 common shares

% of shares:

25%

Address:

Golden Mile Business Park

Carmona, Cavite

Philippines

 

 

Name:

He Ying

No. of shares:

6,250 common shares

% of shares:

25%

Address:

Building B39, New West Lake Garden

Hangzhou, China.

 

 

Name:

Hsu Li Yui

No. of shares:

5,000 common shares

% of shares:

20%

Address:

4F-3, No. 102 Sec.2,

Chung Shan North Road

Taipei, Taiwan

 

 

Name:

Lin Hui Hui

No. of shares:

5,000 common shares

% of shares:

20%

Address:

Golden Mile Business Park,

Carmona Cavite

Philippines

 

 

Name:

Lee Lung Shan

No. of shares:

2,500 common shares

% of shares:

10%

Address:

29 Eulogia Drive,

Bgy A Samson,

Quezon City

Philippines

 

PAYMENT INFORMATION

 

PAYMENTS

Purchase Terms

 

Local:

Cash

Credits 14-30 days

Imports:

L/Cs

Credits 30 days net

 

 

Sales Terms

 

Local:

Cash

Credits 14-30 days

Exports:

L/Cs

Credits 30 days net

 

 

Debt Collections / Judgements

No negative information was found.

 

 

Payment Experience

 

Payment Behaviour:

As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

CORPORATE AFFILIATIONS

Comments

None reported.

 

 

FINANCIAL INFORMATION

 

FINANCIAL ACCOUNTS

Description

 

Required to file:

Yes

Source:

Commercial Registry Filings

Presentation:

Attached to this report / Summarised below

Date of accounts:

31-12-2010

Type of accounts:

Full audited

Currency:

Philippines Peso (PHP)

Exchange rate:

USD 1 = PHP 43.77 as of 20/06/11

 

 

Summarised

 

 

31-12-2010

31-12-2009

Period:

12 months

12 months

 

 

 

Sales turnover:

98,948,468

 

Gross profit:

8,280,608

 

Operating profit:

5,725,522

 

Non-current assets:

4,268,317

-

Current assets:

67,451,151

13,533,220

Inventories:

51,893,242

-

Total assets:

71,719,468

13,533,220

Current liabilities:

62,120,811

-

Non-current liabilities:

0

-

Total liabilities:

62,120,811

-

Shareholders' equity:

9,598,657

13,533,220

 

Financial Ratios

 

31-12-2010

PROFITABILITY [%]

 

Gross Margin

8.37%

Gross Profit / Revenue * 100

 

Operating Margin

5.79%

Operating Income / Revenue * 100

 

Net Profit Margin

N/A

Profit After Tax / Revenue * 100

 

Return On Equity (ROE)

N/A

Profit After Tax / Equity * 100

 

Return On Assets (ROA)

N/A

Profit After Tax / Total Assets * 100

 

Return On Investment (ROI)

N/A

Profit Before Tax / Equity * 100

 

EFFICIENCY [%]

 

Asset Turnover

137.97%

Revenue / Total Assets * 100

 

Inventory Turnover

190.68%

Revenue ./ Inventory * 100

 

LIQUIDITY [%]

 

Current Ratio (CR)

108.58%

Current Assets ./ Current Liabilities * 100

 

Quick Ratio (QR)

25.04%

(Current Assets – Inventory) ./ Current Liabilities * 100

 

DEBT [%]

 

Debt Ratio

86.62%

Total Liabilities ./ Total Assets * 100

 

Long-Term Debt Ratio

0%

Long-Term Liabilities ./ Equity * 100

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

BANKING & FINANCING

Bankers

 

Bank name:

ASIAN DEVELOPMENT BANK

Address:

Philippines

Relationship type:

Current Account

 

 

Comments

It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.

OPERATIONS & HISTORY

Activities

 

Full description:

The Subject is engaged in for manufacturing injection moulding machines.

 

The Subject also handles delivery of spare parts and machineries to customers worldwide.

Products/services:

PRODUCTS

- Plastic Injection Moulding Machine

- Moulding

- Clamping Unit

- Electronics Unit

- Hydraulics Unit

- Accessories and Optional Device

- Auxiliary Equipments

- Injection Unit

 

 

Purchases

 

Import:

Europe, Japan

 

 

Sales

 

Local:

Yes

Export:

China, India, South Africa, Turkey, Brazil, Australia and United States.

PROPERTY & ASSETS

Premises

The Subject operates from premises located at the heading address, consisting of a warehouse in an area of 20,000sq.ft. and administrative offices.

 

NOTES & COMMENTS

 

INVESTIGATIVE NOTES

Sources:

Interviews and material provided by the Subject

Other official and local business sources

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.07

UK Pound

1

Rs.79.16

Euro

1

Rs.69.04

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.