MIRA INFORM REPORT

 

 

Report Date :

02.09.2011

 

IDENTIFICATION DETAILS

 

Name :

VERTIGO ENTERPRISE

 

 

Registered Office :

5th Floor Builders Center Building Salcedo Street Legaspi Village Makati City

 

 

Country :

Philippines

 

 

Year of Establishment :

2001

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Trading of metal scraps

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Philippines

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME & COMPANY SUMMARY

 

IDENTIFICATION

Given

 

Subject Name:

Vertigo Enterprise

Address:

5th Floor Builders Center Building Salceso Street Legaspi Village

Country:

Philippines

 

 

Verified

 

Subject Name:

VERTIGO ENTERPRISE

Address:

5th Floor Builders Center Building

Salcedo Street

Legaspi Village

Town:

Makati City

Country:

Philippines

Telephone:

+63 (2) 9020900

Mobile phone:

+63 9497812047

EXECUTIVE SUMMARY

Date registered:

2001

Legal form:

Sole Proprietorship

Authorised Capital:

Not required

Sales turnover:

USD 1,500,000 (12 months, 31/12/2010)

Main activities:

Trading of metal scraps

Employees:

Undetermined

REGISTRY DATA

Key Facts

 

Date registered:

2001

Legal form:

Sole Proprietorship

 

DIRECTORS/MANAGEMENT

 

MANAGEMENT & STAFF

Key Managers

 

Name:

Marc Gregory Mercado

Job Title:

Proprietor

 

 

Name:

Karl Harris

Job Title:

Manager

 

 

Staff

 

No of employees

Undetermined

BOARD OF DIRECTORS / OTHER APPOINTMENTS

Appointments

 

Name:

Marc Gregory Mercado

Board function:

Proprietor

Address:

Philippines

 

NEGATIVE INFORMATION

 

LEGAL FILINGS

Bankruptcy Filings:

None

Court Judgements:

None

Tax Liens:

None

Other:

None

 

SHARE & SHARE CAPITAL INFORMATION

 

SHARE CAPITAL

Composition

 

Authorised:

Not required

Shareholders/Owners

How Listed

Full List

Composition

 

Name:

Marc Gregory Mercado

% of shares:

100%

Address:

Philippines

 

 

PAYMENT INFORMATION

 

PAYMENTS

Purchase Terms

 

Local:

Cash

Credits 14-30 days

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:

No

Source:

Industry Sources

Presentation:

Key figures provided below

Date of accounts:

31-12-2010

Type of accounts:

Estimated key figures

Currency:

US Dollar (USD)

Summarised

 

 

31-12-2010

Period:

12 months

 

 

Sales turnover:

1,500,000

 

 

Comments

We spoke to Mr. Karl Harris who stated that his company is not a seeker of commercial credit and provided us with extremely limited information.

 

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 the trading of metal scraps, (aluminium, copper, stainless and brass) and minerals (manganese, chromites, copper ore). The Subject is also reported to be dealing in household products.

Purchases

 

Local:

Yes

Import:

Mr. Karl Harris stated that his company does not import at all.

 

 

Sales

 

Local:

Yes

PROPERTY & ASSETS

Premises

The Subject operates from premises located at the heading address, consisting of 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.46.01

UK Pound

1

Rs.75.42

Euro

1

Rs.66.69

 

 

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.