|
Report Date : |
06.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
FAR EAST FURNITURE MARKETING CORPORATION |
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|
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Registered Office : |
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|
|
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Country : |
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|
|
|
|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.10.1998 |
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|
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Com. Reg. No.: |
A199815197 |
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|
|
|
Legal Form : |
Corporation |
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|
|
|
Line of Business : |
Manufacturing, fabricating, repair, buying, selling,
exporting, distributing, marketing at wholesale of household or office
furniture |
|
|
|
|
No. of Employees : |
Not Available |
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 : |
No Complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Philippines |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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Company
Name: |
FAR
EAST FURNITURE MARKETING CORPORATION |
|
Supplied
Name: |
Far
East Furniture Marketing Corp |
|
Trading Address: |
Marlboro
Street, Calibutbut, Bacolor, Philippines |
|
Supplied
Address: |
C145,
No. 28 Lot 13-14, C3 Road Navotas, Manila Philippines |
|
Telephone
Number: |
+63
45 887-3474 |
|
Fax Number: |
+63
45 887-0429 |
Note:
· Per subject source, it does not hold office at you supplied address.
· Subject’s complete exact name and address are shown as above.
|
Credit
Opinion: |
Business
connections are permissible. |
|
Registered
Number: |
A199815197 |
|
Legal Form: |
Corporation |
|
Date
Incorporated: |
|
|
Authorized
Capital Stock: |
PHP 11,000,000.00 (USD 252,450) (As of 2012.6, 1 PHP = 0.02295 USD) |
|
Subscribed
Capital Stock: |
PHP 10,500,000.00 (USD 240,975) |
|
Paid-up Capital: |
PHP 10,500,000.00 |
|
Par Value Per
Share: |
PHP 100 |
|
Listed at Stock
Exchange: |
No |
|
Staff: |
N/A |
Note:
· Amounts in Philippine Peso unless otherwise specified
·
Information on staff is not available from the
subject or other source.
Company Background
Corporation
Verification with
the local registry revealed the following correct registration details as of
(May 31, 2012).
|
Regulatory Agency |
Date
Registered |
Registration
No. |
Term |
|
Securities
and Exchange Commission |
|
A199815197 |
50 years |
|
|
As of Common |
|
Authorized Capital |
11,000,000.00 |
|
Subscribed and Paid Up Capital |
10,500,000.00 |
|
Par Value |
100.00 |
Stockholders (
|
Name: |
Amount Subscribed & Amount Paid-up: |
|
PANTHEON PROPERTIES LTD |
10,000,000.00 |
|
BARTHOLOMEUS TOMAS MARIA NEEFJES |
200,000.00 |
|
FAMILLARAN, CARLOS |
75,000.00 |
|
NALDOZA, EVELYN |
75,000.00 |
|
GUTIERREZ, MARY ROSE |
75,000.00 |
|
AQUINO, FREIDALIN |
75,000.00 |
Management (
|
Name: |
Position: |
|
BARTHOLOMEUS TOMAS MARIA NEEFJES |
Chairman / President |
|
FAMILLARAN, CARLOS |
Vice-President/Director |
|
NALDOZA, EVELYN |
Corporate Secretary / Director |
|
GUTIERREZ, MARY ROSE |
Treasurer/Director |
|
AQUINO, FREIDALIN |
Director |
|
Activities |
|
Manufacturing, fabricating, repair, buying, selling, exporting, distributing, marketing at wholesale of household or office furniture. |
|
Premises |
|
Headquarters and administrative at captioned address. |
Unit: PHP
|
|
2010.12.31 |
2009.12.31 |
|
TotalCurrentAssets |
56,929,223.00 |
40,245,831.00 |
|
Cash |
1,679,121.00 |
3,447,286.00 |
|
ShortInvest |
0 |
0 |
|
Receivable |
11,771,764.00 |
3,836,647.00 |
|
Inventory |
28,030,219.00 |
21,011,328.00 |
|
OtherCurrentAssets |
15,448,119.00 |
11,950,570.00 |
|
LongInvestTotal |
0 |
0 |
|
LongInvestSecurity |
0 |
0 |
|
LongInvestEquity |
0 |
0 |
|
LongInvestOther |
699,931.00 |
699,931.00 |
|
FixedAssetsTotal |
19,579,116.00 |
20,550,471.00 |
|
FixedAssets |
19,579,116.00 |
20,550,471.00 |
|
DepreciationTotal |
0 |
0 |
|
IntangibleAssets |
4,100.00 |
219,595.00 |
|
OtherAssets |
2,190,800.00 |
1,316,600.00 |
|
TotalAssets |
79,403,170.00 |
63,032,428.00 |
|
TotalCurrentDebt |
62,367,279.00 |
45,971,742.00 |
|
ShortLoan |
0 |
0 |
|
AccountsPayable |
10,569,342.00 |
5,656,529.00 |
|
OtherCurrentLiability |
51,797,937.00 |
40,315,213.00 |
|
LongLiabilityTotal |
0 |
0 |
|
LongLeases |
0 |
0 |
|
LongLoan |
0 |
0 |
|
LongLoanOther |
0 |
0 |
|
TotalLiability |
62,367,279.00 |
45,971,742.00 |
|
TotalEquity |
17,035,891.00 |
17,060,686.00 |
|
TotalEquity(USD) |
390,973.70 |
391,542.74 |
|
ShareCapital |
0 |
0 |
|
CapitalPaid |
28,028,000.00 |
28,028,000.00 |
|
LegalReserve |
0 |
0 |
|
SurplusReserve |
0 |
0 |
|
UndistributedProfit |
0 |
0 |
|
RetainedEarning |
-10,992,109.00 |
-10,967,314.00 |
|
OtherEquity |
0 |
0 |
|
TotalLiabilityAndEquity |
79,403,170.00 |
63,032,428.00 |
|
TotalLiabilityAndEquity (USD) |
1,822,302.75 |
1,446,594.22 |
(As of 2012.6, 1 PHP = 0.02295 USD)
Unit: PHP
|
|
2010 |
2009 |
|
OperatingRevenue |
0 |
0 |
|
SalesRevenue |
160,448,782.00 |
115,872,481.00 |
|
SalesRevenue (USD) |
3,682,299.55 |
2,659,273.44 |
|
InterestRevenue |
0 |
0 |
|
OtherRevenue |
3,506,579.00 |
94,812.00 |
|
TotalRevenue |
163,955,361.00 |
115,967,293.00 |
|
SalesCost |
127,284,754.00 |
91,968,293.00 |
|
GrossProfit |
33,164,028.00 |
23,904,188.00 |
|
SalesExpenses |
0 |
0 |
|
ManagementExpenses |
35,958,721.00 |
23,123,495.00 |
|
FinancialExpenses |
0 |
259,708.00 |
|
TotalExpenses |
163,243,475.00 |
115,351,496.00 |
|
OperatingProfit |
711,886.00 |
615,797.00 |
|
NonOperatingProfit |
0 |
0 |
|
ProfitBeforeTax |
711,886.00 |
615,797.00 |
|
Tax |
736,681.00 |
522,821.00 |
|
NetProfit |
-24,795.00 |
92,976.00 |
|
NetProfit (USD) |
-569.05 |
2,133.80 |
(As of 2012.6, 1 PHP = 0.02295
USD)
Unit: PHP
|
|
2010 |
2009 |
|
OperatingNetCash |
426,672.00 |
1,996,756.00 |
|
InvestmentNetCash |
-2,183,522.00 |
-35,625.00 |
|
FinanceNetCash |
0 |
0 |
(As of
2012.6, 1 PHP = 0.02295 USD)
No dealings based on credit exposure report with one million and above
dealings under the name “FAR EAST FURNITURE MARKETING CORPORATION” as of
December 31, 2011.
No negative
records (court cases, credit cards cancelled and delinquent accounts) found
under the names “FAR EAST FURNITURE MARKETING CORPORATION” in our available
database as of May 31, 2012.
Above information were based on the subject’s 2012 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.55.56 |
|
UK Pound |
1 |
Rs.85.52 |
|
Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.