|
Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
LARRY'S CURTAIN & UPHOLSTERY SUPPLY, INC.
|
|
|
|
|
Registered Office : |
5608 South Superhighway corner Fahrenheit Street,
Barangay Palanan 1235, Makati City |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.11.1994 |
|
|
|
|
Com. Reg. No.: |
ASO94-00010462 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Importer, wholesaler,
and retailer of curtains and upholstery supplies |
|
|
|
|
No. of Employees : |
About 50 administrative, sales/marketing, warehouse, and other support personnel (April 11, 2012) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Usually Correct |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Philippines |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
PhilippineS - ECONOMIC OVERVIEW
Philippine GDP grew 7.6% in 2010, spurred by consumer demand, a rebound in exports and investments, and election-related spending, before cooling to 3.9% in 2011, and 4.8% in 2012. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a growing business process outsourcing industry. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration (January 2001 - June 2010). Despite this growth, however, poverty worsened during her presidency. The AQUINO administration is working to reduce the government deficit from 3.9% of GDP, when it took office, to 2% of GDP in 2013. The government has had little difficulty issuing debt, both locally and internationally, to finance the deficits. The AQUINO Administration reduced public debt to below 50% of GDP and obtained several ratings upgrades on sovereign debt so that the Philippines is now close to investment grade. However, the lack of government spending, especially on infrastructure, was one of several factors which slowed GDP growth in the second half of 2011, leading the government to announce a stimulus effort and increased public spending on infrastructure in 2012. AQUINO's first budget emphasized education, health, conditional cash transfers for the poor, and other social spending programs, relying mostly on the private sector to finance important infrastructure projects. Weak tax collection, exacerbated by new tax breaks and incentives, has limited the government's ability to address major challenges. The AQUINO administration has vowed to focus on improving tax collection efficiency, rather than imposing new taxes, as a part of its good governance platform. The economy still faces several long-term challenges, including reliance on energy imports and foreign demand for overseas Filipino workers.
|
Source : CIA |
|
Company Name: |
LARRY'S CURTAIN & UPHOLSTERY SUPPLY, INC. |
|
Trading Name: |
LARRY’S HOUSE OF CURTAINS |
|
Supplied Name: |
LARRYS CURTAIN & UPHOLSTERY SUPPLY |
|
Trading Address: |
5608 South Superhighway corner Fahrenheit Street,
Barangay Palanan 1235, Makati City, Philippines |
|
Supplied Address: |
5608 SOUTH SUPERHIWAY COR.ST, PALANAN MAKATI
Philippines |
|
Telephone Number: |
+63 02 551-2168/ 833-8780/ 244-3910 |
|
Fax Number: |
+63 02 833-9090/ 244-3930 |
Note:
The supplied name is incomplete, and the exact name is as above.
The exact address is as above.
|
Company Name: |
LARRY'S CURTAIN & UPHOLSTERY SUPPLY, INC. |
|
Registered Number: |
ASO94-00010462 |
|
Legal Form: |
Corporation |
|
Date Incorporated: |
1994-11-17 |
|
Authorized Capital Stock: |
PHP 35,000,000.00 (USD 855,294) (As of 2013.4, 1
PHP = 0.02307 USD) |
|
Subscribed Capital Stock: |
PHP
27,500,000.00 (USD 672,017) |
|
Paid-up Capital: |
PHP
25,625,500.00 (USD 626,210) |
|
Listed at Stock Exchange: |
No |
|
Staff: |
About 50
administrative, sales/marketing, warehouse, and other support personnel
(April 11, 2012) |
Note:
Amounts in Philippine Peso unless otherwise specified.
CORPORATION
Verification with the local
registry revealed the following correct registration details as of (April 2,
2013).
Company
Background
|
Regulatory
Agency |
Date
Registered |
Registration
No. |
Term |
|
Securities
and Exchange Commission |
1994-11-17 |
ASO94-00010462 |
50
years |
As of 2012-9-15
|
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.
Affiliate
|
Name: |
Larry's
Textile Industries, Inc. |
Stockholders (2012-9-15):
|
Name |
Subscribed
and Paid-Up |
Capital
Type |
|
Name |
Subscribed |
Paid
– up |
|
ONG,
HERBERT |
9,350,000.00 |
8,712,500.00 |
|
ONG,
HARRY |
9,350,000.00 |
8,712,500.00 |
|
GOSIACO,
BELEN O. |
7,700,000.00 |
7,175,500.00 |
|
MANLY,
RUBY |
550,000.00 |
512,500.00 |
|
ONG,
HENRY |
550,000.00 |
512,500.00 |
Management
(2012-9-15):
|
Name |
Position |
|
ONG, HERBERT 5608
South Superhighway, Makati City |
Chairman
/ President |
|
MANLY, RUBY 1173
Masangkay St., Manila |
Treasurer
/ Director |
|
GOSIACO, BELEN O. 8
Hernandez St., Quezon City |
Corporate
Secretary / Director |
|
ONG, HARRY 980
C.M. Recto Avenue, Manila |
Director |
|
ONG, HENRY 4112
Juan St., Ugong, Valenzuela City |
Director |
Note:
List
of officers per latest available General Information Sheet.
|
Activities |
|
Importer, wholesaler,
and retailer of curtains and upholstery supplies. |
|
Premises |
|
Located at the
above address. |
Unit: PHP
|
Balance Sheet |
2011-12-31 |
2010-12-31 |
|
TotalCurrentAssets |
82,851,086.59 |
94,509,562.84 |
|
Cash |
8,917,616.59 |
38,708,262.84 |
|
ShortInvest |
0.00 |
0.00 |
|
Receivable |
1,874,500.00 |
1,874,500.00 |
|
Inventory |
72,058,970.00 |
53,926,800.00 |
|
OtherCurrentAssets |
0.00 |
0.00 |
|
LongInvestTotal |
0.00 |
0.00 |
|
LongInvestSecurity |
0.00 |
0.00 |
|
LongInvestEquity |
0.00 |
0.00 |
|
LongInvestOther |
0.00 |
0.00 |
|
FixedAssetsTotal |
6,939,042.52 |
7,395,094.19 |
|
FixedAssets |
6,939,042.52 |
7,395,094.19 |
|
DepreciationTotal |
0.00 |
0.00 |
|
IntangibleAssets |
0.00 |
0.00 |
|
OtherAssets |
0.00 |
0.00 |
|
TotalAssets |
89,790,129.11 |
101,904,657.03 |
|
TotalCurrentDebt |
21,461,027.01 |
37,090,492.05 |
|
ShortLoan |
0.00 |
0.00 |
|
AccountsPayable |
20,471,771.49 |
6,215,270.92 |
|
OtherCurrentLiability |
989,255.52 |
30,875,221.13 |
|
LongLiabilityTotal |
0.00 |
0.00 |
|
LongLeases |
0.00 |
0.00 |
|
LongLoan |
0.00 |
0.00 |
|
LongLoanOther |
0.00 |
0.00 |
|
TotalLiability |
21,461,027.01 |
37,090,492.05 |
|
TotalEquity |
68,329,102.10 |
64,814,164.98 |
|
ShareCapital |
27,500,000.00 |
0.00 |
|
CapitalPaid |
0.00 |
0.00 |
|
LegalReserve |
0.00 |
0.00 |
|
SurplusReserve |
0.00 |
0.00 |
|
UndistributedProfit |
0.00 |
0.00 |
|
RetainedEarning |
40,829,102.10 |
64,814,164.98 |
|
OtherEquity |
0.00 |
0.00 |
|
TotalLiabilityAndEquity |
89,790,129.11 |
101,904,657.03 |
Unit:
PHP
|
|
2011 |
2010 |
|
OperatingRevenue |
0.00 |
0.00 |
|
SalesRevenue |
170,766,551.87 |
168,602,340.38 |
|
InterestRevenue |
0.00 |
0.00 |
|
OtherRevenue |
0.00 |
0.00 |
|
TotalRevenue |
170,766,551.87 |
168,602,340.38 |
|
SalesCost |
140,662,357.64 |
133,200,123.01 |
|
GrossProfit |
30,104,194.23 |
35,402,217.37 |
|
SalesExpenses |
0.00 |
0.00 |
|
ManagementExpenses |
25,082,855.50 |
24,614,200.36 |
|
FinancialExpenses |
0.00 |
0.00 |
|
TotalExpenses |
165,745,213.14 |
157,814,323.37 |
|
OperatingProfit |
5,021,338.73 |
10,788,017.01 |
|
NonOperatingProfit |
0.00 |
0.00 |
|
ProfitBeforeTax |
5,021,338.73 |
10,788,017.01 |
|
Tax |
1,506,401.62 |
3,236,405.11 |
|
NetProfit |
3,514,937.11 |
7,551,611.90 |
Unit:
PHP
|
|
2011 |
2010 |
|
OperatingNetCash |
-29,790,646.26 |
-27,128,869.73 |
|
InvestmentNetCash |
0.00 |
-1,200,000.00 |
|
FinanceNetCash |
0.00 |
0.00 |
No dealings based on credit exposure report with one million and above dealings under the names “LARRY'S CURTAIN & UPHOLSTERY SUPPLY, INC. / LARRY’S HOUSE OF CURTAINS” as of September 30, 2012.
No negative (court cases, credit cards cancelled and delinquent accounts) found under the names “LARRY'S CURTAIN & UPHOLSTERY SUPPLY, INC. / LARRY’S HOUSE OF CURTAINS” in available database as of April 2, 2013.
Above information were based on the subject’s 2012 General Information Sheet, the latest available at the Securities and Exchange Commission and available databases.
Address verification per interview with Ms. JM Delos Santos, Typist.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.05 |
|
Euro |
1 |
Rs.69.59 |
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.