|
Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
GRANSTAR MOTORS & INDUSTRIAL CORP. |
|
|
|
|
Registered Office : |
104 Shaw Boulevard,
Brgy. Kapitolyo, Pasig City, |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
11.11.1997 |
|
|
|
|
Com. Reg. No.: |
A1997-21481 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Dealer of motorcycles and spare parts. |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 growth, which cooled from 7.6% in 2010 to
3.9% in 2011, expanded to 6.6% in 2012 - meeting the government's targeted
6%-7% growth range. The 2012 expansion partly reflected a rebound from
depressed 2011 export and public sector spending levels. The economy has
weathered global economic and financial downturns 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 rapidly
expanding business process outsourcing industry. The current account balance
had recorded consecutive surpluses since 2003; international reserves are at
record highs; the banking system is stable; and the stock market was Asia's
second best-performer in 2012. Efforts to improve tax administration and
expenditure management have helped ease the Philippines' tight fiscal situation
and reduce high debt levels. The Philippines received several credit rating
upgrades on its sovereign debt in 2012, and has had little difficulty tapping
domestic and international markets to finance its deficits. Achieving a higher
growth path nevertheless remains a pressing challenge. Economic growth in the
Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration but
poverty worsened during her term. Growth has accelerated under the AQUINO
government, but with limited progress thus far in bringing down unemployment
and improving the quality of jobs. Underemployment is nearly 20% and more than
40% of the employed are working to boost the budgets for education, health,
cash tranfers to the poor, and other social spending programs, and is relying
on the private sector to help fund major infrastructure projects under its
Public-Private Partnership program. Long term challenges include reforming
governance and the judicial system, building infrastructure, improving
regulatory predictability, and the ease of doing business, attracting higher
levels of local and foreign investments. The Philippine Constitution and the
other laws continue to restrict foreign ownership in important
activities/sectors (such as land ownership and public utilities).
Source
: CIA
|
Company Name: |
GRANSTAR MOTORS & INDUSTRIAL CORP. |
|
Supplied Name: |
Granstar Motors and Industrial Corporation |
|
Trading Address: |
104 Shaw Boulevard, Brgy.
Kapitolyo, Pasig City, Philippines. |
|
Supplied
Address: |
|
|
Telephone Number: |
+632 422-6169; 2 534-1802 AND 76; 533-9643; 535-3811;
570-6100; 234-9177 |
|
Fax Number: |
+632 422-5448; (02) 717-0276; 570-6100 |
|
E-mail: |
|
|
Website: |
Note:
The accurate registered name of subject is as above mentioned.
The accurate and complete address of company is as above mentioned.
|
Credit Opinion: |
Business connections
are permissible. |
|
Company Name: |
GRANSTAR MOTORS & INDUSTRIAL CORP. |
|
Registered
Number: |
A1997-21481 |
|
Legal Form: |
Corporation |
|
Date
Incorporated: |
|
|
Authorized
Capital Stock: |
PHP 50,000,000.00（USD 1,209,200） (As of
2013.04, 1 PHP= 0.02418 USD) |
|
Subscribed
Capital Stock: |
PHP
25,000,000.00 （USD 604,598） |
|
Paid-up Capital: |
PHP
25,000,000.00 |
|
Par Value Per
Share: |
PHP 1.00 |
|
Listed at Stock
Exchange: |
No |
|
Staff: |
N/A |
Note:
Amounts in Philippine Peso unless otherwise
specified.
The staff number information is not
available from the subject or other resources.
Company Background
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and Exchange Commission |
|
A1997-21481 |
50 years |
Capital:
|
Type |
Amount |
as of date |
|
Authorized Capital |
PHP 50,000,000.00 |
|
|
Paid Up Capital |
PHP 25,000,000.00 |
|
|
Subscribed Capital |
PHP 25,000,000.00 |
|
|
Par Value |
PHP 1.00 |
|
Note:
Increase in authorized capital stock from
10,000,000 to 50,000,000 was approved by the Securities and Exchange Commission
on June 10, 2005.
PARENT COMPANY:
Stockholders:
|
1. |
|
|
Name: |
GO, FABIAN A. |
|
Amount Subscribed: |
PHP 1,250.00 |
|
Amount Paid-up: |
PHP 1,250.00 |
|
Nationality: |
Filipino |
|
2 |
|
|
Name: |
GO, BEENA M. |
|
Amount Subscribed: |
PHP 1,250.00 |
|
Amount Paid-up: |
PHP 1,250.00 |
|
Nationality: |
Filipino |
|
3 |
|
|
Name: |
MENGHRAJANI, ASSANDAS F. JR. |
|
Amount Subscribed: |
PHP 1,250.00 |
|
Amount Paid-up: |
PHP 1,250.00 |
|
Nationality: |
Filipino |
|
4 |
|
|
Name: |
BELLEZA, DEXTER M. |
|
Amount Subscribed: |
PHP 1,250.00 |
|
Amount Paid-up: |
PHP 1,250.00 |
|
Nationality: |
Filipino |
|
5 |
|
|
Name: |
SURIBAS, GILBERT M. |
|
Amount Subscribed: |
PHP 625.00 |
|
Amount Paid-up: |
PHP 625.00 |
|
Nationality: |
Filipino |
|
6 |
|
|
Name: |
MIRABEL, JOVIE M. |
|
Amount Subscribed: |
PHP 625.00 |
|
Amount Paid-up: |
PHP 625.00 |
|
Nationality: |
Filipino |
|
7 |
|
|
Name: |
|
|
Amount Subscribed: |
PHP 24,993,750.00 |
|
Amount Paid-up: |
PHP 24,993,750.00 |
Management:
|
1 |
|
|
Name: |
GO, FABIAN A. |
|
Position: |
Chairman / President |
|
Address: |
Unit 5-C Wack-Wack Heights Condominium, Lee St., Mandaluyong City |
|
2 |
|
|
Name: |
GO, BEENA M. |
|
Position: |
Chief Finance Officer / Director |
|
Address: |
Unit 5-C Wack-Wack Heights Condominium, Lee St., Mandaluyong City |
|
3 |
|
|
Name: |
MIRABEL, JOVIE M. |
|
Position: |
Corporate Secretary / Director |
|
Address: |
D-5 Dama de Noche St., St. Dominic Subd., Cainta, Rizal |
|
4 |
|
|
Name: |
MENGHRAJANI, ASSANDAS F. JR. |
|
Position: |
Director |
|
Address: |
Kolambog, Lapasan, Cagayan de Oro City |
|
5 |
|
|
Name: |
BELLEZA, DEXTER M. |
|
Position: |
Director |
|
Address: |
Southwinds Subd., Kiamba St., Cansojong, Talisay City |
|
6 |
|
|
Name: |
SURIBAS, GILBERT M. |
|
Position: |
Director |
|
Address: |
Sanchez Compound, Labugon, Mandaue City |
Note:
List of officers per latest available General Information Sheet.
Activities
|
|
Dealer of
motorcycles and spare parts. |
Premises
|
|
Location:
Located at the above address. |
Unit: PHP
|
Balance Sheet |
2011.12.31 |
2010.12.31 |
|
TotalCurrentAssets |
130,134,142.00 |
74,765,272.00 |
|
Cash |
461,960.00 |
503,793.00 |
|
ShortInvest |
0.00 |
0.00 |
|
Receivable |
8,048,971.00 |
13,074,457.00 |
|
Inventory |
115,558,303.00 |
60,273,812.00 |
|
OtherCurrentAssets |
6,064,908.00 |
913,210.00 |
|
LongInvestTotal |
0.00 |
0.00 |
|
LongInvestSecurity |
0.00 |
0.00 |
|
LongInvestEquity |
0.00 |
0.00 |
|
LongInvestOther |
0.00 |
0.00 |
|
FixedAssetsTotal |
19,645,889.00 |
22,566,513.00 |
|
FixedAssets |
19,645,889.00 |
22,566,513.00 |
|
DepreciationTotal |
0.00 |
0.00 |
|
IntangibleAssets |
0.00 |
0.00 |
|
OtherAssets |
312,096.00 |
312,096.00 |
|
TotalAssets |
150,092,127.00 |
97,643,881.00 |
|
TotalCurrentDebt |
38,321,997.00 |
15,501,918.00 |
|
ShortLoan |
37,239,040.00 |
14,530,120.00 |
|
AccountsPayable |
552,528.00 |
386,815.00 |
|
OtherCurrentLiability |
530,429.00 |
584,983.00 |
|
LongLiabilityTotal |
0.00 |
0.00 |
|
LongLeases |
0.00 |
0.00 |
|
LongLoan |
86,891,093.00 |
58,120,480.00 |
|
LongLoanOther |
0.00 |
0.00 |
|
TotalLiability |
125,213,090.00 |
73,622,398.00 |
|
TotalEquity |
24,879,037.00 |
24,021,483.00 |
|
ShareCapital |
25,000,000.00 |
25,000,000.00 |
|
CapitalPaid |
0.00 |
0.00 |
|
LegalReserve |
0.00 |
0.00 |
|
SurplusReserve |
0.00 |
0.00 |
|
UndistributedProfit |
0.00 |
0.00 |
|
RetainedEarning |
-120,963.00 |
-978,517.00 |
|
OtherEquity |
0.00 |
0.00 |
|
TotalLiabilityAndEquity |
150,092,127.00 |
97,643,881.00 |
|
Equity |
0.00 |
0.00 |
|
WorkingCapital |
164.29 |
96.55 |
Note:
Attached are the
2011-2010 audited financial statements.
Unit: PHP
|
|
2011 |
2010 |
|
SalesRevenue |
74,900,441.00 |
75,571,703.00 |
|
SalesRevenue(USD) |
1,811,390 |
1,827,620 |
|
InterestRevenue |
5,624.00 |
4,038.00 |
|
OtherRevenue |
0.00 |
0.00 |
|
TotalRevenue |
74,906,065.00 |
75,575,741.00 |
|
SalesCost |
60,194,423.00 |
60,257,362.00 |
|
GrossProfit |
14,706,018.00 |
15,314,341.00 |
|
SalesExpenses |
0.00 |
0.00 |
|
ManagementExpenses |
13,488,975.00 |
15,275,145.00 |
|
FinancialExpenses |
0.00 |
0.00 |
|
TotalExpenses |
73,683,398.00 |
75,532,507.00 |
|
OperatingProfit |
1,222,667.00 |
43,234.00 |
|
NonOperatingProfit |
0.00 |
0.00 |
|
ProfitBeforeTax |
1,222,667.00 |
43,234.00 |
|
Tax |
365,113.00 |
11,759.00 |
|
NetProfit |
857,554.00 |
31,475.00 |
|
|
2011 |
2010 |
|
OperatingNetCash |
-51,478,365.00 |
8,991,249.00 |
|
InvestmentNetCash |
-43,000.00 |
0.00 |
|
FinanceNetCash |
51,479,532.00 |
8,853,463.00 |
Note:
Attached are the 2011 - 2010 audited financial statements, the latest
obtained from the Securities and Exchange Commission.
|
1 |
|
|
Name: |
Bangkok Bank Public Company Limited |
|
2 |
|
|
Name: |
Bank of the Philippine Islands |
|
3 |
|
|
Name: |
BDO Unibank, Inc. |
|
4 |
|
|
Name: |
Maybank Philippines, Inc. |
|
5 |
|
|
Name: |
Rizal Commercial Banking Corporation |
|
6 |
|
|
Name: |
United Coconut Planters Bank |
FORM 1 : Loans and
Receivables
This section
contains credit exposure of one million and above transactions reported
quarterly by banks and other financial institutions.
For quarter ending
as of December 31, 2012
|
Co Maker's Name |
Loan Type |
Loan Status |
Outstanding
Amount |
Market Gain/Loss |
Market Gain/Loss |
Unsecured Amount |
|
BEENA M AND GO
FABIAN A |
Time Loans |
Current |
19,312,913.25 |
0.00 |
0.00 |
19,312,913.25 |
|
BEENA M AND GO
FABIAN A |
Import Bills
Under Trust Receipts (TR) |
Current |
6,247,500.00 |
0.00 |
0.00 |
6,247,500.00 |
|
BEENA M AND GO
FABIAN A |
Time Loans |
Current |
1,901,851.26 |
0.00 |
0.00 |
1,901,851.26 |
|
BEENA M AND GO
FABIAN A |
Time Loans |
Current |
1,348,936.88 |
0.00 |
0.00 |
1,348,936.88 |
|
BEENA M AND GO
FABIAN A |
Import Bills
Under Trust Receipts (TR) |
Current |
558,960.00 |
0.00 |
0.00 |
558,960.00 |
|
BEENA M AND GO
FABIAN A |
Import Bills
Under Trust Receipts (TR) |
Current |
15,111,290.88 |
0.00 |
0.00 |
15,111,290.88 |
|
BEENA M AND GO
FABIAN A |
Import Bills
Under Trust Receipts (TR) |
Current |
8,725,365.60 |
0.00 |
0.00 |
8,725,365.60 |
|
|
Import Bills
Under Trust Receipts (TR) |
Current |
1,748,047.50 |
0.00 |
0.00 |
1,748,047.50 |
|
|
Import Bills
Under Trust Receipts (TR) |
Current |
3,520,440.00 |
0.00 |
0.00 |
3,520,440.00 |
|
|
Import Bills
Under Trust Receipts (TR) |
Current |
415,800.00 |
0.00 |
0.00 |
415,800.00 |
|
|
Import Bills
Under Trust Receipts (TR) |
Current |
3,086,253.94 |
0.00 |
0.00 |
3,086,253.94 |
|
|
Import Bills
Under Trust Receipts (TR) |
Current |
1,151,590.00 |
0.00 |
0.00 |
1,151,590.00 |
|
|
Time Loans |
Current |
2,500,000.00 |
0.00 |
0.00 |
2,500,000.00 |
|
|
Import Bills Under
Trust Receipts (TR) |
Current |
2,453,294.25 |
0.00 |
0.00 |
2,453,294.25 |
|
|
Import Bills
Under Trust Receipts (TR) |
Current |
4,533,384.24 |
0.00 |
0.00 |
4,533,384.24 |
|
|
Import Bills
Under Trust Receipts (TR) |
Current |
1,963,293.75 |
0.00 |
0.00 |
1,963,293.75 |
|
|
Import Bills
Under Trust Receipts (TR) |
Current |
1,616,197.00 |
0.00 |
0.00 |
1,616,197.00 |
|
|
Import Bills
Under Trust Receipts (TR) |
Current |
625,927.50 |
0.00 |
0.00 |
625,927.50 |
|
|
Import Bills Under
Trust Receipts (TR) |
Current |
322,914.36 |
0.00 |
0.00 |
322,914.36 |
|
|
Time Loans |
Current |
10,000,000.00 |
0.00 |
0.00 |
10,000,000.00 |
|
|
Time Loans |
Current |
4,200,000.00 |
0.00 |
0.00 |
4,200,000.00 |
|
|
Time Loans |
Current |
3,750,000.00 |
0.00 |
0.00 |
3,750,000.00 |
|
|
Time Loans |
Current |
7,500,000.00 |
0.00 |
0.00 |
7,500,000.00 |
|
|
Time Loans |
Current |
2,500,000.00 |
0.00 |
0.00 |
2,500,000.00 |
|
|
Time Loans |
Current |
2,343,750.00 |
0.00 |
0.00 |
2,343,750.00 |
|
|
Time Loans |
Current |
956,169.80 |
0.00 |
0.00 |
956,169.80 |
|
|
Time Loans |
Current |
10,000,000.00 |
0.00 |
10,000,000.00 |
0.00 |
|
|
Time Loans |
Current |
6,250,000.00 |
0.00 |
0.00 |
6,250,000.00 |
|
|
Import Bills Under
Trust Receipts (TR) |
Current |
1,391,737.50 |
0.00 |
0.00 |
1,391,737.50 |
|
|
Time Loans |
Current |
101,835,833.36 |
0.00 |
0.00 |
101,835,833.36 |
|
|
Time Loans |
Current |
20,641,666.74 |
0.00 |
0.00 |
20,641,666.74 |
|
|
Time Loans |
Current |
20,000,000.00 |
0.00 |
20,000,000.00 |
0.00 |
|
|
Import Bills
Under Trust Receipts (TR) |
Current |
17,680,683.30 |
0.00 |
17,680,683.30 |
0.00 |
|
|
Import Bills
Under Trust Receipts (TR) |
Current |
4,603,500.00 |
0.00 |
0.00 |
4,603,500.00 |
|
|
Import Bills
Under Trust Receipts (TR) |
Current |
15,667,911.00 |
0.00 |
0.00 |
15,667,911.00 |
|
|
Time Loans |
Current |
4,900,000.04 |
0.00 |
4,900,000.04 |
0.00 |
|
|
Time Loans |
Current |
1,166,666.66 |
0.00 |
1,166,666.66 |
0.00 |
|
|
Time Loans |
Current |
6,124,999.99 |
0.00 |
6,124,999.99 |
0.00 |
|
|
Time Loans |
Current |
3,075,000.01 |
0.00 |
3,075,000.01 |
0.00 |
|
|
Time Loans |
Current |
3,166,666.66 |
0.00 |
3,166,666.66 |
0.00 |
|
|
Time Loans |
Current |
5,166,666.63 |
0.00 |
5,166,666.63 |
0.00 |
|
|
Time Loans |
Current |
2,866,666.66 |
0.00 |
2,866,666.66 |
0.00 |
|
|
Time Loans |
Current |
5,250,000.00 |
0.00 |
5,250,000.00 |
0.00 |
|
|
Time Loans |
Current |
1,074,999.98 |
0.00 |
1,074,999.98 |
0.00 |
|
|
Time Loans |
Current |
2,933,333.31 |
0.00 |
2,933,333.31 |
0.00 |
|
|
Time Loans |
Current |
1,833,332.40 |
0.00 |
1,833,332.40 |
0.00 |
|
|
Time Loans |
Current |
1,895,833.37 |
0.00 |
1,895,833.37 |
0.00 |
|
|
Time Loans |
Current |
875,000.00 |
0.00 |
875,000.00 |
0.00 |
|
|
Time Loans |
Current |
2,812,500.00 |
0.00 |
2,812,500.00 |
0.00 |
|
|
Time Loans |
Current |
2,762,500.00 |
0.00 |
2,762,500.00 |
0.00 |
|
|
Time Loans |
Current |
1.00 |
0.00 |
1.00 |
0.00 |
FORM 2 : Letters
of Credit/Guarantee
This section
contains credit exposure of one million and above transactions reported
quarterly by banks and other financial institutions.
For quarter ending
as of December 31, 2012
|
Face Value |
Amount Unavailed |
LC Type |
Notional Amount in Peso |
|
16,551,360.00 |
16,551,360.00 |
LETTERS OF CREDIT – Regular Letters of Credit |
0.00 |
|
23,410,303.92 |
23,410,303.92 |
LETTERS OF CREDIT – Regular Letters of Credit |
0.00 |
No negative records
(court cases, credit cards cancelled and delinquent accounts) found under the
name “GRANSTAR MOTORS & INDUSTRIAL CORP.” in available database as of April 26, 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.
We interview with
Ms. Dorothea Marie Yoshida, Finance Officer.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.