|
Report Date : |
09.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
J.I.T.
INJECTION MACHINERY PHILIPPINES CORP. |
|
|
|
|
Registered Office : |
Lot 1 Block 6 Golden
Mile Avenue, Golden Mile Business Park, Carmona 4116, Cavite |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
16.11.2009 |
|
|
|
|
Com. Reg. No.: |
CS200917756 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Subject engage
in the manufacturing of machinery and equipment. |
|
|
|
|
No. of Employees : |
4 |
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, which hovers around 7%, and improving the quality of jobs. Underemployment is nearly 20% and more than 40% of the employed are estimated to be working in the informal sector. The AQUINO administration has been working to boost the budgets for education, health, cash transfers 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: |
J.I.T. Injection
Machinery Philippines Corp. |
|
Supplied Name: |
JIT Injection
Machinery Phillippines Corp |
|
Trading Address: |
Lot 1 Block 6 Golden Mile
Avenue, Golden Mile Business Park, Carmona 4116, Cavite, Philippines |
|
Supplied
Address: |
Lot 1, Block 6,
Golden Mile Ave. Golden Mile Business Park, Carmona Cavite |
|
Telephone
Number: |
+63 (046) 430-0247;
482-0045; (02) 361-3386 |
Note:
The exact name is as above.
The supplied address is
incomplete, and the exact address is as above.
|
Credit Opinion: |
Business conections
appear permissible |
|
Registered Number: |
CS200917756 |
|
Legal Form: |
Corporation |
|
Date Incorporated: |
|
|
Authorized Capital
Stock: |
PHP 25,000,000.00
(USD 571,713) (As of 2013.8, 1 PHP
=0.02287USD) |
|
Subscribed Capital
Stock: |
PHP 25,000,000.00
(USD 571,713) |
|
Paid-up Capital: |
PHP 14,111,000.00
(USD 322,698) |
|
Par Value Per Share: |
PHP 1,000.00 |
|
Listed at Stock
Exchange: |
No |
|
Staff: |
4 |
Note:
AMOUNTS IN PHILIPPINE PESO UNLESS OTHERWISE SPECIFIED.
Company Background
CORPORATION
Verification with the local registry
revealed the following correct registration details as of (August 7, 2013).
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and
Exchange Commission |
|
CS200917756 |
50 years |
|
Type |
Amount (Unit:PHP) |
|
Authorized Capital |
25,000,000.00 |
|
Paid Up Capital |
14,111,000.00 |
|
Subscribed Capital |
25,000,000.00 |
|
Par Value |
1,000.00 |
Stockholders:
|
Name: |
SHARES SUBSCRIBED PAID UP(Unit:PHP) |
|
LEE, LUNG SHAN Taiwanese |
2,500,000.00 |
|
LIN, HUI-HUI Chinese |
5,000,000.00 |
|
HSU, LI-YUI Taiwanese |
5,000,000.00 |
|
HE, YING Chinese |
6,250,000.00 |
|
5. HE, ZHOU-FU Chinese |
6,250,000.00 |
Note:
List of stockholders and their
shareholdings per latest available General Information Sheet.
|
Name/address: |
Position: |
|
LEE, LUNG SHAN 29 Eulogia Drive,
Brgy. A. Samson, Quezon City |
Chairman |
|
HE, YING Bldg. B39, New West
Lake Garden, Hang Zhou, PROC |
President / Director |
|
LIN, HUI-HUI Golden Mile Business Park,
Carmona, Cavite |
Treasurer / Director |
|
LEE, AIMEE C. 29 Eulogia Drive,
Brgy. A. Samson, Quezon City |
Corporate Secretary |
|
HSU, LI-YUI |
Director |
|
HE, ZHOU-FU Golden Mile Business Park,
Carmona, Cavite |
Director |
Note:
List of officers per latest
available General Information Sheet.
Activities
|
|
- To engage in the
manufacturing of machinery and equipment. |
Premises
|
|
Location: Located at the
capital address as above. |
Unit: PHP
|
Balance Sheet |
2011.12.31 |
2010.12.31 |
|
TotalCurrentAssets |
95,407,311.00 |
67,451,151.00 |
|
Cash |
35,972,596.00 |
5,876,064.00 |
|
ShortInvest |
0.00 |
0.00 |
|
Receivable |
1,055,924.00 |
9,185,075.00 |
|
Inventory |
57,882,021.00 |
51,893,242.00 |
|
OtherCurrentAssets |
496,770.00 |
496,770.00 |
|
LongInvestTotal |
0.00 |
0.00 |
|
LongInvestSecurity |
0.00 |
0.00 |
|
LongInvestEquity |
0.00 |
0.00 |
|
LongInvestOther |
0.00 |
0.00 |
|
FixedAssetsTotal |
1,472,745.00 |
4,268,317.00 |
|
FixedAssets |
1,472,745.00 |
4,268,317.00 |
|
DepreciationTotal |
0.00 |
0.00 |
|
IntangibleAssets |
0.00 |
0.00 |
|
OtherAssets |
0.00 |
0.00 |
|
TotalAssets |
96,880,056.00 |
71,719,468.00 |
|
TotalCurrentDebt |
72,809,151.00 |
62,120,810.00 |
|
ShortLoan |
0.00 |
0.00 |
|
AccountsPayable |
72,797,683.00 |
62,109,550.00 |
|
OtherCurrentLiability |
11,468.00 |
11,260.00 |
|
LongLiabilityTotal |
0.00 |
0.00 |
|
LongLeases |
0.00 |
0.00 |
|
LongLoan |
0.00 |
0.00 |
|
LongLoanOther |
0.00 |
0.00 |
|
TotalLiability |
72,809,151.00 |
62,120,810.00 |
|
TotalEquity |
24,070,905.00 |
9,598,658.00 |
|
ShareCapital |
14,111,000.00 |
14,111,000.00 |
|
CapitalPaid |
0.00 |
0.00 |
|
LegalReserve |
0.00 |
0.00 |
|
SurplusReserve |
0.00 |
0.00 |
|
UndistributedProfit |
0.00 |
0.00 |
|
RetainedEarning |
9,959,905.00 |
-4,512,342.00 |
|
OtherEquity |
0.00 |
0.00 |
|
TotalLiabilityAndEquity |
96,880,056.00 |
71,719,468.00 |
Unit: PHP
|
|
2011 |
2010 |
|
OperatingRevenue |
0.00 |
0.00 |
|
SalesRevenue |
240,491,547.00 |
98,948,468.00 |
|
InterestRevenue |
0.00 |
0.00 |
|
OtherRevenue |
0.00 |
1,213,179.00 |
|
TotalRevenue |
240,491,547.00 |
100,161,647.00 |
|
SalesCost |
210,281,823.00 |
90,667,860.00 |
|
GrossProfit |
30,209,724.00 |
8,280,608.00 |
|
SalesExpenses |
0.00 |
0.00 |
|
ManagementExpenses |
14,566,173.00 |
13,823,888.00 |
|
FinancialExpenses |
1,171,303.00 |
182,242.00 |
|
TotalExpenses |
226,019,299.00 |
104,673,990.00 |
|
OperatingProfit |
14,472,248.00 |
-4,512,343.00 |
|
NonOperatingProfit |
0.00 |
0.00 |
|
ProfitBeforeTax |
14,472,248.00 |
-4,512,343.00 |
|
Tax |
0.00 |
0.00 |
|
NetProfit |
14,472,248.00 |
-4,512,343.00 |
Unit: PHP
|
|
2011 |
2010 |
|
OperatingNetCash |
30,515,870.00 |
953,032.00 |
|
InvestmentNetCash |
0.00 |
-7,692,434.00 |
|
FinanceNetCash |
0.00 |
577,780.00 |
No dealings based on credit exposure report with
one million and above dealings under the name “J.I.T. INJECTION MACHINERY
PHILIPPINES CORP.” as of March 31, 2013.
No negative (court cases, credit cards cancelled
and delinquent accounts) found under the name “J.I.T. INJECTION MACHINERY
PHILIPPINES CORP.” in available database
as of August 7, 2013.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
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.