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Report Date : |
23.12.2013 |
IDENTIFICATION DETAILS
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Name : |
LICA GROUP |
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Registered Office : |
(Auto Nation & Rapide Auto Services) El Rico Suites, 1048 Metropolitan Ave., Makati City |
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Country : |
Philippines |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
09.07.2003 |
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Com. Reg. No.: |
CS200314851 |
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Legal Form : |
Not Available |
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Line of Business : |
Subject is also involved in small scale agriculture, livestock & dairy and marketing of flowers. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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: LICA GROUP
Address: (Auto Nation & Rapide Auto Services)
El Rico Suites, 1048 Metropolitan Ave., Makati City
Country: Philippines
Service Type: Normal
Contact Person: Mr/Ms Felix K. Limacaoco
Designation: President & Managing Director
Email: bklimcaoco@gmail.com
Mobile No. 09189444300 / 632 8992010
Mr./Ms Doroteo R. Sornet – VP & COO
Mobile - 09175332859
We conducted research and verification on LICA GROUP (Auto Nation & Rapide Auto Service).
Hereunder, our report, viz:
As gathered, LICA GROUP OF COMPANIES includes – a) LICA Management Inc.; b) Luzon Development Bank (LDB); LICA Land; Tetra Technologies; F. T. Limcaoco Sr. Foundation, Inc.; and LICA Auto Nation Inc. (formerly, LICA Auto Sales, Inc), its holding company. Further gathered, LICA Group is also involved in small scale agriculture, livestock & dairy and marketing of flowers.
Website: www.licagroup.com
Telephone No.: 63 2 896 9726
Fax No.: 63 2 897 1491
Address: El Rico Suites, Metropolitan Avenue, Makati City
Email: info@licagroup.net
VERIFICATION WITH
SECURITIES & EXCHANGE COMMISSION (SEC):
LICA AUTO NATION, INC.
REGISTRATION – (Per 2013 SEC General Information Sheet)
Certificate No. : CS200314851
Date : July 09, 2003
Term : Fifty (50) years.
Address : G/F Rico Suites, 1048 Paseo de Roxas, Makati City
Business Address: : 92-102 E. Rodriguez, Jr. Avenue, C-5, Barrio Ugong, Pasig City.
Telephone No. : 63 2 897 1302
PRIMARY PURPOSE : Trading/Services
(Per 2013 SEC General Information Sheet)
(Php)
No. of Shares Par Value/share Amount
Authorized Capital Stock
-
Common - 400,000 - P100.00 - 40,000,000
Subscribed & Paid Up
Common - 400,000 - 40,000,000
(Per 2013 SEC General Information Sheet)
|
Names/Nationality Designation |
Paid – Up (Php) (2013 SEC-GIS) |
|
Teodoro K. Limcaoco Pil. Director |
8,000,000 |
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Felix K. Limcaoco, III Pil. Chairman/President |
8,000,000 |
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Katrina K. Limcaoco Pil. Corporate Secretary |
7,999,500 |
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Josefina K. Limcaoco Pil. Treasurer |
500 |
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LICA Management |
8,000,000 |
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Rene K. Limcaoco Pil. Director |
8,000,000 |
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|
40,000,000 vvvvvvvvvv |
Felix K. Limcaoco III - Holds several executives and Board positions in the LICA Group,
a family controlled diversified business group in the Phils.
Involved in real estate, hospitality, automotive, banking and
information technology.
Earned a BA in Applied Mathematics from the University of
California (Berkeley) and MS in Computer Science from Stanford
University, California, USA.
LICA Auto Nation is a holding company of the Limcaoco family.
Involved in New and Used car dealership, Rent-a-Car, a leasing. Parts and equipment distributorship and service center chain stores.
FINANCIAL CONDITION (Audited Financial Statement for years 2012, 2011, & 2010,
as compiled)
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2012 (Php) |
2011 (Php) |
2010 (Php) |
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Assets |
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Current Assets |
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Cash & Cash Equivalent |
903,434 |
820,928 |
7,721,778 |
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Trade & Other Receivables |
16,088,471 |
15,810,336 |
33,015,070 |
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Inventories |
11,260,516 |
21,299,318 |
22,180,932 |
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Prepayments |
1,349,597 |
572,888 |
1,066,915 |
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Total Current Assets |
29,602,018 |
38,503,470 |
63,984,695 |
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Non-Current Assets |
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Investment |
NIL |
NIL |
206,790 |
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Property & Equipment, NET |
37,128,557 |
17,903,906 |
12,089,633 |
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Other Non Current Assets |
948,618 |
937,434 |
937,434 |
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Total Non-Current Assets |
38,077,175 |
18,841,339 |
13,233,887 |
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TOTAL ASSETS |
67,679,193 vvvvvvvvvv |
57,344,809 vvvvvvvvvv |
77,218,581 vvvvvvvvvv |
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Liabilities & Stockholder’s Equity |
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Current Liabilities |
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Trade & other Payables |
15,603,759 |
6,960,403 |
31,244,514 |
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Customer’s Deposits |
4,375,921 |
3,370,097 |
39,126 |
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Total Current Liabilities |
19,979,680 |
10,330,499 |
31,283,640 |
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Total Liabilities |
19,979,680 |
10,330,499 |
31,283,640 |
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Equity |
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Capital Stock |
40,000,000 |
40,000,000 |
40,000,000 |
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Retained Earnings |
7,699,513 |
7,014,310 |
5,934,942 |
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Total Equity |
47,699,513 |
47,014,310 |
45,934,942 |
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TOTAL LIABILITIES & EQUITY |
67,679,193 vvvvvvvvvv |
57,344,809 vvvvvvvvvv |
77,218,581 vvvvvvvvvv |
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Sales |
231,254,710 |
204,365,872 |
122,446,169 |
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Gross Profit |
24,290,518 |
18,176,117 |
13,071,232 |
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Service Income |
2,100,546 |
1,058,898 |
235,470 |
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Interest Income |
24,322 |
77,538 |
95,846 |
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Gross Income |
26,415,386 |
19,312,553 |
13,402,548 |
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Operating Expenses |
(25,446,947) |
( 17,803,829) |
( 12,578,973) |
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Net Income before Tax |
968,439 |
1,508,724 |
823,575 |
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Net Income for the Year |
685,203 vvvvvvvvvv |
1,079,368 vvvvvvvvvvv |
557,441 vvvvvvvvvvv |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
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|
1 |
Rs.101.82 |
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Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.