|
Report Date : |
23.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAINBOW PHILIPPINES |
|
|
|
|
Registered Office : |
(A Division of KKC SERVICES, INC.) 7F Makati Executive Center, 114 L.P.
Leviste corner V.A. Rufino Streets, Salcedo Village, Makati City 1127 |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Date of Incorporation : |
06.03.1997 |
|
|
|
|
Legal Form : |
A Private Limited Company |
|
|
|
|
Line of Business : |
Master Franchisee in the
Phils. of Roto Rooter Plumbing Services, USA. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 |
Tradestyle: RAINBOW PHILIPPINES
Company: (A Division of KKC SERVICES,
INC.)
Address: 7F Makati Executive Center, 114 L.P.
Leviste corner
V.A. Rufino Streets, Salcedo Village, Makati City 1127
Country: Philippines
Service Type: Normal
Phone: +63 2 893 8678
Fax No.: +63 2 812 9009
Contact Person: Victor G. Puyat
We conducted research and verification on RAINBOW PHILIPPINES, a Tradestyle, a Division
of KKC SERVICES, INC. Hereunder our report, viz:
On-line verification with Securities & Exchange Commission disclosed
that Rainbow Philippines has no record with the Commission. Likewise, 3 other
companies, such as, Asiac operation-Rainbow Phils. Inc., registration Revoked;
Rainbow Phils. International Co. Ltd.; and Rainbow Phils. International Corp.,
has no with the Commission.
Gathered that Rainbow Phils. is a registered general distributor of
“Rainbow” Cleaning System in the Phils., by Rexair LLC, Michigan, USA. Further
gathered that Rexair LLC, sent a letter dated Sept. 27, 2012 to Victor G. Puyat
of KKC Services Inc. pertaining to the 2012-2013 Renewal of Rainbow
International Distributor Agreement. Website: www.rainbowphilippines.com
-
REGISTRATION – (Per 2013 SEC
General Information Sheet)
a)
Certificate No.
: A199704153
b)
Date
: March 6, 1997
c)
Term
: Fifty (50) years.
Address : 6F Makati Executive Center, 114 L.:P. Leviste
corner V. A. Rufino
Streets, Salcedo Village, Makati City
Telephone No. : +63 2 - 893 8688 / - 893 8693 / - 750
1370 / -535 2165
Fax No. : +63 2 – 812 9009
-
PRIMARY PURPOSE : To establish, conduct, maintain and
carry on business.
(Per 2013 SEC General Information Sheet)
(Php)
No. of Shares Par
Value/share Amount
Authorized
Capital Stock -
Common - 50,000 - P100.00 - 5,000,000
Subscribed & Paid Up - 12,500 - P100.00
- 1,250,000
(Per 2013 SEC General Information Sheet)
|
Names No. of Shares |
Paid – Up (Php) (2013 SEC-GIS) |
|
KKC
Holdings Inc. 12,495 |
1,249,500 |
|
Victor G.
Puyat 1 |
100 |
|
Antoniette T. Puyat 1 |
100 |
|
Victor
Mark T. Puyat 1 |
100 |
|
John
Christopher Arnaldo 1 |
100 |
|
Michael
John T. Puyat 1 |
100 |
|
|
1,250,000 vvvvvvvvv |
(Per 2013 SEC General Information Sheet)
|
Name Nationality |
Designation |
|
Victor G. Puyat Pil. |
Chairman |
|
Antoniette T. Puyat Pil. |
Treasurer |
|
Victor Mark T. Puyat Pil. |
President |
|
Ma. Monica T. Puyat – Leonor
Pil. |
Corporate Secretary |
|
Antonina T. Puyat – Santiago
Pil. |
Asst. Corp. Sec. |
Victor G. Puyat
- A member of a political family from
Pampanga and involved in various businesses,
particularly, in banking and real estate. The son of a former Senator of the Republic of the Phils. Currently,
Chairman/President of KKC Inc.
As President of
Group Developers Inc. (GDI), he was involved as one of the
Respondents in a
Supreme Court case No. GR 159189.
Master Franchisee in the
Phils. of Roto Rooter Plumbing Services, USA.
(Audited Financial
Statement for years 2012, 2011, & 2010, as compiled)
BALANCE SHEET
|
|
2012 (Php) |
2011 (Php) |
2010 (Php) |
|
Assets |
|
|
|
|
Current Assets |
|
|
|
|
Cash on Hand and in Banks |
369,052 |
298,834 |
288,216 |
|
Trade & Other Receivables |
6,611,452 |
9,374,031 |
6,077,689 |
|
Other current assets |
6,825,485 |
6,326,469 |
4,303,954 |
|
Total Current Assets |
13,805,989 |
15,972,334 |
10,669,859 |
|
|
|
|
|
|
Non-Current Assets |
|
|
|
|
Property & Equipment, NET |
2,430,049 |
2,809,394 |
1,895,178 |
|
Other Non Current Assets |
469,558 |
563,876 |
693,634 |
|
Total Non-Current Assets |
2,899,607 |
3,373,270 |
2,588,812 |
|
TOTAL ASSETS |
16,705,596 |
19,345,604 |
13,258,670 |
|
|
|||
|
Liabilities & Stockholder’s Equity |
|
|
|
|
Current Liabilities |
|
|
|
|
Trade & other Payables |
2,499,242 |
2,793,615 |
278,900 |
|
Other current liabilities |
138,744 |
857,061 |
336,495 |
|
Total Current Liabilities |
2,637,986 |
3,650,676 |
615,395 |
|
|
|
|
|
|
Non Current Liabilities |
|
|
|
|
Advances from Affiliates |
25,032,756 |
23,608,890 |
20.938,299 |
|
Total Non Current Liabilities |
25,032,756 |
23,608,890 |
20.938,299 |
|
TOTAL LIABILITIES |
27,670,742 |
27,259,566 |
21,553,694 |
|
|
|
|
|
|
Equity |
|
|
|
|
Paid Up Capital |
1,250,000 |
1,250,000 |
1,250,000 |
|
Retained Earnings (Deficit) |
( 12,215,146) |
( 9,163,962) |
( 9,545,023) |
|
Total Equity |
(
10,965,146) |
(
7,913,962) |
8,295,023) |
|
TOTAL LIABILITIES & EQUITY |
16,705,596 |
19,345,604 |
13,258,670 |
|
Revenues |
14,210,727 |
14,970,627 |
9.978,216 |
|
Gross Profit |
4,993,074 |
7,694,323 |
4,907,249 |
|
General
& Admin Expenses |
(
8,044,258) |
( 7,150,666) |
( 4,639,909) |
|
Net Income (Loss) before Tax |
(
3,051,184) |
543,657 |
276,340 |
|
Net Income (Loss) for the Year |
(
3,051,184) |
381,061 |
178,195 |
END OF REPORT
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.101.80 |
|
Euro |
1 |
Rs.84.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.