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Report Date : |
08.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEC ELECTRONICS PHILIPPINES CORPORATION |
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|
|
|
Registered Office : |
Block 8-A, Lot 1 Phase I, Cavite Economic Zone, Rosario 4106, Cavite |
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Country : |
Philippines |
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
16.05.1989 |
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Com. Reg. No.: |
163481 |
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|
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Legal Form : |
Corporation |
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|
|
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Line of Business : |
Manufacturer and exporter of electrical power supply cables such as wiring harness, telecommunications cables, cord sets, power supply cord sets, and coil windings. |
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|
|
|
No. of Employees : |
543 Employees |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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 3.7% in 2011. 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 by 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: |
MEC ELECTRONICS
PHILIPPINES CORPORATION |
|
Supplied Name: |
MEC Electronics
Phillipines Corpn |
|
Trading Address: |
Block 8-A, Lot 1
Phase I, Cavite Economic Zone, Rosario 4106, Cavite, Philippines |
|
Supplied
Address: |
Lot 1 Block 8A,
Phase I, Cavite Economic Zone, Rosario Cavite 4106 |
|
Telephone
Number: |
+63 46 437-9511
TO 13; 437-2201 TO 04; 437-6474 |
|
Fax Number: |
+63 46 971-0652;
437-0534 |
Note: Subject’s accurate name and complete address are as above.
|
Credit Opinion: |
Business connections are permissible. |
|
Company Name: |
MEC ELECTRONICS
PHILIPPINES CORPORATION |
|
Registered
Number: |
163481 |
|
Legal Form: |
Corporation |
|
Date
Incorporated: |
|
|
Authorized
Capital Stock: |
PHP 60,000,000.00 |
|
Subscribed
Capital Stock: |
PHP 50,000,000.00 |
|
Paid-up Capital: |
PHP 50,000,000.00 |
|
Par Value Per
Share: |
PHP 10.00 |
|
Listed at Stock
Exchange: |
No |
|
Staff: |
543 Employees (per latest available General Information Sheet as of
April 10, 2012) |
Note: Amounts in Philippine Peso unless
otherwise specified.
CORPORATION
Verification with the local registry revealed the following correct
registration details as of (January 7, 2013).
Company Background
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and Exchange Commission |
|
163481 |
50 years |
Annual Meeting Date:
|
Type |
Amount |
|
Authorized Capital |
60,000,000.00 |
|
Paid Up Capital |
50,000,000.00 |
|
Subscribed Capital |
50,000,000.00 |
|
Par Value |
10.00 |
Capital structure per latest available General Information Sheet.
Increase in authorized capital stock from 30,000,000 to 60,000,000 was
approved by the Securities and Exchange Commission on August 29, 2001.
AFFILIATES (per latest available audited financial statements):
MEC Imex Inc.; MEC International Co. Ltd.; MEC Electronics (HK) Co.,
Ltd.; MEC Electronics (S) Pte. Ltd.; Chiao Lin Electronics Phils., Corp.; MEC
Electronics (Suzhou); MEC Ultramax (HK) Co., Ltd.
Stockholders (
|
1 |
|
|
Name: |
LIN, YUE |
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Amount Subscribed: |
PHP 6,152,100.00 |
|
Amount Paid-up: |
PHP 6,152,100.00 |
|
Nationality: |
Filipino |
|
2 |
|
|
Name: |
LEE, ROBERT S. |
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Amount Subscribed: |
PHP 40,996,890.00 |
|
Amount Paid-up: |
PHP 40,996,890.00 |
|
Nationality: |
Filipino |
|
3 |
|
|
Name: |
MEC IMEX INC. |
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Amount Subscribed: |
PHP 2,000,000.00 |
|
Amount Paid-up: |
PHP 2,000,000.00 |
|
Nationality: |
Filipino |
|
4 |
|
|
Name: |
MEC INTERNATIONAL CO. LTD. |
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Amount Subscribed: |
PHP 851,010.00 |
|
Amount Paid-up: |
PHP 851,010.00 |
|
Nationality: |
Filipino |
List of stockholders and their shareholdings
per latest available General Information Sheet.
Management (
|
Name: |
Position: |
|
LEE, ROBERT S. 154 Batangas West, Ayala Alabang, Muntinlupa
City |
Chairman / President |
|
LEE, ANGEL S. 154 Batangas West, Ayala Alabang, Muntinlupa
City |
Vice President / Director |
|
LEE, LEMUEL Y. A 1706 Bonifacio Ridge, Global City, Fort
Bonifacio, Taguig City |
General Manager / Director |
|
YU, LORENZO Unit 835 Dela Rosa Condo., Cityland 9, Dela
Rosa Street, Makati City |
Treasurer / Director |
|
CHUNG, JOAQUIN 752 Kings Road, Mandaluyong City |
Corporate Secretary |
List of officers per latest available General
Information Sheet.
Activities
|
|
PSIC Code: D28996 |
|
Manufacturer and exporter of electrical power supply cables
such as wiring harness, telecommunications cables, cord sets, power supply
cord sets, and coil windings. |
|
Other products are DC output cords, RF cable assembly,
cellular phone cable, HDMI cable assembly, LCD panel cable assembly, computer
cable assembly, adaptor and gender changer, mini USB and USB cable assembly,
and micro coaxial cable assembly for mobile phone. |
Premises
|
|
Location:
Located at above address. |
Unit: PHP
|
Balance Sheet |
2011.12.31 |
|
TotalCurrentAssets |
6,771,741.00 |
|
Cash |
1,249,056.00 |
|
ShortInvest |
0.00 |
|
Receivable |
1,893,106.00 |
|
Inventory |
3,406,206.00 |
|
OtherCurrentAssets |
223,373.00 |
|
LongInvestTotal |
0.00 |
|
LongInvestSecurity |
0.00 |
|
LongInvestEquity |
1,985.00 |
|
LongInvestOther |
0.00 |
|
FixedAssetsTotal |
867,944.00 |
|
FixedAssets |
867,944.00 |
|
DepreciationTotal |
0.00 |
|
IntangibleAssets |
0.00 |
|
OtherAssets |
58,403.00 |
|
TotalAssets |
7,700,073.00 |
|
TotalCurrentDebt |
3,235,191.00 |
|
ShortLoan |
0.00 |
|
AccountsPayable |
2,101,152.00 |
|
OtherCurrentLiability |
1,134,039.00 |
|
LongLiabilityTotal |
136,518.00 |
|
LongLeases |
0.00 |
|
LongLoan |
1,000,000.00 |
|
LongLoanOther |
0.00 |
|
TotalLiability |
4,371,709.00 |
|
TotalEquity |
3,328,364.00 |
|
ShareCapital |
1,250,000.00 |
|
CapitalPaid |
0.00 |
|
LegalReserve |
0.00 |
|
SurplusReserve |
0.00 |
|
UndistributedProfit |
0.00 |
|
RetainedEarning |
2,078,364.00 |
|
OtherEquity |
0.00 |
|
TotalLiabilityAndEquity |
7,700,073.00 |
Unit: PHP
|
|
2011 |
|
OperatingRevenue |
0.00 |
|
SalesRevenue |
19,570,351.00 |
|
InterestRevenue |
0.00 |
|
OtherRevenue |
0.00 |
|
TotalRevenue |
19,570,351.00 |
|
SalesCost |
18,632,296.00 |
|
GrossProfit |
938,055.00 |
|
SalesExpenses |
0.00 |
|
ManagementExpenses |
630,923.00 |
|
FinancialExpenses |
49,082.00 |
|
TotalExpenses |
19,312,301.00 |
|
OperatingProfit |
258,050.00 |
|
NonOperatingProfit |
0.00 |
|
ProfitBeforeTax |
258,050.00 |
|
Tax |
56,812.00 |
|
NetProfit |
201,238.00 |
Chinatrust
Philippines Commercial Bank Corporation
Subject: MEC
ELECTRONICS PHILIPPINES CORPORATION
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 June 30, 2012
|
NO |
Loan Type |
Loan Status |
Outstanding
Amount |
Market Gain/Loss |
Secured Amount |
Unsecured Amount |
|
1. |
Loans and
Discounts - Foreign |
Current |
23,166,000.00 |
0.00 |
0.00 |
23,166,000.00 |
No negative records (court cases, credit cards
cancelled and delinquent accounts) found under the name “MEC ELECTRONICS
PHILIPPINES CORPORATION” in available database as of January 7, 2013.
Above information were based on the subject’s
2012 General Information Sheet, the latest available at the Securities and
Exchange Commission, per latest available audited financial statements and
available databases.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.98 |
|
|
1 |
Rs.88.11 |
|
Euro |
1 |
Rs.71.67 |
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.