|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
FAR EAST FURNITURE MARKETING CORPORATION |
|
|
|
|
Registered Office : |
Marlboro Street, Calibutbut, Bacolor 2001, Pampanga, |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
20.10.1998 |
|
|
|
|
Com. Reg. No.: |
A199815197 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Manufacturing, fabricating, repair, buying, selling, exporting,
distributing, marketing at wholesale of household or office furniture. |
|
|
|
|
No. of Employees : |
About 220,
including office staff and manufacturing personnel (per available report
dated June 25, 2012) |
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: |
FAR EAST FURNITURE MARKETING CORPORATION |
|
Supplied Name: |
FAR EAST FURNITURE MARKETING CORPN |
|
Trading Address: |
Marlboro Street, Calibutbut, Bacolor 2001, Pampanga, Philippines |
|
Supplied Address: |
Philippines |
|
Telephone Number: |
+63 45 887-3474 |
|
Fax Number: |
+63 45 887-0429 |
Note:
Subject’s accurate name and complete address are as above.
|
Company Name: |
FAR EAST FURNITURE MARKETING CORPORATION |
|
Registered Number: |
A199815197 |
|
Legal Form: |
Corporation |
|
Date Incorporated: |
1998-10-20 |
|
Authorized Capital Stock: |
PHP 18,000,000.00 |
|
Listed at Stock Exchange: |
No |
|
Staff: |
About 220, including office staff and manufacturing personnel (per
available report dated June 25, 2012) |
Note: Amounts in Philippine Peso unless otherwise specified.
CORPORATION
Verification with the local registry revealed the following correct
registration details as of (June 10, 2013).
Company Background
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and Exchange Commission |
1998-10-20 |
A199815197 |
50 years |
Annual Meeting Date:
|
|
Amount |
|
Authorized Capital |
18,000,000.00 |
|
Subscribed and Paid Up Capital |
- |
|
Par Value |
100.00 |
Capital structure per latest available Amended
Articles of Incorporation (increase of capital stock).
Increase in authorized capital stock from
1,000,000 to 11,000,000 was approved by the Securities and Exchange Commission
on January 18, 2004; to 18,000,000 on March 15, 2013.
Stockholders (
|
Name: |
Subscribed and Paid Up |
|
PANTHEON PROPERTIES LTD |
10,000,000.00 |
|
BARTHOLOMEUS TOMAS MARIA NEEFJES |
200,000.00 |
|
FAMILLARAN, CARLOS |
75,000.00 |
|
NALDOZA, EVELYN |
75,000.00 |
|
GUTIERREZ, MARY ROSE |
75,000.00 |
|
AQUINO, FREIDALIN |
75,000.00 |
|
Total |
10,500,000.00 |
List of stockholders and their shareholdings per latest available
General Information Sheet
Management (
|
Name: |
Position: |
|
BARTHOLOMEUS TOMAS MARIA NEEFJES Unit 1502 BSA Suites, |
Chairman / President |
|
FAMILLARAN, CARLOS 84 Nissan Street, Noel Homes, Bińan, Laguna |
Vice-President/Director |
|
NALDOZA, EVELYN Blk 15 Lot 10 Golden City Imus, Cavite |
Corporate Secretary / Director |
|
GUTIERREZ, MARY ROSE 371 Hipodromo Street, Sta. Mesa, Manila |
Treasurer/Director |
|
AQUINO, FREIDALIN 5287 Resureccion Street, SAV5 Sucat Road, Parańaque City |
Director |
|
MARIA JAMIL GARCIA |
HR Assistant |
List of officers per latest available General Information Sheet
|
Activities |
|
Manufacturing, fabricating, repair, buying, selling, exporting, distributing,
marketing at wholesale of household or office furniture. |
|
Premises |
|
LOCATION: Headquarters and administrative at captioned address. |
Unit: PHP
|
|
2011.12.31 |
2010.12.31 |
|
TotalCurrentAssets |
79,089,341.00 |
56,929,223.00 |
|
Cash |
4,884,422.00 |
1,679,121.00 |
|
ShortInvest |
0.00 |
0.00 |
|
Receivable |
11,543,486.00 |
11,771,764.00 |
|
Inventory |
35,415,991.00 |
28,030,219.00 |
|
OtherCurrentAssets |
27,245,442.00 |
15,448,119.00 |
|
LongInvestTotal |
0.00 |
0.00 |
|
LongInvestSecurity |
0.00 |
0.00 |
|
LongInvestEquity |
699,931.00 |
699,931.00 |
|
LongInvestOther |
0.00 |
0.00 |
|
FixedAssetsTotal |
16,578,118.00 |
19,579,116.00 |
|
FixedAssets |
16,578,118.00 |
19,579,116.00 |
|
DepreciationTotal |
0.00 |
0.00 |
|
IntangibleAssets |
0.00 |
4,100.00 |
|
OtherAssets |
3,820,257.00 |
2,190,800.00 |
|
TotalAssets |
100,187,647.00 |
79,403,170.00 |
|
TotalCurrentDebt |
73,397,135.00 |
62,367,279.00 |
|
ShortLoan |
0.00 |
0.00 |
|
AccountsPayable |
17,116,110.00 |
10,569,342.00 |
|
OtherCurrentLiability |
56,281,025.00 |
51,797,937.00 |
|
LongLiabilityTotal |
0.00 |
0.00 |
|
LongLeases |
0.00 |
0.00 |
|
LongLoan |
0.00 |
0.00 |
|
LongLoanOther |
0.00 |
0.00 |
|
TotalLiability |
73,397,135.00 |
62,367,279.00 |
|
TotalEquity |
26,790,512.00 |
17,035,891.00 |
|
ShareCapital |
28,028,000.00 |
28,028,000.00 |
|
CapitalPaid |
0.00 |
0.00 |
|
LegalReserve |
0.00 |
0.00 |
|
SurplusReserve |
0.00 |
0.00 |
|
UndistributedProfit |
0.00 |
0.00 |
|
RetainedEarning |
-1,237,488.00 |
-10,992,109.00 |
|
OtherEquity |
0.00 |
0.00 |
|
TotalLiabilityAndEquity |
100,187,647.00 |
79,403,170.00 |
Unit: PHP
|
|
2011 |
2010 |
|
OperatingRevenue |
0.00 |
0.00 |
|
SalesRevenue |
251,481,824.00 |
160,448,782.00 |
|
InterestRevenue |
79,178.00 |
3,506,579.00 |
|
OtherRevenue |
0.00 |
0.00 |
|
TotalRevenue |
251,561,002.00 |
163,955,361.00 |
|
SalesCost |
187,233,728.00 |
127,284,754.00 |
|
GrossProfit |
64,248,096.00 |
33,164,028.00 |
|
SalesExpenses |
0.00 |
0.00 |
|
ManagementExpenses |
54,542,531.00 |
35,958,721.00 |
|
FinancialExpenses |
25,152.00 |
0.00 |
|
TotalExpenses |
241,801,411.00 |
163,243,475.00 |
|
OperatingProfit |
9,759,591.00 |
711,886.00 |
|
NonOperatingProfit |
0.00 |
0.00 |
|
ProfitBeforeTax |
9,759,591.00 |
711,886.00 |
|
Tax |
4,970.00 |
736,681.00 |
|
NetProfit |
9,754,621.00 |
-24,795.00 |
Unit: PHP
|
|
2011 |
2010 |
|
OperatingNetCash |
3,548,060.00 |
426,672.00 |
|
InvestmentNetCash |
-342,759.00 |
-2,183,522.00 |
|
FinanceNetCash |
0.00 |
0.00 |
BANKING
No dealings based on credit exposure report with one million and above
dealings under the name “FAR EAST FURNITURE MARKETING CORPORATION” as of
December 31, 2012.
NEGATIVE
No negative records (court cases, credit cards cancelled and delinquent
accounts) found under the name “FAR EAST FURNITURE MARKETING CORPORATION” in
available database as of June 10, 2013.
Above information were based on the subject’s 2012 General Information
Sheet, the latest available at the Securities and Exchange Commission, latest
available Amended Articles of Incorporation (increase of capital stock) and
available databases.
Address verification per interview with Ms. Maria Jamil Garcia, HR
Assistant.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.27 |
|
|
1 |
Rs.91.15 |
|
Euro |
1 |
Rs.77.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.