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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
CLOUD 9 GLOBAL SOURCING CORPORATION |
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Formerly Known As : |
RICH AMS GLOBAL SOURCING CORPORATION |
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Registered Office : |
Unit 36B Pearl of the Orient Building, Service Road, 1240 Roxas Boulevard, Ermita 1000, Manila |
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Country : |
Philippines |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.08.2011 |
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Com. Reg. No.: |
CS201114392 |
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Legal Form : |
Corporation |
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Line of Business : |
Manufacturing,
exporting, importing, trading, distribution, buying and selling of goods such
as textile, yarn fiber, garments metals, household items, food products of
all kinds and sources, pharmaceutical products and supplies, electronic items
and other merchandise and goods of similar in nature. |
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|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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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 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Philippines |
B1 |
B1 |
|
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 grew 7.6% in 2010, spurred by consumer demand,
a rebound in exports and investments, and election-related spending, before
cooling to 3.9% in 2011, and 4.8% in 2012. 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 in 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
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Company Name: |
CLOUD 9 GLOBAL SOURCING CORPORATION |
|
Former Name: |
RICH AMS GLOBAL SOURCING CORPORATION |
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Supplied Name: |
RICH AMS GLOBEL SOURCING LTD. |
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Trading Address: |
Unit 36B Pearl of the Orient Building, Service Road, 1240 Roxas Boulevard,
Ermita 1000, Manila, Philippines |
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Supplied
Address: |
36 B Ermita Manila Philliphine |
|
Telephone
Number: |
+63 2 743-0426; 711-6892; 354-5594 |
Note:
The name you supplied is similar with the former name. Subject’s current
accurate name is as above.
Subject’s complete address is as above.
|
Company Name: |
CLOUD 9 GLOBAL
SOURCING CORPORATION |
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Registered
Number: |
CS201114392 |
|
Legal Form: |
Corporation |
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Date
Incorporated: |
2011-8-16 |
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Authorized
Capital Stock: |
PHP 1,000,000.00 |
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Subscribed
Capital Stock: |
PHP 250,000.00 |
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Paid-up Capital: |
PHP 137,500.00 |
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Listed at Stock
Exchange: |
No |
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Staff: |
N/A |
Note:
Amounts in Philippine Peso unless otherwise
specified
The staff number is not obtained from the
subject or other sources.
CORPORATION
Verification with the local registry revealed the following correct
registration details as of (March 14, 2013).
Company Background
|
Regulatory
Agency |
Date Registered |
Registration No. |
Term |
|
Securities and
Exchange Commission |
|
CS201114392 |
50 years |
Originally registered as Rich AMS Global Sourcing Corporation
Present name was approved by the Securities and Exchange Commission on November
29, 2012.
Annual Meeting Date:
|
Type |
Amount |
as of date |
|
Authorized Capital |
1,000,000.00 |
|
|
Paid Up Capital |
137,500.00 |
|
|
Subscribed Capital |
250,000.00 |
|
|
Par Value |
100.00 |
|
Capital structure per latest available Amended General Information Sheet.
Stockholders (
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1 |
|
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Name: |
AMI SAURIN SHAH |
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Amount Subscribed: |
PHP 50,000.00 |
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Amount Paid-up: |
PHP 50,000.00 |
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Nationality: |
Indian |
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2 |
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Name: |
SAURIN JITENDRA KUMAR SHAH |
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Amount Subscribed: |
PHP 50,000.00 |
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Amount Paid-up: |
PHP 50,000.00 |
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Nationality: |
Indian |
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3 |
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Name: |
SOLTURA, JANE KISSIEL C. |
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Amount Subscribed: |
PHP 12,500.00 |
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Amount Paid-up: |
PHP 3,125.00 |
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Nationality: |
Filipino |
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4 |
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Name: |
CHUHARMAL, ANNA RICHELLE |
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Amount Subscribed: |
PHP 125,000.00 |
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Amount Paid-up: |
PHP 31,250.00 |
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Nationality: |
Filipino |
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5 |
|
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Name: |
BARETE, MYRILL P. |
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Amount Subscribed: |
PHP 12,500.00 |
|
Amount Paid-up: |
PHP 3,125.00 |
|
Nationality: |
Filipino |
List of stockholders and their shareholdings per latest available Amended
General Information Sheet
Management (
|
Name: |
Position: |
|
AMI SAURIN SHAH No. |
Chairman |
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CHUHARMAL, ANNA RICHELLE Unit 168 Sherwood Subd., Jerusalem, Multinational Village, Parañaque
City |
President / Director |
|
BARETE, MYRILL P. No. 319 D. Tuazon St., Brgy. San Jose, Quezon City |
Treasurer / Director |
|
RUZOL, ROSE MARIE A. No. 36 Luskot St. cor. D. Tuazon, Brgy. Don Manuel, Quezon City |
Corporate Secretary |
|
SAURIN JITENDRA KUMAR SHAH No. |
Director |
|
SOLTURA, JANE KISSIEL C. |
Director |
List of officers per latest available Amended General Information Sheet
Activities
|
|
Manufacturing, exporting, importing, trading, distribution, buying and selling
of goods such as textile, yarn fiber, garments metals, household items, food
products of all kinds and sources, pharmaceutical products and supplies,
electronic items and other merchandise and goods of similar in nature. |
Premises
|
|
Location: Located
at above address. |
Unit: PHP
|
Balance Sheet |
2011.12.31 |
|
TotalCurrentAssets |
310,000.00 |
|
Cash |
25,000.00 |
|
ShortInvest |
0.00 |
|
Receivable |
0.00 |
|
Inventory |
0.00 |
|
OtherCurrentAssets |
285,000.00 |
|
LongInvestTotal |
0.00 |
|
LongInvestSecurity |
0.00 |
|
LongInvestEquity |
0.00 |
|
LongInvestOther |
0.00 |
|
FixedAssetsTotal |
911,000.00 |
|
FixedAssets |
911,000.00 |
|
DepreciationTotal |
0.00 |
|
IntangibleAssets |
0.00 |
|
OtherAssets |
0.00 |
|
TotalAssets |
1,221,000.00 |
|
TotalCurrentDebt |
0.00 |
|
ShortLoan |
0.00 |
|
AccountsPayable |
0.00 |
|
OtherCurrentLiability |
0.00 |
|
LongLiabilityTotal |
1,212,660.00 |
|
LongLeases |
0.00 |
|
LongLoan |
0.00 |
|
LongLoanOther |
0.00 |
|
TotalLiability |
1,212,660.00 |
|
TotalEquity |
8,340.00 |
|
ShareCapital |
137,500.00 |
|
CapitalPaid |
0.00 |
|
LegalReserve |
0.00 |
|
SurplusReserve |
0.00 |
|
UndistributedProfit |
0.00 |
|
RetainedEarning |
-129,160.00 |
|
OtherEquity |
0.00 |
|
TotalLiabilityAndEquity |
1,221,000.00 |
Unit: PHP
|
|
2011 |
|
OperatingRevenue |
0.00 |
|
SalesRevenue |
0.00 |
|
InterestRevenue |
0.00 |
|
OtherRevenue |
0.00 |
|
TotalRevenue |
0.00 |
|
SalesCost |
0.00 |
|
GrossProfit |
0.00 |
|
SalesExpenses |
0.00 |
|
ManagementExpenses |
129,160.00 |
|
FinancialExpenses |
0.00 |
|
TotalExpenses |
129,160.00 |
|
OperatingProfit |
-129,160.00 |
|
NonOperatingProfit |
0.00 |
|
ProfitBeforeTax |
-129,160.00 |
|
Tax |
0.00 |
|
NetProfit |
-129,160.00 |
|
|
2011 |
|
OperatingNetCash |
798,500.00 |
|
InvestmentNetCash |
-112,500.00 |
|
FinanceNetCash |
25,000.00 |
No dealings based
on credit exposure report with one million and above dealings under the names “CLOUD
9 GLOBAL SOURCING CORPORATION / RICH AMS GLOBAL SOURCING CORPORATION” as of
September 30, 2012.
NEGATIVE
No negative
records (court cases, credit cards cancelled and delinquent accounts) found
under the names “CLOUD 9 GLOBAL SOURCING CORPORATION / RICH AMS GLOBAL SOURCING
CORPORATION” in 's available database as of March 14, 2013.
Above information
were based on the subject’s 2012 Amended General Information Sheet, the latest
available at the Securities and Exchange Commission.
Address
verification per interview with Ms. Bellie Vocal, Accounting Officer.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
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 |
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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 |
|
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.