MIRA INFORM REPORT

 

 

Report Date :

21.11.2013

 

IDENTIFICATION DETAILS

 

Name :

BUGIL TECHNOLOGY, INC.                                 

 

 

Registered Office :

Lot 5 Block 5 Phase 2, PEZA, Rosario, Cavite  

 

 

Country :

Philippines

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

02.03.2001

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacture of aluminum plate and DC plug accessories.

 

 

No. of Employees :

Not Available

 

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 :

Slow but correct

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 and address

 

BUGIL TECHNOLOGY, INC.

 

Address:                    Lot 5 Block 5 Phase 2, PEZA, Rosario, Cavite

Country:                     PHILIPPINES

 

 

FINDINGS

 

We conducted research and investigation on  BUGIL TECHNOLOGY, INC., and showed the following, viz:

 

 

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC):  BUGIL TECHNOLOGY, INC.

 

 

REGISTRATION

 

Certificate No.    :      A200102323

Date                   :      March 02, 2001

Term                  :      Fifty (50) years

 

Address        :     Lot 10 Block 5 Phase 2, PEZA, Rosario, Cavite

 

 

CAPITALIZATION   

 

 (As of 2013)

 

Authorized Capital Stock                         -      P   14,700,000            -    147,000 shares

Amount Subscribed  & Paid Up             -      P   4,900,000                                           

Par value per share                                 -      P    100  

 

 

 

PRIMARY PURPOSE

 

To engage in, operate & maintain its business of manufacturing, importing, exporting, buying and selling or otherwise, dealing in, at wholesale such goods as, goods & accessories for electronic and electric industries, and, other related goods.

 

 

SHAREHOLDERS (As of 2013)

 

 

      Name / Nationality

 

         Position

Amount Subscribed

     & Paid (Php)

Kwon Tae Youl, Korean

Chairman/President

       4,899,600

Ahn Kyu Huan, Korean

Treasurer

                100

Ronaliza C. Arcilla, Pil.

Director

                100

Rocena A. Arenas, Pil.

Director

                100

Lourdes G. Bataclan, Pil.

Corp./Secretary

                100

 

 

       4,900,000

       vvvvvvvv

     

 

BUSINESS ACTIVITY

 

Manufacture of aluminum plate and DC plug accessories.                                      

 

Product Lines:  Carbon steel/coil/sheet/plate/bar/strip.

 

 

BUSINESS ADDRESS 

 

Cavite  Economic Zone, Rosario, Cavite

 

Telephone Nos. :            (046) 437 0930   /   502 0096  / 437 6090

Email:                :          bugi…@info.com.ph

bugiltechnology@yahoo.com

                       

 

FINANCIAL CONDITION (Audited Financial Statement for years 2012, 2011, & 2010, as compiled)

 

Balance Sheet 

 

 

    2012 (Php)

  2011 (Php)

 2010 (Php)

                             Assets

 

 

 

Current Assets

 

 

 

     Cash

  33,603,253

     9,944,155

   6,278,522

     Receivables

  32,293,395

  69,808,758

 18,827,654

     Inventory

  14,022,370

  14,371,917

 13,594,963

     Prepayments

        440,000

       NIL

         NIL

     Other Current Assets

        441,662

        881,262

       881,262

       Total Current Assets

   80,800,281

   95,006,092

 39,942,401

 

 

 

 

Non-Current Assets

 

 

 

     Property & Equipment, net

  47,198,097

   60,100,781

 54,805,317

Total Non-Current Assets

  47,198,097

   60,100,781

 54,805,317

TOTAL ASSETS

127,998,378

vvvvvvvvvvv

 155,106873

vvvvvvvvvvv

 94,474,719

Vvvvvvvvvv

 

 

 

 

         Liabilities & Stockholder’s Equity

 

 

 

Current Liabilities

 

 

 

      Trade & other Payables

         382,490

  12,585,532

    8,179,746

       Income Tax Payable

           63,929

       949,421

    1,060,553

            Total Current Liabilities

         446,419

  13,534,953

    9,240,298

 

 

 

 

Non Current Liabilities

 

 

 

       Deposit in Stock Subscription

           NIL        

  10,100,800

        NIL      

Total Non Current Liabilities

           NIL        

  10,100,800

        NIL       

TOTAL LIABILITIES

          446,419

  23,635,753

   9,240,298

 

 

 

 

Stockholder’s Equity

 

 

 

       Share Capital

     14,700,000

      4,900,000

15.000,000

 

 

 

 

       Appropriated Retained Earnings

   100,000,000   

          NIL

       NIL

       Unappropriated Retained Earnings

     12,551,959

  126,571,120

70,507,421

TOTAL STOCKHOLDER’S EQUITY

   127,551,959

  131,471,120

85,507,421

TOTAL LIABILITIES &

   STOCKHOLDERS EQUITY

   127,998,378

vvvvvvvvvvvvv

  155,106,873

vvvvvvvvvvvvv

94,747,719

vvvvvvvvvv

 

 

 

 

                         Income Statement

 

 

 

Sales

  195,205,803

 225,501,642

143,855,368

Gross Profit

      1,278,577

   63,188,697

  32,433,500

Other Income

          NIL        

          29,661

       171,639

    Total Income

      1,278,577

  63,218,358

  32,605,139

Administrative Expenses   

(     9,159,411)

(  6,204,438)

(   3,046,708)

Net Income / (Loss)  before Tax

(    7,880,834)

vvvvvvvvvv

  57,613,920

vvvvvvvvvv

  29,558,430

vvvvvvvvvv

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.56

UK Pound

1

Rs.100.77

Euro

1

Rs.84.71

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.