MIRA INFORM REPORT

 

REVISED REPORT

 

 

Report Date :

26.11.2013

 

IDENTIFICATION DETAILS

 

Name :

NIANS TRADING

 

 

Registered Office :

2407 Rodriguez St., Balut, Tondo, Manila 1013

 

 

Country :

Philippines

 

 

Financials (as on) :

2011

 

 

Date of Incorporation :

10.06.1997

 

 

Com. Reg. No.:

A199711126

 

 

Legal Form :

Not Available

 

 

Line of Business :

Subject is engage in the business of trading of goods, such as, meat supply, on wholesale and retail basis.

 

 

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 :

Unknown

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

 

Company:                 NIANS TRADING

Address:                   2407 Rodriguez St., Balut, Tondo, Manila 1013

Country:                    PHILIPPINES

Notes:                       Reg. No. A199711126

Service Type:            Normal

 

 

FINDINGS

 

We conducted research and investigation on NIAN’S TRADING, INC. and showed the following, viz:

 

 

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC):  NIAN’S TRADING, INC.

 

 

REGISTRATION

 

Certificate No.    :      A199711126

Date                   :      June 10, 1997

Term                  :      Fifty (50) years

 

Address              :      2407 Rodriguez St., Balut, Tondo, Manila

 

Telephone No.    :      (02) 253 7459  /  255 7955

 

 

CAPITALIZATION   

 

(As of 2013)

 

Authorized Capital Stock                           -      P28,400,000.  –  284,000 Shares

 

Amount Subscribed  & Paid Up                 -      P  7,400,000.

     

       Pilipino                                            -       P  4,440,000

       Korean                                             -            2,960,000

                                         

Par value per share                                    -      P             100.   

 

 

PRIMARY PURPOSE

 

 To engage in the business of trading of goods, such as, meat supply, on wholesale and retail basis.

 

ORIGINAL INCORPORATORS

 

(As of 1997)

 

Authorized Capital Stock      -      P10,000,000.       -    100,000 shares

Amount Subscribed & Paid  -       P    625,200.

Par value per share              -       P          100.

 

         Names/ Nationality

No. of Shares Subscribed

Amount Paid (Php)

Steve F. Serranilla, Pil.

           11,625

       290,700.

Edna V. Serranilla, Pil.

           11,625

       290,700

Inocencio N. Serranilla, Pil.

                584

         14,600

Priscila A. Ante

                583

         14,600

Charlie R, Cuevas

                583

         14,600

        TOTAL

           25,000

           vvvvvv

       625,200

       vvvvvvv

           

 

SHAREHOLDERS

 

(As of 2013)

 

Authorize Capital Stock    -  P20,000,000        -  200,000 shares

 

Amount subscribed & paid up                     -   P10,000,000

 

 

      Name / Nationality

 

         Position

Amount Subscribed

     & Paid (Php)

Steve F. Serranilla, Pil.

President/CEO

           62,500

Edna V. Serranilla, Pil.

EVP/CFO

       9,782,500

Medardo C. Deacosta,Jr Pil.

General Manager

            58,300

Nian Paula S, Maristela

Corp. Secretary

            58,400

Gina V. Lariosa-Serranilla

Acctg. Manager

            58,300

        TOTAL

 

     10,000,000

     vvvvvvvvvv

 

 

BUSINESS ACTIVITY 

 

Importer of meat products.

 

Address:                2407 Rodriguez St., Balut, Brgy. 140, Zone 12

                              Tondo, City of Manila

Telephone No. :    (02) 522 3268 

Email:                    Not Available

 

                                    

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

 

 

Balance Sheet 

 

 

    2011 (Php)

  2010 (Php)

                             Assets

 

 

Current Assets

 

 

     Cash on Hand & in Bank

      14,850,313

    15,326,048

     Trade & Other Receivables

    148,499,145

  135,021,585

     Inventories

    120,509,102

  115,617,492

     Other Current Assets

         3,415,846

       3,996,733

       Total Current Assets

    267,274,406

   269,871,858 

 

 

 

Non-Current Assets

 

 

      Property, Plant & Equipment, NET

         3,215,603

       4,019,504

TOTAL ASSETS

    290,490,009

vvvvvvvvvvvvvv

  273,891,362

vvvvvvvvvvvvv

 

 

 

         Liabilities &  Equity

 

 

Current Liabilities

 

 

      Trade & other Payables

         1,025,315

      2,329,289

       Bank Loan

     227,452,021

  204,891,755

       Income Tax Payable

          4,499,371    

       4,655,547

       Due to Stockholders

          5,000,000

     20,000,000

            Total Current Liabilities

      237,976,707

   231,876,591

 

 

 

Stockholder’s Equity

 

 

        Share Capital

     10,000,000 

   10,000,000

        Reserve for retirement of Bank Loan

     33,500,000

   23,500,000

       Cummulative Earnings

        9,013,302

      8,514,771

TOTAL  EQUITY

      52,513,302

    42,014,771

TOTAL LIABILITIES &  EQUITY

    290,490,009

vvvvvvvvvvvvvv

  273,891,362

vvvvvvvvvvvvv

 

 

 

                         Income Statement

 

 

Net Sales

   462,091,864

  444,558,112

Gross Profit

     27,932,601

    26,170,247

General & Administrative Expenses

(   12,934,699)

(   12,868,685)

Net Profit before Tax

     14,997,902

    13,301,563

Net Income after Tax

     10,498,531

vvvvvvvvvvvvv

      8,646,016

vvvvvvvvvvvv

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                        

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.58

UK Pound

1

Rs.101.42

Euro

1

Rs.84.70

 

 

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.