MIRA INFORM REPORT

 

 

Report Date :

26.11.2013

 

IDENTIFICATION DETAILS

 

Name :

PHILKO TECH CORPORATION

 

 

Registered Office :

B2L7 Cpip Brgy. Batino & Prinza, Calamba City, Laguna

 

 

Country :

Philippines

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

23.08.2000

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing of goods, such as, plastic reels and other plastic by-products and to trade on the same on wholesale 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 :

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

 

Company:                 PHILKO TECH CORPORATION

Address:                   B2L7 Cpip Brgy. Batino & Prinza, Calamba City, Laguna

Country:                    PHILIPPINES

Phone:                       63-49-502-1012

Service Type:             Normal

 

 

FINDINGS

 

We conducted research and investigation on  PHILKO TECH CORP. and showed the following, viz:

 

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC):  PHILKO TECH CORP.

 

 

REGISTRATION

 

Certificate No.    :      A200012717

Date                   :      August 23, 2000

Term                  :      Fifty (50) years

 

Address              :      CPIP, Bo. Batino, Calamba City, Laguna

 

Telephone No.    :      (049) 502 1012

 

 

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, conduct and carry on the business of  manufacturing of goods, such as, plastic reels and other plastic by-products and to trade on the same on wholesale basis.

 

 

ORIGINAL INCORPORATORS 

 

(As of 2000)

 

Authorized Capital Stock      -      P400,000.

Amount Subscribed & Paid  -       P100,000.

Par value per share              -       P       100.

 

Names/ Nationality

No. of Shares Subscribed

Amount Paid (Php)

Won Sik Suh, Korean

200

P20,000.

Hyung Sik Suh, Korean

200

P20,000.

Ma. Teresita Perlas – Park, Pil.

1

P     100.

Temoteo A. Acedo, Pil

1

P     100.

Normita A. Alla, Pil.

1

P     100.

Philko Holding Corp.

597

P59,700.

 

 

P100,000.

vvvvvvvvvv

 

 

SHAREHOLDERS (As of 2013)

 

 

Name / Nationality

 

Position

Amount Subscribed

& Paid (Php)

Chan Hee Kim, Korean

President

P         100.

Hae Jeong Kang, Korean

Chairman/CEO

P1,480,000.

Hyung Ji Kim, Korean

Treasurer

P1,479,000.

Joselito M. Morales, Pil.

Corp. Secretary

P         100.

Ann Kristel Nuguid, Pil.

Director

P         100.

Rezzil J. Escrimadora

Director

P         100.

Philko Holding Corp.

 

P4,439,700.

 

 

P7,400,000.

vvvvvvvvvvv

 

 

BUSINESS ACTIVITY

 

Manufactures plastic reels for electronics/semi conductor.

 

Address:                Calamba Premier Industrial Park (CPIP), Brgy. Batino,

     Calamba City, Laguna.

Telephone No. :     (049) 545 6996

Email:                     phil…@mozcom.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 on Hand & in Banks

3,947,607

7,423,207

13,986,262

Trade & Other Receivables

10,870,903

8,198,200

10,339,138

Inventories

2,099,466

2,245,344

2,449,545

Other Current Assets

234,820

234,820

234,820

Total Current Assets

17,152,796

17,921,571

27,009,765

 

 

 

 

Non-Current Assets

 

 

 

Land

2,772,000

2,772,000

2,772,000

Property & Equipment, NET

10,837,909

9,026,138

8,629,783

Total Non-Current Assets

13,609,909

11,798,138

11,401,783

TOTAL ASSETS

30,762,705

Vvvvvvvvvvvvv

29,719,709

vvvvvvvvvvvvv

38,411,547

Vvvvvvvvvvvvv

 

 

 

 

Liabilities & Stockholder’s Equity

 

 

 

Current Liabilities

 

 

 

Trade & other Payables

18,746,079

12,487,251

21,219,413

Short-Term Loan Payable

1,083,760

2,730,125

6,686,328

Income Tax Payable

234,834

317,036

285,211

Other  Current Liabilities

6,399,674

11,495,666

10,527,924

Total Current Liabilities

26,464,347

27,030,078

38,718,876

TOTAL LIABILITIES

26,464,347

27,030,078

38,718,876

 

 

 

 

Stockholder’s Equity

 

 

 

Subscribed  & Paid Up

7,400,000

7,400,000

7,400,000

Retained Earnings

( 3,101,643)

( 4,710,369)

( 7,707,329)

TOTAL STOCKHOLDER’S EQUITY

4,298,358

2,689,631

(  307,329)

TOTAL LIABILITIES &

STOCKHOLDERS EQUITY

30,762,704

Vvvvvvvvvvvv

29,719,709

vvvvvvvvvvvv

38,411,547

Vvvvvvvvvvvv

 

 

 

 

Income Statement

 

 

 

Revenues

116,928,052

110,608,070

103,286,496

Gross Income

4,696,672

6,340,713

5,704,218

Other Operating Income

NIL

492,184

382,820

Finance/Interest Income

7,699

19,966

17,250

Total Income

4,704,371

6,852,862

8,104,289

General & Administrative Expenses

( 2,860,811)

(3,538,867)

(4,011,905)

Net Income before Tax

1,843,560

vvvvvvvvvvvv

3,313,995

vvvvvvvvvvvvv

2,092,383

vvvvvvvvvvvv

 

 

 

 

 

 

 

 

 

OTHER INFORMATION    

 

PHILKO HOLDINGS CORP.

 

SEC Registration Certificate No. A200012735 dated August 23, 2000.

Address: Calamba Premier Industrial Park (CPIP), Special Export Zone,

Brgy. Batino, Calamba City, Laguna.

 

Telephone No. (049) 545 0898

 

Capitalization:

 

Authorized Capital Stock          -  P400,000.     -   4,000 shares

 

Amount Subscribed & Paid Up  -  P100,000.

 

Pilipino  -  P60,000.

Korean  -  P40,000.

 

Hae Jeong Kang  - Chairman/President

 

Financials (2013)

Total Assets                     -   P4,905,722

vvvvvvvvvv

 

Total Liabilities                 -   P4,813,777

Total Stockholders Equity  -   P    91,944

P4,905,722

vvvvvvvvvv

 

 

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.