|
Report Date : |
05.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
OVERSEA WARP KNITTING CORPORATION |
|
|
|
|
Registered Office : |
Mayer Knitting Corp. 37 Damar Loop, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
24.05.1971 |
|
|
|
|
Legal Form : |
Private Corporation |
|
|
|
|
Line of Business : |
Manufacture of all kinds of knitted fabrics. |
|
|
|
|
No. of Employees |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Philippines |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
PHILIPPINES - ECONOMIC OVERVIEW
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 has received several credit rating upgrades on its sovereign debt,
and has had little difficulty tapping domestic and international markets to
finance its deficits. 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: OVERSEA WARP KNITTING
CORPORATION
Address: Mayer Knitting Corp. 37 Damar Loop, Damar Village, Balintawak,
Quezon City, Metro Manila, PHILIPPINES
1115
Service Type: Normal
We conducted research and investigation on OVERSEA WARP KNITTING
CORPORATION and showed the following, viz:
VERIFICATION WITH
SECURITIES & EXCHANGE COMMISSION (SEC): OVERSEA WARP
KNITTING
CORPORATION
Legal Entity -
PRIVATE CORPORATION
Certificate No. : 0000044243
Date
: May 24, 1971
Term
: Fifty (50) years
Corporate Tax No. : 000-297-011
Telephone No. : (63) 2 9836836
Address : 223 Ny Compound, Bo.
Bagbaguin, Kalookan City, Metro Manila
(Note: Currency in Philipine Peso, unless otherwise
specified)
Authorized Capital Stock - 4,500,000. –
45,000. Shares Common
Amount Subscribed & Paid Up - 4,500,000.
Par value per share - 100.
Manufacture of all kinds of knitted fabrics.
|
Name / Nationality |
Position |
Amount Paid Up |
|
1.
Mary Cheung, Pilipino |
Treasurer / Director |
1,800,000. |
|
2.
Andrew Cheung, Pilipino |
President / Director |
450,000. |
|
3. Candice
Cheung, Pilipino |
Director |
450,000. |
|
4.
Catherine Cheung, Pilipino |
Director |
450,000. |
|
5.
Cheryl Chan, Pilipino |
Director |
450,000. |
|
6.
LILY SEE, CHINESE |
Director |
450,000. |
|
7. Grace
Tagudin, Pilipino |
Corp. Secretary / Director |
450,000. |
|
Total
4,500,000.
vvvvvvvvvv |
||
BUSINESS ACTIVITY: As gathered
from Online search, subject firm is an importer of knitting fabrics and considered
one of the leading supplier in the local garment industry. As reported, its
business address is at No. 8 Ny Compound, Bagbaguin Road, Kaloocan City.
Telephone No. (63) 2 9393455; Fax No. (63) 2 9396885.
(Note: Subject’s, as provided us, in Mayer Knitting Corp. upon
verification, disclosed that said company is a duly registered firm, owned,
managed and operated by the group involved with Oversea Warp Knitting. It has
the same set of stockholders, Directors & Officers. For other information,
please see Other Information below.)
(Audited Financial Statement for years 2013, 2012, & 2011, as
compiled)
Balance Sheet
|
ASSETS |
|||
|
|
2013 |
2012 |
2011 |
|
Current Assets |
|
|
|
|
Cash & Cash Equivalent |
673,775. |
567,226. |
1,032,237. |
|
Trade & Other Receivabes |
3,959,659. |
3,736,168. |
NIL |
|
Inventories |
114,100,591. |
117,818,288. |
120,977,987. |
|
Pre Payments |
9,292,830. |
9,120,685. |
9,859,538. |
|
Total Current Assets |
128,026,855. |
131,242,367. |
131,869,762. |
|
|
|
|
|
|
Non – Current Assets |
|
|
|
|
Property, Plant and Equipment,
Net |
24,822,490. |
27,131,035. |
27,680,015. |
|
Total Non-Current Assets |
24,822,490. |
27,131,035. |
27,680,015. |
|
Total Assets |
152,849,345. vvvvvvvvvvvv |
158,373,402. vvvvvvvvvvvvv |
159,549,777. vvvvvvvvvvvv |
|
LIABILITIES AND EQUITY |
|||
|
Current Liabilities |
|
|
|
|
Loans & Borrowings |
58,000,000. |
58,000,000. |
58,000,000. |
|
Trade & Other Payables |
53,523,296. |
63,456,191. |
68,366,635. |
|
Income Tax Payable |
489,518. |
521,292. |
339,368. |
|
Total Current Liabilities |
112,012,814. |
121,977,483. |
126,706,003. |
|
|
|
|
|
|
Equity |
|
|
|
|
Capital Stock |
4,500,000. |
4,500,000. |
4,500,000. |
|
Retained Earnings |
|
|
|
|
Appropriated |
22,000,000. |
22,000,000. |
22,000,000. |
|
Unappropriated |
14,336,531. |
9,995,918. |
6,343,774. |
|
Total Equity |
40,836,531. |
36,495,918. |
32,843,774. |
|
Total Liabilities & Equity |
152,849,345.
vvvvvvvvvvv |
158,473,402.
vvvvvvvvvvv |
159,549,777.
vvvvvvvvvvv |
Income Statement
|
Sales |
66,452,434. |
57,579,257. |
54,081,400. |
|
Gross Profit |
10,942,566. |
10,391,188. |
9,492,100. |
|
Operating Expenses |
( 4,741,691.) |
( 5,173,899.) |
( 5,148,341.) |
|
Net Income before tax |
6,200,875. |
5,217,289. |
4,343,760. |
|
NET INCOME |
4,340,613. vvvvvvvvv |
3,652,144. vvvvvvvvv |
3,040,632. vvvvvvvvv |
MAYER KNITTING CORPORATION is a duly registered corporation, per
registration certificate no. AS92001095 dated January 1, 1992, and business
address at Tindalo Road, Sta. Clara, Sta. Maria, Bulacan. Business activity is
manufacture of all kinds of knitted fabrics. It has an authorized capital stock
of 50 Million with Ms. Mary Cheung as the majority stockholder. 2013 financial
highlight, showed the following, as compiled
–
Total Current Assets - 43,182,799.
Total Assets - 80,243,286.
Total Liabilities - 60,692,359.
Total Equity - 19,550,927.
Sale - 34,170,576.
Net Income -
2,303,485.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.02 |
|
UK Pound |
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.