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Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
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Name : |
ASSAD MINI MART |
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Registered Office : |
Midtown Executive Homes, Paco, Metro |
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Country : |
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Date of Incorporation : |
1990 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import, Wholesale, Retail of
spice and food products |
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No. of Employees |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Philippines |
A2 |
A2 |
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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
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)
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Source
: CIA |
ASSAD MINI MART
Company: ASSAD
MINI MART
Address: Midtown Executive Homes, Paco, Metro
Manila, Philippines.
Service Type: Normal
We conducted research and investigation on ASSAD MINI MART and showed
the following, viz:
VERIFICATION WITH DEPARTMENT OF TRADE & INDUSTRY (DTI) : ASSAD MINI MART
Legal Entity - SOLE PROPRIETORSHIP Registration - DTI Registered, national in scope per online verification.
(Note: Currency in Philippine Peso, unless otherwise
specified)
Capitalization - Not available, per online verification.
Primary
Business -
Trading - Import, Wholesale, Retail of spice and food products.
As gathered, subject started in 1990, originally catering to
Pakistani-Indian expat. Expanded its product to include- herbs, nuts, raw spices,
snacks, sweets, tea, pickles, grocery items and Halal foods. They sell dairy
items, dried legumes and a large selection of expensive spices.. Diversified to
restaurant business known as ASSAD CAFÉ, offering Indian-Pakistani and selected
Pilipino foods. Business Hours – 10 am to 7 pm (daily). Subject firm is
accredited as an Animal Product Importer, per accreditation No. 1106083.
Likewise, holds a License to Operate.
The store products
are –
Dry
Ingredients Edible
Oils
Ready to Eat Snacks Ready mix processed foods
Tea &
Beverages
Cosmetics
Incense
Food Supplements and etc.
Presently, it has
2 outlets, located as follows –
1.
Unit 1-A
Eurocrest Building, 126 Jupiter St., Bel Air Subd., Makati City. Telephone No.
(63)
2 897 2543
2.
Door No. 5,
Thadeus Arcade, G. Fernando St., San Roque, Marikina City. Telephone No.
(63) 2 645
1596
Business
Address: - No. 1268 - I, 1268 – J, 1268 – K Midtown Executive Homes,
Telephone
Nos. - (63) 2 526 1349 / (63) 2 526 5034 / (63) 2
526 4842
Website - www.assadminimart.com
Email - info@assadminimart.com
Site Inspection - Conducted site inspection at. According to Ms. Melina Regala,
Bldg. Administrator, Midtown Executive Homes, the registered owner is a
certain Ms. Violeta Alih, a Pilipina, married to an Indian citizen. Her husband
Mr. Alih operates & manages the store, which has a total of 264 square
meters floor area of 2 storey edifice. There are 25 personnel assisting Mr. Alih
and complemented with eight delivery vans. The Assad Café started
operation 15 years ago.
Financial Condition - Financial Statements for 2 or 3 years are not available from regular sources.
(Please note that Single Proprietorship businesses are not required to file
annual financial report resulting of business operation with DTI, the supervising
government agency, unlike in the case of corporation/partnership businesses,
they are required to file with SEC. For tax purposes, all businesses are
required to file an Income Tax Return with the Bureau of Internal Revenue)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
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|
1 |
Rs.100.23 |
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Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.