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Report Date : |
03.02.2014 |
IDENTIFICATION DETAILS
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Name : |
LUENTHAI L &T INTERNATIONAL GROUP PHILS. INC. |
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Registered Office : |
5/FL New Times Plaza Building, UN Ave. Taft Ave. Ermita-Manila |
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Country : |
Philippines |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
17.09.1986 |
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Com. Reg. No.: |
135186 |
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Legal Form : |
Private Company |
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Line of Business : |
To engage in the business of garments manufacturing and other
related
business, for export. |
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No of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Philippines |
B2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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
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: Luenthai L &T International Group
Phils. Inc.
Address: 5/FL New Times Plaza Building
UN Ave. Taft Ave. Ermita-Manila
Country: PHILIPPINES
Service Type:
Normal
We conducted research and investigation on Luenthai L & T International Group Phils.
Inc., and showed the following, viz:
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): Luen Thai L & T INTERNATIONAL
GROUP PHILS. INC. Subject is a legal entity per SEC, details as follows - -
REGISTRATION –
a)
Certificate No.
: 135186
b)
Date
: September 17,1986
c)
Term
: Fifty (50) years
Address : 7500 A. Bonifacio corner Tinsay Streets, Clark Freeport Zone,
Pampanga
Telephone Nos.: (045) 599 2256 (L – 378) /
599 2619
(045) 599 3382 (Fax)
Parent Company : Philippine Luen Thai Holding Corp.
SEC No.
A1996 11979
Address: Times Plaza Building
Taft Ave. cor. UN Ave, Ermita, Manila
Subsidiary/Affiliate: Golden
Dragon Apparel Inc.
SEC No. 137381
Address: Jasmine St., Oliva
Subd., San Fernando City
Pampanga
(As of May 6, 2013)
Authorized Capital Stock
(20,000 Common Shares) - P2,000,000.00
Par Value per share -
P100.00
Amount Subscribed
& Fully Paid - P2,000,000.00
To engage in the business of garments manufacturing and other related
business, for export.
(As of 2013)
|
Name / Nationality |
Position |
Amount Subscribed & Paid (Php) |
|
Phil. Luen Thai Holdings Corp |
|
1,999,300 |
|
Willie Tan, Chinese |
Chairman |
100. |
|
Evelyn S. Mandani, Filipino |
Finance/Comptroller |
100. |
|
Evelyn S. Jose, Filipino |
Corporate Secretary |
100. |
|
Henry Tan, Chinese |
Director |
100. |
|
Maridet P. Zuniga, Filipino |
Director |
100. |
|
Francisco Sauceda, Jr., Filipino |
President |
100. |
|
Susan Cheung |
Director |
100. |
|
TOTAL |
|
2,000,000 vvvvvvvvv |
As gathered subject is a wholly
owned subsidiary of Phil. Luen Thai
Holding Corp., regarded as the “world’s leading consumer goods supply chain
group” in the world with offices in key cities in the world, such as Hongkong,
Beiging, Singapore, Tokyo, New York, London, etc. Plus production facilities in
Philippines, Cambodia,
Indonesia, etc. Likewise
gathered that Phils has 4 apparel manufacturing facilities in Clark Freeport
Zone, San Fernando City, Pampanga; and for luxury bag, laptop & camera bag
& shoe manufacturing facilities in Tarlac: and in Lapu-Lapu City in Cebu
Province, under the business name as YUEN THAI PHILS. CORP. with telephone
no.
(6332) 3405845, Fax No. (6332)
3400380.
Gathered that products ranges – sleepwear, intimate wearTop, pants &
shorts & active wear; ladies fashion & children’s wear. Services
include – design & development, material management, production and
logistics.
Top customers are – Ralph Lauren,
Liz Clairborne and others. Employs about 5,000 personnel.
Website : www.luenthai.com
(Audited Financial Statement for years 2012, 2011, & 2010, as
compiled)
Balance Sheet
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|
2012 (US$) |
2011 (US$) |
2010 (US$) |
|
ASSETS |
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Cash & Cash equivalents |
31,983,244 |
2,021,998 |
1,383,987 |
|
Receivables |
12,861,075 |
14,596,573 |
18,092,960 |
|
Inventories |
2,652,181 |
1,739,655 |
1,726,058 |
|
Prepaid Expenses & other Current Assets |
248,176 |
72,219 |
41,332 |
|
Total Current Assets |
47,744,676 |
18,430,445 |
21,244,337 |
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|
|
|
|
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NON-CURRENT ASSETS |
|
|
|
|
Deferred Tax Assets - Net |
-------- |
104,248 |
98,640 |
|
Property & Equipment - Net |
1,947,519 |
2,496,397 |
2,941,160 |
|
Other Non Current Assets |
653,216 |
627,128 |
563,624 |
|
Total Non-Current Assets |
2,600,735 |
3,227,773 |
3,603,424 |
|
TOTAL ASSETS |
50,345,411 vvvvvvvvvvvv |
21,658,218 vvvvvvvvvvvv |
24,847,761 vvvvvvvvvvvv |
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LIABILITIES & EQUITY |
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Accounts Payable & Accrued Expenses |
3,409,611 |
3,299,893 |
2,349,377 |
|
Payables to Related Parties |
40,978,322 |
14,873,635 |
15,364,433 |
|
Income Tax Payable |
111,225 |
99,970 |
141,557 |
|
Total Current Liabilities |
44,499,158 |
18,273,498 |
17,855,367 |
|
|
|
|
|
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NON-CURRENT LIABILITIES |
|
|
|
|
Retireent Benefits Obligation |
1,773,787 |
1,427,634 |
1,239,132 |
|
Deferred Tax |
42,980 |
-------___ |
--------__ |
|
Total Non Current Liabilities |
1.816,767 |
1,427,634 |
1,239,132 |
|
TOTAL LIABILITIES |
46,315,925 |
19,701,132 |
19,094,499 |
|
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|
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EQUITY |
|
|
|
|
Capital Stock |
76,923 |
76,923 |
76,923 |
|
Unrealized valuation gain on available for sale (AFS) Investment - Net |
4,033 |
7,625 |
368 |
|
Retained Earnings |
3,948,530 |
1,872,538 |
5,675,071 |
|
TOTAL EQUITY |
4,029,486 |
2,027,086 |
5,753,162 |
|
TOTAL LIABILITIES & EQUITY |
50,345,411 vvvvvvvvvvvv |
21,658,218 Vvvvvvvvvvvvv |
24,847,761 Vvvvvvvvvvvvv |
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Income Statement |
|
|
|
|
Processing Fees |
34,628,656 |
33,575,817 |
25,574,226 |
|
Processing Cost |
(
30,749,741) |
(
30,001,729) |
(
22,340,707) |
|
Operating
Expenses |
(
2,736,347) |
(
2,613,772) |
(
2,476,409) |
|
Other Income |
1,248,307 |
56,686 |
675,851 |
|
Income before Tax |
2,390,875 |
1,017,002 |
1,432,961 |
|
Provision of Income Tax |
( 384,883) |
( 120,805) |
( 124,412) |
|
Net Income |
2,005,992 |
896,197 |
1,308,549 |
|
Other Income |
( 3,592) |
7,257 |
368 |
|
Total Comprehensive Income |
2,002,400 vvvvvvvvvvvvv |
903,454 vvvvvvvvvvvvv |
____1,308,917
vvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.47 |
|
|
1 |
Rs. 102.94 |
|
Euro |
1 |
Rs. 84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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 |
|
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 |
|
<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.