MIRA INFORM REPORT

 

 

Report Date :

23.06.2014

 

IDENTIFICATION DETAILS

 

Name :

MEC ELECTRONICS PHILS. CORP.

 

 

Registered Office :

Lot 1 Block 8A, Phase I, Cavite Economic Zone, Rosario, Cavite 

 

 

Country :

Philippines

 

 

Date of Incorporation :

Not Available

 

 

Legal Form :

Not Available

 

 

Line of Business :

Subject manufactures ac/dc power supply cord and cord set; power socket & receptacle, audio/video cables; telecommunications cables & connectors; wiring harnesses & coils.

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Philippines

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 name and address

 

            Company:                 MEC ELECTRONICS PHILS. CORP.

            Address:                   Lot 1 Block 8A, Phase I, Cavite Economic Zone, Rosario, Cavite                                                            

            Country:                    Philippines

            Phone No.:                63-46-4379511 to 13

            Fax No.:                   63-46-9710662       

            Service Type:            Normal

                         

 

FINDINGS

 

We conducted research and verification on MEC ELECTRONICS PHILS. CORP. Hereunder, our report, viz:

 

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC):  MEC ELECTRONICS PHILS. CORP.

 

Per online verification, no record of subject company listed as registered firm with SEC.

                

 

BUSINESS ACTIVITY  

 

As gathered, subject firm manufactures ac/dc power supply cord and cord set; power socket & receptacle, audio/video cables; telecommunications cables & connectors; wiring harnesses & coils. (ISO-9001-2008 Standard)

 

Product lines includes – Cable Assembly & Wire Harness products; Magnitics products; Micro- Coaxial Cable Assembly & Accessories.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.28

UK Pound

1

Rs.102.77

Euro

1

Rs.82.12

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NNA

 

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%)

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