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Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
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Name : |
EPIC KAYAKS CEBU, INC |
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Registered Office : |
1st Avenue corner 1st Street, MEZ 1, 6015 Lapu
Lapu City |
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Country : |
Philippines |
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Date of Incorporation : |
15.05.2013 |
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Legal Form : |
Stock
Corporation |
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Line of Business : |
Distributes and
manufacture top end competitive and recreational kayaks and surfskis using
the latest in composite materials and techniques |
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No. of Employees |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Philippines |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 |
EPIC KAYAKS CEBU,
INC.
DELIVERY: EMAIL ONLY.
Gentlemen:
Upon receipt of your instruction on April 25, 2014, for FRESHLY
investigated report (with last 2/3 years financials – if possible).
Company: EPIC
KAYAKS CEBU INC.
Address: 1st Avenue corner 1st
Street, MEZ 1, 6015 Lapu Lapu City
Country: Philippines
Service Type: Normal
We conducted research and verification on EPIC KAYAKS CEBU, INC.
Hereunder, our report, viz:
REGISTRATION
–
a)
Certificate
No. : CS201331909
b)
Date : May 15, 2013
c)
Term : Fifty (50) years
d)
Company
Type : Stock Corporation
e)
Industry
Classification : Sporting Activities
Telephone
No. : 495-3686 (Residential phone assigned in
Mandaue City, Cebu
Prov.)
No record.
No record.
No record.
As gathered that subject
firm was formed by Olympic and World Champions. The Cebu operation is a
subsidiary of its US based holding company. It distributes and manufacture top
end competitive and recreational kayaks and surfskis using the latest in
composite materials and techniques. Conducts business at 1st Avenue
corner 1st Streets, Gate 2. Mactan Economic Zone (MEZ) 1, Lapu-Lapu
City, Cebu, Phils.
Product Lines - surfskis; sea
kayaks; IFC kayak; paddle; accessories.
Sport Activity - ocean racing; fitness paddling; touring;
expedition; flat water racing.
EPIC KAYAKS INC. was founded by Greg Barton and Oscar Chalupsky. Both,
are multiple world paddling champions.Headquarter: Epic Kayaks World
Headquarters – 645 Marina Drive, Charleston, SC 29492 USA. Email:
info@epickayaks.com
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.04 |
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|
1 |
Rs.101.31 |
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Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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.