|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
FAIRLAND KNITCRAFT CO., INC. |
|
|
|
|
Registered Office : |
No. 1260 Juan Luna Street, Tondo, Manila
1000 |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
08.12.1977 |
|
|
|
|
Com. Reg. No.: |
76995 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Wholesaler of Min’s, Ladies’ and Children’s
Garments. |
|
|
|
|
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 Name: |
FAIRLAND KNITCRAFT CO., INC. |
|
Supplied Name: |
FAIRLAND KNITCRAFT CO. INC |
|
Trading Address: |
No. 1260 Juan Luna Street, Tondo, Manila
1000, Philippines |
|
Supplied Address: |
1260 JUAN LUNA STREET TONDO MANILA
PHILIPPINES |
|
Telephone Number: |
+63-2255-0551 |
|
Fax Number: |
+63-2708-3613 |
|
E-mail: |
Note: The exact name and
address are as above.
|
Company Name: |
Fairland Knitcraft Co., Inc. |
|
Registered Number: |
76995 |
|
Legal Form: |
Corporation |
|
Date Incorporated: |
1977-12-8 |
|
Authorized Capital: |
PHP 10,000,000.00 (USD 223,000.00) (As of 2014.10, 1 PHP = 0.0223 USD) |
|
Subscribed Capital: |
PHP 10,000,000.00 (USD 223,000.00) |
|
Paid-up Capital: |
PHP 10,000,000.00 (USD 223,000.00) |
|
Par Value Per Share: |
PHP 100.00 |
|
Listed at Stock Exchange: |
No |
|
Principal Activities: |
Manufacturer, exporter and wholesaler of men’s, ladies’ and children’s
garments. |
|
Staff: |
N/A |
Note: Subject declined
to disclose the number of staff, and from other source we cannot obtain the
information, either.
Company Background
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and Exchange Commission |
1977-12-8 |
76995 |
50 years |
Stockholders:
|
Name, Nationality |
Shares Subscribed |
|
||
|
Type |
Number |
Amount (PHP) |
Amount PAID |
|
|
Tan, Ching Filipino |
Common |
27,602.52 |
2,760,252.00 |
2,760,252.00 |
|
Total |
|
2,760,252.00 |
2,760,252.00 |
|
|
Tan, Thong Filipino |
Common |
15,772.87 |
1,577,287.00 |
1,577,287.00 |
|
Total |
|
1,577,287.00 |
1,577,287.00 |
|
|
Manumbas, Goson Filipino |
Common |
14,668.77 |
1,466,877.00 |
1,466,877.00 |
|
Total |
|
1,466,877.00 |
1,466,877.00 |
|
|
Tan, Nelson Filipino |
Common |
9,463.73 |
946,373.00 |
946,373.00 |
|
Total |
|
946,373.00 |
946,373.00 |
|
|
Won Han Ching Filipino |
Common |
3,154.57 |
315,457.00 |
315,457.00 |
|
Total |
|
315,457.00 |
315,457.00 |
|
|
Manumbas, Kelvin Filipino |
Common |
14,668.77 |
1,466,877.00 |
1,466,877.00 |
|
Total |
|
1,466,877.00 |
1,466,877.00 |
|
|
Tan, Sang Filipino |
Common |
14,668.77 |
1,466,877.00 |
1,466,877.00 |
|
Total |
|
1,466,877.00 |
1,466,877.00 |
|
|
Total |
|
|
10,000,000.00 |
10,000,000.00 |
Management:
|
Name &
Address |
Position |
|
Tan, Ching 735 Ricafort St., Tondo, Manila |
Chairman / President |
|
Tan, Thong 735 Ricafort St., Tondo, Manila |
Vice President / Director |
|
Manumbas, Kelvin 735 Ricafort St., Tondo, Manila |
General Manager / Director |
|
Manumbas, Goson 735 Ricafort St., Tondo, Manila |
Treasurer / Director |
|
Tan, Nelson 735 Ricafort St., Tondo, Manila |
General Manager - Sales / Director |
|
Tan, Rosalina 735 Ricafort St., Tondo, Manila |
Corporate Secretary |
|
Activities |
|
Manufacturer, exporter and wholesaler of men’s, ladies’ and children’s
garments. |
|
Premises |
|
Subject is located at the above address. |
|
|
2013-12-31 |
2012-12-31 |
|
Total current assets |
87,770,147 |
91,966,895 |
|
Total assets |
106,249,582 |
112,295,528 |
|
Total assets (USD) |
2,369,366 |
2,504,190 |
|
Total current liabilities |
24,314,928 |
30,907,448 |
|
Total liabilities |
36,314,928 |
42,907,448 |
|
Total equity |
69,934,654 |
69,388,080 |
|
Total equity (USD) |
1,559,543 |
1,547,354 |
|
Revenue |
164,363,623 |
179,980,673 |
|
Revenue (USD) |
3,665,309 |
4,013,569 |
|
Profit for the year |
7,047,387 |
6,353,989 |
|
Profit for the year (USD) |
157,157 |
141,694 |
Note: We provide some
financial figures as above for reference; please see the attachment, which is
the 2013 - 2012 full financial information, the latest obtained from the
Securities and Exchange Commission.
No dealings based on credit exposure report with one million and above
dealings under the name “Fairland Knitcraft Co., Inc.” as of March 31, 2014.
Public
Negative
No negative records (court cases, credit cards cancelled and delinquent
accounts) found under the name “Fairland
Knitcraft Co., Inc.” in available
database as of October 15, 2014.
Special Note
Interview Details
|
Name |
Ms. Yolly |
|
Position |
Telephone Operator |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.47 |
|
|
1 |
Rs.98.23 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.