|
Report Date : |
02.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDOPHIL ACRYLIC MFG. CORPORATION |
|
|
|
|
Registered Office : |
Bo. Lambakin, Marilao, Bulacan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
16.11.1987 |
|
|
|
|
Legal Form : |
Private Corporation |
|
|
|
|
Line of Business : |
Subject is engaged primarily in the manufacture, sale & distribution
of grey and dyed spun yarns. |
|
|
|
|
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: INDOPHIL
ACRYLIC MFG. CORPORATION
Address: Bo.
Lambakin, Marilao, Bulacan PHILIPPINES
Telephone No.:
0063-44-7118448
Service Type: Normal
We conducted research and investigation on INDO PHIL. ACRYLIC MFG.
CORPORATION and showed the following, viz:
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): INDO PHIL. ACRYLIC MANUFACTURING. CORPORATION
Legal Entity - PRIVATE CORPORATION
a)
Certificate No.
: 0000146238
b)
Date
: November 16, 1987
c)
Term
: Fifty (50) years
d)
Corporate Tax No.
: 210-000-239-803
e)
Telephone No.
: (63) 044 840-8448 / 840-9294
f)
Fax No.
: (63) 044 711-5517 /
840-8293
g)
Email Address
: factory@indophil.com.ph
Address : Bo. Lambakin,
Marilao, Bulacan, Philippines
PARENT COMPANY: Indo Phil.
Textile Mills Inc.
AFFILIATE/SUBSIDIARY: Indo
Phil. Cotton Mills Inc.
(Note:
Currency in Philipine Peso, unless otherwise specified)
(As of 2013)
Authorized
Capital Stock
- 87,500,000. -
8,750,000 Shares
Common
- 37,500,000.
Preferred
“A” - 15,000,000.
Preferred
“B” - 35,000,000.
87,500,000.
Amount
Subscribed & Paid Up
- 87,500,000.
Par value per share - 10.
PRIMARY PURPOSE:
Manufacture of Spun Yarn.
(As of 2013)
|
Name / Nationality |
Position |
Amount
Paid Up |
|
Indo Phil. Textile Mills, Inc. |
NIL |
58,718,110. |
|
Rapid Growth Holdings Co., Inc. |
NIL |
15,000,000. |
|
Sisval Enterprises Inc. |
NIL |
6,034,990. |
|
Gasanco, Inc. |
NIL |
6.034.980. |
|
Pramod K. Choudhary, Indian |
Treasurer |
1,711,860. |
|
Atty. Elpidio C. Jamora, Jr., Filipino |
Corporate Secretary |
10. |
|
Kishan Singhania, Indian |
President |
10. |
|
Lucita R, Delos Reyes, Filipino |
Director |
10. |
|
Poosan M. Bajaj, Filipino |
Director |
10. |
|
Naraindas Gagoomal, Filipino |
Director |
10. |
|
Bravio T. Sison, Filipino |
Director |
10. |
|
Total
87,500,000. vvvvvvvvvv |
||
BUSINESS ACTIVITY: As gathered,
Indo-Phil Acrylic Manufacturing Corp. (IPAMC), engaged primarily in the
manufacture, sale & distribution of grey and dyed spun yarns. A member of
INDO-PHIL GROUP (IPG). The other 2 member companies are, INDO-PHILS. TEXTILE
MILLS, established in 1975; and INDO-PHILS. COTTON MILLS, INC., commissioned in
1993. The IPG is the first Indian-Filipino joint venture. It is member of
Aditya Birla Group of Companies, based in India.
IPAMC manufactures 100% Acrylic Dyed Yarn; high buld, non bulk soft
yarn; Anti Pill yarn; Boa yarn; Melenge Yarn; Cotton like acrylic yarn and
others. Its other business address at
St. Michael School of Marilao, Bulacan. Telephone No. (63) 044-711 8448.
(Audited Financial
Statement for years 2013, 2012, & 2011, as compiled)
Balance
Sheet
|
ASSETS |
|||
|
|
2013 |
2012 |
2011 |
|
Current Assets |
|
|
|
|
Cash |
6,752,657. |
6,434,856. |
2,434,277. |
|
Receivabes |
106,914,087. |
82,875,253. |
71,998,353. |
|
Inventories |
134,103,472. |
103,058,441. |
132,367,108. |
|
Input
Value Added Tax |
12,441,054. |
25,975,365. |
41,891,642. |
|
Tax
Credit Certificates |
30,175,082. |
15,298,271. |
26,084,880. |
|
Prepaid
Expense & Other Current Assets |
75,967,331. |
74,059,652. |
18,421,735. |
|
Total
Current Assets |
366,353,683. |
307,701,838. |
293,197,995. |
|
|
|
|
|
|
Non – Current Assets |
|
|
|
|
Deferred
Income Tax, net |
9,288,145. |
10,685,690. |
12,461,436. |
|
Property,
Plant and Equipment, Net |
144,019,408. |
139,204,909. |
121,170,127. |
|
Total
Non-Current Assets |
153,307,553. |
149,890,599. |
133,631,563. |
|
Total
Assets |
519,661,236. vvvvvvvvvvvv |
457,592,437. vvvvvvvvvvvv |
426,829,558. vvvvvvvvvvvv |
|
LIABILITIES AND EQUITY |
|||
|
Current Liabilities |
|
|
|
|
Account
Payables & Accrued Liabilities |
42,688,550. |
64,694,106. |
68,820,536. |
|
Advances
from Parent Company |
10,856,276. |
3,196,472. |
NIL |
|
Loan
Payable |
64,600,000. |
26,500,000. |
NIL |
|
Liabilities
under Trust Receipts |
24,459,127. |
18,032,052. |
57.644.600. |
|
Income
Tax Payable |
3,318,928. |
NIL |
1,273,939. |
|
Total Current Liabilities |
145,922,881. |
112,422,630. |
127,739,075. |
|
|
|
|
|
|
Non Current Liabilities |
|
|
|
|
Retirement
Benefit Obligation |
31,451,404. |
35,323,326. |
29,549,315. |
|
Total Liabilities |
177,374,285. |
147,745,956. |
157,288,390. |
|
|
|
|
|
|
Equity |
|
|
|
|
Share Capital |
87,500,000. |
87,500,000. |
87,500,000. |
|
Remeasurement of Retirement Benefit |
(
520,127.) |
(
4,273,699.) |
(
3,318,508.) |
|
Retained Earnings |
255,307,078. |
226,620,180. |
185,359,676. |
|
Total Equity |
342,286,951. |
309,846,481. |
269,541,168. |
|
Total Liabilities & Equity |
519,661,236. vvvvvvvvvvvv |
457,592,437.
vvvvvvvvvvv |
426,829,558. vvvvvvvvvvvv |
Income
Statement
|
Gross
Sales |
661,523,335. |
649,781,180. |
672,715,333. |
|
Gross
Profit |
93,545,252. |
103,333,932. |
61,608,387. |
|
Operating
Expenses |
( 41,550,312.) |
( 42,887,643.) |
( 36,999,164.) |
|
Other
Expenses |
( 1,668,938.) |
( 5,657,424.) |
( 5,842,858.) |
|
Income from
operation |
50,326,002. |
54,788,865. |
18,766,365. |
|
Finance
Cost |
( 2,314,504.) |
( 2,343,248.) |
( 1,719,188.) |
|
Income
before Income Tax |
48,011,448. |
52,445,617. |
17,047,177. |
|
Net
Income for the Year |
38,323,798. |
50,260,504. |
11,507,650. |
|
TOTAL
COMPREHENSIVE INCOME OF THE YEAR |
42,077,370.
vvvvvvvvvvvv |
49,305,313. vvvvvvvvvvvv |
11,507,650. vvvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.47 |
|
UK Pound |
1 |
Rs.100.43 |
|
Euro |
1 |
Rs.79.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SDA |
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.