MIRA INFORM REPORT

Report Date :

17.09.2014

IDENTIFICATION DETAILS

Name :	ACCESSPOINT INTERNATIONAL TRADING INC.

Registered Office :	No. 148 Topaz St., Brgy. San Isidro, Greenheights Subd., Paranaque City,

Country :	Philippines

Date of Incorporation :	14.08.2009

Legal Form :	Private Corporation

Line of Business :	Subject firm is engaged in the business of trading and importation. It is accredited with Phils. Food & Drugs Administration under License To Operate CDRRHR-NCR-MDI/W-00252 as Medical Device Distributor

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Philippines

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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

ANTECEDENT INFORMATION

Company: ACCESSPOINT INTERNATIONAL TRADING INC.

Address: No. 148 Topaz St., Brgy. San Isidro, Greenheights Subd.

Paranaque City, PHILIPPINES

Service Type: Normal

FINDINGS

We conducted research and investigation on ACCESSPOINT INTERNATIONAL TRADING INC. and showed the following, viz:

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): ACCESSPOINT INTERNATIONAL TRADING INC.

Legal Entity - PRIVATE CORPORATION

REGISTRATION –

Certificate No. : CS200912459

Date : August 14, 2009

Term : Fifty (50) years

Corporate Tax No. : 007-348-037-000

Telephone No. : 0920-950-4780

Industry Classification : Textile, Clothing, Footwear, & Retailing

Company Stock : Stock Corporation

Address : No. 148 Topaz Street, Greenhights Subdivision, Brgy. San Isidro, Paranaque City, Metro Manila

(Note: Currency in Philippine Peso, unless otherwise specified)

CAPITALIZATION - (As of 2013)

Authorized Capital Stock - 4,000,000. – 20,000. Common Shares

Amount Subscribed - 1,000,000.

Amount Paid Up - 250,000.

Par value per Share - 200.

PRIMARY PURPOSE

Service Providers and Wholesale of Veterinary Products.

STOCKHOLDERS/DIRECTORS/OFFICERS (As of 2013)

Name/Nationality	Position	Amount Subscribed	Amount Paid
Khalid M. Malik, Pakistani	Chairman/President	400,000.	100,000.
Fermin P. Balatucan, Pilipino	Treasurer	350.000.	87,500.
Harvey R. Balatucan, Pilipino	Director	100.000.	25,000.
Lorah B. Frades, Pilipino	Director	100,000.	25,000.
Virgie Villar	Corporate Secretary	50,000.	12,500.
	TOTAL	1,000,000.	250,000.

BUSINESS ACTIVITY

As gathered, subject firm is engaged in the business of trading and importation. It is accredited with

Phils. Food & Drugs Administration under License To Operate CDRRHR-NCR-MDI/W-00252 as Medical

Device Distributor.

Contact Person - Mr. Khalid Malik – Telephone No. (632) 392 2654

FINANCIAL CONDITION

(Audited Financial Statement for years 2013, 2012, & 2011, as compiled)

Balance Sheet

ASSETS
	2013	2012	2011
Current Assets
Cash on Hand & in Bank	109,701.	81,911.	65.344.
Merchandise Inventory	594,080.	NIL	24,200.
Value Added Imput Tax	36,752.	NIL	NIL
Total Current Assets	740,533.	81,911.	89,544.

Fixed Assets
Office Furniture, Fixture, Equipt., Net	36,000.	36,000.	36,000.
Office Improvement, Net	16,000.	36,000.	36,000.
Total Fixed Assets	.52,000.	52,000.	.52,000.
Total Assets	792.533.	133,911.	141,544.
LIABILITIES AND EQUITY
Current Liabilities
Advances from Officers	1,400,000.	800,000.	500,000.
Corporate Tax Payable	14,203.	376.	478.
Total Current Liabilities	1,414,203.	800,376.	500,478.

Equity
Shared Capital	250,000.	250,000.	250,000.
Retained Earnings, Beginning	916,465.	608,934.	231,934.
Net Profit (Loss) for the Year	44,795.	307,530.	376,999.
Retained Earnings, End	871,670.	916,465.	608,934.
Total Equity	621,670.	666,464.	358,934.
Total Liabilities & Equity	792,533.	13,911.	141,544.

Income Statement

Local Sales	1,171,766.	85,981.	124,926.
Gross Profit	393,605.	18,791.	23,987.
Operating Expenses	( 329,612.)	( 325,945.)	( 400,418.)
Net Profit / (Loss) before Tax	63,993.	( 307,154.)	( 376,521.)
NET INCOME / LOSS	44,795.	( 307,530.)	( 376,999,)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.10
UK Pound	1	Rs.99.04
Euro	1	Rs.79.03

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	PDT

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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