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Report No. : |
335549 |
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Report Date : |
08.08.2015 |
IDENTIFICATION DETAILS
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Name : |
WORLDWIDE MARKET
GENIUS INC |
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Registered Office : |
3rd Floor Armada Hotel, Manila 2108 M. H. Del Pilar St., Malate, Manila 1004 |
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Country : |
Philippines |
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Financials (as on) : |
2014 |
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Date of Incorporation : |
13.11.2002 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Import/Export, manufacturing, trading of goods, such as garments and
any related goods on wholsale & retail basis. In 2006, expanded its
activity to include food and pharmaceutical ingredients. |
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|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Philippines |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
PHILIPPINES - ECONOMIC OVERVIEW
The economy has weathered global economic shocks better than its regional peers due to less 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 outsourcing industry. The current account balance has recorded consecutive surpluses since 2003, international reserves remain at comfortable levels, and the banking system is stable; the stock market resumed an upward trajectory in 2014, climbing to new record highs during the first four months of 2015. Efforts to improve tax administration and management of expenditures have helped ease the Philippines' tight fiscal situation and reduce debt levels. Nevertheless, government taxation and spending remain weak. The Philippines has received investment-grade credit ratings on its sovereign debt under the AQUINO administration and has had little difficulty financing its deficits. Economic growth has accelerated, averaging 6.0% per year from 2011-2014, compared with 4.5% under the MACAPAGAL-ARROYO government; competitiveness has improved; and foreign direct investment hit a historic high in 2014, although it continues to lag compared with the rest of the region. Unemployment has remained high, hovering at around 7% of the population, and underemployment is nearly 20%. At least 40% of the employed work in the informal sector and poverty afflicts about a quarter of the population. The AQUINO administration has been working to boost expenditures for education, health, transfers to the poor, and other social spending programs. Infrastructure remains underfunded and the government is relying on the private sector to help with major projects under its Public-Private Partnership program. Other long term challenges include reforming governance, the judicial system, and the regulatory environment, and improving the ease of doing business. The Philippine Constitution and other laws restrict foreign ownership in important activities/sectors - such as land ownership and public utilities. Some progress has been made in establishing a Customs Modernization Act to meet international standards and commitments.
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Source
: CIA |
Company: WORLDWIDE MARKET GENIUS INC.
Address: 3rd Floor Armada Hotel, Manila
2108 M. H. Del Pilar St., Malate, Manila 1004
Country: Philippines
Service Type: Normal
We conducted
research and investigation on WORLDWIDE MARKET GENIUS INC. and showed the
following, viz:
Legal Entity - PRIVATE CORPORATION REGISTRATION – (Per General Information Sheet (GIS) for Year 2014)
a)
Certificate
No. : CS2002259947
b)
Date :
November 13, 2002
c)
Term :
Fifty (50) years
d)
Corporate
Tax No. : 222 464 971 000
e)
Company
Type : Stock Corporation
Address:
1) 3rd Floor Armada
Hotel, Manila 2108, M. H. Del Pilar St., Malate, Manila City
(Note: Currency in Philippine Peso, unless otherwise
specified)
CAPITALIZATION
- (As of 2014)
Authorized Capital
Stock - 20,000,000. –
200,000 Shares Common
Amount
Subscribed
- 16,312,500.
Amount Paid Up - 15,328,125.
Par value per Share - 100.
PRIMARY PURPOSE: Trading/other wholeselling/Import/Export
STOCKHOLDERS/DIRECTORS/OFFICERS
(As of 2014)
|
Name / Nationality |
Position |
Amount Paid Up |
|
Estrella
M. Dimaculangan, Pil. |
Chairman/President |
4,379,450. |
|
Chloe
Kristine M. Dimaculangan |
Director |
4,379,450. |
|
Carl
Michael M. Dimaculangan |
Secretary |
2,189,775. |
|
Celso M.
Dimalungan |
Treasurer |
2,189,775. |
|
Alex C.
Mangasi |
Director |
2,189,675. |
|
|
TOTAL |
15,328,125.
vvvvvvvvvv |
(Note: There appear a typographical error. Total amount paid should be
15,328,425)
BUSINESS ACTIVITY:
Commercial operation started in 2005. Import/Export, manufacturing, trading of
goods, such as garments and any related goods on wholsale & retail basis.
In 2006, expanded its activity to include food and pharmaceutical ingredients.
As gathered, subject is a supply chain partners and distributor of nutritional
raw materials ready to use products, premix, etc. In 2011, the company was a
recipient of an Award from United Laboratories, Inc., a leading pharmaceutical
company in the Philippines, a “Preferred”
supplier. BASF is its main principal for Active Pharmaceutical
Ingredients & Human Nutritional products. T
Product/Services – pharmaceutical excipients; active ingredients,
nutrition raw materials, such as vitamins, minerals, performance chemicals
& finished products. From the Phils. FDA showed that subject was issued a
Licensed To Operate No. CDRR-NCR-DI-2054 with validity up to Oct. 16, 2016 under Class DI. The company serves the
country’s Pharmaceutical, Food & Feed Industries.
Address: Unit 3308 Cityland Vito Cruz Tower 1, Pablo Ocampo Sr., Avenue,
City of Manila
Telephone Nos.: (63) 2 523-6570;
526-1273; 353-8434.
(Audited Financial Statement for years 2014, 2013, & 2012, as
compiled)
Balance Sheet
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ASSETS |
|||
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|
2014 |
2013 |
2012 |
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Current
Asset |
|
|
|
|
Cash |
1,422,541. |
3,110,613. |
8,564,960. |
|
Account Receivables |
63,884,244. |
59,864,315. |
36,219,883. |
|
Merchandise Inventory |
4,891,342. |
20,911,691. |
8,175,428. |
|
Other Current Asset |
127,053,930. |
121,757,594. |
108,536,474 |
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Total
Current Assets |
197,252,057. |
205,644,213. |
161,496,745. |
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|
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Non- Current Asset |
|
|
|
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Property & Equipment, net |
7,630,520. |
8,855,126. |
8,732,202. |
|
Total
Non Current Assets |
7,630,520. |
8,855,126. |
8,732,202. |
|
Total
Assets |
204,882,577. vvvvvvvvvvvv |
214,499,339. vvvvvvvvvvvvv |
170,228,947. vvvvvvvvvvvvv |
|
LIABILITIES AND STOCKHOLDER’S EQUITY |
|||
|
Current Liabilities |
|
|
|
|
Accounts Payable |
97,240,903. |
103,182,196. |
90,480,638. |
|
Loan Payable – current portion |
22,953,069. |
8,051,038. |
9,863,616. |
|
Other Current Liabilities |
2,309,218. |
445,978. |
349,626. |
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Total Current
Liabilities |
122,503,190. |
111,679,212. |
100,693,880. |
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|
|
|
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Non Current
Liabilities |
|
|
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Loan Payable – non current |
5,378,517. |
36,786,913. |
13,513,738. |
|
Advances from Stockholders |
14,991,120. |
13,000,000. |
13,000,000. |
|
Total Non Current Liabilities |
20,369,637. |
49,786,913. |
26,513,738. |
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Total
Liabilities |
142,872,827 |
161,466,125. |
127,207,618. |
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|
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Stockholder’s Equity |
|
|
|
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Capital Stock |
15,328,125. |
15,328,125. |
15,328,125. |
|
Retained Earnings |
46,681,625. |
37,705,089. |
27,693,204. |
|
Total Stockholder’s Equity |
62,009,750. |
53,033,214. |
43,021,329. |
|
Total Liabilities & Equity |
204,882,577. vvvvvvvvvvvvv |
214,499,339. vvvvvvvvvvvvv |
170,228,947. vvvvvvvvvvvvv |
INCOME STATEMENT
|
Sales |
335,351,296. |
441,047,081. |
400,528,182. |
|
Gross Profit |
57,077,962. |
63,885,847. |
59,071,432. |
|
Operating & Administrative Expenses |
( 18,716,545.) |
( 34,322,109.) |
( 38,853,393.) |
|
Net Income from Operation |
38,361,417. |
29,563,738. |
20,218,039. |
|
Interest Expense |
( 25,537,795.) |
( 15,261,044.) |
(
9,477,389.) |
|
Net Income Before Tax |
12,823,622. |
14,302,694. |
10,740,650. |
|
NET INCOME |
8,796,526. vvvvvvvvvvvv |
10,011,885. vvvvvvvvvvvvv |
7,518,455. vvvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
UK Pound |
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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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.