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Report No. : |
337007 |
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Report Date : |
19.08.2015 |
IDENTIFICATION DETAILS
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Name : |
AMERICAN POWER CONVERSION (APC) |
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Registered Office : |
Lot 3 Block 4, Phase III – C, Rosario, 4106 |
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Country : |
Philippines |
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Financials (as on) : |
2014 |
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Date of Incorporation : |
11.01.2002 |
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Legal Form : |
Foreign
Stocks |
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Line of Business : |
Subject is engaged in industrial and commercial activities, specifically
the manufacture of computer related products |
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No. of Employee : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
AMERICAN POWER
CONVERSION (APC)
Lot 3 Block 4, Phase III – C, Rosario, 4106
Country: PHILIPPINES
Type of Service: Normal
from the Securities & Exchange Commission showed Three (3) company
names under American Power Conversion, viz:
1.
AMERICAN POWER CONVERSION (PHILS.) INC.
2.
AMERICAN POWER CONVERSION CORP. (A.P.C.) B.V.
3.
AMERICAN POWER CONVERSION LAND HOLDINGS, INC.
Among the three, we conducted research and investigation on AMERICAN POWER CONVERSION CORP. (A.P.C.)
B.V., which showed the following, viz:
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): AMERICAN POWER
CONVERSION CORP. (A.P.C.) B.V. Certificate
No. : A200119166
Date : January 11, 2002
Term : Fifty (50) years
Corporate
Tax ID No. : 217-749-284-000
Tel./Fax
Nos. : (63) 046 437-1506 / (63)
046 437-3280
Address :
Strawinskylaan 3105 7th Floor 1077 2X Amsterdam, The
Netherlands
Company
Type : Foreign Stocks
Industry
Classification : Manufacturing of Electronic Data Processing
Equipment and Accessories
Country
Where Organized : Amsterdam, The
Netherlands
Assigned
Capital : US$100,000.00
Philippine
Address : 2nd Street, PEZA, Cavite
Economic Zone, Rosario, Cavite
Name &
Address of : Pearl T. Liu, c/o 12/F Net One Center, 26th
Street corner
Resident
Agent 3rd Avenue, Crescent
Park West, Bonifacio Global City,Taguig City.
Tele/Fax Nos. (632)
816-0080 / 819-470
In January 11, 2002, AMERICAN
POWER CONVERSION CORPORATION (A.P.C,) B.V., Philippine Branch, was engaged in industrial and commercial
activities, specifically the manufacture of computer related products. Amended its registration, to include after
sales customer support and other related services. The Branch was registered with
Philippine Economic Zone Authority (PEZA), as an Ecozone Export Enterprise, to
manufacture, export uninterrupted power supply (UPS) products, such as power
converters, electronic equipment & parts and regulators. On Feb. 14, 2007,
SCHNEIDER ELECTRIC S.A., a listed company in France, acquired the company’s
Head Office, becoming the ultimate parent company.
Contact Person: Myrna S.
Asistores – Myrna.Asistores@schneider-electric.com
Tel. No. (046) 437-7272
Website: www.schneider-electric.com
COMPREHENSIVE
STATEMENT OF FINANCIAL POSITION
|
ASSETS |
|||
|
Current Assets |
2014 |
2013 |
2012 |
|
Cash |
US$ 25,123,236. |
US$ 37,570,925. |
US$ 48,050,113. |
|
Trade & Other Receivables-Net |
148,972,780. |
165,004,526. |
460,203,449. |
|
Inventories |
81,413,919. |
84,293,941. |
80,441,867. |
|
Short Term Investment on Treasury Bonds |
2,225,396. |
7,157,027. |
NIL |
|
Other Current Assets |
3,659,333. |
3,005,692. |
1,434,628. |
|
Total
Current Assets |
US$ 261,394,664. |
US$ 297,032,111. |
US$ 590,130,057. |
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|
|
|
|
|
Non-Current Assets |
|
|
|
|
Long Term Investments in Treasury Bonds |
US$ 4,734,852. |
NIL |
NIL |
|
Property, Plant & Equipment-Net |
44,675,135. |
US$ 47,341,791. |
US$ 46,314,398. |
|
Deferred Tax Assets |
176,122. |
170,226. |
98,639. |
|
Other Non-Current Assets |
583,884. |
856,970. |
796,423. |
|
Total
Non-Current Assets |
U$$ 50,169,993. |
US$ 48,368,987. |
US$ 47,209,460. |
|
TOTAL
ASSETS |
US$ 311,564,657. vvvvvvvvvvvvvvvv |
US$ 345,401,098. vvvvvvvvvvvvvvvv |
US$ 637,339,517. vvvvvvvvvvvvvvvvvv |
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|
|
|
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LIABILITIES & HEAD OFFICE
ACCT. |
|
|
|
|
Current Liabilities |
|
|
|
|
Trade and Other Payables |
US$ 137,692,265. |
US$ 87,497,701. |
US$ 95,254,995. |
|
Income Tax Payable |
6,248,154. |
3,793,046. |
3,867,392. |
|
Total
Current Liabilities |
US$ 143,940,419. |
US$ 91,290,747. |
US$ 99,122,387. |
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|
|
|
|
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Non-Current Liabilities |
|
|
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|
Accrued Rent |
US$ 305,335. |
US$ 325,043. |
US$ 370,427. |
|
Pension Liability |
3,939,619. |
4,005,309. |
1,885,132. |
|
Total
Non-Current Liabilities |
US$ 4,244,954. |
US$ 4,330,352. |
US$ 2,255,559. |
|
Total
Liabilities |
US$148,185,373. |
US$ 95,621,099. |
US$ 101,377,946. |
|
|
|
|
|
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HEAD OFFICE ACCOUNT |
|
|
|
|
Assigned Capital |
US$ 100,000. |
US$ 100,000. |
US$ 100,000. |
|
Re-Measurement Loss on Retirement Benefits |
( 1,694,737.) |
( 293,214.) |
1,523,803. |
|
Accumulated Earnings |
164,974,021. |
249,973,213. |
534,337,768. |
|
Total
Head Office Account |
163,379,284. |
249,779,999. |
535,961,571. |
|
TOTAL
LIABILITIES & HEAD OFFICE ACCOUNT |
US$ 311,564,657. vvvvvvvvvvvvvvvv |
US$ 345,401,098. vvvvvvvvvvvvvvvvv |
US$ 637,339,517. vvvvvvvvvvvvvvvvv |
|
|
2014 |
2013 |
2012 |
|
Sales |
US$ 989,594,632. |
US$ 981,955,889. |
US$ 1,096,399.408. |
|
Gross Income |
224,981,814. |
229,206,120. |
232,603,661. |
|
General And Administrative Expenses |
( 65,068,063.) |
( 61,827,917.) |
( 50,177,319.) |
|
Foreign Exchange Gain/(Loss)-Net |
( 648,804.) |
( 10,912,580.) |
( 1,632,200.) |
|
Net Interest Income |
4,093. |
2,079,555. |
2,446,707. |
|
Gain (Loss) on Disposal of Property and
Equipment |
( 73,420.) |
31,417. |
NIL |
|
Miscellaneous Income |
17.182. |
28,116. |
531,845. |
|
Other Expenses |
NIL |
( 51,578.) |
( 850,684.) |
|
|
US$ 159,002,474. * |
US$ 158,553,133. |
US$ 182,989,003. |
|
Net
Income |
US$ 147,000,808. |
US$ 147,809,978. |
US$ 159,740,399. |
|
OTHERS Re-Measurement Loss on Retirement Benefit Tax Effect Provision for Income Tax:
Current
Deferred |
( 1,467,111.) 65,588. NIL NIL |
( 1,897,668.) 80,651. NIL NIL |
NIL NIL 11,655,464. ( 31,162.) |
|
NET
COMPREHENSIVE INCOME |
US$ 145,599,285. vvvvvvvvvvvvvvvv |
US$ 145,992,961. vvvvvvvvvvvvvvvv |
US$ 171,364,701. vvvvvvvvvvvvvvvvv |
(Note: (*) There appear
discrepancy in 2014, the amount should be 159,212,802 in our tally.)
AMERICAN POWER
CONVERSION LAND HOLDINGS.
Address: 2nd Street, Cavite EPZ Road, Rosario, Cavite. Tel.
No. (046) 482-6600
MYRNA ASISTORES – Listed as Treasurer & Board Member. Holds
2000 common “A” shares with par value of
Php1.00/share. Likewise, listed among others is American Power
Conversion B.V. which holds 3,998 common “B” shares with par value of Php100.00
each. Address at 32 Carmelray Industrial Park, SEPZ, Canlubang, Laguna.
AMERICAN POWER
CONVERSION (PHILS.) INC.
A wholly owned subsidiary of American Power Conversion B.V.,
SEC registered company in 1996 with address at 2nd Street,
Cavite EPZ Road, Rosario, Cavite. Status – DISSOLVED in January 2, 2006.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
ASH |
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 |
|
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 |
|
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.