MIRA INFORM REPORT

 

 

Report No. :

355872

Report Date :

23.12.2015

 

IDENTIFICATION DETAILS

 

Name :

JUSTBEST SALES CORPORATION

 

 

Registered Office :

621 Bogumbong Taas, Bagumbong Road, Caloocan City

 

 

Country :

Philippines

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

31.05.2012

 

 

Legal Form :

Private Corporation

 

 

Line of Business :

Subject engage in trading/importing of goods such as agricultural & dairy products, animal feeds, poultry and livestocks, fabrics and other general merchandise on wholesale/ retail basis.

 

 

No. of Employee :

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 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

 

ANTECEDENT INFORMATION:

 

Company:                 BESTJUST SALES CORPORATION

Address:                   621 Bogumbong Taas, Bagumbong Road, Caloocan City

Country:                    Philippines

Service Type:            Normal

           

          

FINDINGS

 

We conducted research and verification on JUSTBEST SALES CORPORATION. Hereunder our report, viz:

 

 

LEGAL ENTITY 

 

Private Corporation

 

 

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC)

 

JUSTBEST SALES CORPORAT-ION

 

 

REGISTRATION –  (Per General Information Sheet for the Year 2014, filed July 03, 2015)

 

a)     Certificate No.     :        CS201210162

b)    Date                    :        May 31, 2012

c)     Term                   :        Fifty (50) years.                 

d)    Corp. Tax No.     :        008 285 947 000

e)     Type of

             Organization       :        Stock Corporation

 

Address                           :        621 Bagumbong Taas, Bagumbong Road, Brgy, 171, Zone 15 Caloocan City      

Telephone No.                 :       353 6560

 

 

PRIMARY PURPOSE

   

Trading/Importing of goods such as agricultural & dairy products, animal feeds, poultry and livestocks, fabrics and other general merchandise on wholesale/retail basis.

CAPITALIZATION                                            

                                                                                                                                       (Php)

                                                                No. of Shares           Par Value/share                    Amount                                                                              

            Authorized Capital Stock :        

 

                          Common              -             50,000         -              P100.00                  -      5,000,000.

                                                                                                                                      vvvvvvvvv

 

             Subscribed & Paid Up       -             50,000         -              P100.00                  -      5,000,000.

                                                                                                                                      vvvvvvvvv     

        

SHAREHOLDERS/DIRECTORS/OFFICERS (*)

 

            Name/Nationality/Designation

  Paid – Up (Php)  

1.Angeles G. Manuel   -  Chairman/President

      1,000,000.

2.Evelyn C. Escalbon  -  Corp. Secretary

      1,000,000.

3.Elena T. Angeles  -  Treasurer

      1,000,000.

4.Gilbert C. Campued  -  Director

      1,000,000.

5.Rachellen Ann D. Patoc -  Director

      1,000,000.

                          TOTAL

      5,000,000.  

      vvvvvvvvv

 (*)  All Filipinos

 

 

BUSINESS ACTIVITY 

 

Since inception, continue to engage in trading/importing of goods such as agricultural & dairy products, animal feeds, poultry and livestocks, fabrics and other general merchandise on wholesale/retail basis.

 

 

FINANCIAL CONDITION

 

(Audited Financial Statement for years 2014, 2013, & 2012, as compiled)

 

Balance Sheet

 

          2014 (Php)

        2013 (Php)

          2012 (Php)

                             Assets

 

 

 

Current Assets

 

 

 

     Cash

             523,876.

             292,391.

              171,082.

     Merchandise Inventory

     127,263,588.

     117,482,825.

           1,320,550.

     Unused Supplies

             135,860.

               28,365.

                12,631.

     1% Withholding Tax

          4,348,510.

               NIL

                  NIL

      Prepaid Rent

                18,000.

               18,000.

                       18,000.

             Total Current Assets

      132,289,834.

     117,821,581.

           1,522,263.

 

 

 

 

Non - Current Assets

 

 

 

     Property & Equipment, net

                85,000.

               90,000.

                 95,000.

TOTAL ASSETS

      132,374,834.

       vvvvvvvvvvv              

     117,911,581.

      vvvvvvvvvvv

           1,617,263.

           vvvvvvvvv

 

 

 

 

                   Liabilities & Stockholder’s Equity

 

 

 

Current Liabilities

 

 

 

       VAT Payables

           1,382,176.

                  9,871.

                         15,696.

       Trust Receipts Payable

      110,897,631.

      112,151,454.

               962,172.

       Withholding Tax Payable

                  2,400.

                  2,400.

                       500.

       Corporate Income Tax Payable

          4,361,988.

              195,189.

                 41,668.

            Total Current Liabilities

      116,644,195.

      112,358,914.

           1,020,037.

TOTAL LIABILITIES

      116,644,195.

      112,358,914.

           1,020,037.

 

 

 

 

 

                   Stockholder’s Equity

 

 

 

       Capital Stock

          5,000,000.

             500,000.

               500,000.

       Additional Capital Stock

              NIL         

          4,500,000.

                  NIL       

 

          5,000,000.

          5,000,000.

               500,000.

       Retained Earnings         

       10,730,639.

             552,667.

                 97,226.

           Total Stockholder’s Equity

       15,730,639.

          5,552,667.

               597,226.

TOTAL LIABILITIES &   STOCKHOLDERS

           EQUITY

    132,374,834.

    vvvvvvvvvvvvv

     117,911,581.

     vvvvvvvvvvv

            1,617,263.    

            vvvvvvvvv

 

                                                                         

Income Statement

 

Sales

 2,622,917,911.

      501,750,780.

       330,386,132.

Gross Profit

       42,856,318.

          9,750,890.

            1,735,653.

Operating Expenses

(     28,316,358.)

     (    9,100,260.)

        (   1,596,759.)

Net Income before Tax

       14,539,960.

              650,630.

                138,894.

 NET INCOME AFTER TAX

       10,177,972. 

vvvvvvvvvvvvvv

              455,441.  

       vvvvvvvvvvv

                  97,226.

       vvvvvvvvvvvv

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.30

UK Pound

1

Rs.98.71

Euro

1

Rs.72.33

PHP

1

Rs.1.40

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

Report Prepared by :

TRU

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.