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Report No. : |
300540 |
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Report Date : |
05.01.2015 |
IDENTIFICATION DETAILS
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Name : |
EMPYREAN COMPUTER
CENTER INC. |
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Registered Office : |
E 1905 C / E 1906 B PSE
Center, Exchange Road, Ortigas Center, Pasig City, 1115 |
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Country : |
Philippines |
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Financials (as on) : |
2013 |
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Date of Incorporation : |
12.03.2008 |
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Legal Form : |
Private Corporation |
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Line of Business : |
· Importer & Retailer of Computer Accessories on wholesale · distributor of Quality Tested Products such as Intex Technologies, DOTACE Computer Consumables, PQI, Planet Networking & Communication, ZEBEX POS, TomMade Case & Hasee Laptops. |
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No of Employees : |
Not Available [We tried to confirm the number of employees but no one is ready to
part any information from the company management.] |
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 : |
Slow but Correct |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Philippines |
a2 |
a2 |
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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 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).
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Source
: CIA |
Company: EMPYREAN
COMPUTER CENTER INC.
Address: E 1905 C / E 1906 B PSE Center, Exchange Road, Ortigas Center,
Pasig City, Philippines
1115
a)
Certificate
No. : CS200803958
b)
Date : March 12, 2008
c)
Legal Entity : Private Corporation
d)
Term : Fifty (50) years
e)
Corporate
Tax No. : 006 990 329
f)
Telephone
No. : (63) 2 834-6711 / 2 642-4394
(Note: Currency in Philippine Peso, unless otherwise specified)
(As of 2014)
Authorized Capital Stock -
8,000,000. – 80,000.
Shares Common
Amount Subscribed & Fully Paid Up -
8,000,000.
Par value per
share
- 100.
PRIMARY PURPOSE:
Trading
(As of 2014)
|
Name / Nationality |
Position |
Amount Paid Up |
|
Patrick
Wayne Y. Tan |
Chairman/President |
4,000,000. |
|
Marylou
S. Tan |
Treasurer |
3,999,700. |
|
Eliseo
Tan |
Director |
100. |
|
Teresa
Y. Tan |
Director |
100. |
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Victoria
H. Martinez |
Director |
100. |
|
|
Total |
8,000,000. vvvvvvvv |
Importer-Retailer of
computer accessories on wholesale. Subject company is the Philippines
distributor of quality tested products such as Intex Technologies, DOTACE
computer consumables, PQI, Planet Networking & Communication, ZEBEX POS,
TomMade Case & Hasee Laptops.
Products: Casing – INTEGRA Atom Series; iTX; Metal side case; Micro/Book ATX cases; TomMade; Virtuo; &
Vision Euro Series – ATX Transparent side.
Headset – Goodness – Back Phone Headset; Head Phone Headset
Address: E – 1906 B
Tektite East Tower, PSE Center, Exchange Road, Ortigas Center,
Pasig
City
Telephone Nos. – (63) 2
634 6713; 916 8959.
Its warehouse is
situated in Shoemart Warehouse, Jenny’s Avenue Extension, Rosario, Pasig City.
Email: sales2@empyrean-computer.com
Website: www.empyrean-computer.com
(Audited Financial Statement for years
2013, 2012, & 2011, as compiled)
Balance Sheet
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ASSETS |
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2013 |
2012 |
2011 |
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Current
Assets |
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Cash on Hand &
in Bank |
810,426. |
1,779,559. |
966,621. |
|
Account Receivable |
1,279,469. |
1,590,640. |
960,570. |
|
Merchandise Inventories |
25,652,590. |
18,510,807. |
4,225,319. |
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Total Current Assets |
27,742,485. |
21,880,966. |
6,152,510. |
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Property
& Equipment |
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Transportation Equipment |
3,500,000. |
3,500,000. |
1,500,000. |
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Less:
Accumulated Depreciation |
( 1,475,000.) |
( 775,000.) |
( 75,000.) |
|
Office Furniture & Equipment |
182,000. |
182,000. |
82,000. |
|
Less:
Accumulated Depreciation |
( 101,000.) |
( 64,600.) |
( 28.200.) |
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Total Property & Equipment |
2,106,000. |
2,842,400. |
1,478,800. |
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Total Assets |
29,848,485. vvvvvvvvvv |
24,723,366. vvvvvvvvvv |
7,631,310.
vvvvvvvvv |
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LIABILITIES AND STOCKHOLDER’S EQUITY |
|||
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Current Liabilities |
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|
|
Account Payable |
1,890,557. |
2,685,870. |
816,564. |
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Income Tax Payable |
75,716. |
84,563. |
70,131. |
|
Other Current Liabilities |
95,011. |
6,290. |
4,054. |
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Total Current Liabilities |
2,061,284. |
2,776,723. |
890,749. |
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Non-Current Liabilities |
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Deposit for
Future Stock Subscription |
19,000,000. |
13,500,000. |
NIL |
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Total Liabilities |
21,061,284. |
16,276,723. |
890,749. |
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Stockholder’s Equity |
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Paid Up Capital Stock
|
8,000,000. |
8,000,000. |
6,500,000. |
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Retained Earnings |
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Beginning Balance – January 1 |
446,642. |
240,561. |
76,923. |
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Net Income for the Year |
340,559. |
206,082. |
163,638. |
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Ending Balance – December 31 |
787,201. |
446,643. |
240,561. |
|
Total Stockholder’s Equity |
8,787,201. |
8,446,643. |
6,740,561. |
|
Total Liabilities & Equity |
29,848,485. vvvvvvvvvv |
24,723,366. vvvvvvvvvv |
7,631,310. vvvvvvvvv |
Income Statement
|
Cost of Sales |
11,216,839. |
17,707,395. |
4,926,729. |
|
Gross Profit |
7,248,450. |
3,872,439. |
2.457,097. |
|
Operating Expenses |
( 6,761,937.) |
( 3,581,795.) |
( 2,223,328.) |
|
Net Profit before Income tax |
486,513. |
290.644. |
233,769. |
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NET INCOME |
340,559. vvvvvvvvvvvv |
206,082.
vvvvvvvvvvvvv |
163,638. vvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.29 |
|
|
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
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Report Prepared
by : |
MNL |
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 |
|
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 |
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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 |
-- |
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.