MIRA INFORM REPORT

 

 

Report No. :

331134

Report Date :

09.07.2015

 

IDENTIFICATION DETAILS

 

Name :

UNITED BEARING INDUSTRIAL CORP

 

 

Registered Office :

1018-20 Benavidez, Sta. Cruz, Manila

 

 

Country :

Philippines

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

17.04.1973

 

 

Com. Reg. No.:

50939

 

 

Legal Form :

Private Corporation

 

 

Line of Business :

Subject is engage in the business of buying, selling, distributing, marketing at wholesale & retail of all kinds of goods, commodities, wares & merchandise of every kind & description. Founded in l962, it has grown from simple bearing distributor to high quality automotive; motorcycle & industrial bearing, having 14 branches nationwide. Exclusive distributor of – NSK bearing; RPH bearing; IKO bearing & linear motion products; UBC bearing; OCM Roller Chain; Morey’s Lubricants & Batiflex Industrial belts.

 

 

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 :

Slow but correct

 

 

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

 

 

Company name and address   

 

UNITED BEARING INDUSTRIAL CORP.

 

Address:                   1018-20 Benavidez, Sta. Cruz, Manila

Country:                    Philippines

Telephone:                632 2447021

Service Type:            Normal

                      

 

FINDINGS

 

We conducted research and verification on UNITED BEARING INDUSTRIAL CORP. Hereunder our report, viz:

 

Verification With Securities & Exchange Commission (Sec):  United Bearing Indl. Corp. 
 
Legal Entity       -     Private Corporation
 
 

REGISTRATION

 

(Per General Information Sheet (GIS) for Year 2013)

 

a)     Certificate No.           :      50939

b)    Date                          :      April 17, 1973

c)     Term                         :      Fifty (50) years

d)    Company Type         :      Stock Corporation

e)     TeleFax No.              :      632 243 5961

f)     Corp. Tax ID No.      :       000 330 865 000

 

 

Address:   1018-20 Benavidez St., Brgy.  295, Zone 28, Binondo, Manila

                              

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

          

     

CAPITALIZATION

 

(As of 2013)

 

Authorized Capital Stock                           -      35,000,000.     –    350,000  Shares Common

 

Amount Subscribed  & Paid Up                 -      35,000,000. 

    

Par value per Share                                  -                100.

 

 

PRIMARY PURPOSE

 

Dealer in industrial bearing.

 

 

STOCKHOLDERS/DIRECTORS/OFFICERS 

 

(As of 2013)

 

              Name / Nationality

         Position

Amount  Paid Up

Victor C. Peńaloza

Chairman/President

        20,046,800.

Jonathan Peńaloza

VP/Treas./Corp. Sec.

          8,578,700.

Jason H. Peńaloza

Director

          5,614,900.

Jessica H. Peńaloza

Director

               59,600.

Elvic Jhann E. Peńaloza

Director

             700,000.

 

 

        35,000,000.

        vvvvvvvvvv

 

    

 

 

 

           

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS ACTIVITY 

 

As gathered, subject company, continue to engage in the business of buying, selling, distributing, marketing at wholesale & retail of all kinds of goods, commodities, wares & merchandise of every kind & description. Founded in l962, it has grown from simple bearing distributor to high quality automotive; motorcycle & industrial bearing, having 14 branches nationwide. Exclusive distributor of – NSK bearing; RPH bearing; IKO bearing & linear motion products; UBC bearing; OCM Roller Chain; Morey’s Lubricants & Batiflex Industrial belts.

 

 

Tel Nos. (632)  244 7021 – 28; Fax Nos. 244 7741; 6929

Website: www.unitedbearing.com

Email:  sales@unitedbearing.com 

 

 

FINANCIAL CONDITION

 

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

 

 

 BALANCE SHEET

                

ASSETS

 

         

         2013

        2012

       2011

          Current Asset

 

 

 

Cash

         265,760.

        828,805.

           386,430.

Trade Receivables

     10,528,744.

   10,249,816.

      11,825,692.

 Inventories

   116,853,530.

 111,589,297.

    102,968,223.

Other Current Assets

       1,312,471.

        460,353.

          NIL        

Total Current Assets

   128,960,505.

 123,128,271.

    115,180,345.

 

 

 

 

       Non Current Assets

 

 

 

Property & Equipment, net

          990.005.

     1,246,676.

        1,503,343.

Total Non Current Assets

          990.005.

     1,246,676.

        1,503,343.

TOTAL  ASSETS

   129,950,510.

   vvvvvvvvvvv

 124,374,947.

 vvvvvvvvvvv

    116,683,688. 

    vvvvvvvvvvv

                                            

   

LIABILITIES AND STOCKHOLDER’S EQUITY

 

         Current Liabilities

 

 

 

Trade & Other Payables

    49,917,597.

   46,639,837.

    71,037,649.

Income Tax Payable

         NIL        

         NIL      

         142,121.

Other Current Liabilities

         910,764.

        774,884.

         621,642.

Total Current Liabilities

    50,828,361.

   47,414,721.

    71,801,412.

 

 

 

 

    Non Current Liabilities

 

 

 

Advances from Stockholders

    30,000,000.

   30,000,000.

          NIL

Total Non Current Liab.

    30,000,000.

   30,000,000.

          NIL      

TOTAL LIABILITIES

    80,828,361.

   77,414,721.

    71,801,412.

 

 

 

 

            Equity

 

 

 

Share Capital

    35,000,000.

   35,000,000.

    35,000,000.

Cummulative Earnings

    14,112,149.

   11,960,226.

      9,882,276,

Total Equity

    49,122,149.

   46,960,226.

    44,882,276.

TOTAL LIABILITIES &   

    EQUITY

  129,950,510. 

  vvvvvvvvvvv

 124,374,947.

 vvvvvvvvvvv

  116,683,688.

  Vvvvvvvvvvv

 

 

 

 

 

                                                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT

                       

Sales

   146,366,741.

   145,632,154.

    144,159,836.

Gross Profit

     40,251,686.

     36,580,385.

      36,245,457.

Administrative Expenses

  ( 14,865,290.)

  (  13,444,754.)

   (  12,274,544.)

Selling & Distribution Cost

  ( 22,297,935.)

  (  20,167,132.)

   (  18,411,816.)

Net Income before Tax

      3,088,461.

       2,968,499.

        5,559,097.

NET INCOME

      2,161,923.   

  vvvvvvvvvvv

       2,077,950.

   vvvvvvvvvvv

        3,891,368.    

   vvvvvvvvvvvv

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.57

UK Pound

1

Rs.98.22

Euro

1

Rs.69.93

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

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.