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Report No. : |
330642 |
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Report Date : |
11.07.2015 |
IDENTIFICATION DETAILS
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Name : |
PROLIT INDUSTRY CORPORATION |
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Registered Office : |
Basak Mandaue City 6014 Cebu |
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Country : |
Philippines |
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Financials (as on) : |
2013 |
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Date of Incorporation : |
26.03.1991 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Subject is manufacture of footwear |
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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 |
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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 : |
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 – 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 |
PROLIT INDUSTRY CORPORATION
Address: Basak Mandaue City 6014 Cebu
Country: Philippines
Telephone: +63-32-3462521/3451016/3451015
Service Type: Normal
We conducted research and verification on PROLIT INDUSTRY CORPORATION.
Hereunder our report, viz:
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): PROLIT INDUSTRY CORP.
Legal Entity - PRIVATE CORPORATION (Per General Information Sheet (GIS) for Year 2013)
a)
Certificate No. : CEO0004178
b)
Date : March 26, 1991
c)
Term : Fifty (50) years
d)
Company Type :
Stock Corporation
e)
TeleFax No. : (+63-32) 346-0354
f)
Corp. Tax ID No. :
000 428 348 000
g)
Industry : Manufacture of Footwear
h)
Address :
Highway, Basak, Mandaue City 60
(Note:
Currency in Philippine Peso, unless otherwise specified)
(As of 2013)
Authorized Capital Stock - 6,000,000. –
60,000 Shares Common
Amount Subscribed
& Paid Up
- 6,000,000.
Par value per Share - 100.
Manufacturer & Exporter of
Rubber Bladder
(As of 2013)
|
Name / Nationality |
Position |
Amount Paid Up |
|
Arnold
D. Choachuy |
Chairman/President |
2,429,900. |
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Alexander
L. Choachuy, Sr. |
Vice
President |
890,000. |
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Andrew
G. Choachuy |
Treasurer |
900,000. |
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Doris
G. Choachuy |
Director |
890,000. |
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April
C. Badilles |
Director |
890,000. |
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Aye
S. Berador |
Corp.
Secretary |
100. |
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|
6,000,000.
vvvvvvvvv |
Engaged in manufacturing, importing, exporting, buying, selling, or
otherwise dealing in at wholesale basis only such goods as rubber bladder (for balls);
sporting goods; tires; rubber shoes; sandals; industrial molded products,
conveyor & v-belts, furniture, handicrafts, rubber lining & other
related goods; to render recapping services, etc. The manufacturing plant
stands on a total area of 16,000 sq.ms.
Products/Services – Butyl Bladder (rubber for basketball; volleyball;
soccer ball, football.
Main market: North & South America and Western & Eastern Europe.
Tel Nos. (032) 345-3058; 345-1016
Website: www.prolitbutyl.com
(Audited
Financial Statement for years 2013, 2012, & 2011, as compiled)
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ASSETS |
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2013 |
2012 |
2011 |
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Current
Asset |
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Cash & Cash Equivalent |
995,795. |
991,907. |
978,698. |
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Trade & Other Receivables |
7,944,004. |
1,026,020. |
3,129,448. |
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Inventories |
21,425,351. |
10,353,140. |
14,559,819. |
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Other Current Assets |
70,666. |
40,488. |
38,192. |
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Total
Current Assets |
30,435,816. |
12,411,555. |
18, 706,156. |
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Non
Current Assets |
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Property & Equipment, net |
21,640,042. |
20,467,616. |
11,780,629. |
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Other Non-Current Assets |
17,134,405. |
16,535,399. |
12,816,691. |
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Total
Non Current Assets |
38,774,447. |
37,003,015. |
24,597,321. |
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TOTAL ASSETS |
69,210,263. vvvvvvvvvv |
49,414,570. vvvvvvvvvv |
43,303,477. vvvvvvvvvv |
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LIABILITIES AND
STOCKHOLDER’S EQUITY |
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Current Liabilities |
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Trade & Other Payables |
57,781,356. |
39,163,008. |
35,079,255. |
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Income Tax Payable |
216,100. |
137,802. |
342,077. |
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Other Current Liabilities |
26,709. |
25,290. |
30,163. |
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Total
Current Liabilities |
58,024,165. |
39,326,100. |
35,451,495. |
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TOTAL
LIABILITIES |
58,024,165. |
39,326,100. |
35,451,495. |
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Equity |
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Share Capital |
6,000,000. |
6,000,000. |
6,000,000. |
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Retained Earnings |
5,186,098. |
4,088,470. |
1,851,982. |
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Total Equity |
11,186,098. |
10,088,470. |
7,851,982. |
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TOTAL LIABILITIES &
EQUITY |
69,210,263. vvvvvvvvvv |
49,414,570. vvvvvvvvvv |
43,303,477. vvvvvvvvvv |
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Revenues |
78,385,196. |
87,515,283. |
91,278,788. |
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Gross Profit |
13,423,264. |
14,993,207. |
15,668,333. |
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Operating Expenses |
(10,193,041.) |
(11,179,781.) |
(11,134,534.) |
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Income from Operation |
3,230,223. |
3,813,426. |
4,533,799. |
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Financing Cost |
( 24,443.) |
( 15,553.) |
( 558,751.) |
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Net Income before Tax |
3,205,780. |
3,828,979. |
3,975,048.) |
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NET
INCOME |
3,245,471. vvvvvvvvv |
2,684,951. vvvvvvvvvvv |
2,785,959. vvvvvvvvvv |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
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|
1 |
Rs.97.65 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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 |
-- |
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.