MIRA INFORM REPORT
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Report No. : |
332491 |
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Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
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Name : |
INFRAMACHINERIES CORPORATION |
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Registered Office : |
24 Mindanao Avenue Extension, Tandang Sora, Quezon City |
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Country : |
Philippines |
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Financials (as on) : |
2013 |
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Date of Incorporation : |
19.01.2011 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Buying,
importing, exporting, selling, distributing & marketing at whole industrial equipment |
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No. of Employees : |
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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
Company
name and address
Company:
INFRAMACHINERIES CORPORATION
Address: 24 Mindanao Avenue Extension, Tandang
Sora, Quezon City
Country: Philippines
Service Type: Normal
FINDINGS
We conducted research and verification on INFRAMACHINERIES CORPORATION.
Hereunder our report, viz:
VERIFICATION
WITH SECURITIES & EXCHANGE COMMISSION (SEC): INFRAMACHINERIES
CORPORATION
Legal
Entity - PRIVATE CORPORATION
-
REGISTRATION – (Per General Information Sheet (GIS) for Year
2013)
a)
Certificate No. : CS201100801
b)
Date : January 19, 2011
c)
Term : Fifty (50) years
d)
Company Type :
Stock Corporation
e)
Telephone Nos. :
(63) 2 983-4120
f)
Fax No. : (63) 2 983-4120 Local 108,
g)
Corp. Tax ID No. :
007 962 532 000
h)
Website : http:/www.inframachineries.com
i) Email : info@inframachineries.com
Address: 1) Lot 6 Barrio
Mamplasan, Binan, Laguna
2) # 24 Mindanao Avenue Extension, Tandang Sora,
Quezon City, NCR
.
(Note: Currency in Philippine Peso, unless otherwise specified)
CAPITALIZATION - (As of 2014)
Authorized Capital Stock - 100,000,000. – 1,000,000 Shares - Common
Amount Subscribed & Paid Up - 30,000,000.
Par value per Share - 100.
PRIMARY PURPOSE: Buying, importing, exporting, selling, distributing & marketing at whole industrial
Equipment.
STOCKHOLDERS/DIRECTORS/OFFICERS (As of 2013)
|
Name / Nationality |
Position |
Amount Paid Up |
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Eduardo P. Trinidad, Pilipino |
President |
3,000,000. |
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Tala B. Fernando, Pilipino |
Chairman/Corp. Sec. |
24,000,000. |
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Maria Cristina T. De Vera, Pil. |
Treasurer |
1,500,000. |
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Gerardo Marco P. Trinidad, Pil. |
Director |
1,200,000. |
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Joselito J. Nicolas, Pilipino |
Director |
300,000. |
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30,000,000. vvvvvvvvvv |
BUSINESS
ACTIVITY -
Exclusive
distributor of heavy equipment brand, such as –
DOOSAN – Infracore
excavator, Loaders, articulated dump trucks
ZOOMLION – mobile &
tower crane
SANDVIK -
mobile crushers & screens
EVERDIGM – generators
Provide the following services –
a.
Equipment Operator Training
b.
After sales service
c.
Service Contract program
d.
Financing
Telephone No.: (63) 2 456 1387
FINANCIAL
CONDITION
(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 Asset |
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Cash |
18,811,196. |
22,082,655. |
11,202,859. |
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Account Receivables |
146,461,289. |
97,408,917. |
60,206,486. |
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Inventories |
386,713,985. |
375,109,504. |
153,604,708. |
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Pre-payments &
Other Current Assets |
1,858,579. |
8,488,492. |
15,178,254. |
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Total
Current Assets |
553,845,049. |
503,089,567. |
240,192,307. |
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Non Current Assets |
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Property &
Equipment, net |
7,884,660. |
7,363,698. |
7,309,309. |
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TOTAL ASSETS |
561,729,709. vvvvvvvvvvv |
510,453,265. vvvvvvvvvvv |
247,501,616. vvvvvvvvvvv |
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LIABILITIES AND
STOCKHOLDER’S EQUITY |
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Current Liabilities |
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Trade Payable &
other Current Liabilities |
246,008,287. |
351,912,726. |
126,446,121. |
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Income Tax Payable |
1,215,797. |
620,793. |
NIL |
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Current Maturing
Portion of Long Term – Notes Payable |
254,475,250. |
31,855,887. |
36,723,137. |
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Notes Payable |
NIL |
70,000,000. |
20,520,000. |
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Total
Non Current Liabilities |
501,699,334. |
454,389,406. |
183,689,258. |
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Non Current
Liabilities |
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Advances from
Shareholders |
18,475,532. |
18,475,532. |
19,850,000. |
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Loan from Related
Party |
4,027,869. |
NIL |
NIL |
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Long Term – Notes
Payable, net of current portion |
NIL |
4,643,086. |
13,699,479. |
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Total
Non Current Liabilities |
22,503,401. |
23,118,618. |
33,549,478. |
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TOTAL
LIABILITIES |
524,202,735. |
477,508,024. |
217,238,736. |
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Equity |
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Share Capital |
30,000,000. |
30,000,000. |
30,000,000. |
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Retained Earnings |
7,526,974. |
2,945,241. |
262,879. |
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Total Equity |
37,526,974. |
32,945,241. |
30,262,879. |
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TOTAL LIABILITIES &
EQUITY |
561,729,709. vvvvvvvvvv |
510,453,265. vvvvvvvvvvvv |
247,501,616. vvvvvvvvvvv |
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INCOME STATEMENT
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Net Sales |
460,269,514. |
443,559,979. |
86.285,357. |
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Gross Profit |
45,597,908. |
34,409,486. |
6,650,268. |
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Operating Expenses |
( 38,574,841.) |
(
29,850,024.) |
( 6,348,269.) |
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Income from Operation |
7,023,067. |
4,559,462. |
301,999. |
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Interest Expense |
( 917,439.) |
( 917,439.) |
NIL |
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Interest Income |
439,077. |
147,554. |
51,480. |
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Income before Income Tax |
6,544,705. |
3,789,577. |
353,479. |
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NET
INCOME |
4,581,733. vvvvvvvvvvv |
2,682,362. vvvvvvvvvvv |
262,879. vvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.49 |
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UK Pound |
1 |
Rs.99.43 |
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Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
VNT |
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 |
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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.