MIRA INFORM REPORT

Report No. :	310151
Report Date :	11.03.2015

IDENTIFICATION DETAILS

Name :	UNY PACIFIC MFG. CORP.

Registered Office :	1. # 11 Sampaguita Circle, Salvador Estate, Sucat, Paranaque City 2. 4092 Airport Road, Baclaran, Paranaque City

Country :	Philippines

Financials (as on) :	2013

Date of Incorporation :	22.12.1999

Legal Form :	Private Corporation

Line of Business :	Wholesaler of Ready To Wear (RTW) All Types of Garments.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Philippines

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 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).

Source : CIA

ANTECEDENT INFORMATION

Company: UNY PACIFIC

Address: Manila, Philippines

Country: Philippines

Service Type: Normal

FINDINGS

We conducted research and investigation on IMPERIAL BLUE SAPPHIRE INC. and showed the following, viz:

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): UNY PACIFIC MFG. CORP.

Legal Entity - PRIVATE CORPORATION

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

Certificate No. : A199919828

Date : December 22, 1999

Term : Fifty (50) years

Company Type : Stock Corporation

Telephone No. : (632) 826 1278 / 854 0864

Corp. Tax ID No. : 217 957 563 000

Address: 1. # 11 Sampaguita Circle, Salvador Estate, Sucat, Paranaque City

2. 4092 Airport Road, Baclaran, Paranaque City

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

CAPITALIZATION - (As of 2013)

Authorized Capital Stock - 100,000,000. – 1,000,000 Shares Common

Amount Subscribed & Fully Paid Up - 50,000,000.

Par value per Share - 100.

PRIMARY PURPOSE

To engage in garment spinning, knitting, dyeing & manufacturing.

STOCKHOLDERS/DIRECTORS/OFFICERS (As of 2013)

Name / Nationality	Position	Amount Paid Up
Ramon V. Ongkeco	Chairman	17,000,000.
Kelly Kent C. Ongkeco	President	5,500,000.
Kency Kate C. Ongkeco	Treasurer	5,000,000.
Kimberly Kim C. Ongkeco	Corp. Secretary	5,000,000.
Yon Yong Chong, Canadian	Director	5,000,000.
Michelle Fang Uy	Director	2,500,000.
Domingo Balila	Director	1,000,000.
Betty T. Lau	Director	9,000,000.
	Total	50,000,000. vvvvvvvvvv

BUSINESS ACTIVITY

Wholesaler of Ready To Wear (RTW) All Types of Garments.

Address: 536-546 Juan St., Binondo, City of Manila

Contact Person: Flora L. Capili, Tel. No. 854 5940 / 853 3916

FINANCIAL CONDITION

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

BALANCE SHEET

ASSETS
	2013		2012		2011
Current Asset
Cash	4,977,228.		6,350,968.		5,955,473.
Account Receivable	794,237.		709,140.		622,053.
Inventory	30,543,336.		25,669,285.		22,431,850.
Total Current Assets	36,314,801.		32,759,393.		29,009,375.

Non Current Assets
Property & Equipment	66,274,994.		59,661,692.		56,415,018.
Total Non Current Assets	66,274,994.		59,661,692.		56,415,018.
Total Assets	102,589,795. vvvvvvvvvvv		92,421,085. vvvvvvvvvv		85,424,394. vvvvvvvvvv
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities
Trade & Other Payables		19.102,632.		14,403,731.	11,289,552.
Income Tax Payable		1,243,592.		1,042,720.	1,080,069.
Total Current Liabilities		20,346,224.		15,446,451.	12,369,621.

Non Current Liabilities
Advances from Officers		10,000,000.		10,000,000.	10,000,000.
Total Non Current Liabilities		10,000,000.		10,000,000.	10,000,000.
Total Liabilities		30,346,224.		25,446,451.	22,369,621.

Stockholder’s Equity
Share Capital		50,000,000.		50,000,000.	50,000,000.
Accumulated Earnings		22,844,050.		16,974,634.	13,054,773.
Total		72,844,050.		66,974,634.	63,054,773.
Deficiency Tax Paid		600,479.		NIL	NIL
Total Stockholder’s Equity		72,243,571.		66,974,634.	63,054,773.
Total Liabilities & Equity		102,589,795. vvvvvvvvvvv		92,421,085. vvvvvvvvvvvv	85,424,394. vvvvvvvvvvvv

INCOME STATEMENT

Sales	245,617,860.	216,211,056.	174,024,766.
Gross Profit	22,348,334.	17,870,311.	16,565,764.
Operating Expenses	( 13,963,454.)	( 12,270,510.)	( 11,424,540.)
Net Income before Tax	8,384,880.	5,599,801.	5,141,224.
Net Income for the Year	5,869,416. vvvvvvvvvvvv	3,919,861. vvvvvvvvvvv	3,598,857. vvvvvvvvvvv

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.94.71
Euro	1	Rs.68.60

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TPT

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