MIRA INFORM REPORT

Report No. :	310147
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	MANSION RICH INDUSTRIAL CORP.

Registered Office :	Caloocan City, Manila

Country :	Philippines

Financials (as on) :	2013

Date of Incorporation :	02.06.1992

Legal Form :	Private Corporation

Line of Business :	Engaged in operating, maintaining, carrying on the business of manufacturing, spinning, sub-contracting, weaving, knitting, dyeing, printing, finishing, importing, exporting and dealing in all kinds of fabrics.

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Halt in its operations

Payment Behaviour :	--

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

company name

MANSION RICH INDUSTRIAL CORP.

ANTECEDENT INFORMATION

Company: MANSION RICH

Address: Caloocan City, Manila, Philippines

Country: Philippines

Service Type: Normal

FINDINGS

We conducted research and investigation on MANSION RICH with the Securities & Exchange Commission and the Dept. of Trade & Industry (DTI), both government regulatory agencies that keeps of registered business corporations and proprietorships, respectively. In both instances, the name MANSION RICH INDUSTRIAL CORP. with address in Caloocan City, appears on the, respectively.

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC):  MANSION RICH INDUSTRIAL

 CORP.

Legal Entity

PRIVATE CORPORATION

REGISTRATION

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

a) Certificate No. : AS092003470

b) Date : June 02, 1992

c) Term : Fifty (50) years

d) Company Type : Stock Corporation

e) Telephone No. : 355-2-0221

f) Corp. Tax ID No. : 001 705 494

Address

1. No. 21 Matalino Street, Central Diliman, Quezon City

2. No. 163 M. H. del Pilar Street, Grace Park, Caloocan City

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

CAPITALIZATION (As of 2013)

Authorized Capital Stock - 4,000,000. – 40,000 Shares Common

Amount Subscribed & Fully Paid Up - 1,000,000.

Par value per Share - 100.

PRIMARY PURPOSE

Engage in operating, maintaining, carrying on the business of manufacturing, spinning, sub-contracting, weaving, knitting, dyeing, printing, finishing, importing, exporting and dealing in all kinds of fabrics.

STOCKHOLDERS/DIRECTORS/OFFICERS (As of 2013)

Name / Nationality	Position	Amount Paid Up
Reynaldo Chua	Chairman/President	200,000.
Patrick Andrew Ma	General Manager	125,000.
Lovina Malapas	Corp. Sec. / Treasurer	150,000.
Harmon U. Ocampo	Director	400,000.
Manfred Chua	Director	41,700.
Stephanie Chua	Director	41,600.
Marilou Chua	Director	41,700.
	Total	1,000,000. vvvvvvvvv

BUSINESS ACTIVITY

Knitting textiles and knitting machines.

Telephone Nos. (63) 2 362 0221 – 24 / 2 362 7670

FINANCIAL CONDITION

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

BALANCE SHEET

ASSETS
	2013	2012	2011
Current Asset
Cash and Cash Equivalents	78,259.	78,259.	78,259.
Total Current Assets	78,259.	78,259.	78,259.

Non Current Assets
Property, Plant & Equipment	9,000,004.	9,000,004.	9,000,004.
Total Non Current Assets	9,000,004.	9,000,004.	9,000,004.
Total Assets	9,078,263. vvvvvvvvv	9,078,263. vvvvvvvvv	9,078,263. vvvvvvvvv
LIABILITIES AND STOCKHOLDER’S EQUITY
Non Current Liabilities
Advances from Affiliates	3,200,000.	3,200,000.	3,200,000.
Total Non Current Liabilities	3,200,000.	3,200,000.	3,200,000.
Total Liabilities	3,200,000.	3,200,000.	3,200,000.

Stockholder’s Equity
Share Capital	1,000,000.	1,000,000.	1,000,000.
Retained Earnings / (Deficit)	(4,878,263.)	(4,878,263.)	(4,878,263.)
Total Stockholders Equity	(5,878,263.)	(5,878,263.)	(5,878,263.)
Total Liabilities & Equity	9,078,263. vvvvvvvvv	9,078,263. vvvvvvvvv	9,078,263. vvvvvvvvv

INCOME STATEMENT

Sales	No Operation	No Operation	375,000.
Gross Profit / (Loss)	No Operation	No Operation	( 992,463.)
Operating Expenses	No Operation	No Operation	682,759.
Net Operating (Loss)	No Operation	No Operation	( 1,675,222.) vvvvvvvvvvv

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.75
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ANK

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%)

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