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MIRA INFORM REPORT
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Report No. : |
485921 |
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Report Date : |
15.01.2018 |
IDENTIFICATION DETAILS
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Name : |
STARI GRAD IMPORTS INCORPORATED |
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Registered Office : |
Warehouse No. 2 934 Tayao Apt., Sibulo 1, Brgy. Nueva, San
Pedro, Laguna |
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Country : |
Philippines |
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Financials (as on) : |
2015 |
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Date of Incorporation : |
18.02.2010 |
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Legal Form : |
Private. Limited Liability Company |
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Line of Business : |
Import, trade, distribute and manufacture
of dairy based ingredients & other food and feeds commodities. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
PHILIPPINES - ECONOMIC
OVERVIEW
The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding outsourcing industry. During 2016, the current account balance narrowed to its lowest level since the 2008 global financial crisis, but nevertheless mustered a surplus for a 14th consecutive year. International reserves remain at comfortable levels and the banking system is stable.
Efforts to improve tax administration and expenditures management have helped ease the Philippines' debt burden and tight fiscal situation. The Philippines received investment-grade credit ratings on its sovereign debt under the former AQUINO administration and has had little difficulty financing its budget deficits. However, weak absorptive capacity and implementation bottlenecks have prevented the government from maximizing its expenditure plans. Although it has improved, the low tax-to-GDP ratio remains a constraint to supporting increasingly higher spending levels and sustaining high and inclusive growth over the longer term.
Economic growth has accelerated, averaging 6.1% per year from 2011 to 2016, compared with 4.5% under the MACAPAGAL-ARROYO government; and competitiveness rankings have improved. Although 2016 saw a record year for net foreign direct investment inflows, FDI to the Philippines has continued to lag regional peers, in part because the Philippine constitution and other laws restrict foreign ownership in important activities/sectors - such as land ownership and public utilities.
Although the economy grew at a faster pace under the AQUINO government, challenges to achieving more inclusive growth remain. Wealth is concentrated in the hands of the rich. The unemployment rate declined from 7.3% to 5.5% between 2010 and 2016 but the jobs are low paying and tedious. Underemployment hovers at around 18% to 19% of the employed. At least 40% of the employed work in the informal sector. Poverty afflicts more than a fifth of the population. More than 60% of the poor reside in rural areas, where the incidence of poverty (about 30%) is more severe - a challenge to raising rural farm and non-farm incomes. Continued efforts are needed to improve governance, the judicial system, the regulatory environment, the infrastructure, and the overall ease of doing business.
2016 saw the election of President Rodrigo DUTERTE, who has pledged to make inclusive growth and poverty reduction his top priority. DUTERTE believes that illegal drug use, crime and corruption are key barriers to economic development among the lower income class. This administration wants to reduce the poverty rate to 14% and graduate the economy to upper-middle income status by the end of President DUTERTE’s term in 2022. Key themes under the government’s Ten-Point Socioeconomic Agenda include continuity of macroeconomic policy, tax reform, higher investments in infrastructure and human capital development, and improving competitiveness and the overall ease of doing business. The administration has vowed to address spending bottlenecks and is pushing for congressional passage of a Comprehensive Tax Reform Program to help finance more aggressive infrastructure and social spending, starting in 2018. The government also supports relaxing restrictions on foreign ownership, except for land.
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Source
: CIA |
Company
name and address
STARI
GRAD IMPORTS INCORPORATED
ANTECEDENT
INFORMATION:
Company: STARI GRAD IMPORTS
INCORPORATED
Address: Warehouse No. 2 934 Tayao Apt., Sibulo 1, Brgy. Nueva,
San Pedro,
Laguna
Country: Philippines
Service Type: Normal
FINDINGS
We conducted research and investigation
on STARI GRAD IMPORTS INCORPORATED and showed the following, viz:
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC):
STARI GRAD IMPORTS INC
Legal Entity -
PRIVATE. Limited Liability
Company
REGISTRATION
(Per
General Information Sheet (GIS) dated Sept. 21, 2015)
Certificate No. : CS201002206
Date : February 18, 2010
Term : Fifty (50) years
Company Type :
Stock Corporation
TIN No. : 007 611 856
g)
Telephone No. : (02) 550 2436 / (02) 782 7635 / 0917 522
7928
Principal Office/Business Address: Warehouse No. 2 934 Tayao Apt., Sibulo 1, Brgy. Nueva,
San Pedro, Laguna
(Note: Currency in Philippine Peso, unless otherwise
specified)
CAPITALIZATION
-
Authorized Capital Stock Type
of Number of Par Value / Amount
Shares Shares Shares Paid
Authorized Capital Stock Common 50,000 100.00 5,000,000.
vvvvvvvvvv
Fully Subscribed & Paid-Up 12,500 1,250,000.
vvvvvvvvvv
PRIMARY
PURPOSE
To import, trade, distribute and manufacture
of dairy based ingredients & other food and feeds commodities.
STOCKHOLDERS/DIRECTORS/OFFICERS
|
Name /
Nationality |
Position |
Amount Paid Up |
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Maria Socorro J. Cortez, Filipino |
Treasurer |
171,875. |
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Brigido A. Cortez, Jr,, Filipino |
Corporate Secretary |
46,875. |
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Ramiro Thadeus J. Javelosa,
Filipino |
President |
31,250. |
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Joselia S. Sabagay,
Filipino |
Director |
31,250. |
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Helen P. Neri, Filipino |
Director |
31,250. |
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TOTAL |
312,500. vvvvvvvv |
BUSINESS
ACTIVITY
Since inception, the company continue to import,
trade, distribute and manufacture dairy based
ingredients
& other food and feeds commodities.
It is a global company that provides food
ingredients and reliable service to manufacturer of beverages, confectioneries,
snacks, bread and other processed foods. Offer customers over fifteen
years of successful experience and we are constantly evolving in order to
become the supplier of choice.
As Food Distributor, the Phil. FDA issued an LTO Number : CFRR-RIV-FI-202, under Class: F1 with validity up to March 11,
2020.
Address: Block 7 Lot 25 Santo Nino Avenue
Extension, Phase 3, Santo Nino
Village, Tunasan, Muntinlupa
City, Metro Manila
Tel.
Nos. 02
862 5716 / 831-0051
FINANCIAL
CONDITION
(Audited Financial Statement for years 2015
& 2014, as compiled)
BALANCE SHEET
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2015 |
2014 |
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ASSETS |
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CURRENT
ASSETS |
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Cash
& Cash Equivalent |
10,271,854. |
4,431,675. |
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Receivables |
17,058,444. |
42,145,478. |
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Inventories
& Supplies |
42,551,286. |
78,763,077. |
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Other
Current Assets |
4,342,006. |
5,726,678. |
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Total Current Assets |
74,223,590. |
131,066,908. |
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NON CURRENT ASSETS |
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Property
& Equipment, net |
NIL |
NIL |
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Other
Non Current Assets |
78,400. |
78,400. |
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Total Non Current Assets |
78,400. |
78,400. |
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TOTAL ASSETS |
74,301,990. vvvvvvvvvv |
131,145,308. vvvvvvvvvvv |
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LIABILITIES & STOCKHODLER’S EQUITY |
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CURRENT LIABILITIES |
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Accounts
Payable - Trade |
60,355,575. |
128,185,894. |
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Accounts
Payable - Non -Trade |
3,382,965. |
289,548. |
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Total Current Liabilities |
63,738,540. |
128,475,442. |
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TOTAL LIABILITIES |
63,738,540. |
128,475,442. |
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STOCKHOLDER’S EQUITY |
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Share Capital |
312,500. |
312,500. |
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Retained Earnings |
10,250,950. |
2,357,366. |
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Total
Equity |
10,563,450. |
2,669,866. |
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TOTAL LIABILITIES &
STOCKHOLDER’S EQUITY |
74,301,990.
vvvvvvvvvv |
131,145,308.
vvvvvvvvvvv |
INCOME
STATEMENT
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REVENUES |
245,188,745. |
315,704,112. |
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Gross Profit |
20,889,706. |
8,622,577. |
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Operating Expenses |
( 9,613,156.) |
( 4,804,041.) |
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Net Income before Income Tax |
11,276,550. |
3,818,536. |
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NET INCOME FOR THE YEAR |
7,893,584.
vvvvvvvvvvvv |
2,672,975.
vvvvvvvvvvv |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.53 |
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1 |
INR 86.05 |
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Euro |
1 |
INR 76.53 |
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PHP |
1 |
INR 1.26 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.