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MIRA INFORM REPORT
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Report No. : |
495424 |
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Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
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Name : |
HAFELE PHILIPPINS INC. |
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Registered Office : |
Levi Mariano Avenue, Brgy. Ususan, Taguig City, NCR |
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Country : |
Philippines |
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Financials (as on) : |
2015 |
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Date of Incorporation : |
15.01.1996 |
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Com. Reg. No.: |
AS92003589 |
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Legal Form : |
Private. A Limited Liability Company |
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Line of Business : |
Subject is engage in the business of trading, importing, distributing or marketing of hardware specialist products, such as fitting product lines, furniture connector, built-in office furniture and store fixtures system, desk base counter and installation of electronic locking system for hotel rooms, as well as, all kinds of goods and merchandise, permitted by law. |
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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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Maximum Credit Limit : |
1,574,520.28 USD |
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Status : |
Satisfactory |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 services industry. During 2017, the current account balance fell into the negative range, the first time since the 2008 global financial crisis, in part due to an ambitious new infrastructure spending program announced this year. However, 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 over 6% per year from 2011 to 2017, 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 limit foreign investment and restrict foreign ownership in important activities/sectors - such as land ownership and public utilities.
Although the economy grew at a rapid 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 underemployment hovers at around 18% to 19% of the employed population. At least 40% of the employed work in the informal sector. Poverty afflicts more than a fifth of the total population but is as high as 75% in some areas of the southern Philippines. 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. The administration wants to reduce the poverty rate to 17% 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 sees infrastructure shortcomings as a key barrier to sustained economic growth and has pledged to spend $165 billion on infrastructure by 2022. However, the need to finance rehabilitation and reconstruction efforts in the southern region of Mindanao following the 2017 Marawi City siege probably will inhibit other spending on infrastructure.
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Source
: CIA |
Company
name and address
Company:
HAFELE PHILIPPINS INC.
Address: Levi Mariaono Avenue, Brgy. Ususan,
Taguig City
Country:
Philippines
Service Type:
Normal
FINDINGS:
We conducted research and investigation on HAFELE PHILIPPINES
INC. and showed the following, viz:
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION
(SEC): HAFELE
PHILIPPINES INC.
Legal Entity
- PRIVATE. A LIMITED LIABILITY
COMPANY
REGISTRATION
(Per General Information Sheet (GIS) filed April 27,
2016.)
Certificate No.
:
AS92003589
Date :
January 15, 1996
Term : Fifty (50) years
Company Type
:
Stock Corporation
Telephone No.
: 815 2326 / 818 6108
Fax No. : 571 3678
Corp. Tax ID No.
:
001 707 726
Address: Levi
Mariano Avenue, Brgy. Ususan, Taguig City, NCR
(Note: Currency in
Philippine Peso, unless otherwise specified)
CAPITALIZATION
(As of 2016)
Authorized
Capital Stock No. of
Shares Par Value Amount
Common
2,900,000 100. 290,000,000.
Preferred 2,226,099 100. 222,609,900.
TOTAL 5,126,099 512,609,900.
vvvvvvvvvvv
Fully
Subscribed & Paid Up 5,126,990 512,609,900.
vvvvvvvvvvvv
PRIMARY PURPOSE: Trading & Importing
STOCKHOLDERS/DIRECTORS/OFFICERS
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Name / Nationality |
Position |
Amount Paid Up |
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Sibylle
Theirer, German |
President |
1,000. |
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Veli
Matti Kaikkonen, Finnish |
Director/General
Manager |
1,000. |
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Jesus
J. Valdez, Filipino |
Treasurer |
1,000. |
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Stefan
Huber, German |
Director |
1,000. |
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Jose N.
Rodulfa, Filipino |
Director |
1,000. |
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Maridel
A. Lardizabal, Filipino |
Corporate
Secretary |
NIL |
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HAFELE
HOLDING GmbH, Germany |
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512,604,900. |
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TOTAL |
512,609,900. vvvvvvvvvvvv |
BUSINESS
ACTIVITY
Hafele Phils. Inc., is
an international company providing hardware and fitting systems and electronic
access conrol systems. It opened
its first office in Pasig City and Cebu in 1995, introducing German quality
hardware fittings to the local furniture and construction industry. In 2009, moved to a
1-hectare lot in Taguig City, with two state-of-the-art buildings. One houses 2
floors of showroom space worth 1,200sqm and the Head Office at the top floor.
The other is a 3,000sqm-wide Warehouse equipped with VNAs that can lift up to
12 meters high.
The company plan to open Showrooms in Pavia & Mandurriao, Iloillo City. Also,
in Davao City.
Products, among others, include – Led Lighting
accessories; Flap Fitting assortment; & Sliding Door fitting.
Due to innovative technology, Häfele is now a market
leader in the field of connector systems. Solutions that have been developed
and manufactured in-house such as Minifix or Maxifix, Rafix or Onefix can be
found in millions of furniture items all over the world.
The company is engage
in the business of trading, importing, distributing or marketing of hardware
specialist products, such as fitting product lines, furniture connector,
built-in office furniture and store fixtures system, desk base counter and
installation of electronic locking system for hotel rooms, as well as, all
kinds of goods and merchandise, permitted by law.
Hotline: 8423353
After Sales Service:
571 3699; 571 3203
Website:
www.hafele.com.ph
Email: info@hafele.com.ph
Abigail.Macalalad@hafele.com.ph
FINANCIAL CONDITION (Audited
Financial Statement for Year 2015, 2014 & 2013, as compiled.)
BALANCE SHEET
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2015 |
2014 |
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Current Assets |
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Cash |
7,032,043. |
16,540,307. |
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Receivables |
204,837,155. |
186,160,905. |
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Loan
Receivable |
63,518,800. |
NIL |
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Inventories |
464,532,787. |
422,710,288. |
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Other
Current Assets |
52,812,653. |
33,837,509. |
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Total Current Assets |
792,733,438. |
659,249,009. |
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Non-Current Assets |
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Loan
Receivable |
NIL |
66,018,800. |
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Software
Cost |
6,794,990. |
9,417,016. |
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Property
& Equipment, net |
232,577,895. |
227,699,178. |
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Deferred
Income Tax Assets |
24,471,760. |
18,040,925. |
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Other
Non Current Assets |
3,568,376. |
861,042. |
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Total Non-Current Assets |
267,413,021. |
322,036,961. |
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TOTAL ASSETS |
1,060,146,459. vvvvvvvvvvvvv |
981,285,970. vvvvvvvvvvvv |
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LIABILITIES &STOCKHOLDERS |
EQUITY |
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Current Liabilities |
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Accts.
Payable & Other Accrued Liabilities |
85,969,903. |
70,528,012. |
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Current
Portion of Notes Payable |
407,720,812. |
401,330,731. |
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Income
Tax Payable |
12,407,735. |
7,960,484. |
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Deposit for
future stock subscription |
NIL |
29,375,000. |
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Total Current Liabilities |
506.098,450. |
509,194,227. |
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Non Current Liabilities |
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Notes
Payable – net current portion |
287,016. |
772,038. |
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Net
Retirement Benefit Liability |
7,905,265. |
7,644,782. |
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Total Non Current Liabilities |
8,192,281. |
8,416,820. |
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Total Liabilities |
514,290,731. |
517,611,047. |
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Equity |
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Preferred
Stock |
222,609,900. |
130,000,000. |
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Common
Stock |
290,000,000. |
290,000,000. |
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Deposit
- future stock subscription |
NIL |
63,234,900. |
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Retained
Earnings |
33,245,828. |
(
19,559,977.) |
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Total Equity |
545,855,728. |
463,674,923. |
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TOTAL LIABILITIES & EQUITY |
1,060,146,459.
vvvvvvvvvvvvv |
981,285,970.
vvvvvvvvvvv |
INCOME
STATEMENT
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NET
SALES |
803,237,790. |
752,740,893. |
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Gross Profit |
372,185,631. |
336,558,083. |
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Operating Expenses |
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General
& Administrative |
(
126,697,480.) |
(110,811,013.) |
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Distributing & Selling |
(
157,518,612.) |
(154,109,491.) |
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Other Income (Charges) |
( 10,345,298.) |
( 9,758,755.) |
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Income before Income Tax |
77,624,241. |
61,878,824. |
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TOTAL
COMPREHENSIVE INCOME |
53,076,707.
vvvvvvvvvvv |
43,509,904.
vvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.22 |
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1 |
INR 89.70 |
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Euro |
1 |
INR 79.50 |
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PHP |
1 |
INR 1.25 |
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 : |
DNS |
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.