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MIRA
INFORM REPORT
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Report No. : |
508198 |
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Report Date : |
11.05.2018 |
IDENTIFICATION DETAILS
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Name : |
HUNDREDFOLDS INDUSTRIES CORPORATION |
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Registered Office : |
HIC Bldg., Lot B –
4-C, Park Avenue, JEREZA Subdivision, Brgy. W. Aquino, Davao City |
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Country : |
Philippines |
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Financials (as on) : |
2014 |
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Date of Incorporation : |
11.02.2003 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged
in the business of trading and services of goods, such as, industrial
machinery parts and supply, on wholesale and retail basis. |
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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 : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum credit limit : |
USD 60,773 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 |
ANTECEDENT INFORMATION
Company: HUNDREDFOLDS INDUSTRIES CORP.
Address: HIC Building, Lot B4C,
Park Avenue, JEREZA S Subdivision, Brgy.
Wilfredo Aquino, Davao City
Country: Philippine
Service Type: Normal
FINDINGS
We conducted research
and investigation on HUNDREDFOLDS INDUSTRIES CORP., and showed the following,
viz:
VERIFICATION
WITH SECURITIES & EXCHANGE COMMISSION (SEC): HUNDREDFOLDS INDUSTRIES CORPORATION.
Legal Entity -
PRIVATE. A LIMITED LIABILITY COMPANY
REGISTRATION
(Latest General
Information Sheet (GIS). Latest
available Sept. 09, 2014.
Certification
No. : CS200301865
Date : February 11, 2003
Type of
Organization : Stock Corporation
Terms : 50 years
Address: HIC Bldg., Lot B – 4-C, Park Avenue, JEREZA
Subdivision, Brgy. W. Aquino, Davao City
(Note: Currency in Philippine Peso, unless otherwise
specified)
CAPITALIZATION
Kind of Stock No.
of Shares Par Value
Amount
Authorized Capital
Stock Common 10,000 100. 1,000,000.
Fully Subscribed
& Paid Up
1,000,000.
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Stockholder/Nationality |
Position |
Amount |
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Romeo B. Sonico,
Filipino |
Chairman/President |
169,400. |
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Marynor Grace I.
Sonico, Filipino |
Vice President |
165,300. |
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Marnie Grace I.
Sonico, Filipino |
Secretary/Treasurer |
169,400. |
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Mario M. Intrina,
Filipino |
Director |
165,300. |
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Marleon B. Intrina,
Filipino |
Director |
165,300. |
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Robert B. Sonico,
Filipino |
Director |
165,300. |
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TOTAL |
1,000,000. |
BUSINESS ACTIVITY
Engaged in the
business of trading and services of goods, such as, industrial machinery parts
and supply, on wholesale and retail basis.
Since 2001, President & General Manager, ROMEO SONICO. Previously connected with ULTRAFILER (1997 –
2003)
HUNDREDFOLDS INDUSTRIES Corporation (HIC) was esta blished on February 2003 by people who
engaged in selling and establishing industrial products for more than 15 years.
Basically the company caters to various industries and hospitals in the
Philippines and focuses on medical oxygen generator and medical gas
distribution system and its accessories for medical and industrial application.
HIC also promotes industrial products such as air compressor, compressed air
purification equipment and its services, vacuum pump, mechanical seals and
instrumentation equipment, nitrogen,
oxygen concentrator, medical air supplier and others.
Address: 1)
HIC Bldg., Lot B4C, Park Avenue, Geresa
Subdivision, Wilfredo Aquino (Agdao), Davao City, 8000, Davao del Sur
Email: hundredfolds@yahoo.com
Tel. No. : (082) 286 2536
FINANCIAL CONDITION
(Audited Financial
Statement for Year 2014 and 2013, as compiled.)
BALANCE SHEET
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2014 |
2013 |
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ASSETS |
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Current
Assets |
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Cash |
24,227,308. |
12,763,745. |
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Trade
& Other Receivables |
694,167. |
NIL |
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Total Current Assets |
24,921,475. |
12,763,745. |
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Non-Current Assets |
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Property
& Equipment, net |
8,017,602. |
8,119,106. |
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Investment |
4,000. |
4,000. |
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Total Non-Current Assets |
8,021,602. |
8,123,106. |
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TOTAL ASSETS |
32,943,077. |
20,886,851. |
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LIABILITIES & STOCKHOLDER’S EQUITY |
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Current Liabilities |
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Loan
Payable |
5,000,000. |
7,500,000. |
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Other
Payables & Accrued Expenses |
2,829,607. |
144,567. |
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Income Tax Payable |
4,003,163. |
319,674. |
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Total Current Liabilities |
11,832,770. |
7,694,241 |
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Total Liabilities |
11,832,770. |
7,694,241 |
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Equity |
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Share
Capital |
5,000,000. |
826,400. |
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Retained
Earnings |
12,096,210. |
9,811,187. |
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Dividend |
( 9,000,000.) |
NIL |
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Balance |
3,096,210. |
9,811,187. |
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Net
Income after Tax |
13,014,098. |
2,285,023. |
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Balance,
End of the year |
16,110,308. |
12,096,210. |
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Total Equity |
21,110,308. |
13,192,610. |
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TOTAL
LIABILITIES & STOCKHOLDER’S
EQUITY |
32,943,078. |
20,886,851. |
INCOME
STATEMENT
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SALES |
92,562,648. |
28,160,127. |
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GROSS
PROFIT |
34,158,159. |
15,402,666. |
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Operating Expenses |
(
15,566,590.) |
(
12,138,347.) |
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Income/(Loss)
before Tax |
18,591,569. |
3,264,319. |
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NET
INCOME |
13,014,098. |
2,285,023. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.38 |
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1 |
INR 91.39 |
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Euro |
1 |
INR 79.89 |
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PHP |
1 |
INR 1.29 |
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 : |
SYL |
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.