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| Photo from Ravinian Distributors website |
Coming from profit drop,
China
Ravinian Distributors Inc.,
"which is doing business under the name and style of Lifan cars," is
now selling six models of the Chinese vehicle.
A flyer said that the Philippine
distributor of products by Chinese conglomerate Chongqing Lifan Co. Ltd. is now
selling the LF320, Foison MIni van, the LF520, LF620, and the 1.3MT-mini truck.
The revelation comes after Ravinian posted a 39.66-percent drop in gross profit in 2011 to 5.31
million pesos from 8.8 million pesos in 2010, the company's latest report submitted to the
Securities and Exchange Commission bared.
The company posted in
2011 a net loss of 0.756 million pesos from a net income after tax of 0.673
million pesos in 2010.
Registered with the SEC
on August 22, 2007, with nine million pesos in total paid-up capital, Ravinian
opened its first showroom in 2009 and started introducing the Lifan- branded vehicles
in the market.
The company's website
said it spent 20 million pesos to build its showroom in Quezon City
The company introduced
its flagship model LF520 1.3-liter and 1.6-liter compact sedans. The flyer says
Ravinian is selling LF520 units today at 0.498 million pesos, 0.528 million pesos,
and 0.588 million pesos.
The firm said it
introduced that year its LF620 model, the LF320, and its SUV.
 |
| Photo from Ravinian Distributors website. |
A flyer said three
variants of the mini-cooper-looking LF320 are being sold today at 0.498 million
pesos, 0.545 million pesos, and 0.568 million pesos.
The Foison MIni van
carries a tag price of 0.525 million pesos for a standard 8-seater unit. The
flyer says the company is selling 7-, 8-, and 11- seater units.
The company said it is
"in the process of building its goal to be the first China-made passenger
car to be assembled in the Philippines
Ravinian also disclosed
to the SEC that it has taken out a loan of five million pesos due to different
banks at an interest rate between 7.5 to 8 percent annually “which is used as
working capital of the company.”
The company said the loan
is “renewed regularly with management discretion and the interest expenses were
recorded as expenses:
|
|
2011
|
2010
|
|
Interest expense
|
PhP442,264
|
PhP 672,000
|
The company’s financial
position in 2011 is below, excerpted from a report submitted to the SEC:
STATEMENT OF FINANCIAL POSITION
With comparative figures (in
pesos) for year 2010
|
|
NOTES
|
2011
|
2010
|
|
Total
current assets
|
|
14,952,353
|
26,823,992
|
|
Revenues
|
2, 3,
17
|
14,285,146
|
27,605,452
|
|
Cost
of sales
|
2, 3,
18
|
8,976,347
|
18,806,760
|
|
Gross
profit
|
|
5,308,799
|
8,798,692
|
|
Net income
after tax
|
|
(756,549)
|
673,863
|
[Written by:
Dennis D. Estopace, Reporter
BusinessMirror newspaper.
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