ourvision our mission - card mri clfc... · friendly technologies to filipinos in the off-grid...

Our Mission

CARD LFC is committed to:

• Provide the clients with the highest quality but affordable leasing and financing services that can boost their productivity, income and sustainability.

About the Cover

OurVision

The Philippines’ leading leasing and financing company for economically-challenged families, micro, small, medium and social enterprises towards nation building.

About the CoverHelping other people, reaching out to them. It is our joy to extend our arms to someone. That is our stand in CARD Leasing and Finance Corporation because we are embedded with a heart of providing great service for the people.

As we joined our hands, it mutually sealed our commitment that we are great partners. No one can break our ties.

• To support the rural electrification and climate change agenda of the Philippines by promoting practical and cost effective environmentally-friendly technologies to Filipinos in the off-grid rural areas as well as in other urban communities.

CARD LFC Annual Report 20133

Julius Adrian A. AlipPresident/CEO

The President’s Report

As a spin-off from the CARD-Business Development Service Foundation, Inc. (CARD-BDSFI), CARD Leasing and Finance Corporation (CARD LFC) becomes the 11th addition to the CARD MRI family. By providing professionalized services, the CARD MRI is able to benefit from CARD LFC’s better services and better pricing.

CARD LFC, though, believe that these services should be extended beyond the CARD MRI to reach higher volume and scale that can be translated to lower cost of delivery and better services for the clients. On the other hand, its clients are able to broaden their choices, meet their personal needs and upgrade their business requirements at a very affordable rate.

In 2013, CARD LFC provided finance lease to CARD MRI staff and selected CARD clients who cannot be served by formal banks and the results were impressive. We served a total of 626 clients, both individuals and institutions. In the next years to come, CARD LFC will expand its Finance Lease services to other microfinance institutions, social enterprises, cooperatives and micro small and medium enterprises (MSMEs). In collaboration with CARD-BDSFI, partners and other stakeholders, CARD LFC will continue its mission of supporting rural electrification and energy efficiency projects.

4CARD LFC Annual Report 2013

With you every step of the wayCARD LFC is manned only by eight dedicated and well-rounded staff. All were equipped with expertise and guided by the general rule that “customer is always right.” Our clients were stunned how competent our staff is in handling their tasks. They also commended the promptness of the staff in responding to their needs and the warm accommodation they get whenever they enter the company premises. We at CARD LFC always assure the best service for our clients.

The positive feedbacks we get from our clients enable us to improve our efficiency and effectiveness even more. In the year ahead, we are planning to invest on a reliable system that will automate reports. This will also enable our clients to view their billings and balances online. It is also our plan to assist the CARD MRI clients who needs financing and leasing services, which other financial institutions have not yet provided. We understand that there are some entrepreneurs who still have the capacity to pay but are limited in loaning from banks due to legal restrictions.

Expect us in the next years to come that we will never get tired in doing our best and we will continue to help our clients in the best way we can. We are with you every step of the way!

Services in full circleThe birth of CARD LFC is another mark that the CARD Mutually Reinforcing Institutions (CARD MRI) aim at providing our clients with services in full circle.

As a new institution, CARD LFC strives to explore different dimensions and perspectives through aggressive but cautious approach that will set our own identity as a leasing and financing company. We learned and adopted methodologies that would work for our clients from our previous experiences with CARD-BDSFI.

Currently, there are three services in store for our clients: Operating Lease, Financing and Printing. Operating Lease enables us to support the operations of CARD MRI by providing them office supplies and equipment.

We are overwhelmed with the response we got from the institutions and their respective staff. We are glad to report that our first year in business has brought out impressive results.


Our LocationM.L. Quezon St., City Subdivision, San Pablo City, LagunaPhilippines

Our Partners

Jump Solutions, Inc.Forefront Innovative Technologies, Inc.Mirophase CorporationGrouptechADECS International CorporationCentury Office Equipment TradingSFM Sales CorporationToyota San PabloHonda Cars San PabloChevroletRohaca Typograph PrintshopLorelits PrintshopFervil Printhaus

Chiaro Printing PressJovellanos Printing Press2HD Computer VenturesFVP Framing and General ServicesTriplex Enterprises IncorporatedMicrotech Systems Services & Equipment CorporationSunlife BookstoresTrojan Envelope ManufacturingUBIX CorporationDigital PressLens and Threads


Board of Directors

Aristeo A. DequitoChairman

Vicente P. Briones Jr.Vice Chairman

Julius Adrian R. AlipPresident

May S. DawatTreasurer

Anatalia BuenaventuraCorporate Secretary

Jocelyn D. DequitoMember

Rodessa R. BurgosMember

Our Team

Staffing

Julius Adrian R. AlipPresident and CEO

Ma. Rodessa R. BurgosFinance Manager

Kristine RejanoFinance Officer

Tessa San PabloBookkeeper

Gil BartolomeAccount Officer

Ferdinand EmataPrinting Officer

Jose SisonPrinting Officer

Marlon RombanoPrinting Assistant


Operating LeaseThis enables us to support the operations of CARD MRI by providing them office supplies and equipment. We ensure that we provide them the best price and the finest quality products backed-up with our after sales service.


Finance Lease/FinancingFinance Lease, on the other hand, gives delight to all gadgets enthusiasts and frills fanatics. We find ways in connecting them to the advanced technology and we make sure no one is left behind by the fast-changing world. This charter also offers leasing of equipment, machineries, and vehicles for expansion of our client’s businesses.


PrintingWe offer to give the best and affordable printing services for our clients’ total satisfaction.


Financial Statements

CARD LFC Annual Report 201311*SGVFS007211*

CARD LEASING AND FINANCE CORPORATION STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2013 ASSETS

Current Assets Cash (Note 4) P=7,217,494 Trade and other receivables (Note 5) 8,609,454 Inventories (Note 6) 2,414,149 Other current assets (Note 7) 1,422,041 Total Current Assets 19,663,138

Noncurrent Assets Trade and other receivables - net of current portion (Note 5) 9,983,884 Equipment held for lease (Note 8) 30,519,035 Property and equipment (Note 9) 677,544 Intangible asset (Note 10) 2,270,833 Total Noncurrent Assets 43,451,296 P=63,114,434

LIABILITIES AND EQUITY

Current Liabilities Trade and other payables (Note 11) P=5,615,867 Income tax payable 1,708,530 Loans payable (Note 12) 6,616,602 Total Current Liabilities 13,940,999

Noncurrent Liabilities Loans payable - net of current portion (Note 12) 13,277,681 Retirement liabilities (Note 19) 1 Deferred tax liabilities (Note 20) 96,995 Total Noncurrent Liabilities 13,374,677 Total Liabilities 27,315,676

Equity Capital stock (Note 13) 30,143,800 Retained earnings 5,428,637 Remeasurement gain on retirement plan (Note 19) 226,321 Total Equity 35,798,758 P=63,114,434 See accompanying Notes to Financial Statements.


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CARD LEASING AND FINANCE CORPORATION STATEMENT OF INCOME FOR THE PERIOD JANUARY 10 TO DECEMBER 31, 2013* OPERATING INCOME Sales from printing P=61,181,009 Cost of sales (Note 14) (50,152,240) Gross income from printing 11,028,769 Rental and finance income (Note 15) 11,431,664 Interest income (Notes 4 and 16) 935,722 23,396,155

EXPENSES Depreciation and amortization (Notes 8, 9 and 10) 5,660,337 Compensation and benefits (Note 17) 2,755,479 Seminars and meetings 1,027,496 Program monitoring and evaluation 906,449 Provision for credit losses (Note 5) 906,047 Insurance 782,538 Staff training and development 731,767 Taxes and licenses 667,502 Transportation and travel 343,522 Supplies and materials 293,283 Interest (Note 12) 216,380 Utilities 187,969 Management and other professional fees 166,120 Rental (Note 15) 120,000 Miscellaneous (Note18) 239,757 15,004,646

INCOME BEFORE INCOME TAX 8,391,509

PROVISION FOR INCOME TAX (Note 20) 2,962,872

NET INCOME AFTER TAX P=5,428,637 * The Company was registered with the Securities and Exchange Commission and started commercial operations on

January 10, 2013. See accompanying Notes to Financial Statements.


CARD Leasing and Finance Corporation STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD JANUARY 10 TO DECEMBER 31, 2013*

Capital Stock

(Note 13) Retained Earnings

Remeasurement Gain on

Retirement Plan (Note 19) Total

Balances at beginning of period P=– P=– P=– P=–

Issuance of capital stock 30,143,800 – – 30,143,800

Comprehensive income for the period – 5,428,637 226,321 5,654,958

Balance at end of period P=30,143,800 P=5,428,637 P=226,321 P=35,798,758 * The Company was registered with the Securities and Exchange Commission and started commercial operations on January 10, 2013. See accompanying Notes to Financial Statements.


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CARD LEASING AND FINANCE CORPORATION STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD JANUARY 10 TO DECEMBER 31, 2013*

NET INCOME AFTER TAX P=5,428,637

CHANGE IN REMEASUREMENT GAIN ON RETIREMENT PLAN - NET (Note 19) 323,316

INCOME TAX EFFECT (96,995)

TOTAL COMPREHENSIVE INCOME P=5,654,958 * The Company was registered with the Securities and Exchange Commission and started commercial operations on January 10, 2013. See accompanying Notes to Financial Statements.


CARD LEASING AND FINANCE CORPORATION STATEMENT OF CASH FLOWS FOR THE PERIOD JANUARY 10 TO DECEMBER 31, 2013 CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax P=8,391,509 Adjustments for: Depreciation and amortization (Notes 8, 9 and 10) 5,660,337 Provision for credit losses (Note 5) 906,047 Interest expense (Note 12) 216,380 Operating income before changes in operating assets and

liabilities 15,174,273 Changes in operating assets and liabilities: Increase in: Trade and other receivables (19,499,385) Inventories (2,414,149) Other current assets (1,422,041) Increase in: Trade and other payables 5,535,437 Retirement liabilities (Note 19) 323,317 Net cash used in operations (2,302,548) Income taxes paid (1,254,342) Net cash used in operating activities (3,556,890)

CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions of: Equipment held for lease (Note 8) (35,525,671) Property and equipment (Note 9) (1,102,078) Intangible asset (Note 10) (2,500,000) Cash used in investing activities (39,127,749)

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from: Issuance of capital stock (Note 13) 30,143,800 Availment of loans (Note 12) 20,000,000 Discount from loans (105,717) Interest paid (135,950) Net cash provided by financing activities 49,902,133

CASH AT END OF PERIOD (Note 4) P=7,217,494 * The Company was registered with the Securities and Exchange Commission and started commercial operations on January 10, 2013. See accompanying Notes to Financial Statements.


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CARD Leasing and Finance Corporation NOTES TO FINANCIAL STATEMENTS 1. Company Information

CARD Leasing and Finance Corporation (the Company) was registered with the Philippine Securities and Exchange Commission (SEC) and started commercial operations on January 10, 2013. The main purpose of the Company is to extend credit facilities to consumer and industrial, commercial or agricultural enterprises by direct lending, or by discounting or factoring commercial papers or account receivables or by buying and selling contracts without quasi-banking activities. The Company’s principal place of business is at 20 M.L. Quezon Street, City Subdivision, San Pablo City, Laguna.

2. Summary of Significant Accounting Policies

Basis of Preparation The accompanying financial statements have been prepared on a historical cost basis and are presented in Philippine Peso, the Company’s functional currency. All values are rounded to the nearest peso unless otherwise indicated. Statement of Compliance The accompanying financial statements of the Company have been prepared in accordance with Philippine Financial Reporting Standards for Small and Medium-sized Entities (PFRS for SMEs). Cash Cash includes cash on hand and in banks. Cash in banks represent savings deposits in banks that earn interest at the respective bank deposit rates and are subject to insignificant risk of changes in value.

Trade and Other Receivables Trade and other receivables are recognized at transaction price and carried at amortized cost using effective interest method. At the end of each reporting period, the carrying amounts of trade and others receivables are reviewed to determine whether there is any objective evidence that the amounts are not recoverable. If so, an impairment loss is recognized immediately in the statement of income. If there is objective evidence that an impairment loss on trade and other receivables has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate (i.e., the effective interest rate computed at initial recognition). The carrying amount of the asset or group of assets shall be reduced either directly or through the use of an allowance account. The amount of the loss shall be recognized in the statement of income.


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Derecognition of Financial Assets A financial asset is derecognized only when: 1. the contractual rights to the cash flows from the financial asset have expired or are settled; or 2. the Company transfers to another party substantially all of the risks and rewards of ownership

of the financial asset; or 3. the Company, despite having retained some significant risks and rewards of ownership, has

transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the Company derecognizes the asset, and recognizes separately any rights and obligations retained or created in the transfer.

If a transfer does not result in derecognition because the Company has retained significant risks and rewards of ownership of the transferred asset, the Company continues to recognize the transferred asset in its entirety and recognizes a financial liability for the consideration received. The asset and liability shall not be offset. In subsequent periods, the Company recognizes any income on the transferred asset and any expense incurred on the financial liability.

Inventories Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs of inventories include all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. The Company inventories are accounted for on a first-in, first-out basis. Inventories are recognized as an expense when sold, the Company shall recognize the carrying amount of those inventories as an expense in the period in which the related revenue is recognized.

Other Current Assets Other current assets pertain to value added tax (VAT) and prepaid expenses held by the Company for consumption within the Company’s normal operating cycle. Input vat arises from the excess of input vat on purchases over sales. Prepaid expenses pertain to advances and prepayments and are measured at cost.

Equipment Held for Lease and Property and Equipment Equipment held for lease and property and equipment are carried at cost less accumulated depreciation, and any impairment in value. The initial cost of equipment held for lease or property and equipment is comprised of its purchase price and any directly attributable costs of preparing the asset for its intended use. Expenditures incurred after the items of equipment held for lease or property and equipment have been put into operation, such as repairs and maintenance, are charged against the statement of income. In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in the future benefits expected to be obtained from the use of an item of equipment held for lease or property and equipment beyond its originally assessed standard of performance, the expenditures are capitalized as additional costs of the asset. Depreciation is calculated using the straight-line method over the estimated useful life (EUL) of three years for all items of equipment held for lease and property and equipment. The depreciation method and the EUL of the equipment held for lease and property and equipment are reviewed periodically to ensure that the period and method used are consistent with the expected pattern of economic benefits from such assets.


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When equipment held for lease or property and equipment are retired or otherwise disposed of, the cost and the related accumulated depreciation and any impairment in value are removed from the accounts, and any resulting gain or loss is credited to or charged against the statement of income. Intangible Asset Intangible asset pertains to a well-developed program that is stated at cost less accumulated amortization and any accumulated impairment loss. This is amortized over the estimated useful life of 10 years using straight-line method. If there is an indication that there has been a significant change in amortization date, useful life of an intangible asset, the amortization is revised prospectively to reflect the new expectations. The Company shall derecognise an intangible asset, and shall recognise in the statement of income: 1. on disposal, or 2. when no future economic benefits are expected from its use or disposal. Asset Impairment At each reporting date, other current assets, equipment held for lease, property and equipment and intangible assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset (or group of related assets) is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognized immediately in the statement of income. Similarly, at each reporting date, inventories are assessed for impairment by comparing the carrying amount of each item of inventory with its selling price less cost to complete and sell. If an item of inventory is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognized immediately in the statement of income. If an impairment loss subsequently reverses, the carrying amount of the asset (or group of related assets) is increased to the revised estimate or its recoverable amount but not in excess of the amount that would have been determined had no impairment loss been recognized for the asset (or group of related assets) in prior years. A reversal of an impairment loss is recognized immediately in the statement of income. Trade and Other Payables Trade payables are obligations on the basis of normal credit terms and do not bear interest. These are recognized in the period in which the related money, goods, or services are received or when a legally enforceable claim against the Company is established or when the corresponding assets or expenses are recognized. Loans Payable Loans payable is initially recognized at the transaction price less directly attributable transaction costs. After initial recognition, it is subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by taking into account any discount or premium on the issue and fees that are an integral part of the effective interest rate. Derecognition of Financial liabilities A financial liability (or a part of a financial liability) is derecognized only when it is extinguished (i.e., when the obligation specified in the contract is discharged, is cancelled or expires). When an existing financial liability is replaced by another from the same lender on substantially different


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terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the statement of income. Equity Capital stock is recognized as issued when the stock is paid for or subscribed under a binding subscription agreement and is measured at par value. Retained earnings represent the cumulative balance of periodic net income or loss and dividend declarations. Revenue Recognition Revenue is recognized to the extent that it is probable that economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received, excluding discounts and sales tax. The Company is acting as a principal in all its arrangement transactions.

The following specific recognition criteria must also be met before revenue is recognized:

Sales from printing Sales from printing are recognized when printing services are completed or rendered.

Rental and finance income Leasing income pertains to income from operating and finance leases. Income from operating lease is recognized on a straight-line basis over the lease term.

For finance lease, the excess of aggregate lease rentals plus the estimated residual value over the cost of the leased equipment constitutes the unearned lease income. Residual values represent estimated proceeds from the disposal of equipment at the time the lease is terminated. The unearned lease income is amortized over the term of the lease, commencing on the month the lease is executed, based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the finance lease.

Interest income Interest income pertains to interest on receivables financed and on cash in banks. Interests on receivables financed are included in the face value of the receivables with a corresponding credit to the `Unearned income’ account. This is amortized to income over the term of the financing agreement using the effective interest method. Interest on cash in banks are recognized as interest accrues, taking into account the effective yield on the asset.

Cost and Expense Recognition Costs and expenses are recognized in the statement of income when decrease in future economic benefit related to a decrease in an asset or an increase in a liability has arisen that can be measured reliably.

Costs and expenses are recognized in the statement of income: On the basis of a direct association between the costs incurred and the earning of specific

items of income; On the basis of systematic and rational allocation procedures when economic benefits are

expected to arise over several accounting periods and the association can only be broadly or indirectly determined; or


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Immediately when expenditure produces no future economic benefits or when, and to the extent that, future economic benefits do not qualify or cease to qualify, for recognition in the statements of financial position as an asset.

Leases The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset. A reassessment is made after inception of the lease only if one of the following applies:

a. There is a change in contractual terms, other than a renewal or extension of the arrangement; b. A renewal option is exercised or extension granted, unless that term of the renewal or

extension was initially included in the lease term; c. There is a change in the determination of whether fulfillment is dependent on a specified

asset; or d. There is a substantial change to the asset.

Where a reassessment is made, lease accounting shall commence or cease from the date when the change in circumstances gave rise to the reassessment for scenarios (a), (c) or (d) above, and at the date of renewal or extension period for scenario (b). Company as lessor Finance leases, where the Company transfers substantially all the risk and benefits incidental to ownership of the leased item to the lessee, are included in the statement of financial position under ‘Trade and other receivables”. A lease receivable is recognized at an amount equivalent to the net investment in the lease, equivalent to the cost of the leased asset. All income resulting from the receivable is included under “Rental and finance income” in the statement of income. Leases where the Company does not transfer substantially all the risk and benefits of ownership of the assets are classified as operating leases. Initial direct costs incurred in negotiating operating leases are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as the rental income. Contingent rents are recognized as revenue in the period in which they are earned.

Company as lessee Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases. Operating lease payments are recognized as an expense in the statement of income on a straight-line basis over the lease term.

Borrowing Cost All borrowing costs are recognized in the statement of income in the period in which they are incurred. Retirement Liabilities The Company has a funded noncontributory defined benefit retirement plan. The Company’s retirement costs are actuarially determined using the projected unit credit method and incorporates assumptions concerning employee’s projected salaries. The pension is recognized during the employee’s period of service and discounted using the market yields of government bonds. Actuarial gains and losses are recognized in the period in which they occur in other comprehensive income as an accounting policy election.


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Income Taxes Current tax Current tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities.

Deferred tax Deferred tax is provided, using the balance sheet liability method, on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax liabilities are recognized for all temporary differences that are expected to increase taxable profit in the future. Deferred tax assets are recognized for all deductible temporary differences, carryforward of unused tax credits from the excess of minimum corporate income tax (MCIT) over the regular corporate income tax (RCIT) and unused net operating loss carryover (NOLCO). Deferred tax assets are measured at the highest amount that, on the basis of current or estimated future taxable profit, is more likely than not to be recovered. The Company is not yet subject to MCIT as it only started its commercial operations in 2013.

The net carrying amount of deferred tax assets is reviewed at each reporting date and is adjusted to reflect the current assessment of future taxable profits. Any adjustment is recognized in the statement of income. Deferred tax is calculated at the tax rates that are expected to apply to the taxable profit (loss) of the periods in which it expects the deferred tax assets to be realized or the deferred tax liability to be settled, on the basis of tax rates that have been enacted or substantively enacted by the end of the reporting period. A valuation allowance is provided, on the basis of past years and future expectations, when it is not probable that taxable profits will be available against which the future income tax deductions can be utilized.

Provisions Provisions are recognized when: (a) the Company has an obligation at the reporting date as a result of a past event; (b) it is probable (i.e., more likely than not) that the entity will be required to transfer economic benefits in settlement; (c) and the amount of the obligation can be estimated reliably. Where the Company expects some or all of the provision to be reimbursed, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a borrowing cost. Provisions are reviewed at each reporting date and adjusted to reflect the current best estimates. Related Party Transactions Related party transactions pertain to transfers of resources, services or obligations between related parties, regardless of whether a price is charged. Related party transactions are recorded upon actual transfer of resources, services or obligations. Related party transactions are reported under “Trade and other receivables” or “Trade and other payables” accounts in the statements of financial position, as appropriate.


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Contingencies Contingent liabilities are not recognized in the financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent assets are not recognized in the financial statements but are disclosed when an inflow of economic benefits is probable.

Events after the Reporting Period Post year-end events that provide additional information about the Company’s financial position at reporting date (adjusting events) are reflected in the financial statements. Post year-end events that are not adjusting events are disclosed in the notes to the financial statements, when material.

3. Significant Accounting Judgments and Estimates

The preparation of financial statements in accordance with PFRS for SMEs requires the Company to make judgments and estimates that affect the reported amounts of assets, liabilities, income, and expenses, and disclosures relating to contingent assets and contingent liabilities. Future events may occur which may cause the assumptions used in arriving at the estimates to change. The effects of any change in judgments and estimates are reflected in the financial statements as they become reasonably determinable.

Judgments and estimates are continually evaluated and are based on expectations of future events that are believed to be reasonable under the circumstances.

Critical judgments and estimates that have a significant risk of material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

Judgments a. Operating leases

Company as a lessor under operating leases The Company has entered into leases of “Equipment held for lease”. The Company has determined that it retains all the significant risks and rewards of ownership of these properties which are leased out on operating leases (see Note 15). Company as lessee under operating lease The Company has entered into a cancellable lease agreement on the premises it occupies. The Company has determined that the lessor retains all significant risks and rewards of ownership of the premises it leases (see Note 15).

b. Finance leases

The Company has entered into finance leases as a lessor. The Company has determined that it transfers all the significant risks and rewards of ownership of these properties which are leased out under finance leases (see Note 15).

c. Going concern

The Company’s management has made an assessment of the Company’s ability to continue as a going concern and is satisfied that the Company has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Company’s ability to continue as a going concern. Therefore, the financial statements continue to be prepared on the going concern basis.


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Estimates a. Impairment of trade and other receivables

The Company assesses its trade receivables for impairment at each reporting date. As at December 31, 2013, the Company determined that there is no objective evidence that the amounts are not recoverable. The carrying amounts of trade and other receivables are disclosed in Note 5.

b. Impairment of nonfinancial assets

The Company assesses impairment of other current assets, equipment held for lease, property and equipment and intangible asset whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the Company considers important which could trigger an impairment review include significant underperformance relative to expected historical or projected future operating results and significant changes in the manner of use of the acquired assets or the strategy for overall business. Inventories are assessed for impairment by comparing the carrying amount of each item of inventory with its selling price less cost to complete and sell. No impairment loss for nonfinancial assets was recognized in 2013. As at December 31, 2013, the carrying values of inventories, other current assets, equipment held for lease, property and equipment and intangible asset are disclosed in Notes 6, 7, 8, 9 and 10, respectively.

c. Estimated useful lives of equipment held for lease, property and equipment and intangible

asset The Company reviews annually the EUL of equipment held for lease, property and equipment and intangible asset based on the period over which these are expected to be available for use. It is possible that future results of operations could be materially affected by changes in these estimates. A reduction in the EUL of these assets would increase recorded depreciation and amortization and decrease the carrying values. The accounting policy for the estimated useful lives of equipment held for lease, property and equipment and intangible asset are disclosed in Note 2 to the financial statements.

d. Recognition of deferred tax asset Deferred tax assets are recognized for all temporary differences that are expected to reduce taxable profit in the future and for the carryforward of unused tax losses and unused tax credits. The Company reviews the net carrying amount of a deferred tax asset at each reporting date and shall adjust the valuation allowance to reflect the current assessment of future taxable profits. Such adjustment shall be recognized in the statement of income, except that an adjustment attributable to an item of income or expense recognized as other comprehensive income shall also be recognized in other comprehensive income. As at December 31, 2013, the Company recognized deferred tax assets but provided full valuation allowance on the basis of future expectations as disclosed in Note 20.

d. Present value of retirement liabilities

The determination of the liability and pension cost is dependent on the selection of certain assumptions by management. Those assumptions used in the calculation of pension cost are described in Note 19.


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4. Cash

This account consists of:

Petty cash P=10,000 Cash in banks 7,207,494 P=7,217,494

Cash in banks consist of savings deposit accounts, earning at annual interest rates ranging from 0.25% to 1.00%. Interest income earned from cash in banks amounted to P=0.05 million in 2013 (see Note 16).

5. Trade and Other Receivables


Trade: Lease receivables P=14,094,741 Receivables financed 8,211,338 22,306,079 Less unearned income 4,185,693 18,120,386 Other receivables: Receivables from related parties (Note 21) 1,349,643 Accounts receivable 29,356 19,499,385 Less allowance for credit losses 906,047 Total trade and other receivables 18,593,338 Less noncurrent portion 9,983,884 Current portion P=8,609,454

Lease receivable pertains to finance lease of transportation vehicles, computer equipment and gadgets. As at December 31, 2013, there are no receivables pertaining to operating leases. Receivable financed consists of loans to employees of the Company’s related parties.

An analysis of trade receivables as at December 31, 2013 is presented as follows:

Lease

receivables Receivables

financed Total

Trade P=14,094,741 P=8,211,338 P=22,306,079 Less unearned income 2,404,964 1,780,729 4,185,693 11,689,777 6,430,609 18,120,386 Less allowance for credit losses 584,516 321,531 906,047 11,105,261 6,109,078 17,214,339 Less noncurrent portion 5,835,656 4,148,228 9,983,884 Current portion P=5,269,605 P=1,960,850 P=7,230,455


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Movements in the allowance for credit losses are as follows:

Lease

receivables Receivables

finance Total Balance at beginning of period P=– P=– P=– Provision during the period 584,516 321,531 906,047 Balance at end of period 584,516 321,531 906,047 Less noncurrent portion 307,140 103,203 410,343 Current portion P=277,376 P=218,328 P=495,704

Impairment of trade and other receivables is assessed collectively. The reconciliation of gross investment in the lease and the present value of minimum lease payments receivable as at December 31, 2013 is presented as follows:

Not later than

1 year Later than 1 year

up to 5 years Gross investment P=6,863,309 P=7,231,432 Less unearned income 1,316,328 1,088,636 Net investment 5,546,981 6,142,796 Less allowance for credit losses 277,376 307,140 Net investment P=5,269,605 P=5,835,656

6. Inventories


Supplies P=1,707,529 Ink and toners 706,620 P=2,414,149

Supplies pertain to forms, slips and ledgers available for sale to clients. Ink and toners are used in the Company’s rendering of printing services. The cost of inventories recognized under “Cost of sales” in the statement of income amounted to P=50.15 million (see Note 14).

7. Other Current Assets


Input value-added taxes (VAT) P=1,182,498 Prepaid expense 239,543 P=1,422,041

Input VAT arising from acquisitions of equipment held for lease, property and equipment and other purchases are recoverable within one year.


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*SGVFS007211*

Prepaid expense pertains to advances to employee for staff training and development subject to liquidation and prepaid insurance for Board of Directors.

8. Equipment Held for Lease

The composition of and movements in this account follow:

Transportation

Equipment Computer

Equipment Furniture

and Fixtures Total Cost Balance at beginning

of period P=– P=– P=– P=– Additions 22,641,041 11,907,633 976,997 35,525,671 Balance at end of period 22,641,041 11,907,633 976,997 35,525,671 Accumulated

Depreciation Balance at beginning

of period – – – – Depreciation 3,102,451 1,824,598 79,587 5,006,636 Balance at end of period 3,102,451 1,824,598 79,587 5,006,636 Net book value P=19,538,590 P=10,083,035 P=897,410 P=30,519,035

9. Property and Equipment

The composition of and movements in this account follow:

Printing

Equipment Computer

Equipment Furniture

and Fixtures Total Cost Balance at beginning

of period P=– P=– P=– P=– Additions 955,086 79,465 67,527 1,102,078 Balance at end of period 955,086 79,465 67,527 1,102,078 Accumulated

Depreciation Balance at beginning

of period – – – – Depreciation 382,136 20,503 21,895 424,534 Balance at end of period 382,136 20,503 21,895 424,534 Net book value P=572,950 P=58,962 P=45,632 P=677,544


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*SGVFS007211*

10. Intangible Asset This account pertains to project development cost paid by the Company to CARD Business Development Service Foundation (BDSF), Inc., a stockholder, for a well-developed program and marketing strategy for solar, printing and leasing services. The composition of and movements in this account follow:

Cost Balance at beginning of period P=– Additions 2,500,000 Balance at end of period 2,500,000 Accumulated Amortization Balance at beginning of period – Amortization (229,167) Balance at end of period (229,167) Net book value P=2,270,833

As at December 31, 2013, the remaining amortization period of the intangible asset is 9.08 years

11. Trade and Other Payables


Trade payables P=3,970,267 Accrued expenses 1,455,233 Interest payable 80,430 Withholding taxes payable 73,944 Payable to related parties (Note 21) 35,993 P=5,615,867

Trade payables are due to suppliers for inventory and other purchases. Accrued expenses pertain mainly to accumulated vacation leave, short-term employee benefits and unpaid professional fees. Interest payable pertains to interest on loans (see Note 12).

12. Loans Payable

On October 4 and December 4, 2013, the Company entered into loan agreements with CARD Mutual Benefit Association (MBA), Inc. to support the Company’s initial operation. Each loan amounted to P=10.00 million, bears interest of 5.00% per annum and is set to mature in 2016.


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*SGVFS007211*

An analysis of loans payable as at December 31, 2013 is presented as follows:

Loans payable P=20,000,000 Less discounts on loans 105,717 19,894,283 Less noncurrent portion 13,277,681 Current portion P=6,616,602

Interest expense during the period amounted to P=0.22 million.

13. Equity

Capital Stock As at December 31, 2013, the Company’s capital stock consists of:

Shares Amount Common stock - P=100 par value,

1,000,000 authorized shares Subscribed 700,000 P=70,000,000 Subscription receivable – (39,856,200) 700,000 P=30,143,800

14. Cost of Sales

The rollforward analysis of this account follows:

Inventories at beginning of period P=– Purchases during the period 52,566,389 Inventories available for sale 52,566,389 Inventories at end of period 2,414,149 P=50,152,240

15. Leases

Finance leases - Company as a lessor The Company entered into finance lease agreements with the employees of related parties with interest rates from 9% to 14% per annum, with terms from six months to seven years term of payments. In 2013, finance income recognized under “Rental and finance income” in the statement of income amounted to P=2.21 million.

Operating leases - Company as a lessor The Company entered into, with its related parties, cancellable operating leases of its “Equipment held for lease” for terms of up to 18 months. In 2013, rental income recognized under “Rental and finance income” in the statement of income amounted to P=9.22 million.


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*SGVFS007211*

Operating leases - Company as a lessee The Company leases its office premises from a related party for a period of three year. The lease is renewable upon mutual agreement between the Company and lessor. In 2013, rental expense recognized in the statement of income amounted to P=0.12 million.

Rental and finance income This account consists of:

Operating leases P=9,217,091 Finance leases 2,214,573 P=11,431,664

16. Interest Income


Interest from receivable financed P=882,868 Interest income from cash in banks 52,854 P=935,722

The effective interest rates in financing the receivables range from 9.00% to 14.00% in 2013.

17. Compensation and Benefits


Salaries and wages P=1,178,682 Short-term employee benefits 1,156,205 Retirement benefits (Note 19) 420,592 P=2,755,479

18. Miscellaneous


Advertising P=75,800 Communication and postage 63,326 Processing fee 52,500 Information technology 15,583 Bank service charge 15,535 Repair and maintenance 7,637 Representation 6,472 Supervision and examination 2,784 Miscellaneous 120 P=239,757


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*SGVFS007211*

19. Retirement Benefits

The Company, Rizal Rural Bank (Taytay), Inc. (RRBI), CARD Bank, Inc., CARD MRI Development Institute, Inc. (CMDI), CARD MBA, Inc., CARD SME Bank, Inc., CARD MRI Insurance Agency (CAMIA), Inc., CARD Business Development Service Foundation (BDSF), Inc., BotiCARD, Inc., CARD MRI Information Technology (CMIT) and CARD, Inc. maintain a funded and formal noncontributory defined benefit retirement plan – the CARD MRI Multi-Employer Retirement Plan (the Plan) – covering all of their regular employees. The Plan has a projected unit cost format and is financed solely by the Company and its related parties. The Plan provides lump sum benefits equivalent to at least 120% of latest month salary for every year of service, a fraction of at least six (6) months being considered as one whole year upon retirement, death, total and permanent disability, involuntary separation (except cause) or voluntary separation after completion of at least one year of service with the participating companies.

Retirement expense recognized in statement of income amounting to P=0.42 million is lumped under “Compensation and benefits” account.

The management performed an Asset-Liability Matching Study (ALM) annually. The overall investment policy and strategy of the Company’s defined benefit plans is guided by the objective of achieving an investment return which, together with contributions, ensures that there will be sufficient assets to pay pension benefits as they fall due while also mitigating the various risk of the plans.


- 16

-

*SGVFS007211*

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*SGVFS007211*

20. Income Taxes

RA 9337, An Act Amending National Internal Revenue Code, provides that RCIT rate shall be 30.00 %. Interest expense allowed as a deductible expense is reduced by 33.00% of interest income subjected to final tax.

In addition, effective September 1, 2002, Revenue Regulation No. 10-2002 provides for the ceiling on the amount of Entertainment, amusement and recreation (EAR) expense that can be claimed as a deduction against taxable income. Under the regulation, EAR allowed as a deductible expense is limited to the actual EAR paid or incurred (booked under ‘Representation and entertainment’ in the statements of comprehensive income) but not to exceed 1.00% of net revenue for companies engaged in the sale of services.

An MCIT of 2.00% on modified gross income is computed and compared with RCIT. Any excess of MCIT over RCIT is deferred and can be used as a tax credit against future income tax liability for the next three years. Imposition of MCIT will commence on the Company’s fourth taxable year immediately following the year in which the Company commenced its business operations. The Company is not yet eligible for MCIT being in its first year of operation.

In addition, NOLCO is allowed as a deduction from taxable income in the next three years from the period of incurrence.

The provision for income tax consists of:

Current P=2,952,301 Final 10,571 P=2,962,872

The current income tax pertains to RCIT.

The Company’s deferred tax liabilities amounting to P=0.09 million arise from the remeasurement gain on retirement plan. The deferred tax is directly deducted against other comprehensive income. The Company’s deferred tax assets consist of:

Retirement expense recognized in

statement of income P=96,995 Allowance for credit losses 271,814 Accumulated leave credits 76,662 445,471 Less valuation allowance 445,471 P=–

The Company recognized a valuation allowance against the full balance of the deferred tax assets because, on the basis of future expectations, the management considers it is not probable that taxable profits will be available against which future income tax deductions can be utilized.


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*SGVFS007211*

Reconciliation between the statutory income tax and the effective income tax follows:

Statutory income tax P=2,517,453 Tax effects of:

Valuation allowance for deferred tax assets 445,471 Interest income subject to final tax (5,285) Nondeductible expense 5,233

Provision for income tax P=2,962,872 21. Related Party Transactions

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. The Company’s related parties include: key management personnel, close family members of key management personnel and entities

which are controlled, significantly influenced by or for which significant voting power is held by key management personnel or their close family members,

post-employment benefit plans for the benefit of the Company’s employees, and affiliates within the CARD MRI Group.

The Company has several business relationships with related parties. Transactions with such parties are made in the ordinary course of business and on substantially same terms, including interest and collateral, as those prevailing at the time for comparable transactions with other parties. These transactions also did not involve more than the normal risk of collectability or present other unfavorable conditions. Transactions with retirement plans Certain post-employment benefit plans are considered as related parties. CARD MRI’s Multi-Employer Retirement Plan (MERP) is managed by the CARD Employee Multipurpose Cooperative (EMPC). Part of the plan assets are invested in time deposits and special savings accounts with the affiliated banks. Remunerations of Directors and other Key Management Personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. The Company considers the members of the board of directors and senior management to constitute key management personnel for purposes of Section 33 of PFRS for SMEs. The compensation of key management personnel included under ‘Compensation and benefits’ in the statement of income amounted to P=0.41 million.

Other related party transactions Transactions between the Company and its key management personnel meet the definition of related party transactions. Transactions between the Company and its affiliates within the CARD MRI, also qualify as related party transactions.


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*SGVFS007211*

Cash and cash equivalents, accounts payable and accounts receivable Cash and cash equivalents, accounts payable and accounts receivable held by the Company for key management personnel and affiliates as at December 31, 2013 follow:

Category Amount / Volume Outstanding Balance Nature, Terms and Conditions CARD Bank (other related party) Cash in banks P=3,723,120 These are savings account used in operations

with annual interest rate of 1% Deposits P=43,558,724 Withdrawals 39,835,604

Accounts receivable 120,000 These are billings for the issuance of supplies Billings 34,970,267 Collections 34,850,267

Accounts payable – Share of various expenses Billings 284,809 Payments 284,809

CARD Inc. (shareholder) Accounts payable 500 Fund for purchases of CARD Inc-Cabio Unit.

Billings 344,666 and payment for rental of office premises. Payments 344,166

Accounts receivable 1,113,865 These are billings for the issuance of supplies Billings 26,610,808

Collections 25,496,943 Subscription receivable 5,025,000 Subscription receivable for the 21% subscribed shares. CMDI (other related party) Accounts receivable – These are billings for issuance of supplies

Billings 503,161 and operating lease transactions Collections 503,161

Share of various expenses Accounts payable 1,603 Billings 1,603 Payments –

CARD MBA (other related party) Loan payable 20,000,000 Loan agreement, bears interest of 5% per Annum within 3 years and mature on 2016 Interest payable 80,430 Pertains to interest on loan payable Accounts payable 24,593 Remittance for the month of December 2013

Billings 336,562 Payments 311,969

Accounts receivable 46,778 Over remittance of loan redemption fee Billings 5,495,656 based on CARD MBA computation Collections 5,448,878

CARD SME (other related party) Accounts receivable – These are billings for issuance of supplies

Billings 7,204,711 and operating lease transactions Collection 7,204,711

CAMIA (other related party) Accounts receivable 69,000 These are billings for the issuance of

Billings 214,160 annual report and supplies Collections 145,160

CARD BDSFI (shareholder) Accounts receivable – Billings of supplies and lease transactions

Billings 9,686,439 Share of expenses on telephone bills

Collection 9,686,439 Accounts payable 9,297

Billings 8,034,286 and other charges. Payments 8,024,989

Subscription receivable 14,000,000 Subscription receivable for the 40% subscribed shares. Project development cost 2,500,000 Payment for a well develop program and marketing strategy for solar, printing and

leasing services classified by the Company as Intangible asset.

CARD EMPC (shareholder) Accounts receivable – These are billings for issuance of supplies

Billings 300,193 and operating lease transactions Collection 300,193

Subscription receivable 3,250,000 Subscription receivable for the 10% subscribe shares.

BotiCARD (other related party)


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*SGVFS007211*

Category Amount / Volume Outstanding Balance Nature, Terms and Conditions Accounts receivable P=– These are billings for issuance of supplies

Billings P=319,374 and operating lease transactions Collections 319,374

CMIT (other related party) Accounts receivable – These are billings for issuance of supplies

Billings 227,925 and operating lease transactions Collections 227,925

RRBI (other related party) Accounts receivable – These are billings for issuance of supplies

Billings 2,147,708 and operating lease transactions Collections 2,147,708

22. Approval of the Release of the Financial Statements

The accompanying financial statements of the Company were reviewed and approved for release by the Company’s Board of Directors on March 14, 2014.

23. Supplementary Information under Revenue Regulations (RR) No. 15-2010

On November 25, 2010, the BIR issued RR 15-2010 to amend certain provisions of RR No. 21-2002 which provides that starting 2010, the notes to the financial statements shall include information on taxes, duties and licenses paid or accrued during the year. The components of ‘Taxes and licenses’ recognized in the statement of income follow:

Documentary stamp tax P=350,000 Business permits and licenses 317,502 P=667,502

The following withholding taxes are categorized into:

Total

Remittances

Balance as at December 31,

2013 Expanded withholding taxes P=889,543 P=164,480 Withholding tax on compensation and benefits 126,557 31,404 P=1,016,100 P=195,884

Value added tax (VAT) The NIRC of 1997 also provides for the imposition of VAT on sales of goods and services. Accordingly, the Company’s sales are subject to output VAT while its importations and purchases from other VAT-registered individuals or corporations are subject to input VAT. VAT rate is 12.00%, effective February 1, 2006.


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*SGVFS007211*

Details of the Company’s net sales/receipts output VAT and input VAT accounts in 2013 are as follows:

Details of the Company’s input tax claimed are as follows:

Balance at beginning of period P=− Current year’s purchases of: Goods other than capital goods 8,716,478 Services 80,587 Total input VAT available 8,797,065 Claims against output VAT 7,614,567 Balance of input VAT at end of period P=1,182,498

Details of the Company’s net output tax are as follows:

Output VAT during the year P=7,894,550 Application of input VAT 7,894,550 Balance of output VAT at end of period P=−

Tax Contingencies The Company did not receive any final tax assessments in 2013 nor did it have tax cases under preliminary investigation, litigation and/or prosecution in courts or bodies outside the administration of Bureau of Internal Revenue.


*SGVFS007211*

CARD LEASING AND FINANCE CORPORATION INDEX TO THE FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES Schedule I: Additional schedules required for financing companies

*SGVFS007211*

SCHEDULE I CARD LEASING AND FINANCE CORPORATION ADDITIONAL SCHEDULES REQUIRED FOR FINANCING COMPANIES AS AT DECEMBER 31, 2013 Total receivables to total assets

2013 Total receivables P=18,593,338 Total assets 63,114,434 Total receivables to total assets 29.46%

Total DOSRI receivables to net worth

2013 Total DOSRI receivables, net of related bills payable P=− Total net worth 32,784,792 Total DOSRI receivables to net worth −%

Amount of receivables from a single corporation to total receivables

2013 Receivables from a single corporation P=1,350,612 Total receivables 18,593,338 Total receivables from a single corporation to total receivables 7.26%

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