MIRA
INFORM REPORT
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Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SILGAN WHITE CAP SOUTH EAST ASIA INC |
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Registered Office : |
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Country : |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
1996 |
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Legal Form : |
Private |
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Line of Business : |
Manufacturing of packaging products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
SILGAN WHITE CAP SOUTH EAST ASIA INC
ADDRESS
Country :
Company name : SILGAN
WHITE CAP SOUTH EAST ASIA INC
Office address :
Office tel :
49-5491795
Office fax :
49-5490140
Office e-mail :
marketing@silganwhitecap.com
Website :
www.silganwhitecap.com
Business type
Manufacturer
Industry
Packaging
Established
1996
OWNERSHIP
Chairman : Mr
Peter Konieczny
Nationality :
Employees : 65
Corporate formation :
Private
COMPANY MANAGEMENT
Chairman Mr Peter Konieczny
Nationality:
President Mr Edwin P.
Sena
Nationality:
Treasurer Mr Editha A.
Reyes
Nationality:
FINANCIAL DESCRIPTION
*Credit Risk Assessment*
=======================
Risk Index : Medium
Rating : [ 64 ] -
points out of a possible 100 points
Credit Amount : USD 80,000
Credit Period : 30 days
*Credit Opinion*
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Credit of a moderate amount can proceed normally.
*Credit Assessment*
==============
The company is considered an average sized company in its line locally.
Based on its history background, established market connectivity and
trade connections, credit of a moderate amount can proceed normally.
*Operations Status*
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Investigations have included :
1) A site visit was conducted at the company's heading address which
revealed that the above company's name was seen on display.
2) The company is engaged in manufacturing of packaging products.
3) The company's products are manufactured at heading address.
4) The company's products are sold to local market as well as exported
to Asia, Europe and
5) Silgan Holdings, Inc. of
6) The company currently employs 65 staff in
Financials
Silgan White Cap South East Asia Inc
Balance Sheet
As at 31 Dec, 2006
Unit : PHP
2006
Assets
Current assets
Cash 31,511,735
Trade and other receivable - net 103,215,371
Inventories 176,865,143
Prepayments and other current assets
47,041,277
Due from related parties 5,973,186
Total current assets 364,606,712
Noncurrent assets
Investment in Silgan White Cap
Properties, inc - at equity 3,218,575
Property, plant and equipment at cost - net 114,923,273
Deferred tax assets - net 8,133,478
Total Noncurrent Assets
126,275,326
490,882,038
Liabilities and Equity
Current Liabilities
Note payable 24,595,000
Accounts payable and accrued expenses 82,265,917
Income and other taxes payable 5,558,736
Due to related parties 22,310,050
Derivative liability 2,446,148
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Total Current Liabilities 137,175,851
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Noncurrent Liability
Retirement benefit liability 324,088
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Equity
Common Stock 40,000,000
Additional paid-in capital 241,265,211
Retained earnings 72,116,888
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Total Equity
353,382,099
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490,882,038
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Statement of Income
For the Six months ended 31 Dec, 2006
Unit : Php
2006
(Jul to Dec)
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Revenue
Cost of sales 220,496,121
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Gross profit 77,376,182
Expenses
Personnel expenses -13,353,561
Foreign exchange loss - net -8,266,293
Foreign exchange loss on embedded
derivativs-net -7,658,998
Travel and transportation expense -4,894,381
Outside services -3,931,139
Gain on sale of property and equipment 1,776,673
Utilities and rent expense -1,530,979
Gain on sale of scrap materials 1,512,151
Rental income 1,414,419
Repairs and maintenance -1,221,080
Finance charges -1,050,605
Entertainment, amusement and recreation
expenses -981,067
Provision for writedown of inventories
to net realizable value -819,744
Provision for doubtful accounts -693,949
Mettings and training expenses -672,150
Depreciation and amortization -644,076
Equity in net earnings of Silgan White Cap
Properties, Inc 80,653
Interest income 72,646
Miscellaneous -2,035,451
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Income Before Income Tax 34,479,251
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Provision for income tax
Current 9,517,209
Deferred 2,510,223
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12,027,432
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Net Income 22,451,819
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Reputation
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
Payment Terms
Sales
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Local : Cash on Delivery (COD)
Credit
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchases
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Local : Cash on Delivery (COD)
Credit
Import : Letter of Credit (L/C)
Telegraphic Transfer
(T/T)
Company Registration
Company Name : Silgan White Cap South East Asia Inc
License number : 095-010377
Date issued : 16 Oct, 1996
Legal form : Company Limited
Issuing authority :
Corporate Tax ID No. : 004-819-785
In-depth Report
PRODUCT, TECHNOLOGY,
SERVICE DESCRIPTION
*Main Products & Services*
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Specializes in manufacturing of packaging products.
*Detailed Product specifications*
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Items available include:
Food packaging and the preservation of food products
Metal, plastic and composite closures
ORGANIZATION
STRUCTURE
*Parent company*
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The company is an ultimate subsidiary of Silgan Holdings Inc (a listed
company in
Ticker :
SLGN
Exchange :
NASDAQ
Business address :
Business Line : Silgan Holdings
Limited's White Cap Closures businesses in
No. of employees
8,600
Turnover
US 2,667.52 millions (for the year ended of 2006)
Key Personnel
Peter Konieczny
Position :
Director
Resident status :
Deutsch nationality
ID no/Passport no : 9083091383
Responsibilities :
Currently active in the company's day-to-day operations & is responsible
for its
management.
Registered address :
Deutschland Vertrebsgesellschaft mbh Hannsastrasse 4-D-60419 Hannover.
Office &
Facilities
Location :
Industrial district
Type of building : Industrial building
TRADE REFERENCES
*Domestic Suppliers*
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Part of the company's materials are sourced from locally corporations.
RELATED PARTIES
DESCRIPTION
*Major Shareholders*
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Shareholder Name
Peter Konieczny
Kenneth Norman Mckenzie
Edwin P.Sena
Editha A. Reyes
Robert C. Perez
*Management Details*
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Peter Konieczny
Edwin P. Sena
Position : President
Resident status : Filipino nationality
ID no/Passport no : 118-626-494
Responsibilities : Currently active in the company's day-to-day
operations
& is responsible for its management.
Registered address: 106 J. Eilzaide B.F. Homes
Editha A. Reyes
Position : Treasurer
Resident status : Filipino nationality
ID no/Passport no : 180-758-941
Responsibilities : Currently active in the company's day-to-day
operations
& is responsible for its management.
Registered address: #6 Kasiyahan Homes,
*Company Secretary Details*
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Leocadio S. Nitorreda
Address: Rm. 211 Margarita Bldg., J. P. Rizal cor. Cardons Sts.,
City, Phillippines.
License no./ID no.: 119-906-458
LOCAL DISTRIBUTION
& WAREHOUSING
*Local Distribution Network*
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Part of the annual turnover is attributed to local sale to corporations.
*Imports*
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Part of the company's materials are imported from Asia Pacific.
INTERNATIONAL TRADE
ACTIVITY DESCRIPTION
*Export Markets*
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Part of the annual turnover is attributed to export to the following
countries: - Asia, Europe and
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)