MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
FERNA CORPORATION |
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Registered Office : |
16
Bernardo Street San Rafael Village Navotas 1485 |
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Country : |
Philippines |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
1996 |
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Com. Reg. No.: |
A199604945 |
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Legal Form : |
Corporation |
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Line of Business : |
Manufactures of Gelatin Manufactures of Food Colorings |
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 : |
Usually Correct |
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Litigation : |
Clear |
BUSINESS SUMMARY
COMPANY
NAME : FERNA CORPORATION
ADDRESS :
16 Bernardo Street
San Rafael Village
Navotas
1485
Philippines
TELEPHONE :
(63) (2) (2515302)
(63) (2) (2515529)
FAX :
(63) (2) (2535920)
REGISTRATION
# : A199604945
START
DATE : 1996
CONTROL
DATE : 1996
HISTORY :
Clear
EMPLOYEES
(Total) : 50 Est
IMPORTS : Yes
SALES
TERRITORY : Local
SALES
/ INCOME : PHP
82,394,575
NET
WORTH (Tangible) : PHP
16,283,827
AUTHORIZED
CAPITAL : PHP 10,000,000
ISSUED
CAPITAL : PHP
2,500,000
PAID-UP
CAPITAL : PHP
2,500,000
CHIEF
EXECUTIVE : Fernando G. Co,
Sr.
Chairman
SIC 2899 -0300 2087 -0100 2869 -0500 2099
-0400
2099 -0200
LOB Manufactures gelatin
CURRENT INVESTIGATION
Ms Almira
Dela Vega, Officer-Accounting, stated no major
change(s) in the company's activities
.
FINANCE
Comparative Figures of Philippine Peso
Date 31/Dec/2005 31/Dec/2006
31/Dec/2007
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Fiscal Fiscal Fiscal
Current:
Assets 38,796,874 43,891,349
49,176,371
Liabilities 41,249,377
44,573,315 41,135,630
------------------------------------------------------------
Working Cap. -2,452,503 -681,966
8,040,741
Other :
Tangible Assets 9,429,763 8,222,233 8,243,086
Liabilities 0 0
------------------------------------------------------------
Net Worth 6,977,260
7,540,267 16,283,827
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Annual Sales 80,257,224
68,426,052 82,394,575
Profit After Tax 1,070,840
563,007 1,068,937
Inventory 31,847,530 38,006,041
36,750,223
Cash & Bank 3,853,470 2,620,360
8,803,425
A/Cs Receivable 3,009,130
3,162,590 3,510,231
Fixed Assets 9,429,763
8,222,233 8,243,086
A/Cs Payable 38,746,698
43,997,896 40,434,656
Fiscal Balance Sheet as of 31/Dec/2007 (in
Philippine Peso)
Cash & Bank 8,803,425
Accounts Payable 40,434,656
Inventory 36,750,223 Other Current
Accounts Receivable 3,510,231 Liabilities 485,394
Prepayments 112,492 Income Tax Payable 215,580
----------- -----------
TOTAL CURRENT ASSETS 49,176,371 TOTAL CURRENT LIAB 41,135,630
----------- -----------
Land & Buildings 8,000,000 Capital 2,500,000
Transportation Vehicles 8,386,830 Retained Earnings (loss) 13,783,827
Office Equipment 855,164 -----------
Less Acc. Depreciation -11,864,920 TOTAL EQUITY 16,283,827
Production Equipment 2,866,012 -----------
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TOTAL FIXED ASSETS 8,243,086
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TOTAL ASSETS 57,419,457 TOTAL LIAB & EQUITY 57,419,457
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Profit & Loss Account
Figures in Philippine Peso
Date 31/Dec/2005 21/Dec/2006
31/Dec/2007
No. of Months 12 12
12
Fiscal Fiscal Fiscal
Sales / Income 80,257,224
68,426,052 82,394,575
Less: Cost of Sales -64,001,348 -53,372,321 -63,915,660
Gross Profit 16,255,876 15,053,731 18,478,915
Total General Expenditure -12,754,105 -12,129,869
-14,752,775
Net Operating Profit (Loss)
before Taxation 3,501,771
2,923,862 3,726,140
Less: Other Expenses -1,915,341 -2,057,697 -2,081,621
Net Operating Profit
before Tax and
after Extraordinary Items 1,586,430 866,165
1,644,519
Income Tax / Other Taxes -515,590 -303,158
-575,582
Net Profit(Loss) after Tax 1,070,840 563,007
1,068,937
Net Profit After Tax and
Extraordinary Items 1,070,840 563,007 1,068,937
Less: Transfer to Reserves -2,000,000
Prior Year Adjustments 7,674,623
Plus (Minus) Retained
Earnings (Loss) b/f 1,406,420 6,477,260 5,040,267
Retained Earnings (Loss) c/f 2,477,260 5,040,267
13,783,827
Accounts are audited by John C. Joven, CPA.
2005 2006 2007
---- ---- ----
GROWTH TREND
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Sales Growth (%) - -14.74 20.41
Net Profit Growth (%) - - 89.86
SOLVENCY
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Current Ratio 0.94 0.98 1.19
Quick Ratio 0.16 0.12 0.29
Total Liabilities to Net Worth Ratio
(%) 591.19 591.13 252.61
EFFICIENCY
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Collection Period (Days) 13 16 15
Sales to Inventory (Times) 2
1 2
PROFITABILITY
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Return on Sales (%) 1.33 0.82 1.29
Return on Net worth (%) 15.34 7.46 6.56
BANK
Information
in this report may not represent the full extent of subject's bank
relationships.
Banking relations are maintained principally
with:-
NAME
:RIZAL COMMERCIAL BANKING CORPORATION
BRANCH
:Binondo Branch
ADDRESS
:Juan Luna, Binondo
City of Manila, 1006
Philippines
TELEPHONE :(63) (2) (2425933)
FAX :(63) (2) (2412179)
No
independent confirmations were obtainable from banker/(s).
REGISTRATION DETAILS
LEGAL STRUCTURE :Corporation
REGISTERED :26
Aug 1996
REGISTRATION BODY :Securities
Exchange Commission
FILE NUMBER :A199604945
Mandaluyong City
Philippines
TAX REGISTRATION NUMBER :004-527-318
Registry details provided by :search at local registry office
CAPITAL DETAILS
AUTHORIZED CAPITAL :PHP 10,000,000.00
ISSUED CAPITAL :PHP
2,500,000.00
PAID-UP CAPITAL :PHP
2,500,000.00
ORDINARY SHARES : 2,500,000.00 at
par value 100.00
SHAREHOLDER(S)
The following details represents the Full
Shareholders List.
ORDINARY SHARES
Name of Shareholder Location Amount % Held
------------------- -------- ------ ------
Fernando G. Co, Sr. Philippines 1,000,000 40
Fernando K. Co, Jr. Philippines 500,000 20
Giovanni Co Philippines 500,000 20
Jeanette N. Co Philippines 250,000 10
Sharon K. Co-Chiu Philippines 250,000 10
Total No. of shareholder :
5
Shareholdings as at : 10 Nov 2008
Shareholdings at :
Philippine Peso 2,500,000
CORPORATE DIRECTORS
Name : Fernando
G. Co, Sr.
ADDRESS : 245 Encarnacion
St.
Navotas City 1485
Philippines
ID NO :
102-254-757
NATIONALITY : Philippines
Name : Giovanni
Co
ADDRESS : 245 Encarnacion St.
Navotas City 1485
Philippines
ID NO :
102-263-048
NATIONALITY : Philippines
Name : Jeanette
N. Co
ADDRESS : 245 Encarnacion
St.
Navotas City 1485
Philippines
ID NO : 156-257-943
NATIONALITY : Philippines
Name : Sharon Co-Chiu
ADDRESS : 245 Encarnacion St.
Navotas City
1485
Philippines
ID NO : 156-257-756
NATIONALITY : Philippines
Name : Fernando Co, Jr.
ADDRESS : 245 Encarnacion St.
Navotas City 1485
Philippines
ID NO : 100-336-173
NATIONALITY : Philippines
EXECUTIVES
Name : Fernando G. Co,
Sr. TIN 102-254-757
Current
Title : Chairman
Education : Graduated from university
Bachelor
of Chemical Engineering
Name
of Institute : Mapua Institute
of Technology
Philippines
Active
in daily operations : Yes
Founder Of Subject.
OTHER DIRECTORSHIPS
D-U-N-S
Company Employed Position Held
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-------------------------------------------------- --------------
Purechem Corporation Chairman
Name : Giovanni Co TIN 102-263-048
Current Title : President
Current Title : Director
Active in daily operations : Yes
Name : Jeanette N. Co TIN 156-257-943
Current Title : Treasurer
Current Title : Director
Active in daily operations : Yes
Name : Sharon Co-Chiu TIN 156-257-756
Current Title : Company Secretary
Current Title : Director
Active in daily operations : Yes
Name : Fernando Co, Jr. TIN 100-336-173
Current Title : Director
Active in daily operations : Yes
Founder Of Subject.
OTHER DIRECTORSHIPS
D-U-N-S
Company Employed Position Held
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Purechem Corporation Director
OPERATIONS
2899-0300
Manufactures
gelatin
2087-0100
Manufactures
food colorings
2869-0500
Manufactures
perfumes, flavorings, and food additives
2099-0400
Manufactures
seasonings and spices
2099-0200
Manufactures
baking powder and soda, yeast, and other leavening agents
PURCHASES
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IMPORTS
FROM:-
Singapore
Malaysia
China
(People's Republic)
India
PURCHASING TERMS
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LOCAL PURCHASE TERMS
Open
Account 15 to
30 days
IMPORT TERMS
Special
Terms
SALES TERRITORY
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LOCAL : 100 %
SELLING TERMS
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LOCAL SALES TERMS
TERMS : Open Account 30 to 60 days
CUSTOMERS
Subject
maintains 100 to 200 accounts /
customers.
MAJOR CUSTOMERS
Rustan's
Supercenter Inc
Universal
Robina Corporation
Unilever
Foods
Baker's
Fair & Foodmart Corporation
Chowking
Food Corporation
Robinson's
Supermarket
EMPLOYEE(s) - CURRENT
Total
Employees : 50 Estimated
PEAK SEASONS
------------
Subjects
operations are non-seasonal.
LOCATION
TYPE
OF OCCUPATION: Owned
NO OF
STORIES : 2
LOCATION : Residential/industrial area
BUILDING
FRAME : cement block
BUILDING'S
EXTERIO: reinforced concrete
PREMISES
USED AS : Executive office
Operations
office
AFFILIATE(s)
TOTAL NUMBER OF AFFILIATES :
1
PURECHEM CORPORATION
244 Encarnacio Street, San Rafael Village
Navotas, Metro Manila
1485 Philippines
CURRENCY:
All amounts in this report are in local currency unless otherwise stated.
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
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UK Pound |
1 |
Rs.73.17 |
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Euro |
1 |
Rs.62.96 |
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. |
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%)