MIRA
INFORM REPORT
|
Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FERNA CORPORATION |
|
|
|
|
Registered Office : |
16 Bernardo Street, San Rafael Village Navotas 1485 |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1996 |
|
|
|
|
Com. Reg. No.: |
A199604945 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Manufactures of Gelatin Manufactures of Food Colorings |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 68,426,052
NET
WORTH (Tangible) : PHP 7,540,267
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 Machi
Oliveros,
Assistant-Administration,
declined financials but confirmed operations.
FINANCE
Comparative
Figures of Philippine Peso
Date
31/Dec/2005 31/Dec/2006
------------------------------------------------------------
Fiscal Fiscal
Current:
Assets 38,796,874 43,891,349
Liabilities 41,249,377 44,573,315
------------------------------------------------------------
Working Cap. -2,452,503 -681,966
Other :
Tangible Assets 9,429,763 8,222,233
Liabilities 0
------------------------------------------------------------
Net Worth 6,977,260 7,540,267
------------------------------------------------------------
Annual Sales 80,257,224 68,426,052
Profit After Tax 1,070,840 563,007
Inventory 31,847,530 38,006,041
Cash & Bank 3,853,470 2,620,360
A/Cs Receivable 3,009,130 3,162,590
Fixed Assets 9,429,763 8,222,233
A/Cs Payable 38,746,698 43,997,896
Fiscal Balance Sheet as of 31/Dec/2006 (in
Philippine Peso)
Cash & Bank 2,620,360 Accounts Payable 43,997,896
Inventory 38,006,041 Other Current
Accounts Receivable 3,162,590 Liabilities 479,897
Prepayments 102,358 Income Tax Payable 95,522
----------- -----------
TOTAL CURRENT ASSETS 43,891,349 TOTAL CURRENT LIAB 44,573,315
----------- -----------
Property, Plant & Capital 2,500,000
Equipment 8,222,233 Reserves 4,000,000
-----------
Retained Earnings (loss) 1,040,267
TOTAL FIXED ASSETS 8,222,233 -----------
----------- TOTAL EQUITY 7,540,267
-----------
----------- -----------
TOTAL ASSETS 52,113,582 TOTAL LIAB & EQUITY 52,113,582
----------- -----------
Profit
& Loss Account
Figures in Philippine Peso
Date 31/Dec/2005 21/Dec/2006
No. of Months 12 12
Fiscal Fiscal
Sales / Income 80,257,224 68,426,052
Less: Cost of Sales -64,001,348 -53,372,321
Gross Profit 16,255,876 15,053,731
Total General Expenditure -12,754,105 -12,129,869
Net Operating Profit (Loss)
before Taxation 3,501,771 2,923,862
Less: Other Expenses -1,915,341 -2,057,697
Net Operating Profit
before Tax and
after Extraordinary Items 1,586,430
866,165
Income Tax / Other Taxes -515,590 -303,158
Net Profit(Loss) after Tax 1,070,840 563,007
Net Profit After Tax and
Extraordinary Items 1,070,840
563,007
Less: Transfer to Reserves
-2,000,000
Plus (Minus) Retained
Earnings (Loss) b/f 1,406,420 2,477,260
Retained Earnings (Loss) c/f 2,477,260
1,040,267
Above Financial statement is obtained from
the annual report of subject.
Accounts are audited by John C. Joven, CPA.
2005 2006
---- ----
GROWTH TREND
------------
Sales Growth (%) - -14.74
Net Profit Growth (%)
- -
SOLVENCY
--------
Current Ratio 0.94 0.98
Quick Ratio 0.16 0.12
Total Liabilities to Net Worth Ratio
(%) 591.19 591.13
EFFICIENCY
----------
Collection Period (Days) 13 16
Sales to Inventory (Times) 2 1
PROFITABILITY
-------------
Return on Sales (%) 1.33 0.82
Return on Net worth (%)
15.34 7.46
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
SHARE
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 : 27 Apr 2007
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
Company
Employed
Position Held
--------- --------------------------------------------------
--------------
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
Company
Employed Position Held
---------
-------------------------------------------------- --------------
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
---------
IMPORTS FROM:-
Singapore
Malaysia
China (People's Republic)
India
PURCHASING TERMS
----------------
LOCAL PURCHASE TERMS
Open
Account 15 to 30
days
IMPORT TERMS
Special
Terms
SALES TERRITORY
---------------
LOCAL : 100 %
SELLING TERMS
-------------
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.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.74 |
|
UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)