MIRA
INFORM REPORT
|
Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MEKENI FOOD CORPORATION |
|
|
|
|
Registered Office : |
Barangay Balubad, Porac, Pampanga 2008 |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2004 |
|
|
|
|
Date of Incorporation : |
1997 |
|
|
|
|
Com. Reg. No.: |
A199719444 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Wholesales Meats and Meat Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
BUSINESS SUMMARY
COMPANY
NAME : MEKENI FOOD CORPORATION
TRADESTYLE(S) : 'Mekeni'
ADDRESS :
Barangay Balubad
Porac
Pampanga 2008
Philippines
TELEPHONE : (63) (45) (9634412)
(63) (45) (9618384)
(63) (45) (9618385)
(63) (45) (9618386)
(63) (45)
(3292995)
(63) (45)
(3292996)
(63) (45) (3292997)
FAX : (63) (45) (9634413)
--------------------------------------------------------------------------
CONDITION : Fair
------------------------------------------------------------------------------
REGISTRATION
# : A199719444
START
DATE : 1997
CONTROL
DATE : 1997
HISTORY : Clear
EMPLOYEES
(Total) : 650 Est
IMPORTS : Yes
SALES
TERRITORY : Local
NET
WORTH (Tangible) :
PHP 33,471,296
AUTHORIZED
CAPITAL : PHP 20,000,000
ISSUED
CAPITAL : PHP 12,500,000
PAID-UP
CAPITAL : PHP 12,500,000
CHIEF
EXECUTIVE : Diosdado S. Garcia
President
--------------------------------------------------------------------------
SIC
5147 -0000
LOB
Wholesales meats and meat products
------------------------------------------------------------------------------
CURRENT INVESTIGATION
Ms Elsie
Gomez, Manager-Human Resources, stated no major change(s) in the
company's activities.
FINANCE
Comparative Figures of Philippine Peso
Date 31/Dec/2004 31/Dec/2005
------------------------------------------------------------
Fiscal Fiscal
Current:
Assets 59,584,446 60,738,199
Liabilities 92,816,929
104,830,489
------------------------------------------------------------
Working Cap. -33,232,482 -44,092,290
Other :
Tangible Assets 104,923,898 115,063,586
Liabilities 41,666,666 37,499,999
------------------------------------------------------------
Net Worth 30,024,749 33,471,296
------------------------------------------------------------
Annual Sales 322,063,385 388,640,612
Profit After Tax 3,002,097 3,746,693
Inventory 37,734,743
Cash & Bank 1,876,646 2,676,401
A/Cs Receivable 19,973,057 19,258,572
Fixed Assets 104,923,898
61,073,535
A/Cs Payable 68,071,107 74,373,250
Fiscal Balance Sheet as of 31/Dec/2005 (in
Philippine Peso)
Cash & Bank 2,676,401 Accounts Payable 74,373,250
Raw Materials 16,009,944 Current Portion of
Accounts Receivable 19,258,572 Long Term Debt
4,166,667
Finished goods inventory 16,841,175 Other Payables / Accruals 576,924
Supplies inventory 5,952,104 Prov.
Income Tax 713,647
----------- Short
term loans 25,000,000
TOTAL CURRENT ASSETS 60,738,199 -----------
----------- TOTAL
CURRENT LIAB 104,830,489
-----------
Land & Buildings 56,629,521
Furniture Fixtures & Loans payable-net of
current
Fitting 9,429,486 37,499,999
Office Equipment 8,453,736 -----------
Assets in Construction 2,378,153 TOTAL NON-CURRENT LIAB 37,499,999
Less Acc. Depreciation -27,570,732 -----------
Delivery Equipment 10,658,398
Water System 1,094,971 Capital 20,000,000
-----------
Retained Earnings (loss) 13,471,296
TOTAL FIXED ASSETS 61,073,535 -----------
----------- TOTAL
EQUITY 33,471,296
-----------
Machinery and Equipment 53,990,050
-----------
TOTAL OTHER ASSETS 53,990,050
-----------
----------- -----------
TOTAL ASSETS 175,801,785 TOTAL LIAB & EQUITY 175,801,785
----------- -----------
Profit & Loss Account
Figures in Philippine Peso
Date 31/Dec/2004 31/Dec/2004
No. of Months 12 12
Fiscal Fiscal
Sales / Income 322,063,385 388,640,612
Less: Cost of Sales -277,678,902 -333,538,199
Gross Profit 44,384,482 55,102,413
Total General Expenditure -31,978,432 -41,601,634
Net Operating Profit (Loss)
before Taxation 12,406,049 13,500,779
Other Non-operating Income 639,469 799,183
Less: Other Expenses -8,647,787 -8,789,180
Net Operating Profit
before Tax and
after Extraordinary Items 4,397,732 5,510,782
Income Tax / Other Taxes -1,395,634 -1,764,089
Net Profit(Loss) after Tax 3,002,097 3,746,693
Net Profit After Tax and
Extraordinary Items 3,002,097 3,746,693
Prior Year Adjustments
-300,146
Plus (Minus) Retained
Earnings (Loss) b/f 7,022,651 10,024,749
Retained Earnings (Loss) c/f 10,024,749 13,471,296
Above Financial statement is obtained from
the annual report of subject.
Accounts are audited by Noel M. Pamintuan
& Co..
2004 2004
---- ----
GROWTH TREND
------------
Sales Growth (%) - 20.67
Net Profit Growth (%)
- 24.80
SOLVENCY
--------
Current Ratio 0.64 0.57
Quick Ratio 0.23 0.20
Total Liabilities to Net Worth Ratio
(%) 447.90 425.23
EFFICIENCY
----------
Collection Period (Days) 22 17
Sales to Inventory (Times) 8
24
PROFITABILITY
-------------
Return on Sales (%)
0.93 0.96
Return on Net worth (%)
9.99 11.19
PAYMENTS REPORTED
-----------------
(Amounts
may be rounded to nearest figure in prescribed ranges)
DATE : Feb
2007
Paying record : Prompt
Currency :
Philippine Peso
High Credit : 0
Payment terms : 30 days
DATE
: Feb 2007
Paying record : Anticipates
Currency :
Philippine Peso
High Credit : 0
Payment terms : 30 days
BANK
Information
in this report may not represent the full extent of subject's bank
relationships.
Banking relations are maintained principally
with:-
NAME
:METROPOLITAN BANK
& TRUST COMPANY
BRANCH
:Angeles Branch
ADDRESS
:Henson Street
Angeles
City, 2008
Pampanga
Philippines
TELEPHONE
:(63) (45) (3234123)
FAX
:(63) (45) (8889500)
NAME
:EQUITABLE PCI BANK
BRANCH
:Angeles, Pampanga
ADDRESS
:PCI Bank Building, Miranda Street
Angeles City, 2008
Pampanga
Philippines
TELEPHONE :(63) (45) (8877378)
FAX
:(63) (45) (8887373)
No
independent confirmations were obtainable from banker/(s).
REGISTRATION DETAILS
LEGAL STRUCTURE :Corporation
REGISTERED :14 Oct 1997
REGISTRATION BODY :Securities Exchange Commission
FILE NUMBER :A199719444
Mandaluyong City
Philippines
TAX REGISTRATION NUMBER :005-312-439
Registry details provided by :search at local registry office
CAPITAL DETAILS
AUTHORIZED CAPITAL :PHP 20,000,000.00
ISSUED CAPITAL :PHP
12,500,000.00
PAID-UP CAPITAL :PHP
12,500,000.00
ORDINARY SHARES :
12,500,000.00 at par value 100.00
SHAREHOLDER(S)
The following details represents the Full
Shareholders List.
ORDINARY SHARES
Name of Shareholder Location Amount % Held
------------------- -------- ------ ------
Adrino S. Garcia Philippines 2,500,000 20
Prudencio S. Garcia Philippines 2,500,000 20
Angelito S. Garcia Philippines 2,500,000 20
Diosdado S. Garcia Philippines 2,500,000 20
Nardo S. Garcia Philippines 2,500,000 20
Total No. of shareholder :
5
Shareholdings as at : 19 Feb 2007
Shareholdings at : Philippine
Peso 12,500,000
CORPORATE DIRECTORS
----------------------------------------------------------------------
Name : Diosdado S. Garcia
ADDRESS : Balubad, Porac
Pampanga
Philippines
ID NO :
153-923-102
NATIONALITY : Philippines
Name : Angelito S. Garcia
ADDRESS : Balubad, Porac
Pampanga
Philippines
ID NO :
914-747-530
NATIONALITY : Philippines
Name : Nardo S.
Garcia
ADDRESS : Balubad, Porac
Pampanga
Philippines
ID NO :
172-524-870
NATIONALITY : Philippines
Name : Adrino S.
Garcia
ADDRESS : Balubad, Porac
Pampanga
Philippines
NATIONALITY : Philippines
EXECUTIVES
Name : Diosdado S. Garcia TIN 153-923-102
Current
Title : President
Current
Title : Director
Started
with Subject : 1997
Active
in daily operations : Yes
Founder
Of Subject.
Name : Angelito S. Garcia TIN 914-747-530
Current
Title : Vice President
Current
Title : Director
Started
with Subject : 1997
Active
in daily operations : Yes
Founder
Of Subject.
Name : Nardo S. Garcia TIN 172-524-870
Current
Title : Chairman
Current
Title : Director
Active
in daily operations : Yes
Founder
Of Subject.
Name :
Adrino S. Garcia
Current
Title : Secretary
Current
Title : Director
Active
in daily operations : Yes
Founder
Of Subject.
Name : Prudencio S. Garcia TIN 902-313-605
Current
Title : Treasurer
Active
in daily operations : Yes
Founder
Of Subject.
OPERATIONS
----------
5147-0000
Wholesales
meats and meat products
AGENCIES
HELD - BRAND NAME
--------------------------
Brand
Name : Mekeni
PURCHASES
---------
IMPORTS
FROM:-
Canada
Germany
Australia
United
States
PURCHASING
TERMS
----------------
LOCAL
PURCHASE TERMS
Cash
on Delivery
Open
Account 30 to
60 days
IMPORT
TERMS
Letter
of Credit
Document
against Payment
bank
transfer
SALES
TERRITORY
---------------
LOCAL : 100 %
SELLING
TERMS
-------------
LOCAL
SALES TERMS
TERMS : Special Terms
Open
Account 30 to 120 days
CUSTOMERS
----------
MAJOR
CUSTOMERS
Ever Supermarkets
Rustan's
Supermarkets
Big R
Supermarkets
Puregold
Supermarkets
Among
Others
SUPPLIERS
----------------
Codwell
Enterprises
Pioneer
House Building, 108 Paseo De Roxas,
Makati
City
Philippines
J
Channel
812
Reina Regente Street, Binondo
Manila
Philippines
EMPLOYEE(s)
- CURRENT
---------------------
Total
Employees : 650 Estimated
EMPLOYEE(s)
- PREVIOUS
----------------------
YEAR:- : 2006
Total
Employees : 520 Estimated
PEAK
SEASONS
------------
Subjects
operations are non-seasonal.
TRADESTYLES
-----------
'Mekeni'
LOCATION
--------
TYPE
OF OCCUPATION: Owned
NO OF
STORIES : 1
LOCATION : Industrial zone
BUILDING
FRAME : cement block
BUILDING'S
EXTERIO: reinforced concrete
PREMISES
USED AS : Factory/Warehouse
Operations
office
Administrative
office
BRANCH(es)
The
principal branch location(s) are as follows:-
54
Matahimik Street
Teacher's
Village, Diliman
Quezon
City
Philippines
Location
Type : Retail outlet
CURRENCY:
All amounts in this report are in local currency unless otherwise stated.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.94 |
|
UK Pound |
1 |
Rs.82.84 |
|
Euro |
1 |
Rs.65.95 |
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%)