logo

 

MIRA INFORM REPORT

 

 

Report Date :            

11.04.2011

 

IDENTIFICATION DETAILS

 

Name :

MARKEN BURGINT. FOODS CORP.

 

 

Registered Office :

Eldan Industrial Park , Bo Patubig, Marilao, Bulacan, Abra

 

 

Country :

Philippines

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

29.12.1995

 

 

Com. Reg. No.:

AS95012953

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturing confectioners, cornstarch, candies and other similar products in nature

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

45,000 GBP

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Philippines

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY SUMMARY

 

Currency of Report: PHP

 

IDENTIFICATION

Given

 

Subject Name:

Marken Burgint. Foods Corp.

Address:

Eldan Industrial Park Bo Patubig Marilao Bulacan

Country:

Philippines

Verified

 

Subject Name:

MARKENBURG INTERNATIONAL FOODS CORPORATION

Address:

Eldan Industrial Park

Bo Patubig

Marilao

Town:

Bulacan

State/province:

Abra

Country:

Philippines

Telephone:

+63 (44) 7117777 /

+63 (2) 2996888

Mobile phone:

+63 9175322684

Fax:

+63 (44) 7118888

Website:

www.markenburg.com

EXECUTIVE SUMMARY

Date registered:

29-12-1995

Legal form:

Joint Stock Company

Authorised Capital:

PHP 20,000,000

Sales turnover:

PHP 189,003,359.01 (Non-consolidated 12 months, 31/12/2009)

Main activities:

Manufacturing confectioners, cornstarch, candies and other similar products in nature.

Employees:

40

 

REGISTRY DATA

Key Facts

 

Date registered:

29-12-1995

Legal form:

Joint Stock Company

Registration no:

AS95012953

Registry auth.

Philippines Register of Companies

Fiscal/tax code:

044-544-299-000

Registry status:

Live/Active

 

 

CREDIT RECOMENDATION

 

Current Credit Limit: 45,000 GBP

 

DIRECTORS/MANAGEMENT

 

MANAGEMENT & STAFF

Key Managers

 

Name:

Philip K Gohoc

Job Title:

President

Name:

Edna S. gGo

Job Title:

Company Secretary

Name:

Imelda C. SY

Job Title:

Treasurer

Name:

Carmelite Orlanda

Job Title:

Office Manager

 

 

Name:

Eddie C. SY

Job Title:

Vice President & Board Chairman

Name:

Mr. Helena de Guzman

Job Title:

Business Development Manager

Key Advisors

 

Auditor:

TOMAS P. DULATAS

CERTIFIED PUBLIC ACCOUNTANT

MEMBER :PICPA

Sta Rosa, Marilao, Bulacan

Staff

 

No of employees

40

BOARD OF DIRECTORS / OTHER APPOINTMENTS

Appointments

 

Name:

Philip K Gohoc

Board function:

President

ID Number:

106-730-575

Address:

661 Gandara St

Binondo

Manila

Philippines

Name:

Edna S. gGo

Board function:

Company Secretary

ID Number:

105-949-158

Address:

40 Mangusan St.,

Malabon City

Philippines

Name:

Imelda C. SY

Board function:

Treasurer

ID Number:

105-949-096

Address:

233 Macarthur Hi-way

Karuhatan

Valenzuela City

Metro Manila

Philippines

Name:

Evelyn C. Ongsy

Board function:

Board Member

ID Number:

107-162-691

Address:

233 Macarthur Hi-way

Karuhatan

Valenzuela City

Metro Manila

Philippines

Name:

Gabriel T. Barreto

Board function:

Board Member

ID Number:

134-898-300

Address:

75 Marcelo Ave.,

Marcelo Green Vill.

Philippines

Name:

Lawrence Anthony Lok

Board function:

Board Member

ID Number:

100-808-183

Address:

275 Santolan Road, San Juan

Metro Manila

Philippines

Name:

Eddie C. SY

Board function:

Vice President & Board Chairman

ID Number:

105-949-300

Address:

233 Macarthur Hi-way

Karuhatan

Valenzuela City

Metro Manila

Philippines

 

 

NEGATIVE INFORMATION

 

LEGAL FILINGS

Bankruptcy Filings:

None

Court Judgements:

None

Tax Liens:

None

Other:

None

 

 

SHARE & SHARE CAPITAL INFORMATION

 

SHARE CAPITAL

Composition

 

Authorised:

PHP 20,000,000

Number/type:

20,000,000 common shares

Share value:

PHP 1

Issued:

PHP 17,500,000

Paid-up:

PHP 17,500,000

Shareholders/Owners

How Listed

Full List

Composition

 

Name:

Imelda C. SY

No. of shares:

8,800,627 common shares

Address:

233 Macarthur Hi-way

Karuhatan

Valenzuela City

Metro Manila

Philippines

 

 

Name:

Eddie C. SY

No. of shares:

3,034,727 common shares

Address:

233 Macarthur Hi-way

Karuhatan

Valenzuela City

Metro Manila

Philippines

Name:

Lawrence Anthony Lok

No. of shares:

1,517,302 common shares

Address:

275 Santolan Road, San Juan

Metro Manila

Philippines

Name:

Evelyn C. Ongsy

No. of shares:

1,517,302 common shares

Address:

233 Macarthur Hi-way

Karuhatan

Valenzuela City

Metro Manila

Philippines

Name:

Philip K Gohoc

No. of shares:

1,517,302 common shares

Address:

661 Gandara St

Binondo

Manila

Philippines

Name:

Edna S. Go

No. of shares:

1,011,552 common shares

Address:

40 Mangusan St.,

Malabon City

Philippines

Name:

Gabriel T. Barreto

No. of shares:

101,185  common shares

Address:

75 Marcelo Ave.,

Marcelo Green Vill.

Philippines

 

 

PAYMENT INFORMATION

 

PAYMENTS

Purchase Terms

 

Local:

Cash

Credits 14-30 days

Imports:

L/Cs

Credits 30 days net

Sales Terms

 

Local:

Cash

Credits 14-30 days

Exports:

L/Cs

Credits 30 days net

Debt Collections / Judgements

No negative information was found.

Payment Experience

 

Payment Behaviour:

As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

CORPORATE AFFILIATIONS

Comments

None reported.

 

 

FINANCIAL INFORMATION

 

FINANCIAL ACCOUNTS

Description

 

Required to file:

Yes

Source:

Commercial Registry Filings

Presentation:

Attached to this report / Summarised below

Date of accounts:

31-12-2009

Type of accounts:

Full audited

Currency:

Philippines Peso (PHP)

Exchange rate:

USD 1 = PHP 43.43 as of 30-03-2011

Summarised

 

 

31-12-2009

31-12-2008

Consolidation:

Non-consolidated

Non-consolidated

Period:

12 months

12 months

Sales turnover:

189,003,359.01

160,056,892.41

Gross profit:

44,321,651.15

40,748,749.12

Profit before tax:

-1,630,566.12

2,101,693.47

Profit after tax:

-1,630,566.12

1,366,100.76

Non-current assets:

4,561,895.55

9,560,536.23

Current assets:

46,774,055.90

48,511,920.43

Inventories:

0

3,803,783.17

Total assets:

51,335,951.45

58,072,456.66

Current liabilities:

21,472,807.16

20,578,746.25

Non-current liabilities:

0

6,000,000.00

Total liabilities:

21,472,807.16

26,578,746.25

Shareholders' equity:

29,863,144.29

31,493,710.41

 

 

MARKENBURG INTERNATIONAL FOOD CORPORATION

 

 

 

 

Comparative Statement of Balance Sheet

 

 

 

 

For the Years ended December 31, 2009 & 2008.

 

 

 

 

Amount in Philippine Pesos

 

 

 

 

 

2009

2008

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

2,981,232.00

3,761,710.81

 

 

Receivables

41,039,181.90

38,309,838.86

 

 

inventories

-

3,803,783.17

 

 

Other Current Assets

2,753,642.00

2,636,587.59

 

 

Total Current Assets

46,774,056

48,511,920.43

 

 

 

 

 

 

 

Non-Current Assets:

 

 

 

 

Property, Plant and Equipment-Net

4,543,133.55

9,531,325.22

 

 

Organizational & Pre-operating Expense

18,762.00

29,211.01

 

 

Total Non-Current Assets

4,561,895.55

9,560,536.23

 

 

TOTAL ASSETS

51,335,951.45

58,072,456.66

 

 

 

 

 

 

 

CURRENT Liabilities

 

 

 

 

Accounts Payable

18,697,232.00

18,166,180.26

 

 

Accrued Expenses & Other Current Liabilities

2,775,575.16

2,412,565.99

 

 

Total Current Liabilities

21,472,807.16

20,578,746.25

 

 

 

 

 

 

 

Non-Current Liabilities

 

 

 

 

Loan Payable

0.00

6,000,000.00

 

 

 

 

 

 

 

Stockholders Equity

 

 

 

 

Capital Stock

17,500,000.00

17,500,000.00

 

 

Retained Earnings

12,363,144.29

13,993,710.41

 

 

Total Stockholder’s Equity

29,863,144.29

31,493,710.41

 

 

TOTAL LIABILITIES AND STOCICHO(.DERS EQUITY

51,335,951.45

58,072,456.66

 

 

 

 

 

 

 

 

MARNBURG INTERNATIONAL FOODS CORPORATION

 

 

 

COMPARATIVE STATEMENT OF INCOME

 

 

 

 

FOR The YEARS ENDED DECEMBER 31,2009 AND 2008

 

 

 

Amount in Philippine Pesos

 

 

 

 

 

2009

2008

 

 

Revenue

189,003,359.01

160,056,892.41

 

 

Cost Of Goods Manufactured & Sold

144,681,707.86

119,308,143.29

 

 

Gross Profit

44,321,651.15

40,748,749.12

 

 

Administrative Expenses

45,952,217.27

38,647,055.65

 

 

PROFIT BE FORE INCOME TAX

-1,630,566.12

2,101,693.47

 

 

Income Tax Expenses

-

735,592.71

 

 

PROFIT FOR THE YEAR

-1,630,566.12

1,366,100.76

 

 

 

 

 

 

 

Financial Ratios

 

31-12-2009

31-12-2008

Trend

PROFITABILITY [%]

 

 

 

    Gross Margin

23.45%

25.46%

-7.89 %

          Gross Profit / Revenue * 100

 

 

 

    Operating Margin

N/A

N/A

N/A

          Operating Income / Revenue * 100

 

 

 

    Net Profit Margin

-0.86%

0.85%

-201.18 %

          Profit After Tax / Revenue * 100

 

 

 

    Return On Equity (ROE)

-5.46%

4.34%

-225.81 %

         Profit After Tax / Equity * 100        

 

 

 

    Return On Assets (ROA)

-3.18%

2.35%

-235.32 %

         Profit After Tax / Total Assets * 100

 

 

 

    Return On Investment (ROI)

-5.46%

6.67%

-181.86 %

         Profit Before Tax / Equity * 100        

 

 

 

EFFICIENCY [%]

 

 

 

    Asset Turnover

368.17%

275.62%

33.58 %

         Revenue / Total Assets * 100

 

 

 

    Inventory Turnover

N/A

4207.83%

N/A

          Revenue ./ Inventory * 100

 

 

 

LIQUIDITY [%]

 

 

 

    Current Ratio (CR)

217.83%

235.74%

-7.6 %

          Current Assets ./ Current Liabilities * 100

 

 

 

    Quick Ratio (QR)

217.83%

217.25%

0.27 %

          (Current Assets – Inventory) ./ Current Liabilities * 100

 

 

 

DEBT [%]

 

 

 

    Debt Ratio

41.83%

45.77%

-8.61 %

          Total Liabilities ./ Total Assets * 100

 

 

 

    Long-Term Debt Ratio

0%

19.05%

-100 %

          Long-Term Liabilities ./ Equity * 100

 

 

 

 

ADDITIONAL INFORMATION

 

BANKING & FINANCING

Bankers

 

Bank name:

BANK OF THE PHILIPINES ISLAND

Address:

Philippines

Relationship type:

Current Account

Comments

It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.

 

OPERATIONS & HISTORY

Activities

 

Full description:

The Subject is engaged in the business of manufacturing confectioners, cornstarch, candies and other similar products in nature. The Subject's core product is Markenburg marshmallows.

Products/services:

Smallows

The tropical sweetness of mango is now captured in Smallows Mango Marshmallows.

Marshies Vanilla

Marshies Strawberry

Marshies Chocolate and Vanilla

Marshies Singles

Twisties

Holiday Tubs

Yummy Fluffies

Sales

 

Local:

Yes

Export:

Japan, Malaysia, Taiwan, Korea, Thailand, Mongolia, Singapore, Australia, New Zealand, Saudi Arabia, Bahrain, UAE, Kuwait, Ireland, Argentina, Mauritius, Panama, and South Africa.

PROPERTY & ASSETS

Premises

The Subject operates from premises located at the heading address, consisting of production facilities, a warehouse and administrative offices.

Intellectual Property

ISO22000

 

 

NOTES & COMMENTS

 

INVESTIGATIVE NOTES

Sources:

Interviews and material provided by the Subject

Other official and local business sources

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.04

UK Pound

1

Rs.72.20

Euro

1

Rs.63.40

 

 

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

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

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.