MIRA
INFORM REPORT
|
Report Date : |
30.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNIVERSAL CANNING, INC. |
|
|
|
|
Formerly Known As : |
UNIVERSAL CANNING CORPORATION |
|
|
|
|
Registered Office : |
Calle San Isidro, Ayala, Zamboanga City 7000, Zamboanga Del Sur |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
01.10.1995 |
|
|
|
|
Com. Reg. No.: |
GSO95-0003 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Manufacturer,
wholesaler, and retailer of canned sardines. |
|
|
|
|
No. of Employees : |
About 1,000 |
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 : |
USD 50,000 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Philippines |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company Details
|
Company Name: |
UNIVERSAL
CANNING, INC. |
|
Former Name: |
UNIVERSAL
CANNING CORPORATION |
|
Supplied Name: |
Universal
Canning Inc |
|
Trading Address: |
CALLE SAN
ISIDRO, AYALA, ZAMBOANGA CITY 7000, ZAMBOANGA DEL SUR, PHILIPPINES |
|
Supplied
Address: |
Call San Isidro
Ayaca Zamboanga City Philippines |
|
Telephone
Number: |
+62 991-3546;
991-3320; 993-1472 TO 74 |
|
Fax Number: |
+62 993-1472 |
Note:
Subject’s accurate address is as above.
Credit Summary
|
Credit Rating: |
Maximum credit
USD 50,000 |
|
Credit Opinion: |
Business
connections are permissible. |
Company Identification Details
|
Registered
Number: |
GSO95-0003 |
|
TIN Number: |
005-405-304 |
|
Legal Form: |
Corporation |
|
Date
Incorporated: |
01/10/1995 |
|
Authorized
Capital Stock: |
PHP 120,000,000
(USD 2,726,400) (As of 2011.12,
1 PHP=0.02272 USD) |
|
Subscribed
Capital Stock: |
PHP 120,000,000
(USD 2,726,400) |
|
Paid-up Capital: |
PHP 120,000,000
(USD 2,726,400) |
|
Par Value Per
Share: |
PHP 100.00 |
|
Listed at Stock
Exchange: |
No |
|
Staff: |
About 1,000
office personnel, plant workers and warehouse personnel (per CIBI’s available
report dated July 6, 2011) |
Note: Amounts in Philippine Peso unless
otherwise specified.
History
Company Background
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and Exchange Commission |
01/10/1995 |
GSO95-0003 |
50 years |
Originally registered as Universal Canning Corporation Present name was approved
by the Securities and Exchange Commission on April 17, 1998.
|
Type |
Share |
|
Authorized Capital |
120,000,000.00 |
|
Subscribed and Paid Up Capital |
120,000,000.00 |
|
Par Value |
100.00 |
Capital structure per latest available General Information Sheet.
Increase in authorized capital stock from 20,000,000 to 120,000,000 was
approved by the Securities and Exchange Commission on January 15, 2010.
Shareholders
Stockholders (01/31/2011):
|
COMMON |
|
|
Name |
Subscribed and Paid Up |
|
KAW, ANITA L. |
7,000,000.00 |
|
KAW, LEONCIO L. JR. |
28,250,000.00 |
|
KAW, STEPHEN L. |
28,250,000.00 |
|
LIM, MAY K. |
28,250,000.00 |
|
PE, ALEXANDRA L. |
28,250,000.00 |
List of stockholders and their shareholdings per latest available General
Information Sheet
Management Information
Management (01/31/2011):
|
KAW, ANITA L. Baliwasan, Zamboanga City |
Chairman / President |
|
KAW, LEONCIO L. JR. Pasay City |
Vice President / Director |
|
LIM, MAY K. Cebu City |
Treasurer / Director |
|
KAW, STEPHEN L. Baliwasan, Zamboanga City |
Corporate Secretary / Director |
|
PE, ALEXANDRA L. Cebu City |
Director |
List of officers per latest available General Information Sheet
Operation
Activities
|
|
|
Manufacturer, wholesaler, and retailer of canned sardines. |
|
Sales/Purchases
Information
|
|
|
Territory: |
Local |
Premises
|
|
|
Location: Located
at above address. |
|
Balance Sheet
Unit: PHP
|
Balance Sheet |
2009.12.31 |
2008.12.31 |
|
TotalCurrentAssets |
136,417,661.00 |
135,735,890.00 |
|
Cash |
78,519,132.00 |
93,448,024.00 |
|
ShortInvest |
0.00 |
0.00 |
|
Receivable |
42,413,007.00 |
32,210,963.00 |
|
Inventory |
15,485,522.00 |
10,076,903.00 |
|
OtherCurrentAssets |
0.00 |
0.00 |
|
LongInvestTotal |
0.00 |
0.00 |
|
LongInvestSecurity |
0.00 |
0.00 |
|
LongInvestEquity |
0.00 |
0.00 |
|
LongInvestOther |
0.00 |
0.00 |
|
FixedAssetsTotal |
363,151,195.00 |
156,460,772.00 |
|
FixedAssets |
421,511,040.00 |
200,974,639.00 |
|
DepreciationTotal |
58,359,845.00 |
44,513,867.00 |
|
IntangibleAssets |
5,700,000.00 |
6,000,000.00 |
|
OtherAssets |
26,527,471.00 |
62,417,709.00 |
|
TotalAssets |
531,796,327.00 |
360,614,371.00 |
|
TotalCurrentDebt |
40,393,527.00 |
3,594,146.00 |
|
ShortLoan |
0.00 |
0.00 |
|
AccountsPayable |
22,305,499.00 |
3,493,629.00 |
|
OtherCurrentLiability |
18,088,028.00 |
100,517.00 |
|
LongLiabilityTotal |
0.00 |
0.00 |
|
LongLeases |
0.00 |
0.00 |
|
LongLoan |
349,900,000.00 |
220,000,000.00 |
|
LongLoanOther |
0.00 |
0.00 |
|
TotalLiability |
390,293,527.00 |
223,594,146.00 |
|
TotalEquity |
141,502,800.00 |
137,020,225.00 |
|
ShareCapital |
0.00 |
0.00 |
|
CapitalPaid |
20,000,000.00 |
20,000,000.00 |
|
LegalReserve |
0.00 |
0.00 |
|
SurplusReserve |
0.00 |
0.00 |
|
UndistributedProfit |
0.00 |
0.00 |
|
RetainedEarning |
21,502,800.00 |
17,020,225.00 |
|
OtherEquity |
100,000,000.00 |
100,000,000.00 |
|
TotalLiabilityAndEquity |
531,796,327.00 |
360,614,371.00 |
Profit/ Loss Accounts
Unit: PHP
|
|
2009 |
2008 |
|
OperatingRevenue |
0.00 |
0.00 |
|
SalesRevenue |
240,082,554.00 |
301,552,849.00 |
|
InterestRevenue |
0.00 |
0.00 |
|
OtherRevenue |
0.00 |
0.00 |
|
TotalRevenue |
240,082,554.00 |
301,552,849.00 |
|
SalesCost |
175,815,952.00 |
244,077,684.00 |
|
GrossProfit |
64,266,602.00 |
57,475,165.00 |
|
SalesExpenses |
0.00 |
0.00 |
|
ManagementExpenses |
57,862,923.00 |
47,502,460.00 |
|
FinancialExpenses |
0.00 |
0.00 |
|
TotalExpenses |
233,678,875.00 |
291,580,144.00 |
|
OperatingProfit |
6,403,679.00 |
9,972,705.00 |
|
NonOperatingProfit |
0.00 |
0.00 |
|
ProfitBeforeTax |
6,403,679.00 |
9,972,705.00 |
|
Tax |
1,921,104.00 |
3,490,447.00 |
|
NetProfit |
4,482,575.00 |
6,482,258.00 |
Cash Flow
|
|
2009 |
2008 |
|
OperatingNetCash |
39,817,271.00 |
-10,528,125.00 |
|
InvestmentNetCash |
0.00 |
0.00 |
|
FinanceNetCash |
0.00 |
0.00 |
Bankers
Asia United Bank
Corporation; Banco de Oro Unibank, Inc.; China Banking Corporation; Development
Bank of the Philippines; Metropolitan Bank and Trust Company; Orix Metro
Leasing and Finance Corporation; Union Bank of the Philippines.
Public
No negative
records (court cases, credit cards cancelled and delinquent accounts) found
under the names “UNIVERSAL CANNING, INC.” in CIBI's available database as of
December 29, 2011.
Special Note
Above information
were based on the subject’s 2011 General Information Sheet, the latest
available at the Securities and Exchange Commission and CIBI’s available
databases.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.36 |
|
|
1 |
Rs.82.51 |
|
Euro |
1 |
Rs.68.99 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.