MIRA
INFORM REPORT
|
Report Date : |
09.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
FERNA CORPORATION |
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Registered Office : |
16 Bernardo Street, San Rafael Village, Navotas City 1485 |
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Country : |
Philippines |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.08.1996 |
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Com. Reg. No.: |
A199604945 |
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Legal Form : |
Corporation |
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Line of Business : |
Engaged in importing, buying, manufacturing, selling and trading of food flavoring and chemicals and other related items. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 30,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Details
|
Company Name: |
FERNA
CORPORATION |
|
Supplied Name: |
Ferna
Corporation |
|
Trading Address: |
16 Bernardo Street,
San Rafael Village, Navotas City 1485, Philippines |
|
Supplied
Address: |
16 Bernardo ST
Sam Rabael Navotas 1485 Metro Manik Philippines |
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Telephone
Number: |
+253-6136/251-5534 |
|
Fax Number: |
+253-5290/
253-6192/ 253-5290 |
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E-mail: |
Note:
Subject’s accurate address is as above.
Credit Summary
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Credit Rating: |
Maximum credit
USD 30,000 |
|
Credit Opinion: |
Business
connections are permissible. |
Company Identification Details
|
Company Name: |
FERNA
CORPORATION |
|
Registered
Number: |
A199604945 |
|
Legal Form: |
Corporation |
|
Date
Incorporated: |
|
|
Authorized
Capital Stock: |
PHP
40,000,000.00 (USD 926,800) (As of 2011.09, 1
PHP=0.02317 USD) |
|
Subscribed
Capital Stock: |
PHP
18,000,000.00 (USD 417,060) |
|
Listed at Stock
Exchange: |
No |
|
Staff: |
40 employees
(including administrative, sales, plant and support staff) |
Note: Amounts in Philippine
Peso unless otherwise specified.
History
CORPORATION
Verification with
the local registry revealed the following correct registration details as of
(November 8, 2011).
Company Background
|
Regulatory
Agency |
Date Registered |
Registration No. |
Term |
|
Securities and
Exchange Commission |
|
A199604945 |
50 years |
As of (08/12/2011)
|
Type |
Share |
Par Value |
|
Authorized
Capital |
40,000,000.00 |
100.00 |
|
Subscribed and
Paid Up Capital |
18,000,000.00 |
100.00 |
Capital structure
per latest available Amended Articles of Incorporation (increase in capital
stock).
Increase in authorized capital stock from 10,000,000 to 40,000,000 was
approved by the Securities and Exchange Commission on August 12, 2011.
Corporate Structure
AFFILIATE:
Purechem Corporation
Shareholders
Stockholders
(05/05/2011):
|
Name |
% of Holdings |
Capital Type |
Nationality |
|
CO, FERNANDO |
40.00 |
Subscribed and
Paid Up |
Filipino |
|
CO, GIOVANNI |
20.00 |
Subscribed and
Paid Up |
Filipino |
|
CO, FERNANDO JR. |
20.00 |
Subscribed and
Paid Up |
Filipino |
|
CO, JEANETTE N. |
10.00 |
Subscribed and
Paid Up |
Filipino |
|
CO-CHIU, SHARON |
10.00 |
Subscribed and
Paid Up |
Filipino |
List of stockholders
and their percentage of holdings per latest available General Information Sheet
Management Information
Management (
|
1 |
|
|
Name: |
CO, FERNANDO |
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Position: |
Chairman |
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Address: |
245 Encarnacion
St., Navotas City |
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2 |
|
|
Name: |
CO, GIOVANNI |
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Position: |
President /
Director |
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Address: |
245 Encarnacion
St., Navotas City |
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3 |
|
|
Name: |
CO, FERNANDO JR. |
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Position: |
Vice President /
Director |
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Address: |
245 Encarnacion
St., Navotas City |
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4 |
|
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Name: |
CO-CHIU, SHARON |
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Position: |
Treasurer /
Corporate Secretary |
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Address: |
245 Encarnacion
St., Navotas City |
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5 |
|
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Name: |
CO, JEANETTE N. |
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Position: |
Director |
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Address: |
245 Encarnacion
St., Navotas City |
List of officers
per latest available General Information Sheet
Operation
Activities
|
|
Engaged in
importing, buying, manufacturing, selling and trading of food flavoring and
chemicals and other related items. |
Premises
|
|
Location: Located
at above address. |
Balance Sheet
Unit: PHP
|
|
2010.12.31 |
2009.12.31 |
|
TotalCurrentAssets |
111,300,625.80 |
73,676,713.57 |
|
Cash |
714,136.61 |
1,430,231.05 |
|
ShortInvest |
0.00 |
0.00 |
|
Receivable |
11,742,691.26 |
7,627,102.85 |
|
Inventory |
95,623,647.85 |
63,385,687.29 |
|
OtherCurrentAssets |
3,220,150.08 |
1,233,692.38 |
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LongInvestTotal |
0.00 |
0.00 |
|
LongInvestSecurity |
0.00 |
0.00 |
|
LongInvestEquity |
0.00 |
0.00 |
|
LongInvestOther |
0.00 |
0.00 |
|
FixedAssetsTotal |
8,826,351.77 |
9,747,468.90 |
|
FixedAssets |
27,489,424.76 |
26,088,219.40 |
|
DepreciationTotal |
18,663,072.99 |
16,340,750.50 |
|
IntangibleAssets |
0.00 |
0.00 |
|
OtherAssets |
0.00 |
0.00 |
|
TotalAssets |
120,126,977.57 |
83,424,182.47 |
|
TotalCurrentDebt |
99,228,603.33 |
64,618,522.46 |
|
ShortLoan |
0.00 |
0.00 |
|
AccountsPayable |
99,127,553.67 |
64,551,889.78 |
|
OtherCurrentLiability |
101,049.66 |
66,632.68 |
|
LongLiabilityTotal |
0.00 |
0.00 |
|
LongLeases |
0.00 |
0.00 |
|
LongLoan |
0.00 |
0.00 |
|
LongLoanOther |
0.00 |
0.00 |
|
TotalLiability |
99,228,603.33 |
64,618,522.46 |
|
TotalEquity |
20,898,374.24 |
18,805,660.01 |
|
ShareCapital |
10,000,000.00 |
2,500,000.00 |
|
CapitalPaid |
0.00 |
0.00 |
|
LegalReserve |
0.00 |
0.00 |
|
SurplusReserve |
0.00 |
0.00 |
|
UndistributedProfit |
0.00 |
0.00 |
|
RetainedEarning |
10,898,374.24 |
16,305,660.01 |
|
OtherEquity |
0.00 |
0.00 |
|
TotalLiabilityAndEquity |
120,126,977.57 |
83,424,182.47 |
Profit/ Loss Accounts
Unit: PHP
|
|
2010 |
2009 |
|
OperatingRevenue |
0.00 |
0.00 |
|
SalesRevenue |
167,752,732.29 |
118,278,434.21 |
|
InterestRevenue |
0.00 |
0.00 |
|
OtherRevenue |
0.00 |
0.00 |
|
TotalRevenue |
167,752,732.29 |
118,278,434.21 |
|
SalesCost |
130,471,944.02 |
88,247,336.09 |
|
GrossProfit |
37,280,788.27 |
30,031,098.12 |
|
SalesExpenses |
0.00 |
0.00 |
|
ManagementExpenses |
33,719,730.73 |
28,015,189.22 |
|
FinancialExpenses |
0.00 |
0.00 |
|
TotalExpenses |
164,191,674.75 |
116,262,525.31 |
|
OperatingProfit |
3,561,057.54 |
2,015,908.90 |
|
NonOperatingProfit |
0.00 |
0.00 |
|
ProfitBeforeTax |
3,561,057.54 |
2,015,908.90 |
|
Tax |
1,068,317.26 |
604,772.67 |
|
NetProfit |
2,492,740.28 |
1,411,136.23 |
Profit/ Loss Accounts
Unit: PHP
|
|
2010 |
2009 |
|
OperatingNetCash |
685,110.92 |
2,534,045.50 |
|
InvestmentNetCash |
-1,401,205.36 |
-3,832,183.25 |
|
FinanceNetCash |
0.00 |
0.00 |
Bankers
BANKING
No dealings based on
credit exposure report with one million and above dealings as of June 30, 2011.
Public
NEGATIVE RECORDS
No negative
records (court cases, credit cards cancelled and delinquent accounts) found
under “FERNA CORPORATION” in our available database as of November 8, 2011.
Special Note
Above information
were based on the subject’s 2011 General Information Sheet, the latest
available at the Securities and Exchange Commission, latest available Amended Articles
of Incorporation (increase in capital stock) and our available databases.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.38 |
|
|
1 |
Rs.79.20 |
|
Euro |
1 |
Rs.67.84 |
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.