MIRA INFORM REPORT
|
Report Date : |
08.10.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
THE PACIFIC MEAT COMPANY INCORPORATED |
|
|
|
|
Registered Office : |
Units 503 & 506,
Centerpoint Building, Julia Vargas Avenue Corner Garnet Street, Ortigas
Center, Pasig City 1605 |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
28.06.1994 |
|
|
|
|
Com. Reg. No.: |
ASO94-005761 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Manufacturer and distributor of canned goods such as corned beef, beef loaf, and luncheon meat |
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 |
|
Maximum Credit Limit : |
USD 100,000 |
|
Status : |
Satisfactory |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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: |
THE
PACIFIC MEAT COMPANY INCORPORATED |
|
Supplied Name: |
The
Pacific Meat Co Inc |
|
Trading
Address: |
UNITS
503 & 506, |
|
Supplied
Address: |
Room
No. 503 Centre Point Bldg Julia Vargas Ave. Cor Garnet St. Orfigas Complex,
Pasig City, Philippines |
|
Telephone
Number: |
+02
633-8555 / 633-8962 / 635-4147 / 633-4171 / 520-9177 |
|
Fax
Number: |
+02
633-5445; 520-9188 |
Note: The supplied name is incomplete; the complete one is shown as above. The supplied address is inexact; the exact one is shown as above.
Credit Summary
|
Credit Rating: |
Maximum credit USD 100,000 |
Company Identification Details
|
Company Name: |
THE
PACIFIC MEAT COMPANY INCORPORATED |
|
Registered
Number: |
ASO94-005761 |
|
TIN Number: |
003-888-123 |
|
Legal
Form: |
Corporation |
|
Date
Incorporated: |
|
|
Authorized
Capital Stock: |
PHP 500,000,000.00 ; USD 11,456,300 (As of 2011.10, 1 PHP = 0.02291 USD) |
|
Listed
at Stock Exchange: |
No |
|
Staff: |
100 Employees |
Note: Amounts in Philippine Peso unless otherwise specified.
History
CORPORATION
Verification with the local registry revealed the following correct registration details as of (October 3, 2011).
Company Background
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and Exchange Commission |
|
ASO94-005761 |
50 years |
As of (01/18/2011).
|
Type |
Capital |
Par Value |
|
Authorized Capital |
500,000,000.00 |
10.00 |
|
Subscribed and Paid Up Capital |
293,906,230.00 |
10.00 |
Note:
Capital structure per latest
available General Information Sheet.
Increase in authorized capital
stock from 10,000,000 to 500,000,000 was approved by the Securities and
Exchange Commission on December 9, 1997.
Corporate Structure
Parent
company
|
Century
Canning Corporation |
Affiliates
|
Columbus Seafoods Corp.; General Tuna Corporation; Rian Realty
Corporation |
Shareholders
Stockholders (
|
Name |
Subscribed and Paid-Up |
Capital Type |
Nationality |
|
CENTURYCANNING CORPORATION |
290,116,960.00 |
Subscribed and Paid Up |
Filipino |
|
PO,RICARDO JR. T. |
1,263,040.00 |
Subscribed and Paid Up |
Filipino |
|
PO,TEODORO ALEXANDER T. |
1,263,040.00 |
Subscribed and Paid Up |
Filipino |
|
PO,CHRISTOPHER T. |
1,263,040.00 |
Subscribed and Paid Up |
Filipino |
|
DIAZ,EDGARDO |
70.00 |
Subscribed and Paid Up |
Filipino |
|
YU,EDGARDO L. |
70.00 |
Subscribed and Paid Up |
Filipino |
|
PO, RICARDO SR.S. |
10.00 |
Subscribed and Paid Up |
Filipino |
Note:
List of stockholders and their shareholdings per latest available General
Information Sheet.
Management Information
Management
(
|
Name |
Position |
|
|
Chairman |
|
|
Vice Chairman |
|
|
President / Director |
|
PO, CHRISTOPHER T. |
Chief Executive Officer /
Treasurer / Director |
|
GONZALEZ, MANUEL Z. 3B Tower, |
Corporate Secretary |
Note:
List of officers per latest available General Information Sheet.
Operation
Activities
|
|
Manufacturer and distributor of canned
goods such as corned beef, beef loaf, and luncheon meat. |
Premises
|
|
Also maintains an extension office located
at 7th Floor, |
Balance Sheet
Unit: PHP
|
Date |
2010-12-31 |
2009-12-31 |
|
Total
Current Assets |
2,692,037,268.00 |
2,621,663,080.00 |
|
Cash |
32,931,822.00 |
32,137,334.00 |
|
Short
Invest |
0.00 |
0.00 |
|
Receivable |
621,502,657.00 |
244,878,698.00 |
|
Inventory |
2,003,448,846.00 |
2,323,926,079.00 |
|
Other
Current Assets |
34,153,943.00 |
20,720,969.00 |
|
Long
Invest Total |
0.00 |
0.00 |
|
Long
Invest Security |
0.00 |
0.00 |
|
Long
Invest Equity |
0.00 |
0.00 |
|
Long
Invest Other |
0.00 |
0.00 |
|
Fixed
Assets Total |
241,048,463.00 |
195,608,743.00 |
|
Fixed
Assets |
507,971,407.00 |
412,070,278.00 |
|
Depreciation
Total |
266,922,944.00 |
216,461,535.00 |
|
Intangible
Assets |
0.00 |
0.00 |
|
Other
Assets |
0.00 |
0.00 |
|
Total
Assets |
2,933,085,731.00 |
2,817,271,823.00 |
|
Total
Current Debt |
1,872,013,315.00 |
1,750,789,503.00 |
|
Short
Loan |
692,000,000.00 |
170,000,000.00 |
|
Accounts
Payable |
1,157,200,370.00 |
751,926,058.00 |
|
Other
Current Liability |
22,812,945.00 |
828,863,445.00 |
|
Long
Liability Total |
3,062,753.00 |
3,898,518.00 |
|
Long
Leases |
0.00 |
0.00 |
|
Long
Loan |
0.00 |
0.00 |
|
Long
Loan Other |
0.00 |
0.00 |
|
Total
Liability |
1,875,076,068.00 |
1,754,688,021.00 |
|
Total
Equity |
1,058,009,663.00 |
1,062,583,802.00 |
|
Share
Capital |
293,906,250.00 |
293,906,250.00 |
|
Capital
Paid |
0.00 |
0.00 |
|
Legal
Reserve |
10,001,309.00 |
10,001,309.00 |
|
Surplus
Reserve |
0.00 |
0.00 |
|
Undistributed
Profit |
0.00 |
0.00 |
|
Retained
Earning |
277,383,324.00 |
281,957,463.00 |
|
Other
Equity |
476,718,780.00 |
476,718,780.00 |
|
Total
Liability And Equity |
2,933,085,731.00 |
2,817,271,823.00 |
Profit/ Loss Accounts
Unit: PHP
|
Date |
2010 |
2009 |
|
Operating
Revenue |
0.00 |
0.00 |
|
Sales
Revenue |
3,662,825,692.00 |
2,559,216,176.00 |
|
Interest
Revenue |
530,881.00 |
346,670.00 |
|
Other
Revenue |
0.00 |
0.00 |
|
Total
Revenue |
3,663,356,573.00 |
2,559,562,846.00 |
|
Sales
Cost |
3,020,045,327.00 |
2,029,389,190.00 |
|
Gross
Profit |
642,780,365.00 |
529,826,986.00 |
|
Sales
Expenses |
0.00 |
0.00 |
|
Management
Expenses |
614,358,964.00 |
494,931,352.00 |
|
Financial
Expenses |
0.00 |
1,981,052.00 |
|
Total
Expenses |
3,634,404,291.00 |
2,526,301,594.00 |
|
Operating
Profit |
28,952,282.00 |
33,261,252.00 |
|
Non
Operating Profit |
0.00 |
0.00 |
|
Profit
Before Tax |
28,952,282.00 |
33,261,252.00 |
|
Tax |
8,526,421.00 |
11,206,107.00 |
|
Net
Profit |
20,425,861.00 |
22,055,145.00 |
Cash Flow
Unit: PHP
|
Date |
2010 |
2009 |
|
Operating
Net Cash |
-400,304,383.00 |
-295,111,540.00 |
|
Investment
Net Cash |
-95,901,129.00 |
-75,378,114.00 |
|
Finance
Net Cash |
497,000,000.00 |
350,452,883.00 |
Bankers
Banco de Oro Unibank, Inc.; Bank of the Philippine Islands; Allied Banking Corporation; China Banking Corporation.
Verification of deposits, if any, prohibited under Philippine laws.
Subject:
PACIFIC MEAT COMPANY INC THE
|
NO |
Collateral/Security |
Co
Maker's Name |
Loan Type |
Loan Status |
Outstanding Amount |
Market Gain/Loss |
Secured Amount |
Unsecured Amount |
|
1. |
Other Securities |
PACIFIC MEAT COMPANY INC THE |
Bills Purchased - Clean |
Current |
9,200,000.00 |
0.00 |
0.00 |
9,200,000.00 |
|
2. |
Other Securities |
PACIFIC MEAT COMPANY INC THE |
Other Agri Credit Loans |
Current |
37,000,000.00 |
0.00 |
0.00 |
37,000,000.00 |
|
3. |
Other Securities |
|
Bills Purchased - Clean |
Current |
3,162,094.59 |
0.00 |
0.00 |
3,162,094.59 |
|
4. |
|
|
Time Loans |
Current |
40,000,000.00 |
0.00 |
0.00 |
40,000,000.00 |
Subject: PACIFIC MEAT COMPANY INC THE
|
NO |
Face Value |
Amount Unveiled |
LC Type |
Notional Amount in Peso |
|
1. |
2,025,408.00 |
2,025,408.00 |
GUARANTEES ISSUED – Shipside
Bonds Guarantees Issued |
0.00 |
Public
NEGATIVE RECORDS
No negative records (court cases, credit cards cancelled and delinquent accounts) found under “THE PACIFIC MEAT COMPANY INCORPORATED” in our available database as of October 3, 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 our available
databases.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
|
UK Pound |
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
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.