MIRA INFORM REPORT
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Report Date : |
14.01.2012 |
IDENTIFICATION DETAILS
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Name : |
BSFIL TECHNOLOGIES INC. |
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Registered Office : |
Suite 402, South Center Tower, 2206
Market Street Madrigal Business Park, Alabang, Muntinlupa City 1770 |
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Country : |
Philippines |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.04.2003 |
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Com. Reg. No.: |
CS200308405 |
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Legal Form : |
Corporation |
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Line of Business : |
Processor and distributor of custom made spices and seasonings such as
ground pepper, black pepper, chili powder, garlic powder, onion powder, etc. |
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No. of Employees : |
85 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Company Name: |
BSFIL TECHNOLOGIES INC. |
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Supplied Name: |
BSFIL TECHNOLOGIES INC |
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Trading Address: |
Suite 402, South Center Tower,
2206 Market Street Madrigal Business Park, Alabang, Muntinlupa City 1770,
Philippines |
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Supplied Address: |
Suite 402, South Center
Tower, 2206 Market Steet, Medrigal Business Park, Alabang, Muntinlupa City
1770, Philippines |
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Telephone Number: |
+632 807 2114/ 807 8452/ 850
4660 |
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Fax Number: |
+632 807 2114 |
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E-mail: |
Credit
Summary
|
Credit Rating: |
Maximum credit USD 100,000 |
|
Credit Opinion: |
Business connections are permissible. |
Company
Identification Details
|
Registered Number: |
CS200308405 |
|
TIN Number: |
223-777-519-000 |
|
Legal Form: |
Corporation |
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Date Incorporated: |
2003-4-4 |
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Authorized Capital Stock: |
PHP 10,000,000 (USD 226,172) |
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Subscribed Capital Stock: |
PHP 2,500,000 (USD 56,542.9) |
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Paid-up Capital: |
PHP 2,500,000
(USD 56,542.9) (As of 2012.1, 1 PHP = 0.02262 USD) |
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Par Value Per Share: |
PHP 100 |
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Listed at Stock Exchange: |
No. |
|
Staff: |
85 Employees |
Note: Amounts in Philippine Peso unless
otherwise specified.
History
Company Background
CORPORATION
Verification with
the local registry revealed the following correct registration details as of
March 4, 2010.
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and Exchange
Commission |
2003-4-4 |
CS200308405 |
50 years |
Per Internet check, subject in 1985 started as Baltimore
Spices Philippines as a joint venture between American and Filipino partners
that specialized in spices trading.
Unit: PHP
|
|
Original |
As of (2011-3-25) |
|
|
Common |
Common |
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Authorized capital stock |
10,000,000 |
10,000,000 |
|
Subscribed capital stock |
2,500,000 |
2,500,000 |
|
Paid-up capital |
625,000 |
2,500,000 |
|
Par value per share |
100 |
100 |
Corporate
Structure
AFFILIATE: Meat Processing Supplies Inc.
Shareholders
Stockholders
(2011-4-11):
|
Name |
Amount Subscribed and Paid-Up(Unit: PHP) |
|
ELEGADO, EDILBERTO D. |
1,375,000 |
|
ELEGADO, AGNES T. |
1,124,500 |
|
ESTOPEN, RONALDO M |
200 |
|
ELEGADO, NICHOLAS EDUARDO T. |
200 |
|
BESIDAS, DENNIS |
100 |
Management
Information
Management
(2011-4-11):
|
Name: |
Position |
|
ELEGADO, EDILBERTO D. |
CHAIRMAN/ PRESIDENT |
|
ELEGADO, AGNES T. |
TREASURER/ DIRECTOR |
|
ESTOPEN, RONALDO M. |
CORPORATE SECRETARY/ DIRECTOR |
|
ELEGADO, NICHOLAS EDUARDO |
DIRECTOR |
|
BESIDAS, DENNIS |
DIRECTOR |
Operation
Activities
|
|
|
PSIC Code:
D15995 Processor/ Distributor – Spices |
|
|
Processor and distributor
of custom made spices and seasonings such as ground pepper, black pepper,
chili powder, garlic powder, onion powder, tocino mix, chicken breading,
chicken marinade, longganisa mix, and tamarind broth powder, among others Per Internet
check, its portfolio includes bakery lines, savory and food processing
machinery. Operates eight hours daily, six days a week. Known trade
reference is Neco Philippines Inc. Non-seasonal. No other operational details disclosed. |
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Sales/Purchases Information
|
|
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% of Import |
70% |
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Import from: |
US, Europe, and other Asian countries. |
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Importing terms: |
Letters of credit |
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% of Local Purchase: |
30% |
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Selling Terms: |
Cash and credit, extends 30 days credit terms to valued clients. |
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Territory: |
Local |
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Main Customers: |
San Miguel Purefoods Corporation, RFM Corporation, Goldilocks
Bakeshop, and Del Monte Philippines. |
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Foreign Suppliers: |
CMC/Commodity Marketing Company from Canada. |
Premises
|
|
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Headquarters, administrative
and sales offices at captioned address. Located in a
central business area on a side street Leases about 200
square meters on the 4th floor of a multi storey building. Owns a processing plant in Barangay Dayap, Calauan, Laguna |
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Balance
Sheet
Unit: PHP
|
Balance Sheet |
2010-12-31 |
2009-12-31 |
|
Total Current Assets |
20,649,418.00 |
57,199,739.00 |
|
Cash |
325,423.00 |
4,642,480.00 |
|
Short Invest |
0.00 |
0.00 |
|
Receivable |
12,888,173.00 |
48,632,556.00 |
|
Inventory |
6,928,199.00 |
2,398,839.00 |
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Other Current Assets |
507,623.00 |
1,525,864.00 |
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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 |
14.00 |
1,233,874.00 |
|
Fixed Assets |
7,568,663.00 |
7,568,663.00 |
|
Depreciation Total |
7,568,649.00 |
6,334,789.00 |
|
Intangible Assets |
0.00 |
0.00 |
|
Other Assets |
50,000,000.00 |
55,000,000.00 |
|
Total Assets |
70,649,432.00 |
113,433,613.00 |
|
Total Current Debt |
22,839,131.00 |
66,563,180.00 |
|
Short Loan |
0.00 |
0.00 |
|
Accounts Payable |
13,792,780.00 |
57,494,809.00 |
|
Other Current Liability |
9,046,351.00 |
9,068,371.00 |
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Long Liability Total |
35,119,234.00 |
38,583,000.00 |
|
Long Leases |
0.00 |
0.00 |
|
Long Loan |
0.00 |
0.00 |
|
Long Loan Other |
0.00 |
0.00 |
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Total Liability |
57,958,365.00 |
105,146,180.00 |
|
Total Equity |
12,691,066.00 |
8,287,433.00 |
|
Share Capital |
2,500,000.00 |
2,500,000.00 |
|
Capital Paid |
0.00 |
0.00 |
|
Legal Reserve |
0.00 |
0.00 |
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Surplus Reserve |
0.00 |
0.00 |
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Undistributed Profit |
0.00 |
0.00 |
|
Retained Earning |
10,191,066.00 |
5,787,433.00 |
|
Other Equity |
0.00 |
0.00 |
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Total Liability And Equity |
70,649,431.00 |
113,433,613.00 |
Profit/
Loss Accounts
Unit: PHP
|
|
2010 |
2009 |
|
Operating Revenue |
0.00 |
0.00 |
|
Sales Revenue |
464,807,704.00 |
419,327,943.00 |
|
Interest Revenue |
0.00 |
0.00 |
|
Other Revenue |
0.00 |
0.00 |
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Total Revenue |
464,807,704.00 |
419,327,943.00 |
|
Sales Cost |
429,082,629.00 |
387,780,519.00 |
|
Gross Profit |
35,725,075.00 |
31,547,424.00 |
|
Sales Expenses |
0.00 |
0.00 |
|
Management Expenses |
22,549,478.00 |
21,525,585.00 |
|
Financial Expenses |
6,884,692.00 |
5,408,667.00 |
|
Total Expenses |
458,516,799.00 |
414,714,771.00 |
|
Operating Profit |
6,290,905.00 |
4,613,172.00 |
|
Non Operating Profit |
0.00 |
0.00 |
|
Profit Before Tax |
6,290,905.00 |
4,613,172.00 |
|
Tax |
1,887,271.00 |
1,474,413.00 |
|
Net Profit |
4,403,634.00 |
3,138,759.00 |
Cash
Flow
|
|
2010 |
2009 |
|
Operating Net Cash |
-5,853,291.00 |
5,129,631.00 |
|
Investment Net Cash |
-5,000,000.00 |
-5,000,000.00 |
|
Finance Net Cash |
-3,463,766.00 |
-6,429,100.00 |
Payment
Supplier
no. 1
First Transaction: 2007 Last Transaction: August
2011
|
Date Checked |
Products Purchased |
Paying Habit |
Credit Line |
Outstanding Balance |
Past Due |
Credit Terms |
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11.2011 |
Basic colors |
Prompt |
Open |
None |
None |
30 days |
Ave.
monthly payment – not disclosed.
No
history of bounced checks or delayed payments.
No
further trade information obtained from other possible suppliers checked
including Anchor Chemicals (921-5766), Chemi-Source Unlimited (829-3208) and
Himmel Industries (818-8411).
Bankers
Bank of the
Philippine Islands (New Alabang branch), BPI Family Savings Bank, and Union
Bank of the Philippines
Public
Records
No negative
records (court cases, delinquent accounts) found under “BSFIL TECHNOLOGIES INC”
in our available database as of November 2, 2011.
“BSFIL
TECHNOLOGIES INC” not found in our database of companies with labor related
cases as of November 2, 2011.
Special
Note
Ocular visit conducted at captioned address, we contacted Ms. Charlene
Quinto, Administrative Staff. She refused to provide other details per strict
company policy.
Other parts of this report were obtained from the internet, government
records, and available information in our database.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.43 |
|
UK Pound |
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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 |
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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.