|
Report Date : |
06.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
UNAHCO FEEDS, INC. |
|
|
|
|
Registered Office : |
No. 17 Sheridan Street, Mandaluyong City 1550 |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.02.1990 |
|
|
|
|
Com. Reg. No.: |
173561 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Manufacturer
and distributor of animal
feeds, specifically for hogs and poultry |
|
|
|
|
No. of Employees : |
Not Available |
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 |
|
Status : |
Good |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Philippines |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Philippines - ECONOMIC
OVERVIEW
Philippine GDP grew 7.6% in 2010, spurred by consumer demand, a rebound in exports and investments, and election-related spending, before cooling to 3.7% in 2011. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a growing business process outsourcing industry. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration (January 2001 - June 2010). Despite this growth, however, poverty worsened during her presidency. The AQUINO administration is working to reduce the government deficit from 3.9% of GDP, when it took office, to 2% of GDP by 2013. The government has had little difficulty issuing debt, both locally and internationally, to finance the deficits. The AQUINO Administration reduced public debt to below 50% of GDP and obtained several ratings upgrades on sovereign debt so that the Philippines is now close to investment grade. However, the lack of government spending, especially on infrastructure, was one of several factors which slowed GDP growth in the second half of 2011, leading the government to announce a stimulus effort and increased public spending on infrastructure in 2012. AQUINO's first budget emphasized education, health, conditional cash transfers for the poor, and other social spending programs, relying mostly on the private sector to finance important infrastructure projects. Weak tax collection, exacerbated by new tax breaks and incentives, has limited the government's ability to address major challenges. The AQUINO administration has vowed to focus on improving tax collection efficiency, rather than imposing new taxes, as a part of its good governance platform. The economy still faces several long-term challenges, including reliance on energy imports and foreign demand for overseas Filipino workers.
|
Source : CIA |
|
Company Name: |
UNAHCO FEEDS, INC. |
|
Supplied Name: |
Unahco Feed Inc |
|
Main
Address: |
No. 17 Sheridan Street, Mandaluyong City 1550, Philippines |
|
Supplied
Address: |
136, Barangay Turo Bocoue Bulacan Philippines |
|
Telephone
Number: |
+63 44 692-1013; 692-2856; 631-8501 |
|
Fax
Number: |
+63 44 692-3710; 692-4056 |
Note:
The name you supplied is incorrect. Subject’s accurate
name is as above.
Your supplied address is where subject’s Sales,
administrative offices, plant, and warehouse are located. Subject’s main office
address is as above.
|
Credit Opinion: |
Business connections are permissible. |
|
Company Name: |
UNAHCO FEEDS, INC. |
|
Registered
Number: |
173561 |
|
Legal
Form: |
Corporation |
|
Date
Incorporated: |
1990-2-13 |
|
Authorized
Capital Stock: |
PHP 150,000,000.00 |
|
Subscribed
Capital Stock: |
PHP 149,939,700.00 |
|
Paid-up
Capital: |
PHP 149,939,700.00 |
|
Par
Value Per Share: |
PHP 100.00 |
|
Listed
at Stock Exchange: |
No |
|
Staff: |
N/A |
Note:
Amounts in Philippine Peso
unless otherwise specified
The staff number is not obtained
from the subject or other sources.
CORPORATION
Verification with the local registry revealed the
following correct registration details as of (September 3, 2012).
Company
Background
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and Exchange Commission |
1990-2-13 |
173561 |
50 years |
Originally registered as Sarimanok Feeds Company, Inc. Present name was
approved by the Securities and Exchange Commission on December 7, 2009.
Annual Meeting Date:
|
Type |
Amount |
as of date |
|
Authorized Capital |
150,000,000.00 |
2012-2-1 |
|
Paid Up Capital |
149,939,700.00 |
2012-2-1 |
|
Subscribed Capital |
149,939,700.00 |
2012-2-1 |
|
Par Value |
100.00 |
2012-2-1 |
Capital structure per latest available General Information Sheet.
Increase in authorized capital stock from 50,000,000 to 150,000,000 was
approved by the Securities and Exchange Commission on March 10, 1992.
Parent Company: UNAHCO,
INC. (formerly Univet Agricultural Products, Inc.)
Affiliates: United
Laboratories, Inc.; Health Delivery Services, Inc.
Stockholders (2012-2-1):
|
Name: |
Amount Subscribed |
Amount Paid- Up |
Nationality |
|
HESS, CLINTON ANDREW |
100.00 |
100.00 |
Filipino |
|
TAN, MARIANO JOHN L. JR. |
100.00 |
100.00 |
Filipino |
|
VACA, LUIS MIGUEL G. |
100.00 |
100.00 |
Filipino |
|
ALBA, RICARDO C. |
100.00 |
100.00 |
Filipino |
|
DIGA, JOSELITO G. |
100.00 |
100.00 |
Filipino |
|
UNAHCO, INC. |
149,939,200.00 |
149,939,200.00 |
Filipino |
List of stockholders and their shareholdings per latest
available General Information Sheet
Management:
|
Name: |
Position: |
|
HESS, CLINTON ANDREW c/o 66 United Street, Mandaluyong City |
Chairman |
|
TAN, MARIANO JOHN L. JR. c/o 66 United Street, Mandaluyong City |
Vice Chairman |
|
ALBA, RICARDO C. c/o 86 Mayflower Street, Mandaluyong City |
President / Director |
|
VACA, LUIS MIGUEL G. c/o 86 Mayflower Street, Mandaluyong City |
Treasurer / Chief Finance Officer / Director |
|
DIGA, JOSELITO G. c/o 66 United Street, Mandaluyong City |
Director |
|
RAMOS-AŃONUEVO, MARIEVIC G. c/o 105 Paseo de Roxas, Makati City |
Corporate Secretary |
|
LADRERA, LUIS R. c/o 66 United Street, Mandaluyong City |
Assistant Corporate Secretary |
|
PANIGBATAN, BENEDICTO P. c/o 105 Paseo de Roxas, Makati City |
Assistant Corporate Secretary |
List of officers per latest available General Information Sheet
|
Activities |
|
Manufacturer
and distributor of animal feeds, specifically for hogs and poultry. |
|
Premises |
|
LOCATION:
Main office at captioned address. Sales,
administrative offices, plant, and warehouse located at 136 Barangay Turo
(Near Bocaue Exit), Bocaue 3018, Bulacan. |
Unit: PHP
|
Balance Sheet |
2011.12.31 |
2010.12.31 |
|
TotalCurrentAssets |
3,025,441,346.00 |
1,705,145,199.00 |
|
Cash |
347,524,525.00 |
187,363,233.00 |
|
ShortInvest |
0.00 |
0.00 |
|
Receivable |
1,207,880,638.00 |
499,151,764.00 |
|
Inventory |
1,454,870,306.00 |
1,007,732,480.00 |
|
OtherCurrentAssets |
15,165,877.00 |
10,897,722.00 |
|
LongInvestTotal |
0.00 |
0.00 |
|
LongInvestSecurity |
0.00 |
0.00 |
|
LongInvestEquity |
0.00 |
0.00 |
|
LongInvestOther |
3,940,255.00 |
3,940,255.00 |
|
FixedAssetsTotal |
774,809,792.00 |
754,899,612.00 |
|
FixedAssets |
774,809,792.00 |
754,899,612.00 |
|
DepreciationTotal |
0.00 |
0.00 |
|
IntangibleAssets |
0.00 |
0.00 |
|
OtherAssets |
12,245,131.00 |
9,263,973.00 |
|
TotalAssets |
3,816,436,524.00 |
2,473,249,039.00 |
|
TotalCurrentDebt |
2,267,394,740.00 |
1,095,349,524.00 |
|
ShortLoan |
0.00 |
0.00 |
|
AccountsPayable |
2,223,444,702.00 |
923,272,988.00 |
|
OtherCurrentLiability |
43,950,038.00 |
172,076,536.00 |
|
LongLiabilityTotal |
36,687,103.00 |
26,749,909.00 |
|
LongLeases |
0.00 |
0.00 |
|
LongLoan |
0.00 |
0.00 |
|
LongLoanOther |
0.00 |
0.00 |
|
TotalLiability |
2,304,081,843.00 |
1,122,099,433.00 |
|
TotalEquity |
1,512,354,681.00 |
1,351,149,606.00 |
|
ShareCapital |
149,939,700.00 |
149,939,700.00 |
|
CapitalPaid |
0.00 |
0.00 |
|
LegalReserve |
0.00 |
0.00 |
|
SurplusReserve |
0.00 |
0.00 |
|
UndistributedProfit |
0.00 |
0.00 |
|
RetainedEarning |
1,362,414,981.00 |
1,201,209,906.00 |
|
OtherEquity |
0.00 |
0.00 |
|
TotalLiabilityAndEquity |
3,816,436,524.00 |
2,473,249,039.00 |
Unit: PHP
|
|
2011 |
2010 |
|
OperatingRevenue |
0.00 |
0.00 |
|
SalesRevenue |
7,598,119,650.00 |
5,552,921,240.00 |
|
InterestRevenue |
0.00 |
0.00 |
|
OtherRevenue |
135,306,832.00 |
102,821,203.00 |
|
TotalRevenue |
7,733,426,482.00 |
5,655,742,443.00 |
|
SalesCost |
6,821,238,963.00 |
4,851,407,323.00 |
|
GrossProfit |
776,880,687.00 |
701,513,917.00 |
|
SalesExpenses |
0.00 |
0.00 |
|
ManagementExpenses |
666,415,286.00 |
530,573,787.00 |
|
FinancialExpenses |
15,822,392.00 |
17,719,786.00 |
|
TotalExpenses |
7,503,476,641.00 |
5,399,700,896.00 |
|
OperatingProfit |
229,949,841.00 |
256,041,547.00 |
|
NonOperatingProfit |
0.00 |
0.00 |
|
ProfitBeforeTax |
229,949,841.00 |
256,041,547.00 |
|
Tax |
68,744,766.00 |
76,348,534.00 |
|
NetProfit |
161,205,075.00 |
179,693,013.00 |
|
|
2011 |
2010 |
|
OperatingNetCash |
-383,027,500.00 |
-144,873,050.00 |
|
InvestmentNetCash |
-101,866,210.00 |
-89,218,847.00 |
|
FinanceNetCash |
-120,999,998.00 |
0.00 |
Deutsche Bank AG; Rizal
Commercial Banking Corporation
Please see attached
credit exposure report under the name “UNAHCO FEEDS, INC.” as of March 31,
2012.
FORM 1: Loans and
Receivables
This section contains
credit exposure of one million and above transactions reported quarterly by
banks and other financial institutions.
For quarter ending as
of March 31, 2012
Subject:
UNAHCO FEEDS INC
|
NO |
Loan
Type |
Loan
Status |
Outstanding
Amount |
Market
Gain/Loss |
Secured
Amount |
Unsecured
Amount |
|
1.
|
Time
Loans |
Current |
200,000,000.00
|
0.00
|
0.00
|
200,000,000.00 |
FORM 4: Letters of
Credit/Guarantee
This section contains
credit exposure records of one million and above transactions reported
quarterly by banks and other financial institutions.
For quarter ending as
of March 31, 2012
Subject:
UNAHCO FEEDS INC
|
NO |
Face
Value |
Amount
Unavailed |
LC
Type |
Notional
Amount in Peso |
|
1.
|
32,813,057.19
|
32,813,057.19
|
LETTERS
OF CREDIT – Regular Letters of Credit |
0.00
|
|
2.
|
36,123,750.00
|
0.00
|
LETTERS
OF CREDIT – Regular Letters of Credit |
0.00
|
No dealings based on
credit exposure report under the name “SARIMANOK FEEDS COMPANY, INC.” as of
March 31, 2012.
No negative records
(court cases, credit cards cancelled and delinquent accounts) found under the
names “UNAHCO FEEDS, INC. / SARIMANOK FEEDS COMPANY, INC.” in available
database as of September 3, 2012.
Above information were
based on the subject’s 2012 General Information Sheet, the latest available at
the Securities and Exchange Commission and available databases.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.89 |
|
UK Pound |
1 |
Rs.88.63 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.