|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
CLARKCHEM INC |
|
|
|
|
Registered Office : |
Ground Floor, L & F Building, 107 Aguirre Street,
Legaspi Village 1229, Makati City, Philippines |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
14.11.1995 |
|
|
|
|
Com. Reg. No.: |
ASO95-011328 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Importer and distributor of food ingredients and medical raw materials |
|
|
|
|
No. of Employees : |
27 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 – 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: |
CLARKCHEM
INC |
|
Supplied
Name: |
Clarkchem
Inc |
|
Trading Address: |
Ground
Floor, L & F Building, 107 Aguirre Street, Legaspi Village 1229, Makati
City, Philippines |
|
Supplied
Address: |
|
|
Telephone
Number: |
+63
2 813-0961 AND 59; 813-4459; 813-2801; 520-6790 |
|
Fax Number: |
+63
2 818-0704 |
Note: The subject’s complete and exact address is shown as above.
|
Registered
Number: |
ASO95-011328 |
|
Legal Form: |
Corporation |
|
Date
Incorporated: |
1995-11-14 |
|
Authorized
Capital Stock: |
PHP 5,000,000 (USD 118,400) (As of 2012.9, 1 PHP = 0.02368 USD) |
|
Subscribed Capital
Stock: |
PHP 1,250,000 (USD 29,600) |
|
Paid-up Capital: |
PHP 1,250,000 (USD 29,600) |
|
Par Value Per
Share: |
PHP 100 |
|
Listed at Stock
Exchange: |
No |
|
Staff: |
27 Employees |
Note:
Amounts in Philippine Peso unless otherwise specified.
Company Background
Corporation
Verification with
the local registry revealed the following correct registration details as of
(September 7, 2012).
|
Regulatory Agency |
Date
Registered |
Registration
No. |
Term |
|
Securities and Exchange Commission |
1995-11-14 |
ASO95-011328 |
50 years |
|
|
As of 2011-12-28 Common |
|
Authorized
Capital |
5,000,000.00 |
|
Paid Up Capital |
1,250,000.00 |
|
Subscribed
Capital |
1,250,000.00 |
|
Par Value |
100.00 |
|
Name: |
Amount Subscribed: |
Amount Paid-up: |
Nationality: |
|
CHIONG, SENG HAW |
250,000 |
250,000 |
Singaporean |
|
ONG, YEOK PHEE |
25,000 |
25,000 |
Singaporean |
|
AMORANTO, ROLANDO C. |
950,000 |
950,000 |
Filipino |
|
JUACALLA, TIRSO O. |
12,500 |
12,500 |
Filipino |
|
SERA JOSE, GENARO |
12,500 |
12,500 |
Filipino |
|
Name: |
Position: |
|
CHIONG, SENG HAW |
Chairman |
|
AMORANTO, ROLANDO C. |
President / Director |
|
JUACALLA, TIRSO O. |
Treasurer / Director |
|
SERA JOSE, GENARO |
Corporate Secretary / Director |
|
ONG, YEOK PHEE |
Director |
Activities
|
|
Importer and
distributor of food ingredients and medical raw materials. |
Unit: PHP
|
Balance Sheet |
2011.12.31 |
2010.12.31 |
|
TotalCurrentAssets |
38,077,651.00 |
38,841,411.00 |
|
Cash |
216,182.00 |
1,499,689.00 |
|
ShortInvest |
18,090,423.00 |
11,888,511.00 |
|
Receivable |
0 |
0 |
|
Inventory |
15,247,867.00 |
18,790,290.00 |
|
OtherCurrentAssets |
4,523,179.00 |
6,662,921.00 |
|
LongInvestTotal |
0 |
0 |
|
LongInvestSecurity |
0 |
0 |
|
LongInvestEquity |
0 |
0 |
|
LongInvestOther |
0 |
0 |
|
FixedAssetsTotal |
4,010,430.00 |
5,237,984.00 |
|
FixedAssets |
4,010,430.00 |
5,237,984.00 |
|
DepreciationTotal |
0 |
0 |
|
IntangibleAssets |
0 |
0 |
|
OtherAssets |
0 |
0 |
|
TotalAssets |
42,088,081.00 |
44,079,395.00 |
|
TotalCurrentDebt |
37,287,312.00 |
35,976,718.00 |
|
ShortLoan |
22,773,580.00 |
21,155,509.00 |
|
AccountsPayable |
14,513,732.00 |
14,821,209.00 |
|
OtherCurrentLiability |
0 |
0 |
|
LongLiabilityTotal |
0 |
0 |
|
LongLeases |
0 |
0 |
|
LongLoan |
2,385,037.00 |
5,430,370.00 |
|
LongLoanOther |
0 |
0 |
|
TotalLiability |
39,672,349.00 |
41,407,088.00 |
|
TotalEquity |
2,415,732.00 |
2,672,307.00 |
|
TotalEquity (USD) |
57,204.53 |
63,280.23 |
|
ShareCapital |
1,250,000.00 |
1,250,000.00 |
|
CapitalPaid |
0 |
0 |
|
LegalReserve |
0 |
0 |
|
SurplusReserve |
0 |
0 |
|
UndistributedProfit |
0 |
0 |
|
RetainedEarning |
1,165,732.00 |
1,422,307.00 |
|
OtherEquity |
0 |
0 |
|
TotalLiabilityAndEquity |
42,088,081.00 |
44,079,395.00 |
|
TotalLiabilityAndEquity (USD) |
996,645.76 |
1,043,800.07 |
Unit: PHP
|
|
2011 |
2010 |
|
OperatingRevenue |
0 |
0 |
|
SalesRevenue |
55,661,865.00 |
61,678,430.00 |
|
SalesRevenue (USD) |
1,318,072.96 |
1,460,545.22 |
|
InterestRevenue |
0 |
0 |
|
OtherRevenue |
11,643.00 |
10,347.00 |
|
TotalRevenue |
55,673,508.00 |
61,688,777.00 |
|
SalesCost |
39,963,306.00 |
45,307,469.00 |
|
GrossProfit |
15,698,559.00 |
16,370,961.00 |
|
SalesExpenses |
0 |
0 |
|
ManagementExpenses |
15,966,778.00 |
15,883,912.00 |
|
FinancialExpenses |
0 |
0 |
|
TotalExpenses |
55,930,084.00 |
61,191,381.00 |
|
OperatingProfit |
-256,576.00 |
497,396.00 |
|
NonOperatingProfit |
0 |
0 |
|
ProfitBeforeTax |
-256,576.00 |
497,396.00 |
|
Tax |
0 |
146,115.00 |
|
NetProfit |
-256,576.00 |
351,281.00 |
|
NetProfit (USD) |
-6,075.72 |
8,318.33 |
Unit: PHP
|
|
2011 |
2010 |
|
OperatingNetCash |
143,755.00 |
7,643,868.00 |
|
InvestmentNetCash |
0 |
-3,638,200.00 |
|
FinanceNetCash |
-1,427,262.00 |
-4,378,085.00 |
Banco de Oro Unibank, Inc.; China Banking Corporation; Security Bank
Corporation; Chinabank Savings, Inc.
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: CLARKCHEM INC
|
NO |
Collateral/Security |
Co Maker's Name |
Loan Type |
Loan Status |
Outstanding Amount |
Secured Amount |
Unsecured Amount |
|
1. |
Chattel Mortgage |
|
Time Loans |
Current |
311,122.00 |
311,122.00 |
0.00 |
|
2. |
Chattel Mortgage |
|
Time Loans |
Past Due |
1,386,645.85 |
1,386,645.85 |
0.00 |
|
3. |
Other Securities |
|
Import Bills Under Trust Receipts (TR) |
Past Due |
2,176,418.32 |
0.00 |
2,176,418.32 |
|
4. |
|
SERA JOSE |
Time Loans |
Past Due |
652,480.00 |
0.00 |
652,480.00 |
|
5. |
|
SERA JOSE |
Time Loans |
Past Due |
652,480.00 |
0.00 |
652,480.00 |
|
6. |
Other Securities |
AMORANTO ROLANDO AND TEODERICA |
Bills Discounted |
Past Due |
732,440.00 |
0.00 |
732,440.00 |
|
7. |
Other Securities |
AMORANTO ROLANDO AND TEODERICA |
Import Bills Under Trust Receipts (TR) |
Past Due |
734,605.20 |
0.00 |
734,605.20 |
No negative
records (court cases, credit cards cancelled and delinquent accounts) found under
the name “CLARKCHEM INC.” in available database as of September 7, 2012.
Above information were based on the subject’s 2011 General Information
Sheet, the latest available at the Securities and Exchange Commission and
available databases.
Address verification per interview with Ms. Gem Saduka, Sales Coordinator
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.88.84 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.