|
Report Date : |
19.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
PHIL. GOLD PROCESSING & REFINING
CORPORATION. |
|
|
|
|
Registered Office : |
3/F Corinthian
Plaza, 121 Paseo de Roxas, Makati City |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
26.12.1994 |
|
|
|
|
Com. Reg. No.: |
AS094-00011711 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
· Processing of mineral resources and the product with or by product. Subject was the
developer and owner of the processing plant, responsible for the sale
of all gold until 2012 |
|
|
|
|
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 : |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
growth, which cooled from 7.6% in 2010 to 3.9% in 2011, expanded to 6.6% in
2012 - meeting the government's targeted 6%-7% growth range. The 2012 expansion
partly reflected a rebound from depressed 2011 export and public sector
spending levels. The economy has weathered global economic and financial
downturns 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 rapidly expanding business process outsourcing industry. The
current account balance had recorded consecutive surpluses since 2003;
international reserves are at record highs; the banking system is stable; and
the stock market was Asia's second best-performer in 2012. Efforts to improve
tax administration and expenditure management have helped ease the Philippines'
tight fiscal situation and reduce high debt levels. The Philippines received
several credit rating upgrades on its sovereign debt in 2012, and has had
little difficulty tapping domestic and international markets to finance its
deficits. Achieving a higher growth path nevertheless remains a pressing challenge.
Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO
administration but poverty worsened during her term. Growth has accelerated
under the AQUINO government, but with limited progress thus far in bringing
down unemployment, which hovers around 7%, and improving the quality of jobs.
Underemployment is nearly 20% and more than 40% of the employed are estimated
to be working in the informal sector. The AQUINO administration has been
working to boost the budgets for education, health, cash transfers to the poor,
and other social spending programs, and is relying on the private sector to
help fund major infrastructure projects under its Public-Private Partnership
program. Long term challenges include reforming governance and the judicial
system, building infrastructure, improving regulatory predictability, and the
ease of doing business, attracting higher levels of local and foreign
investments. The Philippine Constitution and the other laws continue to
restrict foreign ownership in important activities/sectors (such as land
ownership and public utilities).
|
Source : CIA |
PHIL. GOLD PROCESSING & REFINING
CORPORATION.
We conducted research and verification on PHIL. GOLD PROCESSING & REFINING CORPORATION.
Hereunder our report, viz:
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): PHIL. GOLD PROCESSING & REFINING CORPORATION
REGISTRATION – (Per 2013 SEC General Information Sheet)
a) Certificate No.
: AS094-00011711
b) Date : December 26, 1994
c)
Term : Fifty (50) years.
Address
: 3/F Corinthian Plaza, 121
Paseo de Roxas, Makati City
Telephone No. :
(632) 811 3451
- PRIMARY PURPOSE
: Processing of mineral
resources and the product with or by
product.
(Per 2013 SEC General
Information Sheet)
(Php)
No. of Shares Par
Value/share Amount
Authorized
Capital Stock - -
750.000,000
Common - 300,000 - P100.00 - 30,000,000
Preferred - 800,000 - P900.00 - 720,000,000
750,000,000
Subscribed & Paid Up
Common – Philippines - 2 - P100.00 - 200
Common – Australia - 1 - P100.00 - 100
Common – British - 120,645 - P100.00 - 12,064,500
Common - Canada - 2 - P100.00 -
200
Preferred - Netherlands -
766,482 - P900.00 - 689,833,800
701,898,800
(Per 2013 SEC General Information Sheet)
|
Names
Nationality |
Paid – Up (Php)
(2013 SEC-GIS) |
|
Phil. Gold
Ltd. -
British |
12,064,500 |
|
Roger
Richer - Canadian |
100 |
|
Johannes M. Raadsma - Australian |
100 |
|
Mark
Corra - Canadian |
100 |
|
Roderick
R. C. Salazar III - Philippines |
100 |
|
Norman H.
Tiongson - Philippines |
100 |
|
CGA
Financing Co. BV - Netherlands |
689,833,800 |
|
|
701,898,800
vvvvvvvvvvv |
(Per 2013 SEC General Information Sheet)
|
Name |
Designation |
|
Johannes M. Raadsma |
President |
|
Roger Richer |
Chairman |
|
Norman H. Tiongson |
Director |
|
Roderick R. C. Salazar III |
Corporate Secretary |
|
Mark Corra |
Director |
|
Juanita Lilet D. Abuel |
Treasurer |
|
Rebecca D. De Guzman |
Asst. Corp. Secretary |
|
Raymond Mead, Australian |
VP Operation |
|
David Evans, Australian |
AVP Finance & Admin |
As gathered, CGA Mining has acquired Masbate Gold Mine in March 2007 and became its owner and operator. PHIL. GOLD PROCESSING & REFINING CORP. (PGPRC) was the developer and owner of the processing plant, responsible for the sale of all gold until 2012. B2Gold Group acquired the mine in January 2013. The life of the mine is estimated at 9.5 years with a payback period of 6.8 years. Masbate Gold Mine is located on the Island of Masbate, south of Manila.
The exploration drilling at the Masbate Gold Project began in April 2010. The mine proven and probable mineral reserves as of April 2013 stood at 103.923 MT
Telephone no. : +632 811 3451
Fax No. : +632 841 1346
PRINT AND SOCIAL MEDIA:
As reported, Phil
Gold Processing & Refining Corp., topped the list of gold producers for the first semester of
2012, grossing P6.8 billion.
(Audited Financial Statement for
years 2013, 2012, & 2011, as compiled)
BALANCE
SHEET
|
|
As of June 30, 2013 (US$) |
As of June 30,
2012 (US$) |
As of June 30,
2011 (US$) |
|
Assets |
|
|
|
|
Current Assets |
|
|
|
|
Cash |
47,802,025 |
54,010,881 |
71,717,689 |
|
Trade & Other Receivables |
46,931,790 |
29,548,854 |
9,445,241 |
|
Advances to Related Parties |
4,842 |
4,842 |
80,281 |
|
Inventories |
32,295,219 |
25,765,293 |
17,063,423 |
|
Prepayments & other current assets |
3,824,512 |
12,009,785 |
14,351,275 |
|
Total Current Assets |
130,858,388 |
121,339,655 |
112,657,909 |
|
|
|
|
|
|
Non-Current Assets |
|
|
|
|
Property, Plant & Equipment, NET |
186,865,414
|
187,623,677 |
186,719,791 |
|
Other Non Current Assets, NET |
24,318,511
|
22,554,383 |
19,532,650 |
|
Total Non-Current Assets |
211,183,925 |
210,178,060 |
206,252,441 |
|
TOTAL ASSETS |
342,042,313 vvvvvvvvvvv |
331,517,715 vvvvvvvvvvv |
318,910,350 vvvvvvvvvvv |
|
|
|||
|
Liabilities & Stockholder’s
Equity |
|
|
|
|
Current Liabilities |
|
|
|
|
Trade & other Payables |
14,866,312 |
16,658,723 |
12,633,268 |
|
Payable to Related Parties |
68,235,906 |
87,493,353 |
86,447,616 |
|
Current Portion – Derivative Financial |
7,683,276 |
38,783,810 |
37,786,633 |
|
Current Portion – Finance Lease |
7,011,941 |
7,398,951 |
5,805,243 |
|
Total Current Liabilities |
97,797,435 |
150,334,847 |
142,672,760 |
|
|
|
|
|
|
Non Current Liabilities |
|
|
|
|
Finance Lease, NET, current portion |
11,196,927 |
17,027,616 |
19,747,290 |
|
Prov. For Mine Rehabilitation |
2,469,563 |
1,064,354 |
785,909 |
|
Deferred Income Tax |
610,345 |
663,605 |
852,319 |
|
Retirement Benefit |
264,680 |
183,188 |
125,398 |
|
Derivative Financial |
NIL |
17,543,273 |
49,482,368 |
|
Payable to Related Parties |
NIL |
15,265,030 |
29,688,824 |
|
Total Non Current Liabilities |
14,541,515 |
51,747,066 |
100,682,108 |
|
TOTAL LIABILITIES |
112,338,950 |
202,081,913 |
243,354,868 |
|
|
|
|
|
|
Equity |
|
|
|
|
Share Capital |
15,839,578 |
15,839,578 |
15,839,578 |
|
Share Premium |
51,203,796 |
51,203,796 |
51,203,796 |
|
Retained Earnings |
166,865,455 |
115,041,447 |
91,191,010 |
|
Cash Flow Hedge Reserve |
(
4,205,466) |
(
52,649,019) |
( 82,678,902) |
|
Total Equity |
229,703,363 |
129,435,802 |
75,555,482 |
|
TOTAL LIABILITIES
& EQUITY |
342,042,313 vvvvvvvvvvv |
331,517,715 vvvvvvvvvvv |
318,910,350 vvvvvvvvvvv |
|
Net Sales |
252,100,443 |
184,283,637 |
234,395,702 |
|
Gross Income |
58,999,159 |
38,136,001 |
81,687,050 |
|
General & Admin Expenses |
(
3,061,221) |
(
8,362,323) |
( 1,060,514) |
|
Finance Expenses, NET |
(
3,034,238) |
(
3,696,341) |
( 4,088,796) |
|
Other Operating
Expenses, NET |
(
1,132,952 ) |
(
2,425,614) |
( 1,403,051) |
|
Income before Tax |
51,770,748 |
23,661,743 |
75,134,689 |
|
Net Income for the Year |
51,824,008 |
23,661.743 |
74,950,884 |
|
Other Comprehensive Income (Loss) |
48,443,553 |
30.029,883 |
( 10,127,564) |
|
Total Comprehensive Income |
100,267,561 vvvvvvvvvvvv
|
53,880,320 vvvvvvvvvv |
64,823,320
vvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
UK Pound |
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.27 |
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.