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Report Date : |
25.02.2013 |
IDENTIFICATION DETAILS
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Name : |
W. R. GRACE (PHILIPPINES) INC. |
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|
|
|
Registered Office : |
Cecilia Araneta Yulo corner Jose Yulo Sr. Avenues, Silangang Canlubang Industrial Park, Canlubang, Calamba City 4027, Laguna |
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|
|
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Country : |
Philippines |
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|
|
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Financials (as on) : |
31.12.2011 |
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|
|
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Date of Incorporation : |
23.11.1965 |
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Com. Reg. No.: |
28188 |
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|
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Legal Form : |
Corporation |
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|
|
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Line of Business : |
Manufacturer, exporter, and wholesaler of industrial chemicals. |
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|
|
|
No. of Employees : |
87 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Philippines |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 3.9%
in 2011, and 4.8% in 2012. 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 in 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: |
W. R. GRACE (PHILIPPINES) INC. |
|
Supplied Name: |
W R GRACE (PHILLIPINES) INC |
|
Trading Address: |
Cecilia Araneta Yulo corner Jose Yulo Sr. Avenues, Silangang Canlubang
Industrial Park, Canlubang, Calamba City 4027, Laguna, Philippines |
|
Supplied
Address: |
Silangan Canlubang Industrial Park Canlubang Calamba
City 4028 Philippines |
|
Telephone Number: |
+63 49 549-7343; 549-7373 |
|
Fax Number: |
+63 49 549-7778 |
|
Website: |
Note:
The accurate name of subject is as above mentioned.
The address you supplied could not be confirmed from the subject or
other sources, the correct address of company is as above mentioned.
|
Credit Opinion: |
Business
connections are permissible. |
|
Company Name: |
W. R. GRACE (PHILIPPINES) INC. |
|
Registered
Number: |
28188 |
|
Legal Form: |
Corporation |
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Date
Incorporated: |
11/23/1965 |
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Authorized
Capital Stock: |
PHP
23,600,000.00 （USD 577,678） (As of 2013.02,
1 PHP =0.02448 USD) |
|
Subscribed Capital
Stock: |
PHP
23,600,000.00 |
|
Paid-up Capital: |
PHP
23,600,000.00 |
|
Par Value Per
Share: |
PHP 400.00 |
|
Listed at Stock
Exchange: |
No |
|
Staff: |
87 (per latest
available General Information Sheet as of March 7, 2011) |
Note:
Amounts in Philippine Peso unless otherwise
specified.
Company Background
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and Exchange Commission |
11/23/1965 |
28188 |
50 years |
Annual Meeting Date: 03/07/2011
|
Type |
Amount |
as of date |
|
Authorized Capital |
23,600,000.00 |
03/07/2011 |
|
Paid Up Capital |
23,600,000.00 |
03/07/2011 |
|
Subscribed Capital |
23,600,000.00 |
03/07/2011 |
|
Par Value |
400.00 |
03/07/2011 |
Note:
Capital structure per latest available General Information Sheet.
Parent Company:
W. R. Grace (Singapore) Pte. Ltd.
Affiliate:
W. R. Grace & Co. – Conn. (USA)
Stockholders (03/07/2011):
|
1 |
|
|
Name: |
W. R. GRACE & CO. – CONN. |
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Amount Subscribed: |
PHP 6,182,000.00 |
|
Amount Paid-up: |
PHP 6,182,000.00 |
|
Nationality: |
American |
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2 |
|
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Name: |
W. R. GRACE (SINGAPORE) PTE. LTD. |
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Amount Subscribed: |
PHP 17,400,000.00 |
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Amount Paid-up: |
PHP 17,400,000.00 |
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Nationality: |
Singaporean |
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3 |
|
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Name: |
KENNY, BRIAN E. |
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Amount Subscribed: |
PHP 6,000.00 |
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Amount Paid-up: |
PHP 6,000.00 |
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Nationality: |
American |
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4 |
|
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Name: |
LI YONG |
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Amount Subscribed: |
PHP 5,600.00 |
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Amount Paid-up: |
PHP 5,600.00 |
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Nationality: |
Chinese |
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5 |
|
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Name: |
DORADO, NOLASCO A. |
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Amount Subscribed: |
PHP 5,600.00 |
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Amount Paid-up: |
PHP 5,600.00 |
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Nationality: |
Filipino |
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6 |
|
|
Name: |
TOLENTINO, FELIPE M. JR. |
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Amount Subscribed: |
PHP 400.00 |
|
Amount Paid-up: |
PHP 400.00 |
|
Nationality: |
Filipino |
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7 |
|
|
Name: |
LOPEZ, ANNA LYN A. |
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Amount Subscribed: |
PHP 400.00 |
|
Amount Paid-up: |
PHP 400.00 |
|
Nationality: |
Filipino |
Note:
List of stockholders and their shareholdings per latest available
General Information Sheet.
Management:
|
1 |
|
|
Name: |
KENNY, BRIAN E. |
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Position: |
Chairman / President |
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Address: |
1010 Huai Hai Zhong Road, Shanghai, China |
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2 |
|
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Name: |
LI YONG |
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Position: |
Vice President / Director |
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Address: |
1010 Huai Hai Zhong Road, Shanghai, China |
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3 |
|
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Name: |
TOLENTINO, FELIPE M. JR. |
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Position: |
Treasurer / Corporate Secretary / Director |
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Address: |
216 Don Bosco St., Mayapa, Calamba, Laguna |
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4 |
|
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Name: |
DORADO, NOLASCO A. |
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Position: |
Director |
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Address: |
Barleta Subd., VI-E San Pablo City, Laguna |
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5 |
|
|
Name: |
LOPEZ, ANNA LYN A. |
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Position: |
Director |
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Address: |
B4 L19 Anahaw Village, Dita, Sta. Rosa, Laguna |
Note:
List of officers per latest available General Information Sheet.
Activities
|
|
Manufacturer,
exporter, and wholesaler of industrial chemicals. |
Premises
|
|
Location:
Located at the above address. |
Unit: PHP
|
Balance Sheet |
2011.12.31 |
2010.12.31 |
|
TotalCurrentAssets |
490,769,339.00 |
460,329,599.00 |
|
Cash |
68,775,405.00 |
163,087,499.00 |
|
Receivable |
185,060,972.00 |
150,684,861.00 |
|
Inventory |
64,191,038.00 |
74,268,751.00 |
|
OtherCurrentAssets |
172,741,924.00 |
72,288,488.00 |
|
LongInvestEquity |
11,250,500.00 |
0.00 |
|
FixedAssetsTotal |
36,256,172.00 |
36,292,814.00 |
|
FixedAssets |
36,256,172.00 |
36,292,814.00 |
|
OtherAssets |
23,770,006.00 |
38,479,189.00 |
|
TotalAssets |
562,046,017.00 |
535,101,602.00 |
|
TotalCurrentDebt |
180,157,656.00 |
178,698,697.00 |
|
AccountsPayable |
102,270,143.00 |
80,447,484.00 |
|
OtherCurrentLiability |
77,887,513.00 |
98,251,213.00 |
|
LongLiabilityTotal |
4,053,008.00 |
6,930,654.00 |
|
TotalLiability |
184,210,664.00 |
185,629,351.00 |
|
TotalEquity |
377,835,353.00 |
349,472,251.00 |
|
ShareCapital |
225,058,339.00 |
225,058,339.00 |
|
RetainedEarning |
152,777,014.00 |
124,413,912.00 |
|
TotalLiabilityAndEquity |
562,046,017.00 |
535,101,602.00 |
Unit: PHP
|
|
2011 |
2010 |
|
SalesRevenue |
793,316,540.00 |
779,728,935.00 |
|
OtherRevenue |
25,744,448.00 |
23,127,825.00 |
|
TotalRevenue |
819,060,988.00 |
802,856,760.00 |
|
TotalRevenue(USD) |
20,048,900 |
19,652,200 |
|
SalesCost |
654,594,010.00 |
650,727,750.00 |
|
GrossProfit |
138,722,530.00 |
129,001,185.00 |
|
ManagementExpenses |
60,383,297.00 |
75,558,706.00 |
|
FinancialExpenses |
72,002,488.00 |
70,970,204.00 |
|
TotalExpenses |
786,979,795.00 |
797,256,660.00 |
|
OperatingProfit |
32,081,193.00 |
5,600,100.00 |
|
ProfitBeforeTax |
32,081,193.00 |
5,600,100.00 |
|
Tax |
9,508,343.00 |
7,558,373.00 |
|
NetProfit |
22,572,850.00 |
-1,958,273.00 |
|
|
2011 |
2010 |
|
OperatingNetCash |
-74,310,616.00 |
26,960,343.00 |
|
InvestmentNetCash |
-19,558,070.00 |
-7,680,006.00 |
|
FinanceNetCash |
0.00 |
0.00 |
Note:
Attached are the 2011 - 2010 audited financial statements, the latest
obtained from the Securities and Exchange Commission.
No dealings based on credit exposure report with one million and above
dealings under the name “W. R. GRACE (PHILIPPINES) INC.” as of September 30,
2012.
NEGATIVE
No negative
records (court cases, credit cards cancelled and delinquent accounts) found
under the name “W. R. GRACE (PHILIPPINES) INC.” in available database as of
February 22, 2013.
Above information were based on the subject’s 2011 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.54.43 |
|
|
1 |
Rs.83.20 |
|
Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.