|
Report Date : |
11.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
A TUNG CHINGCO MANUFACTURING
CORPORATION |
|
|
|
|
Formerly Known As : |
A. TUNG CHINGCO TRADING, INC. |
|
|
|
|
Registered Office : |
19 Golden Road, Caloocan
Industrial Subdivision, Kaybiga 1420, Caloocan City |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
12.13.1983 |
|
|
|
|
Com. Reg. No.: |
118038 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Manufacturer, exporter, and wholesaler of canned sardines, mackerel,
Spanish sardines, corned beef, and carne norte. |
|
|
|
|
No. of Employees : |
140 Employees |
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 Complaint |
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
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: |
A TUNG CHINGCO MANUFACTURING CORPORATION |
|
Former
Name: |
A.
TUNG CHINGCO TRADING, INC. |
|
Supplied
Name: |
A TUNG CHINGCO MANUFACTURING CORPORATION |
|
Trading Address: |
19 Golden Road, Caloocan Industrial Subdivision,
Kaybiga 1420, Caloocan City, Philippines |
|
Supplied
Address: |
30 Nirvana St., Tugatog, Malabon City Philippines |
|
Telephone Number: |
+63 02 938-8918; 937-4366; 937-4369; 937-4360; 285-1907 |
|
Fax Number: |
+63 02 937-4360; 285-1907 |
|
E-mail: |
Note:
The address you supplied is where subject’s accounting office is
located, the correct one is as above mentioned.
|
Company
Name: |
A TUNG CHINGCO MANUFACTURING CORPORATION |
|
Registered
Number: |
118038 |
|
Legal Form: |
Corporation |
|
Date
Incorporated: |
12/13/1983 |
|
Authorized
Capital Stock: |
PHP
50,000,000.00 (USD 1,222,260) (As of 2013.01,
1 PHP= 0.02445 USD) |
|
Subscribed
Capital Stock: |
PHP
50,000,000.00 |
|
Paid-up Capital: |
PHP
50,000,000.00 |
|
Par Value Per Share: |
PHP 100.00 |
|
Listed at Stock
Exchange: |
No |
|
Staff: |
140 Employees |
Note:
Amounts in Philippine Peso unless otherwise
specified.
Company Background
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and Exchange Commission |
|
118038 |
50 years |
Originally registered as A. Tung Chingco Trading,
Inc. Present name was approved by the Securities and Exchange Commission on
February 10, 2004.
Annual Meeting Date: 01/20/2012
|
Type |
Amount |
|
Authorized Capital |
50,000,000.00 |
|
Paid Up Capital |
50,000,000.00 |
|
Subscribed Capital |
50,000,000.00 |
|
Par Value |
100.00 |
Capital structure per latest available General
Information Sheet.
Increase in authorized capital stock from PHP 2,000,000 to PHP 50,000,000 was
approved by the Securities and Exchange Commission on July 12, 2001.
Stockholders:
|
Name |
Subscribed & Paid – up |
|
TUNG, GREGORY G. JR. |
49,272,000.00 |
|
LI, CATHERINE T. |
280,000.00 |
|
BORLONGAN, CARMELITA T. |
280,000.00 |
|
TUNG, SAMSON A. |
140,000.00 |
|
AMAGNA, ANGELLA |
28,000.00 |
|
|
50,000,000.00 |
Note:
List of stockholders and their shareholdings per latest available
General Information Sheet.
Management:
|
1 |
|
|
Name: |
TUNG, GREGORY G. JR. |
|
Position: |
Chairman / President |
|
Address: |
148 Katipunan Avenue, Quezon City |
|
2 |
|
|
Name: |
TUNG, SAMSON A. |
|
Position: |
Vice President / Director |
|
Address: |
27 Data St., Galas, Quezon City |
|
3 |
|
|
Name: |
ROBBINS, MARIA KATRINA T. |
|
Position: |
Treasurer |
|
Address: |
Corinthian Gardens, Quezon City |
|
4 |
|
|
Name: |
SEGOVIA, MARILOU C. |
|
Position: |
Corporate Secretary |
|
Address: |
B43 L12 dela Costa Homes IV, San Jose del Monte, Bulacan |
|
5 |
|
|
Name: |
LI, CATHERINE T. |
|
Position: |
Director |
|
Address: |
71 Apo St., Quezon City |
|
6 |
|
|
Name: |
BORLONGAN, CARMELITA T. |
|
Position: |
Director |
|
Address: |
53 Salameda St., Corinthian Gardens, Quezon City |
|
7 |
|
|
Name: |
AMAGNA, ANGELLA |
|
Position: |
Director |
|
Address: |
47-B Biak na Bato, Damar Village, Quezon City |
|
8 |
|
|
Name: |
TUNG, MARIAN EVELINA L. |
|
Position: |
Director |
|
Address: |
148 Katipunan Avenue, Quezon City |
Note:
List of officers per latest available General Information
Sheet.
Activities
|
|
Manufacturer,
exporter, and wholesaler of canned sardines, mackerel, Spanish sardines,
corned beef, and carne norte. |
Premises
|
|
LOCATION: Headquarters,
administrative office, plant, and warehouse at captioned address. |
|
Also operates a
plant and a warehouse in Lawang Bato, Valenzuela City; Sitio Gitna, Quezon
City. |
|
Accounting
office is located at No. 30 Nirvana Street, Tugatog, Malabon City. |
Unit: PHP
|
Balance Sheet |
2011.12.31 |
2010.12.31 |
|
TotalCurrentAssets |
1,222,506,938.37 |
1,165,409,009.32 |
|
Cash |
51,254,365.50 |
60,835,730.12 |
|
Receivable |
295,456,124.60 |
239,904,734.04 |
|
Inventory |
804,727,352.02 |
850,762,769.86 |
|
OtherCurrentAssets |
71,069,096.25 |
13,905,775.30 |
|
FixedAssetsTotal |
89,613,484.91 |
99,572,952.81 |
|
FixedAssets |
89,613,484.91 |
99,572,952.81 |
|
OtherAssets |
3,695,212.08 |
0.00 |
|
TotalAssets |
1,315,815,635.36 |
1,264,981,962.13 |
|
TotalCurrentDebt |
1,113,210,811.49 |
1,082,361,057.07 |
|
AccountsPayable |
1,113,210,811.49 |
1,082,361,057.07 |
|
TotalLiability |
1,113,210,811.49 |
1,082,361,057.07 |
|
TotalEquity |
202,604,823.87 |
182,620,905.06 |
|
TotalEquity (USD) |
4,952,730 |
4,464,220 |
|
ShareCapital |
25,000,000.00 |
25,000,000.00 |
|
RetainedEarning |
177,604,823.87 |
157,620,905.06 |
|
TotalLiabilityAndEquity |
1,315,815,635.36 |
1,264,981,962.13 |
|
TotalLiabilityAndEquity (USD) |
32,165,500 |
30,922,800 |
|
WorkingCapital |
-1.00 |
0.61 |
Note:
Attached
are the 2011-2010 audited financial statements.
Unit: PHP
|
|
2011 |
2010 |
|
SalesRevenue |
1,308,658,781.14 |
1,365,867,548.53 |
|
TotalRevenue |
1,308,658,781.14 |
1,365,867,548.53 |
|
TotalRevenue (USD) |
31,990,500 |
33,389,000 |
|
SalesCost |
1,174,585,162.28 |
1,233,533,031.51 |
|
GrossProfit |
134,073,618.86 |
132,334,517.02 |
|
ManagementExpenses |
105,525,163.42 |
100,204,868.48 |
|
TotalExpenses |
1,280,110,325.70 |
1,333,737,899.99 |
|
OperatingProfit |
28,548,455.44 |
32,129,648.54 |
|
ProfitBeforeTax |
28,548,455.44 |
32,129,648.54 |
|
Tax |
8,564,536.63 |
9,638,894.56 |
|
NetProfit |
19,983,918.81 |
22,490,753.98 |
|
NetProfit (USD) |
488,512 |
549,793 |
|
|
2011 |
2010 |
|
OperatingNetCash |
-1,023,616.28 |
6,617,388.28 |
|
InvestmentNetCash |
-8,557,748.34 |
-8,683,049.08 |
|
FinanceNetCash |
0.00 |
-701,067.68 |
Note:
Attached
are the 2011 - 2010 audited financial statements, the latest obtained from the
Securities and Exchange Commission.
|
1 |
|
|
Name: |
Allied Banking Corporation |
|
2 |
|
|
Name: |
Asia United Bank Corporation |
|
3 |
|
|
Name: |
Bank of the Philippine Islands |
|
4 |
|
|
Name: |
BDO Unibank, Inc. |
|
5 |
|
|
Name: |
China Banking Corporation |
|
6 |
|
|
Name: |
Metropolitan Bank and Trust Company |
|
7 |
|
|
Name: |
Security Bank Corporation |
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 September 30, 2012
|
NO |
Loan Type |
Loan Status |
Outstanding Amount |
Market Gain/Loss |
Secured Amount |
Unsecured Amount |
|
1. |
Other Agri Credit Loans |
Current |
113,500,000.00 |
0.00 |
0.00 |
113,500,000.00 |
|
2. |
Bills Discounted |
Current |
29,000,000.00 |
0.00 |
0.00 |
29,000,000.00 |
|
3. |
Bills Discounted |
Current |
13,500,000.00 |
0.00 |
0.00 |
13,500,000.00 |
|
4. |
Other Agri Credit Loans |
Current |
4,000,000.00 |
0.00 |
0.00 |
4,000,000.00 |
|
5. |
Other Agri Credit Loans |
Current |
4,000,000.00 |
0.00 |
0.00 |
4,000,000.00 |
|
6. |
Other Agri Credit Loans |
Current |
17,050,000.00 |
0.00 |
0.00 |
17,050,000.00 |
|
7. |
Other Agri Credit Loans |
Current |
20,100,000.00 |
0.00 |
0.00 |
20,100,000.00 |
|
8. |
Time Loans |
Current |
342,350,000.00 |
0.00 |
0.00 |
342,350,000.00 |
|
9. |
Import Bills Under Trust Receipts (TR) |
Current |
897,811.86 |
0.00 |
0.00 |
897,811.86 |
|
10. |
Time Loans |
Current |
9,000,000.00 |
0.00 |
0.00 |
9,000,000.00 |
|
11. |
Bills Purchased - Documentary |
Current |
1,836,043.72 |
0.00 |
0.00 |
1,836,043.72 |
|
12. |
Bills Purchased - Documentary |
Current |
1,835,168.58 |
0.00 |
0.00 |
1,835,168.58 |
|
13. |
Bills Purchased - Documentary |
Current |
1,495,089.18 |
0.00 |
0.00 |
1,495,089.18 |
|
14. |
Bills Purchased - Documentary |
Current |
1,486,337.78 |
0.00 |
0.00 |
1,486,337.78 |
|
15. |
Bills Purchased - Documentary |
Current |
1,467,434.75 |
0.00 |
0.00 |
1,467,434.75 |
|
16. |
Bills Purchased - Documentary |
Current |
1,464,284.25 |
0.00 |
0.00 |
1,464,284.25 |
|
17. |
Bills Purchased - Documentary |
Current |
1,125,255.01 |
0.00 |
0.00 |
1,125,255.01 |
|
18. |
Bills Purchased - Documentary |
Current |
1,111,865.37 |
0.00 |
0.00 |
1,111,865.37 |
|
19. |
Bills Purchased - Documentary |
Current |
2,296,192.33 |
0.00 |
0.00 |
2,296,192.33 |
|
20. |
Bills Purchased - Documentary |
Current |
2,277,814.39 |
0.00 |
0.00 |
2,277,814.39 |
|
21. |
Import Bills Under Trust Receipts (TR) |
Current |
5,630,979.10 |
0.00 |
0.00 |
5,630,979.10 |
|
22. |
Bills Purchased - Documentary |
Current |
2,220,580.24 |
0.00 |
0.00 |
2,220,580.24 |
|
23. |
Other Agri Credit Loans |
Current |
10,000,000.00 |
0.00 |
0.00 |
10,000,000.00 |
|
24. |
Other Agri Credit Loans |
Current |
13,000,000.00 |
0.00 |
0.00 |
13,000,000.00 |
|
25. |
Bills Purchased - Documentary |
Current |
732,142.12 |
0.00 |
0.00 |
732,142.12 |
|
26. |
Bills Purchased - Documentary |
Current |
732,842.24 |
0.00 |
0.00 |
732,842.24 |
|
27. |
Bills Purchased - Documentary |
Current |
1,841,294.56 |
0.00 |
0.00 |
1,841,294.56 |
|
28. |
Bills Purchased - Documentary |
Current |
1,855,734.37 |
0.00 |
0.00 |
1,855,734.37 |
|
29. |
Bills Purchased - Documentary |
Current |
2,284,640.48 |
0.00 |
0.00 |
2,284,640.48 |
|
30. |
Bills Purchased - Documentary |
Current |
1,857,922.22 |
0.00 |
0.00 |
1,857,922.22 |
|
31. |
Bills Purchased - Documentary |
Current |
1,891,177.54 |
0.00 |
0.00 |
1,891,177.54 |
|
32. |
Bills Purchased - Documentary |
Current |
3,293,860.30 |
0.00 |
0.00 |
3,293,860.30 |
|
33. |
Bills Purchased - Documentary |
Current |
742,468.78 |
0.00 |
0.00 |
742,468.78 |
|
34. |
Other Agri Credit Loans |
Current |
16,000,000.00 |
0.00 |
0.00 |
16,000,000.00 |
|
35. |
Other Agri Credit Loans |
Current |
6,450,000.00 |
0.00 |
0.00 |
6,450,000.00 |
|
36. |
Import Bills Under Trust Receipts (TR) |
Current |
324,399.60 |
0.00 |
0.00 |
324,399.60 |
|
37. |
Time Loans |
Current |
10,900,000.00 |
0.00 |
0.00 |
10,900,000.00 |
|
38. |
Time Loans |
Current |
50,500,000.00 |
0.00 |
0.00 |
50,500,000.00 |
|
39. |
Time Loans |
Current |
36,900,000.00 |
0.00 |
0.00 |
36,900,000.00 |
|
40. |
Time Loans |
Current |
19,900,000.00 |
0.00 |
0.00 |
19,900,000.00 |
|
41. |
Time Loans |
Current |
19,900,000.00 |
0.00 |
0.00 |
19,900,000.00 |
|
42. |
Time Loans |
Current |
11,600,000.00 |
0.00 |
0.00 |
11,600,000.00 |
|
43. |
Time Loans |
Current |
10,700,000.00 |
0.00 |
0.00 |
10,700,000.00 |
|
44. |
Time Loans |
Current |
9,900,000.00 |
0.00 |
0.00 |
9,900,000.00 |
|
45. |
Time Loans |
Current |
6,900,000.00 |
0.00 |
0.00 |
6,900,000.00 |
|
46. |
Time Loans |
Current |
6,700,000.00 |
0.00 |
0.00 |
6,700,000.00 |
|
47. |
Time Loans |
Current |
6,100,000.00 |
0.00 |
0.00 |
6,100,000.00 |
|
48. |
Time Loans |
Current |
16,700,000.00 |
0.00 |
0.00 |
16,700,000.00 |
|
49. |
Bills Purchased - Clean |
Current |
12,027,804.53 |
0.00 |
0.00 |
12,027,804.53 |
FORM 4 : Letters of Credit/Guarantee
This section contains credit exposure of one million and above transactions
reported quarterly by banks and other financial institutions.
For quarter ending as of September 30, 2012
|
Face Value |
Amount Unavailed |
LC Type |
|
2,632,938.00 |
78,813.00 |
LETTERS OF CREDIT – Regular Letters of Credit |
No negative
records (court cases, credit cards cancelled and delinquent accounts) found
under the names “A. TUNG CHINGCO MANUFACTURING CORPORATION / A. TUNG CHINGCO
TRADING, INC.”
Above information
were based on the subject’s 2012 General Information Sheet, the latest
available at the Securities and Exchange Commission
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.87.50 |
|
Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.