MIRA INFORM
REPORT
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Report Date : |
21.09.2013 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL GRID CORP. OF THE PHILS. |
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Registered Office : |
NGCP Building,
Quezon Ave. cor. BIR Road, Diliman, Quezon City, Metro Manila |
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Country : |
Philippines |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
21.02.2008 |
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Com. Reg. No.: |
CS200802746 |
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Legal Form : |
Government Organization |
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Line of Business : |
To operate & maintain a nationwide transmission grid t 500,000 through out the Phils.; to provide open and non-discriminatory access to the transmission system to all authorized electricity distributors and electricity users and to carry on all business incident to the same |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Philippines |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Company name & address
Company: NATIONAL
GRID CORP. OF THE PHILS.
Address: NGCP Building, Quezon Ave. cor. BIR
Road, Diliman, Quezon City, Metro Manila
Country: Philippines
FINDINGS
We conducted research and verification on NATIONAL GRID CORP. OF THE PHILS. (NGCP). Hereunder our report, viz:
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): NATIONAL GRID CORP. OF THE PHILS.
REGISTRATION
a)
Certificate
No. : CS200802746
b)
Date : February 21, 2008
c)
Term : Fifty (50) years
Address : Suite 3304 West Tower Bldg., Phil. Stock
Exchange
Exchange
Road, Ortigas Center, Pasig City
Telephone No.
: (632) 631-9023
CAPITALIZATION -
-
Authorized
Capital Stock (Original) -
P2,000,000,000
-
Amount
Subscribed & Paid:
- 500,000,000
-
Monte Oro Grid
Resources Corp. / Filipino - P
149,999,998.
Walter W. Brown - 1.
A.Bayani K. Tan - 1.
Wilson L. Sy - 1.
Calaca High Power
Corporation / Filipino - 149,999,996.
Robert T. Coyuito, Jr. 1.
Elmer G. Padregosa - 1.
Anthony L. Almeda - 1.
State Grid Hongkong Ltd. / Chinese - 199,999,996.
Du Zhigang - 1.
Ruan Qiantu 1.
Zhu Guanchao 1.
Yao Yousheng - 1.
Primary Purpose -
To operate & maintain a nationwide transmission grid t 500,000hrough out the
Phils.; to provide
open and non-discriminatory access to the transmission system to all
authorized
electricity distributors and electricity users and to carry on all business incident to the same.
Republic Act No. 9511
of Dec. 20, 2008 has granted NGCP a 50 years franchise.
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INCORPORATORS/STOCKHOLDERS
(As of Feb. 21, 2008)
|
Incorporators-Stockholders
/ Nationality/Address As of 02/21/2008 |
Position |
Incorporators-Stockholders
/ Nationality/Address As of 07/04/2013 |
Position |
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Walter
W. Brown - Filipino # 10 Templeton Dr., Greenmead- ows III,
Quezon City |
? |
Henry
T. Sy, Jr. / Filipino # 1
Esplanade, Seaside cor. J.W. Diokno Blvd., SM Mall of Asia, Paranaque City |
President &
CEO |
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A.Bayani
K. Tan / Filipino 57 Athena Loop, Paladium, Man- daluyong City |
? |
Paul
P. Sagayo, Jr. / Filipino # 38 Ipil St., Project 3, Quezon City |
Director |
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Wilson
L. Sy / Filipino 57 Don Vicente Rufino St., Corin- thian
Garden, QC |
? |
Amb. Francis Chua / Filipino Madison corner Xavier Streets, San Juan
City |
Director |
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Robert T. Coyuito / Filipino 1385 Palm
Ave., Dasmarinas Vill., Makati
City |
? |
Robert
T. Coyuito |
Director |
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Elmer
G. Padregosa / Filipino 708 Laurel St., IDI Severina, 18 km. SSH, Paranaque City |
? |
Jose
T. Pardo / Filipino # 704 Acacia Ave., New Ayala Alabang
Vill., Muntinlupa City |
Director |
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Anthony
L. Almeda / Filipino 11F
88 Corp. Center, Salcedo Vill., Makati City |
? |
Anthony
L. Almeda |
Chief
Administrative Officer |
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Du
Zhigang / Chinese |
Chairman |
Du
Zhigang / Chinese |
Chairman |
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Ruan Qianto / Chinese |
? |
Wen Bo / Chinese |
Chief Technical
Officer |
|
Zhu Guangchao / Chinese |
? |
Ma Ruoxin / Chinese |
Director |
|
Yao Yousheng / Chinese |
? |
Liu Xinhua / Chinese |
Director |
|
NIL |
? |
Karen S. Ong / Filipino # 7 Don Matias St., Quezon City |
Corporate
Secretary |
|
NIL |
? |
Ronald Dylan / Filipino # 29 Kapalaran St.. Mandaluyong
City |
Asst. Corp.
Secretary |
MANAGEMENT PROFILE
DU ZHIGANG : Holder of a Doctorate degree from
Shandung University in China,
specializing in
Power System and Automation. A Vice President
in State Grid
Hongkong Ltd.
HENRY T. SY, JR. : Eldest son of Henry Sy, Sr., founder of SM
Group of Companies.
Included in the
Forbes Magazine as one of the richest Filipino.
Graduated
Management in De La Salle University. Connected
to 43 board
members in 8 different organizations across
different
industries.
AMB. FRANCIS CHUA :
Connected to 41 board members in 8 different organizations across
7 different industries.
ROBERT COYUITO, JR. :
As reported in the Forbes Magazine, was listed as the No. 12
among the 50 richest Filipinos.
JOSE T. PARDO : Former Chairman, Phil. Stock Exchange.
Served in government as
Cabinet
Secretaries for the Department of Finance and Dept.
of Trade &
Industries. Connected with 46 board members in 4
different
organizations across 5 different
industries.
BUSINESS ACTIVITY
NGCP is 30% owned each by MONTE ORO GRID
RESOURCES CORP. And CALACA HIGH
POWER CORP. INC., under Phil. Laws. STATE GRID INTERNATIONAL DEV. LTD ( Formerly
State Grid Hongkong Ltd., under laws of China,
own 40%. Republic Act No. 9511 of Dec. 20,
2008 has granted NGCP a 50 years franchise
Likewise, on Feb. 28, 2008, NGCP entered
into a Concession Agreement with Power Sector
Assets & Liabilities Management Corp.
(PSALM) and National Transmission Corp. (TRANSCO).
SITE
INSPECTION: NGCP Building,
Quezon Ave. cor. BIR Road, Diliman, Quezon City
NGCP building is 2-storey concrete edifice is situated in an area where other government offices
are located. The building is erected in
a 1500 square meters lot and well maintained, is
accessible to all public transportation.
Website: www.NGCP.com
Telephone nos. (632) 981 2100
Fax No. (632) 922 2684
FINANCIAL CONDITION
(Audited
Financial Statement for years 2012, 2011, & 2010, as compiled) showed -
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2012 (PHP) |
2011 (PHP) |
2010 (PHP) |
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Assets |
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Non – Current Assets |
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Intangible Assets, Net |
160,598,706,994. |
158,021,194,486. |
150,007,450,825. |
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Property & Equipment, Net |
3,373,571,356. |
3,415,815,587. |
2,803,151,461. |
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Other – Non Current Assets |
3,067,224,847. |
3,413,651,072. |
3,372,325,883. |
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Receivables, net of current
portion |
1,031,164,732. |
851,241,637. |
9,526,180. |
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Total Non Current Assets |
168,070,667,929. |
165,701,902,782. |
156,192,454,349. |
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Current Assets |
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Cash & Cash Equivalents |
16,408,360,234. |
16,708,183,964. |
23,548,523,308. |
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Receivables, Net |
8,379,916,906. |
7,708,556,174. |
10,197,664,402. |
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Prepaid Expenses &
other current assets |
1,858.284,443. |
1,165,719,727. |
199,961,910. |
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Total Current Assets |
26,646,561,583. |
25,582,459,865. |
33,946,149,620. |
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TOTAL ASSETS |
194,717,229,512. vvvvvvvvvvvvvvvv |
191,284,362,647. vvvvvvvvvvvvvvvv |
190,138,603,969. Vvvvvvvvvvvvvvvv |
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Liabilities &
Stockholder’s Equity |
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Non - Current Liabilities |
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Concession Fee Payable, Net
of current portion |
109,788,856,758. |
112,955,028,633. |
112,990,666,872. |
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Customer’s Deposit |
231,632,382. |
170,794,263. |
171,864,099. |
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Loan Payable, Net current
portion |
4,987,500,000. |
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---- - |
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Total Non – Current
Liabilities |
115,007,989,140. |
113,125,822,896. |
113,162,530,971. |
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Current Liabilities |
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Trade & other current
payables |
12,690,789,082. |
14,823,897,450. |
13,902,542,548. |
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Concession Fee Payable,
current portion |
3,166,171,875. |
2,192,878,125. |
2,532,937,500. |
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Loan Payable – current
portion |
12,500,000. |
-------- |
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Other current liabilities |
1,807,229,843. |
1,224,757,717. |
941,739,581. |
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Total current liabilities |
17,676,690,800. |
18,961,533,292. |
17,377,219,629. |
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TOTAL LIABILITIES |
130,684,679,940. |
132,087,356,188. |
130,539,750,600. |
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STOCKHOLDER’S
EQUITY |
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Capital Stock |
2,000,000,000. |
2,000,000,000. |
2,000,000,000. |
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Additional Paid Capital/Deposit for future stocks subscription |
44,843,375,000. |
44,843,375,000. |
44,843,375,000. |
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Retained Earnings |
15,189,174,572. |
12,353,631,459. |
12,755,478,369. |
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Total Stockholder’s Equity |
62,032,549,572. |
59,197,006,459. |
59,598,853,369. |
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TOTAL LIABILITIES & STOCKHOLDERS EQUITY |
194,717,229,512. vvvvvvvvvvvvvvvv |
191,284,362,647. vvvvvvvvvvvvvvvv |
190,138,603,969. Vvvvvvvvvvvvvvvv |
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INCOME STATEMENT |
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Revenues, net |
44,595,468,477. |
45,613,143,955. |
43,862,597,549. |
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Expenses |
14,415,080,527. |
14,720,457,325. |
14,260,970,425. |
|
Income from Operation |
30,180,385,590. |
30,892,686,630. |
29,601,627,124. |
|
Other Income (Charges) |
( 9,344,842,837.) |
( 9,294,533,640.) |
(10,190,579,334.) |
|
Net Income |
20,835,453,113. vvvvvvvvvvvvvvv |
21,598,153,090. vvvvvvvvvvvvvvv |
19,411,047,790. vvvvvvvvvvvvvvv |
SOCIAL MEDIA: News release from NGCP dated Sept. 4, 2013,
please see attached.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
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UK Pound |
1 |
Rs.99.90 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.