|
Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MINDANAO CONTAINER CORPORATION |
|
|
|
|
Registered Office : |
Brgy. Katipunan, Poblacion Villanueva, Misamis Oriental 9002 |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
2010 |
|
|
|
|
Date of Incorporation : |
13.07.1989 |
|
|
|
|
Legal Form : |
Private Corporation |
|
|
|
|
Line of Business : |
Manufacture of Steel drums and container |
|
|
|
|
No. of Employees |
Not Available |
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 : |
Unknown |
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Philippines |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
PHILIPPINES ECONOMIC OVERVIEW
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 has received several credit rating upgrades on its sovereign debt, and has had little difficulty tapping domestic and international markets to finance its deficits. 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: MINDANAO CONTAINER CORPORATION
Address: Brgy. Katipunan, Poblacion Villanueva, Misamis Oriental 9002
Country: Philippines
Telephone No.: 88 (02) 892-4304; 840-5884
Service Type: Normal
FINDINGS:
We conducted research and verification on MINDANAO CONTAINER. CORP. Hereunder, our report, viz:
VERIFICATION WITH SECURITIES
& EXCHANGE COMMISSION (SEC): MINDANAO CONTAINER CORP.
Legal Entity - PRIVATE
CORPORATION
(Per 2013 SEC General Information Sheet)
Certificate No. : 0000165831
Date : July 13, 1989
Term
:
Fifty (50) years
Taxpayer ID No. :
000-132-794
Address : Brgy. Katipunan, Villanueva, Misamis Oriental
Liason Office : 6th floor, Twin Cities Condominium, 110 Legazpi Street,
Legazpi Village, Makati City 1229, Philippines
Telephone No. : +63(2) 892-4304 / 840-5884
Fax No. : +63(2) 817-9508
Manufacture of Steel drums and container.
(NOTE: Unless
otherwise specified, the amount is in Philippine Peso (Php) )
No. of Shares Par Value/share Amount
Authorized Capital
Stock -
Common - 500,000 - 100. - 50,000,000.
Subscribed & Paid Up
Common - 446,411
- 44,641,100.
|
Name |
Position |
Amount Paid Up |
|
1. Ana Ines D.S. Ugarte |
Vice President |
8,035,300. |
|
2. MMM Holdings, Inc. |
---------- |
7,320,800. |
|
3. Miguel Angel/Claudine B. Ugarte |
Vice Chairman/Treasurer |
4,240,700. |
|
4. ROMMOR MGT. & DEV. CORP. |
---------- |
3,794,300. |
|
5. TRICOR MGT. & DEV. CORP. |
---------- |
3,794,300. |
|
6. KAMORA Holdings, Inc. |
---------- |
2,790,000. |
|
7. MAMORA Holdings, Inc. |
---------- |
2,790,00. |
|
8. MH MGT. & DEV. CORP. |
---------- |
2,790,000. |
|
9. MIMORA Holdings, Inc. |
---------- |
2,790,000. |
|
10. MONTROSE Holdings, Inc. |
---------- |
2,455,200. |
|
11. Bernandina Perez |
---------- |
1,830,100. |
|
12. Marilene Pereyra Jacinto |
---------- |
1,339,300. |
|
13. Ignacio Jose B. Ugarte |
---------- |
669,600. |
|
14. Manuel M. Moraza |
---------- |
200. |
|
15. Kathleen Anne M. Ryan |
---------- |
200. |
|
16. Mark Edward Moraza |
---------- |
200. |
|
17. Melanie Moraza Armstrong |
---------- |
200. |
|
18. Mercedes Gimenez |
---------- |
200. |
|
19. Michael Patrick Moraza |
Chairman |
200. |
|
20. Jose Luis U. Yulo Jr. |
---------- |
100. |
|
21. Remedios M. Romero-Salas |
---------- |
100. |
|
22. Jose Luis Romero Salas Jr. |
President |
100. |
|
23. Junita N. Dayao |
Corporate Secretary |
NIL |
|
Total Paid-Up Capital: 44,641,100. vvvvvvvvvvvv |
||
As gathered, subject firm was established in 1989 by A. Soriano
Corporation and Aboitiz & Company and years later, Grupo F. Jacinto
invested into the corporation. In 2004, a group of companies managed by Manuel
Moraza and Inaki Ugarte took ownership of the company.
Mindanao Container Corporation (MCC) specializes
in the production and marketing of high quality 210-liter steel drums. The main
products are tight head and top-open head steel drums lined with food-grade
internal material to be used as containers for export of juice concentrates and
oleochemical products (e.g. tertiary amines, fatty al- cohol products, etc.).
MCC Plant is located in Villanueva, Misamis Oriental which is situated in
Northern Mindanao.
MCC
Production/Process
Cold Rolled Coil Steel Material - Maintain technically pre-qualified suppliers of Cold Rolled Coil. Supply conform with JISG 3141 Class SPCC-SD utilized for making the drum body, bottom-end and covers.
Drum External Paint - Work with technically and commercially accredited paint manufacturers. Unless specified otherwise, it utilizes baking type enamel paint.
Drum Internal Paint - Utilizes Epoxy Phenolic Lacquer coating for the internal lining, compliant with US FDA Regulation 21 CFR, Section 175.300, Sub Part C. In paint application, adopts the advanced and automated paint spray technology of Nordson. The internal paint is oven cured.
Continuous Type Oven Configuration - Utilizing a conveyorized and continuous oven configuration for the external and internal paint curing.
Main Plant Address : Poblacion
Villanueva, Misamis Oriental 9002,
Philippines
Telephone No. : +63(88) 567-0347/0317/0277
Fax No. : +63 (88) 567-0347
Liaison Office Address : 6th floor, Twin Cities Condominium, 110 Legazpi Street,
Legazpi Village, Makati City, NCR.
Telephone No. : +63(2) 892-4304 +63(2) 840-5884 +63(2) 750-2394
Fax No.: +63(2) 892-5369
E-mail : info@mincon.com.ph
(Audited Financial Statement for years 2010, 2009, & 2008, as compiled)
(NOTE: Latest on file with SEC)
BALANCE SHEET
|
ASSETS |
|||
|
Current Assets |
2010 |
2009 |
2008 |
|
Cash |
9,780,568 |
2,991,304 |
3,467,703 |
|
Receivables – Net |
37,815,826 |
39,239,346 |
25,740,574 |
|
Inventories |
37,201,064 |
33,793,501 |
82,522,274 |
|
Input Taxes |
34,508,410 |
33,604,372 |
30,181,680 |
|
Prepayments |
472,393 |
603,298 |
875,714 |
|
Total Current
Assets |
119,778,261 |
110,231,821 |
142,787,945 |
|
Non-Current Assets |
|
|
|
|
Property and Equipment – Net |
7,654,842 |
9,808,411 |
13,746,352 |
|
Available-for-sale and Investment |
25,500 |
21,150 |
21,150 |
|
Other Non Current Assets |
1,028,654 |
1,104,918 |
1,576,705 |
|
Total Non-Current
Assets |
8,708,996 |
10,934,479 |
15,344,207 |
|
Total Assets |
128,487,257 vvvvvvvvvvvvv |
121,166,300 vvvvvvvvvvvv |
158,132,152 Vvvvvvvvvvvv |
|
LIABLITIES AND
EQUITY |
|||
|
Current Liabilities |
|
|
|
|
Accounts Payable & Accrued Expenses |
9,166,971 |
11,419,384 |
4,755,402 |
|
Liabilities under Trust Receipts |
NIL |
NIL |
50,738,317 |
|
Income Tax Payable |
1,997,428 |
2,390,422 |
1,213,625 |
|
Loans Payable |
39,550,000 |
33,883,717 |
35,000,000 |
|
Other Current Liabilities |
696,308 |
936,230 |
8,990,158 |
|
Total Current
Liabilities |
51,410,707 |
48,629,753 |
100,697,502 |
|
Non- Current
Liabilities |
|
|
|
|
Deferred Tax Liability |
1,305 |
NIL |
NIL |
|
Total Liabilities |
51,412,012 |
48,629,753 |
100,697,502 |
|
Equity |
|
|
|
|
Total Equity |
77,075,245 |
72,536,547 |
57,434,650 |
|
Total Liabilities
and Equity |
128,487,257 vvvvvvvvvvvvv |
121,166,300 vvvvvvvvvvvvv |
158,132,152 vvvvvvvvvvvvvv |
|
|
|
|
|
|
Net Sales |
207,658,445 |
187,484,639 |
186,776,247 |
|
Cost of Goods Manufactured and Sold |
158,380,446 |
140,854,434 |
138,831,643 |
|
Gross Income |
49,277,999 |
46,630,205 |
47,944,604 |
|
Interest Income |
13,101 |
11,461 |
11,652 |
|
Miscellaneous Income |
3,525,513 |
1,943,377 |
1,993,039 |
|
Net Operating
Income |
52,816,613 |
48,585,043 |
49,949,295 |
|
Total Operating
Expenses |
19,290,503 |
19,670,960 |
18,225,960 |
|
Income from
Operations |
33,526,110 |
28,914,083 |
31,723,335 |
|
Finance Costs |
3,576,066 |
4,081,948 |
6,373,021 |
|
Income Before Tax
Expense |
29,950,044 |
24,832,135 |
25,350,314 |
|
Tax Expense |
8,983,090 |
7,447,620 |
8,870,673 |
|
Net Income |
20,966,954 vvvvvvvvvvvv |
17,384,515 vvvvvvvvvvvv |
16,479,641 vvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.21 |
|
|
1 |
Rs.101.05 |
|
Euro |
1 |
Rs.83.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIS |
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.