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Report Date : |
05.08.2014 |
IDENTIFICATION DETAILS
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Name : |
FLAVORS PHILIPPINES, INC. |
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Registered Office : |
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Country : |
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Financials (as on) : |
2013 |
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Date of Incorporation : |
20.07.1994 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Produce & manufacture food flavors in all its forms in the preparations
of refreshments, commonly sold to beverage companies. |
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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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Philippines |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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
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: FLAVORS PHILIPPINES, INC.
Address: Plainview
Subd., 153 San Francisco St., Mandaluyong City,
1550
PHILIPPINES
Service Type: Normal
We conducted research and investigation on FLAVORS PHILIPPINES, INC. and
showed the following, viz:
VERIFICATION WITH
SECURITIES & EXCHANGE COMMISSION (SEC): FLAVORS
PHILIPPINES, INC.
CORPORATION
Legal Entity -
PRIVATE CORPORATION
Certificate No. : AS94-006536
Date :
July 20, 1994
Term
: Fifty (50) years
Corporate Tax No. : 003-932-690
Telephone No. :
533-5945
Fax No. : 533-5948
Address :
(Note: Currency in Philipine Peso, unless otherwise
specified)
CAPITALIZATION - (As of
2013)
Authorized Capital Stock - 3,000,000. –
30,000. Common Shares
Amount Subscribed & Paid Up - 2,700,000.
Par value per share - 100.
Produce & manufacture food flavors in all its forms in the preparations
of refreshments, commonly sold to beverage companies.
|
Name / Nationality |
Position |
Amount
Paid Up |
|
Foods and Aroma Ventures, Inc. (*) |
NIL |
1,349,700. |
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Flavors, Inc. (American) (**) |
NIL |
1,079,900. |
|
Wilfredo O. Chingcuanco, Pilipino |
President |
100. |
|
Julie T. Chingcuanco, Pilipino |
Treasurer/Corp. Sec. |
100. |
|
John Cua |
Director |
270,000. |
|
Joshua Cua |
Director |
100. |
|
Evaristo
Kho |
Chairman |
100. |
|
|
TOTAL |
2,700,000.
vvvvvvvvvv |
(*) A Pilipino company duly registered. Its stockholders/officers, among
others are, Evaristo Kho, Chairman/
President; Wilfredo O. Chingcuanco, Treasurer; & Julie T. Chingcuanco,
Corp. Secretary. Located at Flavors, Phils. Inc.
(**) Not listed with SEC’s
registered companies, located at Flavors Phils. Inc.
Subject firm is known as the Philippines manufacturer riof beverages, canned
food, food additives, flavors and flavors enhancer. Registered with the Food
& Drugs Authority of the Phils. Telephone No. 532-8464. Product
lines, among others, includes -
Crème flavor flavoring; chocolate flavor flavoring; garlic flavor; garlic/onion
flavoring; beef flavor, leek flavor; tomato flavor flavoring; vanilla
flavoring; silamon vanilla & silamon coffee, and etc.
(Audited Financial Statement for years 2013, 2012, & 2011, as
compiled)
BALANCE SHEET
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ASSETS |
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2013 |
2012 |
2011 |
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Current Assets |
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Cash & Cash Equivalents |
4,811,335. |
1,865,240. |
4,094,954. |
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Account Receivables - Trade |
15,710,964. |
11,658,131. |
10,549,600. |
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Merchandise Inventory |
3,902,437. |
6,062,437. |
3,641,906. |
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Total Current Assets |
24,424,736. |
19,585,808. |
18,286,460. |
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Total Assets |
24,424,736. |
19,585,808. |
18,286,460. |
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Non – Current Assets |
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Property, Plant and Equipment,
Net |
2,644,348. |
2,756,378. |
1,807,392. |
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Creditable Withholding Tax |
NIL |
246.087. |
NIL |
|
Rental Deposit |
437,704. |
393,265. |
393,264. |
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MERALCO Deposit |
22,000. |
22,000. |
22,000. |
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Total Non-Current
Assets |
3,104,052. |
3,417,730. |
2,626,777. |
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Total Assets |
27,528,788. |
23,003,538. |
20,913,237. |
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LIABILITIES AND EQUITY |
|||
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Current Liabilities |
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Accounts Payable |
9,416,722. |
7,626,739. |
9,546,662. |
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Income Tax Payable |
152,090. |
1,140,006. |
842,061. |
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Other Current Liabilities |
37,137. |
190,119. |
185,233. |
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Total Current
Liabilities |
9,605,949. |
8,956,864. |
10,753,956. |
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Total Liabilities |
9,605,949. |
8,956,864. |
10,753,956. |
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Equity |
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Capital Stock |
2,700,000. |
2,700,000. |
2,700,000. |
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Retained Earnings |
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Appropriated (warehouse expansion) |
10,000,000. |
11,346,674. |
7,639,281. |
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Unappropriated |
5,222,839. |
NIL |
NIL |
|
Total Equity |
17,922,839. |
14,046,674. |
10,339,281. |
|
Total Liabilities & Equity |
27,528,788. |
23,003,538. |
20,913,237. |
INCOME STATEMENT
|
Revenues |
129,444,897. |
118,241,816. |
103,086,097. |
|
Gross Profit |
18,732,594. |
13,640,862. |
12,041,143. |
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Operating & Administrative Expenses |
(12,181,968.) |
(7,464,392.) |
(6,919,646.) |
|
Interest Income |
NIL |
16,092. |
NIL |
|
Net Income before tax |
6,550,626. |
6,192,562. |
5,121,497. |
|
NET INCOME |
4,585,438. |
4,334,793. |
3,581,491. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.02 |
|
|
1 |
Rs.102.69 |
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Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
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|
Report Prepared
by : |
TPT |
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.