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Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
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Name : |
W. R. GRACE 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 : |
23.11.1965 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Subject is engage in the construction & specialty chemicals,
container sealant and application equipment, flexible packaging materials
& equipment |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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)
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Source
: CIA |
Company: W. R. GRACE
PHILIPPINES, INC.
Address: Silangan
Canlubang Industrial Park, Canlubang, Calamba City 4028
Country:
PHILIPPINES
Service Type: Normal
Telephone No.: 6349 549 7373
Fax: 6349
549 7778
Service Type: Normal
We conducted research and investigation on W. R. GRACE PHILIPPINES.
INC., and showed the following, viz:
VERIFICATION WITH
SECURITIES & EXCHANGE COMMISSION (SEC):
W. R. GRACE PHILIPPINES.
INC.
Legal Entity - PRIVATE
CORPORATION
Certificate No. : 0000028188
Date
: November 23, 1965
Term
: Fifty (50) years
Corporate Tax No. : 000-421-680-000
Telephone No. : 049-549 7373
Fax No.
: 049-549 7778
Website
: www.grace.com
Email
: felipe.tolentino@grace.com
Address : Silangan Canlubang Industrial Park,
Canlubang, Calamba
City, Laguna.
(Note: Currency in Philipine Peso, unless otherwise
specified)
(As of 2013)
Authorized Capital Stock - 23,600,000. –
59,000 Common Shares
Amount Subscribed &
Fully Paid Up - 23,600,000.
Par value per Share - 400.
Manufacture of specialty chemicals.
STOCKHOLDERS/DIRECTORS/OFFICERS (As of 2013)
|
Name/Nationality |
Position |
Subscribed
& Paid Up |
|
Tai Pei Pei, Singaporean |
Chairman / President |
6,000. |
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Michael Pei Grossi, American |
Vice President/Director |
5,600. |
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Nolasco A. Dorado, Pilipino |
Director |
5,600. |
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Felipe M. Tolentino, Pilipino |
Treasurer/Secretary |
400. |
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Annalyn A. Lopez, Pilipino |
Director |
400. |
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W. R. Grace & Co., USA Conn. |
NIL |
6,182,000. |
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W. R. Grace (Singapore) Pte. Ltd. |
NIL |
17,400,000. |
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TOTAL |
23,600,000. |
As gathered subject company, since inception, continue to engage in the
construction & specialty chemicals, container sealant and application
equipment, flexible packaging materials & equipment.
Website
: www.grace.com
Email
: osea…@grace.com
(Audited Financial Statement for
years 2013, 2012. 2011, as compiled)
Balance Sheet
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ASSETS |
|||
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Current Assets |
2013 |
2012 |
2011 |
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Cash |
186,125,656. |
173,472,516. |
68,775,405. |
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Trade and Other Receivables, Net |
147,011,686. |
141,508,491. |
185,060,972. |
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Due from Related Parties |
55,668,877. |
75,710,012. |
117,415,822. |
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Inventories, Net |
57,752,567. |
68,510,970. |
64,191,038. |
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Prepayments & Other Current Assets |
59,706,027. |
58,485,457. |
55,326,102. |
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Total Current
Assets |
506,264,813. |
517,687,446. |
490,769,339. |
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Non-Current
Assets |
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Property and Equipment, Net |
49,487,113. |
42,330,602. |
36,256,172. |
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Retirement & Benefit Asset |
NIL |
NIL |
23,770,006. |
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Deferred IncomeTax Asset |
9,763,733. |
5,672,699. |
NIL |
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Investment in a subsidiary |
11,250,500. |
11,250,500. |
11,250,500. |
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Total
Non-Current Assets |
70,501,346. |
59,253,801. |
71,276,678. |
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Total Assets |
576,766,159. |
576,941,247. |
562,046,017. |
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LIABILITIES AND
EQUITY |
|||
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Current
Liabilities |
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Trade & Other Payable |
97,332,259. |
86,705,371. |
102,270,143. |
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Due to Related Parties |
146,588,506. |
68,857,499. |
77,537,826. |
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Income Tax Payable |
17,256,765. |
12,228,630. |
349,687. |
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Total Current
Liabilities |
261,177,530. |
167,791,500. |
180,157,656. |
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Non- Current
Liabilities |
|
|
|
|
Retirement Benefit Obligation |
14,042,789. |
7,856,504. |
NIL |
|
Deferred Income Tax |
NIL |
NIL |
4,053,008. |
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Total
Non-Current Liabilities |
14,042,789. |
7,856,504. |
4,053,008. |
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Total
Liabilities |
275,220,319. |
175,648,004. |
184,210,664. |
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Equity |
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Share Capital |
23,600,000. |
23,600,000. |
23,600,000. |
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Share Premium |
201,458,339. |
201,458,339. |
201,458,339. |
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Retained Earnings |
76,487,501. |
176,234,904. |
152,777,014. |
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Total Equity |
301,545,840. |
401,293,243. |
377,835,353. |
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Total
Liabilities and Equity |
575,766,159. |
576,941,247. |
562,046,017. |
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|
2013 |
2012 |
2011 |
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Net Sale |
782,165,946. |
815,340,324. |
793,316,540. |
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Gross Profit |
180,343,610. |
157,721,077. |
138,722,530. |
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Selling Expenses |
( 35,099,640.) |
( 34,827,336.) |
( 32,603,349.) |
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General & Administrative Expenses |
( 26,056,343.) |
( 21,879,728.) |
( 27,779,948.) |
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Other Operating Expenses |
( 71,393,921.) |
( 69,041,924.) |
( 72,002,488.) |
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Other Operating Income |
31,551,238. |
29,143,526. |
25,744,448. |
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Income
before Tax |
79,344,944. |
61,115,615. |
32,081,193. |
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Net Income |
54,370,755. |
42,410,670. |
22,572,850. |
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Other Comprehensive Income/Loss |
( 482,630.) |
( 2,675,864.) |
5,790,252. |
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Total
Comprehensive Income |
53,888,125. |
39,734,806. |
28,363,102. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.102.78 |
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Euro |
1 |
Rs.81.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
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Report Prepared
by : |
NIS |
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 |
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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 |
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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 |
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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.