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Report Date : |
20.03.2014 |
IDENTIFICATION DETAILS
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Name : |
SYTENGCO PHILS. CORP. |
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Registered Office : |
RM 503 Regina Garden ii, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
17.07.2001 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Trader of chemical |
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No. of Employees : |
10 |
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 : |
Slow but correct |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Philippines |
B1 |
A2 |
|
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
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: SYTENGCO PHILS. CORP.
Address: RM 503 Regina Garden ii, Reina Regente St., Binondo, Manila
Country: Philippines
Service Type: Normal
We conducted research and verification on SYTENGCO PHILS. CORP. Hereunder, our report, viz:
VERIFICATION WITH
SECURITIES & EXCHANGE COMMISSION (SEC):
SYTENGCO PHILS. CORP.
Legal Entity - PRIVATE
CORPORATION
(Per 2013 SEC General Information Sheet)
Certificate No. : A200110402
Date : July 17, 2001
Term
: Fifty (50) years
Taxpayer ID No.
: 213-054-503-000
Address : Rm Regina Garden II, Reina Regente, Binondo, Manila
Telephone No. : 63 (2) 371-1111
Trading
(Php)
No. of Shares Par Value/share Amount
Authorized Capital
Stock -
Common - 220,000 - P1009.09 - 220,000,000
Subscribed & Paid Up
Common - 220,000 - 220,000,000
|
Names/Nationality Designation |
Amount Paid – Up (Php) |
|
NECISTO U. SYTENGCO - Chairman |
159,836,973. |
|
NECISTO Y. SYTENGCO II - Board Member |
22,200,000. |
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NED BRYAN Y. SYTENGCO - Board Member |
22,200,000. |
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AYLENE Y. SYTENGCO - Treasurer |
11,100,000. |
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VICTORIA B. LADRINGAN - EVP – Finance |
2,200,000. |
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EVELYN T. CHING - Secretary |
2,200,000. |
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LALI Y. SYTENGCO - Board Member |
2,200,000. |
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OSCAR A.INOCENTES - Board Member |
1,009. |
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WILFREDO L. BATHAN - Board Member |
1,009. |
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ESMERALDO A. TEPACE - President |
1,009. |
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|
222,000,000. Vvvvvvvvvvv |
(Note: As observed, there appear inconsistencies in the figures above. The same was copied “as is” from SEC.)
As gathered, subject company started its humble beginning in 1970 in a 2 storey office-warehouse building in Sta. Cruz, Manila with only 10 employees. Today, Sytengco Phils. Corp. (SPC) is considered one of the largest chemical trader in the Phils., serving food, pharmaceutical, industrial, personal care, cosmetics, industrial materials, from China, USA, Europe, Hongkong, India, Australia, Thailand, etc. It has more than 500 professional staff, directly and indirectly. It has logistic facilities within Metro Manila where its more than 2,500 products are stored to readily served its clientele. The company’s other business address at No. 10 Resthaven St., San Francisco Del Monte (SFDM), Quezon City.
Website: www.sytengco.com
Telephone No.: 63 2 371 1111 /
63 2 371 9005 to 9008
Fax No.: 63 2 371 1248 / 371 1288
Email: info@sytengco.com
Membership is business organization -
Philippine Chamber of Commerce and Industry
Chamber of Cosmetics Industry of the Philippines
German-Philippines Chamber of Commerce & Industry
Newspaper report showed that “In May 15, 2005, the company, in cooperation with the Kalookan Filipino Chinese Fire Brigade Volunteers, held is yearly its dental and medical mission in Rosario, Batangas. It is in line with the company’s commitment to promote social-cultural responsibility projects for the benefit of the less fortunate.”
PDI News Headline dated Feb. 6, 2014 – 5 FARMERS
COOPERATIVE OFFICIALS CHARGED
WITH RICE SMUGGLING. “…….Also to be sold in public auction is a shipment of
caustic acid amounting to P5.85 million and consigned to Sytengco Phils. Corp.”
(Audited Financial Statement for years 2012, 2011, & 2010, as compiled)
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As of Dec. 31, 2012 (Php) |
As of Dec. 31, 2011 (Php) |
As ofDec.31, 2010 (Php) |
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Assets |
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Current Assets |
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Cash on Hand and in Bank |
21,986,744. |
21,222,161. |
8,827,500. |
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Account Receivables |
220,100,925. |
212,283,581. |
207,281,903. |
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Merchandise Inventory |
1,458,993,066. |
1,500,173,191. |
1,222,111,991. |
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Prepayments |
120,450,842. |
49,631,372. |
112,653,506. |
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Total Current Assets |
1,821,531,577. |
1,783,310,305. |
1,550,874,900. |
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Non-Current Assets |
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Property & Equipment, NET |
488,858,728. |
483,027,236. |
414,581,950. |
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Investment |
428,650,037. |
172,429,900. |
433,738,198. |
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Other Non-Current Assets |
NIL |
NIL |
60,288,265. |
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Total Non-Current Assets |
917,508,765. |
655,457,136. |
908,608,413. |
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TOTAL ASSETS |
2,739,040,341. vvvvvvvvvvvvv |
2,438,767,441. vvvvvvvvvvvvvvvv |
2,459,483,313. vvvvvvvvvvvvv |
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Liabilities & Stockholder’s Equity |
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Current Liabilities |
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Trust Receipts & Loan Payable |
240,975,026. |
304,911,564. |
903,910,281. |
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Account Payable & Accrued Expenses |
22,674,225. |
492,163,907. |
467,599,416. |
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Income Tax Payable |
1,235,175. |
261,224. |
48,338,159. |
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Other Current Liabilities |
NIL |
NIL |
41,453,766. |
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Total Current Liabilities |
264,884,425. |
797,336,695. |
1,461,301,622. |
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Non Current Liabilities |
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Advances from Affiliates |
NIL |
6,954,695. |
6,954,695. |
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Long Term Notes Payable |
1,764,500,000. |
886,875,000. |
567,000,000. |
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Installment Payable |
285,000,000. |
334,125,000. |
68,125,000. |
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Total Non Current Liabilities |
2,049,500,000. |
1,227,954,695. |
642,079,695. |
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TOTAL LIABILITIES |
2,314,384,425 |
2,025,291,390. |
2,103,381,318. |
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Equity |
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Capital Stock |
222,000,000. |
222,000,000. |
222, 000,000. |
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Retained Earnings |
202,655,916. |
191.476,051. |
134,101,995. |
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Total Equity |
424,655,916. |
413,476,051. |
356,101,995. |
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TOTAL LIABILITIES & EQUITY |
2,739,040,341. Vvvvvvvvvvvvv |
2,438,767,441. Vvvvvvvvvvvvvv |
2,459,483,313. vvvvvvvvvvvvv |
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Sales |
993,927,489. |
755,997,085. |
704,865,207. |
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Gross Income |
203,200,198. |
247,782,074. |
225,570,795. |
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General & Admin Expenses |
(
59,383,659.) |
( 98,778,798.) |
(
117,451,105.) |
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Income from Operation |
143,816,539. |
149,003,276. |
108,119,690. |
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Other Income/(Charges) |
3,321,429. |
30,461,417. |
53,007,506. |
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Net Income from Operation |
147,137,968. |
179,464,693. |
161,127,196. |
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Financial Cost |
(
131,166,732.) |
( 97,501,755.) |
NIL |
|
Net Income before Tax |
15,971,236. |
81,962,938. |
161,127,196. |
|
Net Income |
11,179,865. vvvvvvvvvvvv |
57,374,057. Vvvvvvvvvvvv |
112,789,037. vvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.10 |
|
|
1 |
Rs.101.41 |
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Euro |
1 |
Rs.84.08 |
INFORMATION DETAILS
|
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 |
-- |
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.