MIRA INFORM REPORT

 

 

Report Date :

21.03.2014

 

IDENTIFICATION DETAILS

 

Name :

UNAHCO INC.

 

 

Registered Office :

17 Sheridan St., Mandaluyong City

 

 

Country :

Philippines

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

19.09.1966

 

 

Legal Form :

Private Corporation

 

 

Line of Business :

Manufacturer of veterinary products & veterinary preparations

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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

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 name and address

 

Company:                 UNAHCO INC.

Address:                   17 Sheridan St., Mandaluyong City

Country:                    Philippines

Service Type:            Normal

 

 

FINDINGS

 

We conducted research and verification on UNAHCO, INC. Hereunder, our report, viz:

 

 

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC):  UNAHCO, INC.

 

 

Legal Entity  -  PRIVATE CORPORATION

 

 

REGISTRATION 

 

(Per 2013 SEC General Information Sheet)

 

Certificate No.     :        30421

Date                    :        September 19, 1966

Term                   :        Fifty (50) years

Taxpayer ID No.  :        000-082-534

 

Address                           :        17 Sheridan St., Mandaluyong City

 

Telephone No.                  :        63 (2) 858 1000  /  858 1829

 

 

PRIMARY PURPOSE                  :         Manufacturer of veterinary products & veterinary preparations.

 

 

PARENT COMPANY                   :         UNITED LABORATORIES, INC.

 

 

CAPITALIZATION

 

(Php)

No. of Shares           Par Value/share                    Amount

 

Authorized Capital Stock  -

 

Common              -             5,000,000      -        P100.00                 -     500,000,000

 

Subscribed & Paid Up

 

Common             -              3,194,996                                             -     310,499,600

 

 

SHAREHOLDERS / DIRECTORS / OFFICERS

 

 

Names                                Designation

Amount (Php)

Paid – Up

UNITED LABORATORIES, INC.

319,499.100.

Clinton Andrew Hess                    -  Chairman/CEO

100.

Mariano John L. Tan, Jr.               -  Vice Chairman

100.

Ricardo C. Alba                            -  President/COO

100.

Luis Miguel G. Vaca                     -   Treasurer/CFO

100,

Joselito G. Daga                          -   Board Member

100.

Marivic G. Ramos-Anonuevo        -   Corp. Secretary

NIL

Luis R. Ladera                              -   Asst. Corp. Sec.

NIL

Benedicto P. Panigbatan              -   Asst. Corp. Sec.

NIL

 

310,499,600.

vvvvvvvvvvvvvvvv

 

 

BUSINESS ACTIVITY 

 

As gathered from various sources,  subject company, formerly, UNIVET AGRICULTURAL PRODUCTS, was created by UNILAB, more than 4 decades ago, to fulfill the needs of animal raisers at the time. The new company aims to provide a broader range of animal healthcare and nutrition products. UNAHCO reaches far and wide with well entrenched distribution network that ensures great stability and growth.

 

Subject firm was issued by the Foods & Drugs Authority (FDA) a License to Operate No.

CDRR-NCR-DI/W – 2832, to expire Sept. 09, 2014.

 

Product lines includes -

 

Swine Feeds – Pigrolac Manna Pro Developer; Pigrolac Premium Hogfeeds, etc.

Game Fowl Feeds -  Thunderbird Enertone; Thunderbird Multi Grain concentrate, etc.

Veterinary Products – Digestiaide Bacterid; Vetracin Gold Soluble powder, etc.

Commercial Farm Products – Surevalue ctc 15% granular; Electrogen, etc.

Poultry Products – Broiler Finishers Pellet; Chick booster crumble, etc.

Poultry Layer Feeds – Chicken Layer 2 crumble, etc.

 

Website:               www.unahco.com

 

Address:               No. 86 Mayflower St., Mandaluyong City

 

Telephone No.:     858 1000

 

Fax No.:               858 1523

 

Email:                   gbanez@unilab.com.ph

 

 

FINANCIAL CONDITION

 

 (Audited Financial Statement for years 2012, 2011, & 2010, as compiled)

 

BALANCE SHEET

 

 

As of Dec. 31, 2012

(Php)

As of Dec. 31, 2011

(Php)

As ofDec.31, 2010

(Php)

Assets

 

 

 

Current Assets

 

 

 

Cash

55,529,480.

66,004,300.

39,276,271.

Trade & Other Receivables

750,075,709.

716,998,212.

482,803,677.

Inventories

352,618,283.

216,169,100.

270,106,941.

Creditable Income Tax

NIL

NIL

1,496,277.

Other Current Assets

19,464,094.

13,087,313.

14,436,601.

Total Current Assets

1,177,687,566.

1,012,258,925.

808,119,767.

 

 

 

 

Non-Current Assets

 

 

 

Property & Equipment, NET

56,300,272.

15,847,422.

17,229,604.

Investment in Subsidiaries

70,276,125.

70,276,125.

70,276,125.

Investment in Properties

68,945,686.

68,945,686.

68,945,686.

Dividend Receivables

NIL

NIL

120,999,998.

Deferrred Tax Assets

699,300.

699,300.

4,167,262.

Other Non-Current Assets

8,614,068.

2,289,616.

2,484,375.

Total Non-Current Assets

204,835,451.

158,058,149.

284,103,050.

TOTAL ASSETS

1,382,523,017.

 

1,170,317,074.

 

1,092,222,817.

 

 

Liabilities & Stockholder’s Equity

 

 

 

Current Liabilities

 

 

 

Trade & Other Payables

654,380,484.

438,062,136.

362,803,047.

Employees Profit Sharing Payables

2,911,653.

2,760,290.

1,809,068.

Income Tax Payable

5,522,917.

4,133,685.

NIL

Other Current Liabilities

4,712,983.

6,149,179.

2,668,485.

Total Current Liabilities

667,528,037.

451,105,290.

367,280,600.

 

 

 

 

Non Current Liabilities

 

 

 

Loan Payable

33,333,333.

66,666,667.

100,000,000.

Total Non Current Liabilities

33,333,333.

66,666,667.

100,000,000.

TOTAL LIABILITIES

700,861,370.

517,771,957.

467,280,600.

 

 

 

 

Equity

 

 

 

Capital Stock

319,499,600.

319,499,600.

319,499,600.

Retained Earnings

 

 

 

Appropriated

200,000,000.

200,000,000.

200,000,000.

Unappropriated

162,162,047.

133,045,517.

105,442,617.

Total  Equity

362,162,047.

652,545,114.

624,942,217.

TOTAL LIABILITIES &  EQUITY

1,382,523,017.

 

1,170,317,074.

 

1.092,222,817.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT

 

Net Sales

853,317,855.

799,924,728.

655,570,666.

Gross Profit

358,073,390.

340,264,179.

274,619,327.

Selling  & Admin. Expenses

(311,290,147.)

(292,461,663.)

(251,963,561.)

Interest Expense

(    6,777,778.)

(   10,138,889.)

(  13,518,518.)

Provision for Employees Profit Sharing

(    2,911,653.)

(     2,760,290.)

(    1,809,068.)

Other Income - Net

4,478,270.

4,380,356.

14,362,892.

Net Income before Tax

41,572,082.

39,283,693.

21,691,072.

Net Income

29,116,530.

 

27,602,900.

 

18,090,680.

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.13

UK Pound

1

Rs.101.17

Euro

1

Rs.84.59

 

 

INFORMATION DETAILS

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.