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Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
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Name : |
OLEO FATS INC. |
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Registered Office : |
No. 5 Mercury Avenue, Libis, Quezon City, 1110 Metro Manila |
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Country : |
Philippines |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
04.05.1987 |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufacturer of specialty food oils in the Phils. From
coconut oil, palm oil, soft oils, to specialty blends and specialty fats, the
product portfolio is the largest in the country. These products are
manufactured in state-of-the-art refining and food oil modification
facilities under the strictest quality assurance standards. It provides a
diverse range of fats and oils for the use in the food industry. |
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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 : |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Philippines |
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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)
|
Source
: CIA |
Company: OLEO FATS INC.
Address: No. 5 Mercury Avenue, Libis, Quezon City,
1110 Metro Manila
Country:
PHILIPPINES
Telephone No.: (632) 709-5636
Fax No.: (632) 709-3036
Website: www.oleofat.com
Service Type: Normal
We conducted research and investigation on OLEO FATS INC., and showed the following,
viz:
-
REGISTRATION
–
a)
Certificate No. :
0000140409
b)
Date : May 4, 1987
c)
Term : Fifty (50) years
d)
Corporate TIN :
000-421-965
e)
Fax No. : 635-0696
f)
Telephone No. : 635-0680
g)
Industry Classification : Manufacturing
Address : 5 Mercury Ave., Bagumbayan, Quezon City
Authorized Capital Stock - P1,000,000,000. - 100,000,000 Shares
Type of Shares - Common
Amount Subscribed & Paid Up - P1,000,000,000.
Par value per share - P 10.
D&L
Industries Inc.(1971) - D
& L Industries provide centralized services, namely, administrative,
financial, human resource, procurement and others, to all the companies
under the group.
Aero-Pack
Industries, Inc.(1990) -
Manufactures and markets a full range of aerosol cans; contract
manufactures aerosol products for selected customers
Chemrez
Technologies Inc. (1988)
- Manufactures and sells powder coatings and oleochemicals
as Corro-Coat Inc.
First in Colors, Inc. (1991) Dry colors & masterbatches, color compounds, plastic
additives &
functional compounds are manufactured and sold by this Company
F.I.C. Marketing Co., Inc.(1986) - A trading company that imports and
distributes various foreign &
local chemicals and materials to manufacturers in the plastics, paint,
and other related industries
MRI Terminal(1995) - The terminal and tank farm that serve the bulk storage and
delivery
requirements of the group and some selected customers
|
Stockholders/Directors/Officers |
||
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Name |
Position |
Amount
Paid |
|
1.
Dean L. Lao |
Chairman/President |
P 10. |
|
2.
Leon L. Lao |
Executive
Vice President |
10. |
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3.
Alex L. Lao |
Director |
10. |
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4. Yin
Yong L. Lao |
Director |
10. |
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5.
John L. Lao |
Director |
10. |
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6. D
& L Industries, Inc. |
------- |
999,999,940. |
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7.
Vincent D. Lao |
Director |
10. |
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8.
Alvin D. Lao |
Treasurer/Corp.
Sec. |
NIL |
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9.
Haeng L. Tan |
Asst.
Treasurer |
NIL |
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10.
Kristine Catindig-Ong |
Asst.
Corp. Sec. |
NIL |
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|
P1,000,000,000. vvvvvvvvvvvvvvv |
As gathered, subject firm is a member of Coconut Oil
Refiners Association (CORA).
Representatives are - Pres. – Dean Lao, Jr.; Managing Director – Vicente Lao.
Address at 65 Industria St. Bagumbayan, 1110 Q.C. Tel
no. 636-0680;
Fax No. 636- 0703
Oleo
Fats Inc. was established atond has since become the leading manufacturer of
specialty
food oils in the Phils. From coconut oil, palm oil, soft oils, to specialty blends
and
specialty fats, the product portfolio is the largest in the country. These
products are
manufactured
in state-of-the-art refining and food oil modification facilities under the
strictest
quality assurance standards. It provides a diverse range of fats and oils for
the
use in
the food industry
Product lines
includes, among others:
Specialty
Fats Specialty
Oils
AMF
Substitutes
RDB Coconut Oil
Bakery
Shortenings RDB Palm Oil
Cocoa Butter
Substitutes RDB Palm Olein
(Audited Financial Statement for years 2012,
2011, & 2010, as compiled)
BALANCE
SHEET
|
ASSETS
2012 2011 2010 |
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Current Assets |
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|
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|
Cash |
P
457,813,597. |
P
418,310,459. |
P
362,420,751. |
|
Trade
& Other Receivable – Net |
1,127,736,515. |
1,596,827,002. |
1,457,220,225. |
|
Due
from Related Parties |
8,216,302 |
7,791,429 |
NIL |
|
Inventories |
994,010,995 |
1,388,009,498 |
755,956,920 |
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Other
Current Assets |
122,612,234 |
265,045,000 |
310,783,557 |
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Total Current Assets |
P 2,710,389,643 |
P 3,675,983,388 |
P 2,886,381,453 |
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|
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Non-Current Assets |
|
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Prop.,
plant and Equip. – Net |
P 1,374,007,770 |
P 1,227,516,448 |
P
974,532,640 |
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Deferred income Tax Assets,Net |
NIL |
3,049,932 |
2,762,284 |
|
Retirement Benefit |
2,621,265 |
2,727,384 |
3,984,425 |
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Refundable
Deposits |
NIL |
7,170,040 |
10,170,040 |
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Total Non-Current Assets |
P 1,376,629,035 |
P 1,240,463,804 |
P 991,449,389 |
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|
|
|
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Total Assets |
P 4,087,018,678 vvvvvvvvvvvvvv |
P 4,916,447,192 vvvvvvvvvvvvvvvv |
P 3,877,830,842 vvvvvvvvvvvvvvvv |
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LIABLITIES AND EQUITY |
|||
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Current Liabilities |
|
|
|
|
Trade
& Other Payables |
P
237,350,564 |
P
596,940,071 |
P
708,510,638 |
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Due to
Related Parties |
29,478,912 |
87,930,851 |
NIL |
|
Accrued
Interest |
3,701,269 |
1,586,103 |
2,251,684 |
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Borrowings |
2,640,000,000 |
2,747,640,246 |
2,111,993,062 |
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Total Current Liabilities |
P 2,910,530,745 |
P 3,434,097,271 |
P 2,822,755,384 |
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Non- Current Liabilities |
|
|
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Deferred Income Tax Liability |
2,962,039 |
NIL |
NIL |
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Total Liabilities |
P2,913,492,784 |
P 3,434,097,271 |
P 2,822,755,384 |
|
EQUITY |
|
|
|
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Share
Capital |
P1,000,000,000 |
P
1,000,000,000 |
P
1,000,000,000 |
|
Retained Earnings |
173,525,894 |
482,349,921 |
55,075,458 |
|
Total Equity |
P1,173,525,894. |
P 1,482,349,921 |
P 1,055,075,458 |
|
Total Liabilities and Equity |
P4,087,018,678 vvvvvvvvvvvvv |
P 4,916,447,192 vvvvvvvvvvvvvvvv |
P 3,877,830,842 vvvvvvvvvvvvvvvv |
|
Net Sales |
P 7,929,615,182 |
P 10,267,771,910 |
P
7,471,637,348 |
|
Gross Profit |
P
971,301,313 |
P
995,513,908 |
P
645,404,045 |
|
Selling & Marketing Expenses |
(
204,227,802) |
(
174,858,789) |
(
149,245,475) |
|
Administrative Expenses |
(
131,527,145) |
(
118,106,145) |
(
91,285,501) |
|
Other Income/(Loss) Net |
62,771,217 |
499,918 |
( 3,806,243) |
|
Operating Profit |
P
698,317,583 |
P
703,048,624 |
P
401,066,826 |
|
Interest Expense |
(
91,891,804) |
(
78,865,777) |
(
87,678,607) |
|
Foreign Exchange Gain/(Loss) |
NIL |
( 15,394,375) |
5,165,380 |
|
Profit Before Income Tax |
P 606,425,779 |
P 608,788,472 |
P 318,553,599 |
|
Profit for the Year |
P 418,512,428 vvvvvvvvvvvvvvvv |
P 427,274,463 vvvvvvvvvvvvvvv |
P 219,376,656 vvvvvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.57 |
|
|
1 |
Rs.98.87 |
|
Euro |
1 |
Rs.80.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
PDT |
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 |
|
|
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.