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Report No. : |
354900 |
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Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
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Name : |
CATHAY PACIFIC STEEL CORPORATION |
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Registered Office : |
F. P. Felix Avenue, Cainta, Rizal |
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Country : |
Philippines |
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Financials (as on) : |
2014 |
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Date of Incorporation : |
20.11.1987 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Subject engage in the business of manufacturing, smelting
and processing of steel products |
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No. of Employee : |
476 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 shocks better than its regional peers due to less 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 outsourcing industry. The current account balance has recorded consecutive surpluses since 2003, international reserves remain at comfortable levels, and the banking system is stable; the stock market resumed an upward trajectory in 2014, climbing to new record highs during the first four months of 2015. Efforts to improve tax administration and management of expenditures have helped ease the Philippines' tight fiscal situation and reduce debt levels. Nevertheless, government taxation and spending remain weak. The Philippines has received investment-grade credit ratings on its sovereign debt under the AQUINO administration and has had little difficulty financing its deficits. Economic growth has accelerated, averaging 6.0% per year from 2011-2014, compared with 4.5% under the MACAPAGAL-ARROYO government; competitiveness has improved; and foreign direct investment hit a historic high in 2014, although it continues to lag compared with the rest of the region. Unemployment has remained high, hovering at around 7% of the population, and underemployment is nearly 20%. At least 40% of the employed work in the informal sector and poverty afflicts about a quarter of the population. The AQUINO administration has been working to boost expenditures for education, health, transfers to the poor, and other social spending programs. Infrastructure remains underfunded and the government is relying on the private sector to help with major projects under its Public-Private Partnership program. Other long term challenges include reforming governance, the judicial system, and the regulatory environment, and improving the ease of doing business. The Philippine Constitution and other laws restrict foreign ownership in important activities/sectors - such as land ownership and public utilities. Some progress has been made in establishing a Customs Modernization Act to meet international standards and commitments.
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Source
: CIA |
Company: CATHAY PACIFIC STEEL CORPORATION
Address: F. P. Felix Avenue, Cainta, Rizal
Country: Philippines
Service Type: Normal
We conducted research and verification on
CATHAY PACIFIC STEEL CORPORATION. Hereunder our report, viz:
Private Corporation
REGISTRATION – (Per General Information Sheet for the Year
2014, filed April 21, 2015)
a) Certificate No. : 0000146425
b) Date
: November 20, 1987
c) Term
: Fifty (50) years. Stock
Corporation
d) Corp. Tax No. : 000 090 225 000
e) Type of
Organization :
Stock Corporation
Address : F. P. Felix Avenue, Cainta,
Rizal
Telephone No. : 655 2271 / 633 8033
Fax No.
: 655 2280 / 633 8048
No. of Officers
& Supervisors : 20
No. of Rank & File
Employees : 476
PRIMARY
PURPOSE : Manufacturing Steel Products
(Php)
No. of Shares Par
Value/share Amount
Authorized Capital Stock :
Common - 100,000,000 -
P10.00 - 1,000,000,000.
vvvvvvvvvvvvv
Subscribed & Paid Up
- 34,059,400 - P10.00 - 340,594,000.
vvvvvvvvvvv
|
Name/Nationality/Designation |
Paid – Up (Php) |
|
1.Olivia T. Ng - Chairperson |
17,029,700. |
|
2.Pacita O. Chua -
Co-Chairperson |
54,495,040. |
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3.David O. Chua - President |
4,257,420. |
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4.Anthony O. Chua -
Treasurer |
4,257,420. |
|
5.Michael T. Ng - Corporate Secretary |
16,736,800. |
|
6.Paterno Ong Hong -
Senior Vice President |
6,811,880. |
|
7.BENGOLD HOLDINGS INC. |
102,178,200. |
|
8.Jose Balonan |
27,247,520. |
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9.Pedro Balonan |
20,435,640. |
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10.Evelyn Balonan |
9,059,800. |
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11.Fe Tan |
3,405,940. |
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12.Rosario Balonan |
3,405,940. |
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13.Jefrey T. Ng |
24,175,350. |
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14.James L. Uy |
6,811,880. |
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15.Ronald L. Uy |
6,811,880. |
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16.John T. Ng, Jr. |
16,736,790. |
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17.Oliver James T. Ng |
16,736,790. |
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TOTAL |
340,594,000. vvvvvvvvvvv |
(*) All Filipinos
Subject company, continue to engage in the
business of manufacturing, smelting and processing of steel products. One of
the leading manufacturer of long steel and rebar, high beam. Has 3
manufacturing plant sites in Cainta, Rizal & Novaliches, Quezon City, Metro
Manila. Established in 1973,
incorporated in 1987.
Its company President, David O Chua is a
Chinese-Filipino businessman and a
Stockbroker. Served as Director of Philippine Stock Exchange; Asia
Pacific Capital Equities & Securities Corp.
Email Address: cepasco@compass.com.ph
Telephone No. 63-2 633 8033
Office address: 25/F Galeria Corp. Center, Ortigas Avenue
corner EDSA, Pasig,
Metro Manila
(Audited Financial Statement for years 2014,
2013, & 2012, as compiled)
Balance Sheet
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|
2014 (Php) |
2013 (Php) |
2012 (Php) |
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Assets |
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Current Assets |
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Cash & Cash equivalent |
318,423,196. |
530,283,549. |
158,250,997. |
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Receivables |
120,463,184. |
44,981,397. |
142,380,780. |
|
Inventories |
896,018,708. |
869,113,317. |
871,866,515. |
|
Other Current Assets |
163,731,312. |
225,077,100. |
206,143,540. |
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Total Current
Assets |
1,498,636,400. |
1,669,455,363. |
1,378,641,832. |
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Non - Current Assets |
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Available for Sale financial assets |
1,249,500. |
1,249,500. |
1,249,500. |
|
Property, Plant & Equipment |
610,470,617. |
672,057,087. |
760,657,754. |
|
Deferred Tax Assets |
4,371,039. |
3,621,039. |
2,961,039. |
|
Other Non Current Assets |
13,214,392. |
11,696,757. |
15,538,320. |
|
Total
Non-Current Assets |
629,305,548. |
688,623,901. |
780,406,613. |
|
TOTAL ASSETS |
2,127,941,948. vvvvvvvvvvvvv |
2,358,079,264. vvvvvvvvvvvvv |
2,159,048,445. Vvvvvvvvvvvvv |
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Liabilities & Stockholder’s Equity |
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Current Liabilities |
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Accounts & Other Payables |
944,516,667. |
476,239,837. |
752,804,651. |
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Acceptance Payable |
470,281,699. |
999,759,171. |
716,923,904. |
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Other Current Liabilities |
29,388,116. |
168,811,490. |
7,321,486. |
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Total Current
Liabilities |
1,444,186,482. |
1,644,810,498. |
1,477,050,041. |
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Non - Current Liabilities |
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Retirement Benefit Obligation |
14,570,127. |
12,070,127. |
9,870,127. |
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Advances from Affiliates |
250,000. |
250,000. |
250,000. |
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Total Non Current
Liabilities |
14,820,127. |
12,320,127. |
10,120,127. |
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TOTAL LIABILITIES |
1,459,006,609. |
1,657,130,625. |
1,487,170,168. |
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Stockholder’s Equity |
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Capital Stock |
340,594,000. |
340,594,000. |
340,594,000. |
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Retained Earnings |
328,341,339. |
360,354,639. |
331,284,277. |
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Total
Stockholder’s Equity |
668,935,339. |
700,948,639. |
671,878,277. |
|
TOTAL LIABILITIES &
STOCKHOLDERS EQUITY |
2,127,941,948. vvvvvvvvvvvvv |
2,358,079,264. vvvvvvvvvvvvvv |
2,159,048,445. vvvvvvvvvvvvv |
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Income Statement
|
Sales |
5,098,218.958. |
4,750,315,655. |
3,114,566,344. |
|
Gross Profit |
276,830,835. |
247,072,961. |
173,677,277. |
|
Selling
& Administrative Expenses |
( 203,035,310.) |
(
197,844,725.) |
(
172,083,735.) |
|
Operating
Profit |
73,795,525. |
49,228,236. |
1,593,542 |
|
Other
Income / Charges |
(
29,030,346.) |
(
7,748,985.) |
27,230,046. |
|
Profit
Before Tax |
44,765,179. |
41,479,251. |
28,823,588. |
|
Profit |
31,338,576. vvvvvvvvvvvv |
29,070,362. vvvvvvvvvvvv |
20,211,678. vvvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.32 |
|
|
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.72.13 |
|
PHP |
1 |
Rs.1.40 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
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Report Prepared
by : |
TRU |
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 |
|
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.