MIRA INFORM REPORT

 

 

Report No. :

303454

Report Date :

22.01.2015

 

IDENTIFICATION DETAILS

 

Name :

APEX MINING COMPANY, INC.

 

 

Registered Office :

1808 Pasig, 1605 Metro Manila 

 

 

Country :

Philippines

 

 

Financials (as on) :

30.09.2013

 

 

Date of Incorporation :

26.02.1970

 

 

Com. Reg. No.:

0000040621

 

 

Legal Form :

Stock Corporation

 

 

Line of Business :

·         engaged in the business of mining gold, silver, copper, lead and other precious metals.

·         Subject activities includes milling, concentrating, converting, smelting, treating & preparing for market, manufacturing, buying, selling, exchanging & producing zinc, brass, iron, steel and all kinds of ores, metals and minerals.

 

 

No of Employees :

Not Available

 

[We tried to confirm the number of employees but no one is ready to part any information from the company management.]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but Correct

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Philippines

a2

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 & address

 

APEX MINING COMPANY, INC.                       

 

Company:                 APEX MINING COMPANY,  INC.

Address:                   1808 Pasig, 1605 Metro Manila 

Country:                    Philippines

Service Type:            Normal

 

 

Company rEGISTRATION

 

a)     Certificate No.     :        0000040621

b)    Date                    :        February 26, 1970

c)     Term                   :        Fifty (50) years

d)    Company Type   :        Stock Corporation

e)     Website              :        www.apexmining.com

f)     Tax ID No.          :        000-284-138

g)    Industry              :        Mining

h)     Manpower          :        7 Officers;   970 Rank & File     

         

Address                   :       3304-B West Tower, PSE Center, Exchange Road, Ortigas Center,

                                     Pasig City

Telephone No.        :     (63) 2 706 2805 to 06

Fax No.              :        (63) 2 706 2804

 

(Note:  Currency in Philippine Peso, unless otherwise specified)

 

   

CAPITALIZATION

(Per GIS as of 2014)                                          

                                                                                                                                 (Php)

                                                                No. of Shares           Par Value/share                    Amount                                                                               

            Authorized Capital Stock  -

                         

                          Common              -           2,800,000        -     P      1.                     -            2,800,000.  

                                                                                                                                

             Subscribed & Paid Up

                   

             Filipinos –

                 2,802 Stockholders       -    1,222,010,436        -              1.                    -      1,222,010,436.

             Foreigners -                  

                      12 Stockholders       -       646,629,228        -              1.                    -         646,629,228.

                                                            Total                                                            1,868,639,664.

                                                                                                                               vvvvvvvvvvvvv

 

SHAREHOLDERS/DIRECTORS/OFFICERS

(As of 2013)

 

                         Name

                     Position

   Amount Paid Up

Walter William Brown

President & Chief Executive Officer

              NIL          

Ramon Y. Sy

Chairman & Chief Financial Officer

              NIL           

Noel V. Tanglao

Executive Vice President

              NIL          

Graciano P. Yumul

SVP – Exploration & Development

              NIL          

Modesto B. Bermudez

SVP – Operation

              NIL          

Dennis A. Uy

Director

              NIL          

Joselito H. Sibayon

Director

              NIL          

Rosanna Perica

Corporate Secretary

              NIL          

Silverio Benny Tan

Asst. Corp. Sec.

              NIL          

Monte Oro Resources & Energy, Inc.

                  NIL

       869,308,632.

Mindanao Gold Ltd., Malaysia

                  NIL

       645,100,029.

PCD Nominee Corp.

                  NIL

       211,568,130.

Mapula Creek Gold Corp.

                  NIL

       117,813,231.

PCD Nominee Corp. (non-Pilipino)

                  NIL

           2,942,960.

Rexlon Development Corp.

                  NIL

           1,006,525.

Cualoping Securities Corp.

                  NIL

              629,094.

Lucio W. Yan &/or Clara Yan

                  NIL

              485,525.

Jalandoni Jayme Adams Co.

                  NIL

              484,892.

Northwest Insurance & Surety Co.

                  NIL

              400,000.

Ignacio Ortigas

                  NIL

              311,665.

Ansaldo Godinez & Co. Inc.

                  NIL

              304,448.

Prudential Securities, Inc.

                  NIL

              295,365.

F. Yap Securities Inc.

                  NIL

              281,509.

JRT Securities Inc.

                  NIL

              233,749.

David Go Securities

                  NIL

              219,094.

Fernando Gonzales

                  NIL

              202,448.

First Integrated Capital Securities Inc.

                  NIL

              200,000.

Golden Tower Securities & Holding, Inc.

                  NIL

              200,000.

LIPPO Securities Inc. A/C#11201076

                  NIL

              200,000.

OTHERS

                  NIL

         16,452,308.

 

                                        TOTAL

    1,868,639,664.

    vvvvvvvvvvvvv

 

 

 

 

BUSINESS ACTIVITY 

 

APEX MINING  is a public listed mining company. Founded in 1970 as Apex Exploration & Mining company. Incorporated in 1979, continue to engage in the business of mining gold, silver, copper, lead and other precious metals. Its activities includes milling, concentrating, converting, smelting, treating & preparing for market, manufacturing, buying, selling, exchanging & producing zinc, brass, iron, steel and all kinds of ores, metals and minerals. Its underground mining & milling operation is situated in Maco mines, Maco, Compostela Valley Province, with Telephone No. (63) 08 223 4319, remains normal despite the attacked by suspected communist rebels, per news report on April 14, 2014.

 

APEX shares was listed in 1974. In early 2004, APEX entered into a operating agreement with Viclode Mining Corp., to explore, develop, exploit its Masara Mines, which gave the company royalty and rental income.

 

On Sept. 13, 2014, newspaper report showed that APEX is acquiring all outstanding capital stocks of Monte Oro Resources & Energy from its various shareholders, to expand its mining business. The buy-out involves 5,122,161,096 shares at par value of P1.00 a piece.

 

Subject is a regular member of  Chamber of Mines of the Phils.

                                    

                                     Address:      1704 17th Floor, Prestige Tower Condo., F. Ortigas Road

                                                           Ortigas Center, Pasig City

                                     Email    :       apexinfo@apexmining.com                

                                   

FINANCIAL CONDITION

(Audited Financial Statement, not available with SEC.)

 

Financial highlights as gathered from an unaudited Financial Statement ending September 30, 2013, showed the following, as compiled. Submitted for whatever purpose it may serve.

 

                                                                              2013                            2012          

 

                                                                      INCOME STATEMENT

 

            Net Sale                                                1,735,000,000.               1,817,322,000.

            Gross Profit                                          (  235,524,000.)                637,766,000.

            Operating Expense                                   547,448,000.                593,618,000.

            Net Income/(Loss)                                 (  858,567,000.)                 41,778,000.

            Net Income/(Loss) after Tax                   (  827,432,000.)                 57,093,000.

                                                                        vvvvvvvvvvvvvv            vvvvvvvvvvvvv

 

 

                                                                       BALANCE SHEET

 

            Total Liabilities                                      2,572,669,000.               1,648,563,000.

            Total Liabilities & Equity                        4,858,477,000.               4,035,286,000.

                                                                        vvvvvvvvvvvvv             vvvvvvvvvvvvv

 

            Total Assets                                          4,858,477,000.               4,035,286,000.

                       

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.61

UK Pound

1

Rs.93.49

Euro

1

Rs.71.38

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

MNL

 

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.