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Report No. : |
313228 |
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Report Date : |
23.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
NECO PHILIPPINES. INC. |
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|
|
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Registered Office : |
1181 G. Masangkay
Street, Tondo, Manila |
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Country : |
Philippines |
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Financials (as on) : |
2013 |
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Year of Establishments : |
1939 |
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Legal Form : |
Private
Corporation |
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Line of Business : |
· Engaged in compounding of Flavours, Pomades & Perfumes expanding to Food Colors and Related Materials. · Engaged in Marketing of Electroplating of chemicals. · Engaged in selling of Laboratory Chemicals, Analytical Reagents & Glassware Lines · Engaged in manufacturing of high quality polishing compound |
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No of Employees : |
Not Available [NOTE: We tried to confirm
the number of employees but no one is ready to part any information from the
company management.] |
RATING & COMMENTS
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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 |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Philippines |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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: NECO PHILIPPINES.
INC.
Address: 1181 G. Masangkay Street, Tondo, Manila
Country:
Philippines
Service Type: Normal
(Per General
Information Sheet (GIS) for Year 2013)
a) Certificate No. :
0000050279
b) Date : February 23, 1973
c) Term : 50 years
d) Company Type :
Private Corporation
e) Telephone No. :
255-0921
f) Fax No. : 253-1425
g) Corp. Tax ID No. :
031-000-840-139
(Note: Currency in Philippine Peso, unless otherwise
specified)
(As of 2013)
Authorized Capital
Stock - 400,000,000. –
4,000,000 Shares Common
Amount
Subscribed - 287,500,000.
Amount Paid Up -
155,606,875.
Par value per Share - 100.
To buy, sell, produce, manufacture, import, export and dispose all kinds
of chemicals, drugs, foods, laboratory equipment, photographic supplies and
equipment
(As of 2013)
|
Name / Nationality |
Position |
Amount
Paid Up |
|
Cristino
T. C. Lim |
Chairman/President |
5,079,000. |
|
Peter C.
Lim |
Vice
Pres./Treasurer |
9,945,750. |
|
Clemente
M. Catalan |
Vice Pres./Secretary |
508,200. |
|
Amparo
C. Lim |
Director |
8,775,000. |
|
Marina
L. Go |
Director |
1,523,000. |
|
Elizabeth
C. Lim |
NIL |
4,881,500. |
|
Robert
C. Go |
NIL |
2,539,500. |
|
Hortencia
T. Lim |
NIL |
9,945,750. |
|
Kristine
L. Sy |
NIL |
10,137,500. |
|
Michelle
L. Go |
NIL |
6,273,475. |
|
Patricia
Stephanie H. Sy |
NIL |
10,137,500. |
|
Robrina
L. Go |
NIL |
3,882,800. |
|
KRISED
DEVELOPMENT CORP |
NIL |
1,552,200. |
|
UNITED
ASIA HOLDINGS LTD., Hongkong |
NIL |
39,000,000. |
|
Edmund
Chester C. Lim |
NIL |
11,947,850. |
|
Candy
Ann T. Lim |
NIL |
9,180,250. |
|
Rosette
G. Ocampo |
NIL |
3,882,800. |
|
Rachel
L. Go |
NIL |
3,882.800. |
|
Christopher
Andrew T. Lim |
NIL |
4,544,500. |
|
Regan
C. Sy |
NIL |
1,209,000. |
|
Solomon
L. Sy |
NIL |
1,209,000. |
|
Charles
Anthony T. Lim |
NIL |
4,544,500. |
|
Beryl
Jane Ang Lim |
NIL |
1,025,000. |
|
|
Total |
155,606,875.
vvvvvvvvvvv |
Subject company was established in 1939 originally known as NECO TRADING. It started in compounding of flavours, pomades & perfumes expanding to food colors and related materials. Marketing of electroplating of chemicals began in 1958. Started selling laboratory chemicals, analytical reagents & glassware lines in 1968. In 1973, the manufacture of high quality polishing compound started in San Pedro, Laguna plant. In 1976, the laboratory to analyze plating solutions was constructed. In year 2002, joint venture with ROHA DYCHEM LTD., was formed, consequently, a laboratory was constructed.
Affiliations: Phils. Chamber of Commerce;
Phils. Assn. of Chemical Supplier; Phils. Assn. of Industrial Explosives;
Phils. Assn. of Electroplaters; Phils. Society of Quality Control; & Phils.
Assn. Water Environment.
Presently, its
business has 2 departments, namely –
a) Food Ingredients, Colors & Flavors
Address: Broadview Towers, 1416 –
1418 Mayhalique Street, Sta. Cruz, Manila
Tel. Nos.: 559-7912; 519-7918; 559-5259.
Fax No. 559-5503
Email: sales@neco.com.ph
b) Plating & Industrial Chemicals.
Address: 1181 G. Masangkay St., Tondo,
Manila
Tel.
No.:788-7308; 310,0201; 251-1961 Fax
No. 254-7973
Email: permatech@tri-isys.com
(Audited Financial
Statement for years 2013, 2012, & 2011, as compiled)
BALANCE SHEET
|
ASSETS |
||||
|
|
2013 |
2012 |
2011 |
|
|
Current
Asset |
|
|
|
|
|
Cash on Hand & in Bank |
45,171,510. |
42,743,204. |
27,629,608. |
|
|
Trade & Other Receivables |
145,739,905. |
141,611,767. |
104,055,867. |
|
|
Inventories |
284,960,281. |
300,634,024. |
358,953,639. |
|
|
Other Current Assets |
2,097,622. |
2,131,680. |
1,786,303. |
|
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Total
Current Assets |
477,969,318. |
487,120,675. |
492,425,417. |
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|
|
|
|
|
|
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Non
Current Assets |
|
|
|
|
|
Property & Equipment, net |
192,674,259. |
180,010,409. |
189,672,177. |
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Other Assets |
6,448,210. |
1,831,211. |
5,540,438. |
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Total
Non Current Assets |
199,122,469. |
181,841,620. |
195,212,615. |
|
|
Total
Assets |
677,091,787. vvvvvvvvvvv |
668,962,295. vvvvvvvvvvv |
687,638,033. vvvvvvvvvvv |
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|
LIABILITIES AND STOCKHOLDER’S EQUITY |
||||
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Current Liabilities |
|
|
|
|
|
Trade & Other Payables |
348,839,253. |
360,397,751. |
399,432,969. |
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Income Tax Payable |
87,705. |
184,578. |
153,452. |
|
|
Total
Current Liabilities |
348,926,958. |
360,582,329. |
399,586,421. |
|
|
Total
Liabilities |
348,926,958. |
360,582,329. |
399,586,421. |
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|
|
|
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|
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Stockholder’s Equity |
|
|
|
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Capital Stock |
167,669,375. |
152,887,500. |
140,387,500. |
|
|
Retained Earnings |
160,495,454. |
155,677,044. |
147,664,111. |
|
|
Total
Equity |
328,164,829. |
308,564,544. |
288,051,611. |
|
|
Total Liabilities & Equity |
677,091,787. vvvvvvvvvvvv |
668,962,295. vvvvvvvvvvv |
687,638,033. vvvvvvvvvvv |
|
INCOME
STATEMENT
|
Revenues |
717,525,951. |
697,996,020. |
694,686,476 |
|
Gross Profit |
133,338,495. |
131,344,777. |
131,253,151. |
|
Expenses |
|
|
|
|
Staff Cost |
40,780,233. |
40.640,656. |
38,752,658. |
|
Depreciation |
11,920,895. |
10,842,731. |
10,941,697. |
|
Selling &
Administration |
42,199,510. |
36,945,100. |
42,683,014. |
|
Total |
94,900,638. |
88,428,487. |
92,377,371. |
|
Profit from Operation |
38,437,857. |
42,916,290. |
38,875,780. |
|
Interest Expense |
10,071,845. |
14,435,345. |
14,343,142. |
|
Income Before Tax |
28,366,012. |
28,480,945. |
24,532,638. |
|
Net
Income for the Year |
19,025,470. vvvvvvvvvv |
19,615,131. vvvvvvvvvvv |
16,960,757. vvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.29 |
|
UK Pound |
1 |
Rs.93.02 |
|
Euro |
1 |
Rs.67.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.