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Report No. : |
320255 |
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Report Date : |
05.05.2015 |
IDENTIFICATION DETAILS
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Name : |
HYCO LABORATORIES CO. INC. |
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Registered Office : |
1195-1199 Jose Abad Santos Avenue, Tando, Manila |
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Country : |
Philippines |
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Financials (as on) : |
2013 |
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Date of Incorporation : |
29.06.1976 |
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Com. Reg. No.: |
0000068337 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Manufacture of food colors and other food additives |
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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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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).
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Source
: CIA |
HYCO LABORATORIES CO.
INC.
Company: HYCO LABORATORIES CO. INC.
Address: 1195-1199 Jose Abad Santos Avenue,
Tando, Manila, Philippines
Country:
Philippines
Service Type:
Normal
We conducted research and investigation on HYCO LABORATORIES CO. INC.
and showed the following, viz:
Legal Entity - PRIVATE CORPORATION
Certificate No. : 0000068337
Date : June 29, 1976
Term : Fifty (50) years
Company Type :
Stock Corporation
Telephone No. :
(632) 253 3440
Corp. Tax ID No. :
000 320 032 000
Address: 1195-1199 Jose Abad
Santos Avenue, Tondo, Manila
(Note:
Currency in Philippine Peso, unless otherwise specified)
Authorized Capital Stock - 200,000,000. –
2,000,000 Shares Common
Amount Subscribed - 131,000,000.
Amount Paid Up - 130,250,000.
Par value per Share - 100.
Manufacture of food colors and other food additives.
|
Name / Nationality |
Position |
Amount
Paid Up |
|
Dennis K. Chua, Filipino |
Chairman/President |
30,742,500. |
|
Betty K. Chua, Filipino |
Vice President/Director |
14,430,000. |
|
Jassen K. Chua, Filipino |
Treasurer/Director |
28,402,500. |
|
Eric K. Chua |
Corp. Sec./Director |
28,402,500. |
|
Billie K. Chua |
Asst. Corp. Sec./Dir. |
28,272,500. |
|
|
Total |
130,250,000.
vvvvvvvvvv |
(Note: Above shareholders/officers, are involved in their same capacity,
with HI-Q COMMERCIAL INC., a SEC registered firm, established in 1968 to engage
in the importation of industrial chemicals. It has authorized capital of 100 Million and paid up
capital of about 90 Million. Financial results in 2013 showed total assets of 217.9
Million, total liabilities & equity
of 33.3 Million & 184.6 Million, respectively. Total revenues of 128
Million and a net income of 7.7 Million.
As gathered, a Hyco Laboratories Co. was established in 1952 as General Partnership, under SEC Certificate No. P000003995. The registration certificate expired. Subsquently, another Hyco Laboratories Co. per SEC certificate No. P000025172 as General Partnership, was dissolved.
Hyco Laboratories Co. Inc. (HLCI) is engage in the business of buying, selling, manufacturing, importing, exporting or otherwise dealing in food colors, essences, flavors, chemical products & food products. Further gathered, subject firm has another address located at No. 23 1st Avenue, Bagong Bayan, Taguig City.
The Phil. FDA has classified HLCI as Food Manufacturer with covering LTO No. CFRR-NCR-FM-3071, to expire on Feb. 13, 2016.
Products Lines – Hyco Natural Spices & Seasoning Powder. Aromatic compound
Telephone Nos. (632) 253 0915; 253 3442; 253 3456; 253 3448; 253 3439
Fax No. (632) 256 1644
Contact Person: Dennis Zero Chua
(Audited Financial Statement for years
2013, 2012, & 2011, as compiled)
BALANCE SHEET
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ASSETS |
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2013 |
2012 |
2011 |
|
Current
Asset |
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Cash & Cash Equivalent |
173,281,218. |
72,340,385. |
19.723,745. |
|
Trade & Other Receivables |
10,980,877. |
10,018,215. |
13,570,791. |
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Inventories |
13,690,401. |
8,169,611. |
15,349,250. |
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Prepayments & Other Current Assets |
3,292,147. |
1,950,250. |
2,114,174. |
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Total
Current Assets |
201,244,643. |
92,478,461. |
50,757.960. |
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Non
Current Assets |
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Investments |
11,151,923. |
11,151,922. |
11,151,921. |
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Property & Equipment, net |
133,186,039. |
122,966,207. |
117,103,233. |
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Deferred Input Tax |
7,190,153. |
8,196,498. |
9,377,143. |
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Total
Non Current Assets |
151,528,115. |
142,314,627. |
137,632,297. |
|
Total Assets |
352,772,758.
vvvvvvvvvvv |
234,793,088. vvvvvvvvvvv |
188,390,267. vvvvvvvvvvvvv |
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LIABILITIES AND STOCKHOLDER’S EQUITY |
|||
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Current
Liabilities |
|
|
|
|
Trade & Other Payables |
5,532,991. |
7,788,084. |
5,323,427. |
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Income Tax Payable |
6,800,652. |
9,480,209. |
7,562,230. |
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Total
Current Liabilities |
12,333,643. |
17,268,293. |
12,885,657. |
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Non Current Liabilities |
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Long Term Liabiliies |
25,582,040. |
22,539,803. |
24,321,115. |
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Total
Non Current Liabilities |
25,582,040. |
22,539,803. |
24,321,115. |
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Total
Liabilities |
37,915,683. |
39,808,096. |
37,205,772. |
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Stockholder’s Equity |
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Share Capital |
130,000,000. |
130,000,000. |
130,000,000. |
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Retained Earnings |
184,857,075. |
164,984,992. |
137,183,495. |
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Total Stockholder’s Equity |
314,857,075. |
194,984,992. |
161,183,495. |
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Total Liabilities & Equity |
352,772,758. vvvvvvvvvvvv |
234,793,088. vvvvvvvvvvvvv |
188,390,267. vvvvvvvvvvvv |
INCOME STATEMENT
|
Revenues |
161,371,784. |
162,442,873. |
143,142,390. |
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Gross Income |
48,808,504. |
60,592,741. |
51,445,332. |
|
Operating Expenses |
( 19,706,767.) |
(
20,877,022.) |
(
18,714,498.) |
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Net Income Before Tax |
29,101,737. |
39,715,719. |
32,730,834. |
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Net Income After Tax |
20,371,215 |
27,801,034. |
22,911,583. |
|
Add: Interest Income |
1,786. |
2,518. |
4,417. |
|
Net Income |
20,373,001. vvvvvvvvvvv |
27,803,552. vvvvvvvvvvvvv |
22,916,000. vvvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.57 |
|
|
1 |
Rs. 97.98 |
|
Euro |
1 |
Rs. 70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
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 |
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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.