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Report No. : |
321565 |
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Report Date : |
14.05.2015 |
IDENTIFICATION DETAILS
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Name : |
STEPAN PHILIPPINES QUATERNARIES INC. |
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Registered Office : |
Cocohem Agro-Industrial Park (CAIP), San Antonio, San Pascual, Batangas 4201 |
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Country : |
Philippines |
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Financials (as on) : |
2013 |
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Date of Incorporation : |
15.04.2005 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Manufacturing of fabric softener & armine derivatives, also
distributing & marketing the same. |
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No. of Employee : |
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) |
|
Philippines |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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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 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 |
Company: STEPAN PHILIPPINES QUATERNARIES INC.
Address: Cocohem Agro-Industrial Park (CAIP),
San Antonio, San Pascual,
Batangas 4201 Philippines
Country: PHILIPPINES
Service Type: Normal
We conducted research and investigation on STEPAN PHILIPPINES
QUATERNARIES, INC, and showed the following, viz:
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): STEPAN PHILIPPINES
QUATERNARIES, INC. Legal Entity - PRIVATE CORPORATION
a)
Certificate
No. : CS-2005-06302
b)
Date : April 15, 2005
c)
Term : Fifty (50) years
d)
Corp.
Tax ID No. : 006 317 633
e)
Fax
No. : (632) 842 1236
f)
Telephone
No. : (632) 842 9751
Principal Office Address :
Cocochem Agro-Industrial Park, San Antonio, San Pascual, Batangas
(formerly CAIP, Brgy. Aplaya, Bauan, Batangas.)
Telephone No.: (043) 727 – 2828
(As
of 2013)
- Authorized
Capital Stock
- P336,000,000. –
3,360,000 Common Shares
- Amount
Subscribed & Paid Up - P136,140,000.
-
Par value per share - P 100.
PARENT COMPANY - STEPAN
PHILIPPINES INC., Cocochem
Agro-Industrial Park, San Antonio,
San Pascual, Batangas
PRIMARY PURPOSE: Engaged in
the manufacturing of primary active ingredients in fabric softeners, other
quaternaries & tertiary armine derivatives and in the wholesale, marketing
and distribution of such products in the Philippines & anywhere in the
world.
(As of 2014)
|
Name / Nationality |
Position |
Amount Subscribed & Paid (Php) |
|
Stepan Phils. Inc. |
Parent Company |
136,139,500. |
|
John Hall, British |
Chairman/President |
100. |
|
Januario Atienza, Filipino |
Director |
100. |
|
Voltaire B. Orpilla, Filipino |
Treasurer/Director |
100. |
|
Gopi Rarman, Indian |
Director |
100. |
|
Pearl T. Liu |
Corporate Secretary |
NIL |
|
Alain Charles J. Veloso |
Asst. Corp. Secretary |
NIL |
|
Erlinda M. Sarmiento, Fil. |
Board Member |
100. |
|
TOTAL |
|
136,140,000. |
|
|
|
=========== |
Manufacturing of fabric softener & armine
derivatives, also distributing & marketing the same. As gathered, Stepan Phils. Quaternaries,
Inc. (SPQI) operates as a subsidiary of Stephan Phils. Inc., which is
a subsidiary of Stepan Company, USA and United Coconut Chemical Inc, USA. Since its inception, SPQI continue to produce
sulfanates and sulfates.
Subject’s corporate office is situated at 17th Floor, Tower 2
Insular Life Corporate
Center, Insular Life Drive, Filinvest Corporate City, Alabang, Muntinlupa City.
(Audited Financial Statement for years 2013, 2012, &
2011, as compiled
BALANCE
SHEET
|
|
2013 (Php) |
2012 (Php) |
2012 (US$) |
2011 (US$) |
|
Assets |
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Current
Assets |
|
|
|
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Cash |
84,566,210. |
47,217,303. |
240,372. |
444,009. |
|
Receivables – net |
190,597,308. |
211,232,312. |
5,374,679. |
4,839,724. |
|
Due from related parties |
1,294,356. |
8.558,477. |
3,128,539. |
585,114. |
|
Inventories |
210,021,296. |
185,531,044. |
160,083. |
2,460,048. |
|
Prepaid Expenses & Other Current Assets, net |
26.763,207. |
46,771,262. |
63,902. |
64,703. |
|
Total
Current Assets |
513,242,377. |
499,310,398. |
8,967,575. |
8,393,598. |
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|
|
|
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Non-Current
Assets |
|
|
|
|
|
Property, Plant & Equipment, net |
372,234,631. |
426,718,946. |
8,051,670. |
8,649,256. |
|
Investment in subsidiary |
136,140,000. |
136,140,000. |
NIL |
NIL |
|
Deferred Tax Asset, net |
1,702,920. |
498,068. |
NIL |
NIL |
|
Total
Non Current Assets |
510,077,551. |
563,357,014. |
8,051,670. |
8,649,256. |
|
TOTAL
ASSETS |
1,023,319,928. vvvvvvvvvvvvv |
1,062,667,412. vvvvvvvvvvvvv |
17,019,245. vvvvvvvvvvv |
17, 042,854. vvvvvvvvvvv |
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-------Stepan Phils. Inc.-------
Stepan Phils. Quaternaries Inc
|
Liabilities
& Equity |
|
|
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Current
Liabilities |
|
|
|
|
|
Account Payables & Accrued Expenses |
158,543,505. |
149,790,788. |
5,602,132. |
3,876,606. |
|
Due to related parties -current |
1,101,937. |
48.411,683. |
181,245. |
1,390,709. |
|
Current maturities of long term debt |
NIL |
26,000,000. |
2,333,333. |
2,333,333. |
|
Total
Current Liabilities |
159,645,442. |
224,202,471. |
8,116,710. |
7,600,648.
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Non Current
Liabilities |
|
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|
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Long Term debt - net of Current maturities |
NIL |
13,000,000. |
1,166,667. |
4,698,895. |
|
Due to related parties |
349,737,942. |
349,237,141. |
177,305. |
177,305. |
|
Accrued retirement benefits |
25,949,757. |
8,206,117. |
14,274 |
11,273. |
|
Total
Non Current Liabilities |
375,687,699. |
370,443,258. |
1,358,246. |
4,887,473. |
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TOTAL
LIABILITIES |
535,333,141. |
594,645,729. |
9,474,956. |
12,488,121. |
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INCOME STATEMENT
|
Equity |
|
|
|
|
|
Capital Stock |
500,000,000. |
500,000,000. |
2,695,274. |
1,495,274. |
|
Net actuarial gain/(losses) on net defined benefit plan |
(21,620,767.) |
(5,928,266.) |
NIL |
NIL |
|
Retained Earnings/(Deficit) |
9,607,554. |
(26,050,051,) |
4,849,015. |
3,059,459. |
|
TOTAL EQUITY |
487,986,787. |
468,021,683. |
7,544,289. |
4,554,733. |
|
TOTAL LIABILITIES & EQUITY |
1,023,319,928. vvvvvvvvvvvvv |
1,062,667,412. vvvvvvvvvvvvvv |
17,019,245. vvvvvvvvvv |
17,042,854. vvvvvvvvvv |
|
|
|
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Revenues |
1,109,109,987. |
1,202,481,636. |
23,664,744. |
22,669,950. |
|
Gross Profit |
110,607,183. |
87,140,840. |
2,496,199. |
2,573,270. |
|
Operating Expenses |
(60,334,498.) |
(48,204,749.) |
(67,587,) |
(
114,744.) |
|
Income from operation |
50,262,685. |
38,936,091. |
2,428,612. |
2,458,526. |
|
Other Income/(Expenses) |
(4,299,780.) |
(6,085,159.) |
(634,411.) |
( 625,728.) |
|
Income before Income Tax |
45,962,905. |
32,850,932. |
1,749,201. |
1,832,798. |
|
Net Income |
35,657,605. |
27.864,461. |
1,789,556. |
1,828,117. |
|
Other Comprehensive Losses |
(15,692,501.) |
(10,545,936.) |
NIL |
NIL |
|
TOTAL COMPREHENSIVE INCOME |
19,965,104. vvvvvvvvvvvvvvv |
17,318,525. vvvvvvvvvvvvv |
1,789,556. vvvvvvvvvvv |
1,828,117. vvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.19 |
|
|
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.72.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
ANK |
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 |
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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 |
|
<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.