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Report No. : |
347484 |
|
Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNILEVER PHILIPPINES INC. |
|
|
|
|
Registered Office : |
1351 United Nation Avenue, Paco, Manila, Metro Manila |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
2014 |
|
|
|
|
Date of Incorporation : |
06.12.1927 |
|
|
|
|
Legal Form : |
Private Corporation |
|
|
|
|
Line of Business : |
Manufacturer & distribution of consumer products. |
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|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
Company:
UNILEVER PHILIPPINES INC.
Address: 1351 United Nation Avenue, Paco, Manila,
Metro Manila
Country: Philippines
Phone No.: 632 - 588 8888
Fax No.:
632 – 546 0861
Service Type:
Normal
We conducted research and verification on UNILEVER
PHILIPPINES, INC. Hereunder our report, viz:
Private Corporation
REGISTRATION – (Per General Information Sheet for the Year
2014)
Certificate No.
: PW00000080
Date
: December
6, 1927, original.
Term
: Fifty
(50) years. (The 1st 50 years expired. Extended for another
Fifty (50)
years effective December, 1977)
d) Corp. Tax
No. : 000
342 744 000
e) Type of
Organization : Stock Corporation
Address : No. 1351 United Nations Ave., Paco,
Manila, Metro Manila
Telephone No. : (632) 588 8888 / 588
7350 / 588 7755 / 588 7711 / 562 3951
PRIMARY PURPOSE :
Manufacturer & distribution of consumer products.
PARENT COMPANY : NEW ASIA B.V., P.O. Box 760 Rotterdam,
Netherlands
Unilever RFM Ice Cream, Inc.
Selecta Walls Land, Inc.
WS Holdings, Inc.
Unilever Phis. Manufacturing, Inc.
(Php)
No. of Shares Par
Value/share Amount
Authorized Capital Stock
-
Common - 6,000,000 - P50.00 - 300,000,000.
vvvvvvvvvvv
Subscribed & Paid
Up - 4,918,518 - P50.00 - 245,926,150.
vvvvvvvvvvv
|
Name/Nationality/Designation |
Paid – Up
(Php) |
|
1.Rohit Jawa - Indian -
Chairman/CEO |
50. |
|
2.Ronny Krisnanto - Indonesian - Director |
50. |
|
3.Bengie Yap - Chinese
- Director |
50. |
|
4.Jose Ramos III - Pilipino - Director |
50. |
|
5.Ramon Gil S. Macapagal -
Pilipino - Director |
50. |
|
6.Suresh Rai - Indian - Director |
50. |
|
7.Carl Cruz - Pilipino -
Director |
50. |
|
8.Ajay Gandhi - Indian -
Treasurer |
50. |
|
9. John A.
Concepcion - Pilipino -
Director |
50. |
|
10.Regina Lorenzana - Pilipino -
Director |
50. |
|
11.Ma. Leah J. Sebastian -
Pilipino - Corp. Secretary |
50. |
|
12.Rosa Michelle C. Bagtas – Pilipino - Asst. Corp. Sec. |
50. |
|
13.NEW ASIA B.V. |
245,925,650. |
|
TOTAL |
245,926,150. vvvvvvvvvvv |
Known until the early 1990s’ as Philippine Refining
Company, UNILEVER PHILS., started as a
milling business employing over a thousand people
directly and provide jobs for 10,000 indirectly. The
company has been leader in introducing new technologies
into the country since its early days of its
existence – margarine production in 1930s; non-soap
detergent, shampoo & tooth paste in the 1960s &
1970s and state of the art of Sulphonation technology
& co-generation plants in the 1980s. In the nine-
ties, saw the introduction of 100% biogradable detergent
bar.
The company was organized to engaged in the business of
manufacturing, processing, refining,
crushing, growing, buying, selling, importing, exporting
and dealing in all kinds of soap, detergents,
washing powder, polishes, cleaning substances, perfumery,
toilet requisites and food, of all kinds.
The company is a wholly owned subsdiary of New Asia B.V.
(NABV),Rotterdam, Netherlands. It has 2 ultimate parent companies, namely:
UNILEVER N.V. (NV) and UNILEVER PLC (PLC). NV is a public limited company
registered in the Netherlands, which has listings of shares and depositary
receipts for shares in EURONEXT Amsterdam; and, of NEW YORK REGISTRY SHARES on
the New York Stock Exchange. PLC, on the otherhand, is a public limited company
registered in England and Wales, which has shares listed on the London Stock
Exchange. The 2 ultimate parent companies, NV and PLC, together with their
group companies, operate as a single entity (Unilever Group).
Business combination with Metrolab Industries Phils. Inc.
In Dec. 2010, pursuant to the Deed of Absolute Sales of
Share of Stocks executed between
SARA LEE CORP. (ultimate parent company of Unilever
Phils. Babe Care Inc.(UPBC), was implemented
on January, 2011, involving 100% of shares of stocks in
favor of UPBC.
(Audited Financial Statement for years 2014, 2013, &
2012, as compiled)
Balance
Sheet
|
|
2014 (Php) |
2013 (Php) |
2012 (Php) |
|
Assets |
|
|
|
|
Current
Assets |
|
|
|
|
Cash & Cash equivalent |
2,089,522,671. |
690,289,591. |
1,148,693.356. |
|
Trade Receivables - net |
792,741,484. |
2,002,281,400. |
2,422,442,284. |
|
Inventories - net |
3,147,767,785. |
2,371,511,491. |
2,970,054,375. |
|
Due from Related Parties |
1,075,166,313. |
630,570,413. |
796,651,324. |
|
Prepaid Expenses & Other Current
Assets |
837,358,653. |
689,845,391. |
581,154,082. |
|
Total Current Assets |
7,942,556,906. |
6,384,498,286. |
7,938,995,421. |
|
|
|
|
|
|
Non
- Current Assets |
|
|
|
|
Deferred Tax Assets - net |
1,264,635,905. |
1,133,035,445. |
1,079,910,355. |
|
Property, Plant & Equipment - net |
4,973,880,920. |
4,156,422,307. |
3,973,583,424. |
|
Intangible Assets |
8,474,115,399. |
8,576,785,764. |
8,727,817,513. |
|
Investment in Shares of Stocks of subsidiaries & associates |
815,408,144. |
815,408,144. |
781,708,149. |
|
Other Non Current Assets |
592,982,480. |
472,460,353. |
577,821,235. |
|
Total Non-Current Assets |
16,121,022,848. |
15,154,112,013. |
15,140,840,676. |
|
TOTAL
ASSETS |
24,063,579,754. vvvvvvvvvvvvvv |
21,538,610,299. vvvvvvvvvvvvvv |
23,079,836,097. vvvvvvvvvvvvvv |
|
|
|
|
|
|
Liabilities &
Stockholder’s Equity |
|
|
|
|
Current
Liabilities |
|
|
|
|
Account Payables & Accrued
Expenses |
7,847,003,090. |
7,205,859,099. |
7,396,350,957. |
|
Portion –Due to Related Parties |
1,443,949,057. |
749,502,272. |
2,291,539,198. |
|
Provisions |
2,739,088,582. |
2,532,681,677. |
1,982,111,907. |
|
Income Tax Payable |
431,699,145. |
NIL |
1,537,572. |
|
Borrowings |
1,284,000,000. |
335,000,000. |
330,000,000. |
|
Total Current Liabilities |
13,745,739,874. |
10,823,043,048. |
12,001,539,634. |
|
|
|
|
|
|
Non
- Current Liabilities |
|
|
|
|
Retirement Benefits Liability |
628,088,400. |
356,064,400. |
441,664,100. |
|
Due to Related Parties – net of
current Portion |
6,030,020,000. |
6,030,020,000. |
6,030,000,000. |
|
Other Liabilities |
NIL |
NIL |
3,527,026. |
|
Total Non Current Liabilities |
6,658,108,400. |
6,386,084,400. |
6,475,191,126. |
|
TOTAL
LIABILITIES |
20,403,848,274. |
17,209,127,448. |
18,476,730,760. |
|
|
|
|
|
|
Stockholder’s Equity |
|
|
|
|
Capital Stock |
245,926,150. |
245,926,150. |
245,926,150. |
|
Additional Paid In Capital |
2,837,63 3,942. |
2,827,806,946. |
2,808,309,072. |
|
Share based Compensation Reserve |
NIL |
11,826,998. |
16,397,647. |
|
Retirement Plan Reserve |
( 433,323,065.) |
( 231,357,136.) |
NIL |
|
Fair Value Reserve |
107,738,474. |
104,030,476. |
130,184,474. |
|
Other Reserve |
587,804,752. |
587,804,752. |
587,804,752. |
|
Retained Earnings |
311,951,227. |
783,444,669. |
NIL |
|
Unrestricted Retained Earnings |
NIL |
NIL |
813,853,242. |
|
Total Stockholder’s Equity |
3,659,731,480. |
4,329,482,851. |
4,603,105,337. |
|
TOTAL
LIABILITIES & STOCKHOLDERS EQUITY |
24,063,579,754.
vvvvvvvvvvvvvv |
21,538,610,299. vvvvvvvvvvvvvv |
23,079,836,097. Vvvvvvvvvvvvvv |
|
Net
Sales |
46,691,354,596. |
43,223,789,577. |
40,676,810,450. |
|
Gross
Profit |
25,350,127,790. |
22,512,267,666. |
19,520,034,040. |
|
Operating Expenses |
( 16,768,782,296.) |
( 16,699,705,405.) |
( 15,316,511,145.) |
|
Income from
Operation / Profit |
8,581,345,494. |
5,812,562,261. |
4,203,522,895. |
|
Interest Expense |
( 286,181,804.) |
( 280,218,969.) |
( 418,408,542.) |
|
Other Income - net |
2,315,576,699. |
449,935,772. |
464,985,787. |
|
Income before
Income Tax |
10,610,740,389. |
5,982,279,064. |
4,250,100,140. |
|
Net Income / Profit |
7,509,313,003. |
4,254,241,749. |
3,080,739,178. |
|
Total Comprehensive Income |
7,311,055,074. vvvvvvvvvvvvvv |
4,405,582,548. vvvvvvvvvvvvvv |
2,729,297,656. vvvvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.35 |
|
UK Pound |
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.71.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
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|
Report Prepared
by : |
TRU |
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.