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Report No. : |
338751 |
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Report Date : |
03.09.2015 |
IDENTIFICATION DETAILS
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Name : |
W. R. GRACE (PHILIPPINES) INC. |
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Registered Office : |
Silangan Canlubang Industrial Park, Canlubang, Calamba, Laguna |
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Country : |
Philippines |
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Financials (as on) : |
2014 |
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Date of Incorporation : |
23.11.1965 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Subject is engage in the manufacturing, importing & selling building maintenance & construction materials & specialty chemicals, container sealant and application equipment, flexible packaging materials & equipment. |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Philippines |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 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 |
W. R. GRACE
(PHILIPPINES) INC.
Silangan Canlubang Industrial Park, Canlubang, Calamba,
Laguna, Philippines.
We conducted research and investigation on W. R. GRACE
PHILIPPINES. INC., and showed the following, viz:
VERIFICATION
WITH SECURITIES & EXCHANGE COMMISSION (SEC): W. R. GRACE PHILIPPINES. INC.
Legal Entity
- PRIVATE CORPORATION
Certificate No.
: 0000028188
Date : November 23, 1965
Term : Fifty (50) years
Corporate Tax No.
: 000-421-680-000
Telephone No.
: 63-2-441-549 9602
Fax No. : 63-2-846-0353
Website : www.grace.com
Email : felipe.tolentino@grace.com
Address : Silangan Canlubang Industrial Park,
Canlubang, Calamba City, Laguna
(Note: Currency in
Philipine Peso, unless otherwise specified)
(As of 2015)
Authorized Capital Stock -
23,600,000. – 59,000
Common Shares
Amount Subscribed &
Fully Paid - 23,600,000.
Par value per Share - 400.
Manufacture of specialty chemicals.
W. R. GRACE (SINGAPORE) PTY. LTD.
W. R. GRACE OPERATION CENTER INC.
(As of 2015)
|
Name/Nationality |
Position |
Subscribed &
Paid Up |
|
Tai Pei Pei, Singaporean |
Chairman / President |
6,000. |
|
Michael Pei Grossi, American |
Vice President/Director |
5,600. |
|
Nolasco A. Dorado, Pilipino |
Director |
5,600. |
|
Joel E. De Villa, Pilipino |
Director |
400. |
|
Annalyn A. Lopez, Pilipino |
Director |
400. |
|
Catherine Beatrice O. King Kay |
Corporate Secretary |
NIL |
|
Deferia C. Lerma |
Treasurer |
NIL |
|
W. R. Grace & Co., USA Conn. |
NIL |
6,182,000. |
|
W. R. Grace (Singapore) Pte. Ltd. |
NIL |
17,400,000. |
|
|
TOTAL |
23,600,000. vvvvvvvvvv |
As gathered subject company, since inception, continue to engage in the
manufacturing, importing & selling building maintenance & construction
materials & specialty chemicals, container sealant and application
equipment, flexible packaging materials & equipment.
Website : www.grace.com
Email : osea…@grace.com
(Audited
Financial Statement for years 2014, 2013. 2012, as compiled)
Balance Sheet
|
ASSETS |
|||
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Current Assets |
2014 |
2013 |
2012 |
|
Cash |
166,693,463. |
186,125,656. |
173,472,516. |
|
Trade and Other Receivables, Net |
163,391,047. |
147,011,686. |
141,508,491. |
|
Due from Related Parties |
70,395,878. |
55,668,877. |
75,710,012. |
|
Inventories, Net |
101,850,185. |
57,752,567. |
68,510,970. |
|
Prepayments & Other Current Assets |
57,246,855. |
59,706,027. |
58,485,457. |
|
Total
Current Assets |
559,577,428. |
506,264,813. |
517,687,446. |
|
Non-Current Assets |
|
|
|
|
Property
and Equipment, Net |
44,125,306. |
49,487,113. |
42,330,602. |
|
Deferred
Income Tax Asset |
14,590,807. |
9,763,733. |
5,672,699. |
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Investment in a subsidiary |
11,250,500. |
11,250,500. |
11,250,500. |
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Total
Non-Current Assets |
69,966,613. |
70,501,346. |
59,253,801. |
|
Total
Assets |
629,544,041. vvvvvvvvvvvvvv |
576,766,159. vvvvvvvvvvvv |
576,941,247. vvvvvvvvvvvv |
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LIABILITIES AND EQUITY |
|||
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Current Liabilities |
|
|
|
|
Trade & Other Payable |
118,951,949. |
97,332,259. |
86,705,371. |
|
Due to Related Parties |
80,867,102. |
146,588,506. |
68,857,499. |
|
Income Tax Payable |
26,744,867. |
17,256,765. |
12,228,630. |
|
Total
Current Liabilities |
226,563,918. |
261,177,530. |
167,791,500. |
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Non- Current Liabilities |
|
|
|
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Retirement Benefit Obligation |
34,989,532. |
14,042,789. |
7,856,504. |
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Total
Non-Current Liabilities |
34,989,532. |
14,042,789. |
7,856,504. |
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Total
Liabilities |
261,553,450. |
275,220,319. |
175,648,004. |
|
Equity |
|
|
|
|
Share Capital |
23,600,000. |
23,600,000. |
23,600,000. |
|
Share Premium |
201,458,339. |
201,458,339. |
201,458,339. |
|
Retained Earnings |
142,932,252. |
76,487,501. |
176,234,904. |
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Total
Equity |
367,990,591. |
301,545,840. |
401,293,243. |
|
Total
Liabilities and Equity |
629,544,041.
vvvvvvvvvvvv |
575,766,159. .
vvvvvvvvvvv |
576,941,247. Vvvvvvvvvvv |
INCOME STATEMENT
|
|
2014 |
2013 |
2012 |
|
Net Sale |
779,163,901. |
782,165,946. |
815,340,324. |
|
Gross
Profit |
161,628,092. |
180,343,610. |
157,721,077. |
|
Selling
Expenses |
(
42,327,276.) |
( 35,099,640.) |
( 34,827,336.) |
|
General & Administrative Expenses |
(
47,378,565.) |
( 26,056,343.) |
( 21,879,728.) |
|
Other Operating Expenses |
(
72,594,025.) |
( 71,393,921.) |
( 69,041,924.) |
|
Other Operating Income |
110,379,506. |
31,551,238. |
29,143,526. |
|
Income
before Tax |
109,641,481. |
79,344,944. |
61,115,615. |
|
Net
Income |
76,452,764. |
54,370,755. |
42,410,670. |
|
Other Comprehensive Income/Loss |
( 10,008,013.) |
( 482,630.) |
( 2,675,864.) |
|
TOTAL
COMPREHENSIVE INCOME |
66,444,751. vvvvvvvvvvvvvv
|
53,888,125. vvvvvvvvvvvv
|
39,734,806.
vvvvvvvvvvvvv |
(Note: There appear a discrepancy. Per our tally the Income before Tax
amount is 109,707.732 or a difference of
66,251., in contrast to the Income Statement report of 2014.)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.16 |
|
|
1 |
Rs.101.21 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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 |
|
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 |
|
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 |
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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 |
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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.