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Report No. : |
339317 |
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Report Date : |
08.09.2015 |
IDENTIFICATION DETAILS
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Name : |
BSFIL TECHNOLOFIES, INC. |
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Registered Office : |
Suite 402 South Center Tower, 2206 Market Street, Madrigal Business Park, Alabang, Muntinlupa City, 1770 |
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Country : |
Philippines |
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Financials (as on) : |
2014 |
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Date of Incorporation : |
04.04.2003 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Subject is engage in the business of manufacturing, processing, packaging or canning of any kind of spices and seasoning and other food products and to trade the same on wholesale/retail basis. |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
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.
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Source
: CIA |
Company: BSFIL Technologies Inc.
Address: Suite 402, South Center Tower, 2206 Market Street, Madrigal Business
Park, Alabang, Muntinlupa City, 1770
Country: Philippines
We conducted research and investigation on BSFIL TECHNOLOGIES, INC. and
showed the following, viz:
Legal Entity - PRIVATE CORPORATION REGISTRATION – (Per General Information Sheet (GIS) for Year 2015)
a) Certificate
No. : CS200308405
b) Date : April 04, 2003
c) Term : Fifty (50) years
d) Corporate
Tax No. : 223 777 519 000
e) Company
Type : Stock Corporation
f) Telephone
No. : (63) 2 850 4660
g) Fax No. : (63) 2 842 0600
Address:
Suite 402 South Center Tower, 2206 Market Street, Madrigal Business
Park, Alabang, Muntinlupa City
Note:
Currency in Philippine Peso, unless otherwise specified)
CAPITALIZATION
- (As of 2015)
Authorized Capital
Stock - 10,000,000. –
100,000 Shares Common
Amount
Subscribed & Paid Up - 2,500,000.
Par value per Share - 100.
PRIMARY PURPOSE: Importer, Manufacturing & Trading of
food products.
STOCKHOLDERS/DIRECTORS/OFFICERS (As of 2015)
|
Name / Nationality |
Position |
Amount Paid Up |
|
Edilberto D.
Elegado |
Chairman/President |
1,375,000. |
|
Agnes T. Elegado |
Treasurer |
1,124,500. |
|
Ronaldo M. Estopen |
Corporate Secretary |
200. |
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Nicholas Eduardo T.
Elegado |
Director |
200. |
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Martin Anthony B.
Elegado |
Director |
100. |
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|
|
2,500,000. vvvvvvvvv |
(Note: Gathered & verified that the ELEGADO family also own and operate BAL ASIA INC., a food manufacturing firm, a duly registered corporation with an authorized capital stock of 40 Million with plant site at Brgy. Dayap, Calauan, Laguna.)
As gathered, subject company started operation in 1985 as Baltimore Spice Phils. Inc. (BSPI), initially launched as a joint venture between Filipino investors and Baltimore Spice Company based in Baltimore, Maryland, USA. commenced operating as BSFIL Technologies Inc. in 2003.
Since inception continue to engage in the business of manufacturing, processing, packaging or canning of any kind of spices and seasoning and other food products and to trade the same wholesale/retail basis.
Telephone Nos. (632) 807 5294 / 842 5400 / 807 5597.
Email: sales@bsfiltechnologies.com
(Audited
Financial Statement for years 2014, 2013, & 2012, as compiled)
Balance Sheet
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ASSETS |
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2014 |
2013 |
2012 |
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Current Assets |
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Cash |
3,251,221. |
2,177,664. |
1,848,164. |
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Accounts Receivable – Trade Others |
10,562,312. 9,000. |
11,521,069. 15,000. |
13,942,125. 15,000. |
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Inventories |
7,530,995. |
10,795,710. |
8,398,724. |
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Prepaid Items |
NIL |
NIL |
456,307. |
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Deferred Income Tax
Assets |
497,623. |
497,623. |
497,623. |
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Total
Current Assets |
21,851,151. |
25,007,066. |
25,157,943. |
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Non- Current
Assets |
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Property &
Equipment, net |
9,323,090. |
2,753,083. |
4,129,715. |
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Advances to
Affiliates |
33,000,000. |
35,000,000. |
40,000,000. |
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Refundable Deposit |
1,341,420. |
1,341,420. |
1,341,420. |
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Total
Non Current Assets |
43,664,510. |
39,094,503. |
45,471,135. |
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Total
Assets |
65,515,661. vvvvvvvvvvvv |
64,101,569. vvvvvvvvvvvvv |
70,629,078. vvvvvvvvvvvvv |
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LIABILITIES AND
STOCKHOLDER’S EQUITY |
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Current Liabilities |
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Account Payable and
Accrued Expenses |
10,963,013. |
10,264,988. |
11,395,858. |
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Account Payable to
Supplier |
3,985,612. |
4,208,102. |
4,852,358. |
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Notes Payable |
NIL |
NIL |
4,000,000. |
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Income Tax Payable |
460,118. |
410,931. |
56,894. |
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Total Current Liabilities |
15,408,743. |
14,884,021. |
20,305,110. |
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Non Current
Liabilities |
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Long Term Debt |
2,871,599. |
13,596,771. |
23,396,000. |
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Total
Liabilities |
18,280,342. |
28,480,792. |
43,701,110 |
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Stockholder’s Equity |
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Capital Stock |
2,500,000. |
2,500,000. |
2,500,000. |
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Cummulative Translation Adjustments |
76,414. |
138,560. |
1,968,573. |
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Retained Earnings |
44,685,905. |
32,982,217. |
22,459,395. |
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Total Stockholder’s Equity |
47,263,319. |
xxxxxxxxxxx |
xxxxxxxxxx |
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Total Liabilities & Equity |
65,515,661. vvvvvvvvvvvvv |
64,101,569. vvvvvvvvvvvvv |
70,629,078. vvvvvvvvvvvvv |
INCOME STATEMENT
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Net Sales |
647,159,894. |
518,345,502. |
489,388,160. |
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Gross Profit |
60,431,289. |
71,537,883. |
62,016,247. |
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Operating Expenses – (Distribution, Selling &
Administrative Expenses) |
(
40,734,362.) |
(
47,879,370.) |
(
51,217,784.) |
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Income from Operation |
19,696,927. |
23,658,513. |
10,798,463. |
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Other Income / (Charges) |
(
3,015,944.) |
(
8,625,910.) |
(
229,791.) |
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Income Before Income Tax |
16,680,983. |
15,032,603. |
10,568,672. |
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Net Income |
11,676,688. |
10,522,822. |
7,398,070. |
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Other Comprehensive Income/(Expense) |
(
62,146.) |
(
1,830,013.) |
1,968,573. |
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TOTAL
COMPREHENSIVE INCOME |
11,614,542. vvvvvvvvvvvv |
8,692,809. vvvvvvvvvvvvv |
9,366,643. vvvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.74 |
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UK Pound |
1 |
Rs.101.36 |
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Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
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 |
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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 |
-- |
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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.