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MIRA INFORM REPORT
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Report No. : |
485887 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
THE DAIRY FARM COMPANY LIMITED |
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Registered Office : |
19th Floor Cyberscape BETA, Topaz and Ruby Roads, Ortigas Center, Brgy. San Antonio, Pasig City. |
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Country : |
Philippines |
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Financials (as on) : |
2015 |
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Date of Incorporation : |
14.10.2014 |
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Legal Form : |
Foreign Stock |
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Line of Business : |
Subject engage in general administration & planning; business planning & coordination; sourcing and procurement of raw materials and components; corporate finance advisory services; marketing control and sales promotion; training and personnel management; logistic services; research & development services and product development; technical support and maintenance; data processing and communication and business development. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
PHILIPPINES - ECONOMIC
OVERVIEW
The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding outsourcing industry. During 2016, the current account balance narrowed to its lowest level since the 2008 global financial crisis, but nevertheless mustered a surplus for a 14th consecutive year. International reserves remain at comfortable levels and the banking system is stable.
Efforts to improve tax administration and expenditures management have helped ease the Philippines' debt burden and tight fiscal situation. The Philippines received investment-grade credit ratings on its sovereign debt under the former AQUINO administration and has had little difficulty financing its budget deficits. However, weak absorptive capacity and implementation bottlenecks have prevented the government from maximizing its expenditure plans. Although it has improved, the low tax-to-GDP ratio remains a constraint to supporting increasingly higher spending levels and sustaining high and inclusive growth over the longer term.
Economic growth has accelerated, averaging 6.1% per year from 2011 to 2016, compared with 4.5% under the MACAPAGAL-ARROYO government; and competitiveness rankings have improved. Although 2016 saw a record year for net foreign direct investment inflows, FDI to the Philippines has continued to lag regional peers, in part because the Philippine constitution and other laws restrict foreign ownership in important activities/sectors - such as land ownership and public utilities.
Although the economy grew at a faster pace under the AQUINO government, challenges to achieving more inclusive growth remain. Wealth is concentrated in the hands of the rich. The unemployment rate declined from 7.3% to 5.5% between 2010 and 2016 but the jobs are low paying and tedious. Underemployment hovers at around 18% to 19% of the employed. At least 40% of the employed work in the informal sector. Poverty afflicts more than a fifth of the population. More than 60% of the poor reside in rural areas, where the incidence of poverty (about 30%) is more severe - a challenge to raising rural farm and non-farm incomes. Continued efforts are needed to improve governance, the judicial system, the regulatory environment, the infrastructure, and the overall ease of doing business.
2016 saw the election of President Rodrigo DUTERTE, who has pledged to make inclusive growth and poverty reduction his top priority. DUTERTE believes that illegal drug use, crime and corruption are key barriers to economic development among the lower income class. This administration wants to reduce the poverty rate to 14% and graduate the economy to upper-middle income status by the end of President DUTERTE’s term in 2022. Key themes under the government’s Ten-Point Socioeconomic Agenda include continuity of macroeconomic policy, tax reform, higher investments in infrastructure and human capital development, and improving competitiveness and the overall ease of doing business. The administration has vowed to address spending bottlenecks and is pushing for congressional passage of a Comprehensive Tax Reform Program to help finance more aggressive infrastructure and social spending, starting in 2018. The government also supports relaxing restrictions on foreign ownership, except for land.
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Source
: CIA |
Company
name
THE DAIRY
FARM COMPANY LIMITED
ANTECEDENT
INFORMATION
Company: THE DAIRY FARM COMPANY
LIMITED
Address: 19th Floor, Cyberspace
Beta, Topaz and Ruby Roads
Ortigas
Center, Brgy. San Antonio, Pasig City.
Country: Philippines
Phone: 008 882 874
Service Type: Normal
FINDINGS
We conducted research and investigation
on THE DAIRY FARM COMPANY LIMITED and showed the
following, viz:
Legal Entity -
FOREIGN STOCK. REGIONAL
OPERATING HEADQUARTER & REGIONAL
HEADQUARTER FOR
MULTINATIONAL COMPANIES
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): THE DAIRY FARM COMPANY
LIMITED - ROHQ
REGISTRATION
(Per
General Information Sheet (GIS) dated November 10, 2016)
Certificate No. :
FS201419968
Date : October 14, 2014
Company Type :
Foreign Stock
TIN No. : 008 882 874 000
g)
Telephone No. : (632) 532 2986 Extn 8813
Principal Office/Business Address: 19th Floor Cyberscape BETA, Topaz and Ruby Roads, Ortigas
Center, Brgy. San Antonio, Pasig City.
CAPITALIZATION
Inward
Remittance – US$200,000 dated Sept. 29, 2014
PRIMARY
PURPOSE
To engage in general administration &
planning; business planning &
coordination; sourcing and
procurement of raw materials and components; corporate finance advisory
services; marketing control and sales promotion;
training and personnel management; logistic services; research &
development services and product development; technical support and maintenance;
data processing and communication and business development.
NAME & ADDRESS OF MARK
DAVID CLIFTON - Unit C2B, Vimana
Verde Residences
RESPONSIBLE PERSON: St. Martin Street, Orambo, Pasig City,
Metro Manila.
Tel. No. (632) 532 2986 Extn 8813
OFFICER &
PERSONNEL
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Name / Nationality |
Position |
Address |
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Sae Ung
Oh, US Citizen |
Group
CIO Director |
The Red
Hill Peninsular, Hkg. |
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Chi
Hung Lam, Hongkong Citizen |
Group
Financial Controller |
Chun
House, Island Resort, Hkg. |
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John
Huylan Le, US Citizen |
Group
Reward Director |
Yiu
Sing Mansion, Taikoo, Hkg. |
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Mark
David Clifton, US Citizen |
Group
IT Shared Svcs. Director |
Vimana
Verde, Pasig City, Phils. |
CONTACT PERSON: Pocholo Gabuyo
<pgabuyo@dairyfarm.com.ph>
BUSINESS
ACTIVITY
The ROHQ
was primarily established to serve its Affiliates, Subsidiaries & Branch
Offices in foreign & local market with respect to
general administration & planning; business planning &
coordination; sourcing and procurement
of raw materials and components; corporate finance advisory services; marketing
control and sales promotion; training
and personnel management; logistic services; research & development
services and product development; technical support and maintenance; data processing and communication and
business development. The Dairy Farm Company Limited is a company incorporated
& domiciled in Hongkong. Its ultimate parent company is JARDINE METHESON
HOLDINGS LIMITED, a company incorporated & domiciled in Bermuda.
FINANCIAL
CONDITION
(Audited Financial Statement for years 2015
& 2014, as compiled)
BALANCE SHEET
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2015 |
2014 |
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ASSETS |
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CURRENT
ASSETS |
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Cash |
47,358,624. |
45,008,996. |
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Due
from Related Parties |
18,381,611. |
NIL |
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Prepayments
& Other Current Assets |
10,151,036. |
6,247,675. |
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Total Current Assets |
75,891,271. |
51,256,671. |
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NON CURRENT ASSETS |
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Property
& Equipment, net |
34,312,196. |
31,778,893. |
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Retirement
Benefit |
1,228,903. |
1,003,528. |
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Deferred
Income Tax |
2,370,512. |
68,188. |
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Refundable
Security Deposits |
2,151,928. |
1,997,695. |
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Total Non Current Assets |
40,063,539. |
34,848,304. |
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TOTAL ASSETS |
115,954,810. vvvvvvvvvvvv |
86,104,975. Vvvvvvvvvvv |
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LIABILITIES & HOME
OFFICE ACCOUNT |
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CURRENT LIABILITIES |
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Accrued
Expenses & Other Current Liabilities |
24,728,894. |
15,093,660. |
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Due to
a Related Party |
41,663,376. |
62,632,388. |
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Total
Current Liabilities |
66,392,270. |
77,726,048. |
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TOTAL LIABILITIES |
66,392,270. |
77,726,048. |
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HOME OFFICE ACCOUNT |
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Assigned Capital
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44,947,400. |
8,987,400. |
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Other Reserves |
( 13,253,437.) |
NIL |
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Accumulated Excess (deficiency) of Revenues over
Expenses |
17,868,577. |
( 608,473.) |
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Total
Home Office Account |
49,562,540. |
8,378,927. |
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TOTAL LIABILITIES & HOME OFFICE ACCOUNT |
115,954,810.
vvvvvvvvvvvv |
86,104,975.
vvvvvvvvvvv |
INCOME STATEMENT
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SERVICE INCOME |
254,094,446. |
NIL |
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Gross Income |
70,217,498. |
NIL |
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Operating Expenses |
( 48,811,338.) |
( 661,690.) |
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Operating Income/(Loss) |
21,406,160. |
( 661,690.) |
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Other Expenses, net |
( 696,062.) |
( 14,971.) |
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Income / (Loss) before Tax |
20,710,098. |
( 608,473.) |
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Net Income / (Loss) for the period |
18,477,050. |
( 608,473.) |
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Other Comprehensive Loss or Actuarial Loss of
Retirement Benefit, net of tax |
( 13,253,437.) |
NIL |
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NET INCOME FOR THE YEAR |
5,223,613.
vvvvvvvvvvvvv |
(
608,473.).
Vvvvvvvvvvv |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.41 |
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1 |
INR 87.18 |
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Euro |
1 |
INR 77.45 |
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PHP |
1 |
INR 1.26 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.