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MIRA INFORM REPORT
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Report No. : |
498455 |
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Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
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Name : |
HYCO LABORATORIES CO. INC |
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Registered Office : |
1195-1199 Jose Abad Santos Avenue, Tondo, City of Manila |
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Country : |
Philippines |
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Financials (as on) : |
2015 |
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Date of Incorporation : |
29.06.1976 |
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Legal Form : |
Private. Limited Liability Company |
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Line of Business : |
Subject is engaged in
selling, manufacturing, importing, exporting, or otherwise dealing in food
colors, essences, flavors, chemicals and food products |
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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 : |
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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 services industry. During 2017, the current account balance fell into the negative range, the first time since the 2008 global financial crisis, in part due to an ambitious new infrastructure spending program announced this year. However, 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 over 6% per year from 2011 to 2017, 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 limit foreign investment and restrict foreign ownership in important activities/sectors - such as land ownership and public utilities.
Although the economy grew at a rapid 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 underemployment hovers at around 18% to 19% of the employed population. At least 40% of the employed work in the informal sector. Poverty afflicts more than a fifth of the total population but is as high as 75% in some areas of the southern Philippines. 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. The administration wants to reduce the poverty rate to
17% 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 sees infrastructure shortcomings as a key
barrier to sustained economic growth and has pledged to spend $165 billion on
infrastructure by 2022. However, the need to finance rehabilitation and
reconstruction efforts in the southern region of Mindanao following the 2017
Marawi City siege probably will inhibit other spending on infrastructure.
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Source
: CIA |
ANTECEDENT
INFORMATION
Company: HYCO LABORATORIES CO. INC.
Address: 1195-1199 Jose Abad Santos Avenue,
Tando, Manila
Country: Philippines
Service Type: Normal
FINDINGS
We conducted research
and investigation on HYCO LABORATORIES CO. INC. and showed the following, viz:
VERIFICATION
)WITH
SECURITIES & EXCHANGE COMMISSION (SEC):
HYCO LABORATORIES CO. INC.
Legal Entity -
PRIVATE. LIMITED LIABLITY COMPANY
REGISTRATION
(Per General
Information Sheet (GIS) for Year 2016, filed on June 8, 2015)
Certificate No. : 0000068337
Date :
June 29, 1976
Term : Fifty (50) years
Company Type :
Stock Corporation
Telephone No. :
(632) 253 3440
Corp. Tax ID No. :
000 320 032 000
Email : hycolabcoinc320@yahoo.com.ph
Address: 1195-1199 Jose Abad Santos Avenue, Tondo,
City of Manila
(Note: Currency in Philippine Peso, unless otherwise
specified)
CAPITALIZATION
(As of 2016)
Amount No. of Shares
Authorized Capital
Stock - 200,000,000. –
2,000,000 - Common
Amount
Subscribed
- 131,000,000. -
1,310,000 - Common
Amount Paid Up - 130,250,000. -
1,302,500 - Common
Par value per
Share
- 100.
PRIMARY
PURPOSE
Manufacture of food
colors and other food additives.
STOCKHOLDERS/DIRECTORS/OFFICERs
( Per GIS 2015 &
2016)
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Name/Nationality (All
Filipinos) |
Position |
Amount Paid Up (2015) |
Amount Paid Up (2016) |
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Dennis K. Chua |
Chairman/President |
32,349,900. |
34,349,900. |
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Jassen K. Chua |
Treasurer/Director |
32,009,700. |
32,009,700. |
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Eric K. Chua |
Corp. Sec./Director |
32,009,700. |
32,010,400. |
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Denise D. Chua |
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100. |
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Lennie L Chua |
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100. |
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Jaclyn L. Chua |
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100. |
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Billie K. Chua |
Vice President./Director |
31,879,700. |
31,879,700. |
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Total |
130,250,000. |
130,250,000. |
BUSINESS
ACTIVITy
Continue to engage in
the business & selling, manufacturing, importing, exporting, or otherwise dealing
in food colors, essences, flavors, chemicals and food products. Registered with Phils. FDA, as Food Manufacturer, per LTO Number
: CFRR-NCR-FM-3071. Validity : 13/02/2020 Class FM
As gathered, a Hyco Laboratories Co. was established in 1952 as General
Partnership, under SEC Certificate No. P000003995. The registration certificate
expired. Subsquently, another Hyco Laboratories Co. per SEC certificate No.
P000025172 as General Partnership, was dissolved.
Further gathered,
subject firm has another address located at No. 23 1st Avenue,
Bagong Bayan, Taguig City.
Products Lines –
Flavoring Extracts; Spices; Hyco Natural Spices & Seasoning Powder.
Aromatic Compound
Telephone Nos. (632)
253 0915; 253 3442; 253 3456; 253 3448; 253 3439
Fax No. (632) 256 1644
Contact Person: Dennis Zero Chua
FINANCIAL
CONDITION
(Audited Financial
Statement for years 2015 & 2014, as compiled)
BALANCE
SHEET
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2015 |
2014 |
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Current Asset |
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Cash & Cash
Equivalent |
252,819,401. |
211,219,748. |
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Trade & Other
Receivables |
18,907,206. |
8,620,970. |
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Inventories |
2,202,378. |
6,770,830. |
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Prepayments &
Other Current Assets |
232,245. |
1,868,842. |
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Total
Current Assets |
274,161,229. |
228,480,390. |
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Non Current Assets |
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Investment Property |
11,151,921. |
11,151,921. |
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Property &
Equipment, net |
131,000,593. |
132,264,897. |
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Deferred Input Tax |
2,971,250. |
4,870,552. |
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Total
Non Current Assets |
145,123,764. |
148,287,370. |
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Total
Assets |
419,284,994. |
376,767,760. |
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LIABILITIES
& STOCKHOLDER’S EQUITY |
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Current Liabil ities |
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Trade & Other
Payables |
3,102,593. |
5,780,817. |
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Income Tax
Payable |
13,923,798. |
10,356,514. |
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Total
Current Liabilities |
17,026,391 |
16,137,331. |
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Non Current Liabilities |
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Long Term
Liabilities |
22,122,326. |
18,510,935. |
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Total Non Current Liabilities |
22,122,326. |
18,510,935. |
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Total Liabilities |
39,148,717. |
34,648,266. |
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Equity |
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Share Capital |
130,250,000. |
130,250,000. |
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Retained Earnings |
249,886,277. |
211,869,494. |
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Total Equity |
380,136,277. |
342,119,494. |
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Total Liabilities & Equity |
419,284,994. |
376,767,760.
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INCOME
STATEMENT
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Revenues |
184,241,933. |
181,112,528. |
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Gross Income |
78,153,656. |
61,298,671. |
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Operating Expenses |
(
23,847,657.) |
(
20,972,986.) |
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Income from
Operation |
54,305,999. |
40,325,685. |
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Other Income
(Expense) |
2,619. |
987. |
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Net Income before
Tax |
54,308,617. |
40,326,673. |
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NET INCOME |
38,016,818. |
28,228,987. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.04 |
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1 |
INR 90.56 |
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Euro |
1 |
INR 79.78 |
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PHP |
1 |
INR 1.25 |
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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PRI |
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Report Prepared
by : |
SYL |
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.