|
|
|
MIRA INFORM REPORT
|
Report No. : |
497808 |
|
Report Date : |
23.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
ORICA PHILIPPINES INC. |
|
|
|
|
Registered Office : |
2F Bonifacio Technology Center, 31st Street cor. 2nd Avenue, Bonifacio Global City, Taguig City. |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Date of Incorporation : |
19.06.1969 |
|
|
|
|
Legal Form : |
Private. Limited liability corporation |
|
|
|
|
Line of Business : |
Manufacture of explosives |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Philippines |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
Company
name
ORICA
PHILIPPINES INC.
ANTECEDENT
INFORMATION
Company: ORICA PHILIPPINES INC.
Address: Bo. Lamao, Limay, Bataan
Country: Philippines
Telephone No.: 2 643 2950 / 2
643 2948
Fax No.: 2 643 2900
Notes:
<bernardo.briones@orica.com
Service Type: Normal
FINDINGS
We conducted research and investigation on
ORICA PHILIPPINES INC. and showed the
following, viz:
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): ORICA PHILIPPINES INC.
LEGAL ENTITY PRIVATE. LIMITED LIABILITY
CORPORATION
REGISTRATION
(Per
General Information Sheet (GIS), filed July 25, 2016.)
Certificate No. : 000038634
Date :
June 19, 1969
Term :
Fifty (50) years
Company Type : Stock Corporation
Corp. Tax ID No. : 000 059 861 000
Website : www.orica.com
Telephone No. : 815 1766
h)
Fax No. : 815 1729
Office/Business Address: 2F Bonifacio Technology Center, 31st
Street cor. 2nd Avenue,
Bonifacio Global City, Taguig City.
(Note: Currency in
Philippine Peso, unless otherwise specified)
CAPITALIZATION
(As of 2016)
Authorized Capital Stock: Type of Shares No. of Share Par Value Amount
Common
900,000 100. 90,000,000.
vvvvvvvvvv
Subscribed & Paid Up: 351,887 100. 35,188,700.
vvvvvvvvvv
PRIMARY
PURPOSE
Manufacture of explosives
STOCKHOLDERS/DIRECTORS/OFFICERS
|
Name / Nationality |
Position |
Amount Paid |
|
Francisco
Ortigas lll, Filipino |
Chairman |
117,100. |
|
Chris
Avramopoulous, Australian |
President/Director |
100. |
|
Luis
Alfonso R. Sarmiento, Filipino |
Comm’l.
Manager/Director |
100. |
|
Ricco
Ditchella, Filipino |
Treasurer/
Director |
100. |
|
Homer
L. Rana, Filipino |
Supply
Chain Manager |
|
|
Robert
Martin Stehouwer, Australian |
|
100. |
|
Matthew
Collins, British |
|
100. |
|
Renato
G. Calma, Filipino |
|
100. |
|
Ma.
Aurora Celestina M. Lopez, Filipino |
Corporate
Secretary |
NIL |
|
Karen
Fe D. Pioquinto, Filipino |
Asst.
Corporate Secretary |
NIL |
|
ORICA
SINGAPORE PTE.LTD., Australian |
|
33,259,800. |
|
AQUARIUS
AGRO-IND’L. DEV. CORP., Filipino |
|
1,577.500. |
|
Ma.
Victoria Ortigas de Arando, Filipino |
|
117,000. |
|
Dominga
Farmer, as Guardian, Filipino |
|
53,000. |
|
Dominga
Farmer |
|
53,000. |
|
Ramon
T. Santiago, Filipino |
|
10,200. |
|
Other
Stockholders |
|
500. |
|
|
TOTAL |
35,188.700. vvvvvvvvvv |
BUSINESS
ACTIVITY
The company,
established in June 19, 1969, was known as PHILIPPINE EXPLOSIVES CORP. In April
06, 1998, its corporate name was changed
to ORICA EXPLOSIVE CORP. and a month later, further changed to ORICA EXPLOSIVES
PHILS. INC. and finally to ORICA PHILS. INC., in May 18,2004. The company is the sole manufacturer of
ISO 9002 certified explosives and initiating explosive products in the
Philippines. It produces and supplies a full range of products from packaged
emulsion explosives to Excel non-electric detonators, Cordtex detonating cord,
Safety Fuse, and Anzomex boosters. Its manufacturing facility located in Limay,
Bataan. It also operates a manufacturing facility supplying bulk slurry
explosives to the only operating open pit mines in Negros Island, Visayas, Philippines.
Orica is an
Australian-owned, publicly-listed global company. Initially
formed over 140 years ago as Jones, Scott and Co., a supplier of explosives
during the Victorian gold rush,
the company was bought by Nobel Industries.
Nobel later merged with several British chemical manufacturers to form Imperial
Chemical Industries. In 1928, Imperial Chemical Industries of
Australia and New Zealand (ICIANZ) was incorporated to acquire and coordinate
all the Australasian interests of ICI Plc.
In July
1997, ICI Australia became an independent Australasian company after its parent
company, ICI Plc, divested its 62.4 per cent shareholding in the company. As a
result of the selldown ICI Australia was required to change its name and on 2
February 1998 became known as Orica.
In 2010,
Orica successfully demerged Dulux Group leaving the
company to focus on the provision of services to the mining, construction and
infrastructure industries.
Initially
formed over 140 years ago as Jones, Scott and Co., a supplier of explosives
during the Victorian gold rush,
the company was bought by Nobel Industries.
Nobel later merged with several British chemical manufacturers to form Imperial
Chemical Industries. In 1928, Imperial Chemical Industries of
Australia and New Zealand (ICIANZ) was incorporated to acquire and coordinate
all the Australasian interests of ICI Plc.
In July
1997, ICI Australia became an independent Australasian company after its parent
company, ICI Plc, divested its 62.4 per cent shareholding in the company. As a
result of the selldown ICI Australia was required to change its name and on 2
February 1998 became known as Orica.
In 2010,
Orica successfully demerged Dulux Group leaving the
company to focus on the provision of services to the mining, construction and
infrastructure industries. In November 2014, Orica Limited announced the sale
of its Chemicals business to the Blackstone Group. The sale was completed on 2
March 2015, and the Chemicals business now operates under the name 'Ixom'.
Orica is the world’s largest provider of
commercial explosives and
blasting systems to the mining, quarrying, oil and gas and construction
markets. [5]
FINANCIAL
CONDITION
There is no recent official report or record
pertaining to the financial status of Subject firm, from SEC & from our
regular sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.06 |
|
|
1 |
INR 92.06 |
|
Euro |
1 |
INR 80.37 |
|
PHP |
1 |
INR 1.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.