Vitarich Corporation VITA

Transcription

https://edgesubmit.pse.com.ph/submissionHtmlLoad?submissionNo=2014-0023899
SECURITIES AND EXCHANGE COMMISSION
SEC FORM 20-IS
INFORMATION STATEMENT PURSUANT TO SECTION 17.1(b)
OF THE SECURITIES REGULATION CODE
1. Check the appropriate box:
Preliminary Information Statement
Definitive Information Statement
2. Name of Registrant as specified in its charter
VITARICH CORPORATION
3. Province, country or other jurisdiction of incorporation or organization
Bulacan, Philippines
4. SEC Identification Number
21134
5. BIR Tax Identification Code
000-234-398-000
6. Address of principal office
MacArthur Highway, Abangan Sur, Marilao, Bulacan
Postal Code
3019
7. Registrant's telephone number, including area code
(632) 843-30-33
8. Date, time and place of the meeting of security holders
July 4, 2014, 2:00 PM, Vitarich Compound, MacArthur Highway, Abangan Sur, Marilao,
Bulacan
9. Approximate date on which the Information Statement is first to be sent or given to security holders
Jun 11, 2014
10. In case of Proxy Solicitations:
Name of Person Filing the Statement/Solicitor
Management of the Corporation
Address and Telephone No.
843-30-33 local 102
11. Securities registered pursuant to Sections 8 and 12 of the Code or Sections 4 and 8 of the RSA
(information on number of shares and amount of debt is applicable only to corporate registrants):
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Stock
2,786,497,901
13. Are any or all of registrant's securities listed on a Stock Exchange?
Yes
No
If yes, state the name of such stock exchange and the classes of securities listed therein:
Philippine Stock Exchange
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate
disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange,
and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to
the Corporate Information Officer of the disclosing party.
Vitarich Corporation
VITA
1 of 2
7/31/14 9:00 AM
https://edgesubmit.pse.com.ph/submissionHtmlLoad?submissionNo=2014-0023899
VITA
PSE Disclosure Form 17-5 - Information Statement for Annual or
Special Stockholders' Meeting
References: SRC Rule 20 and
Section 17.10 of the Revised Disclosure Rules
Date of
Stockholders'
Meeting
Jul 4, 2014
Type (Annual or
Special)
Annual
Time
2:00 PM
Venue
Vitarich Compound, MacArthur Highway, Abangan Sur, Marilao, Bulacan
Record Date
Jun 3, 2014
Inclusive Dates of Closing of Stock Transfer Books
Start Date
Jun 3, 2014
End date
Jul 4, 2014
Other Relevant Information
-
Filed on behalf by:
2 of 2
Name
ALICIA DANQUE
Designation
MANAGER
7/31/14 9:00 AM
COVER SHEET
2
1
1
3
4
S.E.C. Registration Number
V I T AR I CH
CO R P O R A T I O N
( Company's Full Name )
M A C
A R T H U R
M A R I L A O
H I G H W A Y
A B A N G A N
S U R
B U L A C A N
( Business Address: No. Street City / Town / Province )
PEDRO T. DABU JR
843-30-33 connecting all dept.
Contact Person
Company Telephone Number
DEFINITIVE INFORMATION
STATEMENT
1
2
Month
-
3
1
Day
2
0
-
I
S
0
Form Type
7
Month
0
Day
Fiscal Year
Secondary License Type. If Applicable
Dept. Requiring this Doc.
Amended Articles Number / Section
Total Amount of Borrowings
Total No. of Stockholders
Domestic
Foreign
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------To be accomplished by SEC Personnel concerned
File Number
LCU
Document I. D.
Cashier
______________________
STAM PS
______________________
SEC COVER SHEET PAGE .xls
4
SECURITIES AND EXCHANGE COMMISSION
SEC FORM 20-IS
INFORMATION STATEMENT PURSUANT TO SECTION 20
OF THE SECURITIES REGULATION CODE
1.
Check the appropriate box:
[ ] Preliminary Information Statement
[!] Definitive Information Statement
2. Name of Registrant as specified in its VITARICH CORPORATION
3. Bulacan, Philippines
Province, country or other jurisdiction of incorporation or organization
4. SEC Identification Number 21134
5. BIR Tax Identification Code 000-234-398-000
6. MacArthur Highway, Abangan Sur, Marilao, Bulacan
Address of principal office
3019
Postal Code
7. Registrant’s telephone number, including area code (632) 8433033
8. Date, time and place of the meeting of security holders
Date:
Time:
Place:
Friday, July 4, 2014
2:00 p.m.
Vitarich Compound, MacArthur Highway, Abangan Sur, Marilao, Bulacan
9. Approximate date on which the Information Statement is first to be sent or given to security holders: June
11, 2014
10. In case of Proxy Solicitations:
Name of Person Filing the
Statement/Solicitor:
Management of the Corporation
Address and Telephone No.:
843-30-33 local 102
11. Securities registered pursuant to Sections 8 and 12 of the Code or Sections 4 and 8 of the RSA (information
on number of shares and amount of debt is applicable only to corporate registrants)
Title of Each Class
Common Stock
Number of Shares of Common Stock Outstanding or
Amount of Debt Outstanding
2,786,497,901 shares
12. Are any or all of registrant's securities listed on a Stock Exchange?
Yes !
No _
If yes, disclose the name of such Stock Exchange and the class of securities listed therein:
Philippine Stock Exchange
!
"!
PART I.
A. GENERAL INFORMATION
Item 1. Date, time, and place of meeting of security holders.
(a)
The Annual Meeting of the Stockholders of VITARICH CORPORATION (the "Corporation") will be held
on Friday, 04 July 2014 at 2:00 P.M. at the Vitarich Compound, MacArthur Highway, Abangan Sur,
Marilao, Bulacan
(b)
This Information Statement and the accompanying Proxy Form shall be sent or given to security
holders on Wednesday, 11 June 2014. Complete mailing address of the principal office of Vitarich
Corporation: MacArthur Highway, Bo. Abangan Sur, Marilao, Bulacan
Item 2. Dissenter's Right of Appraisal
There is no matter to be taken up during the annual stockholders’ meeting that may give rise to the exercise
by any dissenting stockholder of the right of appraisal. Any stockholder of the Corporation may exercise his
right of appraisal against any proposed corporate action that qualifies as an instance under Section 81 of the
Corporation Code and which gives rise to the exercise of such appraisal right pursuant to and in the manner
provided under Section 82 of the Corporation Code. Sections 81 and 82 of the Corporation Code provide as
follows:
“SECTION 81.
Instances of Appraisal Right. — Any stockholder of a corporation shall have the right to
dissent and demand payment of the fair value of his shares in the following instances:
1. In case any amendment to the articles of incorporation has the effect of changing or restricting the rights
of any stockholders or class of shares, or of authorizing preferences in any respect superior to those of
outstanding shares of any class, or of extending or shortening the term of corporate existence;
2. In case of sale, lease, exchange, transfer, mortgage, pledge or other disposition of all or substantially all
of the corporate property and assets as provided in the Code; and
3. In case of merger or consolidation.”
“SECTION 82.
How Right is Exercised. — The appraisal right may be exercised by any stockholder who
shall have voted against the proposed corporate action, by making a written demand on the corporation
within thirty (30) days after the date on which the vote was taken for payment of the fair value of his shares:
Provided, That failure to make the demand within such period shall be deemed a waiver of the appraisal
right. If the proposed corporate action is implemented or affected, the corporation shall pay to such
stockholder, upon surrender of the certificate(s) of stock representing his shares, the fair value thereof as of
the day prior to the date on which the vote was taken, excluding any appreciation or depreciation in
anticipation of such corporate action.
If within a period of sixty (60) days from the date the corporate action was approved by the stockholders,
the withdrawing stockholder and the corporation cannot agree on the fair value of the shares, it shall be
determined and appraised by three (3) disinterested persons, one of whom shall be named by the
stockholder, another by the corporation and the third by the two thus chosen. The findings of the majority of
the appraisers shall be final, and their award shall be paid by the corporation within thirty (30) days after
such award is made: Provided, That no payment shall be made to any dissenting stockholder unless the
corporation has unrestricted retained earnings in its books to cover such payment: and Provided, further,
That upon payment by the corporation of the agreed or awarded price, the stockholder shall forthwith
transfer his shares to the corporation.”
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#!
Item 3.Interest of Certain Persons in or Opposition to Matters to be Acted Upon
No director, officer, or nominee for director or officer of the Corporation and, to the best knowledge of
the Corporation, no associate of said director, officer or nominee for director or officer of the Corporation
has any substantial interest, direct or indirect, by security holdings or otherwise, in any of the corporate
actions to be acted upon at the annual meeting of the stockholders. None of the directors of the
Corporation has informed the Corporation of his intention to oppose any of the corporate actions to be
acted upon at the annual meeting of the stockholders.
B. CONTROL AND COMPENSATION INFORMATION
Item 4: Voting Securities and Principal Holders Thereof
(a) Number of Shares Outstanding. The Corporation’s capital stock is composed of common shares, which
are voting shares. The number of shares outstanding is 2,786,497,901 with each share entitled to one
(1) vote.
The Corporation’s Filipino-Foreign equity ownership as of May 31, 2013 is as follows:
No. Of Shares
Shares owned by Filipino
2,775,559,694
99.61%
10,938,207
0.39%
2,786,497,901
100.00%
Shares owned by Foreigners
Total
% Ownership
(b) Record Date. The record date, with respect to this solicitation, is June 3, 2014. Only stockholders of
record as at the close of business on June 3, 2014 are entitled to notice and vote at the meeting.
(c) Cumulative Voting Rights. At the election of directors, each stockholder may vote the shares registered
in his name, either in person or by proxy, for as many persons as there are directors, or he may
cumulate said shares and give one candidate as many votes as the number of directors to be elected
multiplied by the number of his shares shall equal, or he may distribute them on the same principles
among as many candidates as he shall see fit: provided that the total number of votes cast by him shall
not exceed the number of shares owned by him multiplied by the whole number of directors to be
elected.
!
$!
(d) Security Ownership of Certain Record and Beneficial Owners. Owners of record of more
than 5% of the Corporation’s voting securities as of May 30, 2014 are as follows:
Title of
Class
Common
Shares
Name, Address of
Record Owner &
Relationship with Issuer
KORMASINC, INC. **
7th Floor, LTA Bldg., 118
Perea St., Legazpi Village,
Makati City
Stockholder
Common
Shares
PCD NOMINEE
CORPORATION (Filipino)
Name of
Beneficial
Owner &
Relationship
with Record
Owner
Citizenship
No. of Shares
Percent
of Class
Various
beneficial
owners
Filipino
2,376,528,137 r
85.29%
Various
beneficial
owners [1]
Filipino
265,068,930 r
09.51%
G/F MSE Building, 6767
Ayala Avenue, Makati City
Stockholder
1
PCD Nominee Corporation, a wholly owned subsidiary of the Philippine Central Depository, Inc. (“PCD”), is
the registered owner of the shares in the books of the Corporation’s stock and transfer agent in the Philippines.
The beneficial owners of such shares are PCD’s participants, who hold the shares in their behalf or in behalf of
their clients. PCD is a private company organized by the major institutions actively participating in the
Philippine capital markets to implement an automated book-entry system of handling securities transactions in
the Philippines. To the knowledge of the Issuer, none of the beneficial owners of the PCD Nominee Corporation
own more than 5% of the issuer’s voting securities.
!
%!
Security of Ownership of Management. The number of common shares beneficially owned by
directors and executive officers as of May 31, 2014 is as follows:
TITLE
OF
CLASS
Common
NAME OF BENEFICIAL
OWNER
Jose Vicente C. Bengzon III
Common
Rogelio M. Sarmiento
AMOUNT & NATURE OF
BENEFICIAL OWNERSHIP
CITIZENSHIP
10,000
(r)
Filipino
PERCENT
OF
CLASS
0.00%
87,554,741
(r)
Filipino
3.15%
92,510
(indirect)
(r)
Filipino
0.00%
Common
Angelito M. Sarmiento
Common
Benjamin I. Sarmiento Jr.
199
(r)
Filipino
0.00%
Common
Enrique G. Filamor
300
(r)
Filipino
0.00%
Common
Ricardo Manuel M. Sarmiento
500
(r)
Filipino
0.00%
490
(indirect)
500
(r)
Filipino
0.00%
3,859
(indirect)
Common
5000
Stephanie Nicole S. Garcia
Common
Lorenzo Vito M. Sarmiento III
500
(r)
Filipino
0.00%
Common
Eduardo T. Rondain
500
(r)
Filipino
0.00%
Common
Manuel D. Escueta
1
(r)
Filipino
0.00%
!!
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!!
Voting Trust Holders of 5%or more. The Corporation is not aware of any person holding more than 5%
of the common shares of the Corporation under a voting trust or similar agreement as there has been no
voting trust agreement which has been filed with the Corporation and the Securities and Exchange
Commission, as required under the Corporation Code.
(e.) Description of any arrangement which may result in a change in control of the Corporation. On
September 20, 2013, Kormasinc, Inc., upon approval of the Issuer, converted part of the debt of the
Issuer in the amount of P2,376,528,137 into equity of the Issuer-Corporation and as such the
Issuer-Corporation issued 2,376,258,137 common shares to Kormasinc, Inc upon receipt of the
approval of the same by the Securities and Exchange Commission on October 16, 2013. Thus, as
presented above, Kormasinc, Inc. now owns 85.29% of the outstanding shares of the Issuer.
Item 5. Directors And Executive Officers
All of the directors and officers named herein have served their respective offices since June 28, 2013
except for Mr. Manuel D. Escueta who was elected as independent director during the regular board
meeting of Vitarich Corporation held on January 24, 2014. The directors of the Corporation are elected
at the annual meeting of the stockholders of the Corporation to hold office until the next succeeding
annual meeting of the stockholders and until the respective successors have been elected and qualified.
!
&!
Officers are elected by the newly elected Board of Directors at the first meeting. The Board also elects
during its first meeting the chairman and members of the Audit and Compensation & Nomination,
Committees. There are two (2) independent directors, one of whom is the Chairman of the Audit
Committee and the other independent director heads the Compensation & Nomination Committee.
However, one independent director resigned immediately because of his failure to get the clearance
from his Head of Office. This coming organizational board meeting, the Board shall also elect the
Members of the Risk and Governance Committee. Officers of the Corporation shall be subject to removal
at any time by the Board of Directors, but all officers, unless removed, shall hold office until their
successors are appointed. If any vacancy shall occur among the officers of the Corporation, such
vacancy shall be filled by the Board of Directors.
Involvement of Members of the Board of Directors, etc. in Certain Legal Proceedings. The
registrant has no knowledge of any event during the past five (5) years up to the latest filing date in
which any of its director or executive officer, or any nominee is being involved in any criminal or
bankruptcy proceedings or subject of any order or judgment of any court or quasi-judicial agency,
whether local or foreign effecting his involvement in business, securities, commodities or banking
activities.
Nominees. The nominees for the members of the Board of Directors and Executive Officers for the
ensuing year as of the date of sending the Definitive Information Statement to security holders on 11
June 2014 are the following:
Regular Directors:
1. Mr. Jose Vicente C. Bengzon III;
2. Mr. Rogelio M. Sarmiento;
3. Mr. Angelito M. Sarmiento;
4. Mr. Benjamin I. Sarmiento Jr.;
5. Mr. Ricardo Manuel M. Sarmiento;
6. Ms. Stephanie Nicole S. Garcia;
7. Mr. Lorenzo Vito M. Sarmiento, III.;
8. Mr. Joselito H. Sibayan;
9. Mr. Levi F. Diestro;
Independent Directors
10. Atty. Eduardo T. Rondain;
11. Mr. Manuel D. Escueta
Mr. Wilfredo M. Angeles nominated the nominees for independent directors.
stockholder of the Issuer, and is not related to the respective nominees.
Mr. Angeles is a
The independent directors were pre-screened by the Nomination and Compensation Committee of the
Corporation under the procedures laid down in the Corporation’s By-Laws and its Manual on Corporate
Governance. They possess all the qualifications and none of the disqualifications of being an
independent director, pursuant to SRC Rule 38 of the Rules Implementing the Securities Regulations
Code.
In approving their nomination, the members of the Nomination Committee had observed the guidelines
prescribed in SEC Circular No. 16, Series of 2002 (or the Guidelines on the Nomination and Election of
Independent Directors), the Corporation’s By-Laws and its Manual on Corporate Governance.
Officers:
Rogelio M. Sarmiento
Guillermo B. Miralles
Atty. Tadeo F. Hilado-
!
-
CEO/President
COO/Executive Vice President
CFO/Treasurer
Vice President, Vismin Operations
Corporate Secretary
'!
Atty. Pedro T. Dabu Jr.
- Asst. Corporate Secretary/Compliance Officer/Corporate
Information Officer
All nominees for directors and executive officers are Filipino citizens.
Following is a brief profile of the Corporation’s Directors and Officers for the year 2013-2014.
Jose Vicente C. Bengzon III, Filipino, 56 years old
Director (since 2007) / Chairman of the Board
Member - Audit Committee; Risk and Governance Committee
Mr. Bengzon is presently the Chief Operating Officer of DUMA Company, Director of South Luzon
Tollways Corporation, Manila North Tollways Corporation and the Manila Toll Expressway System. He is
a Director of Pres. Jose P. Laurel Rural Bank Inc. since 2010 and Philippine National Construction
Corporation since 2011. He is also the President of UPCC Holdings Corporation since 2006. Prior to this,
he was the Chief Privatization Officer of the Department of Finance. He was the President of Abarti
Artworks Corporation from 2001-2004. He was also an Entrepreneur of Westborough Food Corporation
from 1993-2001. He is a Certified Public Accountant and a graduate of De La Salle University having
obtained his Bachelor of Science in Commerce and Bachelor of Arts degrees major in Economics in 1980
therefrom. He took his Master of Business Administration at the Kellogg School of Management at
Northwestern University in 1988.
Rogelio M. Sarmiento, Filipino, 65 years old
Director (since 1980) / Vice Chairman, President & Chief Executive Officer
Mr. Sarmiento is presently the Vice Chairman/President/CEO of Vitarich Corporation. From 1968 to
1981, he was the President of L. S. Sarmiento & Co., Inc., Sarmiento Industries, Inc., Fortuna
Mariculture Corporation, and Sarphil Corporation. Mr. Sarmiento obtained his Bachelor of Science in
Business Administration degree from the University of San Francisco and his Master of Business
Administration degree from the University of Sta. Clara in the United States of America. He was
President of the Philippine Association of Feed Millers Inc. from 1990-1992 and Vice-President of the
Philippine Chamber of Commerce from 1988 to 1989. Formerly a member of the Interim Batasang
Pambansa, he concurrently served as Minister of State for Transportation and Communications. He also
served as Deputy Director General of the National Economic and Development Authority. He was a
member of the House of Representatives representing the First District of the Province of Davao del
Norte from 1992 to 2001.
Ricardo Manuel M. Sarmiento, Filipino, 37 years old
Director/ Chief Operating Officer / Executive Vice President
Member – Audit Committee; Compensation & Nomination Committee, and Risk and Governance
Committee
Mr. Ricardo Manuel Sarmiento is the Executive Vice-President and Chief Operating Officer and President
of Gromax, Inc. He leads the over-all operations of Vitarich Corporation and Gromax, Inc. He holds a
degree in Bachelor of Science in Tourism from the University of the Philippines in Diliman, Quezon City.
He is a member of the Upsilon Sigma Phi. Mr. Sarmiento joined Vitarich in July 2005. He was elected as
director of the Corporation last June 29, 2012.
Stephanie Nicole M. Sarmiento-Garcia, Filipino, 34 years old
Director/ Chief Finance Officer / Treasurer
Member – Compensation & Nomination Committee, and Risk and Governance Committee
Ms. Garcia was elected director of the Corporation last June 29, 2012 and is the Chief Finance Officer
and Treasurer of the Company. As such, she is in charge of the funds, assets, securities, receipts and
disbursements of the Corporation. Prior to this, she is currently holding the position of Support Director
of Vitarich Corporation since March 2006. In this role, she directs and monitors compliance of the
departments to the established production and quality parameters. She oversees efficient operations,
allocates funds and negotiates contracts and prices as well. Prior to Vitarich, Ms. Garcia worked as a
Store Manager at Le Pain Quotidien, an international chain of café-style restaurants, specializing in
bakery items. Early on, she held a front desk position at the Ritz Carlton Hotel in San Francisco. She
holds a degree in International Hospitality Management from Glion Institute of Higher Education
!
(!
(formerly known as Glion Hotels School), a private, university-level Swiss hotel management school in
Switzerland. Ms. Garcia joined Vitarich in October 2003.
Angelito M. Sarmiento, Filipino, 67 years old, Director
Director (since 2009)
Member – Compensation & Nomination Committee
Mr. Angelito Sarmiento is President of Sarmiento Enterprises, Inc. and Chairman of the Board of First
Sarmiento Property Holdings, Inc. He is also a Director of Foundation for Resource Linkage &
Development Inc (FRLD).; the organizer of yearly Agrilink event; Trustee, Bulacan State University;
Former President of Vitarich Corporation (1983-1988); Former President of Vitarich Corporation’s
subsidiaries; previous member of the Board of Vitarich up to 1997. He is a former Congressman (19922001); former Chairman of the House Committee on Agriculture (1998-2001); and former Presidential
Adviser on Agricultural Modernization (February 2001 to December 2003). Former Chairman of the
National Food Authority (Sept 2001-Dec 2003);. His peers in Congress called him the Dean of
Agribusiness. He is the author of RA 9013 (or the Philippine Quality Award Act of 2001); RA 8435 (or the
Agriculture and Fisheries Modernization Act of 1997 or AFMA); former Co-chairman of the Oversight
Committee on Agriculture and Fisheries Modernization; and a former Mayor of City of San Jose del
Monte Bulacan (2004-2007; Oct 2009 to June 30, 2010)
Benjamin I. Sarmiento Jr., Filipino, 45 years old
Director (since 1998)
Member – Audit Committee and Compensation & Nomination Committee
Mr. Benjamin Sarmiento is a graduate of the University of San Francisco with a degree of Bachelor of
Arts in Economics. He is the Chief Executive Officer of Pacific Equity, Inc. from 1989 up to the present.
He is also a Director of the following companies: M3 Ventures, International Inc. from 1991 up to the
present, and Ultra-Seer, Inc., Hills Dales Marketing Inc., Specialized Products & Services, Inc., Escotek,
Inc. and Diversified Industrial Technology, Inc. from 2002 up to the present. He is the Chief Executive
Officer of Trabbycoco Genetics, Inc. He is also a director of Gromax, Inc. from 1995 up to the present.
Lorenzo Vito M. Sarmiento III, Filipino 40 years old
Director
Member – Compensation & Nomination Committee
Mr. Sarmiento is President of Davito Holdings Corporation and Medityre Corporation. He was President
of Speed Space Systems, Chairman of Emphasys Process Corporation, Investor and co-founder of South
Super Sports, Team Manager under contract with the Philippine Football Federation, Creative Director of
Speed HKG, and Investor and co-founder of True Star Entertainment. He graduated in 1999 from the
University of San Francisco, San Francisco CA USA, with a degree in Bachelor of Science in Business
Administration with emphasis in Marketing and International Business. He took up special courses in
International Studies at the American University in London, England and Network Engineering at Herald
College, San Francisco CA USA. He was elected as director of the Corporation last June 29, 2012.
Joselito H. Sibayan, Filipino, 56 years old
Director (new nominee)
From 2005 to present, Mr. Sibayan has been the President & Chief Executive Officer of Mabuhay Capital
Corporation, a financial advisory firm to a number of corporations and banks in the healthcare,
education, agriculture, manufacturing, retail, natural resources, telecomm/media, property development,
and energy/infrastructure sectors. Prior to this, he was the Vice-Chairman, Investment Banking, and
Country Manager of Credit Suisse First Boston from 1998 to 2005. He was an Executive Director and
Chief Representative of Natwest Markets Philippines from 1997 to 1998. He became the Director, Head
of Internal Fixed Income Sales of Natwest Markets London, UK from 1995 to 1997. From 1993 to 1994,
he was the Senior Vice President, Head - Internal Fixed Income Sales of Natwest Markets New York,
USA. He was also the Director, Head of International Bond Sales of Deutsche Bank Capital Corporation
from 1988 to 1993. He worked as an Associate, International Fixed Income of Merrill Lynch Capital
Markets from 1987 to 1988. From 1980 to 1985, he was the Sales Manger of Burroughs Corporation.
He is a graduate of De La Salle University, having obtained his Bachelor of Science in Chemical
Engineering in 1980. He took his Master of Business Administration in Finance/International Business at
the UCLA Graduate School of Management in Los Angeles, USA in 1987.
!
)!
Levi F. Diestro, Filipino, 56 years old
Director (new nominee)
Mr. Diestro is presently the Vice-President Human Resource Division (Macom level) of Maynilad Water
Services Inc. Prior to this, he was the Consultant (Human Resources, Purchasing, Facilities) of Bureau of
Customs (Department of Finance) from January 2011 to September 2011. He became the Corporate
Human Resource Director of Lina Group of Companies from August 2008 to December 2010. From
January 2008 to July 2008, he was the Country HR Manager Philippine Site Intel - Numonyx Philippines
Inc. (Global Company). He was also the Human Resource Manager of DHL Excel Supply Chain (Global
Company) from May 2007 to January 2008. He worked as Human Resource Employee Relations and
Services Manager of Analog Devices Inc. (Global Company) from October 2004 to January 2007. From
September 1997 to October 2004, he was the Human Resource Senior Division Manager of Integrated
Microelectronics Inc. (Global Company). He also worked at Philippine Auto Components Inc. - Denso
Corp. Japan (Global Company), Motorola Philippines Inc. (Global Company), and Nippondenso
Philippines Inc. (Global Company). He is a graduate of Colegio de San Juan de Letran, having obtained
his Bachelor of Science in Psychology in 1980.
Atty. Eduardo T. Rondain, Filipino, 84 years old,
Independent Director
Chairman – Audit Committee
Atty. Rondain is a lawyer by profession, an expert in labor relations and human resource management.
Atty. Rondain’s past and present involvement includes the following: Vice Chairman of the Board and
Chairman, Management Committee of CORD Chemicals, Inc.; Senior Adviser and Director, Employers
Confederation of the Philippines (ECOP); Member and Director, ECOP Institute of Productivity and
Competitiveness; Executive Vice President, Member of the Board of Directors and Management
Committee, PHILIPS Corporation of Companies; Director for Industrial Relations, Radio Electronics
Headquarters; part-time faculty member, College of Business Administration, Solair, UP Manila; Full
Professor, UP College of Business Administration MBA Program; teaching staff, Ateneo Business School,
MBM, and seminar resource person, Economic Development Foundation, Personnel Management
Association, De La Salle University and Jose Rizal College; Director, Non-Academic Personnel Services,
UP Administration; Research-Instructor, then Assistant Professor, UP School of Labor and Industrial
Relations; and Legal Assistant, Severino Law Office, Escolta, Manila. A graduate of Bachelor of Laws at
the UP College of Law in 1955, he undertook graduate study in Labor and Industrial Relations at the
University of Illinois in 1959 as a UP Fellow. He was elected as director of the Corporation last June 29,
2012.
Manuel D. Escueta
Independent Director
Chairman – Compensation & Nomination Committee and Risk & Governance Committee
Mr. Escueta was elected as an Independent Director of the Corporation on 24 January 2014. He worked
as General Advertising Manager of P&G Asia (1973-2000), Vice President for Corporate Marketing &
Communication of United Laboratories, Inc. (2001-2004), Head, President and CEO of Pascual
Laboratories, Inc. - Consumer Health Division (2005-2012), and Chairman of Pascual Consumer
HealthCare Corp (2012-2013). He is at present the President of Educhild Foundation, Inc and the ViceChairman of the Board of Trustees of Southridge PAREF School for Boys. He served as a Board of
Director of Advertising Board of the Philippines (1980-1985, 1992-1995). He is a graduate of University
of the Philippines, Diliman, Quezon City with a degree on Business Administration Major in Marketing in
1972. He was elected as director of the Corporation last January 24, 2014.
Other Executive Officers
Guillermo B. Miralles, Filipino, 49 years old
General Manager, Vismin Operations
Mr. Miralles obtained his degree on Bachelor of Arts (AB – Classical) major in English and Philosophy
from Queen of Apostles College Seminary, Tagum City in 1986. He joined the Corporation in 1994, and
since then, handled different positions in the Visayas and Mindanao operations prior to his appointment
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as General Manager for Vismin Operations in October 2003. Before joining Vitarich Corporation, he was
connected with Virginia Foods, Inc. as its Sales Manager.
Atty. Tadeo F. Hilado, Filipino, 61 years old
Corporate Secretary
Atty. Hilado is a Senior Partner of the Angara Abello Concepcion Regala and Cruz Law Offices
(ACCRALAW). He joined the said Firm in 1978 and became a Partner in 1987. He currently heads the
firm's Corporate and Special Projects Department and is the secretary of the Partnership. He received
his Bachelor of Arts degree from De La Salle University (summa cum laude) in 1973 and his Bachelor of
Laws degree from the University of the Philippines in 1977. He obtained a Master of Laws degree from
the University of Michigan in 1981 after which he worked for a year as a visiting lawyer in the U.S. law
firm of Graham & James in San Francisco, California.
Atty. Pedro T. Dabu Jr., Filipino, 57 years old
Assistant Corporate Secretary
Atty. Dabu is also the Corporate Secretary of Gromax, Inc. He obtained his Bachelor of Arts (Cum
Laude) and Bachelor of Laws (Cum Laude) from Manuel L. Quezon University. He took up his Master of
Laws in Civil Law at the San Beda College-Manila. He is a professor of law and pre-bar lecturer in various
universities and review centers. Prior to his appointment as Assistant Corporate Secretary and
Compliance Officer of Vitarich Corporation in July 2007, he served as City Administrator of San Jose Del
Monte, Bulacan. In 1993 to 2000, he was the Corporation's Legal Manager, Asst. Corporate Secretary
and Corporate Secretary of Vitarich’s subsidiaries.
Significant Employees. There are no persons other than the Directors and Executive Officers
expected to make a significant contribution to the business of the Corporation.
Family Relationships. Mr. Rogelio M. Sarmiento is the father of Directors Ricardo Manuel M.
Sarmiento and Stephanie Nicole S. Garcia.
Item 6. Compensation of Directors and Executive Officers
Terms and Conditions of Employment Contract, Compensation Plan. The President, Executive
Vice-President, Treasurer and the General Manager for Mindanao are regular employees of the
Corporation and are similarly remunerated with a compensation package comprising of twelve (12)
months basic pay. In addition, based on the Corporation’s performance, they also receive mid-year and
year-end gratuity pay which the Board extends to the managerial, supervisory, and rank & file
employees of the Corporation.
The members of the Board of Directors (BOD) are elected for a term of one (1) year. They receive
remuneration for twelve (12) months in directors’ fees for every meeting participation.
The Corporation has a stock compensation plan for its officers and other executives. Under the plan,
20% of the annual gross pay of the Corporation’s executives and officers is to be paid in shares of stock
of the Corporation, which are purchased through the stock exchange. The Corporation’s executives and
officers’ salaries under the stock compensation plan amounting to P4.4 million in 2013 and P3.9 million
in 2012 were converted to cash.
The BOD has approved the appointment of a third party as Trustee for the acquisition of such shares of
stock at market value through the stock exchange.
The market value of the shares of stock received by the Group’s executives and officers approximate the
compensation that they should have received should the payment been made in other form of
consideration at the grant date.
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Standard Arrangement. The members of the Board of Directors are entitled to a per diem of P5,000
each for every meeting whereas the members of the Audit, Compensation and Nomination, and Risk and
Governance Committees are entitled to a per diem of P500 for every meeting participation.
Arrangements with Directors and Officers. The Corporation does not extend or grant warrants or
options to its executive officers and directors, other than the stock compensation plan given to officers
as part of their compensation as described above. Thus, the Corporation has no obligation to disclose
information pertaining to warrants and options.
The market value of the shares of stock received by the Corporation’s executives and officers
approximate the compensation that they should have received had the payment been made in other
form of consideration at the grant date.
The aggregate compensation including other remuneration during the last two fiscal years, as well as
those estimated to be paid in the ensuing fiscal year to the Corporation’s Chief Executive Officer, senior
executive officers, and senior managers is as follows: (in millions of Pesos)
+,-.!/!012+320,4!0562725+!
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The following are the highest compensated directors, executive officers and senior managers of the
Corporation:
1. CEO/President
- Rogelio M. Sarmiento
2. COO/Executive Vice President
- Ricardo Manuel M. Sarmiento
3. CFO/Treasurer
- Stephanie Nicole S. Garcia
4. General Manager- Vismin Operations
- Guillermo B. Miralles
5. National Marketing Manager
- Jose D.L. Angeles
Involvement in Certain Legal Proceedings. The registrant has no knowledge of any event during
the past five (5) years up to the latest filing date in which any of its director or executive officer is being
involved in any criminal or bankruptcy proceedings or subject of any order or judgment of any court or
quasi-judicial agency, whether local or foreign effecting his involvement in business, securities,
commodities or banking activities.
Certain Relationship and Related Transactions. There was no transaction or proposed transaction
for the last two (2) years to which the Corporation was or is to be made a party wherein any of the
following were involved:
a. any director / executive director;
b. any nominee for election as director;
c. any security holder of certain record, beneficial owner or member of management; and
d. any member of the immediate family of (a), (b) or (c).
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Related Party Transactions
Transactions with Related Parties
Related party relationships exist when one party has the ability to control, directly or indirectly through
one or more intermediaries, the other party or exercise significant influence over the other party in
making financial and operating decisions. Such relationships also exist between and/or among entities
which are under common control with the reporting enterprise, or between and/or among the reporting
enterprises and their key management personnel, directors, or its stockholders. Related parties may be
individuals or corporate entities.
The Group engages, in the normal course of business, in various transactions with its related parties
which include entities under common control, key management and others, as described below.
Payable to Stockholder
During the year ended December 31, 2013, Kormasinc acquired the Corporation’s restructured debt from
creditors comprising of local banks and SPAV companies and entered into a memorandum of agreement
with the Corporation for a debt to equity conversion on September 20, 2013. Pursuant to the
agreement,P
=2.4 billion of the restructured debt of =
P 3.2 billion (including interest of =
P 200.0 million) was
converted at one peso (P
=1.00) for every one (1) share of stock on the remaining available shares and
on the increase in authorized capital stock from =
P 0.5 billion to =
P 3.5 billion. The SEC approved, on
October 16, 2013, the debt to equity conversion and the Corporation’s increase in authorized capital
stock. Consequently, Kormasinc acquired 85.29% ownership of the Corporation.
Outstanding Group debt due to Kormasinc as at December 31, 2013 amounted to =
P 837.9 million
(including interest of =
P 200.0 million). The terms of the payment of the loan are still subject to
negotiation. Interest on the loan from the period September 2013 to December 2013 was waived by
Kormasinc.
Due from related parties
The Group also grants unsecured, noninterest-bearing advances to its related parties for working capital
requirements and capital expenditures. These are payable on demand, hence, are classified under
current assets in the consolidated statements of financial position.
Due to related parties
Valle Verde pays the suppliers on behalf of the Group, thus, transferring the liability of the Group from
the suppliers to the entity. Principally, the same terms and conditions with the suppliers apply when the
entity takes over these liabilities.
The amounts due to related parties are generally payable on demand or through offsetting
arrangements with the related parties. This is presented as part of trade payables.
Trade accounts
The Group also buys raw materials, hogs, and breeder flocks. The Group also sells animal feeds, raw
materials, feed supplements and dressed chicken to related parties. Goods are sold to related parties on
a cost-plus basis, allowing a margin of at least 10% for all years presented.
Advances to and from Officers and Employees
The Group grants unsecured, noninterest-bearing advances to its officers and employees subject to
liquidation after a certain specified period. Certain officers also pay operating expenses in advance
through credit cards on behalf of the Corporation. Shown below are the movements in the accounts.
Resignation of Directors. Two of the Corporation’s directors resigned. Mr. Tomas Lopez resigned as
independent director effective July 26, 2013. On September 20, 2013, the Board accepted the
resignation of Mr. Cesar Lugtu as director of Vitarich Corporation. On August 28, 2013, the nominees
for the Independent Director seat of Vitarich Corporation, Mr. Eduardo S. Lazo and Mr. Wilfredo M.
Angeles declined the position.
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Item 7. Independent Public Accountants
For the year 2013, the Corporation’s independent public accountant is the accounting firm of Reyes
Tacandong & Co. The audit of the financial statements of the Corporation was handled and certified by
the engagement partner, Mr. Emmanuel V. Clarino. In pursuant to SRC Rule 68.1 (Qualification and
Reports of Independent Auditors), the Corporation engaged Reyes Tacandong & Co. for the examination
of the Corporation’s financial statements for the calendar year2011.
The accounting firm of Reyes Tacandong & Co. was appointed as the external auditors of the
Corporation for the calendar year 2013 at the Corporation’s annual stockholders meeting held last June
28, 2013.
The engagement of Reyes Tacandong & Co. and the engagement partner is approved by the Board of
Directors and the stockholders of the Corporation.
External Audit Fees and Services
The work of Reyes Tacandong & Co. consisted of an audit of the financial statements of the Corporation
to enable them to express an opinion on the fair presentation of the Corporation’s financial position,
results of operations and cash flows in accordance with Philippine Financial Reporting Standards. In
addition to their report, and as a value-added service, Reyes Tacandong & Co also reviewed the
Corporation’s computation of the annual income tax expense and likewise also the review of the
unaudited quarterly consolidated statements of financial position of the Corporation and the related
statements of comprehensive income, changes in equity and cash flows for the quarter ended in
accordance with Philippine Standards on Review Engagements (PSRE) 2410, “Engagements to Review
Financial Statements” issued by the Auditing Standards and Practices Council, as applicable to review
engagements. For the years 2013, 2012 and 2011, audit and audit-related fees amounted to P3.13
million, P2.50 million, and P2.50 million exclusive of VAT and out of pocket expenses, respectively.
There were no other services obtained from the external auditors other than those mentioned above.
The Audit Committee has confirmed the terms of engagement and the scope of services of the external
auditor as endorsed by the Management of the Corporation.
The audit committee’s approval policies and procedures for the above services.
Upon the recommendation and approval of the audit committee, the appointment of the external auditor
is being confirmed at the annual stockholders’ meeting. On the other hand, the financial statements
should be approved by the Board of Directors before its release.
Audit Committee. The audit committee’s approval policies and procedure for external auditors are:
1.
2.
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Statutory audit of Corporation’s annual financial statements
a. The Audit Committee ensures that the services of the external auditor conform with
the provision of the Corporation’s manual of corporate governance specifically articles
2.3.4.1; 2.3.4.3 and 2.3.4.4
b. The Audit Committee makes an assessment of the quality of prior year audit work
services, scope, and deliverables and makes a determination of the reasonableness of
the audit fee based on the proposed audit plan for the current year.
For other services other than annual F/S audit:
a. The Audit Committee evaluates the necessity of the proposed services presented by
Management taking into consideration the following:
"$!
i.
The effectiveness of Corporation’s internal control and risk management
arrangement, systems and procedures, and management degree of
compliance.
ii.
The effect and impact of new tax and accounting regulations and
standards.
iii.
Cost benefit of the proposed undertaking
b. The Audit Committee approves and ensures that other services provided by the
external auditor shall not be in conflict with the functions of the external auditor for
the annual audit of its financial statements.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
There was no event in the past fifteen (15) years where the previous and current external auditor had
any disagreement with regard to any matter relating to accounting principles or practices, financial
statement disclosures or auditing scope or procedure. There were no disagreements with the external
auditor of the Corporation on any matter of accounting and financial disclosure.
Item 8. Compensation Plan
No action is to be taken with respect to any plan pursuant to which cash or non-cash compensation may
be paid or distributed except for the compensation and benefits under existing labor laws and
Corporation policy that may be due to employees.
C. ISSUANCE AND EXCHANGE OF SECURITIES
Item 9. Authorization or Issuance of Securities Other than for Exchange
Not Applicable
Item 10. Modification or Exchange of Securities
Not Applicable
Item 11. Financial and other Information
The information required under item 11 (a) of SEC Form20-IS are contained in the Corporation’s 2013
Annual Report on SEC Form 17-A and 2013 Audited Financial Statements accompanying this Information
Sheet.
Item 12. Mergers, Consolidation, Acquisitions and Similar Matters
Not Applicable
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Item 13. Acquisition or Disposition of Property
Assets Held for Disposal
On January 29, 2010, the Court approved the disposal of several of the Group’s non-core assets to
comply with the restructured debt scheduling payment. The net carrying value of the assets held for
disposal aggregated =
P 841.0 million and =
P 954.1 million as at December 31, 2013 and 2012, respectively.
The Group sold through dacion en pago, as approved by the Court, portion of these assets.
As a result of the dacion en pago of these assets which were approved by the Court, revaluation reserve
amounting to =
P 24.7 million (net of tax) and nil were transferred to deficit in 2013 and 2012,
respectively.
Item 14. Restatement of Accounts
Please refer to Notes 2, 3, and 4 of the Audited Consolidated Financial Statements of the Corporation –
December 31, 2013.
D.OTHER MATTERS
Item 15. Action with Respect to Reports
Appointment of the Stock Transfer Agent
Stock Transfer Service, Inc. (STSI) is recommended for re-appointment at the annual stockholders’
meeting scheduled on July 04, 2014 as the Corporation’s stock transfer agent for the ensuing year.
The following are included in the Agenda of the Annual Meeting of Stockholders of the Corporation
scheduled on July 04, 2014 for the approval of the stockholders:
1.
2.
3.
4.
Call to order;
Certification of notice to the stockholders and the presence of a quorum to do business;
Approval of the minutes of the previous annual stockholders’ meeting;
Report of the Chairman or President on the operations and financial statements of the
Corporation;
5. Confirmation and ratification of the acts of the Board of Directors and officers;
6. Election of directors;
7. Appointment of the external auditor;
8. Appointment of the stock and transfer agent;
9. Other matters; and
10. Adjournment
A brief summary of the Minutes of the Annual Meeting of Stockholders of the Corporation held on
28June 2013 is as follows:
A quorum being present, the meeting was called to order and presided over by the Chairman of the
Board of the Corporation, Mr. Jose Vicente C. Bengzon III. The Corporate Secretary, Atty. Tadeo F.
Hilado, certified that written notices of the annual meeting of the stockholders of the Corporation were
sent to the stockholders of record as of 28 May 2013.
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Upon motion duly made and seconded, the reading of the minutes of the annual meeting of the
stockholders held on 29 June 2012 and the minutes of the special meetings of the stockholders held on
28 August 2012 and 15 October 2012 was dispensed with and the said minutes were approved.
Thereafter, the operations of the Corporation for the year ending on 31 December 2012 were reported
to the stockholders.
Upon motion duly made and seconded, the stockholders confirmed and ratified the acts of the directors
and officers of the Corporation since the last annual stockholders’ meeting.
Then, the following were duly elected as members of the Board of Directors of the Corporation:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Mr. Rogelio M. Sarmiento;
Jose Vicente C. Bengzon, III;
Mr. Benjamin I. Sarmiento, Jr.;
Mr. Cesar L. Lugtu;
Mr. Angelito M. Sarmiento;
Ms. Stephanie Nicole S. Garcia;
Mr. Enrique G. Filamor;
Mr. Ricardo Manuel M. Sarmiento;
Mr. Lorenzo Vito M. Sarmiento, III;
Atty. Eduardo T. Rondain; and
Mr. Tomas B. Lopez, Jr.
Thereafter, upon motion duly made and seconded, the stockholders approved the appointment of Reyes
Tacandong & Company as the Corporation's external auditor for the ensuing year and to serve as such
until its successor shall have been appointed and qualified. Then, upon motion duly made and
seconded, the stockholders approved the appointment of Stock Transfer Services, inc. as the
Corporation's stock transfer agent for the ensuing year and to serve as such until its successor shall
have been appointed and qualified.
Acts and Resolutions of the Board of Directors and Officers of the Corporation from July 31, 2013 to
March 15, 2014.
Date of Action
July 19, 2013
Description
RESOLUTION NO. 2013-08
“Resolved. As it is hereby resolved, that the Corporation sells, as it hereby
sells, its properties covered by T.C.T. nos. T-10666 and T-10667, including the
improvements thereon, located at Barangay Bolisong, El Salvador, Misamis Oriental at
such price and terms as its President/CEO may deem beneficial
“Resolved further, that Mr. Rogelio M. Sarmiento, President/CEO, be, as he
is hereby authorized, to execute and deliver the deed of absolute sale and any and all
papers required to IMPLEMENT THIS RESOLUTION.”
September 20,
2013
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"RESOLVED, that the Board of Directors of the Corporation, pursuant to
the directive of the stockholders, hereby approves the conversion of part of its debts
to Kormasinc, Inc. amounting to P2,376,528,137 into equity of the Corporation at
a ratio of 1:1 or 1 share of common stock for every P1.00 debt; that P90,030,236
shall be applied as payment for the issuance of the 90,030,236 shares out of the
existing unissued shares, while the amount of P2,286,497,901.00 shall be applied
as payment for the additional shares of stock which shall be issued out of the
increase in the authorized capital stock upon approval of such increase by the
Securities and Exchange Commission.
"'!
“RESOLVED, FURTHER that either Mr. Jose Vicente C. Bengzon, III,
Chairman of the Board or Mr. Rogelio M. Sarmiento, President/ Chief Executive
Officer or Ricardo Manuel M. Sarmiento, Executive Vice-President/COO, be, as
they are hereby, authorized to sign, execute and deliver any and all deeds, papers,
instruments or documents which may be necessary to effect the foregoing resolution,
including without limiting, the deed/s of assignment and memorandum of agreement
with Kormasinc, Inc. to effect the debt-to-equity conversion; the notice of exemption
and/or amendment of the registration statement, if any, to be filed with the SEC; and
the additional listing agreement with the PSE.”
“RESOLVED. AS IT IS HEREBY RESOLVED, that the Corporation sells, as it
hereby sells, its land situated at the City of Mandaue covered by T.C.T. No. 25535
and TD No. 2006-017-00632 and the buildings/improvements constructed therein
which are covered by TD Nos. 2006-017-03600 ; 2006-017-03580; 2006-017-03579
and 2006-017-03599 to Mr. Harold T. Go.
RESOLVED FURTHER, that Mr. Ricardo Manuel M. Sarmiento and/or Ms.
Stephanie Nicole M. Sarmiento-Garcia, be, as they are hereby, authorized to
negotiate and conclude the sale with Mr. Harold T. Go for such price and under such
terms and conditions as they may deem beneficial to the Corporation, provided that
the proceeds of the sale shall be deposited directly to the account of Kormasinc, Inc.,
Vitarich's sole secured creditor under its Mortgage Trust Indenture that has security
interest in the said property.”
“RESOLVED. AS IT IS HEREBY RESOLVED, to authorize, as it hereby
authorizes, Mr. Ricardo Manuel M. Sarmiento, Executive Vice-President-COO, and/or
Ms. Stephanie Nicole M. Sarmiento-Garcia, Chief Finance Officer, to determine which
of the assets of the Corporation, core or non-core, can be disposed of to raise
operating capital and/or pay the Corporation’s remaining debt, the list of the
corporation’s assets is hereto attached and made an integral part hereof.
“RESOLVED, FURTHER, that Mr. Ricardo Manuel M. Sarmiento and/or Ms.
Stephanie Nicole M. Sarmiento-Garcia, be, as they are hereby, authorized to
conclude the sale of any of the said properties under such terms and conditions as
they may deem beneficial to the corporation and to execute and deliver the Deed of
Absolute Sale and any and all papers required to implement this resolution.”
“RESOLVED, that METROPOLITAN BANK & TRUST COMPANY
(hereinafter called “METROBANK”) be, and is hereby, designated a depository of
the funds/monies of the CORPORATION and that the CORPORATION be, and is
hereby, authorized to open savings, time, current and/or trust accounts with
METROBANK, Head Office, and/or at Abangan Norte, Marilao Branch.
“RESOLVED, FURTHER, that any two (2) of the following, one (1)principal
and one(1)counter, be authorized (i) to sign, execute and/or deliver any and all
documents in connection with the opening of the account(s); (ii) to withdraw the
funds/monies of the CORPORATION by checks, receipts, drafts, bills of exchange,
withdraw slips, orders for payment or otherwise, and (iii) to sign, endorse, draw,
accept, make, execute and/or deliver, for negotiation, payment, deposit or collection,
checks, receipts, drafts, bills of exchange, orders for payment; enroll in Metrobankdirect corporate and/or other similar instruments in connection with the account(s):
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Position
Principal
ROGELIO M. SARMIENTO
RICARDO MANUEL M. SARMIENTO
STEPHANIE NICOLE S. GARCIA
Counter
ALICIA G. DANQUE
LORENA P. PESCADOR
President/CEO
EVP/COO
CFO/Treasurer
Corplan Manager
Quality & Productivity Mgr.
“RESOLVED, MOREOVER, that METROBANK, its directors, officers,
employees, agents or authorized representatives are each entitled or authorized to
rely on these instructions as valid, binding, and effective upon the CORPORATION
and that METROBANK, its directors, officers, employees, agents and authorized
representative shall not be liable for any act done or suffered by them in reliance of
the above instructions, it being understood that any and all risks and costs arising
from the above instructions shall be for the CORPORATION’s sole and exclusive
account.
“RESOLVED, FURTHERMORE, that all things/acts done and documents
executed and entered into by the aforementioned signatories pursuant to and in
accordance with the foregoing authorities are hereby confirmed, affirmed and
ratified. Likewise all things/acts done and documents executed and entered into prior
to this Resolution are hereby affirmed, confirmed and ratified.
“RESOLVED, FINALLY, that all previous resolutions relating to the opening
of accounts with the said bank are hereby modified accordingly.”
“RESOLVED, as it is hereby resolved that the Corporation designate, as it hereby
designates, its Qualify and Productivity Manager, Ms. Lorena M. Pescador, as counter
check signatory of the Corporation’s accounts at Banco de Oro, Marilao, Bulacan
Branch in lieu of Mr. Guillermo S. Ravida;
“RESOLVED, FURTHER, that the previous authority given to Mr. Guillermo S.
Ravida, as counter check signatory is hereby withdrawn and revoked, and for this
purpose amends Resolution No. 2011-07.”
November, 22,
2014
RESOLVED, that METROPOLITAN BANK & TRUST COMPANY
METROBANK, Head Office, and/or at JARO, ILOILO Branch.
RESOLVED, FURTHER, that any two ( 2 ) of the following, one (1)principal
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Position
Principal
GUILLERMO B. MIRALLES
Counter
LYNNIE S. ABANIL
CFO/Treasurer
Gen.Mgr.Vismin Operations
Mgr. Technical Sales & Quality Assurance-Vismin
RESOLVED, MOREOVER, that METROBANK, its directors, officers,
account.
RESOLVED, FURTHERMORE , that all things/acts done and documents
RESOLVED FINALLY, that all previous resolutions relating to the opening of
accounts with the said bank are hereby modified accordingly.
RESOLVED, that METROPOLITAN BANK & TRUST COMPANY
METROBANK, Head Office, and/or at R. MAGSAYSAY, DAVAO CITY; PIONEER GEN.
SANTOS CITY AND LAPASAN, CAGAYAN DE ORO CITY BRANCHES.
RESOLVED, FURTHER, that any two (2) of the following, one (1)principal
Position
Principal
CFO/Treasurer
Counter
EDILBERTO A. MANUEL
Feedmill Manager-Vismin
RESOLVED, MOREOVER, that METROBANK, its directors, officers,
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account.
RESOLVED, FURTHERMORE , that all things/acts done and documents
RESOLVED FINALLY, that all previous resolutions relating to the opening of
accounts with the said bank are hereby modified accordingly.
RESOLVED, as it is hereby resolved, that the Company shall transact with
BANCO DE ORO UNIBANK, INC., it’s a subsidiaries and affiliates (singularly or
collectively referred to as “the Bank”) to obtain loan facilities and availment of
banking products and services;
RESOLVED, FURTHER, as it is herby resolved, that in this regard, the
Company shall be authorized to do the following:
1.
OPEN AND MAINTAIN DEPOSITORY ACCOUNTS. To open, maintain and
manage in the name of the company, any number of savings/current/time and
other accounts with the Bank or any of its branches, hereinafter to be referred
to as “Depository Accounts”, and in this regard, to:
1.a. deposit to and withdraw form the depositor Accounts, in whatever form
and manner, and in such amount as the company may deem appropriate or
necessary;
1.b. Close the Depository account and ask, demand, sue for, collect, and receive
the proceeds of the Depositor Account in the name of the Company;
1.c. Receive, accept endorse and negotiate all checks, drafts or orders of
payment payable to the Company or its order which may require the company’s
endorsement.
2.
AVAIL OF CREDIT FACILITIES. To apply for , negotiate and obtain loans or
other credit accommodations or facilities including but not limited to letters of
credit, trust receipts,bills, purchases, foreign exchange settlement lines from
time to time in amounts which may be required by the Company, which authority
shall include renewals, extensions, receive availments, restructurings,
amendments or conversions into other credit form or type, and in this regard, to:
2.a. execute, sign and deliver from time to time the relevant loan agreements,
promissory note/s trust receipts and all other documents pertinent to the
accommodations/facilities referred to above;
2.b. avail of products and services offered by the Bank’s Transactional Banking
group, such as collection and disbursement services, liquidity management,
account services, retail products, and to be bound in accordance with and
subject to the Bank’s rules and regulations, terms and conditions governing the
same;
3.
!
TRANSACT TRADE RECEIVABLES. To negotiate for the sale of the
Company’s accounts receivables to various investors under the Bank’s Trade
Receivables Brokering/Receivables Brokering arrangements through BDO
CAPITAL AND INVESTMENT CORPROATION (BCIC)
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4.
FOREIGN EXCHANGE TRANSACTIONS, to enter into foreign exchange
dealings/transactions with the Bank, such as buying and selling of foreign
exchange.
5.
ELECTRONIC BANKING SERVICES, to register with and avail of the
Electronic Banking Services of the Bank in connection with the foregoing
transactions which may include balance inquiries, bills payments, funds transfers
from and to the Depository accounts.
6.
TRANSACT WITH RELATED COMPANIES. To transact with the Bank’s other
subsidiaries affiliates, and related companies, including but not limited to BDO
Private Bank, Inc. BDO Financial Services Inc., BDO Insurance Brokers Inc. BDO
Card Corporation, BDO Realty Corp.
7.
MORTGAGE, PLEDGE, ASSIGN COMPANY PROPERTY, To mortgage,
pledge, assign or otherwise encumber properties of the company, whether real
or personal, as collaterals for credit accommodations extended by the Bank.
RESOLVED, FURTHER, that any two of the following officers of the
Company.
Position
Principal
President/CEO
RICARDO MANUEL M. SARMIENTO EVP/COO
Treasurer/CFO
Counter
ALICIA G. DANQUE
LORENA M. PESCADOR
Corplan Mgr.
Quality & Productivity Mgr.
shall be authorized to enter into the above-specified arrangements with the Bank
under such terms and conditions as the said individuals may deem necessary and to
accordingly execute, sign deliver and/or perform any and all contracts, instruments,
documents, or writings with or to the Bank that may be necessary for the
implementation of the foregoing transactions.
RESOLVED, FURTHER, that the Company hereby ratifies and confirms all
that the above named individuals may lawfully do or cause to be done by virtue of
this authority given to them.
RESOLVED, FINALLY, that the foregoing Resolutions shall remain valid and
subsisting unless otherwise revoked or amended in writing by the Company and duly
served on the Bank.
RESOLVED, AS IT IS HEREBY RESOLVED, that the Corporation honors the
postdated checks it issued where its former Productivity Manager, Gerardo S. Ravida,
was a counter signatory to the said checks, copy of the list of the said checks is
attached and forms part of this Resolution and for this purpose the drawee banks are
hereby authorized to accept and honor the said checks.
RESOLVED AS IT IS HEREBY RESOLVED, that the Corporation approved and
ratified, as it hereby ratifies, the sale of its parcel of land located at Talon-Talon,
Zamboanga City, consisting of 488 square meters and covered by Transfer Certificate
of Title No. T-158.440 in favor of Mr. Manuel L. Salazar.
!
**!
RESOLVED FURTHER, that the authority of the then Chairman/President, Mr.
Rogelio M. Sarmiento, to sign, execute and deliver the Deed of Absolute Sale dated
December 7, 2009 and registered in the Notarial Registry of Atty. Glan Paolo
Enriquez, as document no. 210 page no. 42, book no. XV and series of 2009 is
hereby confirmed and ratified.
RESOLVED. AS IT IS HEREBY RESOLVED, that the Corporation authorize, as
it hereby authorizes its Chairman of Board, Jose Vicente C. Bengzon, III, EVP-COO,
Mr. Ricardo Manuel M. Sarmiento and/or TREASURER/CFO, Ms. Stephanie Nicole M.
Sarmiento-Garcia to enter into an Agreement with Kormasinc, Inc. regarding the
disposition of the Corporation’s properties covered by the MTI, including those
awarded/sold during the first and second bidding conducted by the Corporation some
of which are not covered by the MTI, the list of which is attached and forms part of
this resolution.
RESOLVED FURTHER, that any of the above named officers, be, as they are
hereby, authorized to execute and deliver any document to implement this resolution.
RESOLVED, AS IT IS HEREBY RESOLVED, that the Board hereby approved
the recommendation of management to write off from the books of the Corporation
its bad debts amounting to P592,901,585.00, as per attached Schedule.
RESOLVED, as it is hereby resolved, that the Corporation sell, as it hereby
sells, three (3) Apo Golf and Country Club shares of the Corporation for such amount
as the Treasurer/CFO may determine.
RESOLVED FURTHER, that MS. STEPHANIE NICOLE M. SARMIENTOGARCIA, Treasurer/CFO, be, as she is hereby authorized to execute and deliver the
deed of sale and/or assignment and any and all papers required to implement this
resolution.
January 24,
2014
METROBANK, Head Office, and/or at BACOLOD CITY BRANCH.
“RESOLVED, FURTHER, that any two ( 2 ) of the following, one (1)principal
Principal
!
*#!
Position
CFO/Treasurer
Counter
LYNNIE S. ABANIL
account.
“RESOLVED, FURTHERMORE , that all things/acts done and documents
“RESOLVED, FINALLY, that all previous resolutions relating to the opening
of accounts with the said bank are hereby modified accordingly.”
METROBANK, Head Office, and/or at MANDAUE CEBU CITY BRANCH.
“RESOLVED, FURTHER, that any two (2) of the following, one (1) principal
and one (1) counter, be authorized (i) to sign, execute and/or deliver any and all
Position
Principal
CFO/Treasurer
Counter
LYNNIE S. ABANIL
account.
“RESOLVED, FURTHERMORE, that all things/acts done and documents
!
*$!
“RESOLVED FINALLY, that all previous resolutions relating to the opening of
accounts with the said bank are hereby modified accordingly.”
February 21,
2014
“RESOLVED, AS IT IS HEREBY RESOLVED, that the Corporation authorize,
as it hereby authorizes, Mr. Guillermo B. Miralles-Gen. Mgr. for Mindanao to claim the
insurance payment in connection with the vehicular accident of Darwin Algallar’s
assigned service vehicle-Nissan Ad Resort (XAE-502), and for this purpose, to submit
document, receive payment, sign receipt, waiver, quitclaim or any document
necessary or required by the insurance company to implement the foregoing
resolution.”
“RESOLVED, AS IT IS HEREBY RESOLVED, that the
Collection personnel of the Corporation:
following Credit and
Raymond D. Apalacio – Visayas
Rey C. Deloso – Negros
Michael P. Tagaytayan – Cebu
Christian M. Udtohan - Davao
Justino H. Garsuta – Cotabato
Lorelai S. Acuzar - Northern Mindanao
be, as they are hereby authorized to file complaints in their respective area as
indicated opposite their names against delinquent customers of the corporation or
employees and for this purpose, to sign the verification and certification on non
forum shopping.”
In relation to Board Resolution No. 2014-04, the Assistant Corporate
Secretary clarified that the same will be needed for the filing of collection cases with
the courts. There will be a separate Board resolution designating the authorized
signatories of the Company with respect to the pre-trial stage of the cases filed in
court.
The Board discussed that the authorized representatives of the Company
during the pre-trial would be authorized to enter into compromise agreements. The
Board agreed that the authorized representatives who will represent the Company
during the pre-trial stage and who will negotiate and execute compromise
agreements must either be a lawyer or paralegal duly authorized by the Board.
The Chairman instructed the Assistant Corporate Secretary to submit the list
of lawyers and paralegals who will be appointed by the Board to represent the
Company during the pre-trial stage of the cases filed in court, including the authority
to negotiate and execute compromise agreements involving the Company.
March 21, 2014
!
“RESOLVED AS IT IS HEREBY RESOLVED, that the Corporation
collect/demand the refund of its meter and bill deposits and advances from the
Visayan Electric Corporation (VECO) and Cagayan Electric Power and Light
*%!
Corporation, Inc. (CEPALCO) as a consequence of the disconnection/termination of
their electric services with the Corporation.
“RESOLVED, FURTHER, that MR. GUILLERMO B. MIRALLES-Gen. Mgr. for
Mindanao and OIC for Visayas, be, as he is hereby, authorized to submit, sign,
receive, execute and deliver waiver, quitclaim or any and all necessary documents
relative to the said transaction with the abovenamed electric companies.”
“RESOLVED AS IT IS HEREBY RESOLVED, that the Corporation
collect/demand the refund of its meter and water deposits and advances, if there are
any, from the Metro Cebu Water District (MCWD) and Cagayan de Oro Water District
(COWD), as a consequence of the disconnection/termination of their water
services/agreements with the Corporation.
“RESOLVED, FURTHER, that MR. GUILLERMO B. MIRALLES-Gen. Mgr. for
Mindanao and OIC for Visayas, be, as he is hereby, authorized to submit, sign,
receive, execute and deliver waiver, quitclaim or any and all necessary documents
relative to the said transaction with the abovenamed water companies.”
as it hereby authorizes, its Chairman of the Board, MR. JOSE VICENTE C. BENGZON,
III, to enter into an agreement with HMR Auction Services, Inc. for the auction of
the Corporation’s various assets as per attached list under such terms and conditions
beneficial to the corporation;
“RESOLVED, FURTHER, that Mr. Bengzon, be, as he is hereby authorized, to
sign, execute and deliver the necessary agreements/documents to implement the
foregoing resolution.”
as it hereby authorizes, its TREASURER/CFO, MS. STEPHANIE NICOLE M.
SARMIENTO-GARCIA, to sign and deliver the Bureau of Custom’s Application Form for
Accreditation of Importer in order that the Corporation may import raw and non-raw
materials.”
Item 16. Matters Not Required to be submitted
Proof of transmittal to stockholders of the required notice of the meeting will not be submitted for
approval by the stockholders.
Item 17. Amendment of Articles of incorporation and By-Laws
Not Applicable
Item 18. Other Proposed Action
No action on any matter, other than those stated in the agenda for the meeting is proposed to be taken.
!
*&!
Item 19. Voting Procedures
Section 5, Article I of the Amended By-Laws of the Corporation reads:
"Section 5. At every meeting of the stockholders of the Corporation, every stockholder entitled to
vote shall be entitled to one vote for such share of stock standing in his name in the books of the
Corporation, provided however, that in case of election of directors, every stockholder entitled to vote
shall be entitled to cumulate his votes in accordance with the provisions of law in such case. Every
stockholder entitled to vote at any meeting of the stockholders may so vote by proxy provided that the
proxy shall have been appointed in writing by the stockholder himself, or by his duly authorized
attorney. The instrument authorizing a proxy to act shall be filed with the Secretary of the Corporation
not later than ten (10) days, and shall be validated not later than five (5) days, prior to the scheduled
stockholders’ meeting. Unless otherwise provided by law, at any meeting of stockholders the presence of
the holders on record of a majority of the stock of the Corporation then issued and outstanding and
entitled to vote, represented in person or by proxy, shall constitute a quorum for the transaction of
business, and in the absence of quorum, the stockholders attending or represented at the time and
place at which such meeting shall have been called, or the officer entitled to preside over such meeting
may adjourn such meeting. When a meeting of stockholders is adjourned to another time and place, it
shall not be necessary to give any notice of the adjourned meeting if the time and place to which the
meeting is adjourned are announced at the meeting at which adjournment is taken. At the reconvened
meeting, any business which might be transacted on the adjourned meeting may be taken up. (As
amended on 25 March 1998.)"
The ratification of the acts of the Board of Directors and the Corporation’s officers and the
approval of the minutes of the Stockholders’ Meeting requires the affirmative vote of a majority of the
stockholders present and constituting a quorum during the Stockholders’ Meeting of the Corporation.
For purposes of electing the members of the Board of Directors, the stockholders entitled to vote
personally or by proxy, may adopt the cumulative method of voting the shares recorded in their names.
The votes shall be counted by raising of hands or viva voce. Should there be a demand by a
stockholder, the votes shall be counted and tallied after they are cast. This shall be done by
representatives from the auditing firm of Reyes Tacandong & Co. who shall be available to entertain
clarifications from the stockholders relating to the counting of votes.
Pursuant to SEC Memorandum Circular No.12 Series of 2002, the Corporation has created the
Nomination Committee composed of the following:
Chairman:
Manuel D. Escueta
Members:
Lorenzo Vito M. Sarmiento, III
Benjamin I. Sarmiento
Angelito M. Sarmiento
Ruby P. Macario (non-voting member)
who pre-screened and short-listed the nominees for the two (2) independent directors and regular
members of the Board of Directors. The guidelines for nomination and the qualifications of the
nominees have been set by the Committee. The Nomination Committee selected Messrs. Mr. Manuel D.
Escueta and Atty.Eduardo T. Rondain as the two (2) nominees for independent directors.
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PART II.
INFORMATION REQUIRED IN A PROXY FORM
Item 1. Identification
This proxy is being solicited by the Corporation. The Vice Chairman of the Board of Directors and the
President of the Corporation or in his absence, the Chairman of the Board of the Corporation, or in his absence,
the presiding officer of the meeting will vote the proxies at the Annual Stockholders’ Meeting to be held on July 4,
2014, at 2:00 pm at Vitarich Corporation Compound, MacArthur Highway, Abangan Sur, Marilao, Bulacan.
Item 2. Instruction
(a) The proxy form must be completed, signed and dated by the stockholder and received by the
Corporation on or before June 23, 2014 at the following address:
Vitarich Corporation Compound
MacArthur Highway, Abangan Sur
Marilao, Bulacan
(b) In case of a corporate stockholder, the proxy must be accompanied by a corporate secretary’s certificate
quoting the board resolution authorizing the relevant corporate officer to execute the proxy for the
corporate stockholder.
(c) Validation of proxies will be done by the Special Committee of Election Inspectors on June 27, 2014.
(d) The manner in which this proxy shall be accomplished as well as the validation hereof shall be governed
by the provisions of Rule 20, Section 11(b) of the SRC IRR.
(e) The stockholder executing the proxy shall indicate the manner by which he wishes the proxy to vote on
the matters in (1) and (2) below by checking the appropriate box. Where the boxes (or any of them) are
unchecked, the stockholder executing the proxy is deemed to have authorized the proxy to vote “FOR”
the items below.
The proxy form states:
“The undersigned hereby appoints Rogelio M. Sarmiento, the Vice Chairman of the Board of Directors and the
President of the Corporation, as his/her/its proxy with full power of substitution and delegation or in his absence,
the Chairman of the Board of the Corporation, or in his absence, the presiding officer of the meeting, as the
proxy of the undersigned, to represent and vote all of the shares of common stock of the undersigned at the
Annual Stockholders’ Meeting of the Corporation to be held on July 4, 2014, at 2:00 pm and at any and all
adjournments or postponements thereof, for the matters to be taken up in the meeting are as follows:
1.
2.
3.
4.
5.
6.
!
Call to order;
Certification of notice to the stockholders and the presence of a quorum to do business;
Approval of the minutes of the previous annual stockholders’ meeting;
Report of the Chairman or President on the operations and financial statements of the
Corporation;
Confirmation and ratification of the acts of the Board of Directors and officers;
Election of directors;
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7.
8.
9.
10.
Appointment of the external auditor;
Appointment of the stock and transfer agent;
Other matters; and
Adjournment
_____________
Date of Proxy
__________________________
Signature over Printed Name
Item 3. Revocability of Proxy
Any stockholder who executes the proxy enclosed with this statement may revoke it at any time before it is
exercised by submitting to the Corporate Secretary a written notice of revocation not later than the start of the
meeting or by attending the meeting in perso.
Item 4. Persons Making the Solicitation
The solicitation is being made by the Management of the Corporation. No director of the Corporation has
informed the Corporation in writing that he intends to oppose an action intended to be taken up by the
Management of the Corporation at the Annual Stockholders’ Meeting.
Solicitation of proxies shall be made through the use of mail or personal delivery. The Corporation will shoulder
the cost of solicitation involving reproduction and mailing of this proxy in an estimated amount of P50,000.00
more or less.
Item 5. Interest of Certain Persons in Matters to be Acted Upon
No director, officer or associate of any of the foregoing has any substantial interest, direct or indirect, by security
holdings or otherwise, on the matter to be acted upon at the Annual Stockholders’ Meeting to be held on July 4,
2014.
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MANAGEMENT REPORT
PART I - BUSINESS AND GENERAL INFORMATION
Item 1.
BUSINESS
Vitarich Corporation was incorporated and organized in 1962. The brothers Feliciano, Lorenzo and Pablo
Sarmiento established the forerunner of Vitarich in 1950, when they founded Philippine American Milling Co. Inc.
(PAMCO). PAMCO eventually moved from its original location to a more modern feed plant in Marilao, Bulacan.
This move marked the beginning of Vitarich’s fully integrated operations and the trade name “Vitarich” was
subsequently adopted.
In 1962, after PAMCO acquired additional machinery and equipment to increase capacity, the Corporation was
registered with the Securities and Exchange Commission (SEC) under the name “Vitarich Feedmill, Inc.” The
Corporation entered the poultry business and built an experimental poultry farm. In the years that followed, the
Corporation entered into agreements with U.S. companies Cobb International and Babcock Poultry Farms for the
exclusive franchise and distributorship of Cobb broiler and Babcock layer breeds respectively in the Philippines.
The Corporation’s corporate life has been extended for another fifty years starting on July 31, 2012.
By the early 1970s, the Corporation further expanded its operations and extended its vertical integration by
acquiring dressing plants and cold storage facilities. In 1981, the Corporation expanded outside Luzon by setting
up the Davao satellite feedmill. The following year, the Corporation increased its feedmilling capacity in Marilao,
Bulacan and at the same time, started operating its Cagayan De Oro feedmill and hatchery. Subsequent areas of
expansion in the Visayas included the cities of Iloilo and Bacolod.
In 1988, the Corporation entered into a joint venture agreement with Cobb-Vantress, Inc. (CVI) (formerly Cobb
International Inc.) and formed Breeder Master Inc. (BMI) (formerly Phil-American Poultry Breeders, Inc.) to
engage in the production of day-old parent stocks. CVI is 100% owned by Tyson Foods, Inc., the world’s largest
chicken Company. BMI, which is currently known as Cobb Vantress Philippines, Inc., is a domestic corporation,
which was 80% owned by Vitarich and 20% owned by CVI.
In 2002, the Corporation decided to dispose of its investment in BMI and agreed to pay its liabilities to BMI by
returning all of its shares of stocks to BMI. Thus, on February 12, 2003, the Corporation entered into a
Memorandum of Agreement (MOA) with BMI and CVI, the minority shareholder of BMI. Under the MOA, the
capital investment of Vitarich in BMI will be returned in payment of Vitarich outstanding liability to BMI. This will
leave CVI as the sole shareholder of BMI.
The Corporation is presently engaged in the production and distribution of various poultry products such as live
and dressed chicken, day-old chicks and animal and aqua feeds, among others.
The Corporation has operating offices in some parts of Luzon, in Iloilo and in Davao, and various satellite offices
in some parts of Southern Philippines.
As an integral poultry producer, the Corporation oversees every aspect of the poultry production process from
breeding and hatching to processing to sales.
On May 31, 2007, The Regional Trial Court of Malolos, Bulacan (Rehabilitation Court) approved the Company’s
proposed Rehabilitation Plan (Plan). The implementation of the Plan resulted mainly in the restructuring of
Company debt aggregating P3.2 billion (at original amount) resulting to longer payment terms and the lowering
of interest. During the year ended December 31, 2013, Kormasinc, Inc. (Kormasinc), acquired the debt from the
Company creditors comprising of local banks and special purpose asset vehicle (SPAV) companies and entered
into a memorandum of agreement with the Company for a debt to equity conversion on September 20, 2013.
Pursuant to the agreement, P2.4 billion of the acquired remaining debt of P3.2 billion (including interest of P200.0
million) was converted at one peso (P1.00) for every one (1) share of stock on the remaining available shares
and on the increase in authorized capital stock from P0.5 billion to P3.5 billion.
On March 30, 2012, the SEC approved the extension of its corporate life for another 50 years. The Company’s
shares of stock were registered with the Philippine Stock Exchange on February 8, 1995.
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On October 16, 2013, the SEC approved the debt to equity conversion and the Company’s increase in authorized
capital stock. Consequently, Kormasinc acquired 85.29% ownership of the Company.
SUBSIDIARIES
Gromax, Inc. is a wholly owned subsidiary of Vitarich which started commercial operation in January 1996.
Previously, Gromax was a division of Vitarich, which was spun off to a separate entity. Gromax was registered
with SEC on November 10, 1995.
Gromax is presently engaged in the manufacture of animal health and nutritional products for commercial sales
as well as for use of its parent Company (Vitarich) in its contract breeding and contract growing operations.
Gromax manufactures, prepares, processes, mixes, distributes and sells innovative and high quality animal health
and nutritional products, feed additives and commodities for poultry and livestock to contract growers, contract
breeders, poultry and swine farms, feed mills, distributors, cooperatives, and poultry integrators throughout the
country.
Aside from catering to its internal breeders and growers, it had expanded its animal health products to include
hog and dairy products from cattle, goat and carabao.
The registered office of Gromax is located at the Vitarich compound, Abangan Sur, Marilao, Bulacan. The
registered office of its parent Company is also the same with the registered office of the said Company.
Philippine’s Favorite Chicken Inc. (PFCI), one of the subsidiaries of Vitarich, entered into distribution
agreements in 1995 with America’s Favorite Chicken Company (AFC), a Company that operates the Church’s
Chicken and Popeye’s Chicken restaurants in the United States. Under these distribution agreements, PFCI will
distribute the paper goods, restaurant supplies, equipment, and food products to Texas Manok Atbp. Inc. (TMA).
The latter corporation, which is owned by the Sarmiento family, in turn, entered into a development and
franchise agreement with AFC. Under the development agreement between TMA and AFC, PFCI was granted the
exclusive right to develop an aggregate of fifty (50) Texas Chicken and fifty (50) Popeye’s Chicken restaurants in
the Philippines in consideration for territorial and franchise fees payable to AFC as stipulated in the agreements.
In addition, a 5% percent royalty fee based on sales is assessed for each franchised restaurant. This royalty is
being paid by TMA, the operator of the restaurant.
The franchise agreement allows the PFCI to use the Texas Chicken and Popeye’s Chicken trade names, service
marks, logos, food formulae and recipes, and other exclusive rights to the proprietary Texas and Popeye’s
Chicken System.
The development of the restaurants is scheduled over a period of seven years starting in 1995 for Texas Chicken
and 1996 for Popeye’s. The franchise agreement shall be for a period of ten (10) years for each restaurant unit,
renewable for four additional periods of five years each, at the option of the franchisee. However, PFCI, in 2000,
lost its right to develop Popeye’s Chicken in the Philippines.
On October 1, 1998, the Board of Directors of PFCI approved the conversion into equity of the advances of
Vitarich Corporation to PFCI amounting to P165 million to be applied to its unpaid subscriptions and for additional
shares of stock of PFCI. Out of the P165 million advances to be converted into equity, P25 million was applied to
Vitarich’s unpaid subscription while the remaining P140 million was shown under Deposit on Future Stock
Subscriptions account pending the approval from the SEC of the conversion.
In 2003, PFCI reverted the investment in shares of stock in PFCI to Advances to subsidiaries amounting to P140
million, as the Board of Directors of PFCI decided not to pursue its application with the SEC to convert into equity
the advances received from Vitarich. PFCI initially recorded the transaction as an increase in investment in
shares of stock in PFCI and a decrease in advances to subsidiaries when the Board of Directors of PFCI approved
the proposed conversion in 1998.
AFC unilaterally terminated its development and franchise agreements with PFCI in 2001. As a result, in August
2001, PFCI and TMA filed a case against AFC and some of AFC’s officers, such as Tom Johnson, Anthony Pavese
and Loreta Sassen, among others, for undue termination of the development and franchise agreements with the
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Regional Trial Court of Pasig City, docketed as Civil Case No. 68583. The case called for injunction, specific
performance, sum of money, and damages against AFC and some of its officers.
In connection with such legal action, in 2001, PFCI recognized as claims receivable, as of December 31, 2001,
certain losses arising from the closure of certain Texas Chicken restaurants and legal fees incurred relating to the
case filed against AFC. Losses recognized as claims receivable include, among others, the loss on write-off of
leasehold and building improvements relating to the closed stores. The total amount recognized as claims
receivable (presented as part of Other Non-current Assets account in the consolidated balance sheets) totaled
P23.2 million as of December 31, 2001.
The Regional Trial Court of Pasig City, in a decision dated April 3, 2002, approved the issuance of a preliminary
writ of attachment on the properties of AFC in the Philippines upon posting of PFCI and TMA of a bond
amounting to P100 million. Management believed that this case would be settled in favor of the PFCI and TMA.
On September 24, 2003, the trial court granted the Motion to Dismiss filed by two of the defendants. PFCI, in
turn, filed a Motion for Partial Reconsideration of the order. Moreover, AFC has filed a Petition for Certiorari
before the Court of Appeals assailing the validity of the trial court previously issued writ of attachment.
On December 22, 2004, the parties have entered into a compromise agreement for the settlement of the case of
which the parties have filed a joint motion to dismiss before the Regional Trial Court of Pasig City, Branch 152.
On March 04, 2005, the Regional Trial Court of Pasig City, Branch 152 had approved the Joint Motion to Dismiss
filed by the parties based on the Compromise Agreement entered into by them, thus, putting an end to the case.
In 2005, the Company discontinued operations of its Texas Manok’s Restaurants. Accordingly, it terminated all its
employees and provided full valuation allowances on all its remaining assets.
Although the Board of Directors (BOD) and stockholders have not yet formally adopted a plan to liquidate the
Company, the financial statements are presented under the liquidation basis of accounting to appropriately reflect
the significant changes in the Company’s status of operations.
BUSINESS OF ISSUER
Business Segments and Product Distribution
The Company has three primary products: feed, farm, and food. It sells its feed products to various distributors,
dealers and end-users nationwide. The Company’s farm products are day old chicks (DOC). The food products
composed of chicken and dory fish are sold to hotels, restaurants, institutional clients, and supermarkets as well
as to wet markets.
Feed Products:
Vitarich Corporation is engaged in the formulation, production, storage and marketing of various animal and aqua
feeds. The feeds are produced in various forms such as mash, pellet, crumble and extruded. The feeds product
line consists of broiler feeds, layer feeds, hog feeds and aqua feeds.
The Corporation’s customer base consists of dealers and end-users nationwide. These clients are given credit
terms from 30 days to 90 days while other customers are on cash basis. The Luzon area accounted for 44% of
the total animal/aqua feeds sales volume, whereas the Visayas and Mindanao areas accounted for 56%.
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Farm Products:
The Corporation’s day old chicks (DOCs) production is sold nationwide to commercial end-users or supplied to
contract growers. The Corporation’s customers are dealers and end-users for Cobb DOCs. A substantial number
of these customers have been dealing with the Corporation for the past 10 to 15 years.
Food Products
Chicken products are sold either as live or dressed. Live broilers are directly purchased by middlemen at the
farmgate, who, in turn, supply these to wet markets where these are sold to the general public on an unbranded
basis.
Dressed chickens are delivered to supermarkets, hotels and restaurants, and fast food chains. Dressed chickens
are likewise sold to institutional clients. :
Pangasius, commonly known as dory fish, originated from the Mekong River in Vietnam. Pangasius is a genus of
catfishes of the family Pangasiidae. This fish is now one of the main export products of Vietnam. Last 2010, it
already exported up to 5000 metric tons ($ 9.8 Million) here in the Philippines.
Vitarich is one of the pioneers that locally culture Pangasius and this extends to breeding, growing, processing up
to marketing.
Dory Fish or Pangasius is now considered as one of the fast growing and durable fish relative to tilapia and
milkfish. Its fillet part is in high demand mostly in fine dining restaurants and food chains as well. Its neutral and
almost bland taste easily absorbs spices and flavors to the delight of customers.
Live, gutted, and chilled were the original appearance of the fish that the market had been accustomed to.
However, in the course of its development, value added products have been launched by Vitarich such as
sausage, franks, dory balls, dory rolls, siomai, shanghai, skinless longaniza and embutido. Not only do these
products add new flavor and twist to the traditional forms that the palate had been used to, they also provide
healthy alternatives to the high-cholesterol products that abound the market.
Apart from these products, Vitarich is also offering technical assistance and marketing support for customers who
are interested in Pangasius farming. With the vision to continue being the pioneer, innovator, and agribusiness
partner, Vitarich ensures providing consistent quality products and services that guarantee customer satisfaction.
Competition
Although the Corporation is focused on the chicken and feed industry, it faces competition from several sources
by virtue of its integrated operations. The Corporation intends to strengthen its competition by establishing
objectives and strategic plans to effectively compete with other integrators not only for consumers of its products
but also for production resources such as contract growers. The Corporation competes based on product
performance.
Principal competitors of the Company are San Miguel Corporation (B-Meg), UNAHCO, URC, Feedmix, Tateh, and
Hocpo for the feed business. Key players in chicken business are San Miguel Corporation (Magnolia) and Bounty.
As of December 31, 2013, contributions to revenue of the Corporation’s business groups were as follows: feeds
62%, foods 33% and farms at 5%.
Given its vision to serve its customers with effective technical and marketing support, the Company allotted
resources to the research and development of production process improvements and product value
enhancement.
!
#$!
Sources of Raw Materials
The raw material components of feeds represent the most significant cost component of the Company’s
operations. Major raw materials of the feed business of the Company are corn, wheat, soya, and rice bran. The
Company purchases these materials locally from traders. There are also times that the Company imports these
materials from Australia, North and South America, India, and Pakistan. It is also continuously undertaking
programs to substitute traditional grains with materials considered as by-products. High cost of major raw
materials such as wheat, corn, oil and soybean meal makes it imperative for the Company to source alternative
(and non-traditional) raw materials such as food by-products and other protein sources.
The registrant is not dependent on, nor has any major existing supply contract, with one or a limited number of
its suppliers for the purchase of essential raw materials.
Customers
The Company has various customers from all product lines and is not dependent on a single or few customers.
The loss of one or two of its customers does not have any adverse material effect on its operations. No customer
of the Corporation accounted for 20% of its sale. The Corporation has existing sales contracts with business
partners and customers in the normal and regular business transactions.
Manpower Complement
As of December 31, 2013 the Corporation and its subsidiaries have a total number of 505 employees composed
of supervisors, managers, executives and rank and file, with 314 regulars and 191 contractuals. The Corporation
has a collective bargaining agreement with the union representing the Corporation’s rank and file employees.
The Federation of Free Workers - Vitarich Corporation Employees / Workers Union Chapter (FFW – VEWU) is the
duly authorized collective bargaining agent that represents all rank and file employees of the Corporation. On
August 5, 2010, the Corporation signed a five-year Collective Bargaining Agreement (CBA) with the said
bargaining agent, which CBA shall be in effect from August 1, 2010 to July 31, 2015.
There are no issues pertaining to labor unrest.
Pension Costs
The Company maintains a partially funded, tax-qualified, noncontributory post-employment defined benefit plan
covering all of its regular full-time employees. The defined benefit plan is being administered by a trustee bank
which is responsible for the administration of the plan assets and for the definition of the investment
strategy. The Company’s defined benefit pension plan is a final salary plan for all qualified employees.
The plan is according to Republic Act No. 7641, which mandates all private employers (with certain exceptions) to
provide retirement benefits to employees who, upon reaching the age of sixty (60) years or more, but not beyond
sixty-five (65) years, have served at least five (5) years. The amount of retirement benefit was defined as at
least one-half month salary for every year of service.
The plan is exposed to interest rate risks and changes in the life expectancy of qualified employees. The plan is
not exposed to significant concentrations of risk on the plan assets.
Gromax Inc, has no formal retirement plan. The retirement benefit obligation of Gromax is accrued using the
projected
unit
method
as
computed
by
an
independent
actuary
covering
all
regular
full-time employees.
Actuarial valuations are made periodically to update the retirement benefit obligation and the amount of
contributions. The latest actuarial valuation of the plan is as at December 31, 2013.
!
#%!
Government Regulations and Approval
Compliance with environmental laws enhances good community and industry relationship and provides assurance
to employees of their health and safety, thereby freeing Vitarich from violations and penalties.
Aside from compliance with the environmental laws, the Corporation also needs government approval for its
principal products and services from the Bureau of Animal Industry (BAI) and the National Meat Inspection
Services (NMIS) for the registration of its feedmill, accreditation of chemical laboratory, accreditation of meat
plant, cold storage, respectively, that will all ensure that only safe and wholesome products reach the consumers.
The Corporation is also required to secure all applicable permits from the Environmental Management Bureau
(EMB) of the Department of Environment and Natural Resources (DENR) – for its feedmill plant, dressing plant,
rendering plant and hatcheries.
The Corporation and its subsidiaries have obtained all necessary permits, licenses and government approvals to
manufacture and sell their products.
One facility of the Corporation, San Pablo Hatchery, was awarded a Blue Rating by the Laguna Lake Development
Authority (LLDA) in its Public Disclosure Program for its compliances from 2010 to 2012.
The Corporation and its subsidiaries have no knowledge of recent or impending legislation, the implementation of
which can result in a material adverse effect on the Corporation and its subsidiaries’ business or financial
condition.
Cost and Effects of Compliance with Environmental Laws
The Company generally complies with all environmental laws and regulations implemented by the Environmental
Management Bureau of the Department of Environment and Natural Resources and invest appropriately to ensure
compliance.
To ensure that its facilities are compliant with existing environmental laws, the Company implemented the
following activities:
1.
2.
3.
4.
5.
6.
!
Ambient air testing of the surrounding areas of the plant, i.e., NESW, which incurred P5,000 together with
noise monitoring in the said stations. With favorable results, the plant is in compliance with the Standards
of the Clean Air Act of the Philippines. This ensures emissions such as particulate matter coming from the
plant do not adversely affect the environment.
Stack emission testing of boilers to ensure that the gases being emitted during operation of the boilers are
within the Standards of the Clean Act of the Philippines. Testing cost amounted to P25,000 and with this
testing it had monitored that emissions from the boilers are within the standards.
Regular monitoring of the final discharge of wastewater from dressing plant and hatcheries to ensure that
water being discharged by the plants are is in compliance with the Standards of the Clean Water Act.
Quarterly monitoring as required by the law cost P2,000 or more per effluent sample depending on the
parameters being required per plant.
Regular repair and maintenance of facilities and pollution control facilities attached to ensure good
operating conditions and thereby prevent/control pollution coming from the plant.
Replacement of major equipment of the plant such as that of the rendering plant. A new cooker was
purchased and additional odor control equipment/devices were installed to control odor emissions from the
plant.
Annual renewal of Permits from DENR-EMB is secured. Cost varies for each plant ranging from P1,000 to
10,000.
#&!
Trademarks, Royalty and Patents
Devices and logo being used by the Company are registered with the Intellectual Property Office to wit:
•
•
•
•
Vitarich and Devices
Aqua V-Tech and Logo
Gromax Incorporated and design
Cook’s Golden Dory all fresh all natural and device
Date Registered
November 11, 2010
January 20, 2011
July 07,2011
December 22, 2011
The registration is renewable for another ten (10) years. The Company does not hold any other patent,
trademark, franchise, concession or royalty agreement.
Certification
Since 1999, the Corporation’s Marilao – Feed Mill plant has been consistently complying and maintaining the
certification with the ISO 9001 Quality Management System (QMS) through passing the rigid periodic surveillance
audits by Certification International (CI). Such system enabled the Corporation to establish procedures that cover
all key processes in the business, monitoring process to ensure that they are effective, keeping adequate records,
checking output for defects with appropriate corrective actions, regularly reviewing individual processes and the
quality system itself for effectiveness, thus facilitating continual improvement.
In 2007, the Corporation’s commitment toward consistent product quality and safety was further strengthened
when the three Company-owned feed mill facilities in Luzon, Visayas and Mindanao were certified with the
International Organization for Standardization (ISO) for quality and feed safety management systems such as the
ISO 9001: 2000 for Quality Management System (QMS) integrated with Hazard Analysis and Critical Control
Points (HACCP) for the Luzon feed mill plant and ISO 22000:2005 Food Safety Management System (FSMS) for
the Visayas and Mindanao feed mill plants. The Corporation has adopted and implemented preventive approaches
to product safety that address physical, chemical and biological hazards in various aspects of feeds manufacturing
along with the process and product inspection
On November 20, 2013, the Governing Board of Certification International Philippines, Inc. has re-certified the
Corporation's Feedmill Plant in Luzon as conforming to ISO 9001:2008 and HACCP systems under Certification
Nos. CIP/3999Q/07/10/544 and CIP/3999H/07/10/544, respectively.
At present, the Corporation is continuously complying and maintaining the requirements of the standards for
Luzon, Iloilo and Davao Feed Mill Plants.
Research and Development
The Company’s research and development are centrally organized under the Research and Development
Department to focus on the following core activities:
!
!
!
Product Quality
Research and Development
Animal Nutrition
A Research and Development Manager directs these activities, which generally include the following:
"
"
"
"
"
"
!
Animal nutrition
Diagnostic laboratory services
Feeds and feeds quality control
Poultry genetic research
New product development
Technical extension services for contract breeders and growers
#'!
In January 2001, the renovated Research Center of the Corporation was inaugurated. This upgraded the
chemical laboratory capability and further improved the analysis procedure. Duration for analyzing was
shortened through the acquisition of modern laboratory equipment.
The Chemical Laboratory is located in the Vitarich Marilao Feed Mill compound, which handles most of the
laboratory services needed for feed processing, from raw material analyses to finished products tests. The
Diagnostic Laboratory, located in Vitarich Dressing Plant compound in Sta. Rosa I, Marilao, Bulacan, handles all
the laboratory support related to feed and food safety as well as the surveillance, prevention, and diagnosis of
diseases to ensure health maintenance of livestock.
To ensure that its edge in the reliability and accuracy of its analysis is kept, equipment are continuously
upgraded, i.e. the LECO protein analyzer, Inductively Coupled Plasma (ICP) mineral analyzer, Gas Chromatograph
(GC) Free Fatty Acid analyzer, Near Infrared System (NIRS) for the simultaneous determination of various
nutrients, and the Ankom Fiber analyzer. The Diagnostic Laboratory also acquired additional capabilities,
particularly for swine serological tests.
Both laboratories currently service external customers for a whole variety of laboratory and field technical needs.
For research and development activities, the Corporation spent P3.02M in 2013, P2.4M in 2012, P0.6 M in 2011,
and P0.9M in 2010.
On May 26, 2008, Precisione International Research and Diagnostic Laboratory Inc. was formed with the aim of
providing laboratory and quality testing facilities to the Company and other commercial establishments.
Financial Risk Management
The Company is exposed to a variety of financial risks which result from its operating, financing and investing
activities. The Company’s overall risk management program focuses on the unpredictability of the markets and
seeks to minimize potential adverse effects on the Company’s performance.
The Company does not engage in the trading of financial assets for speculative purposes nor does it write
options. The financial risks, which the Company is exposed to, are described below and in the succeeding pages.
Foreign Currency Sensitivity
To a certain extent, the Company has an exposure to foreign currency risks as some of its raw materials
purchases are sourced outside the Philippines and are therefore denominated in foreign currencies. However, the
Company has not yet experienced significant losses due to the effect of foreign currency fluctuations since
purchases denominated in foreign currency are kept at a minimum.
Interest Rate Sensitivity
As at December 31, 2013 and 2012, the Company has no significant floating rate financial assets or liabilities.
The Company’s operating cash flows are substantially independent of changes in market interest rates.
The Company has no borrowings that carry variable interest rates, which released the Company from any cash
flow interest rate risk.
Credit Risk
Generally, the maximum credit risk exposure of the financial assets is the carrying amount of the financial assets.
The Company continuously monitors defaults of counterparties, identified either individually or by group, and
incorporates this information into its credit risk controls. Where available at a reasonable cost, external credit
ratings and/or reports on counterparties are obtained and used. The Company’s policy is to deal only with
creditworthy counterparties.
The Company’s trade and other receivables are not exposed to a concentration of credit risk as the Company
deals with a number of customers. The trade and other receivables are actively monitored and assessed, and
!
#(!
where necessary an adequate level of provision is maintained. In addition, to minimize credit risk, the Company
requires collateral, generally land and real estate, from its customers.
The Company’s management considers that trade and other receivables that are not impaired nor past due for
each reporting periods are of good credit quality.
The Company’s basis in grading its neither past due nor impaired financial assets is as follows:
High grade:
ratings given to counterparties with strong to very strong capacity to meet its
obligations.
Standard grade:
ratings given to counterparties with average capacity to meet its obligations
Liquidity Risk
The Company’s petition for corporate rehabilitation, which resulted in the eventual approval of the Plan, has
significantly assisted in addressing the liquidity issue of the Company as the Plan provides for deferment of
borrowing repayments for a period of three years. Nevertheless, the Company manages its liquidity profile to be
able to service its long-term debt as they will fall due in the near future by maintaining sufficient cash from
operations.
The Company maintains cash to meet its liquidity requirements for up to 30-day periods.
Price Risk
The Company is exposed to commodity price risk as the raw materials of its main products are subject to price
swings. The Company’s management actively seeks means to minimize exposure to such risk.
Item 2. PROPERTIES
The Corporation operates and/or leases numerous production facilities, which include feed mills, dressing plants,
and hatcheries, most of which are owned by the Corporation. As of December 31, 2013, these facilities include
the following.
Condition
Remarks
Bulacan
Good
Owned/Mortgaged
Iloilo
Good
Owned/Mortgaged
Davao
Good
Owned/Mortgaged
Marilao
Good
Owned/Mortgaged/Leased to third party
Iloilo
Good
Toll
Davao
Good
Bulacan
Laguna
Good
Good
Tarlac
Good
Cebu
Good
Owned/Mortgaged
Iloilo
Good
Toll
Davao
Good
Toll
Feed Mill
Dressing Plant
Hatchery
As the Corporation is focused on its corporate rehabilitation program, acquisition of major properties that require
substantial capital investment is currently put on hold. Thus, the Corporation is taking a cautious stance at this
!
"#!
time to invest, considering the present economic conditions in acquiring capital equipment. The Corporation will
only consider any project, which is critical to its continued operations and likewise that which will generate
substantial cost savings and higher return of investment.
Item 3. LEGAL PROCEEDINGS
Although the rehabilitation plan was approved in May 2007, there were incidents filed in the Rehabilitation Court.
However, on February 21, 2014, the Rehabilitation Court issued an Order denying Metrobank’s Omnibus Motion
to defer the sale of the second set of non core assets, terminate proceedings and dismiss the Receiver.
The Corporation’s claim against Philippine Charter Insurance Corporation amounting to P316M has will be litigated
in a regular Regional Trial Court.
There have been no violations or possible violation of laws or regulations in any jurisdiction whose effects should
be considered for disclosure in financial statements.
Except for the insufficient disclosure on account receivables and late filing of the Annual Corporate Governance
Report as found out by the Securities and Exchange Commission, there have been no communications from
regulatory agencies or government representatives concerning investigations or allegations on noncompliance
with laws or regulations in any jurisdiction, or deficiencies in financial reporting practices or other matters that
could have material effect on the financial statements.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no matters submitted to a vote of security holders during the calendar year covered by this report.
PART II – OPERATIONAL AND FINANCIAL INFORMATION
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDERS MATTERS
The Corporation’s common equity is principally traded in the Philippine Stock Exchange (PSE). The high and low
sales prices for every quarter ended are indicated in the table below:
!
!
2012
2013
2014
High
Low
High
Low
High
Low
1st quarter
0.50
0.50
0.97
0.91
0.70
0.69
2nd quarter
0.65
0.62
0.77
0.75
3rd quarter
0.92
0.85
0.73
0.70
4th quarter
1.00
0.94
0.59
0.59
The closing price of the Corporation’s common shares as of the last trading date – December 27, 2013 was
P0.59/ share.
As of May 31, 2014, the latest trading date prior to the completion of this report, sales price of the common
stock was at P0.69/share.
There are no securities to be issued in connection with an acquisition, business combination or other
reorganization.
!
$W!
Sales of Unregistered Securities
On September 20, 2013, Vitarich Corporation agreed to issue 2,376,528,137 common shares to Kormasinc, Inc.
due to the conversion of the latter's credit of P2,376,528,137 into equity of the Corporation. Ninety million, thirty
thousand, two hundred thirty six (90,030,236) came from the unissued shares of the Corporation, while
2,286,497,901 came from the increase of the authorized capital stock of the Corporation from P500M to P3.5B.
On October 16,2013, the Securities and Exchange Commission approved the valuation of 90,030,236 shares and
the increase in the authorized capital stock of the Corporation from P500M to P3.5B.
Holders
The Corporation has only one class of shares i.e., common shares. The total number of stockholders as of May
31, 2014 is 4,393 and the total number of shares outstanding on that date was 2,786,497,901.
Total public ownership shares as of May 31, 2014 were 11.57%. The Company’s Filipino-Foreign equity
ownership as of May 31, 2014 is as follows:
No. Of Shares
% Ownership
Shares owned by Filipino
2,775,559,694
99.61%
10,938,207
0.39%
2,786,497,901
100.00%
Shares owned by Foreigners
Total
Listed below are the top 20 stockholders of the Corporation as of May 31, 2014:
Name of Stockholders
Number of Shares
KORMASINC, INC.
2,376,528,137
85.29%
265,068,930
9.51%
85,965,519
3.09%
PACIFIC EQUITY INC.
10,843,717
0.39%
SARPHIL CORPORATION
10,000,090
0.36%
PCD NOMINEE CORPORATION (NON-FILIPINO)
8,661,887
0.31%
GRELI S. LEGAZPI
2,390,000
0.09%
YAZAR CORPORATION
1,402,520
0.05%
MA. SOCORRO S. GATMAITAN
1,307,033
0.05%
MA. LOURDES S. CEBRERO
1,305,320
0.05%
MA. LUZ S. ROXAS
1,305,320
0.05%
MA. VICTORIA M. SARMIENTO
1,305,320
0.05%
JOSE M. SARMIENTO
1,305,320
0.05%
LORENZO M. SARMIENTO JR.
841,095
0.03%
GLICERIA M. SARMIENTO
690,000
0.02%
DELIA S. ATIZADO
527,860
0.02%
NELIA CRUZ
527,850
0.02%
ERNESTO B. LIM
302,000
0.01%
WHITE ELEPHANTS, INC.
250,000
0.01%
BARBARA ARLENE I. SARMIENTO
228,510
0.01%
15,741,473
0.56%
PCD NOMINEE CORPORATION (FILIPINO)
Other Stockholders
Total Shares Issued & Outstanding
!
Percent to Total
Outstanding
2,786,497,901
$"!
100.00%
In 1995, the Corporation declared a cash dividend of P0.10 per share. But for the years 1996 up to 2012, the
Corporation did not declare any dividend because of the losses suffered by the Corporation.
Description of Vitarich Shares
Securities of the Corporation consist entirely of common stock with par value of P1.00 per share. All shares are
equally eligible to receive dividends and repayment of capital and each share is entitled to one vote at the
shareholders’ meeting of the Company.
Item 6. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
In 2013, the creditor banks and the SPAV Companies transferred their interest in the restructured loan to
Kormasinc, Inc. (Kormasinc), P2.4 B of which were converted into equity of the Corporation by Kormasinc, Inc.
On October 16, 2013, the Securities and Exchange Commission (SEC) approved Company’s filing for an increase
in its authorized capital stock from =
P 0.5 billion to =
P 3.5 billion and the debt to equity conversion pursuant to a
debt to equity agreement between Kormasinc, Inc and Vitarich Corporation on September 20, 2013.
The increase in its authorized capital stock and the debt-to-equity conversion resulted to an increase in equity to
=
P 1,298.3 million as at December 31, 2013 from =
P 35.8 million as at December 31, 2012.
!
Results of Operations:
For the first quarter of 2014, Vitarich Corporation and its subsidiaries generated consolidated sale of goods of =
P
613million,
lower
by
12%
from=
P 700
million
of
same
quarter
last
year.
As
of
March 31, 2014, the Company generated sale of goods of =
P 613 million, 12% lower from a year ago. Lower
consolidated revenues were due to the softening demand of pork and chicken that resulted to decrease sales
volume. Decline in chicken volume was a result of a deliberate reduction of poultry volume due to continuous
challenges confronting the poultry industry. Drop in feeds volume was a consequence of the unceasing hog
depopulation and fish kill incidences in Luzon.
The Company will continue with its aggressive marketing campaigns, to further expand its sales and distribution
network, strengthen market visibility of Company products, and likewise find and identify its niche in the market.
Similarly, the Company will continue to pursue improvement of margins through optimum size distribution and
efficient supply chain and enhancing efficiency and productivity.
Raw material prices continue to be on the high side as compared to last year. This resulted to increased cost of
commercial feeds.
The combined effect of lower sales revenues and higher direct costs resulted to lower gross profit. The Company
generated gross profit of !28 million for the first quarter, 30% lower from a year ago. For the first quarter, gross
profit went down by 30% as against last year’s level as cost of goods sold increased in line with higher
commodity prices.
For the three-months period, consolidated operating expenses increased by 27%. For the first quarter,
consolidated operating expenses increased by 27% from =
P 69 million from the previous quarter to =
P 88 million.
Other operating income for the first quarter of 2014 decreased by 53% versus same period last year.
Consolidated other operating income for the three-months period went down by 53% from last year.
Other charges decreased from !13 million to !7 million. This has also resulted to a consolidated net loss for the
first quarter of =
P 42 million as against last year’s loss of =
P 18 million. As of March 31, 2014, the Company
generated a net loss of =
P 42 million, declining from last year’s loss of !18 million.
!
"#!
Corporate Action Plan:
As the Company is under corporate rehabilitation, it will continue to focus on its core business and strive to
improve operations. Likewise, the Company will also continuously institute the programs adopted by the
management pursuant to the rehabilitation plan such as the following:
•
•
•
•
•
Corporate branding and image rebuilding;
Launching of new products in the market;
Expanding sales and distribution networks;
Strengthening business ties with trading partners, local and abroad; and
Continuously improving product quality including rehabilitation and standardization of certain plants to
qualify for international standardization and accreditations.
To augment its working capital and to pay its remaining secured obligation, the Corporation will pursue with vigor
the sale of its assets that are no longer needed by its operation.
Financial Condition
Unaudited Balance Sheet as of March 31, 2014 vs. audited December 31, 2013
The Company’s consolidated total assets as of March 31, 2014 stood at =
P 3,529 million, slightly lower than
December 31, 2013 level of =
P 3,647 million. Total current assets decreased from =
P 1,361 million as at December
31, 2013 to =
P 1,310 million as at March 31, 2014.
Cash balance as of March 31, 2014 decreased to =
P 31 million from =
P 45 million as
December 31, 2013. The reduction in cash was attributed to net cash outflows used in operating activities.
of
Trade and other receivable account decreased by 1% as a result of increased collections as compared to revenue
during the year.
Inventories went down by 11% due to the decrease purchases.
Other current assets account of =
P 71 million was up by 49%
December 31, 2013 due to increased input VAT and prepayment accounts.
maintained at =
P 2.6 million.
as against =
P 48 million in
While other non-current assets
Total current liabilities for the period ended amounted to =
P 1,732 million, lower by 3% as of December 31, 2013.
Trade and other payables account decreased by 5% as against last year. Deferred tax liabilities decreased by 6%.
Stockholders’ equity decreased from =
P 1,332 million to =
P 1,290 million, due to net loss posted as of the first
quarter period.
The Corporation’s top five (5) key performance indicators are described as follows:
Revenue (P
= million)
Cost Contribution (P
= million)
Gross Profit Rate (%)
Operating Margin (P
= million)
Unaudited
Mar 2014
Unaudited
Mar 2013
&"#
%(%
%\
U$(XWV
'WW
&&W
&\
U#X(V
!
1) Sales Volume, Price, and Revenue Growth
Consolidated revenue composed of feeds, day old chicks, chicken, animal health products, and dory fish sales
amounted to =
P 613 million, lower than the same period last year of =
P 700 million, mainly because of lower sales
volume of all product lines.
!
$#!
2) Cost Contribution
This measures the cost efficiency of the products and trend of raw materials prices, particularly importations
wherein there are foreign exchange exposures. Costs are analyzed on a regular basis for management’s better
strategic decisions in cost reduction and efficiency measures.
3) Gross Profit Rate
The review is done on a regular basis to check if the targets are being met based on the forecasted gross profit
rate. This is being done on a regular basis for proper and immediate action.
4) Operating margin
This is the result after operating expenses are deducted. Review of operating expenses is performed on a regular
basis. These are being analyzed and compared against budget, last month and previous years, to ensure that
cost reduction measures are being met and implemented.
Plan of Operations
The Company’s plans and programs for the year 2014 are the following:
1. Focus on IMPROVING Efficiency and INCREASING Productivity
a. Strictly implement cost reduction and operational improvement programs on poultry and feed
mill facilities
b. Aggressively source unique, alternative and competitively priced raw materials
2. Back to the BASICS to become The PREFERRED brand
a. CLEAR and improved performance and market positioning
b. More RESPONSIVE technical services and business assistance
c. CLOSER relationship with key accounts and customers
3. Improvement of margins thru optimum size distribution and efficient supply chain
a. Develop more partnerships and tie-ups
b. Deliver right and required sized-broiler to minimize inventory
c. Develop value-added products that will eliminate falldowns
4. IMPROVE Financial Ratios
a. Prioritize customers with good paying habits
b. Promote early payment for better collection efficiencies
c. Thorough assessment of old and new clients
d. Offer shorter credit terms
5. Increase working capital thru:
a. Sell non-core foreclosed assets
b. Continuous leasing of investment properties (i.e. hatcheries, dressing plants, ice plants,
rendering plants).
2013 RESULTS OF OPERATIONS AS COMPARED AGAINST 2012 AND 2011
Vitarich Corporation and its Subsidiaries generated a consolidated sale of goods of P2.8 billion as of December
31, 2013, lower by 9% over last year of P3.1 billion but 3% higher than 2011 level. Sale of goods per business
segment follows:
Food Segment:
Sale of goods of food segment increased by P3%, from P910 million in 2012 to P935 million in 2013 due to better
performance of the Dory business.
Feeds Segment:
Sale of goods of feeds segment decreased by P14%, from P1,997 million in 2012 to P1,717 million in 2013 due to
lower volume of animal and aqua feeds. Hog depopulation, fish kill, and unavailable fingerlings were the reasons
for lower feeds volume.
Farms Segment:
Sale of goods of farms segment decreased by P12%, from P152 million in 2012 to P134 million in 2013 due to
lower selling price of day old chick (DOC).
!
$$!
The Company’s cost of goods sold consists primarily of raw materials, manufacturing costs, and direct labor costs.
Cost of goods sold of P2.7 billion decreased by 4% in 2013 from P2.8 billion in 2012 mainly due to lower sales
volume but higher by 8% over 2011.
Vitarich gross profit for 2013 amounted to P85 million, lower by 67% and 56% as compared to 2012 and 2011,
respectively. Decreased gross profit was mainly due to declined volume and lower selling price.
Operating expenses in 2013 of P445 million increased by 19% from P375 million in 2012 and by 14% as compared
to 2011 primarily due to higher administrative, selling, and distribution expenses. Other operating income of P126
million declined by 14% over 2012 primarily due to lower income from tolling operations but higher by 17% as
compared to 2011.
As a result of the above factors, the Company registered an operating loss of P234 million, lower by P266 million
and P143 million over 2012 and 2011, respectively.
Other charges/(income) of P85 million decreased by 44% and 50% as compared to 2012 and 2011, respectively.
The Company’s other charges/(income) consisted of the following:
Years Ended December 31
2013
2012
2011
(689,193,160)
–
–
681,822,369
–
–
OTHER CHARGES (INCOME)
Gain on debt to equity conversion
Reversal of unamortized day-1 gain
Interest expense
154,395,705
193,284,039
190,082,768
(139,767,553)
–
–
of investment properties
24,805,980
(51,053,643)
(35,639,909)
Provision for probable losses
18,238,838
–
–
Reversal of accrued interest
Loss (gain) on fair value changes
Impairment loss on:
Property, plant and equipment
17,487,630
–
–
–
10,456,132
10,456,132
–
90,000
3,950,463
17,300,399
(39,000)
–
(274,249)
(500,117)
(715,855)
84,815,959
152,237,411
168,133,599
Project development cost
Due from related parties
Loss (gain) on sale of property,
plant and equipment and investment
properties
Interest income
The Company recognized P689 million gain on debt to equity conversion in 2013. Reversal of unamortized day-1
gain of P681 million was booked in 2013. Interest Expense in 2013 amounted to P154 million; lower than last
year’s P193 million and 2011’s P190 million. Reversal of accrued interest of P140 million was also recognized in
2013. Loss on fair value changes of investment properties of P25 million and provision of probable losses of P18
million were reported in 2013. Impairment loss property, plant, and equipment, project development cost, and
due from related parties of P17 million in 2013 increased by 66% and 21% as compared to 2012 and 2011,
respectively. The Company recognized a loss on sale of property, plant, and equipment amounting to P17 million
in 2013. Interest income of P0.3 million went down by 45% over last years’ P0.5 million and by 62% over 2011’s
P0.7 million. Income tax for the year amounted to P82 million.
For the year-end, the Company incurred a net loss of P400 million, 238% and 69% higher than the loss of P119
million in 2012 and P237 million in 2011, respectively.
!
$%!
Financial Condition
Total assets as of December 31, 2013 amounted to P3.6 billion, 9% lower than last year’s P4.0 billion. Total
current assets of P1.4 billion decreased by 11% from last year’s P1.5 billion.
The Company’s cash of P45 million was higher by 32% versus last year’s P34 million. Trade and other
receivables of P694 million decreased by 15% or P124 million from 2012’s P818 million. This was mainly due to
the collection effort of the Company. Due from related parties of P97 million decreased by 3% as compared from
last year’s P100 million. Inventories of P476 million went down by 13% from previous year’s balance of P544
million due to lower feed volume, raw materials and feeds supplement inventory. Other current asset account
increased by 70% from last year’s P28 million to P48 million as of year-end.
Other non-current assets of P2,286 million declined by 8% from 2012’s P2,485 million due to the prepayments to
insurance and bond premiums and loss on sale of property, plant, and equipment and investment properties.
Trade and other payables account went down by 7% due to payment to raw material suppliers.
Payable to stockholder of P638 million was recognized as discussed in Note 1, during the year ended December
31, 2013. Kormasinc acquired the Company’s restructured debt from creditors comprising of local banks and
SPAV companies and entered into a memorandum of agreement with the Company for a debt to equity
conversion on September 20, 2013. Pursuant to the agreement, P2.4 billion of the restructured debt of P3.2
billion (including interest of P200.0 million) was converted at one peso (P1.00) for every one (1) share of stock
on the remaining available shares and on the increase in authorized capital stock from P0.5 billion to P3.5 billion.
The SEC approved, on October 16, 2013, the debt to equity conversion and the Company’s increase in authorized
capital stock. Consequently, Kormasinc acquired 85.29% ownership of the Company.
Outstanding Group debt due to Kormasinc as at December 31, 2013 amounted to P837.9 million (including
interest of P200.0 million). The terms of the payment of the loan are still subject to negotiation. Interest on the
loan from the period September 2013 to December 2013 was waived by Kormasinc.
Summarized below are the outstanding accounts, arising from the foregoing transactions:
Kormasinc
Relationship
Parent
Company
Amount of
Transactions
637,888,966
199,985,490
Nature of Transactions
Restructured Debt
Interest on restructured debt
2013
2012
Outstanding
Amount of Outstanding
Balances Transactions
Balances
637,888,966
–
–
199,985,490
–
–
837,874,456
–
Income tax payable of P4.6 million decreased by 6% from P4.9 million in 2012.
Noncurrent liabilities of P521 million decreased by 80% from P2,666 million in 2012 due to restructured debt of
P2,230 million.
Stockholders’ equity as of the end of December 31, 2013 amounted to P1,332 million, significantly higher than
2012’s P36 million as a result of the debt to equity conversion and the Company’s increase in authorized capital
stock.
The Corporation’s top five (5) key performance indicators are described as follows:
2013
2012
Revenue (Php billion)
2.79
3.06
Cost Contribution (Php billion)
2.70
2.80
Gross Profit Rate (%)
Operating Margin (Php billion)
!
3%
9%
-0.234
0.032
$&!
1) Sales Volume, Price, and Revenue Growth
Consolidated revenue, composed of feeds, day old chicks, chicken, and dory fish sales, amounted to P2.79 billion,
9% lowerthan the same period last year of P3.06 billion, driven, by decreased volume and lower selling prices.
2) Cost Contribution
This measures the cost efficiency of the products and trend of raw materials prices, particularly importations
wherein there are foreign exchange exposures. Costs are analyzed on a regular basis for management’s better
strategic decisions in cost reduction and efficiency measures.
3) Gross Profit Rate
The review is done on a regular basis to check if the targets are being met based on the forecasted gross profit
rate. This is being done on a regular basis for proper and immediate action.
4) Operating Margin
Operating margin is the result after operating expenses are deducted. Review of operating expenses is performed
on a regular basis. These are being analyzed and compared against budget, last month and previous years, to
ensure that cost reduction measures are being met and implemented.
5) Plant Capacity Utilization
This determines total usage of the plant capacity. The higher the plant utilization, the better the productivity,
which translates to better margin.
All material off-balance sheet transactions, arrangements, obligations (including contingent
obligations), and other relationships of the company with unconsolidated entities or other persons
created during the reporting period - Not applicable.
Any material commitment for capital expenditures, the general purpose of such commitments, and
the expected sources of funds for such expenditures should be described - Not applicable.
Any significant element of income or loss that did not arise from the registrant's continuing
operations - There are no significant elements of income or loss arising from continuing operations.
Any known trend, or any demand, commitment, event or uncertainty that will result in or that are
reasonably likely to result to registrant’s liquidity increasing or decreasing in any material way - The
following affect the Corporation’s financial conditions and results of operations:
Restructured Debt
Debt at Discounted Value
The debt was originally obtained from local creditor banks and was restructured pursuant to the Plan approved by
the Court on May 31, 2007 as discussed in Note 1 of the 2013 Audited FS of Vitarich Corporation and
Subsidiaries. Several of these creditor banks have transferred their interests in the loans to SPAV Companies.
The debt was remeasured at fair value (subsequently at amortized cost) in 2007 based on the terms of the Plan
using the prevailing effective interest rate of 9% at that time.
Kormasinc acquired the interest in the loans from all the creditor banks and SPAV Companies and entered into a
debt to equity conversion of debts amounting to P2,376,528,138 at 1:1 or 1 share of common stock for every
P1.00 debt. This was approved by the SEC on October 16, 2013.
The transfer of interest on the restructured loan to Kormasinc and the debt to equity conversion of the
Company’s loan to Kormasinc resulted to the reversal of the unamortized “day 1” gain on the loan amounting to
P681.8 million as at September 20, 2013. However, the subsequent approval by the SEC of the debt to equity
conversion resulted to a pro-forma accounting income of P689.2 million arising from the difference between the
market value and the par value of the shares at which price the debt was converted to equity.
!
$'!
The summary of the restructured debt is presented below:
Debt at original amount
2013
2012
3,254,367,021
3,254,367,021
(177,838,883)
(177,838,883)
Payments to date:
Balance at beginning of year
Payments
Debt to equity conversion
Reclassification
Balance at end of year
Unamortized discount at original amount
(62,111,043)
–
(2,376,528,138)
–
(637,888,966)
–
(3,254,367,030)
(177,838,883)
–
3,076,528,138
1,596,973,858
1,596,973,858
(823,021,856)
(690,818,686)
Accretion to date:
Balance at beginning of year
Accretion
(92,129,633)
(132,203,170)
(681,822,369)
–
(1,596,973,858)
(823,021,856)
–
773,952,002
Discounted value
–
2,302,576,136
Current portion
–
(72,462,601)
Restructured debt - long term portion
–
2,230,113,535
Reversal
Balance at end of year
Debt at Original Amount and Terms Under the Plan
As at December 31, 2013 and 2012, the outstanding balance of the debt (at original value) is due to the
following:
2013
2012
Creditor banks
–
1,546,458,088
SPAV companies
–
1,530,070,050
–
3,076,528,138
Original debt scheduled payment and interest rate are summarized below:
Payment
Principal
Interest
Interest
Of Discount
Rate
Within 1 to 3 years
–
–
488,979,047
1%
Within 4 to 6 years
251,829,694
187,292,955
390,846,002
2%
Within 7 to 9 years
Within 10 to 15 years
!
Accretion
432,736,704
260,066,196
358,242,338
3%
2,569,800,623
521,154,604
358,906,471
4%
3,254,367,021
968,513,755
1,596,973,858
$(!
Reversal of Accrued Interest
Accrued interest amounting to =
P 139.8 million pertaining to the loans was reversed to other income in 2013
arising from the acquisition of the debt by Kormasinc.
Interest Expense
Interest expense computed on the restructured debt shown as part of total interest expense in the consolidated
statements of comprehensive income is as follows:
2013
2012
Accretion of discount
92,129,633
132,203,170
Nominal interest payable to creditor banks/SPAVs
62,266,072
61,069,224
154,395,705
193,272,394
Any event that will trigger direct or contingent financial obligation that is material to the
Corporation, including any default or acceleration of an obligation- Under the Agreement between
Vitarich Corporation and Kormasinc, Inc. dated 20 September 2013, the failure of Vitarich to sell the non core
assets within twenty three (23) months from its execution and its failure to turnover the proceeds of sale are
considered events of default.
2012 RESULTS OF OPERATIONS AS COMPARED AGAINST 2011 (As restated in the 2013 Financial
Statements)
Vitarich Corporation and its Subsidiaries generated a consolidated sale of goods of P3.1 billion as of December
31, 2012, 13% growth over last year of P2.7 billion and substantially higher than 2010 level. Sales growth was
driven by increased sales volume and better selling prices. Among product lines, the bulk of generated sales
came from the sale of feeds amounting to P1.8 billion. The Company has continued to undertake Market and
Account Development programs to expand sales and distribution network. As a result, new customers, dealers,
and distributors were expanded and opened.
Cost of goods sold of P2.8 billion increased by 12% in 2012 from P2.5 billion in 2011. The increase was mainly
due to high raw materials costs and higher sales. Prices of these raw materials increased extremely due to short
supply in the world market. The drought in the U.S. adversely affected the feed industry. It had its effect on the
Company due to its dependence on imported grains. The Company used new alternative ingredients that
cushioned the effects of the very high raw material prices.
In spite of tremendously high raw material prices that hit the industry, the increased volume and better selling
prices resulted to higher gross profit. Gross profit of P261 million in 2012 improved by 36% from P192 million in
2011 and was 57% higher than 2010.
Operating expenses slightly decreased by 4% from P389 million in 2011 to P375 million in 2012 primarily due to
higher selling and distribution costs. Other operating income raised by 37% primarily due to higher other income
from tolling operations.
As a result of increased volume and better selling prices, the Company registered an operating profit of P32
million, a significant improvement from negative P91 million in 2011.
Interest Expense in 2012 amounted to P193.3 million, marginally higher than last year’s P190.1 million and
2010’s P186.5 million. Impairment loss on project development cost and due from related parties during the year
dropped by 27% from P14 million in 2011 to P11 million in 2012. The Company recognized a fair value gain on
investment property and gain on sale of property amounting to P51 million as a result of revalued investment
property at fair values as determined by an independent firm of appraisers.
!
$)!
For the year-end, the Company incurred a net loss of P118.6 million, lower than the loss of P237.0 million in 2011
mainly because of accretion of discount on its loans of P132.2 million in 2012 and P127 million in 2011.
2011 RESULTS OF OPERATIONS AS COMPARED AGAINST 2010
The consolidated sales revenue of Vitarich Corporation and its subsidiaries rose by 19% to P2.7 billion for the
year ended 2011 as compared to P2.3 billion of 2010 and was slightly higher than 2009 level. Revenue growth
was on account of increased sales volume of all product lines particularly dressed chicken products wherein the
Company had entered into major distribution with one of the leading fast food chains in the country. The
improvement was also driven by the modest increase in selling prices and sustained marketing activities of the
Company. Such includes corporate branding and image building programs under which were promotional
activities and visibility campaigns. This was able to expand the Company’s sales and distribution network.
Likewise, the Company will continue to focus on instituting measures to boost revenues and further expand its
customer base. Furthermore, in order to continuously push revenue growth, steps are underway for
product/brand awareness and intensification of marketing programs.
Correspondingly, cost of goods manufactured and sold increased by 19% with the growth in consolidated sales
revenues and the continued effects of major raw materials price increase as well as product mix. The volatile and
erratic behavior of commodities and changes in market and weather conditions had their impact on the
Company’s performance. High cost of major raw materials such as wheat, corn, oil and soybean meal made it
imperative for the Company to source alternative (and non-traditional) raw materials. These will substitute
traditional grains with materials considered as by-products in order to counter the unstoppable increase in prices
of commodities and minimize as well the cost impact.
Gross profit improved by almost 16% as compared with year 2010 as a result of higher revenue contribution but
was slightly lower versus 2009.
Consolidated operating expenses declined to P286 million from P329 million in 2010, primarily due to lower
employee benefit expense, advertising and promotional expenses and other miscellaneous expenses. This was
also due to continuous implementation of cost reduction measures and prudent spending.
Moreover, other operating income dropped by 29% and 7% as compared to 2010 and 2009, respectively. This
was on account of lower revenue recognized from toll milling and toll hatching.
On a full year basis, the Company registered an operating profit of P12.2 million, a reversal of last year’s
operating loss of P13.8 million and better as compared to P6.4 million operating profit in 2009.
Finance costs in 2011 amounted to P190.1 million, slightly higher than P186.5 million and P171.1 million in 2010
and 2009, respectively.
Impairment loss on trade and other receivables during the year amounted to P98.2 million, higher as compared
to P91.5 million in 2010 and P55.2 million in 2009. An impairment loss was also recognized on the project
development cost of the Company’s aqua feeds and aqua culture projects, which amounted to P10.5 million in
2011 and P10.5 million in 2009.
In 2011, the Company recognized a fair value gain on investment property amounting to P35.6 million as a result
of revalued investment property at fair values as determined by an independent firm of appraisers.
For the year-end, the Company incurred a net loss of P233.8 million, higher than last year’s loss of P207.1 million
and P230.0 million for 2009, mainly because of operational difficulties and financing cost on its loans. Total
comprehensive loss for the year 2011 was posted at P175.5 million as against P207.1 million and P178.6 million
comprehensive losses in 2010 and 2009, respectively. (As may be noted on page 15, losses were mainly due to
accretion of discount of P127 million in 2011, P148 million in 2010, and P171 million in 2009).
!
%W!
Item 7. FINANCIAL STATEMENTS
The Consolidated Audited Financial Statement of the Corporation for the year-ended December 31, 2013
including the applicable schedules listed in the accompanying index to financial statements and supplementary
schedules are filed as part of this form 17-A.
Significant Employees
There are no persons other than the Directors and Executive Officers expected to make a significant contribution
to the business of the Corporation.
Involvement in Certain Legal Proceedings
The registrant has no knowledge of any event during the past five (5) years up to the latest filing date in which
any of its director or executive officer being involved in any criminal or bankruptcy proceedings or subject of any
order or judgment of any court or quasi-judicial agency, whether local or foreign effecting his involvement in
business, securities, commodities or banking activities.
Certain Relationship and Related Transactions.
There was no transaction or proposed transaction for the last two (2) years to which the Corporation was or is to
be made a party wherein any of the following were involved:
a. any director / executive director;
b. any nominee for election as director;
c. any security holder of certain record, beneficial owner or member of management; and
d. any member of the immediate family of (a), (b) or (c).
Related Party Transactions
(Please refer to Note 21 of the Audited Consolidated Financial Statements of the Corporation – December 31,
2013).
PART IV – EXHIBITS AND SCHEDULES
Item 13. EXHIBITS AND REPORTS ON SEC FORM 17-C
(a)
Exhibits
The exhibits, as indicated in the Index to Exhibits are either not applicable to the Corporation
require no answer.
(b)
or
Reports on SEC Form 17-C
The following are the items reported under SEC Form 17-C (during the last 6 months)
Date of Report
May 10, 2013
June 28, 2013
July 26, 2013
August 23, 2013
August 28, 2013
September
!
20,
REMARKS
Filing of the approved annual stockholders’ meeting of Vitarich Corporation for the year
2013 set on June 28, 2013 (Friday) at 2:00 P.M., at the Vitarich Boardroom, Vitarich
Compound, MacArthur Highway, Abangan Sur, Marilao, Bulacan.
Results of Vitarich Corporation Annual Stockholders’ Meeting
a. The Election of Board of Directors
b. Appointment of External Auditors and Stock Transfer Agent
c. The election of Officers and Board Committees
Certification of qualification of Atty. Eduardo Rondain as independent director of Vitarich
Corporation and resignation of Mr. Tomas B. Lopez, Jr.
The date of the Board meeting of Vitarich Corporation set on August 22, 2013
rescheduled on August 28, 2013 due to inclement weather.
The nominees for the Independent Director seat of Vitarich, Mr. Eduardo Lazo and Mr.
Wilfredo M. Angeles, declined the offer.
Approval of the Board on the following resolutions:
%"!
2013
October 29, 2013
January 08, 2014
January 24, 2014
February 19, 2014
March 21, 2014
a.
The Board of Directors of the Corporation pursuant to the directive of the
stockholders approved the conversion of part of the debt to Kormasinc, Inc.
b. The Board accepted the resignation of Director Cesar Lugtu and expressed its
appreciation for his valuable services to the board.
c. The Board appointed independent director Atty. Eduardo Rondain as the
Chairman of the Compensation and Nomination Committee.
d. Vitarich Corporation holds the press conference either on September 24 or
September 25, 2013.
Approval of the Securities and Exchange Commission of the following:
a. Certificate of Increase of Authorized Capital Stock from P500,000,000 consisting
of 500,000,000 common shares with par value of P1.00 per share to
P3,500,000,000 consisting of 3,500,000,000 common shares with par value of
P1.00 per share.
b. Certificate of Filing of the Amended Articles of Incorporation pertaining to the
Article Seventh of the Amended Articles of Incorporation of Vitarich Corporation
which increased the authorized capital stock from P500,000,000 consisting of
500,000,000 common shares with par value of P1.00 per share to
P3,500,000,000 consisting of 3,500,000,000 common shares with par value of
P1.00 per share.
c. Certificate of Approval of Valuation of 90,030,236 shares.
d. Approval of the conversion of the debt of the corporation in the amount
P2,376,528,137 into equity of the corporation.
1. Filing of the certificate of attendance of the Members of the Board from January
to December 2013.
2. Filing of the Manual of Corporate Governance.
The election of Mr. Manuel D. Escueta as Independent Director during the Regular Board
Meeting Vitarich Corporation held on January 24, 2014.
The certification of qualification of Mr. Manuel D. Escueta as Independent Director of
Vitarich Corporation.
Approval of the Board on the following resolutions:
a. The Annual Shareholders’ Meeting of the Company is moved to July 4,
2014, instead of the last Friday of June, due to absence of quorum on
account of the unavailability of Kormasinc, Inc. representative. Record date
for the stockholders who will be entitled to notice of the said meeting is on
June 03, 2014. Appointed was the Special Committee of Election Inspectors
composed of representatives of:
•
•
ACCRA Law
•
Reyes Tacandong & Co.
•
Stock Transfer Services, Inc.
b.
!
Creation of the Risk and Governance Committee which is composed of the
following:
Chairman: Manuel Escueta
Members:
Jose Vicente C. Bengzon III
Enrique G. Filamor
%*!
PART V – CORPORATE GOVERNANCE
On September 2, 2002, the Corporation submitted to the Securities and Exchange Commission its Manual of
Corporate Governance in accordance with SEC Memorandum Circular No. 2 Series of 2002 dated April 4, 2002.
Thereafter, a Compliance Officer was appointed to monitor compliance with the said Manual.
Evaluation System to Measure Compliance with Manual to Corporate Governance
There is no particular system presently being applied to measure the Corporation’s compliance with the provisions
of its Manual on Good Corporate Governance.
The Company has substantially complied with the provisions of its Manual on Corporate Governance. As required
by the Commission, a Certification of Compliance with the Manual was submitted in January 10, 2014.
Measures being undertaken to fully comply with the Adopted Leading Practices on Good Corporate
Governance
The following are some of the measures undertaken by the “Corporation to ensure that full compliance with the
leading practices on good governance are observed:
1.
2.
3.
4.
5.
6.
7.
Compliance Officer has been designated to monitor compliance with the provisions on requirements of
the Corporation’s Manual on Corporate Governance;
The Corporation has designated an audit committee, and a compensation & nomination committee;
The Corporation has elected two independent directors to its Board;
The nomination committee pre-screens and shortlists all candidates nominated to become directors in
accordance with the qualification and disqualification set up and established;
During the scheduled meetings of the Board of Directors, the attendance of each director is monitored
and recorded; and
The directors & officers were provided copies of the Manual of the Corporate Governance of the
Corporation for their information, guidance and compliance.
Risk and Governance Committee has been created
Deviation from the Corporation’s Manual of Corporate Governance
The Corporation substantially complied with the Corporate Governance Guidelines for Companies Listed on the
Philippine Stock Exchange (“Guidelines”) for the year 2013.
There is no deviation of any kind from the registrant’s Manual of Corporate Governance nor was there any
disclosure of the name and position of the person/s involved and sanction/s imposed on any individual.
Any plan to improve corporate governance of the company
The Company will continue monitoring compliance with its Manual on Corporate Governance to ensure full
compliance thereto.
!
%#!
PROXY
KNOW ALL MEN BY THESE PRESENTS:
The undersigned stockholder of VITARICH CORPORATION the (“Corporation”), hereby:
1. Constitutes and appoints ROGELIO M. SARMIENTO or in his absence, or if there is no proxy
specifically designated in the foregoing space, the CHAIRMAN OF THE BOARD OF THE
CORPORATION, or in his absence, the PRESIDENT OF THE CORPORATION, or in his absence, the
CHAIRMAN OF THE MEETING, as his duly constituted proxy with full power of substitution and
appointment, to vote, for and in his behalf, all of the ________ shares of the capital stock of
the Corporation registered in the name of the undersigned stockholder in the books of the
Corporation, at the Annual Meeting of the Stockholders of the Corporation to be held at Vitarich
Compound, McArthur Highway, Abangan Sur, Marilao, Bulacan on Friday, July 04, 2014
at 2:00 in the afternoon and at any adjournment (s) or postponement (s) thereof, as follows:
SUBJECT
1. Approval of the minutes of the previous annual
stockholders’ meeting
2. Confirmation and ratification of the acts of the
Board of Directors and Officers;
3. Election of Directors
4. Appointment of the External Auditor;
5. Appointment of the Stock and Transfer Agent
FOR
AGAINST
ABSTAIN
# Where the boxes (or any of them) are unchecked, the stockholder executing the proxy is
deemed to have authorized the proxy to vote “FOR” the items above.
2. Revokes any proxy or proxies, or similar authorization, heretofore given to any other person or
persons, and the power and authority herein granted shall continue to exist until the same shall
have been expressly revoked in writing by the undersigned stockholder or by the latter’s personal
attendance at the stockholders’ meeting; and
3. Declares that his/her personal attendance or execution of a subsequent specific proxy for any
particular stockholders’ meeting shall suspend this proxy but only for purposes of such particular
meeting.
FULL DISCRETION
_______________________________, at _________________________________.
________________________
Printed Name of Stockholder
____________________________
Signature of Authorized Signatory
(Partnerships, Corporations and Associations must attach certified resolutions thereof designating
Proxy/Representative and Authorized Signatories)
!
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December 31, 2013
!!
!!
!!
!!
Title of Issue
!!
!!
Number of shares
authorized
!!
!!
Number of shares issued
and outstanding as shown
under the statement of
financial position caption
!!
!!
!!
Number of shares held by
Number of shares
reserved for options,
warrants, conversion
& other rights
Related parties
Directors,
officers and
employees
Public
Common stock - 1 par value per share
Authorized - 500,000,000 shares
!
!
"#500,000,000
2,786,497,902
$
2,376,528,137
1,712,179
408,257,586
!
!

Vitarich Corporation VITA

Transcription

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