Vmc Case Essay

3917 words - 16 pages

VICTORIAS MILLING COMPANY, INC.By Diogenes C. DyIt was July 5, 2014 and Ramoncito Pio Rodillo, the newly hired analyst of White Rock Investments, a local brokerage firm in the Philippines, was preparing an analysis of Victorias Milling Company, Inc. (VMC). After the stock had risen by 150% from the start of the year, May Chang, head of the research division, wanted to provide a fundamental analysis of the stock. This would be the first assignment of Ramoncito and he had to make a recommendation on the stock.The next sections summarize the set of information and data that Ramoncito had gathered so far:Company BackgroundBrief HistorySummary of the RehabilitationManagementStock Market PerformancePhilippine Sugar IndustryOther Listed Sugar Companies in the PhilippinesCompany BackgroundBrief HistoryVMC is a domestic corporation founded on May 7, 1919 to manufacture raw and refined sugar. VMC's sugar plant facilities are located in Victorias City, Negros Occidental. VMC is also engaged in the following businesses through its subsidiaries:[1: SEC Form 17-A (2012)][2: SEC Form 17-Q as of 31 May 2014]

Effective Ownership %


Nature of Business



Victorias Foods Corporation (VFC)

Food Processing and Canning



Victorias Agricultural Land Corporation (VALCO)

Agricultural Land Leasing and Cultivation



Canetown Development Corporation (CDC)

Real Estate Development and Selling



Victorias Golf and Country Club, Inc. (VGCCI)

Non-profit Golf Facilities



Victorias Quality Packaging Company, Inc. (VQPC)

Manufacture of Bags and Packaging Materials



Victorias Industrial Gases Corporation (VIGASCO)

Gas Dealership



VQPC's operations were effectively ceased last July 2012 and is currently under liquidation process. VMC also entered sugar trading back in 1969 through North Negros Marketing, Co., Inc. (NNMCI). NNMCI was then buying VMC's sugar production. It also had a subsidiary based in US (Victorias International, Inc.) wherein orders for VMC materials and suppliers were channelled. In 1946, post-Japanese war, VMC also expanded to non-sugar operations such as engineering products and services, civil engineering services, agri-business (aquaculture, cut flower, swine and cattle projects, and organic fertilizer), shipping, management and consultancy services, and industrial estate development and construction.[3: Echanis, E. S. (2009). Corporate Finance. In Corporate Finance - Text & Philippine Cases (p. 480). Quezon City: Development Center for Finance.][4: http://victoriasmilling.com/]VMC was founded by Don Miguel J. Ossorio and is now controlled by the following group:[5: VMC Public Ownership Report as of 15 July 2014]



Total Direct & Indirect Shares

% to Total Outstanding Shares

Premier Network International, Ltd.





LT Group, Inc.






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