Steniel Manufacturing Corporation
Steniel Manufacturing Corporation (PSE: STN) is a publicly-listed manufacturing company incorporated in 1963 to manufacture of industrial packaging materials, which includes corrugated boards and boxes. STN’s subsidiaries consist of Metroplas Packaging Products Corporation, Steniel Cavite Packaging Corporation, Treasure Packaging Corporation, Steniel Carton Systems Corporation, Metro Paper and Packaging Products, Inc., and Steniel Mindanao Packaging Corporation. STN is 72.08%-owned by Steniel (Netherlands) Holdings, B.V. At the end of 2009, STN employs a total of 117 regular and casual personnel. As of March 29, 2011, the company has a total market capitalization of P227.08 million and share price of P0.26.
Steniel Manufacturing Corporation was incorporated in 1963 to manufacture and sell packaging materials such as corrugated boxes and boards. In 1993, the company went public and its shares were listed on the Philippine Stock Exchange under the stock symbol STN.
STN has six subsidiaries, three of which that also manufactures corrugated boards and boxes. The six are:
- Stenial Cavite Packaging Corporation
- Treasure Island Industrial Corporation
- Metroplas Packaging Corporation
- Steniel Carton System Corporation
- Metro Paper and Packaging Products, Inc.
- Steniel Mindanao Packaging Corporation
Steniel Cavite Packaging Corporation (SCPC)
SCPC was incorporated in 1993 to manufacture corrugated boxes and boards just like its parent company. However, business operations of SCPC gradually slowed down in 2006 prompting the Board of Directors of SCPC’s finally approved the temporary cessation of operation in 2007 in view of the continued business losses incurred since its incorporation, in addition to difficult economic and business conditions. Its operations are now limited to leasing its existing assets to third parties.
Treasure Packaging Corporation (TPC)
TPC leases the office spaces and warehouses of Treasure Island Industrial Corporation (TIIC). In 2008, the latter filed d a case for ejectment, mandatory injunction and damages against TPC in the Municipal Trial Court, which the court eventually ruled in its favour and ordered TPC to vacate its premises. This led to the cessation of the operations and the termination of its employees.
Filing of receivership
In 2006, SPM creditor banks declared the company in default for failing to meet its obligations. In 2007, the company filed before the Cavite Regional Trial Court Petitions for Rehabilitation. This would allow SPM and its subsidiaries to continue operation to enable them to raise funds to pay off their obligations. A year later, the Cavite RTC dismissed the Petition for Rehabilitation because of the deficiencies in the Rehabilitation Plan. The court also lifted the Stay Order in favour of the creditors. In 2009, SPM raised elevated the petition to the Court of Appeals.
Consolidated sales revenue for the third quarter of 2010 reached P149.2 million which is 11% lower than the revenue for the same period last year of P167.6 million. Consolidated current assets as at September 30, 2010 totalled P461.9 million as compared with P579.7 million as at December 31, 2009 and P585.6 million as at September 30, 2009. However, consolidated current liabilities totalled Peso 1.5 billion as of September 30, 2010 as compared to P1.6 billion and P1.4 billion as at December 31, 2009 and September 30, 2009, respectively.