MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL MEDICAL SOLUTIONS INC |
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Registered Office : |
3F |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
15.06.1994 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trader of Medical Equipment & Pharmaceutical |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company name &
ADDRESS
GLOBAL MEDICAL SOLUTIONS INC
Office address: 3F
Country:
Office tel: 63-26332052
Office fax: 63-26332055
Business type
Trader
Industry
Medical Equipment & Pharmaceutical
Established
1994
OWNERSHIP
Chairman: Mr Lilian V Khadka
Nationality:
Capital: 1,000,000
Corporate formation: Private
COMPANY MANAGEMENT
Chairman Mr Haig S Bagerdjian
Nationality:
Director Mr Avedis S Bagerdijan
Nationality:
Director Mr Danette Holmes
Nationality:
Director Mr J Daniel R Santiago
Nationality:
Director Mr Rachelle Alma Panganiban
Nationality:
FINANCIAL DESCRIPTION
*Credit Assessment*
===============
Risk Index : Average
Credit : USD 20,000
Days : 30 days
Credit Opinion : The company is considered medium-sized in its line locally in terms of its operational size and turnover. Therefore, a moderate amount of credit dealings can proceed normally
Company Registration
License number : 0945410
Date issued : 15 June, 1994
Issuing authority : Securities & Exchange Commission
Legal form : Limited liability company
Capital Details
Share value : Php$100.00/-each
Authorized capital : Php $14,000,000 divided into 140,000 ordinary shares
Paid-up capital : Php $13,275,000
*Lodgment of Annual Returns*
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Year ending : 2006
Financials
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GLOBAL MEDICAL SOLUTIONS INC |
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BALANCE SHEET |
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as at 31 December, 2005 & 2004 |
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Unit in Php |
2005 |
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2004 |
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ASSETS |
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Current Assets |
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Cash |
5,455,798.00 |
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6,465,182.00 |
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Receiveable |
23,897,687.00 |
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31,368,989.00 |
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Inventories (at cost) |
4,915,997.00 |
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3,219,217.00 |
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Prepayment & other current assets |
1,079,753.00 |
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1,198,086.00 |
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Total current assets |
35,349,235.00 |
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42,251,474.00 |
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Noncurrent Assets |
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Property & equipment |
22,838,413.00 |
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21,047,989.00 |
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Intangible asset - net |
4,015,996.00 |
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4,515,527.00 |
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Deferred income tax assets |
134,368.00 |
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141,584.00 |
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Other noncurrent assets |
1,378,066.00 |
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574,000.00 |
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Total Noncurrent Assets |
28,366,843.00 |
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26,279,100.00 |
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TOTAL ASSETS |
63,716,078.00 |
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68,530,574.00 |
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LIABILITIES & STOCKHOLDERS' EQUITY |
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Current Liabilities |
3,554,927.00 |
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4,107,077.00 |
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Noncurrent Liabilities |
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Amount owed to parent |
26,582,743.00 |
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33,008,609.00 |
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Total Liabilities |
30,137,670.00 |
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37,115,686.00 |
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Stockholders' Equity |
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Capital |
13,275,000.00 |
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13,275,000.00 |
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Retained earnings |
20,303,408.00 |
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18,139,888.00 |
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Total Stockholders' Equity |
33,578,408.00 |
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31,414,888.00 |
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
63,716,078.00 |
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68,530,574.00 |
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INCOME STATEMENT |
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2005 |
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2004 |
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SALES |
74,301,524.00 |
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81,642,882.00 |
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Cost of sales |
39,379,639.00 |
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46,103,366.00 |
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Gross Profit |
34,921,885.00 |
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35,539,516.00 |
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Selling expense |
(17,626,594.00) |
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(17,267,760.00) |
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General & administrative expense |
(14,773,899.00) |
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(9,177,264.00) |
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Income from operations |
2,521,392.00 |
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9,094,492.00 |
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Other income |
1,304,086.00 |
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1,708,782.00 |
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Income before income tax |
3,825,478.00 |
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10,803,274.00 |
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Provision for income tax |
(1,661,958.00) |
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(3,482,434.00) |
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Net Income |
2,163,520.00 |
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7,320,840.00 |
Reputation
Reference checking for the purpose of establishing the firm's reputation within the respective industry failed to reveal any negative information.
PRODUCT, TECHNOLOGY,
SERVICE DESCRIPTION
*Main Products & Services*
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Specializing trading & distribution of pharmaceutical products.
ORGANIZATION
STRUCTURE
*Key Personnel*
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(1)
Name
: Haig
Position : President & Director
Resident status
: He is by
Identification number : Holder of passport no PP039300327
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Address
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(2)
Name : Avedis S Bagerdjian
Position : Director
Resident status
: He is by
Identification number : Holder of tax identification no 158178701
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Address
: 8755 Passo
RELATED PARTIES
DESCRIPTION
*Major Shareholders*
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Total number of shareholders : 6
Total number of shares issued : 132,750
Share Class : Ordinary Share
Shareholder's Name Amount
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Syncor Overseas Ltd 13,274,500
Avedis S Bagerdjian 100
Haig
Danette Holmes 100
J Daniel R Santiago 100
Rachelle Alma Panganiban 100
*Directors' Details*
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(1)
Name
: Haig
(2)
Name : Avedis S Bagerdjian
(3)
Name : Danette Holmes
Position : Director
Resident status
: He is by
Identification number : Holder of tax identification no 200-823-656
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Address :
14B
(4)
Name : J Daniel R Santiago
Position : Director
Resident status
: He is by
Identification number : Holder of tax identification no 156-116-327
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Address
: U8,
(5)
Name : Rachelle Alma Panganiban
Position : Director
Resident status
: He is by
Identification number : Holder of tax identification no 202-318-846
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Address
:
LOCAL DISTRIBUTION
& WAREHOUSING
*Local Distribution Network*
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Majority of the annual turnover is attributed to local sales.
INTERNATIONAL TRADE
ACTIVITY DESCRIPTION
*Local Distribution Network*
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Majority of the annual turnover is attributed to local sales.
*Imports*
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Part of its materials are imported mainly from USA & Europe.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)