MIRA
INFORM REPORT
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Report Date : |
23.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PATRIOT PHARMACEUTICALS CORP |
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Registered Office : |
The Patriot
Bldg Km 18 West Service Rd SLEX Parahaque City |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1993 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Marketing and distribution of pharmaceutical products. |
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 |
Basic Report
Country: Philippines
Company
name: PATRIOT PHARMACEUTICALS CORP
Office
address: The Patriot Bldg Km 18 West Service Rd SLEX Parahaque City
Office tel: 821-7382
Office fax: 821-7383
Office
e-mail: www.natrapharm.com
Website: bpgasgonia@natrapharm.com
Business
type: Trader
Industry: Medical
Equipment & Pharmaceutical
Established: 1993
OWNERSHIP
Chairman: Mr
Rudi T Runes
Nationality: Philippines
Capital: 60,000,000
Corporate
formation: Private
COMPANY MANAGEMENT
CEO Mr Rudi T Runes
Nationality: Philippines
Treasurer Mr
Leticia P Runes
Nationality: Philippines
Secretary Mr
Balthasar P Gasgonia
Nationality: Philippines
Senior Vice
Presiden Mr Wilfredo C Paulo
Nationality: Philippines
Director Mr
Ruth P Runes
Nationality: Philippines
Vice
President Ms Stella V Zapanta
Nationality: Philippines
VP - Sales &
Marketi Ms Christina L Ravelo
Nationality: Philippines
FINANCIAL DESCRIPTION
Credit Amount :
USD 1,000,000
*Credit Opinion*
================
Credit of a
moderate amount can proceed normally.
*Credit
Assessment*
==================
The company is
considered an average sized company in its line locally.
Based on its
history background, established market connectivity and trade connections,
credit of a moderate amount can proceed normally.
*Operations
Status*
==================
Investigations
have included :
1) A site visit
was conducted at the company's heading address which revealed that the above
company's name was seen on display.
2) The company is
engaged in trading of pharmaceutical products.
3) The company's
products are mainly imported from Europe market.
4) The company's
products are sold to local corporations and re-sellers.
*Capital Details*
=================
Par share value :
PHP 100 .00/-each
Authorized
capital : PHP 60,000,000 divided
into 600,000 ordinary shares
Paid-up capital :
PHP 60,000,000
*Financials*
============
Patriot Pharmaceuticals Corp
Balance Sheet
At as 31 December, 2005
Unit : PHP
2005 2004
Assets
Current Assets
Cash and cash equivalents 131,967,118 71,636,097
Receivables 87,998,903 67,464,162
Due from a related party 40,474,248 32,420,711
Inventories 131,083,764 99,618,404
Prepaid expenses and other current assets 1,920,761 1,296,803
Total Current Assets 393,444,794 272,436,177
Noncurrent Assets
Property and equipment- net 60,707,376 43,474,145
Deferred tax assets 300,126 312,618
Other noncurrent assets 6,205,688 3,194,577
Total Noncurrent Assets 67,213,190 46,981,340
460,657,984 319,417,517
Liabilities and Stockholders' Euqity
Current Liabilies
Accounts payable and other
current liabilities
145,162,251
108,647,619
Advances from stockholders 23,648,560 15,859,566
Income tax payable 23663247 16190097
Current portion of obligations
under capital lease 8,844,872
6,708,522
Notes payable 8,000,000 -
Total Current Liabilities 209,318,930 147,405,804
Noncurrent Liabilities
Obligations under capital lease -
net of current portion
11,495,848
9,732,431
Deferred tax liability 1,453,468 208,852
Total Noncurrent Liabilities 12,949,316 9,941,283
Stockholders' equity
Capital stock 10,000,000 10000000
Retained earnings
228,389,738 152070430
Total Stockholders' Equity
238,389,738 162070430
460,657,984 319417517
Statements of Income
Unit: PHP
2005 2004
Net Sales 556974409 442281520
Cost of Sales 234,074,914 190,674,312
Gross Profit 322,899,495 251,607,208
Selling expenses
-118,561,212 -91,087,611
General and administrative expenses
-94,023,911 -71,168,744
Foreign exchange gain(loss) - net 4,103,434 -212,931
Interest Income 3,249,483 3,204,076
Interest expenses -2,995,048 -1,361,736
Others- net -1,309,550 -837,193
Income Before Income Tax 113,362,691 90,143,069
Provision for income tax
Current 35,786,275
26,888,117
Deferred 1,257,108 1,033,869
37,043,383 27,921,986
Net Income 76,319,308 62,221,083
Auditor
Sycip, Gorras,
Valayo & Co/ Florante A. Aseron
Reputation
Reference
checking for the purpose of establishing the firm’s reputation within the respective
industry failed to reveal any negative information.
Payment Terms
Sales
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Local : Cash on Delivery (COD)
Credit
Purchases
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Import : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Company Registration
(1)
Company Name : Patriot Pharmaceuticals Corp
License
number : AS093-0270
Corp Tax No. :
004-704-246-000
Date issued :
7 April, 1993
Legal form :
Stock Corporation
Issuing authority :
Securities and Exchange Commission
Change of Company
Name
No record
In-depth Report
PRODUCT, TECHNOLOGY,
SERVICE DESCRIPTION
*Main Products
& Services*
==========================
Specializes in
marketing and distribution of pharmaceutical products.
*Detailed Product
specifications*
================================
Items available
include :
Anti-Gout
Hepato-Protective
/ Lipotropic
Cough Preperation
Anti-tuberculosis
Anti-allergy
Cerebro-Protective
/ Neurotropic
*Brand*
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Allomaron
Essentiale
Zobrixol
Natricin Forte
Molecure
Primalan
Somazine
ORGANIZATION
STRUCTURE
*Key Personnel*
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(1)
Rudi T Runes
Position :
Director
Resident status :
Philippinean nationality
ID no/Passport no
: Holer of Philippines ID no.
140-454-358
Responsibilities
: Currently active in the company's day-to-day operations
& is
responsible for its management.
Registered
address: 1141 (39) Lirio St., Tahanan Village, Parahaque City.
*Treasurer*
===========
Leticia P Runes
Resident status :
Philippinean nationality
ID no/Passport no
: Holer of Philippines ID no.
100-196-974
Responsibilities
: Currently active in the company's day-to-day operations
& is
responsible for its management.
Registered address:
1141 (39) Lirio St., Tahanan Village, Parahaque City.
SUBSIDIARIES,
JOINT-VENTURES & AFFILIATES
Company
name: NATRAPHARM, INC
Country: Philippines
Status: Subsidiary
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Company
name: HONEST JUAN AUTO SERVICES AND TRADING ,INC.
Country: Philippines
Status: Subsidiary
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RELATED PARTIES
DESCRIPTION
*Major
Shareholders*
====================
Total number of
shareholders : 6
Total number of
authorized shares : 600,000
Total number of
paid-up shares : 600,000
Share Class : Ordinary
Share
Shareholder
Name No of
Shares
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Rudi T Runes 300,000
Leticia P
Runes
295,200
Rudi Angelo P
Runes 1,200
Ruth P Runes 1,200
Balthasar P
Gasgonia 1,200
Wifredo C
Paulo
1,200
*Shareholders'
Details*
================
Rudi T Runes
Address: 1141
(39) Lirio St., Tahanan Village, Parahaque City.
Leticia P Runes
Address: 1141 (39) Lirio St., Tahanan Village,
Parahaque City.
Rudi Angelo P
Runes
Address: No. 94 Don Rufino Ave, Tahanan Village,
Parahaque City.
Ruth P Runes
Address: 1141
(39) Lirio St., Tahanan Village, Parahaque City.
Balthasar P
Gasgonia
Address:
Wifredo C Paulo
Address: 6th St Lot 24, Cainta, Rizal
*Directors'
Details*
==============
(1)
Rudi T Runes
(2)
Rudi Angelo P
Runes
Resident status :
Philippinean nationality
ID no/Passport no
: Holder of Philippines ID no.
160-580-282
Responsibilities
: Currently active in the company's day-to-day operations
& is
responsible for its management.
Registered
address: No. 94 Don Rufino Ave, Tahanan
Village, Parahaque
City.
(3)
Wilfredo C Paulo
Resident status :
Philippinean nationality
ID no/Passport no
: Holder of Philippines ID no.
123-166-946
Responsibilities
: Currently active in the company's day-to-day operations
& is
responsible for its management.
Registered
address: 6th St Lot 24, Cainta, Rizal
(4)
Ruth P Runes
Resident status :
Philippinean nationality
ID no/Passport no
: Holder of Philippines ID no.
223-827-041
Responsibilities
: Currently active in the company's day-to-day operations
& is
responsible for its management.
Registered
address: 1141 (39) Lirio St., Tahanan
Village, Parahaque City.
(5)
Stella V Zapanta
Resident status :
Philippinean nationality
ID no/Passport no
: Holder of Philippines ID no.
123-168-533
Responsibilities
: Currently active in the company's day-to-day operations
& is
responsible for its management.
Registered
address: 120 Vergel St, Pasay City
(6)
Christina L
Ravelo
Resident status :
Philippinean nationality
ID no/Passport no
: Holder of Philippines ID no.
120-030-196
Responsibilities
: Currently active in the company's day-to-day operations
& is
responsible for its management.
Registered
address: 5 Geronimo St, Tandang Sora,
Quezon City.
*Company
Secretary Details*
=====================
Balthasar P
Gasgonia
Address:
License no./ID
no.: Holder of Philippines ID no. 123-165-104
LOCAL DISTRIBUTION
& WAREHOUSING
*Local
Distribution Network*
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100% of the
annual turnover is attributed to local sale to corporations
and re-sellers.
*Imports*
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100% of the
company's products are imported from Europe.
INTERNATIONAL TRADE
ACTIVITY DESCRIPTION
*Partners*
========
Sanofi-Aventis
S.A.
Ferrer Pharma
International
Laboratories
Fourniew S. A.
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%)