MIRA
INFORM REPORT
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Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
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Name : |
PACIFIC HEALTH CARE PHILIPPINES, INC. |
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Registered Office : |
Penthouse B, |
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Tel. No.: |
+ 632 8173711 |
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Fax No.: |
+ 632 8927422 |
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Country : |
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Date of Incorporation : |
November 20, 2006 |
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Com. Reg. No.: |
CS200618013 |
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Legal Form : |
Corporation |
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Line of Business : |
Acts as representative office in the Philippines of
Pacific Healthcare ( |
RATING & COMMENTS
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MIRA’s Rating : |
NR |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
Company Details
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Company
Name: |
PACIFIC
HEALTH CARE PHILIPPINES, INC. |
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Supplied
Name: |
PACIFIC
HEALTHCARE ( |
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Trading Address: |
PENTHOUSE
B, |
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Supplied
Address: |
PENTHOUSE
B, PRICE BUILDING, 117 RADA ST, LEGASPI ST, LEGASPI VILLAGE, MAKATI CITY
1229, PHILIPPINES |
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Telephone
Number: |
+63-2-817-9158/817-3711 |
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Fax Number: |
+63-2-892-7422 |
Credit Summary
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Credit
Opinion: |
Co-operation is not declined. The future development remains to be seen. At this stage credits require securities. |
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Risk
Analysis: |
Poor
creditworthiness |
Payment Summary
No information
Company
Identification Details
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Company
Name: |
PACIFIC
HEALTH CARE PHILIPPINES, INC. |
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Registered
Number: |
CS200618013 |
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TIN
Number: |
006-544-656 |
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Legal Form: |
Corporation |
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Date
Incorporated: |
November 20,
2006 |
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Authorized
Capital Stock: |
PHP 10,000,000
(USD 224,298) (As of 2007.10,
1 PHP = 0.0224298 USD) |
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Subscribed
Capital Stock: |
PHP 2,500,000
(USD 56,075) |
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Paid-up Capital: |
PHP 2,500,000
(USD 56,075) |
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Par Value Per
Share: |
PHP 100 |
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Listed at Stock
Exchange: |
No |
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Principal
Activities: |
Acts as representative office in the Philippines of Pacific
Healthcare ( |
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SIC: |
K74999 |
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Staff: |
13
Employees (including active directors, administrative, office, and liaison personnel (only 2 are regular, the rest are probationary)) |
Note:
Amounts in Philippine Peso unless otherwise specified.
History
Company
Background
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Regulatory
Agency |
Date
Registered |
Registration
No. |
Term |
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Securities and Exchange Commission |
Nov
20, 2006 |
CS200618013 |
50
years |
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Original |
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Common |
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Authorized
capital stock |
10,000,000 |
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Subscribed
capital stock |
2,500,000 |
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Paid-up
capital |
2,500,000 |
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Par
value per share |
100 |
No
change in capitalization as of December 2006, per financial statements.
Corporate Structure
AFFILIATE:
Pacific Healthcare (
Shareholders
Stockholders
(09.28.2007):
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7-1 |
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Name: |
SQUIRES,
MATTHEW |
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Amount
Subscribed & Paid-up: |
PHP
500,000 |
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Nationality: |
British |
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7-2 |
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Name: |
MARCKLE
HOLDINGS LTD. |
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Amount
Subscribed & Paid-up: |
PHP
500,000 |
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Nationality: |
BVI |
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7-3 |
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Name: |
LAZARO,
MICHELLE B. |
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Amount
Subscribed & Paid-up: |
PHP
300,000 |
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Nationality: |
Filipino
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7-4 |
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Name: |
NIETO,
J. KEITH P. |
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Amount
Subscribed & Paid-up: |
PHP
300,000 |
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Nationality: |
Filipino
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7-5 |
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Name: |
TUMALE,
DUANE M. |
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Amount
Subscribed & Paid-up: |
PHP
300,000 |
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Nationality: |
Filipino
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7-6 |
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Name: |
ALMARIO,
ABEL M. |
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Amount
Subscribed & Paid-up: |
PHP
300,000 |
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Nationality: |
Filipino
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7-7 |
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Name: |
LAGDAMEO,
MARCO Q. |
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Amount
Subscribed & Paid-up: |
PHP 300,000 |
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Nationality: |
Filipino
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Reflected shareholdings as of December 2006.
Management
Information
Management
(09.28.2007):
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6-1 |
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Name: |
SQUIRES,
MATTHEW |
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Position: |
Chief
Executive Officer/ Director |
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6-2 |
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Name: |
OFALSA,
REBECCA |
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Position: |
Country
Representative |
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6-3 |
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Name: |
LAZARO,
MICHELLE B. |
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Position: |
Treasurer
/ Director |
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6-4 |
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Name: |
BUHRMAN,
CYRILLE F. |
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Position: |
Director |
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6-5 |
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Name: |
NIETO,
J. KEITH P. |
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Position: |
Director |
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6-6 |
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Name: |
TUMALE,
DUANE M. |
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Position: |
Director |
Operation
Activities
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Acts as representative office in the Philippines of Pacific
Healthcare ( |
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Offers a 1-stop solution for high-quality healthcare and related products companies wishing to enter the Thai market without establishing their own local operations. |
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The company's main activities can be divided into 4 categories where it offers a full range of marketing and sales services: -Consumer
Health -Medical
Supplies Equipment -Pharmaceuticals -Specialty
Ingredients |
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Specializes in the
following channels: -Clinics -Hospitals -Industrial
Clients -Modern
Trade -Pharmacies
(OTC) |
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Per verification with the Philippine Bureau of Food and Drugs, subject has a pending application (as of July 2007) for Certificate of Product Registration on its Duratocin brand – a 100 mg/mL injection solution with the generic name Carbetocin. |
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Sales/Purchases Information
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Import: |
No |
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Export: |
No |
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Territory: |
Local
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Premises
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Philippine office at captioned address. Located in a central business district on a side-street |
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Accessible to the commuting public via the Ayala-MRT to |
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Leases about 80 square meters on the penthouse of a 6-storey building in good condition |
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Financial
Information
Attached are the 2006 balance sheet and the statement of cash flow. Subject has not yet operated in 2006. Hence, the lack of income statement for the said period.
Payment
Due to the nature of its operation, subject is not regarded as an active seeker of local commercial credit.
Bankers
Banco De Oro – EPCI (Rada branch,
No dealings based on credit exposure reports with one million and above dealings as of March 31, 2007
Verification of deposits, if any, prohibited under Philippine laws.
Public Records
PACIFIC HEALTHCARE PHILIPPINES INC. not found in our database of companies/ individuals with labor related cases as of September 26, 2007
No negative records found under PACIFIC HEALTHCARE PHILIPPINES INC. in available database as of September 26, 2007
Special Note
ECONOMIC OVERVIEW (as of Second Quarter
2007)
Economic output is estimated to have grown by 6.6% (IDEA) in the first half of the year, 1 percentage point higher than the first-half outcome in 2006. Consequently, the government and various private entities have upgraded their GDP projections, indicating strong expectations of a solid finish in 2007 and heightened optimism in the Philippine economy. The government, for example, has raised its GDP growth forecast to 6.1-6.8% from 5.8-6.6%.
IDEA’s estimates show that economic output is poised to grow at around 6.4% for 2007 and 2008. On the production side, the largest contribution to growth will come from the Services sector, which is projected to grow at 9.0% this year and the following year. This sector, in turn, is pulled up by good prospects in the Finance, Trade, and Transport, Storage and Communication sectors.
On the demand side, personal consumption demand will continue to push growth forward. Government expenditures are also expected to increase with the approval of the P1.1T budget and the wage increase of government employees.
Capital formation, however, seems to be the weak link in the output demand equation. Although the trend has improved from the registered 8.8% decline in 2005 to 2.7% growth in 2006, the share of capital formation to GDP has decreased from 18% in 2005 to 17% in 2006. Moreover, a concern is raised on the sustainability of public construction given the unmet revenue targets and the goal of a balanced budget by 2008.
In sum, although the progress of the economy is slower than that of most other economies in the region, the sustained and improving picture of overall economic activity is notable considering the observed boom-and-bust behavior of the economy in the past. A sustained decent growth will hopefully facilitate the trickling down of economic gains to the micro-level. Analysis of figures at the household level, however, will have to wait until the release of the 2006 Family Income and Expenditure Survey.
All in all, there is no reason for the government to relax and take refuge in the comforting economic figures and the continuously increasing inflow of remittances. It remains to be seen if the government can deliver on its promises of infrastructure and a balanced budget by 2008. The good economic prospect is, as always, conditional on the events that will transpire in the next semester of the year.
Source: Institute for Development and Econometric Analysis (IDEA)
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. |
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%)