MIRA
INFORM REPORT
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Report Date : |
02.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUHITAS PHARMACEUTICALS INC |
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Registered Office : |
1264 Batangas St. San Isidro Makati City |
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Country : |
Philippines |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2004 |
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Legal Form : |
Private |
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Line of Business : |
Trading & Distribution of Pharmaceutical Products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
Basic Report
Country :
Philippines
Company name : SUHITAS
PHARMACEUTICALS INC
Office address : 1264
Batangas St. San Isidro Makati City
Office tel :
632-889884
Business type :
Trader
Industry :
Medical Equipment & Pharmaceutical
Established :
2004
OWNERSHIP
Chairman: Mr Lilian V Khadka
Nationality: Philippines
Capital: 1,000,000
Corporate formation: Private
COMPANY MANAGEMENT
President Mr Lilian V Khadka
Nationality: Philippines
Director Mr Sudarshan V Khadka jr
Nationality: Philippines
Treasurer Mr Goerge A Paragua
Nationality: Philippines
Director Mr Harshika Sharma
Nationality: India
Director Mr Sudarshan K Khadka
Nationality: Nepal
FINANCIAL DESCRIPTION
*Credit Assessment*
===============
Risk Index : High
Credit : Not
recommend
Days : Not recommend
Credit Opinion
The company appears to have experienced sluggish growth recently with a
comparatively fair means and limited business base to meet its engagements.
Reserve need to be exercised for coming into any amount of credit dealings.
*Company Registration*
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License number : 200407335
Date issued : 11 May, 2004
Issuing authority : Securities & Exchange Commission
Legal form : Limited liability company
*License Details*
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Taxes No. :
231 278 050
*Capital Details*
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Share value :
Php$100.00/-each
Authorized capital : Php
$1,000,000 divided into 10,000 ordinary shares
Paid-up capital : Php
$62,800
*Lodgment of Annual Returns*
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Year ending : 2006
Financials
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SUNITAS PHARMACEUTICALS INC |
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Comparative Balance Sheets |
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as of 31 December, 2005 & 2004 |
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Unit : in Php |
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2005 |
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2004 |
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ASSETS |
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CURRENT ASSETS |
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Cash on hand & in bank |
4,247.54 |
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8,098.08 |
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OTHER ASSETS |
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Leasehold Improvement |
423,594.71 |
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244,701.94 |
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TOTAL ASSETS |
427,842.25 |
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252,800.00 |
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LIABILITIES & STOCKHOLDERS' EQUITY |
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CURRENT LIABILITIES |
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Accounts payable & accrued expenses |
80,000.00 |
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- |
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ADVANCES FROM SHARHOLDERS |
395,932.05 |
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190,000.00 |
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STOCKHOLDER' EQUITY |
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2,500 Subscribed & 628 share paid-up |
62,800.00 |
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62,800.00 |
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Net (Loss) for the period |
(110,889.80) |
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- |
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TOTAL LIABILITIES & STOCKHOLDER' EQUITY |
427,842.25 |
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252,800.00 |
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PROFIT & LOSS STATEMENTS |
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for the year ended December, 2005 & 2004 |
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2005 |
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2004 |
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SALES |
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Gross sales |
Nil |
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Nil |
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Cost of sales |
Nil |
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Nil |
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Gross sales |
Nil |
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Nil |
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OPERATING EXPENSES |
110,889.80 |
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- |
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NET INCOME (LOSS) |
(110,889.80) |
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- |
*Reputation*
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Unable to locate any points of reference within the industry due to the relatively small nature of the company.
PRODUCT, TECHNOLOGY,
SERVICE DESCRIPTION
*Main Products & Services*
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Specializing trading & distribution of pharmaceutical products.
*Detailed Product specifications*
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New pharmaceutical product application in April 2007 :
RSN : 1740
GENERIC NAME : Ceftriaxone Sodium
BRANDNAME : Zerone
STRENGTH : 1g
ORGANIZATION
STRUCTURE
*Key Personnel*
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Name : Lilian V Khadka
Position : President & Director
Resident status : He is by Philippines nationality
Identification number : Holder of tax identification no 118-698-916
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Address : 10 Milan St, Merville, Paranaque City
Name : Goerge A Paragua
Position : Treasurer & Director
Resident status : He is by Philippines nationality
Identification number : Holder of tax identification no 194-013-494
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Address : 2446 Tejeron, Sta Apa Manila
RELATED PARTIES
DESCRIPTION
*Major Shareholders*
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Total number of shareholders : 5
Total number of shares issued : 2,500
Share Class : Ordinary Share
Shareholder's Name Number of Shares
Lilian V Khadka, Sudarshan V Khadka jr, and Goerge A Paragua 1500
Harshika Sharma 875
Sudarshan K Khadka 125
Directors' Details
Name : Lilian V Khadka
Name : Goerge A Paragua
Name : Sudarshan V Khadka jr
Position : Director
Resident status : He is by Philippines nationality
Identification number : Holder of tax identification no 104-475-524
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Address : --
Name : Harshika Sharma
Position : Director
Resident status : He is by Indian nationality
Identification number : Holder of passport no E-1469023
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Address : Unit 902, Lp1 Manor, 116 Leviste St, Makati City
Name : --
Position : Director
Resident status : He is by Nepali nationality
Identification number : Holder of Nepali no 104-574-425
Responsibilities : Currently active in the company's day-to-day operations & is responsible for its
management.
Address : 10 Milan St, Merville, Paranaque City
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 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%)