MIRA INFORM REPORT

Report Date :

01.07.2011

IDENTIFICATION DETAILS

Name :	PASTEUR PHARMACEUTICALS, INC.
Formerly Known As :	PASTEUR PHARMACEUTICAL SALES INC.
Registered Office :	1st Flr SGS Foundation Building, 1335 G. Araneta Avenue, SMH Quezon City 1100
Country :	Philippines
Financials (as on) :	31.12.2010
Date of Incorporation :	12.12.1996
Com. Reg. No.:	A199607897
Legal Form :	Joint Stock Company
Line of Business :	Importation and distribution of pharmaceutical finished products.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	38,000 GBP
Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Philippines	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

REGISTERED NAME & COMPANY SUMMARY

Verified
Subject Name:	PASTEUR PHARMACEUTICALS, INC.
Other Style:	PASTEUR PHARMACEUTICAL SALES AND PASTEUR MEDICAL SUPPLIES
Address:	1st Flr SGS Foundation Building, 1335 G. Araneta Avenue, SMH
Town:	Quezon City
Zip code:	1100
Country:	Philippines
Telephone:	+63 (2) 7407604 / 7811447
Fax:	+63 (2) 7811979
Email:	pasteurpharma@yahoo.com
Website:	www.pasteurpharma.com
Remarks:	The Subject's registered address is: 13350. Araneta Avenue Sto. Domingo Quezon City Philippines
EXECUTIVE SUMMARY
Date registered:	12-12-1996
Legal form:	Joint Stock Company
Authorised Capital:	PHP 20,000,000
Sales turnover:	PHP 82,928,842 (Non-consolidated 12 months, 31/12/2010)
Main activities:	Importation and distribution of pharmaceutical finished products.
Employees:	15
REGISTRY DATA
Key Facts
Date registered:	12-12-1996
Legal form:	Joint Stock Company
Registration no:	A199607897
Registry auth.	Philippines Register of Companies
Fiscal/tax code:	239-650-837
Registry status:	Live/Active
Previous names:	The Subject initially operated under the name of PASTEUR PHARMACEUTICAL SALES INC.

CREDIT RECOMENDATION

Current Credit Limit: 38,000 GBP

DIRECTORS/MANAGEMENT

MANAGEMENT & STAFF
Key Managers
Name:	Perseverando Cruz
Job Title:	President
Name:	Chris Gamboa
Job Title:	Director
Name:	Glenn Gamboa
Job Title:	Director
Name:	Leonardo Gamboa
Job Title:	Director
Name:	Edward Joseph Vitug
Job Title:	Company Secretary
Name:	Gerardo D. Castillo Jr.
Job Title:	Treasurer
Staff
No of employees	15
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Perseverando Cruz
Board function:	President
ID Number:	141-852-915
Address:	1335 G. Araneta Avenue Quezon City Philippines
Name:	Chris Gamboa
Board function:	Director
ID Number:	189-598-334
Address:	1335 G. Araneta Avenue Quezon City Philippines
Name:	Glenn Gamboa
Board function:	Director
ID Number:	118-278-417
Address:	1335 G. Araneta Avenue Quezon City Philippines
Name:	Leonardo Gamboa
Board function:	Director
ID Number:	110-409-524
Address:	1335 G. Araneta Avenue Quezon City Philippines
Name:	Edward Joseph Vitug
Board function:	Company Secretary
ID Number:	185-449-198
Address:	1335 G. Araneta Avenue Quezon City Philippines
Name:	Gerardo D. Castillo Jr.
Board function:	Treasurer
ID Number:	112-412-636
Address:	#32 Stella Maris St., Kapitolyo, Pasig City Philippines

NEGATIVE INFORMATION

LEGAL FILINGS
Bankruptcy Filings:	None
Court Judgements:	None
Tax Liens:	None
Other:	None

SHARE & SHARE CAPITAL INFORMATION

SHARE CAPITAL
Composition
Authorised:	PHP 20,000,000
Number/type:	200,000 common stock
Share value:	PHP 100
Issued:	PHP 5,000,000
Paid-up:	PHP 5,000,000
Shareholders/Owners
How Listed	Full List
Composition
Name:	SGS HOLDINGS. INC.
No. of shares:	29,999 common stock
Address:	1335 G. Araneta Avenue Quezon City Philippines
Name:	Perseverando Cruz
No. of shares:	10,000 common stock
Address:	1335 G. Araneta Avenue Quezon City Philippines
Name:	Glenn Gamboa
No. of shares:	5,000 common stock
Address:	1335 G. Araneta Avenue Quezon City Philippines
Name:	Chris Gamboa
No. of shares:	4,000 common stock
Address:	1335 G. Araneta Avenue Quezon City Philippines
Name:	Leonardo Gamboa
No. of shares:	1,000 common stock
Address:	1335 G. Araneta Avenue Quezon City Philippines
Name:	Gerardo D. Castillo Jr.
No. of shares:	1 common stock
Address:	#32 Stella Maris St., Kapitolyo, Pasig City Philippines

PAYMENT INFORMATION

PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment Behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.

GROUP STRUCTURE & AFFILIATED COMPANIES

CORPORATE AFFILIATIONS
Structure
Name:	SGS HOLDINGS. INC.
Affiliation type:	Parent Company
Address:	1335 G. Araneta Avenue Quezon City Philippines
Name:	HEXAGON CHEMICAL CORPORATION
Affiliation type:	Associate
Address:	Philippines
Name:	HEXAGON HEALTHCARE CORP.
Affiliation type:	Associate
Address:	Philippines
Name:	HEXAGON STEEL CORP.
Affiliation type:	Associate
Address:	Philippines
Name:	SGS HARDWARE CORP.
Affiliation type:	Associate
Address:	Philippines

FINANCIAL INFORMATION

FINANCIAL ACCOUNTS
Description
Required to file:		Yes
Source:		Commercial Registry Filings
Presentation:		Attached to this report / Summarised below
Date of accounts:		31-12-2010
Type of accounts:		Full audited
Currency:		Philippines Peso (PHP)
Exchange rate:		USD 1 = PHP 43.59 as of 27/06/11
Summarised
		31-12-2010		31-12-2009
Consolidation:		Non-consolidated		Non-consolidated
Period:		12 months		12 months
Sales turnover:		82,928,842		64,857,650
Gross profit:		19,073,634		12,971,530
Profit before tax:		1,288,830		869,176
Profit after tax:		902,181		608,423
Non-current assets:		2,054,180		628,901
Current assets:		52,686,783		39,614,872
Inventories:		38,644,802		51,838,132
Total assets:		54,740,963		40,243,773
Current liabilities:		19,018,000		17,074,578
Non-current liabilities:		28,070,616		16,419,028
Total liabilities:		47,088,616		33,493,606
Shareholders' equity:		7,652,347		6,750,167
Retained Earnings:		2,652,347		1,750,166
	PASTEUR PHARMACEUTICALS, INC.
	BALANCE SHEETS
			Dec-31
			2009		2010
	ASSETS
	CURRENT ASSETS
	Cash and cash equivalents		435,050		494,050
	Trade and Other Receivables		535,020		354,601
	Merchandise inventory		38,644,802		51,838,132
	Total		39,614,872		52,686,783
	NONCURRENT ASSETS
	Property, plant and		628,901		2,054,180
	Total		628,901		2,054,180
	TOTAL ASSETS		40,243,773		54,740,963
	LIABILITIES AND EQUITY
	CURRENT LIABILITIES
	Trade Payables & Other Payables		16,692,289		18,704,450
	Other Current Liabilities		345,499		239,291
	Income tax payable		36,790		74,259
	Total Current Liabilities		17,074,578		19,018,000
	NONCURRENT LIABILITIES
	Non Trade Payable		16,419,028		28,070,616
	Total Non Current Liabilities		16,419,028		28,070,616
	TOTAL LIABILITIES		33,493,606		47,088,616
	EQUITY
	Share Capital		5,000,000		5,000,000
	Cumulative earnings		1,750,166		2,652,347
	Total		6,750,166		7,652,347
	TOTAL LIABILITIES AND EQUITY		40,243,773		54,740,963

	PASTEUR PHARMACEUTICALS,
	STATEMENTS OF INCOME
		Dec-31
		2009			2010
	SALES	64,857,650			82,928,842
	COST OF GOOD SOLD	51,886,120			63,855,208
	GROSS PROFIT	12,971,530			19,073,634
	OPERATING EXPENSES	12,102,354			17,784,804
	INCOME (LOSS) BEFORE INCOME TAX	869,176			1,288,830
	PROVISION FOR INCOME TAX	260,753			386,649
	INCOME (LOSS)AFTER INCOME TAX	608,423			902,181
	INCOME	608,423			902,181
	EARNINGSPERSHARE	12			18
Financial Ratios
			31-12-2010	31-12-2009		Trend
PROFITABILITY [%]
Gross Margin			23%	20%		15 %
Gross Profit / Revenue * 100
Operating Margin			N/A	N/A		N/A
Operating Income / Revenue * 100
Net Profit Margin			1.09%	0.94%		15.96 %
Profit After Tax / Revenue * 100
Return On Equity (ROE)			11.79%	9.01%		30.85 %
Profit After Tax / Equity * 100
Return On Assets (ROA)			1.65%	1.51%		9.27 %
Profit After Tax / Total Assets * 100
Return On Investment (ROI)			16.84%	12.88%		30.75 %
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover			151.49%	161.16%		-6 %
Revenue / Total Assets * 100
Inventory Turnover			214.59%	125.12%		71.51 %
Revenue ./ Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)			277.04%	232.01%		19.41 %
Current Assets ./ Current Liabilities * 100
Quick Ratio (QR)			73.84%	-71.59%		203.14 %
(Current Assets – Inventory) ./ Current Liabilities * 100
DEBT [%]
Debt Ratio			86.02%	83.23%		3.35 %
Total Liabilities ./ Total Assets * 100
Long-Term Debt Ratio			366.82%	243.24%		50.81 %
Long-Term Liabilities ./ Equity * 100

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

BANKING & FINANCING
Bankers
Bank name:	BANCO DE ORO
Address:	Philippines
Relationship type:	Current Account
Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in importation and distribution of pharmaceutical finished products.
Products/services:	Product line consists of antibiotics, NSAIDs, analgesics, antiulcerants, corticosteroids, amoebaecides, anti-TB, oral hypoglycaemics, and more.
Sales
Local:	Yes
Export:	The Company does not export.
PROPERTY & ASSETS
Premises	The Subject operates from premises located at the heading address, consisting of administrative offices.
Branches	Warehouse Location 180 Congressional Avenue, Project 8, Quezon City, Philippines

NOTES & COMMENTS

INVESTIGATIVE NOTES
Sources:	Interviews and material provided by the Subject Other official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.72
UK Pound	1	Rs.71.95
Euro	1	Rs.64.79

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
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
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
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
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.