MIRA INFORM REPORT

Report Date :

30.11.2011

IDENTIFICATION DETAILS

Name :	PHIL. PHARMAWEALTH, INC.

Registered Office :	Suite 3001, 30th Floor, East Tower, Phil. Stock Exchange Center, Exchange Road, Ortigas Center 1605, Pasig City

Country :	Philippines

Financials (as on) :	31.12.2009

Date of Incorporation :	10.02.1993

Com. Reg. No.:	AS093-01037

Legal Form :	Corporation

Line of Business :	Importation & Distribution of finished Pharmaceutical products and medical supplies

No. of Employees :	155 Persons

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 60,000

Status :	Satisfactory

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Philippines

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

Company Details

Company Name:	Phil. Pharmawealth, Inc.
Supplied Name:	Phil Pharmawealth Inc
Trading Address:	Suite 3001, 30th Floor, East Tower, Phil. Stock Exchange Center, Exchange Road, Ortigas Center 1605, Pasig City, Philippines
Supplied Address:	Suiten3001, East Tek Tite Tower, Stock Exchange Center, Exchange Road Ortigas Center Pasig City Philippine
Telephone Number:	+632 683-00-53 TO 57 / 634-37-32 / 634-41-82 / 634-35-05
Fax Number:	+632 2 6339512
E-mail:	info@philpharmawealth.com

Note:

The supplied address is incomplete, and the exact address is as above.

Credit Summary

Credit Rating:	Maximum credit USD 60,000
Credit Opinion:	Business connections are permissible.

Company Identification Details

Registered Number:	AS093-01037
Legal Form:	Corporation
Date Incorporated:	1993-2-10
Authorized Capital Stock:	PHP 50,000,000.00 (USD 1,135,230) (As of 2011.11, 1 PHP =0.02270 USD)
Subscribed Capital Stock:	50,000,000.00
Paid-up Capital:	50,000,000.00
Par Value Per Share:	100.00
Listed at Stock Exchange:	No
Staff:	155 Employees

Note: Amounts in Philippine Peso unless otherwise specified.

History

Company Background

Verification with the local registry revealed the following correct registration details as of (November 25, 2011).

Regulatory Agency	Date Registered	Registration No.	Term
Securities and Exchange Commission	02/10/1993	AS093-01037	50 Years

Type	Share
Authorized Capital	50,000,000.00
Paid Up	50,000,000.00
Subscribed	50,000,000.00
Par Value	100.00

Capital structure per latest available General Information Sheet.

Increase in authorized capital stock from 1,000,000 to 20,000,000 was approved by the Securities and Exchange

Commission on March 26, 1998; then to 50,000,000 on February 18, 1999.

Corporate Structure

AFFILIATE:

Name	Singapore Pharmawealth Lifesciences, Inc.

Shareholders

Stockholders: (06/09/2011)

Name	Subscribed and Paid Up
ALAMBRA, ALAN A.B. ATTY.	100.00
BIRON, HERNAN D. JR.	100.00
BIRON, DIANA G.	24,749,900.00
BIRON, HERNAN D. SR.	25,249,800.00
DEPALAC, JONAS A.	100.00

List of stockholders and their shareholdings per latest available General Information Sheet.

Management Information

Management (06/09/2011):

Name	Position
BIRON SR. HERNAN D.	Chairman
BIRON, DIANA G.	President / Director
BIRON, HERNAN D. JR.	Treasurer / Director
ALAMBRA, ALAN A.B.	Director
DEPALAC, JONAS A.	Corporate Secretary / Director

Principals per latest available General Information Sheet.

Operation

Activities

- Importation & Distribution of finished Pharmaceutical products and medical supplies.

Premises

Location: Located at the capital address as above.

Balance Sheet

Unit: PHP

	2009-12-31	2008-12-31
Total Current Assets	162,071,940.00	157,911,368.00
Cash	12,718,446.00	12,343,948.00
Short Invest	0.00	0.00
Receivable	36,972,509.00	44,923,444.00
Inventory	109,746,537.00	100,204,686.00
Other Current Assets	2,634,448.00	439,290.00
Long Invest Total	0.00	0.00
Long Invest Security	0.00	0.00
Long Invest Equity	0.00	0.00
Long Invest Other	0.00	0.00
Fixed Assets Total	22,091,765.00	22,297,493.00
Fixed Assets	42,863,646.00	40,284,260.00
Depreciation Total	20,771,881.00	17,986,767.00
Intangible Assets	0.00	0.00
Other Assets	32,816,000.00	32,816,000.00
Total Assets	216,979,705.00	213,024,861.00
Total Current Debt	105,445,363.00	121,342,712.00
Short Loan	0.00	0.00
Accounts Payable	20,727,124.00	26,441,872.00
Other Current Liability	84,718,239.00	94,900,840.00
Long Liability Total	18,822,439.00	3,577,867.00
Long Leases	0.00	0.00
Long Loan	0.00	0.00
Long Loan Other	0.00	0.00
Total Liability	124,267,802.00	124,920,579.00
Total Equity	92,711,903.00	88,104,282.00
Share Capital	50,000,000.00	50,000,000.00
Capital Paid	0.00	0.00
Legal Reserve	0.00	0.00
Surplus Reserve	0.00	0.00
Undistributed Profit	0.00	0.00
Retained Earning	42,711,903.00	38,104,282.00
Other Equity	0.00	0.00
Total Liability And Equity	216,979,705.00	213,024,861.00

Profit and Loss Accounts

Unit: PHP

	2009	2008
Operating Revenue	0.00	0.00
Sales Revenue	301,565,711.00	283,112,837.00
Interest Revenue	0.00	0.00
Other Revenue	1,962,522.00	1,301,162.00
Total Revenue	303,528,233.00	284,413,999.00
Sales Cost	245,631,658.00	229,576,123.00
Gross Profit	55,934,053.00	53,536,714.00
Sales Expenses	0.00	0.00
Management Expenses	51,314,259.00	49,787,385.00
Financial Expenses	0.00	0.00
Total Expenses	296,945,917.00	279,363,508.00
Operating Profit	6,582,316.00	5,050,491.00
Non Operating Profit	0.00	0.00
Profit Before Tax	6,582,316.00	5,050,491.00
Tax	1,974,695.00	1,767,672.00
Net Profit	4,607,621.00	3,282,819.00

Cash Flow

Unit: PHP

	2009	2008
Operating Net Cash	-12,290,688.00	6,637,190.00
Investment Net Cash	-2,579,386.00	0.00
Finance Net Cash	15,244,572.00	-2,521,097.00

Bankers

Banco de Oro Unibank, Inc., Bank of the Philippine Islands, BPI Leasing Corporation, China Banking Corporation, Metropolitan Bank and Trust Company

Subject: PHIL PHARMAWEALTH INC

NO	Collateral/Security	Co Maker's Name	Loan Type	Loan Status	Outstanding Amount	Market Gain/Loss	Secured Amount	Unsecured Amount
1.	Chattel Mortgage		Time Loans	Current	682,278.00	0.00	682,278.00	0.00
2.	Chattel Mortgage		Time Loans	Current	998,200.00	0.00	998,200.00	0.00
3.	Chattel Mortgage		Time Loans	Current	998,200.00	0.00	998,200.00	0.00
4.	Chattel Mortgage		Time Loans	Current	998,200.00	0.00	998,200.00	0.00
5.	Chattel Mortgage		Time Loans	Current	998,200.00	0.00	998,200.00	0.00
6.	Chattel Mortgage		Time Loans	Current	762,546.00	0.00	762,546.00	0.00
7.	Chattel Mortgage		Time Loans	Current	642,144.00	0.00	642,144.00	0.00
8.	Chattel Mortgage		Time Loans	Current	762,546.00	0.00	762,546.00	0.00
9.	Chattel Mortgage		Time Loans	Current	1,441,836.00	0.00	1,441,836.00	0.00
10.	Chattel Mortgage		Time Loans	Current	763,092.00	0.00	763,092.00	0.00
11.	Other Securities		Time Loans	Current	22,119,744.06	0.00	22,119,744.06	0.00

Subject: PHILIPPINE PHARMAWEALTH INC

NO	Collateral/Security	Co Maker's Name	Loan Type	Loan Status	Outstanding Amount	Market Gain/Loss	Secured Amount	Unsecured Amount
1.	Other Securities		Bills Purchased - Clean	Current	496,007.49	0.00	0.00	496,007.49
2.	Other Securities		Import Bills Under Trust Receipts (TR)	Current	4,255,516.87	0.00	0.00	4,255,516.87
3.			Import Bills Under Trust Receipts (TR)	Current	134,990.62	0.00	0.00	134,990.62
4.			Import Bills Under Trust Receipts (TR)	Current	521,482.50	0.00	0.00	521,482.50
5.			Import Bills Under Trust Receipts (TR)	Current	1,468,125.00	0.00	0.00	1,468,125.00
6.			Import Bills Under Trust Receipts (TR)	Current	1,220,471.18	0.00	0.00	1,220,471.18
7.	REM - Not Insured by HFC		Time Loans	Current	25,000,000.00	0.00	25,000,000.00	0.00
8.			32 – Lease Contracts Receivable	Current	168,810.00	0.00	0.00	168,810.00
9.			32 – Lease Contracts Receivable	Current	887,980.00	0.00	0.00	887,980.00
10.			32 – Lease Contracts Receivable	Current	47,983.00	0.00	0.00	47,983.00
11.			32 – Lease Contracts Receivable	Current	71,019.00	0.00	0.00	71,019.00
12.			32 – Lease Contracts Receivable	Current	517,486.00	0.00	0.00	517,486.00
13.			32 – Lease Contracts Receivable	Current	285,415.00	0.00	0.00	285,415.00
14.			32 – Lease Contracts Receivable	Current	248,768.00	0.00	0.00	248,768.00
15.			32 – Lease Contracts Receivable	Current	67,766.00	0.00	0.00	67,766.00
16.			32 – Lease Contracts Receivable	Current	733,195.00	0.00	0.00	733,195.00
17.			32 – Lease Contracts Receivable	Current	72,115.00	0.00	0.00	72,115.00
18.			32 – Lease Contracts Receivable	Current	948,480.00	0.00	0.00	948,480.00
19.			32 – Lease Contracts Receivable	Current	262,790.00	0.00	0.00	262,790.00
20.			32 – Lease Contracts Receivable	Current	535,129.00	0.00	0.00	535,129.00
21.			32 – Lease Contracts Receivable	Current	121,714.00	0.00	0.00	121,714.00
22.			32 – Lease Contracts Receivable	Current	43,671.00	0.00	0.00	43,671.00
23.			32 – Lease Contracts Receivable	Current	108,315.00	0.00	0.00	108,315.00
24.			32 – Lease Contracts Receivable	Current	29,728.00	0.00	0.00	29,728.00
25.			32 – Lease Contracts Receivable	Current	72,302.00	0.00	0.00	72,302.00
26.			32 – Lease Contracts Receivable	Current	2,376,877.00	0.00	0.00	2,376,877.00
27.	REM - Not Insured by HFC		Import Bills Under Trust Receipts (TR)	Current	193,851.00	0.00	193,851.00	0.00
28.	REM - Not Insured by HFC		Import Bills Under Trust Receipts (TR)	Current	1,505,235.00	0.00	1,505,235.00	0.00
29.	REM - Not Insured by HFC		Bills Purchased - Documentary	Current	943,507.00	0.00	943,507.00	0.00
30.	REM - Not Insured by HFC		Import Bills Under Trust Receipts (TR)	Current	481,502.00	0.00	481,502.00	0.00
31.	REM - Not Insured by HFC		Bills Purchased - Documentary	Current	723,594.00	0.00	723,594.00	0.00
32.	REM - Not Insured by HFC		Bills Purchased - Documentary	Current	313,924.00	0.00	313,924.00	0.00
33.	REM - Not Insured by HFC		Import Bills Under Trust Receipts (TR)	Current	499,330.00	0.00	499,330.00	0.00
34.	REM - Not Insured by HFC		Bills Purchased - Documentary	Current	886,014.00	0.00	886,014.00	0.00
35.	REM - Not Insured by HFC		Import Bills Under Trust Receipts (TR)	Current	1,061,340.00	0.00	1,061,340.00	0.00
36.	REM - Not Insured by HFC		Import Bills Under Trust Receipts (TR)	Current	914,588.00	0.00	914,588.00	0.00
37.	REM - Not Insured by HFC		Import Bills Under Trust Receipts (TR)	Current	265,815.00	0.00	265,815.00	0.00
38.	REM - Not Insured by HFC		Customers’ Liability for this Bank’s Acceptances Outstanding	Current	196,068.00	0.00	196,068.00	0.00
39.	REM - Not Insured by HFC		Customers’ Liability for this Bank’s Acceptances Outstanding	Current	345,557.00	0.00	345,557.00	0.00
40.	REM - Not Insured by HFC		Import Bills Under Trust Receipts (TR)	Current	199,281.00	0.00	199,281.00	0.00
41.	REM - Not Insured by HFC		Import Bills	Current	1,994,192.00	0.00	1,994,192.00	0.00
42.	REM - Not Insured by HFC		Import Bills Under Trust Receipts (TR)	Current	202,356.00	0.00	202,356.00	0.00
43.			Import Bills Under Trust Receipts (TR)	Current	575,240.81	0.00	0.00	575,240.81
44.			Import Bills Under Trust Receipts (TR)	Current	453,496.31	0.00	0.00	453,496.31
45.			Import Bills Under Trust Receipts (TR)	Current	301,707.44	0.00	0.00	301,707.44
46.			Import Bills Under Trust Receipts (TR)	Current	3,929,446.37	0.00	0.00	3,929,446.37
47.			Import Bills Under Trust Receipts (TR)	Current	372,221.36	0.00	0.00	372,221.36
48.			Import Bills Under Trust Receipts (TR)	Current	1,165,477.63	0.00	0.00	1,165,477.63
49.			Import Bills Under Trust Receipts (TR)	Current	734,636.30	0.00	0.00	734,636.30
50.			Import Bills Under Trust Receipts (TR)	Current	2,095,922.40	0.00	0.00	2,095,922.40
51.			Import Bills Under Trust Receipts (TR)	Current	3,572,250.00	0.00	0.00	3,572,250.00
52.			Import Bills Under Trust Receipts (TR)	Current	3,790,800.00	0.00	0.00	3,790,800.00
53.			Import Bills Under Trust Receipts (TR)	Current	510,942.04	0.00	0.00	510,942.04
54.			Customers’ Liability for this Bank’s Acceptances Outstanding	Current	3,813,848.10	0.00	0.00	3,813,848.10
55.			Import Bills Under Trust Receipts (TR)	Current	381,911.38	0.00	0.00	381,911.38
56.			Import Bills Under Trust Receipts (TR)	Current	115,206.30	0.00	0.00	115,206.30
57.			Import Bills Under Trust Receipts (TR)	Current	5,661,830.19	0.00	0.00	5,661,830.19
58.			Customers’ Liability for this Bank’s Acceptances Outstanding	Current	376,234.82	0.00	0.00	376,234.82
59.			Customers’ Liability for this Bank’s Acceptances Outstanding	Current	192,277.31	0.00	0.00	192,277.31
60.			Import Bills Under Trust Receipts (TR)	Current	454,965.00	0.00	0.00	454,965.00
61.			Import Bills Under Trust Receipts (TR)	Current	83,241.11	0.00	0.00	83,241.11
62.			Import Bills Under Trust Receipts (TR)	Current	3,799,575.00	0.00	0.00	3,799,575.00
63.			Import Bills Under Trust Receipts (TR)	Current	6,127,278.30	0.00	0.00	6,127,278.30
64.			Import Bills Under Trust Receipts (TR)	Current	172,607.78	0.00	0.00	172,607.78
65.			Import Bills Under Trust Receipts (TR)	Current	733,728.14	0.00	0.00	733,728.14
66.			Import Bills Under Trust Receipts (TR)	Current	1,195,419.44	0.00	0.00	1,195,419.44
67.			Import Bills Under Trust Receipts (TR)	Current	1,110,993.28	0.00	0.00	1,110,993.28
68.			Import Bills Under Trust Receipts (TR)	Current	206,903.92	0.00	0.00	206,903.92
69.			Import Bills Under Trust Receipts (TR)	Current	495,731.57	0.00	0.00	495,731.57
70.			Import Bills Under Trust Receipts (TR)	Current	5,739,253.81	0.00	0.00	5,739,253.81
71.			Import Bills Under Trust Receipts (TR)	Current	495,731.57	0.00	0.00	495,731.57
72.			Import Bills Under Trust Receipts (TR)	Current	5,739,253.81	0.00	0.00	5,739,253.81

Public

NEGATIVE RECORDS

COURT CASES RESULTS

1. PHILIPPINE PHARMAWEALTH INC

Case Number : 04 754

Courts : REGIONAL TRIAL COURT

Branch : 138

Case Type : INFRINGEMENT

Plaintiff Name : PFIZER INC

Action : UNAVAILABLE

Date Filed : 7/1/2004

Action Date : NA

City : MAKATI CITY

2. PHILIPPINE PHARMAWEALTH INC ET AL

Case Number : 05-1047

Courts : REGIONAL TRIAL COURT

Branch : 134

Case Type : CONTEMPT

Plaintiff Name : PFIZER INC

Action : UNAVAILABLE

Date Filed : 11/24/2005

City : MAKATI CITY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.93
UK Pound	1	Rs.80.62
Euro	1	Rs.69.37

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.