MIRA INFORM REPORT
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Report Date : |
07.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
NEW MYREX LABORATORIES, INC. |
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|
|
|
Registered Office : |
Sulucan Street, Catmon Sta.
Maria, Bulacan |
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|
|
|
Country : |
Philippines |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
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Date of Incorporation : |
06.03.2007 |
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Com. Reg. No.: |
CS200703383 |
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|
|
|
Legal Form : |
Corporation |
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|
|
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Line of Business : |
Manufacturer of Pharmaceutical Products |
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|
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No. of Employees
: |
+200 |
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 : |
USD 40,000 |
|
|
|
|
Status : |
Moderate |
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|
|
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Payment
Behaviour : |
No Complaints |
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|
|
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Philippines |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company Details
|
Company
Name: |
New Myrex Laboratories, Inc. |
|
Supplied
Name: |
New
Myrex Laboratories Inc |
|
Trading Address: |
Sulucan
Street, Catmon Sta. Maria, Bulacan, Philippines |
|
Plant Address: |
FBIC
Bgy. Tikay Malolos City, Bulacan, Philippines |
|
Manila Office
Address: |
44
Annapolis Street, Cubao Quezon City, Philippines |
|
Supplied
Address: |
Bo
Sulucan Bay Catmon Sta Maria Bulacan, Philippines |
|
Telephone
Number: |
+632
299-8113 |
Note:
The supplied name and address are slightly different from what we’ve
confirmed, and the accurate ones are shown as above.
Credit Summary
|
Credit
Rating: |
Maximum
credit USD 40,000 |
|
Credit
Opinion: |
Business
connections are permissible. |
Company Identification Details
|
Company
Name: |
New
Myrex Laboratories, Inc. |
|
Registered
Number: |
CS200703383 |
|
TIN Number: |
006-655-366 |
|
Legal Form: |
Corporation |
|
Date
Incorporated: |
6
March, 2007 |
|
Authorized
Capital Stock: |
PHP 10,000,000 |
|
Subscribed
Capital Stock: |
PHP
2,500,000 |
|
Paid-up Capital: |
PHP
625,000 |
|
Par Value Per
Share: |
PHP
100 |
|
Listed at Stock
Exchange: |
No |
|
Staff: |
+200 |
Note:
Amounts in Philippine Peso unless otherwise
specified.
History
Company Background
|
Regulatory
Agency |
Date
Registered |
Registration
No. |
Term |
|
Securities
and Exchange Commission |
2007-3-6 |
CS200703383 |
50
years |
Shareholders
Stockholders:
|
Name: |
Amount Subscribed |
Amount Paid- Up |
|
CASTRO, JOSEPH
F. |
1,562,500 |
390,625 |
|
CASTRO, JEANEL
C. |
900,000 |
225,000 |
|
CASTRO, DAYVE C. |
12,500 |
3,125 |
|
CASTRO, JOZELLE JOSEPH |
12,500 |
3,125 |
|
CASTRO, JOSEPH ERVIN KYLE |
12,500 |
3,125 |
Management Information
Management:
|
Name: |
Position |
|
CASTRO, JOSEPH F. |
PRESIDENT |
|
CASTRO, JEANEL C. |
VICE PRESIDENT / TREASURER |
|
CASTRO, DAYVE C. |
DIRECTOR |
|
CASTRO, JOZELLE JOSEPH |
DIRECTOR |
|
CASTRO, JOSEPH ERVIN KYLE |
DIRECTOR |
|
SISON, ELOISA T. |
CORPORATE SECRETARY |
Operation
|
Activities |
|
SIC Code: 24241 |
|
Manufacturer and distribution of generic
pharmaceutical products and herbal supplements (capsule, tablet, drops,
syrup, suspension). |
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Raw materials are purchased from local
suppliers. |
|
Territory covered local. |
|
Operates 8 hours a day; 6 days a week. |
|
Non seasonal. |
|
Premises |
|
Headquarters,
administrative office, plant at captioned address. Located in an industrial area.
Occupies premises of more than a hectare improved with buildings in good
condition. |
Balance Sheet
Unit: PHP
|
Balance
Sheet |
2010.12.31 |
2009.12.31 |
|
Cash and cash equivalents |
666,329.31 |
444,094.60 |
|
Receivable |
2,520,737.46 |
2,726,645.64 |
|
Inventories |
20,749,105.24 |
17,767,354.03 |
|
Total current assets |
23,936,172.01 |
20,938,094.27 |
|
Property and equipment |
20,631,741.53 |
19,788,989.39 |
|
Total non-current assets |
20,631,741.53 |
19,788,989.39 |
|
Total assets |
44,567,913.54 |
40,727,083.66 |
|
Trade and other payables |
23,278,081.75 |
20,655,882.61 |
|
Current tax liabilities |
136,038.95 |
88,079.03 |
|
Total current liabilities |
23,414,120.70 |
20,743,961.64 |
|
Advances from stockholders / officers |
13,539,603.00 |
13,539,603.00 |
|
Share capital |
625,000.00 |
625,000.00 |
|
Deposit for future
subscription |
5,000,000.00 |
5,000,000.00 |
|
Retained earnings |
1,989,189.84 |
818,519.02 |
|
Total shareholders' equity |
7,614,189.84 |
6,443,519.02 |
|
Total liabilities &
shareholders' equity |
44,567,913.54 |
40,727,083.66 |
Profit/ Loss Accounts
Unit: PHP
|
|
2010 |
2009 |
|
Revenue |
159,995,470.27 |
132,138,518.73 |
|
Cost of sales |
141,441,127.92 |
116,533,398.09 |
|
Gross Profit |
18,554,342.35 |
15,605,120.64 |
|
Distribution cost |
7,859,491.69 |
6,442,676.64 |
|
Administrative expenses |
9,022,463.77 |
8,478,227.34 |
|
Total distribution & administrative expenses |
16,881,955.46 |
14,920,903.98 |
|
Profit before tax |
1,672,386.89 |
684,216.66 |
|
Income tax expenses |
501,716.07 |
205,265.00 |
|
Profit for the year |
1,170,670.82 |
478,951.66 |
|
Retained earnings at the start of the year |
818,519.02 |
339,567.36 |
|
Retained earnings at the end of the year |
1,989,189.84 |
818,519.02 |
Note:
Latest financials are not found at the Securities and Exchange Commission.
Payment
A trade
survey conducted with possible suppliers did not yield trading information.
Bankers
Banco de Oro Unibank, Inc. and United Coconut Planters Bank (Cambridge
Branch)
Bank Loan Exposure Files
Unit: PHP
|
NO |
Collateral/Security |
Loan Type |
Loan Status |
Outstanding Amount |
Market Gain/Loss |
Secured Amount |
Unsecured Amount |
|
1 |
|
Time Loans |
Current |
690,181.57 |
0.00 |
0.00 |
690,181.57 |
|
2 |
|
Time Loans |
Current |
519,345.12 |
0.00 |
0.00 |
519,345.12 |
|
3 |
Other Securities |
Time Loans |
Current |
584,397.05 |
0.00 |
584,397.05 |
0.00 |
Public Records
No negative
records (court case, delinquent accounts) found under "NEW MYREX
LABORATORIES, INC." in our available database as of December 31, 2011.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
|
UK Pound |
1 |
Rs.76.75 |
|
Euro |
1 |
Rs.63.57 |
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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.