MIRA INFORM REPORT
|
Report Date : |
21.01.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
THE CATHAY DRUG COMPANY, INC. |
|
|
|
|
Registered Office : |
2nd Floor, Vernida I
Condominium, 120 Amorsolo Street, Legaspi Village 1229, Makati City |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2001 |
|
|
|
|
Date of Incorporation : |
02.06.1952 |
|
|
|
|
Com. Reg. No.: |
6838 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Importer and distributor
of pharmaceuticals such as diuretics, antibiotics, and drugs for hypertension |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment
Behaviour : |
Unknown |
|
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: |
THE
CATHAY DRUG COMPANY, INC. |
|
Supplied
Name: |
The
Cathay Drug Company |
|
Trading Address: |
2nd
Floor, Vernida I Condominium, 120 Amorsolo Street, Legaspi Village 1229,
Makati City, Philippines |
|
Supplied
Address: |
2nd
Flr Vemida Condominium Amorsolo St Makati City Philippines |
|
Telephone
Number: |
+63
(02) 361-3506; 892-5936; 893-3684; 818-6739 |
|
Fax Number: |
+63
(02) 818-6739 |
|
E-mail: |
Note:
The accurate name and address of subject are shown as above.
Company Identification Details
|
Company
Name: |
THE
CATHAY DRUG COMPANY, INC. |
|
Registered
Number: |
6838 |
|
Legal Form: |
Corporation |
|
Date Incorporated: |
1952-6-2,
2002-5-14 (EXTENSION) |
|
Authorized
Capital Stock: |
PHP
100,000,000.00 |
|
Subscribed
Capital Stock: |
PHP
100,000,000.00 |
|
Paid-up Capital: |
PHP
100,000,000.00 |
|
Par Value Per
Share: |
PHP
100 |
|
Listed at Stock
Exchange: |
No |
|
Staff: |
N/A |
Note:
Information on subject’s staff is not
available from all sources.
Amounts in Philippine Peso unless otherwise
specified.
History
Company Background
Verification
with the local registry revealed the following correct registration details as
of (January 19, 2012).
|
Regulatory
Agency |
Date
Registered |
Registration
No. |
Term |
|
Securities
and Exchange Commission |
1952-6-2 |
6838 |
50
years |
|
Securities
and Exchange Commission |
2002-5-14 |
6838 |
50
years |
Annual
Meeting Date: 2011-3-17
|
Type |
Share |
|
Authorized
Capital |
100,000,000.00 |
|
Subscribed
Capital |
100,000,000.00 |
|
Paid
Up Capital |
100,000,000.00 |
|
Par
Value |
100.00 |
Note:
Increase in authorized capital stock from 15,000,000 to 100,000,000 was approved by the Securities and Exchange Commission on June 11, 1998.
Corporate Structure
Affiliate:
YSS Laboratories Company, Inc.
Shareholders
Stockholders
(2011-3-17):
|
Name |
Amount Subscribed |
Amount Paid- Up |
Nationality |
|
SIY,
ANITA YAO |
14,285,300.00 |
14,285,300.00 |
Filipino |
|
YAO,
HENRY C. |
14,285,300.00 |
14,285,300.00 |
Filipino |
|
YAO,
RICHARD C. |
14,285,300.00 |
14,285,300.00 |
Filipino |
|
YAO,
VICTOR C. |
14,285,300.00 |
14,285,300.00 |
Filipino |
|
YAO,
CARMELITA C. |
14,283,300.00 |
14,283,300.00 |
Filipino |
|
GAN,
STEPHEN Y. |
4,150,600.00 |
4,150,600.00 |
Filipino |
|
GAN,
MICHAEL Y. |
4,149,200.00 |
4,149,200.00 |
Filipino |
|
GAN,
PETER Y. |
4,149,200.00 |
4,149,200.00 |
Filipino |
|
GAN,
CONCHITA YAO |
1,839,200.00 |
1,839,200.00 |
Filipino |
|
GO,
BETTINA YAO |
2,000.00 |
2,000.00 |
Filipino |
|
GO,
GRETA YAO |
14,285,300.00 |
14,285,300.00 |
Filipino |
Management Information
Management
(2011-3-17):
|
Name |
Position |
|
GO,
GRETA YAO 3
Magallanes Avenue, Makati City |
Chairman
/ President |
|
YAO,
RICHARD C. 1367
J.P. Laurel St., Manila |
Director |
|
YAO,
HENRY C. 26-B
Gilmore Townhouse, Quezon City |
Director |
|
SIY,
ANITA YAO 115
Mariposa Loop, Quezon City |
Director |
|
YAO,
VICTOR C. 1367
J.P. Laurel St., Manila |
Director |
|
GAN,
STEPHEN Y. |
Vice President / Treasurer / Director |
|
GAN,
CONCHITA YAO |
Director |
|
CRISOL,
NONA F. 2/F,
Vernida I Cond., 120 Amorsolo, Makati City |
Corporate Secretary |
Operation
Activities
|
|
Importer
and distributor of pharmaceuticals such as diuretics, antibiotics, and drugs
for hypertension. |
Premises
|
|
Subject operates
at above address. |
Financial Information
Subject
is obliged to file its financials at the Securities and Exchange Commission.
However, the latest financials available are dated 2001-12-31.
Balance Sheet
Unit: PHP
|
|
2001-12-31 |
|
Total
Current Assets |
109,111,290.29 |
|
Total
Fixed Assets |
27,299,465.97 |
|
Total
Other Assets |
2,711,173.36 |
|
Total
Assets |
139,121,929.62 |
|
Total
Liabilities |
211,252,207.47 |
|
Stockholders’
Equity |
-72,130,277.85 |
|
Total
Liabilities & Stockholders’ Equity |
139,121,929.62 |
Income Statement
Unit: PHP
|
|
2001 |
|
Annual
Sales |
49,147,111.69 |
|
Net
Loss During The Year |
120,134,225.44 |
Bankers
Banco
de Oro Unibank, Inc.; Bank of the Philippine Islands; Metropolitan Bank and
Trust Company; Toyota Financial Services Philippines Corporation.
FORM 1: Loans and Receivables
This
section contains credit exposure of one million and above transactions reported
quarterly by banks and other financial institutions.
For
quarter ending as of June 30, 2011
Subject:
THE CATHAY DRUG COMPANY, INC.
|
NO |
Collateral/Security |
Co Maker's Name |
Loan Type |
Loan Status |
Outstanding Amount |
Secured Amount |
Unsecured Amount |
|
1. |
Other Securities |
|
Bills Discounted |
Current |
30,621,852.92 |
0.00 |
30,621,852.92 |
|
2. |
Chattel Mortgage |
|
Time Loans |
Current |
5,386,483.00 |
5,386,483.00 |
0.00 |
|
3. |
|
|
Time Loans |
Current |
29,218,848.89 |
0.00 |
29,218,848.89 |
|
4. |
Chattel Mortgage |
|
Time Loans |
Current |
241,696.00 |
241,696.00 |
0.00 |
|
5. |
Chattel Mortgage |
|
Time Loans |
Current |
331,198.00 |
331,198.00 |
0.00 |
|
6. |
Chattel Mortgage |
|
Time Loans |
Current |
241,696.00 |
241,696.00 |
0.00 |
|
7. |
Other Securities |
|
Bills Discounted |
Current |
12,480,305.30 |
12,480,305.30 |
0.00 |
|
8. |
Chattel Mortgage |
|
Time Loans |
Current |
241,696.00 |
241,696.00 |
0.00 |
|
9. |
Chattel Mortgage |
|
Time Loans |
Current |
290,234.00 |
290,234.00 |
0.00 |
|
10. |
Chattel Mortgage |
|
Time Loans |
Current |
290,234.00 |
290,234.00 |
0.00 |
|
11. |
Chattel Mortgage |
|
Time Loans |
Current |
290,234.00 |
290,234.00 |
0.00 |
|
12. |
Chattel Mortgage |
|
Time Loans |
Current |
290,234.00 |
290,234.00 |
0.00 |
|
13. |
Chattel Mortgage |
|
Time Loans |
Current |
290,234.00 |
290,234.00 |
0.00 |
|
14. |
Chattel Mortgage |
|
Time Loans |
Current |
331,198.00 |
331,198.00 |
0.00 |
|
15. |
Chattel Mortgage |
|
Time Loans |
Current |
422,565.00 |
422,565.00 |
0.00 |
|
16. |
Chattel Mortgage |
|
Time Loans |
Current |
290,234.00 |
290,234.00 |
0.00 |
|
17. |
Chattel Mortgage |
|
Time Loans |
Current |
241,696.00 |
241,696.00 |
0.00 |
|
18. |
|
|
Bills Discounted |
Current |
29,674,857.95 |
0.00 |
29,674,857.95 |
|
19. |
Other Securities |
GAN STEPHEN YAO |
32 – Lease Contracts Receivable |
Current |
10,031,476.00 |
10,031,476.00 |
0.00 |
FORM 4: Letters of Credit/Guarantee
This
section contains credit exposure records of one million and above transactions
reported quarterly by banks and other financial institutions.
For
quarter ending as of June 30, 2011
Subject:
THE CATHAY DRUG COMPANY, INC.
|
NO |
Face Value |
Amount Unavailed |
Collateral Security |
LC Type |
Notional Amount in Peso |
|
1. |
3,037,829.90 |
2,109,742.90 |
REM – Insured by Home Financing
Commission (HFC) |
LETTERS OF CREDIT – Regular Letters
of Credit |
0.00 |
Verification
of deposits, if any, prohibited under Philippine laws.
Public Records
No
negative records (court cases, credit cards cancelled and delinquent accounts)
found under “THE CATHAY DRUG COMPANY, INC.” in our available database as of
January 19, 2012.
Special Note
Above
information were based on the subject’s 2011 General Information Sheet, the
latest available at the Securities and Exchange Commission and our available
databases.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.33 |
|
UK Pound |
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.07 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.