|
Report Date : |
03.09.2012 |
|
Given Address : |
2nd Floor Vemida Condominium Amorsolo St. Market City, Philippines |
IDENTIFICATION DETAILS
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Philippines |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Philippines - ECONOMIC OVERVIEW
Philippine GDP grew 7.6% in 2010, spurred by consumer demand, a rebound in exports and investments, and election-related spending, before cooling to 3.7% in 2011. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a growing business process outsourcing industry. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration (January 2001 - June 2010). Despite this growth, however, poverty worsened during her presidency. The AQUINO administration is working to reduce the government deficit from 3.9% of GDP, when it took office, to 2% of GDP by 2013. The government has had little difficulty issuing debt, both locally and internationally, to finance the deficits. The AQUINO Administration reduced public debt to below 50% of GDP and obtained several ratings upgrades on sovereign debt so that the Philippines is now close to investment grade. However, the lack of government spending, especially on infrastructure, was one of several factors which slowed GDP growth in the second half of 2011, leading the government to announce a stimulus effort and increased public spending on infrastructure in 2012. AQUINO's first budget emphasized education, health, conditional cash transfers for the poor, and other social spending programs, relying mostly on the private sector to finance important infrastructure projects. Weak tax collection, exacerbated by new tax breaks and incentives, has limited the government's ability to address major challenges. The AQUINO administration has vowed to focus on improving tax collection efficiency, rather than imposing new taxes, as a part of its good governance platform. The economy still faces several long-term challenges, including reliance on energy imports and foreign demand for overseas Filipino workers.
|
Source : CIA |
|
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 Floor Vemida Condominium
Amorsolo St. Market 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.
|
Credit Opinion: |
In view of the absence of
information about subject’s latest financial status, caution should be
exercised. |
|
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
Company Background
Verification with the local registry revealed
the following correct registration details as of (August 31, 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: 03/15/2012
|
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:
·
Capital
structure per latest available General Information Sheet.
·
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.
Affiliate:
YSS Laboratories
Company, Inc.
Stockholders (03/15/2012):
|
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 (03/15/2012):
|
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. 1751 A. Mabini, Manila |
Vice
President / Treasurer / Director |
|
GAN, CONCHITA YAO 1751 A. Mabini, Manila |
Director |
|
CRISOL, NONA F. 2/F, Vernida I Cond., 120 Amorsolo,
Makati City |
Corporate
Secretary |
List of officers per latest available General
Information Sheet
|
Activities |
|
Importer
and distributor of pharmaceuticals such as diuretics, antibiotics, and drugs
for hypertension. |
|
Premises |
|
Subject operates at
above address. |
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 |
Banco de Oro Unibank,
Inc.; 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 March 31, 2012
Subject: THE CATHAY
DRUG COMPANY, INC.
|
NO |
Collateral/Security |
Co Maker's Name |
Loan Type |
Loan Status |
Outstanding Amount |
Secured Amount |
Unsecured Amount |
|
1. |
Chattel Mortgage |
|
Time Loans |
Current |
10,303,724.00 |
0.00 |
10,303,724.00 |
|
2. |
Other Securities |
|
Time Loans |
Current |
3,813,400.00 |
0.00 |
0.00 |
|
3. |
Chattel Mortgage |
|
Time Loans |
Current |
103,655.00 |
0.00 |
103,655.00 |
|
4. |
Chattel Mortgage |
|
Time Loans |
Current |
169,026.00 |
0.00 |
169,026.00 |
|
5. |
Chattel Mortgage |
|
Time Loans |
Current |
118,285.00 |
0.00 |
118,285.00 |
|
6. |
Chattel Mortgage |
|
Time Loans |
Current |
118,285.00 |
0.00 |
118,285.00 |
|
7. |
Chattel Mortgage |
|
Time Loans |
Current |
103,655.00 |
0.00 |
103,655.00 |
|
8. |
Chattel Mortgage |
|
Time Loans |
Current |
103,655.00 |
0.00 |
103,655.00 |
|
9. |
Chattel Mortgage |
|
Time Loans |
Current |
103,655.00 |
0.00 |
103,655.00 |
|
10. |
Chattel Mortgage |
|
Time Loans |
Current |
103,655.00 |
0.00 |
103,655.00 |
|
11. |
Chattel Mortgage |
|
Time Loans |
Current |
86,320.00 |
0.00 |
86,320.00 |
|
12. |
Chattel Mortgage |
|
Time Loans |
Current |
86,320.00 |
0.00 |
86,320.00 |
|
13. |
Chattel Mortgage |
|
Time Loans |
Current |
86,320.00 |
0.00 |
86,320.00 |
|
14. |
Chattel Mortgage |
|
Time Loans |
Current |
86,320.00 |
0.00 |
86,320.00 |
|
15. |
Chattel Mortgage |
|
Time Loans |
Current |
103,655.00 |
0.00 |
103,655.00 |
|
16. |
Other Securities |
GAN STEPHEN YAO |
32 – Lease Contracts Receivable |
Current |
11,200,522.02 |
0.00 |
11,200,522.02 |
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 March 31, 2012
Subject: THE CATHAY DRUG COMPANY, INC.
|
NO |
Face Value |
Amount Unavailed |
Collateral Security |
LC Type |
Notional Amount in Peso |
|
1. |
7,108,238.72 |
0.00 |
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.
Please see attached search result
(court case) under the name “THE CATHAY DRUG COMPANY, INC.”
COURT CASES RESULTS - Found 1
Record(s)
1. CATHAY DRUG COMPANY INC THE ET AL
(Currently updating this record)
Case Number: Q-08-63006
Courts: REGIONAL TRIAL COURT
Address:
Branch: 220
Case Type: COLLECTION
Amount:
Plaintiff Name: MOYA SALVADOR N II
Status: UNAVAILABLE
Date Filed: 7/15/2008
Action Date: NA
City: QUEZON CITY
Remarks:
Above information were
based on the subject’s 2012 General Information Sheet, the latest available at
the Securities and Exchange Commission and available databases.
Address verification
per interview with Ms. Cris Martin, Front Desk Clerk
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.