MIRA INFORM REPORT

 

 

Report Date :

07.12.2013

 

IDENTIFICATION DETAILS

 

Name :

UNITED LABORATORIES, INC.

 

 

Registered Office :

No. 66 United St., Mandaluyong City

 

 

Country :

Philippines

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

1945

 

 

Legal Form :

Private company

 

 

Line of Business :

A pharmaceutical and healthcare company, develops, manufacture and market prescription, consumer healthcare and personal care products. It offers over-the-counter heathcare products, parentals, nutritional & penicillin, cephalosphonin & steroid products

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limited:

1,090,479,113 (Php)

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 growth, which cooled from 7.6% in 2010 to 3.9% in 2011, expanded to 6.6% in 2012 - meeting the government's targeted 6%-7% growth range. The 2012 expansion partly reflected a rebound from depressed 2011 export and public sector spending levels. The economy has weathered global economic and financial downturns 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 rapidly expanding business process outsourcing industry. The current account balance had recorded consecutive surpluses since 2003; international reserves are at record highs; the banking system is stable; and the stock market was Asia's second best-performer in 2012. Efforts to improve tax administration and expenditure management have helped ease the Philippines' tight fiscal situation and reduce high debt levels. The Philippines received several credit rating upgrades on its sovereign debt in 2012, and has had little difficulty tapping domestic and international markets to finance its deficits. Achieving a higher growth path nevertheless remains a pressing challenge. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration but poverty worsened during her term. Growth has accelerated under the AQUINO government, but with limited progress thus far in bringing down unemployment, which hovers around 7%, and improving the quality of jobs. Underemployment is nearly 20% and more than 40% of the employed are estimated to be working in the informal sector. The AQUINO administration has been working to boost the budgets for education, health, cash transfers to the poor, and other social spending programs, and is relying on the private sector to help fund major infrastructure projects under its Public-Private Partnership program. Long term challenges include reforming governance and the judicial system, building infrastructure, improving regulatory predictability, and the ease of doing business, attracting higher levels of local and foreign investments. The Philippine Constitution and the other laws continue to restrict foreign ownership in important activities/sectors (such as land ownership and public utilities)

Source : CIA

Company name                     

 

UNITED LABORATORIES, INC.

           

                                   

FINDINGS

 

We conducted research and verification on UNITED LABORATORIES, INC. Hereunder our report, viz:

 

 

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC):  UNITED LABORATORIES, INC.

 

REGISTRATION –

 

Certificate No.                :           0000008206

Date                             :           October 8, 1953

Term                             :           Fifty (50) years. (The 1st 50 years expired. Extended for another

                                                Fifty (50) years effective Oct. 1, 2003)

 

Address                          :       No. 66 United St., Mandaluyong City

 

Telephone No.                :        (632) 631 6036

 

 

PRIMARY PURPOSE    :       Manufacturer & distributor of pharmaceutical products, toiletries,

                                              cosmetics, perfumeries, food & nutritional products, hospital & medical

                                             equipment; and providing health care services.

  

 

SUBSIDIARIES/AFFILIATES

 

Westmont Pharmaceuticals Inc.

Medichem Pharmaceuticals Inc.

Pedriatica

Asian Antibiotics Inc.

                                               

   


CAPITALIZATION 

 

(Per GIS as of Dec. 20, 2012)                                          

                                                                                                                                       (Php)

                                                                No. of Shares           Par Value/share                    Amount                                                                              

            Authorized Capital Stock  -

                          Organizer             -          80,000,000     -        P  25.00                  -     2,000,000,000

                          Common              -          80,000,000         -        P100.00                -     8,000,000,000  

                                                                                                                                 10,000,000,000

 

             Subscribed & Paid Up

                           Organizer            -           22,542,312         -        P  25.00             -       563,557,800

                           Common             -           51,250,000          -       P100.00             -    5,125,000,000

                                                                                                                                  5,688,557,800        

 

 

SHAREHOLDERS

 

(As of Dec. 20, 2012)

 

Name/Nationality/Designation

  Paid – Up (Php)

  (As 12.20.2012)

Narra Princeton Holdings, Ltd.

       68,689,125.

Northwest Marine Drive Co. Ltd.

     333,467,725.

Dynavision Dev. & Investment Corp.

  1,962,233,950.

Dolmar Estate Dev. Corp.

  1,275,956,175.

Dao Investment Management Corp.

     624,722,525.

Rainbow Real Estate Corp.

       29,229,925.

Ultra Resources Holdings, Inc.

     140,941,400.

Active Research & Management Corp.

     994,634,200.

Mariano John L. Tan, Jr. / Pilipino  - Vice Chairman

                    25.

Joselito D. Campos, Jr.

            218,625.

Jocelyn Campos Hess / Pilipino    - Chairperson.

            218,625.

Jeffrey D. Campos

            218,625.

Clinton Andrew Hess / Pilipino – Vice Chair/Pres & CEO       

                    25.

Mariano K. Tan

              16,100.

Howard Q. Dee

              18,450.

Richard C. Dee / Pilipino  -  Senior Vice Pres.

                    25.

Gil A. Santos / Pilipino – Senior Vice Pres. / Treasurer

                    25.

Benjamin W. Yap / Pilipino  - EVP & COO

                    25.

Andres B. Sta. Maria

                    25.

Treasury Shares

     257,991,975.

Others

                  225.

                 TOTAL

  5,688,557,800.

 vvvvvvvvvvvvv

 

 

 

 

Jocelyn Campos – Hess

           

          Studied in an exclusive & prestigious girls school and Ivanhattanville College in New York where

she completed Physics and Math. Pursued MBA course in Boston, Massachusetts. She is involved with

various business and socio-civic organization, such, as Unam Group of Companies, Dynavision Dev., United Bayanihan Foundation, Darya-Varia Laboratoria, among others. Member of Manila Yacht and Manila Polo Clubs.

 

Clinton Andrew Campos - Hess

 

                       About 40 years old, born in Boston, Massachusetts, USA. Graduated BS in economics  from

           Wharton School, University of Pennsylvania. Has served as Chairman, Univet Nutrition & Animal Health-

           care Company and of Unilab Biosciences Corp. in Shanghai, China. Member, Makati Business Club.

 

 

BUSINESS ACTIVITY 

          

                          Founded in 1945.  A pharmaceutical and healthcare company, develop, manufacture and

            market prescription, consumer healthcare and personal care products. It offers over-the-counter

            heathcare products, parentals, nutritional & penicillin, cephalosphonin & steroid products.

 

                        In June, 1964, a leader in specialty chemical business offering 300 plus innovative products, such   

            as -  Insecticide; Water Treatment & Earth Smart Chemical.

 

                       It is the biggest pharmaceutical company in the Phils. with a market share of 20%.  Awards &         

            Recognition, among others –

 

2009    -    Phil. Quality Award for Performance Excellence

2007    -    Grand Kapati Award from Employers Conferation of the Phils.

2006    -    “Global Filipino Company” from  Phil. Chamber of Commerce & Industry

2003    -    “Best Empoyer in Asia” from Hewitt Associates

2001    -    “Marketing Company of the Year” from Phil. Marketing Association       

                                                    

 

                                     Website                 :    www.unilab.com.ph             

                                     Telephone nos.      :    (632) 631 8501    /    637 8873

                                     Fax No.                 :    (632) 361 6036    /    637 1635

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL CONDITION (Audited Financial Statement for years 2012, 2011, & 2010, as compiled)

 

Balance Sheet 

 

 

    2012 (Php)

  2011 (Php)

 2010 (Php)

                             Assets

 

 

 

Current Assets

 

 

 

     Cash & Cash equivalents

  13,074,945,917

 10,585,947,626

  8,543,151,777

     Trade & Other Receivables

  13,165,834,002

 12,219,359,615

10,816,409,534

      Inventories 

    3,728,537,127

   3,910,924,301

  3,688,684,181

     Other Current Assets

       465,063,903

      370,428,013

  2,422,899,037

       Total Current Assets

  30,434,380,949           

 27,086,660,455  

23,291,144,529   

 

 

 

 

Non-Current Assets

 

 

 

      Deferred Tax Assets

       719,234,536

      704,287,480

     726,281,089

     Property, Plant & Equipment, NET

    5,820,428,722

   4,778,702,236

  4,797,385,781

     Intangible Assets

       385,923,148

      392,838,544

     394,972,392

     Investments

    2,552,829,701

   2,580,298,713

  2,650,881,847

     Available for Sale – Financial Assets

    3,021,508,586

   3,024,752,438

  2,953,532,222

     Other Non Current Assets

       238,750,475

      163,232,499

     214,659,049

Total Non-Current Assets

  12,738,675,168

 11,644,111,910

11,737,712,380

TOTAL ASSETS

  43,173,056,117

 

 38,730,772,365

        

35,028,856,909

       

 

 

 

 

         Liabilities & Stockholder’s Equity

 

 

 

Current Liabilities

 

 

 

      Trade & other Payables

  10,284,897,323         

   8,086,561,446  

  6,314,178,950   

       Employees Profit Sharing Payable

       252,267,475

      220,546,194

      203,328367

       Income Tax Payable

       139,992,247

      145,738,909

     155,967,854

       Dividend Payable

               NIL

              NIL

     295,358,215

       Other  Current Liabilities

       478,555,394

      433,146,553

     391,438,973

            Total Current Liabilities

  11,155,712,439

   8,885,993,102

  7,360,272,359

 

 

 

 

Non Current Liabilities

 

 

 

       Employees Retirement Benefits Liab.

    2,198,439,734

   2,128,922,824

   2,139,083,044

       Deferred Tax

       911,181,991

      911,181,991

      911,181,991

       Deposit on Lease Contract

           2,317,627

          2,203,591

          1,998,722

Total Non Current Liabilities

    3,111,939,352

   3,042,308.406

   3,052,263,757

TOTAL LIABILITIES

  14,267,651,791

 11,928,301,508  

 10,412,536,116  

 

 

 

 

Stockholder’s Equity

 

 

 

       Capital Stock

    5,688,557,800

   5,688,557,800  

   5,688,557,800  

       Additional Paid In Capital

       197,535,539

      197,535,539

      197,535,539

       Retained Earnings

  21,612,046,722

 19,508,870,182

 17,323,495,304

       Treasury Stock

(      720,471,833)

(     720,471,833)

(     720,471,833)         

       Unrealized Gain - Sale of financial assets

           1,644,787

          1,887,858

           1,112,672

       Revaluation Surplus

    2,126,091,311

   2,126,091,311

   2,126,091,311

Total Stockholder’s Equity

  28,905,404,326

 26,802,470,857

 24,616,320,793

TOTAL LIABILITIES &

   STOCKHOLDERS EQUITY

  43,173,056,117

 

 38,730,772,365

 

 35,028,856,909

 

 

 

 

 

                         Income Statement

 

 

 

Net Sales & Manufacturing Fees

  31,713,436,252

 29,117,474,129

 27,417,626,108

Gross Profit

  15,046,787,518

 13,410,242,640

 12,857,752,213

Selling & Admin Expenses

( 12,959,388,285)

(11,333,723,156)

(11,005,021,818)

Employees Profit Sharing

(      252,267,475)

(     220,546,194)

(     203,328,367)

Interest Income

       952,275,759

      759,050,799

      841,969,325

Equity in Net Losses of Associates

(          1,884,126)

(       22,507,677)

(         2,994,624)

Other Income (Expenses)

       460,488,721

      278,253,127

      185,102,054

Income before Tax

    3,246,012,112

   2,879,769,539

   2,673,478,783

 Total Comprehensive Income

    2,537,378,735

  

   2,183,433,924

 

   2,300,065,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.66

UK Pound

1

Rs.100.64

Euro

1

Rs.84.25

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.