|
Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
PASTEUR PHARMACEUTICALS, INC. |
|
|
|
|
Registered Office : |
Ground Floor, SGS Foundation Building, 1335 G. Araneta Avenue, Sto. Domingo, Quezon City 1100 |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
12.12.1996 |
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|
|
|
Com. Reg. No.: |
A1996-07897 |
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|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Importer, distributor of pharmaceutical products. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
|
With Financials |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 3.9% in 2011, and 4.8% in 2012. 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 in 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: |
PASTEUR PHARMACEUTICALS, INC. |
|
Trading Name: |
ATHENA DERMPHARMA |
|
Supplied Name: |
PASTEUR PHARMA |
|
Trading Address: |
Ground Floor, SGS Foundation Building, 1335 G. Araneta Avenue, Sto. Domingo,
Quezon City 1100, Philippines |
|
Supplied
Address: |
SGS FOUNDATION BUILDING,QUENON CITY, PHILLIPPINES |
|
Telephone
Number: |
+632 781-1447; 740-7604; 414-6241 |
|
Fax Number: |
+632 781-1979; 781-5835; 743-0329 |
Note:
The complete and correct registered name of subject is as above
mentioned.
The complete and accurate address of company is as above mentioned.
|
Credit Opinion: |
Business
connections are permissible. |
|
Company Name: |
PASTEUR PHARMACEUTICALS, INC. |
|
Registered
Number: |
A1996-07897 |
|
Legal Form: |
Corporation |
|
Date
Incorporated: |
12/12/1996 |
|
Authorized
Capital Stock: |
PHP
20,000,000.00 (USD 490,388) (As of 2013.02,
1 PHP= 0.02452 USD ) |
|
Subscribed
Capital Stock: |
PHP 5,000,000.00
(USD 122,597) |
|
Paid-up Capital: |
PHP 5,000,000.00 |
|
Par Value Per
Share: |
PHP 100.00 |
|
Listed at Stock
Exchange: |
No |
|
Staff: |
N/A |
Note:
Amounts in Philippine Peso unless otherwise
specified.
The staff number information is not
available from the subject or other resources.
CORPORATION
Verification with the local registry revealed the following correct
registration details as of (February 1, 2013).
Company Background
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Securities and Exchange Commission |
12/12/1996 |
A1996-07897 |
50 years |
Note:
Originally registered as Hexacar Trading Corporation. Changed name to Flamingo
Pharmaceuticals Incorporated on January 9, 2004; to Flamingo Pharmaceuticals,
Inc. on February 18, 2005; to Pasteur Pharmaceutical Sales, Inc. on March 30,
2005; to Pasteur Pharmaceuticals, Inc. on July 19, 2005; to Pasteur
Pharmaceuticals, Inc. doing business under the name and style of Pasteur
Pharmaceutical Sales and Pasteur Medical Supplies on August 25, 2010. Present
name was approved by the Securities and Exchange Commission on October 10,
2011.
Capital structure
|
Type |
Amount |
as of date |
|
Authorized
Capital |
20,000,000.00 |
|
|
Paid Up Capital |
5,000,000.00 |
|
|
Subscribed
Capital |
5,000,000.00 |
|
|
Par Value |
100.00 |
|
Note:
Capital structure per latest available General Information Sheet.
PARENT COMPANY:
|
SGS Holdings, Inc. |
|
NAME,
NATIONALITY |
SHARES
SUBSCRIBED |
|||
|
|
TYPE |
NUMBER |
AMOUNT (PhP) |
AMOUNT PAID |
|
1. GAMBOA, CRIS P. Filipino |
Common |
4,000 |
400,000.00 |
400,000.00 |
|
2. GAMBOA, GLENN Filipino |
Common |
5,000 |
500,000.00 |
500,000.00 |
|
3. SGS HOLDINGS, INC. Filipino |
Common |
29,999 |
2,999,900.00 |
2,999,900.00 |
|
4. CRUZ, PERSEVERANDO Filipino |
Common |
10,000 |
1,000,000.00 |
1,000,000.00 |
|
5. GAMBOA, LEONARDO Filipino |
Common |
1,000 |
100,000.00 |
100,000.00 |
|
6. VITUG, EDWARD JOSEPH M. Filipino |
Common |
1 |
100.00 |
100.00 |
|
Total |
|
|
5,000,000.00 |
5,000,000.00 |
Note:
List of stockholders and their shareholdings per latest available
General Information Sheet.
Management:
|
1 |
|
|
Name: |
CRUZ, PERSEVERANDO |
|
Position: |
Chairman / President |
|
Address: |
1335 G. Araneta Avenue, Quezon City |
|
2 |
|
|
Name: |
GAMBOA, LEONARDO |
|
Position: |
Treasurer |
|
Address: |
1335 G. Araneta Avenue, Quezon City |
|
3 |
|
|
Name: |
VITUG, EDWARD JOSEPH M. |
|
Position: |
Corporate Secretary / Director |
|
Address: |
1335 G. Araneta Avenue, Quezon City |
|
4 |
|
|
Name: |
GAMBOA, CRIS P. |
|
Position: |
Director |
|
Address: |
1335 G. Araneta Avenue, Quezon City |
|
5 |
|
|
Name: |
GAMBOA, GLENN |
|
Position: |
Director |
|
Address: |
1335 G. Araneta Avenue, Quezon City |
Note:
List of officers per latest available General Information Sheet.
Activities
|
|
Importer,
distributor of pharmaceutical products. |
Premises
|
|
Location:
Located at the above address. |
Unit: PHP
|
Balance Sheet |
2011.12.31 |
2010.12.31 |
|
TotalCurrentAssets |
42,664,389.00 |
52,686,783.00 |
|
Cash |
525,010.00 |
494,050.00 |
|
Receivable |
505,280.00 |
354,601.00 |
|
Inventory |
41,634,099.00 |
51,838,132.00 |
|
FixedAssetsTotal |
1,726,398.00 |
2,054,180.00 |
|
FixedAssets |
1,726,398.00 |
2,054,180.00 |
|
TotalAssets |
44,390,787.00 |
54,740,963.00 |
|
TotalCurrentDebt |
14,745,732.00 |
19,018,000.00 |
|
AccountsPayable |
14,155,080.00 |
18,704,450.00 |
|
OtherCurrentLiability |
590,652.00 |
313,550.00 |
|
LongLiabilityTotal |
20,594,077.00 |
28,070,616.00 |
|
TotalLiability |
35,339,809.00 |
47,088,616.00 |
|
TotalEquity |
9,050,978.00 |
7,652,347.00 |
|
ShareCapital |
5,000,000.00 |
5,000,000.00 |
|
RetainedEarning |
4,050,978.00 |
2,652,347.00 |
|
TotalLiabilityAndEquity |
44,390,787.00 |
54,740,963.00 |
|
WorkingCapital |
27.83 |
40.38 |
Unit: PHP
|
|
2011 |
2010 |
|
SalesRevenue |
100,539,935.00 |
82,928,842.00 |
|
SalesRevenue(USD) |
2,465,180 |
2,033,370 |
|
TotalRevenue |
100,539,935.00 |
82,928,842.00 |
|
SalesCost |
77,104,076.00 |
63,855,208.00 |
|
GrossProfit |
23,435,859.00 |
19,073,634.00 |
|
ManagementExpenses |
21,437,814.00 |
17,784,804.00 |
|
TotalExpenses |
98,541,890.00 |
81,640,012.00 |
|
OperatingProfit |
1,998,045.00 |
1,288,830.00 |
|
ProfitBeforeTax |
1,998,045.00 |
1,288,830.00 |
|
Tax |
599,414.00 |
386,649.00 |
|
NetProfit |
1,398,631.00 |
902,181.00 |
|
|
2011 |
2010 |
|
OperatingNetCash |
10,240.00 |
1,727,000.00 |
|
InvestmentNetCash |
20,720.00 |
-1,668,000.00 |
Note:
Attached are the
2011 - 2010 audited financial statements, the latest obtained from the
Securities and Exchange Commission.
BDO Unibank, Inc.
Please see
attached credit exposure report under the name “PASTEUR PHARMACEUTICAL SALES, INC.”
as of September 30, 2012.
Subject: PASTEUR PHARMACEUTICAL SALES INC
This section
contains credit exposure of one million and above transactions reported
quarterly by banks and other financial institutions.
For quarter ending
as of September 30, 2012
|
No |
Face Value |
Amount Unavailed |
Collateral
Security |
Appraised Value
of Security |
LC Type |
Notional Amount
in Peso |
|
1. |
1,243,181.25 |
1,243,181.25 |
|
|
LETTERS OF
CREDIT – Regular Letters of Credit |
0.00 |
Note:
No dealings based on
credit exposure report with one million and above dealings under the names
“PASTEUR PHARMACEUTICALS, INC. doing business under the name and style of
ATHENA DERMPHARMA / PASTEUR PHARMACEUTICALS, INC. DOING BUSINESS UNDER THE NAME
AND STYLE OF PASTEUR PHARMACEUTICAL SALES AND PASTEUR MEDICAL SUPPLIES /
PASTEUR PHARMACEUTICALS, INC. / FLAMINGO PHARMACEUTICALS, INC. / FLAMINGO
PHARMACEUTICALS INCORPORATED / HEXACAR TRADING CORPORATION” as of September 30,
2012.
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. Jessica Romero, Accounting Staff.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.