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Report Date : |
31.10.2013 |
IDENTIFICATION DETAILS
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Name : |
VITAL C HEALTH PRODUCTS INC. |
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Registered Office : |
Unit 1902 19th Floor, Centerpoint Bldg., Garnet Road cor. Julia Vargas Ave., Ortigas Center, Pasig City, |
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Country : |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
26.02.2007 |
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Legal Form : |
Not Available |
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Line of Business : |
Distributing, marketing all kinds of goods, products, instruments, commodities, wares & merchandise of every kind and description. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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: VITAL C HEALTH PRODUCTS INC.
Address: Unit 1902 19th Floor, Centerpoint Bldg., Garnet Road cor.
Julia Vargas Ave., Ortigas Center, Pasig City,
Country: PHILIPPINES
We conducted research and investigation on VITAL C HEALTH PRODUCTS INC, and showed the following, viz:
VERIFICATION WITH
SECURITIES & EXCHANGE COMMISSION (SEC):
VITAL C HEALTH PRODUCTS
INC.
Certificate No. : CS-2007 02971
Date : Feb. 26, 2007
Term : Fifty (50) years
Address : Unit 1902 19th Floor, Centerpoint Bldg., F. Ortigas St. cor. Julia
Vargas Ave., Ortigas Center, Pasig City,
Unit 3203 B East Tower, PSE Center, Exchange Road, Ortigas
Center, Pasig City
Authorized Capital Stock - P30,000,000. – 300,000 Shares
Amount Subscribed - P 7,500,000.
Amount Paid Up - P 7,500,000.
Par value per share - P 100.
To engage in, conduct and carry on the business of distributing, marketing and others, in so far as permitted by law, all kinds of goods, products, instruments, commodities, wares & merchandise of every kind and description.
|
Names |
Amount Subscribed (Php) |
Amount Paid (Php) |
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Mario Haw |
562,500 |
140.625 |
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Bernardita Haw |
562,500 |
140,625 |
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Romeo Chua Teco |
1,500,000 |
375,000 |
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Anna Grace D. Chua Teco |
1,500,000 |
375,000 |
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Marciano Bacalla |
3,000,000 |
750,000 |
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Maria Elizabeth Lopez |
375,000 |
93,750 |
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TOTAL |
7,500,000 vvvvvvvvv |
1,875,000 vvvvvvvv |
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Name / Nationality |
Position |
Amount Subscribed & Paid (Php) |
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Richard L. King |
Chairman & President |
1,623,750 |
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Helen S. Jo |
Director |
2,332,500 |
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Wilbert Loa |
Treasurer |
1,417,500 |
|
Manuel Torrejon, Jr. |
Director |
1,134,000 |
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Augusto M. Macam |
Corp. Secretary |
283,500 |
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Josephina Torrejon |
Director |
708,750 |
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TOTAL |
|
7,500,000 vvvvvvvv |
BUSINESS ACTIVITY: Distributing & Marketing of all kinds of products.
Product Lines:
Vital C Sodium Ascorbate Vital Clear 90G Soap
Vital P Plus Vital IPOH White Coffee
Vital Life Hand Sanitizers
Bio Skin 90G Soap
BUSINESS ADDRESS: Unit 1902 19th Floor, Centerpoint Bldg., F. Ortigas St. cor. Julia Vargas Ave.
Ortigas Depot : Units G4,5 & 6 Grd. Flr., BSA Twin Tower Bank Drive, Ortigas Center, Mandaluyong.
Tel. Nos. (632) 654- 4890 / 96.
Cebu Depot : Units G11-13, Grd. Flr., Tower Mall, Fuente Tower 3, Osmeña Blvd., Cebu City.
Tel. Nos. (63 32) 418-2927 / 418-7777.
Davao Depot : Sobrecary St., Bo. Obrero, Davao City. Tel. Nos. (63 82) 227-3069 / 227-8482.
(Audited Financial Statement for years 2012, 2011, & 2010, as compiled)
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2012 (Php) |
2011 (Php) |
2010 (Php) |
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Assets |
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Current Assets |
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Cash & Cash equivalents |
9,672,152 |
8,129,997 |
8,401,102 |
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Trade & Other Receivables |
745,545 |
656,244 |
220,360 |
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Inventory |
27,478,599 |
32,908,347 |
31,407,622 |
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Other Receivables |
3,387,575 |
3,387,575 |
3,387,575 |
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Other Current Assets |
4,206,362 |
4,659,328 |
2,341,215 |
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Total Current Assets |
45,490,233 |
49,741,490 |
45,757,874 |
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Non-Current Assets |
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Advances & Deposits |
119,880 |
119,880 |
119,880 |
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Property & Equipment, net |
72,183,138 |
44,040,133 |
22,499,048 |
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Total Non-Current Assets |
72,303,018 |
44,160,013 |
22,619,828 |
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TOTAL ASSETS |
117,793,251 vvvvvvvvvvv |
93,901,503 vvvvvvvvvvvv |
68,377,702 vvvvvvvvvvvv |
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Liabilities & Stockholder’s Equity |
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Current Liabilities |
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Trade & other Payables |
49,344,335 |
62,535,125 |
45,693,650 |
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Notes Payable |
4,481,992 |
476,490 |
806,351 |
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Loan Payable |
41,485,714 |
9,100,000 |
11,040,155 |
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Income Tax Payable |
158,085 |
151,026 |
92,507 |
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Other Current Liabilities |
308,997 |
351,686 |
191,844 |
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Total Current Liabilities |
95,779,122 |
72,614,327 |
57,824,546 |
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Non Current Liabilities |
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Advances from Stockholders |
17,061,690 |
17,061,690 |
7,061,690 |
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Total Non Current Liabilities |
17,061,690 |
17,061,690 |
7,061,690 |
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TOTAL LIABILITIES |
112,840,812 |
89,676.017 |
64,886,236 |
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Stockholder’s Equity |
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Authorized Capial Stock – P30,000,000 |
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Paid Up Capital |
7,500,000 |
7,500,000 |
7,500,000 |
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Retained Earnings |
(2,547,561) |
(3,274,514) |
(4,008,534) |
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TOTAL STOCKHOLDER’S EQUITY |
4,952,439 |
4,225,486 |
3.401,466 |
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TOTAL LIABILITIES & STOCKHOLDERS EQUITY |
117,793,251 vvvvvvvvvvv |
93,901,503 vvvvvvvvvvv |
68,377,702 vvvvvvvvvvvv |
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Income
Statement |
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Revenues |
74,419,007 |
70,901,143 |
65,747,567 |
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Gross Profit |
31,876,828 |
30,913,467 |
28,147,588 |
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General & Admin. Expenses |
30,222,690 |
29,965,741 |
26,888,516 |
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Income from operation |
1,654,138 |
947,726 |
1,259,070 |
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Other Income/(Charges) |
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Gain from Sale of Vehicle |
42,227 |
NIL |
NIL |
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Interest Income |
24,158 |
70,612 |
19,848 |
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Net Income before Tax |
1,720,524 |
1,018,338 |
1,278,918 |
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Net Profit |
1,077,790 vvvvvvvvvvvvv |
734,020 vvvvvvvvvvvv |
901,197 vvvvvvvvvvvv |
“Manuel A. Torrejon, Jr., about 65 years old, Chief Operating Officer of Vital C Health Product,
Inc.”
“Vital C welcomes Dr. Jose M. Oclarit, a PHD in Applied BioChemistry & Bio Molecular Biology;
one of the Outstanding Young Scientist of the Phils., as AVP for Research and Product
Development.”
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.49 |
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1 |
Rs.98.71 |
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Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.