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Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
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Name : |
PHIL. PHARMAWEALTH INC. |
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Registered Office : |
Suite 3001 30th Floor, East Tower, Phil. Stock Exchange Center, Exchange Road, Ortigas Center, Pasig City |
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Country : |
Philippines |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
10.02.1993 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Importation and distribution of finished pharmaceutical products and
medical supplies, including biological products. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Philippines |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
PHILIPPINES - ECONOMIC OVERVIEW
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 has received several credit rating upgrades
on its sovereign debt, and has had little difficulty tapping domestic and
international markets to finance its deficits. 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 |
PHIL. PHARMAWEALTH
INC.
Company: PHIL.
PHARMAWEALTH INC.
Address: Suite 3001 East Tektite Tower, PSE
Center, Exchange Road,
Ortigas Center, Pasig
Country: Philippines
Service Type: Normal
We conducted research and verification on PHIL. PHARMAWEALTH INC.
Hereunder, our report, viz:
VERIFICATION WITH
SECURITIES & EXCHANGE COMMISSION (SEC):
PHIL. PHARMAWEALTH
INC.
PRIVATE
CORPORATION
(Per 2013 SEC General Information Sheet)
Certificate No. : AS93001037
Date
: Feb. 10,1993
Term
: Fifty (50) years
Corporate Taxpayer
ID No. : 002-304-673
Address : Suite 3001 30th Floor, East
Tower, Phil. Stock Exchange
Center, Exchange Road, Ortigas Center, Pasig City.
Telephone No. : +63(2) 584-7267
Fax No. : +63(2) 633-9512
Importation and distribution of finished pharmaceutical products and
medical supplies, including biological products.
Singapore Pharmawealth Lifesciences, Inc.
(SEC Reg. No. A1998-0605248)
(NOTE: Unless otherwise
specified, the amount is in Philippine Peso (Php) )
(NOTE: Unless otherwise
specified, the amount is in Philippine Peso (Php) )
No. of Shares Par
Value/share Amount
Authorized Capital
Stock -
Common - 500,000 - 100. - 50,000,000.
Subscribed & Paid
Up
Common - 500,000
- 50,000,000
|
Name |
Position |
Amount Paid Up |
|
Hernan D. Biron, Sr. |
Chairman |
25,249,800. |
|
Diana G. Biron |
President |
24,749,900. |
|
Hernan G. Biron, Jr. |
Treasurer |
100. |
|
Jonas A Depalac |
Corporate Secretary |
100. |
|
Julienne Roa Pabojinog |
Director |
100. |
|
|
Total |
50,000,000. vvvvvvvvvvv |
As gathered, subject firm is the Philippine undisputed leader in parenteral
products and has the
widest range of human injectables. Licensed by Phil. Food & Drugs
Authority to import and distribute medical devices, disposables instruments and
all forms of finished pharmaceutical products, etc. It has 10 branches nationwide.
The firm is being supported by several highly respectable manufacturers, such
as, B. Braun Medical supplies; Diopharma; Marc Biosciences; Minrad Pharma,
& etc.
Today PHIL
PHARMAWEALTH, INC. is the biggest Filipino importer of parenteral products and
carries the widest range of formulations including cephalosporins, penicillins
and derivatives, amino glycosides, analgesics, anesthetic agents, antipsychotic
agents, bronchodilators and uterine stimulants. The company has established
& operate a manufacturing facility, known as SINGAPORE PHARMAWEALTH LIFESCIENCES, INC.
Products Lines, includes among others, as follows –
·
Analgesic Antipyret
·
Anesthetics Line
·
Anthelmintic
·
Anti Asthma
·
Anti Coagulant
·
Anti Bacterial Agent
·
Biological vaccines.
E-mail - info@philpharmawealth.com :
(Audited Financial Statement for years 2012, 2011, & 2010, as compiled)
(NOTE: Latest on file with SEC)
BALANCE SHEET
|
ASSETS |
|||
|
Current Assets |
2012
|
2011
|
2010
|
|
Cash |
5,627,671. |
7.171,890. |
5,442,534. |
|
Account Receivable |
17,684,928. |
39,761,982. |
31,939,845. |
|
Merchandise Inventory |
145,627,628. |
129,527,714. |
106,474,528. |
|
Prepaid Expenses & Other Current Assets |
3,988,294. |
312,515. |
2,477,205. |
|
Total Current
Assets |
172,928,521. |
176,774,101. |
146,334,112. |
|
Non-Current
Assets |
|
|
|
|
Property and Equipment |
16,070,969. |
18,856,083. |
20,385,918. |
|
Other Non Current Assets |
32,816,000. |
32,816,000. |
32,816,000. |
|
Total
Non-Current Assets |
48,886,969. |
51,672,083. |
53,201,918. |
|
Total Assets |
221,815,490.
vvvvvvvvvvvvv |
228,446,184.
vvvvvvvvvvvv |
199,536,030
vvvvvvvvvvvv |
|
LIABLITIES AND
EQUITY |
|||
|
Current
Liabilities |
|
|
|
|
Accounts Payable & Other payables |
33,693,576. |
38,910,099. |
15,870,002. |
|
Trust Receipts Payable |
51,863,728. |
58,487,089. |
53,527,662. |
|
Taxes Payable |
294,365. |
116,909. |
187,586. |
|
Total Current
Liabilities |
85,851,669. |
97,514,097. |
69,585,250. |
|
Non- Current
Liabilities |
|
|
|
|
Due to Related Parties |
29,428,051. |
28,398,567. |
30,479,369. |
|
Total Non-Current Liabilities |
29,428,051. |
28,398,567. |
30,479,369. |
|
Total
Liabilities |
115,279,720. |
125,912,664. |
100,064,619. |
|
Equity |
|
|
|
|
Share Capital |
50,000,000. |
50,000,000. |
50,000,000. |
|
Retained Earnings |
56,535,770. |
52,533,520. |
49,471,411. |
|
Total Equity |
106,535,770. |
102,533,520. |
99,471,411. |
|
Total
Liabilities and Equity |
221,815,490.
vvvvvvvvvvvvv |
228,446,184.
vvvvvvvvvvvvv |
199,536,030.
vvvvvvvvvvvvvv |
INCOME STATEMENT
|
|
2012
|
2011
|
2010
|
|
Sales |
390,929,913. |
349,688,573. |
374,853,522. |
|
Gross Profit |
67,245,033. |
63,617,036. |
68,280,497. |
|
Other Expenses |
(62,992,818.) |
(60,476,141.) |
(59,350,601.) |
|
Income from
Operation |
4,252,215. |
3,140,895. |
8,929,896. |
|
Other Income |
1,465,284. |
1,233,547. |
726,544. |
|
Income Before
Tax |
5,717,499. |
4,374,442. |
9,656,440. |
|
Net Income |
4,002,249. vvvvvvvvvv |
3,062,109. vvvvvvvvvvv |
6,759,508. vvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.