MIRA INFORM REPORT

Report Date :

10.03.2014

IDENTIFICATION DETAILS

Name :	SOLANDA ENTERPRISES, INC.

Registered Office :	Suites 2010-2012 A & E Building, Ortigas Avenue, Greenhills, San Juan City, Metro Manila

Country :	Philippines

Financials (as on) :	31.12.2012

Date of Incorporation :	13.04.2009

Legal Form :	Private Corporation

Line of Business :	Manufacturing & trading, marketing, distribution, import & export of goods such as, Pharmaceutical products, food supplement, health products medical supplies, herbal medicinal products, cosmetics, household & personal care and its raw materials on wholesale/retail basis.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Philippines

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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

Company name and address

The correct name of the company is SOLANDA ENTERPRISES, INC.

Address: Suites 2010-2012 A & E Building, Ortigas Avenue, Greenhills,

San Juan City, Metro Manila

Country: Philippines

Service Type: Normal

FINDINGS

We conducted research and verification on OMNICEUTICAL CORPORATION. Hereunder our report, viz:

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): SOLANDA ENTERPRISES, INC.

Legal Entity - PRIVATE CORPORATION

REGISTRATION

Certificate No. : CS200905170

Date : April 13, 2009

Term : Fifty (50) years

Address : Unit 2012 A & E Building, Ortigas Avenue, Greenhills, San Juan City,

Metro Manila

Telephone No. : (632) 727-4082 (Not in service)

(Note: Subject company is not listed in phone directory.)

CAPITALIZATION

Authorized Capital Stock (Original) - P1,000,000. (100,000 common shares)

Amount Subscribed (Original) - P1 250,000.

Amount Paid Up (Original) - P 62,500.

Par Value Per Share - P 10.

Primary Purpose - Manufacturing & trading, marketing, distribution, import & export of goods such as, Pharmaceutical products, food supplement, health products medical supplies, herbal medicinal products, cosmetics, household & personal care and its raw materials on wholesale/retail basis.

SHAREHOLDERS/OFFICERS-DIRECTORS

Name	Position	Subscription	Paid - Up
Bernardo Y. Tan	Chairman/President	12,000 shares	P30,000.
Warren C. Sy	Corporate Secretary	12,000 shares	30,000.
Fe Mybelline A. Costales	Board Member	5,000 shares	1,250.
Angelica A. Umali	Board Member	2,500 shares	850.
Adonis P. Beturin	Board Member	2,500 shares	850.
			P62,500. =======

BUSINESS ACTIVITY

Cosmetics, personal care and other products on wholesale/retail, import, export.

Email & Website: Not available

Subject manufactures Minoxidil 3% & 5%, Topical solution (Hair grower), Was issued License to Operate (LTO) in 2012 to expire in 2015.

FINANCIAL CONDITION

(Audited Financial Statement for year 2012, as compiled) showed –

(Note: No previous years financial statement available from SEC.)

BALANCE SHEET

ASSETS	2012

Current Assets-
Cash & cash equivalent	P2,727,562.
Trade & other Receivables	891,067.
Merchandise Inventory	1,478,727.
Prepayments & Other Current Assets	20,000.
Total Current Assets	P5,117,896.

Non – Current Assets
Property & Equipment	P 218,148.
TOTAL ASSETS	P5,336,044 vvvvvvvvvv

LIABILITIES & EQUITY

Current Liabilities
Trade & Other Payables	P2,066,501
Income Tax Payables	10,435.
Total Current Liabilities	P2,078,936.

Non – Current Liabilites
Due to related parties	P3,020,547.
Total Non – Current Liabilites	P3,020,547.
TOTAL LIABILITIES	P5,097,483.

EQUITY

Authorized Capital Stock – P1,000,000.

Shared Capital	P 250,000.
Subscription Receivables	( 187,500)
Paid Up Capital	62,500.
Accumulated Income	P 176,061.
Total Equity	P 238,561.
TOTAL LIABILITIES & STOCKHOLDER’S EQUITY	P5,366,044. vvvvvvvvvvv

INCOME STATEMENT

(Statement of Comprehensive Income for 5 months ending Dec. 31, 2012)

	2012
Revenues	P9,400,433
Gross Profit	2,875,044
Income from Operation	250,600
Income before Tax	251,241
NET INCOME FOR THE YEAR	P 176,061. vvvvvvvvvvv

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.99
UK Pound	1	Rs.102.07
Euro	1	Rs.84.53

INFORMATION DETAILS

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.