MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	MEDETHIX INCORPORATED
Registered Office :	6^th Floor RFM Corporate Center, Pioneer Street, Mandaluyong City
Country :	Philippines
Financials (as on) :	2013
Date of Incorporation :	19.06.2009
Legal Form :	Private Corporation
Line of Business :	Manufacturer of drugs & medicines including biological 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

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Philippines	A2	A2

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 & address

Company: MEDETHIX INCORPORATED

Address: 6^th Floor RFM Corporate Center, Pioneer Street, Mandaluyong City.

Country: Philippines

Phone: 6352813

Service Type: Normal

FINDINGS

We conducted research and investigation on MEDETHIX INCORPORATED and showed the following, viz:

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC)

 
Legal Entity - PRIVATE CORPORATION
 

- REGISTRATION –

a) Certificate No. : CS200909286

b) Date : June 19, 2009

c) Term : Fifty (50) years

d) Corporate Tax No. : 307-316-449

e) Telephone Nos. : (63) 2 631-1561 / 845 4784

f) Fax No. : (63) 2 635-8213

Industry: Manufacturer of drugs & medicines including biological products.

Address : 6^th Floor RFM Corporate Center, Pioneer St. Mandaluyong City.

Email: info@medethix.com.ph

(Note: Currency in Philipine Peso, unless otherwise specified)

CAPITAL STRUCTURE

AUTHORIZED CAPITAL STOCK – 5,000.000

Type of Stocks	No. of Shares	Par/Stated Value	Amount
Common	50,000	100.00	5,000,000.

SUBSCRIBED CAPITAL AND PAID UP

Common (Pilipino)	7,500.	100.00	750,000.
Common ( Indian)	5,000.	100.00	500,000.
		TOTAL	1,250,000. vvvvvvvvv

- PRIMARY PURPOSE: To engage in the business of trading, importing and distributing of goods

such as drugs, food supplement, medical devices and cosmetics,

on wholesale basis.

STOCKHOLDERS/DIRECTORS/OFFICERS

Name/Nationality	Position	No. of Shares	Amount Paid
Vasant Salian (Indian)	Chairman	5,000	500,000.
Monaliza Salian (Pil.)	Treasurer	6.998	699,800.
Rogelio Balnig (Pil.)	President	250	25,000.
Ruth Balnig (Pil.)	Secretary	250	25.000.
Mark Dennis Uson	Compliance	2	200.
		Total	1,250,000. vvvvvvvvvv

BUSINESS ACTIVITY

Subject firm is classified as Small & Medium Enterprises, per SRC Rule No. 68.And, has been issued with License to Operate by Phils. Food & Drugs Administration

Email: info@medethix.com.ph

Website: www.medethix.com

OTHER INFORMATION

As gathered, subject firm’s Stockholders/Officers are likewise listed with the Securities

& Exchange Commission as Stockholders/Officers of I.E. MEDICA INC. with office address at 5^th Floor,

RFM Corporate Center, same building address of subject firm.

FINANCIAL CONDITION

(Audited Financial Statement for years 2013, 2012, & 2011, as compiled)

Balance Sheet

ASSETS
	2013	2012	2011
Current Assets
Cash on Hand & in Bank	6,371,078.	2,242,256.	951,403.
Account Receivable	718,499.	NIL	NIL
Inventories	4,042,453.	613,682.	NIL
Other Current Assets	771,977.	610,715.	10,620.
Total Current Assets	11,904,007.	3,466,653.	962,023.
Non Current Assets
Property & Equipment	1,175,075.	270,000.	315,000.
Leasehold Improvement	1,966,667.	NIL	NIL
Total Non Current Assets	3,141,742.	270,000.	315,000.
Total Assets	15,045,749. vvvvvvvvvvvv	3.736,653. vvvvvvvvvvvv	1,277,023. vvvvvvvvvvvv
LIABILITIES AND EQUITY
Current Liabilities
Acct. Payables & Accrued Expenses	4,577,020.	2,086,120.	NIL
Income Tax Payable	1,993,285.	79,842.	4,907.
Other Current Liabilities	1,029,867.	NIL	18,855.
Total Current Liabilities	7,600,172.	2,165,962.	23,763.
Total Liabilities	7,600,172.	2,165,962.	23,763.
Equity
Shared Capital	1,250,000.	1,250,000.	1,250,000.
Retained Earnings Appropriated – 5,000,000. Unappropriated – 1,195,577.	6,195,577.	320,692.	3,259.
Total Equity	7,445,577.	1,570,692.	1,253,259.
Total Liabilities & Equity	15,045,749. vvvvvvvvvvvv	3,736,653. vvvvvvvvvvvv	1,277,023. vvvvvvvvvvvv

Income Statement

Sales	56,797,850.	14,051,898.	2,622,330.
Gross Profit	25,500,577.	2,079,139.	718.010.
Expenses	( 17,107,885.)	( 2,255,665.)	( 659,876.)
Net Profit before Tax	8,392,692.	453,474.	58,133.
NET INCOME	5,874,884. vvvvvvvvvvvvv	317,432. vvvvvvvvvvvv	40,693. vvvvvvvvvvvv

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.43
UK Pound	1	Rs.99.73
Euro	1	Rs.77.93

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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.