MIRA INFORM REPORT

 

 

Report No. :

311866

Report Date :

14.03.2015

 

IDENTIFICATION DETAILS

 

Name :

AMBICA INTERNATIONAL CORPORATION

 

 

Formerly Known As :

Ambica International Trading Corporation

 

 

Registered Office :

# 9 Amsterdam Extention, Merville Park Subdivision Paranaque City, Philippines 1700

 

 

Country :

Philippines

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

06.08.2003

 

 

Legal Form :

Private Corporation

 

 

Line of Business :

·         Engaged as Importer and Distributor of Pharmaceutical Products

·         Subject has specialized division such as Cardio Metabolic; Dermatology & Hospital Division; Pharmaceutical Distribution, Oncology & Biotechnology

 

Subject product ranges includes :-

·         ANTI-Bacterial, Fungal, Viral, Asthma, Hypertensive, Diabetes, Histamines & Acid.

·         Drugs-Lipid Lowering & Neuro Psych

 

 

No of Employees :

Not Available

 

[NOTE: We tried to confirm the number of employees but no one is ready to part any information from the company management.]

 

 

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

 

Maximum Credit Limit :

USD 52,000

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 

 

AMBICA INTERNATIONAL CORPORATION

(Formerly Ambica International Trading Corporation)

 

 

Company address           

 

# 9 Amsterdam Extention, Merville Park Subdivision Paranaque City, Philippines 1700

Country:                    Philippines

Telephone Nos:        +632 828 6617 / +632 828 6618 / +632 828 6542

Fax No.:                  +632 828 6615

Service Type:           Normal

 

 

FINDINGS

 

We conducted research and investigation on AMBICA INTERNATIONAL CORPORATION (Formerly Ambica International Trading Corporation) and showed the following, viz:

 

VERIFICATION )WITH SECURITIES & EXCHANGE COMMISSION (SEC):  AMBICA INTERNATIONAL 
CORPORATION (Formerly Ambica International Trading Corporation)
                              

a)     Certificate No.           :      CS200317457

b)    Date                          :      August 06, 2003

c)     Term                         :      Fifty (50) years

d)    Company Type         :      Private Corporation

e)     Telephone No.          :      (632) 828 6617

f)     Fax No.                     :      (632) 851 2755

g)    Corp. Tax ID No.      :       225 961 785

h)     Credit Limit             :        52,000 USD

 

 

Address:  # 9  Amsterdam Extension Street, Merville Park Subdivision, Paranaque City 

 

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

           

    

CAPITALIZATION

(As of 2013)

 

Authorized Capital Stock                           -         51,000,000.     –   510,000  Shares Common

 

Amount Subscribed & Fully Paid Up         -         13,500,000.    

    

Par value per Share                                -                       100.

 

PRIMARY PURPOSE

 

·         Engaged as Importer and Distributor of Pharmaceutical Products

·         engage in the business of trading of various goods, import & export activities for products such as but not limited to pharmaceutical, food, cosmetic, consumer goods, medical devices, molecular diagnostic, household and other items related thereon.

 

STOCKHOLDERS/DIRECTORS/OFFICERS

(As of 2013)

 

              Name / Nationality

         Position

Amount  Paid Up

Kamal K. Abichandani, Indian

Chairman

      2,700,000

Joaquin L. Jordana, Pilipino

President

      2,700,000

Rosario G. Jordana, Pilipino

Treasurer

      2,700,000

Rolando L. Jeremillo, Jr., Pilipino

Director

      2,700,000

Reshma K. Abichandani, Indian

Director

      2,700,000

Elpidio C. Jamora, Jr., Pilipino

Corporate Secretary

           NIL

Joan Entero, Pilipino

Asst. Corp. Secretary

           NIL     

 

 

     13,500,000

     vvvvvvvvvv

 

 

 

 

 

 

 

 

 

BUSINESS ACTIVITY

 

As gathered, Ambica International Trading Corporation, a subsidiary of AITC Group of  Companies, was founded in 2000 with business address in No. 45 Montevideo St., Merville Park Subdivision, Paranaque City. It set out as distribution company in 1988. It is the exclusive partner and representative of many foreign multinational corporations which have strong & valued presence in the Phil. pharma industry. It has specialized division such as – Cardio Metabolic; Dermatology & Hospital Division; Pharmaceutical Distribution, Oncology & Biotechnology.

 

 

Products

 

1) ANTI-bacterial, fungal, viral, asthma, hypertensive, diabeties, histamines & acid.                                          

2)  DRUGS-lipid lowering & neuro psych

 

                                                     

Email Address:                       ambica@pldtdsl.net / info@ambicaglobal.com

Website:                                                www.ambicaphilippines.com

Contact Person:                      Flora L. Capili  /  Lucy Garcia

Telephone Nos.                       853-3916 / 854-5940

                                                                       

 

 

FINANCIAL CONDITION

 

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

 

                                                                                  BALANCE SHEET

                  

                                                                  ASSETS

         

         2013

        2012

       2011

 

Ambica

Int’l. Corp.

Ambica

Int’l. Corp.

Ambica Int’l. 

Trading Corp.

          Current Asset

 

 

 

Cash on Hand & in Bank

    1,565,815.

    2,402,536.

      1,052,100.

Account Receivable

  11,793,572.

    8,602,103.

      4,807,143.

Merchandise Inventory

  79,163,130.

  65,169,776.

    20,281,579.

Advances to Employees

       221,021.

        NIL

         NIL

Other Current Assets

    4,937,188.

    3,630,734.

         NIL       

Total Current Assets

  97,680,726.

  79,805,149.

    26,140,823.

 

 

 

 

       Non Current Assets

 

 

 

Property & Equipment, net

    7,487,329.

   4,677,514.

      2,281,814.

Other Assets

       125,815.

      125,815.

        125,815.

Total Non Current Assets

    7,613,144.

   4,803,329.

      2,407,629.

Total Assets

105,293,870,

vvvvvvvvvvv

 84,806,478.  

 vvvvvvvvvv

    28,548,452.

    vvvvvvvvvv

                                               

                            LIABILITIES AND STOCKHOLDER’S EQUITY

 

         Current Liabilities

 

 

 

Trade & Other Payables

  72,335,998.

 74,340,679.

  18,238,730.

 Income Tax Payable

       107,065.

        20,813.

       358,240.

Total Current Liabilities

  72,443,063.

 74,361,492.

  18,596,970.

  

 

 

 

    Non Current Liabilities

 

 

 

Advances from Officers

  10,000,000.

        NIL       

    3,469,540.

Total Non Current Liabilities

 

  10,000,000.

 

        NIL       

 

    3,469,540.

Total Liabilities

  82,443,063.

 74,361,492.

  22,066,510.

 

 

 

 

            Stockholder’s Equity

 

 

 

Share Capital

  13,500,000.

   4,125,000.

    1,000,000.

Future Subscription

         NIL

        NIL

    2,500,000

Accumulated Earnings

    9,350,807.

   6.121,986.

    2,981,941.

Total Stockholder’s Equity

  22,850,807. 

 10,246,986.

    6,481,941.

Total Liabilities & Equity

105,293,870.

Vvvvvvvvvvv

 84,608,478.

vvvvvvvvvvv

  28,548,451.

  vvvvvvvvvv

 

INCOME STATEMENT

 

Revenues

338,875,232.

267,647,684.

194,807,112.

Gross Profit

  29,778,556.

  26,880,387.

  22,053,604.

Operating Expenses

( 25,163,956.)

( 22,349,608.)

( 19,028,203.)

Net Income before Tax

    4,614,600.

    4,530,779.

    3,025,401.

Net Income for the Year

    3,228,820.

vvvvvvvvvvv

    3,140,045.

vvvvvvvvvvv

    2,117,780.

vvvvvvvvvvv

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.67

UK Pound

1

Rs.93.16

Euro

1

Rs.66.42

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

MNL

 

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.