MIRA INFORM REPORT
|
Report No. : |
313395 |
|
Report Date : |
26.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
PHIL.
PHARMAWEALTH INC. |
|
|
|
|
Registered Office : |
Suite E-3001, 30th Floor, Tektite Tower East, Ortigas Center, Philippine Stock Exchange Tower, Pasig |
|
|
|
|
Country : |
Philippines |
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
10.02.1993 |
|
|
|
|
Legal Form : |
Private Corporation |
|
|
|
|
Line of Business : |
Importer and Distributor of finished pharmaceutical products and medical supplies, including biological products |
|
|
|
|
No. of Employee : |
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 – 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 publi
|
Source
: CIA |
Company
name and address
Company: PHIL. PHARMAWEALTH INC.
Address: Suite E-3001, 30th Floor,
Tektite Tower East, Ortigas Center,
Philippine
Stock Exchange Tower, Pasig.
Country: Philippines
Telephone Nos:
006326830053/4/5
Service Type: Normal
FINDING
We conducted research and verification on PHIL. PHARMAWEALTH INC.
Hereunder, our report, viz:
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): PHIL. PHARMAWEALTH
INC.
Legal Entity - PRIVATE
CORPORATION
REGISTRATION
– (Per 2014 SEC General Information Sheet)
Certificate No. : AS93001037
Date : Feb. 10,1993
Term : Fifty (50) years
Type of
Organization : Stock Corporation
Corporate Taxpayer
ID No. : 002-304-673
Address
1) Unit 17-A Belvedere Tower, San
Miguel Ave., Ortigas Center, Pasig City
2) Suite 3001 30th
Floor, East Tower, Phil. Stock Exchange
Center, Exchange Road, Ortigas Center, Pasig City.
Telephone No.: +63(2) 584-7267; 683-0083-87; 634-4026; 634-3732
Fax No. : +63(2)
633-9512
PRIMARY
PURPOSE
Importation and distribution of finished pharmaceutical products and
medical supplies, including biological products.
SUBSIDIARY/AFFILIATES
Singapore Pharmawealth Lifesciences, Inc.
Brgy. San Jose, Malanay, San Pablo City
(SEC Reg. No.
A1998-0605248)
(NOTE: Unless
otherwise specified, the amount is in Philippine Peso (Php) )
CAPITALIZATION
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
SHAREHOLDERS
/ DIRECTORS / OFFICERS
|
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 Padojinog |
Director |
100. |
|
|
Total |
50,000,000.
vvvvvvvvvvv |
HERNAN
DUSABAN. BIRON, currently,
Municipal Mayor of Barotac Nuevo, Iloilo Province. Spouse DIANA GONZALES BIRON, operates FERJ’s Pharmaea.cy.
Distributes generic medicines from India & South Korea.
The couple has a son, FERJENEL, elected member of the Phil. Congress representing the
Fourth District of Iloilo Province, from June 30, 2004 to June 20, 2013.
BUSINESS
ACTIVITY
PHIL PHARMAWEALTH, INC. is a 100% Filipino-owned company licensed by the Bureau of Food and Drugs to import and distribute medical devices and finished pharmaceutical products of all dosage forms that may come in the foram of capsules, tablets, syrups, suspensions, ointments, creams, gels, aerosole, inhalation, anasthetics & parenteral products (liquid & dry powder injection).
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.
Regional Branches: Baguio; Cebu; Davao; ; Iloilo; Isabela; La Union; Pampanga; Zamboanga;
Cagayan de Oro & Bacolod.
E-mail - info@philpharmawealth.com :
FINANCIAL
CONDITION
Audited Financial Statement for years 2013, 2012, &
2011, as compiled)
BALANCE
SHEET
|
ASSETS |
|||
|
Current Assets |
2013 |
2012 |
2011 |
|
Cash |
26,445,411. |
5,627,671. |
7.171,890. |
|
Account Receivable |
19,429,665. |
17,684,928. |
39,761,982. |
|
Merchandise Inventory |
189,429,351. |
145,627,628. |
129,527,714. |
|
Prepaid Expenses & Other Current
Assets |
442,920. |
3,988,294. |
312,515. |
|
Total
Current Assets |
235,747,347. |
172,928,521. |
176,774,101. |
|
Non-Current Assets |
|
|
|
|
Property and Equipment |
15,063,633. |
16,070,969. |
18,856,083. |
|
Other Non Current Assets |
32,816,000. |
32,816,000. |
32,816,000. |
|
Total
Non-Current Assets |
47,879,633. |
48,886,969. |
51,672,083. |
|
Total
Assets |
283,626,980. vvvvvvvvvvvvv |
221,815,490.
vvvvvvvvvvvvv |
228,446,184. vvvvvvvvvvvvv |
|
LIABLITIES AND EQUITY |
|||
|
Current Liabilities |
|
|
|
|
Accounts Payable & Other payables |
28,772,988. |
33,693,576. |
38,910,099. |
|
Trust Receipts Payable |
55,286,505. |
51,863,728. |
58,487,089. |
|
Taxes Payable |
272,889. |
294,365. |
116,909. |
|
Total
Current Liabilities |
84,332,382. |
85,851,669. |
97,514,097. |
|
Non- Current Liabilities |
|
|
|
|
Due to Related Parties |
89,286,552. |
29,428,051. |
28,398,567. |
|
Total Non-Current Liabilities |
89,286,552. |
29,428,051. |
28,398,567. |
|
Total
Liabilities |
173,618,934. |
115,279,720. |
125,912,664. |
|
Equity |
|
|
|
|
Share Capital |
50,000,000. |
50,000,000. |
50,000,000. |
|
Retained Earnings |
60,008,046. |
56,535,770. |
52,533,520. |
|
Total Equity |
110,008,046. |
106,535,770. |
102,533,520. |
|
Total
Liabilities and Equity |
283,626,960. vvvvvvvvvvvvv |
221,815,490.
vvvvvvvvvvvvv |
228,446,184. vvvvvvvvvvvvvv |
INCOME
STATEMENT
|
|
2013 |
2012 |
2011 |
|
Sales |
366,895,216. |
390,929,913. |
349,688,573. |
|
Gross
Profit |
62,307,092. |
67,245,033. |
63,617,036. |
|
Other Expenses |
(58,733,956.) |
(62,992,818.) |
( 60,476,141.) |
|
Income
from Operation |
3,573,136. |
4,252,215. |
3,140,895. |
|
Other
Income |
1,387,259. |
1,465,284. |
1,233,547. |
|
Income
Before Tax |
4,960,395. |
5,717,499. |
4,374,442. |
|
Net
Income |
3,472,277. vvvvvvvvvv |
4,002,249. vvvvvvvvvvv |
3,062,109.
vvvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.34 |
|
|
1 |
Rs.92.64 |
|
Euro |
1 |
Rs.68.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
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.