MIRA INFORM REPORT

 

 

Report No. :

314655

Report Date :

31.03.2015

 

IDENTIFICATION DETAILS

 

Name :

I. E. MEDICAL INC.

 

 

Registered Office :

5th Floor RFM Corporate Center Pioneer Street, Mandaluyong City          

 

 

Country :

Philippines

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

12.04.2010

 

 

Legal Form :

Private Stock Corporation

 

 

Line of Business :

Subject is engage in the business of trading, import & distributing of good such as drugs, cosmetics, medicines, medical supplies on wholesale basis.

 

 

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 – 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

ANTECEDENT INFORMATION

 

 

Company:                 I. E. MEDICAL INC.

Address:                   5th Floor RFM Corporate Center Pioneer Street, Mandaluyong City          

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 I. E. MEDICA INC. and showed the following, viz:

 

 

VERIFICATION )WITH SECURITIES & EXCHANGE COMMISSION (SEC):  I. E. MEDICAL INC.

 

 

Legal Entity       -     PRIVATE CORPORATION

 

REGISTRATION –  (Per General Information Sheet (GIS) for Year 2013)

 

 

Certificate No.           :      CS201005611

Date                          :      April 12, 2010

Term                         :      Fifty (50) years

Company Type         :      Stock Corporation

Telephone No.          :      (632) 848 4784 / 631 1581 / 634 4434

Fax No.                     :      (632) 635 2813

Corp. Tax ID No.      :       007-723-870

Email                        :       info@iemedical.com.ph                                

 

Address:    5th  Floor RFM Corporate Center, Pioneer St., Mandaluyong City 

 

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

          

     

CAPITALIZATION -    (As of 2013)

 

Authorized Capital Stock                           -         5,000,000.     –   50,000  Shares Common

 

Amount Subscribed & Fully Paid Up         -          5,000,000.    

    

Par value per Share                                -                      100.

 

PRIMARY PURPOSE:   To engage in the business of trading, import & distributing of good such as drugs, cosmetics, medicines, medical supplies on wholesale basis.

                         

             STOCKHOLDERS/DIRECTORS/OFFICERS  (As of 2013)

 

              Name / Nationality

         Position

Amount  Paid Up

Vasant Salian, Indian

       Chairman

     2,000,000.

Monaliza Salian, Pilipina

       Treasurer

     2,799,000.

Rogelio Balnig, Pilipino

       President

        100,000.

Ruth Balnig, Pilipina

       Secretary

        100,000.

Mark Dennis Uson, Pilipino

       Compliance

            1,000.

 

              Total

     5,000,000.

     vvvvvvvvv   

 

 

 

 

 

 

 

 

 

 

BUSINESS ACTIVITY

 

A Pharmaceutical company, subject firm was issued by the Phils. Food & Drugs Authority of License to Operate No. CDRR-NCR-DI/W-3281. 

 

Products:

 

Repiratory Drugs - Bronchodilators

Capsules             -  Anti canvalesant; Anti depressant;    Anti neoplastic

Oral Liquids         -  Anti bacterial; anti anesthetic

Parenteral

 

Email Address:  info@medica.com

 

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

 

BALANCE SHEET

                  

                                                          ASSETS

         

         2013

        2012

       2011

          Current Asset

 

 

 

Cash on Hand & in Bank

    7,692,232.

    4,703,399.

     5,071,757.

Trade & Other Receivables

  49,867,894.

  13,512,180.

     9,069,358.

Merchandise Inventory

    5,616,898.

    2,535,293.

        NIL

Other Current Assets

    4,043,122.

    2,400,435.

          42,102.

Total Current Assets

  67,180,146.

  23,151,307.

   14,183,217.

 

 

 

 

       Non Current Assets

 

 

 

Property & Equipment

   17,728,455.

  16,202,150.

      1,600,000.

Investments in Properties

     9,254,691.

        NIL       

          NIL       

Total Non Current Assets

   26,983,146.

  16,202,150.

      1,600,000.

Total Assets

   94,163,292.

   vvvvvvvvvv

  39,353,457.  

 vvvvvvvvvv

    15,783,217.

    vvvvvvvvvv

                                               

                            LIABILITIES AND STOCKHOLDER’S EQUITY

 

         Current Liabilities

 

 

 

Accounts Payable & 

    Accrued Expenses

 

  33,949,014.

 

  14,461,586.

 

     4,356,569.

Other Current Liabilities

    2,989,706.

    1,540,445.

        789,480.

Short Term Loan - Payable

  10,000,000.

        NIL

          NIL

 Income Tax Payable

    6,945,529.

    3,449,207.

     2,046,868.

Total Current Liabilities

  53,884,249.

  19,451,238.

     7,192,917.

Total Liabilities

  53,884,249.

  19,451,238.

     7,192,917.

  

 

 

 

            Stockholder’s Equity

 

 

 

Share Capital

    5,000,000.

    5,000,000.

     5,000,000.

Retained Earning

  35,279,043.

  14,902,220.

     3,590,300.

 

 

 

 

    Appropriated

  31,000,000.

  10,000,000.

          NIL

    Unappropriated

    4,279,043.

    4,902,220.

     3,590,300.

 

 

 

 

Total Stockholder’s Equity

  40,279,043.

  19,902,220.

     8,590,300.

Total Liabilities & Equity

  94,163,292.

  vvvvvvvvvv

  39,353,457.

  vvvvvvvvvv

   15,783,217.

   vvvvvvvvvv

 

 

INCOME STATEMENT

 

Gross Revenues

196,153,295.

142,950,373.

 134,136,762.

Gross Income from Service Operation

  67,408,537.

  31,091,508.

   24,369,589.

Operating Expenses

( 38,113,156.)

( 14,931,624.)

(  17,546,696.)

Income before Tax

  29,295,381.

  16,159,884.

     6,822,893.

Net Income

  20,376,824.

vvvvvvvvvvv

  11,311,919.

vvvvvvvvvvv

     4,776,025.

vvvvvvvvvvvv

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.63

UK Pound

1

Rs.92.94

Euro

1

Rs.68.06

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

               


 

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.