MIRA INFORM REPORT

 

 

Report No. :

346970

Report Date :

07.11.2015

 

IDENTIFICATION DETAILS

 

Name :

UNITED LABORATORIES, INC.

 

 

Registered Office :

66 United Street P O Box Mandaluyong City, Metro Manila 

 

 

Country :

Philippines

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

08.10.1953

 

 

Legal Form :

Private limited company

 

 

Line of Business :

Manufacturer & distributor of pharmaceutical 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shocks better than its regional peers due to less 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 outsourcing industry. The current account balance has recorded consecutive surpluses since 2003, international reserves remain at comfortable levels, and the banking system is stable; the stock market resumed an upward trajectory in 2014, climbing to new record highs during the first four months of 2015. Efforts to improve tax administration and management of expenditures have helped ease the Philippines' tight fiscal situation and reduce debt levels. Nevertheless, government taxation and spending remain weak. The Philippines has received investment-grade credit ratings on its sovereign debt under the AQUINO administration and has had little difficulty financing its deficits. Economic growth has accelerated, averaging 6.0% per year from 2011-2014, compared with 4.5% under the MACAPAGAL-ARROYO government; competitiveness has improved; and foreign direct investment hit a historic high in 2014, although it continues to lag compared with the rest of the region. Unemployment has remained high, hovering at around 7% of the population, and underemployment is nearly 20%. At least 40% of the employed work in the informal sector and poverty afflicts about a quarter of the population. The AQUINO administration has been working to boost expenditures for education, health, transfers to the poor, and other social spending programs. Infrastructure remains underfunded and the government is relying on the private sector to help with major projects under its Public-Private Partnership program. Other long term challenges include reforming governance, the judicial system, and the regulatory environment, and improving the ease of doing business. The Philippine Constitution and other laws restrict foreign ownership in important activities/sectors - such as land ownership and public utilities. Some progress has been made in establishing a Customs Modernization Act to meet international standards and commitments.

Source : CIA

Company naem and address

 

Company:                 UNITED LABORATORIES, INC.

Address:                   66 United Street P O Box Mandaluyong City, Metro Manila 

Country:                    Philippines

Service Type:            Normal

                      

 

FINDINGS

 

We conducted research and verification on UNITED LABORATORIES, INC. Hereunder our report, viz:

 

 

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC):  UNITED LABORATORIES, INC.

 

REGISTRATION –  (Per General Information Sheet dated Dec. 2014)

 

a)     Certificate No.     :        0000008205

b)    Date                    :        October 8, 1953

c)     Term                   :        Fifty (50) years. (The 1st 50 years expired. Extended for another

Fifty (50) years effective Oct. 1, 2003)

d)    Corp. Tax No.     :        000 063 471

    

 

Address                           :        No. 66 United St., Mandaluyong City

 

Fax/Telephone No.         :        (632) 631 6036

 

 

PRIMARY PURPOSE    :       Manufacturer & distributor of pharmaceutical products.

 

    

SUBSIDIARIES/AFFILIATES 

 

Westmont Pharmaceuticals Inc.

Medichem Pharmaceuticals Inc.

Pedriatica

Asian Antibiotics Inc.

 

                                                  

CAPITALIZATION   

                                         

                                                                                                                                       (Php)

                                                                No. of Shares           Par Value/share                    Amount                                                                               

            Authorized Capital Stock  -

                          Organizer             -          80,000,000      -        P  25.00                  -     2,000,000,000

                          Common              -          80,000,000         -        P100.00                  -     8,000,000,000  

                                                                                                                                 10,000,000,000

                                                                                                                                Vvvvvvvvvvvvvv

 

             Subscribed & Paid Up

                           Organizer            -           22,542,312         -        P  25.00                  -       563,557,800

                           Common             -           51,250,000          -       P100.00                  -    5,125,000,000

                                                                                                                                   5,688,557,800                  

                                                                                                                                  Vvvvvvvvvvvvv

        

SHAREHOLDERS/DIRECTORS/OFFICERS

 

            Name/Nationality/Designation

  Paid – Up (Php)  

Narra Princeton Holdings, Ltd.

       68,689,125.

Northwest Marine Drive Co. Ltd.

     333,467,725.

Dynavision Dev. & Investment Corp.

  1,962,233,950.

Dolmar Estate Dev. Corp.

  1,275,956,175.

Dao Investment Management Corp.

     624,722,525.

Rainbow Real Estate Corp.

       29,229,925.

Ultra Resources Holdings, Inc.

     140,941,400.

Active Research & Management Corp.

     994,634,200.

Mariano John L. Tan, Jr. / Pilipino  - Vice Chairman

                    25.

Joselito D. Campos, Jr.

            218,625.

Jocelyn Campos Hess / Pilipino    - Chairperson.

            218,625.

Jeffrey D. Campos       

            218,625.

Clinton Andrew Hess / Pilipino – Vice Chair/Pres & CEO       

                    25.

Mariano K. Tan

              16,100.

Howard Q. Dee

              18,450.

Richard C. Dee / Pilipino  -  Senior Vice Pres.

                    25.

Gil A. Santos / Pilipino – Senior Vice Pres. / Treasurer

                    25.

Benjamin W. Yap / Pilipino  - EVP & COO

                    25.

Andres B. Sta. Maria

                    25.

Treasury Shares

     257,991,975.

Joselito G. Diga    -  Senior Vice President / CFO

              NIL  

Marievic G. Ramos-Anonuevo    -   Corp. Secretary

              NIL

Benedicto P. Panigbatan    -   Asst. Corp. Secretary

              NIL

Luis P. Ladera   - Asst. Corp. Secretary

              NIL

Others

                  225.

                 TOTAL

  5,688,557,800.

  vvvvvvvvvvvvv

 

 

 

Jocelyn Campos – Hess

          

Studied in an exclusive & prestigious girls school and Ivanhattanville College in New York where

she completed Physics and Math. Pursued MBA course in Boston, Massachusetts. She is involved with

various business and socio-civic organization, such, as Unam Group of Companies, Dynavision Dev., United Bayanihan Foundation, Darya-Varia Laboratoria, among others. Member of Manila Yacht and Manila Polo Clubs.

 

 

Clinton Andrew Campos - Hess

 

About 40 years old, born in Boston, Massachusetts, USA. Graduated BS in economics  from

Wharton School, University of Pennsylvania. Has served as Chairman, Univet Nutrition & Animal Health-

care Company and of Unilab Biosciences Corp. in Shanghai, China. Member, Makati Business Club.

 

 

BUSINESS ACTIVITY 

 

Founded in 1945.  A pharmaceutical and healthcare company, develop, manufacture and

market prescription, consumer healthcare and personal care products. It offers over-the-counter

heathcare products, parentals, nutritional & penicillin, cephalosphonin & steroid products. Also engaged

in developing, selling, leasing & holding for investment, real properties of all kinds.

 

In June, 1964, a leader in specialty chemical business offering 300 plus innovative products, such   

as -  Insecticide; Water Treatment & Earth Smart Chemical.

 

It is the biggest pharmaceutical company in the Phils. with a market share of 20%.  Awards &         

Recognition, among others –

 

2009    -    Phil. Quality Award for Performance Excellence

2007    -    Grand Kapati Award from Employers Conferation of the Phils.

2006    -    “Global Filipino Company” from  Phil. Chamber of Commerce & Industry

2003    -    “Best Empoyer in Asia” from Hewitt Associates

2001    -    “Marketing Company of the Year” from Phil. Marketing Association     

                                                    

 

Website                 :    www.unilab.com.ph             

Telephone nos.     :    (632) 631 8501    /    637 8873

Fax No.                 :    (632) 361 6036    /    637 1635

 

 

FINANCIAL CONDITION

 

(Audited Financial Statement for years 2014, 2013, & 2012, as compiled)

 

Balance Sheet

 

 

    2014 (Php)

  2013 (Php)

 2012 (Php)

                             Assets

 

 

 

Current Assets

 

 

 

     Cash & Cash equivalents

 13,923,165,759.

 13,842,579,203.

 13,097,052,586.

     Trade & Other Receivables

 12,530,626,870.

 13,875,230,128.

 12,480,351,646.

      Inventories 

   4,896,176,086. 

   4,641,074,380.

   3,745,456,787.

     Other Current Assets

      670,871,821.    

      560,376,427.

      476,099,426.

     Total Current Assets

32,020,840,536.        

32,919,260,138.

29,798,960,445.

 

 

 

 

Non - Current Assets

 

 

 

      Deferred Tax Assets

  1,561,729,683.

  1,293,881,294.

      966,965,295.

     Property, Plant & Equipment, NET

  8,521,716,749.

  7,190,812,961.

   5,820,428,722.

     Intangible Assets

     392,113,560.

     403,871,407.

             NIL

     Investments in an associate & jointly

         controlled entities

 

     160,854.482.

 

     160,84.482.

 

      160,854.482.

     Investment in subsidiaries and deposit

         In future subscription

 

  2,561,989,269.

 

  1.524,113,769.

 

  1.524,113,769.

     Investment Properties

      684,967,074.

     733,462,441.

      395,923,148.

     Available for Sale – Financial Assets

  2,988,120,666.

  2,987,970,666.

  3,021,526,086.

     Other Non Current Assets

      333,178,295.

      286,436,405.

      240,343,448.

Total Non-Current Assets

17,204,669,778.

14,581,403,425.

12,886,712,758.

TOTAL ASSETS

 49,225,510,314.

vvvvvvvvvvvvvv              

47,500,663,563.

vvvvvvvvvvvvvv

42,685,673,203.

vvvvvvvvvvvvvv

 

 

 

 

                   Liabilities & Stockholder’s Equity

 

 

 

Current Liabilities

 

 

 

      Trade & other Payables

 11,822,354,798.

12,626,221,210.

10,561,002,240.

       Income Tax Payable

      104,919,274.

      110,491,330.

      113,592,907.

       Dividend Payable

      500,000,000.

               NIL

              NIL

       Other  Current Liabilities

      374,668,831.

      370,926,780.

      454,281,096.

            Total Current Liabilities

12,801,942,903.

13,107,639,320.

11,128,876,243.

 

 

 

 

Non - Current Liabilities

 

 

 

       Employees Retirement Benefits Liab.

  4,921,110,567.

   4,050,191,193.

   3,012,295,167.

       Deferred Tax

  1,013,594,491.

   1,013,594,491.

      911,181,991.

       Deposit on Lease Contract

          2,557,365.

           2,437,365.

          2,317,627.

             Total Non Current Liabilities

  5,937,262,423.

   5,066,223,049.

   3,925,794,785.

TOTAL LIABILITIES

18,739,205,326.

18,173,862,369.

 15,054,671,028.

 

 

 

 

 

 

                   Stockholder’s Equity

 

 

 

       Capital Stock

     5,688,557,800.

    5,688,557,800.

      5,688,557,800.  

       Additional Paid In Capital

        197,535,539.

       197,535,539.

         197,535,539.

       Retained Earnings:

            Appropriated

            Unappropriated

 

   20,700,000,000.

     4,101,714,243.

 

  19,200,000,000.

    3,953,416,951.

 

    17,700,000,000.

      3,273,654,270.

       Treasury Stock

(      720,471,833.)

(      720,471,833.)

(        720,471,833.)

       Unrealized Gain on AFS financial assets

                654,788.

               504,788.

              1,644,788.

       Revaluation Surplus

     2,365,053,811.

    2,365,053,811.

      2,126,091,311.

       Remeasurement Loss on Retirement

            Benefit

 

(    1,846,739,360.)

 

(   1,357,795,862.)

 

(        636,009,700.)

           Total Stockholder’s Equity

   30,486,304,988.

  29,326,801,194.

    27,631,002,175.

TOTAL LIABILITIES &   STOCKHOLDERS

           EQUITY

 

   49,225,510,314.

   vvvvvvvvvvvvvv

 

  47,500,663,563.

  vvvvvvvvvvvvvv

 

    42,685,673,203.

    vvvvvvvvvvvvvv

 

 

COMPREHENSIVE INCOME STATEMENT

 

Net Sales & Manufacturing Fees

   35,544,661,623.

   32,940,427,946.

   31,700.582,923.

Gross Profit

   16,727,816,780.

   15,510,096,593.

   15,107,705,554.

Selling & Administrative Expenses

(  14,804,584,185.)

(  13,515,117,662.)

(  13,303,442,011.)

Other Income

      1,587,636,558.

      1,522,912,172.

      1,420,438,374.

Income before Tax

      3,510,869,153.

      3,517,891,103.

      3,224,701,917.

Net Income

      2,748,297,292.

      2,779,207,947.

      2,510,807,256.

 Total Comprehensive Income

      2,259,503,794.

vvvvvvvvvvvvvvvv

      2,295,244,285.

vvvvvvvvvvvvvvvv

      2,463,167,970.

vvvvvvvvvvvvvvvv

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.79

UK Pound

1

Rs.99.95

Euro

1

Rs.71.55

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TRU

 

               

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.