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Report No. : |
345954 |
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Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
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Name : |
PHIL. PHARMAWEALTH INC. |
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Registered Office : |
Suite
E-3001, 30th Floor, Tektite Tower East, Ortigas Center, Philippine
Stock Exchange Tower, Pasig |
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Country : |
Philippines |
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Financials (as on) : |
2013 |
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Date of Incorporation : |
10.02.1993 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Importation
and distribution of finished pharmaceutical products and medical supplies,
including biological products. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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: PHIL. PHARMAWEALTH INC.
Address: Suite
E-3001, 30th Floor, Tektite Tower East, Ortigas Center,
Philippine Stock Exchange Tower, Pasig.
Country: Philippines
Service Type: Normal
We conducted research and verification on
PHIL. PHARMAWEALTH INC. Hereunder, our report, viz:
Legal Entity
- PRIVATE CORPORATION
(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
Importation and distribution of finished
pharmaceutical products and
medical supplies, including biological
products.
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) )
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
(As of June 16, 2015)
|
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. |
|
Kris Mae Bolivar-Agtas |
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 Pharmacy. 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.
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 :
Website
- www.philpharmawealth.com
(Audited Financial Statement for years 2013,
2012, & 2011, as compiled)
(Latest available from SEC)
BALANCE
SHEET
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ASSETS |
|||
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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. |
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Non-Current Assets |
|
|
|
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Property and Equipment |
15,063,633. |
16,070,969. |
18,856,083. |
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Other Non Current Assets |
32,816,000. |
32,816,000. |
32,816,000. |
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Total Non-Current Assets |
47,879,633. |
48,886,969. |
51,672,083. |
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Total Assets |
283,626,980. vvvvvvvvvvvvv |
221,815,490. vvvvvvvvvvvvv |
228,446,184. vvvvvvvvvvvvv |
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LIABLITIES AND EQUITY |
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Current Liabilities |
|
|
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Accounts Payable & Other payables |
28,772,988. |
33,693,576. |
38,910,099. |
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Trust Receipts Payable |
55,286,505. |
51,863,728. |
58,487,089. |
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Taxes Payable |
272,889. |
294,365. |
116,909. |
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Total Current Liabilities |
84,332,382. |
85,851,669. |
97,514,097. |
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Non- Current Liabilities |
|
|
|
|
Due to Related Parties |
89,286,552. |
29,428,051. |
28,398,567. |
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Total Non-Current Liabilities |
89,286,552. |
29,428,051. |
28,398,567. |
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Total Liabilities |
173,618,934. |
115,279,720. |
125,912,664. |
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Equity |
|
|
|
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Share Capital |
50,000,000. |
50,000,000. |
50,000,000. |
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Retained Earnings |
60,008,046. |
56,535,770. |
52,533,520. |
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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. vvvvvvvvvvv |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
UK Pound |
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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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 |
|
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.