MIRA
INFORM REPORT
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Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
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Name : |
UNISON
LABORATORIES CO., LTD |
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Registered Office : |
30 Soi Onnuch,
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Country : |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
1956 |
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Com. Reg. No.: |
0105499000718 [Former : 120/2499] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer
& Exporter of
Pharmaceutical Products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
UNISON LABORATORIES CO., LTD.
SUMMARY
BUSINESS ADDRESS : 30
SOI ONNUCH,
10520
TELEPHONE : [66] 2329-1020-5
FAX : [66] 2329-1279, 2329-0160
E-MAIL ADDRESS : export@unisonlab.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1956
REGISTRATION NO. : 0105499000718 [Former : 120/2499]
CAPITAL REGISTERED : BHT. 76,000,000
CAPITAL PAID-UP : BHT. 76,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SUDDHINAI THANESVORAKUL, THAI MANAGING DIRECTOR
NO. OF STAFF : 438
LINES OF BUSINESS : PHARMACEUTICAL PRODUCTS MANUFACTURER & EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION :
GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The subject was established on July 2, 1956 as a private limited company under the registered name “Unison America Co., Ltd.”, by Thai group, Thanesvorakul family. On March 13, 1968 the subject was changed its name to UNISON LABORATORIES CO., LTD. It currently employs 438 staff.
The subject is a leading pharmaceutical product manufacturer in Thailand, with over one hundred registered pharmaceutical products widely recognized in both domestic and international markets. The products have been approved by the Food and Drug Administration [FDA], Ministry of Public Health of Thailand and Department of Medical Sciences.
UNISON is a certified GMP [Good Manufacturing Practice] manufacturer of pharmaceutical products in the area of both PENICILLIN and NON-PENICILLIN. The products are in form of tablet, capsule, powder for oral suspension, cream and ointment with sugar and film coating facilities. Most of its tablets and capsules are packed in blister and strip packaging.
The subject’s registered address was initially located at 160 Soi Onnuch, Sukhumvit 77 Rd., Ladkrabang, Bangkok 10520.
On January 18, 2006, the registered address has been changed by the government, to be 30 Soi Onnuch, Ladkrabang Rd.,, Ladkrabang, Bangkok 10520, and this is the subject’s current operation address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
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Mr. Suddhinai Thanesvorakul |
Thai |
57 |
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Dr. Vaivudhi Thanesvorakul |
Thai |
59 |
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Mrs. Karnda Thanesvorakul |
Thai |
56 |
AUTHORIZED PERSON
Two of the above directors can jointly sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Suddhinai Thanesvorakul is the Managing Director.
He is Thai nationality with the age of 57 years old.
Mr. Buddhapol Prasannakarn is the Deputy Managing Director.
He is Thai nationality.
Mr. Chatri Pongsakornchai is the General Manager.
He is Thai nationality.
Ms. Suneerat Masomchai is the Account Manager.
She is Thai nationality.
Mrs. Kanokwan Thammitr is the Plant & Production Manager.
She is Thai nationality.
Mr. Sombat Poonpitayathorn is the Marketing Director.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity is manufacturer of pharmaceutical products, Ethical, Generic, and OTC drugs including non-steroidal anti-inflammatory drugs [NSAID’S], antihyperlipidemic, antibacterial [penicillins], antihypertensive, antibacterial [quinolones], antifungal, antidiabetic, oil [soft gelatin capsule products] and etc., as well as health food supplements [nutritional and herbal products], foods, cosmetics, toiletries and personal care products.
Lists of its products are as follows :
|
Products |
Type |
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Penicillin |
Tablet, Capsule, Powder |
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Non-Penicillin |
Tablet, Capsule, Powder, Gel, Cream, Ointment, Solution, Suspension, Syrup |
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Alfalfa |
Capsule |
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Borage Oil |
Soft Gelatin Capsule |
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Chitosan |
Capsule |
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Garcinia Cambogia |
Tablet |
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Garcinia Powder Beverage
[ Lime, Sala Flavour] |
Powder |
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Garlic Capsule |
Capsule |
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Ginkgo Bioba |
Capsule |
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Glucomannan |
Capsule |
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Grape Seed Extract |
Capsule |
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Oyster Extract |
Capsule |
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Pumpkin Seed Oil |
Soft Gelatin Capsule |
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Antidepressant |
Tablet |
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Antifungal |
Shampoo |
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Antihistamine (H1-Receptor) |
Tablet |
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Amtihistamine (H2-Receptor) |
Tablet |
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Anti-Inflammatory Corticosteriod |
Ointment |
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& Etc. |
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The subject’s products are approved by The National Health Organizations in many countries worldwide.
MAJOR BRANDS
“UNISON”, “BAGES”, “ PORMUS”, “RAMTACE”, “FLUXETIL”, “DERZID-C”, “DIASEF”, “LEVOMET”, “AMPREXYL”, “LIDOXIN”, “UNIMOX”, “SEFMAL”, “UNIMOL”, “SEFTIL”, “UNIGAN”, “MESIN”, “UNICIDE”, “SEFLOC”, “DIPASEF 5”, “TOLBIN”, “REDROCIN”, “UNIZEN”, “GASTER”, “TILOPIN”, “PENCOR” and etc.
PURCHASE
50% of raw materials is purchased from local suppliers.
IMPORT [COUNTRIES]
50% of the raw materials is imported from Japan, Germany, Republic of China, Italy, U.S.A., India, Hungary, Spain, Switzerland and Latin America countries, as well as machinery is imported from Korea.
SALES [LOCAL]
60% of its products is sold locally to dealer, Thai government and private hospital.
EXPORT [COUNTRY]
40% of the products is exported to Hong Kong, Myanmar, Philippines, Bangladesh, Fiji, Malaysia, Nigeria, Taiwan, India, Pakistan, Yemen, Singapore, Sri Lanka, Vietnam, Republic of China, Europe, Africa and Middle East countries.
MAJOR CUSTOMERS
- Ministry of Public Health
- Thai Government and
PARENT COMPANY
Medline Co., Ltd.
Address:
AFFILIATED COMPANY
F.C.P. Co., Ltd.
Business Type: Distributor of pharmaceutical and cosmetic products
LITIGATION
Bankruptcy and Receivership
There are no litigation on bankruptcy and receivership cases filed against the subject found at Legal Execution Department for the past five years.
Others
There are no legal suits filed against the subject
CREDIT
Sales are by cash on the credits term of 30-60 days.
Local bills are paid by cash or on the credits term of 30-60-90 days.
Imports are by L/C at sight or D/A on the credits term of 90-120 days or T/T.
Exports are against L/C at sight & T/T.
BANKING
Kasikornbank Public Co., Ltd.
[Silom Branch:
Bangkok Bank Public Co., Ltd.
Export-Import Bank of
EMPLOYMENT
The subject employs 438 staff. [office staff, sales staff and factory workers]
LOCATION DETAILS
The premise is owned for administrative office and factory on 11,200 square meters of area at the heading address. Premise is located in an industrial area.
COMMENT
Through 40 years of growth and expansion, the company has become one of the leading pharmaceutical product manufacturers in Thailand with over one hundred registered pharmaceutical products widely recognized in both domestic and international markets. These include ETHICAL, GENERIC, and OTC drugs approved by the Food and Drug Administration [FDA], Ministry of Public Health of Thailand. As well UNISON’s pharmaceutical products are approved by the National Health Organizations in many countries around the world.
Market Conditions
Due to continue growing of healthcare industry, the subject also has strong growth, and its business trend is in progress.
FINANCIAL INFORMATION
The capital was registered at Bht. 300,000 divided into 1,500 shares of Bht. 200 each.
The capital was increased later as follows:
Bht. 30,000,000 on March 14, 1979
Bht. 66,000,000 on November 2, 2006
Bht. 76,000,000 on December 25, 2006
On March 14, 1979, it was increased to Bht. 76,000,000 divided into 760,000 shares of Bht. 100 each with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
Medline Co., Ltd. Nationality: Thai Address :
Huaykwang, |
759,994 |
99.99 |
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Mr. Suddhinai Thanesvorakul Nationality: Thai Address : 12/14 Sapansung,
Buengkum, |
1 |
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Mrs. Kanda Thanesvorakul Nationality: Thai Address :
Bangkapi, |
1 |
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Mr. Chatree Pongsakornchai Nationality: Thai Address : 217/16 Pracharaj 1 Rd., Bangsue, |
1 |
=0.01 |
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Ms. Tharntip Thanesvorakul Nationality: Thai Address :
Bangkapi, |
1 |
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Ms. Netrtip Thanesvorakul Nationality: Thai Address :
Bangkapi, |
1 |
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Dr. Vaivudhi Thanesvorakul Nationality: Thai Address : |
1 |
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Total Shareholders : 7
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Prawit Wongkanit No. 4193
UNISON LABORATORIES CO., LTD.
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2006 & 2005 were:
ASSETS
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Current Assets |
2006 |
2005 |
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Cash in hand & at Bank |
1,913,319.39 |
744,245.72 |
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Trade Accts. Receivable |
156,767,930.63 |
167,982,473.32 |
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Inventories |
88,917,603.50 |
90,151,571.73 |
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Other Current Assets |
22,392,688.80 |
21,162,441.30 |
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Total Current Assets |
269,991,542.32 |
280,040,732.07 |
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Long Term Loan to Person or Related Company |
64,454,999.23 |
48,667,186.66 |
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Fixed Assets |
122,671,683.18 |
130,579,938.79 |
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Other Assets |
23,758,748.59 |
5,064,507.99 |
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Total Assets |
480,876,973.32 |
464,352,365.51 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft & Short Term Loan from Bank |
92,987,864.54 |
91,086,796.72 |
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Trade Accts. Payable |
85,196,586.24 |
97,614,743.12 |
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Current Portion of Long Term Loan |
22,951,440.00 |
22,951,440.00 |
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Other Current Liabilities |
40,020,497.75 |
59,106,816.33 |
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Total Current Liabilities |
241,156,388.53 |
270,759,796.17 |
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Other Long Term Loan |
80,802,120.00 |
103,753,560.00 |
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Other Liabilities |
233,500.00 |
2,559,949.00 |
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Total Liabilities |
322,192,008.53 |
377,073,305.17 |
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Shareholders' Equity |
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Share Capital : Baht. 100 par value authorized issued and fully paid share capital 760,000 & 300,000 shares in 2006 & 2005 respectively |
76,000,000.00 |
30,000,000.00 |
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Capital Paid |
76,000,000.00 |
30,000,000.00 |
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Unappropriated |
82,684,964.79 |
57,279,060.34 |
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Total Shareholders' Equity |
158,684,964.79 |
87,279,060.34 |
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Total Liabilities & Shareholders' Equity |
480,876,973.32 |
464,352,365.51 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
553,300,420.37 |
529,256,271.40 |
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Other Revenues |
16,575,605.07 |
16,667,213.47 |
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Total Revenues |
569,876,025.44 |
545,923,484.87 |
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Expenses |
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Cost of Goods Sold |
366,207,161.71 |
352,853,925.17 |
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Selling & Administrative Expenses |
152,003,000.14 |
148,569,957.98 |
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Total Expenses |
518,210,161.85 |
501,423,883.15 |
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Profit/[Loss] from Operation |
51,665,863.59 |
44,499,601.72 |
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Interest Expenses |
[14,981,288.44] |
[11,233,605.81] |
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Income Tax |
[11,278,670.70] |
[10,318,096.93] |
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Net Profit / [Loss] |
25,405,904.45 |
22,947,898.98 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual Growth |
2006 |
2005 |
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Net Sales |
4.54 |
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Operating Profit |
11.06 |
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Net Profit |
10.71 |
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Fixed Assets |
[6.06] |
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Total Assets |
3.56 |
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Profitability |
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Cost of Good Sold |
66.19 |
66.67 |
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Operating Profit Margin |
9.34 |
8.41 |
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S & A Expenses |
27.47 |
28.07 |
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Interest Paid |
2.71 |
2.12 |
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Other Revenues |
3.00 |
3.15 |
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Net Profit Margin |
4.59 |
4.34 |
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Earning Per Shares |
33.43 |
76.49 |
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No. of Shares |
760,000 |
300,000 |
Net Sales was increased by 4.54%, Operating Profit was increased by 11.06%, Net Profit was increased by 10.71%, Fixed Assets was decreased by 6.06%, Total Assets was increased by 3.56%.
Compare each cost with sales, Cost of Good Sold was decreased from 66.67% to 66.19%, Operating Profit Margin was increased from 8.41% to 9.34%, S & A Expenses was decreased from 28.07% to 27.47%, Interest Paid was increased from 2.12% to 2.71%, Other Revenues was decreased from 3.15% to 3.00%, Net Profit Margin was increased from 4.34% to 4.59%.
Earning Per Shares was decreased from 76.49 baht per share to 33.43 baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.12 |
1.03 |
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Quick-Assets Ratio |
0.66 |
0.62 |
Current Ratio was increased from 1.03 to 1.12, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, Quick-Assets Ratio was increased from 0.62 to 0.66, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
2.03 |
4.32 |
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Times Interest Earned |
3.45 |
3.96 |
D/E Ratio was decreased from 4.32 to 2.03, show the company had fund from Loan more than fund from Equity, investment risked of the company is medium, Times Interest Earned was decreased from 3.96 to 3.45, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
4.51 |
4.05 |
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Total Assets Turnover |
1.15 |
1.14 |
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Return on Assets |
5.28 |
4.94 |
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Return on Equity |
16.01 |
26.29 |
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Day's Payable |
55.43 |
66.40 |
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Day’s Inventories |
57.85 |
61.32 |
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Day’s Receivables |
102.00 |
114.26 |
Fixed Assets Turnover was increased from 4.05 times to 4.51 times, Total Assets Turnover was increased from 1.14 times to 1.15 times, show the company could use Assets so efficiently, Return on Assets was increased from 4.94 to 5.28, Return on Equity was decreased from 26.29 to 16.01, capacity to use Assets to make profit was good.
Day's Payable was decreased from 67 days to 56 days, Day’s Inventories was decreased from 62 days to 58 days, and Day’s Receivables was decreased from 115 days to 102 days.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)