MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
C.A.T. PHARMACEUTICAL LIMITED PARTNERSHIP |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1971 |
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Com. Reg. No.: |
0103514004721 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Engaged in importing
and distributing various
kinds of pharmaceutical chemicals,
the raw material
of human and
animal health products. |
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 : |
Regular |
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Litigation : |
Clear |
NAME
C.A.T. PHARMACEUTICAL LIMITED PARTNERSHIP
SUMMARY
BUSINESS ADDRESS :
POMPRAB,
TELEPHONE : [66] 2282-0602, 2281-4364, 2282-6865
FAX : [66] 2280-1870,
2281-3870
E-MAIL ADDRESS : catpharm@ji-net.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1971
REGISTRATION NO. : 0103514004721 [Former : 499/2514]
CAPITAL
REGISTERED : BHT.
10,000,000
CAPITAL
PAID-UP : BHT. 10,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR.
SUKIAT CHATSAKULWONG, THAI
MANAGING PARTNER
NO. OF
STAFF : 18
LINES OF
BUSINESS : PHARMACEUTICAL CHEMICALS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on March
23, 1971 as
a limited partnership
by Mr. Sukiat
Chatsakulwong, who is the
Managing Partner and bears full financial
responsibility by law.
Its main objective
is an importer and distributor of pharmaceutical chemicals
for human and
animal healthcare industry. It
currently employs 18
staff.
The subject’s registered
address is 405-407
Nakornsawan Rd., Watsomanus,
Pomprab, Bangkok 10100, and
this is the
subject’s current operation
address.
MANAGEMENT
Mr. Sukiat
Chatsakulwong is the
Managing Partner.
He is Thai
nationality with the
age of 68
years old.
Mr. Songwit
Chatsakulwong is the
Assistant Manager [Chemical
Division].
He is Thai
nationality.
Mr. Pichai
Chatsakulwong is the
Finance and Account
Manager.
He is Thai
nationality.
Mr. Pichit
Chatsakulwong is the
Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of pharmaceutical chemicals,
the raw material
of human and
animal health products.
The products are vaccine, pharmaceutical supplement and
etc. Its
products are imported
by customers’ requirement.
PURCHASE
80% of its
products is imported
from Republic of
China, Hong Kong, Japan,
Taiwan, Singapore, India,
Italy, Germany &
Spain, and the
remaining 20% is
purchased from local
suppliers and agents.
MAJOR SUPPLIERS
- Shanghai International Trading
Ltd. : Republic of
- Sinto Farm Spa. :
- Ranbaxy Laboratories Limited Ltd. :
SALES [LOCAL]
100% of its
products is sold locally by
wholesale to manufacturers
& end-users, and animal
farms.
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
for the past
two years.
SUBSIDIARY AND
AFFILIATED COMPANY
Thai Chemical
Supply Co., Ltd.
Business Type: Importer & distributor of industrial chemicals.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T on
negotiated term.
BUSINESS TRANSACTION
The products are
sold and purchased
both by cash
and on the
credits term of
30-60 days. There
is no problem
on the subject’s account
receivable and payable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Pubplachai Branch :
Kasikornbank Public
Co., Ltd.
[Phaholyothin Branch :
TMB Bank
Public Co., Ltd.
[Phaholyothin Branch :
Siam City
Bank Public Co.,
Ltd.
[Chalermkhet Branch,
2 Chalermkhet 4
Rd., Thepsirin, Pomprab,
EMPLOYMENT
The subject employs
approximately 18 staff.
[office and sales staff]
LOCATION DETAILS
The premise is
owned for administrative office
in a 4
storey building of
1 row shop house
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject is specialized in veterinary products especially horse as
well as pharmaceutical supplement for human.
Its business has strong performance.
The subject is also the leading in distributing such products in local market. With its long
experience in line of
business, the subject
has maintained a
large customers base.
It can maintain
good business and
expanding steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
10,000,000 which was
carried by 2
persons as followed:
Name Age Amount
Mr. Sukiat Chatsakulwong 68 Bht.
5,000,000 [Unlimited Partner]
Mr. Pichai Chatsakulwong 40 Bht.
5,000,000
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Manop Thongpakdee
No. 6012
NOTE
The 2006, financial
statement has not yet
available during this current
investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
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Current Assets |
2005 |
2004 |
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Cash in hand
& at Bank
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159,688.70 |
165,673.20 |
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Trade Accts. Receivable |
54,447,371.72 |
42,462,282.37 |
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Inventories |
15,061,708.05 |
25,007,061.80 |
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Other Current Assets |
613,211.70 |
1,117,015.72 |
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Total Current
Assets |
70,281,980.17 |
68,752,033.09 |
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Long Term Loan
to Related Person |
70,400,000.00 |
44,850,000.00 |
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Fixed Assets
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1,330,671.55 |
1,829,211.87 |
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Guarantee L/C |
2,736,718.11 |
2,736,718.11 |
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Other Non-Current Assets |
2,662,441.98 |
3,053,044.30 |
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Total Assets
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147,411,811.81 |
121,221,007.37 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Bank Overdraft |
27,931,087.24 |
28,447,564.09 |
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Trade Accts. Payable |
91,552,259.65 |
63,363,818.46 |
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Current Portion of Long
Term Loan |
500,400.00 |
500,400.00 |
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Accrued Expenses |
355,486.84 |
1,271,030.20 |
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Total Current
Liabilities |
120,339,233.73 |
93,582,812.75 |
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Hire-Purchase Payable Net
of Current Portion |
458,700.00 |
959,100.00 |
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Total Liabilities |
120,797,933.73 |
94,541,912.75 |
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Shareholders'
Equity |
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Capital Paid |
10,000,000.00 |
10,000,000.00 |
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Retained Earning -
Unappropriated |
16,613,878.08 |
16,679,094.62 |
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Total
Shareholders' Equity |
26,613,878.08 |
26,679,094.62 |
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Total
Liabilities & Shareholders' Equity |
147,411,811.81 |
121,221,007.37 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
180,736,801.83 |
164,286,379.07 |
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Less: Refundable |
- |
[1,483,953.85] |
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Gain from Exchange
Rate |
- |
1,053,315.75 |
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Interest Income |
2,572,161.64 |
2,915,661.20 |
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Miscellaneous |
- |
114.77 |
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Total Revenues
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183,308,963.47 |
166,771,516.94 |
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Expenses |
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Cost of Goods
Sold |
175,259,050.45 |
153,472,678.30 |
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Selling & Administrative Expenses |
6,752,628.25 |
4,810,978.53 |
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Total Expenses |
182,011,678.70 |
158,283,656.83 |
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Profit / [Loss] Before Interest
Expenses |
1,297,284.77 |
8,487,860.11 |
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Interest Expenses |
[1,106,443.64] |
[1,264,560.28] |
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Income Tax |
[256,443.64] |
[2,288,611.92] |
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Net Profit / [Loss] |
[65,216.54] |
4,934,687.91 |
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Retained Earning [deficit], beginning
of year |
16,679,094.62 |
11,744,406.71 |
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Retained Earning,
end of year |
16,613,878.08 |
16,679,094.62 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2005 |
2004 |
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Net Sales |
10.01 |
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Operating Profit |
[86.11] |
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Net Profit |
[101.32] |
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Fixed Assets |
[27.25] |
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Total Assets |
21.61 |
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Profitability |
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Cost of Good
Sold |
96.97 |
93.42 |
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Operating Profit Margin |
0.72 |
5.17 |
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S & A
Expenses |
3.74 |
2.93 |
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Interest Paid |
0.61 |
0.77 |
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Other Revenues |
1.42 |
1.51 |
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Net Profit Margin |
[0.04] |
3.00 |
Net Sales was
increased by 10.01%,
Operating Profit was
decreased by 86.11%,
Net Profit was
decreased by 101.32%,
Fixed Assets was
decreased by 27.25%,
Total Assets was
increased by 21.61%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 93.42%
to 96.97%, Operating
Profit Margin was
decreased from 5.17%
to 0.72%, S
& A Expenses
was increased from
2.93% to 3.74%,
Interest Paid was decreased
from 0.77% to
0.61%, Other Revenues
was decreased from
1.51% to 1.42%,
Net Profit Margin
was decreased from
3.00% to -0.04%.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
0.58 |
0.73 |
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Quick-Assets Ratio |
0.45 |
0.46 |
Current Ratio was
decreased from 0.73
to 0.58, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
decreased from 0.46
to 0.45, capacity
to pay Short
Term Loan was
not good too,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
4.54 |
3.54 |
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Times Interest Earned |
1.17 |
6.71 |
D/E Ratio was
increased from 3.54
to 4.54, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
6.71 to 1.17,
capacity to pay
interest paid was
good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets Turnover |
135.82 |
89.81 |
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Total Assets Turnover |
1.23 |
1.36 |
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Return on Assets |
[0.04] |
4.07 |
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Return on Equity |
[0.25] |
18.50 |
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Day's Payable |
182.36 |
138.85 |
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Day’s Inventories |
30.00 |
54.80 |
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Day’s Receivables |
108.45 |
93.05 |
Fixed Assets Turnover
was increased from
89.81 times to
135.82 times, Total
Assets Turnover was
decreased from 1.36
times to 1.23
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 4.07 to
-0.04, Return on
Equity was decreased
from 18.50 to -0.25, capacity
to use Assets
to make profit
was not good.
Day's Payable was
increased from 139
days to 183
days, while Day’s
Inventories was decreased
from 55 days
to 31 days,
but Day’s Receivables
was increased from
94 days to
109 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%)