MIRA
INFORM REPORT
|
Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KASPA PHARMACEUTICAL [THAILAND] CO., LTD. |
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Registered Office : |
261/452
Soi 29/1, Charansanitwong Road, Bangkhunsri, Bangkoknoi, Bangkok 10700 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
22.05.2003 |
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Com. Reg. No.: |
0105546059027 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing
and Distributing Pharmaceutical, Food Supplement and
Healthcare Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
name of the company
KASPA PHARMACEUTICAL [THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 261/452 SOI 29/1,
CHARANSANITWONG ROAD,
BANGKHUNSRI, BANGKOKNOI,
BANGKOK 10700
TELEPHONE : [66] 2411-6114-7
FAX :
[66] 2411-6118
E-MAIL ADDRESS : hr@kaspapharma.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO.
: 0105546059027
CAPITAL
REGISTERED : BHT. 5,000,000
CAPITAL
PAID-UP : BHT. 5,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER
31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SARISPONG MEKVORAVUTH, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 15
LINES OF
BUSINESS : PHARMACEUTICAL AND
HEALTHCARE PRODUCTS
IMPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR WITH NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on May 22, 2003 as a
private limited company under the name style KASPA
PHARMACEUTICAL [THAILAND]
CO., LTD., by Thai groups, with the
business objective to
import and distribute
pharmaceutical and healthcare
products for local
market. It currently employs 15
staff.
The
subject’s registered address is
261/452 Soi 29/1, Charansanitwong Rd., Bangkhunsri, Bangkoknoi, Bangkok 10700,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Sarispong Mekvoravuth |
Thai |
32 |
|
Mrs. Samruay Mekvoravuth |
Thai |
60 |
|
Mrs. Kanyarat Mekvoravuth |
Thai |
31 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sarispong
Mekvoravuth is the Managing Director.
He is Thai nationality with the age of 32 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing pharmaceutical, food supplement and
healthcare products by
customer’s order.
PURCHASE
80% of the products is
imported from United
Kingdom, Australia, France,
Republic of China
and Japan, the
remaining 20% is
purchased from local
suppliers.
SALES
100% of the
products is sold
locally by wholesale
to hospitals, clinics
and drug stores.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
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 or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Imports are by L/C
at sight or
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs 15 staff. [Office and sales staff]
LOCATION DETAILS
The premise
is owned for
administrative office at the
heading address. Premise
is located in
commercial/residential area.
COMMENT
The
subject’s operating performance
remains slow. Sales
revenue is lower
than expected, as
well as its
business growth is
also slow.
FINANCIAL INFORMATION
The capital was initially registered at
Bht. 1,000,000 divided into 10,000
shares of Bht. 100 each.
The
capital was increased
later as following:
Bht. 4,000,000 on September 20,
2005
Bht. 5,000,000 on September 4,
2006
The
latest registered capital
was increased to
Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 30, 2007]
|
NAME |
HOLDING
|
% |
|
|
|
|
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Mr. Sarispong
Mekvoravuth Nationality: Thai Address : 549/360
Charansanitwong Rd., Bangkhunsri,
Bangkoknoi, Bangkok |
13,300 |
26.60 |
|
Mrs. Kanyarat
Mekvoravuth Nationality: Thai Address : 549/360
Charansanitwong Rd., Bangkhunsri,
Bangkoknoi, Bangkok |
13,300 |
26.60 |
|
Mrs. Samruay
Mekvoravuth Nationality: Thai Address : 549/360
Charansanitwong Rd., Bangkhunsri,
Bangkoknoi, Bangkok |
8,100 |
16.20 |
|
Mr. Kamolpat
Mekvoravuth Nationality : Thai
Address : 453/45 Charansanitwong Rd.,
Bangkhunsri,
Bangkoknoi, Bangkok |
6,250 |
12.50 |
|
Mrs. Kulvee
Teerapong Nationality: Thai Address : 35
Seree 2 Rd.,
Huamark, Dusit, Bangkok |
2,500 |
5.00 |
|
Mrs. Kietsuda
Pattrakijtham Nationality: Thai Address : 157/8
Nakornchaisri Rd., Dusit,
Bangkok |
1,875 |
3.75 |
|
Mrs. Tulvilai
Chantrathada Nationality : Thai
Address : 63/4
Soi Ladprao 114,
Wangthonglang, Bangkok |
1,875 |
3.75 |
|
Ms. Thadsuda
Sutthimulnam Nationality: Thai Address : 101/1
Moo 6, Klongkhum, Bungkhum, Bangkok |
1,250 |
2.50 |
|
Others |
1,550 |
3.10 |
Total Shareholders : 11
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Amporn Thanapaisalkij No. 5197
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,839,808.14 |
1,478,134.86 |
|
Trade Accts. Receivable |
3,132,288.68 |
- |
|
Inventories |
612,424.61 |
- |
|
Other Current Assets
|
185,145.53 |
82,059.66 |
|
Total Current
Assets |
5,769,666.96 |
1,560,194.52 |
|
Fixed Assets |
1,346,290.60 |
1,279,131.27 |
|
Intangible Assets |
15,085.48 |
18,885.48 |
|
Other Assets |
31,949.00 |
- |
|
Total Assets |
7,162,992.04 |
2,858,211.27 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Trade Accts. Payable |
728,778.19 |
- |
|
Short Term Loan
from Directors |
6,220,000.00 |
- |
|
Other Current Liabilities |
237,691.61 |
20,754.88 |
|
Total Current
Liabilities |
7,186,469.80 |
20,754.88 |
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Total Liabilities |
7,186,469.80 |
20,754.88 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 50,000 &
40,000 shares |
5,000,000.00 |
4,000,000.00 |
|
Capital Paid |
5,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
[5,023,477.76] |
[1,162,543.61] |
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Total
Shareholders' Equity |
[23,477.76] |
2,837,456.39 |
|
Total
Liabilities & Shareholders' Equity |
7,162,992.04 |
2,858,211.27 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
4,971,797.53 |
- |
|
Other Income |
64,547.13 |
71.06 |
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Total Revenues
|
5,036,344.66 |
71.06 |
|
Expenses |
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|
|
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Cost of Goods
Sold |
1,747,593.94 |
- |
|
Selling & Administrative Expenses |
6,871,942.42 |
993,003.41 |
|
Total Expenses |
8,619,536.36 |
993,003.41 |
|
Profit / [Loss] Before Interest
Expenses |
[3,583,191.70] |
[992,932.35] |
|
Interest Expenses |
[277,742.45] |
- |
|
Net Profit / [Loss] |
[3,860,934.15] |
[992,932.35] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Profit |
[288.84] |
|
|
Fixed Assets |
5.25 |
|
|
Total Assets |
150.61 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
35.15 |
0.00 |
|
Operating Profit Margin |
[72.07] |
0.00 |
|
S & A
Expenses |
138.22 |
0.00 |
|
Interest Paid |
5.59 |
0.00 |
|
Other Revenues |
1.30 |
0.00 |
|
Net Profit Margin |
[77.66] |
0.00 |
|
Earning Per Shares |
[77.22] |
[24.82] |
|
No. of Shares |
50,000 |
40,000 |
Net Profit was
decreased by 288.84%,
Fixed Assets was
increased by 5.25%,
Total Assets was
increased by 150.61%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 0.00%
to 35.15%, Operating
Profit Margin was
decreased from 0.00%
to -72.07%, S
& A Expenses
was increased from
0.00% to 138.22%,
Interest Paid was increased
from 0.00% to
5.59%, Other Revenues
was increased from
0.00% to 1.30%,
Net Profit Margin
was decreased from
0.00% to -77.66%.
Earning Per Shares
was decreased from
-24.82 baht per
share to -77.22
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.80 |
75.17 |
|
Quick-Assets Ratio |
0.69 |
71.22 |
Current Ratio was
decreased from 75.17
to 0.80, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
71.22 to 0.69,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
[306.10] |
0.01 |
|
Times Interest Earned |
[12.90] |
0.00 |
D/E Ratio was
decreased from 0.01
to -306.10, 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
0.00 to -12.90,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3.69 |
0.00 |
|
Total Assets Turnover |
0.69 |
0.00 |
|
Return on Assets |
[53.90] |
[34.74] |
|
Return on Equity |
[16,445.07] |
[34.99] |
|
Day's Payable |
52.77 |
0.00 |
|
Day’s Inventories |
44.34 |
0.00 |
|
Day’s Receivables |
226.80 |
0.00 |
Fixed Assets Turnover
was increased from
0.00 times to
3.69 times, Total
Assets Turnover was
increased from 0.00
times to 0.69
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
-34.74 to -53.90,
Return on Equity
was decreased from
-34.99 to -16,445.07, capacity
to use Assets to make
profit was not
good.
Day's Payable was
increased from 0
days to 53
days, Day’s Inventories
was increased from
0 days to 45 days,
and Day’s Receivables
was increased from
0 days to 227 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 |
|
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
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%)