MIRA
INFORM REPORT
|
Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
INTER
PHARMAPLUS CO., LTD. |
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Registered Office : |
9
Moo 3, Soi 81/2,
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Country : |
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Financials (as on) : |
30.04.2006 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0105547063800 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing empty
hard gelatin capsules. |
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
INTER PHARMAPLUS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 9
MOO 3, SOI 81/2,
KANNAYAO,
TELEPHONE : [66]
2919-9429-30
FAX : [66] 2919-8302
E-MAIL ADDRESS : pharma@inter-pharmaplus.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0105547063800 [Former : 0108554706931]
CAPITAL
REGISTERED : BHT.
3,000,000
CAPITAL
PAID-UP : BHT.
3,000,000
FISCAL
YEAR CLOSING DATE : APRIL 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. NATHAREE DAENGVICHIT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 11
LINES OF
BUSINESS : EMPTY
HARD GELATIN CAPSULES
IMPORTER AND
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 May 11,
2004 as a
private limited company under
the name style INTER
PHARMAPLUS CO., LTD.,
by Thai group,
Trangkanont family, in
order to import
and distribute empty
hard gelatin capsule
products. It currently
employs 11 staff.
The
subject’s registered address
was initially at
170/4 Moo 3, Serithai
Rd., Soi 1,
Kannayao, Bangkok 10230.
On
November 3, 2006,
the address has
been changed by
government sector, to
be
9
Moo 3, Soi 81/2,
Serithai Rd., Kannayao,
Bangkok 10230, however,
both address are
the same location.
It is also
the current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
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Ms. Natharee Daengvichit |
|
Thai |
33 |
|
Ms. Lakhana Trangkanont |
|
Thai |
38 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Natharee Daengvichit
is the Managing
Director.
She is Thai
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing empty
hard gelatin capsules.
IMPORT
Most
of the products
are imported from
SALES
100% of the
products is sold
locally by wholesale to
dealers and manufacturers.
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
for the past
two years.
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
Bangkok Bank
Public Co., Ltd.
[Klongchan Branch :
EMPLOYMENT
The
subject employs 11
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
Due to
expansion of pharmaceutical industry has
resulted with healthy
demand of empty
hard gelatin capsules.
The products
which has been
imported and distributed
by subject has
rapidly grown in demand
to serve strong
consumption from pharmaceutical industry.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
On
May 26, 2004,
the capital was
increased to Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
January 8,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms.
Natharee Daengvichit Nationality: Thai Address : 405/1
Moo 12, |
10,500 |
35.00 |
|
Ms. Lakhana Trangkanont Nationality: Thai Address : |
6,500 |
21.67 |
|
Ms. Benyapa Trangkanont Nationality: Thai Address : 81/9
Moo 3,
Minburi, |
6,500 |
21.67 |
|
Ms. Jaruwan Trangkanont Nationality: Thai Address : 22/304
Moo 1, |
1,500 |
5.00 |
|
Ms. Viyada Trangkanont Nationality: Thai Address : 22/304
Moo 1, |
1,500 |
5.00 |
|
Ms. Anong Trangkanont Nationality: Thai Address : 22/304
Moo 1, |
1,500 |
5.00 |
|
Ms. Amphan Trangkanont Nationality: Thai Address : 22/304
Moo 1, |
1,000 |
3.33 |
|
Mr. Adithep Trangkanont Nationality: Thai Address : 261
Moo 5, Thakham, Palian,
Trang |
1,000 |
3.33 |
Total Shareholders
8
NAME OF
AUDIOTOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Air Vice marshal
Thanom Chaengsawang No.
4528
BALANCE SHEET [BAHT]
The
latest financial figures
published for April
30, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
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Cash in hand
& at Bank
[note 1] |
1,648,042.51 |
338,123.48 |
|
Trade Accts. Receivable |
1,401,528.05 |
1,931,229.63 |
|
Inventories |
3,528,621.12 |
3,460,361.30 |
|
Other Current Assets
|
31,756.58 |
137,864.62 |
|
Total Current
Assets |
6,609,948.26 |
5,867,579.03 |
|
|
|
|
|
Fixed Assets [note 2] |
1,531,381.25 |
1,915,230.37 |
|
Other Assets |
8,000.00 |
8,000.00 |
|
Total Assets
|
8,149,329.51 |
7,790,809.40 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
475,675.59 |
2,408,991.85 |
|
Accrued Commission |
- |
385,000.00 |
|
Accrued Renting |
114,000.00 |
- |
|
Accrued Expenses |
16,966.01 |
126,792.33 |
|
Short-term Loan from
Financial Institute |
1,526,921.70 |
- |
|
Total Current
Liabilities |
2,133,563.30 |
2,920,784.18 |
|
Long Term Loan
from Related Person |
2,150,000.00 |
800,000.00 |
|
Hire-purchase Payable |
663,314.61 |
988,256.65 |
|
Total Liabilities |
4,946,877.91 |
4,709,040.83 |
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Shareholders'
Equity |
|
|
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|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning -
Unappropriated |
202,451.60 |
81,768.57 |
|
Total
Shareholders' Equity |
3,202,451.60 |
3,081,768.57 |
|
Total
Liabilities & Shareholders' Equity |
8,149,329.51 |
7,790,809.40 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales |
27,430,840.35 |
7,756,378.35 |
|
Interest Income |
1,579.23 |
5,300.77 |
|
Other Income |
25,071.59 |
- |
|
Total Revenues
|
27,457,491.17 |
7,761,679.12 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
21,515,933.86 |
5,551,900.57 |
|
Selling & Administrative Expenses |
5,747,402.88 |
2,109,343.03 |
|
Total Expenses |
27,263,336.74 |
7,661,243.60 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
194,154.43 |
100,435.52 |
|
Interest Expenses |
[51,609.69] |
- |
|
Income Tax |
[21,861.71] |
[18,666.95] |
|
Net Profit / [Loss] |
120,683.03 |
81,768.57 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in hand |
33,870.92 |
55,779.17 |
|
Cash at bank |
1,614,171.59 |
282,344.31 |
|
Total
|
1,648,042.51 |
338,123.48 |
NOTE 2
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Office Furniture |
132,760.74 |
132,760.74 |
|
Office Automation |
267,652.96 |
245,809.03 |
|
Vehicle |
1,902,006.73 |
1,849,333.73 |
|
Total |
2,302,420.43 |
2,227,903.50 |
|
Less: Depreciation |
[771,039.18] |
[312,673.13] |
|
Total
|
1,531,381.25 |
1,915,230.37 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
253.66 |
|
|
Operating Profit |
[45.34] |
|
|
Net Profit |
47.59 |
|
|
Fixed Assets |
[20.04] |
|
|
Total Assets |
4.60 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
78.44 |
71.58 |
|
Operating Profit Margin |
0.71 |
1.29 |
|
S & A
Expenses |
20.95 |
27.19 |
|
Interest Paid |
0.19 |
0.00 |
|
Other Revenues |
0.10 |
0.07 |
|
Net Profit Margin |
0.44 |
1.05 |
|
Earning Per Shares |
4.02 |
2.73 |
|
No. of Shares |
30,000 |
30,000 |
Net Sales was
increased by 253.66%,
Operating Profit was
decreased by 45.34%,
Net Profit was
increased by 47.59%,
Fixed Assets was
decreased by 20.04%,
Total Assets was
increased by 4.60%.
Compare each cost with sales, Cost of Good Sold was increased from 71.58% to 78.44%, Operating Profit Margin was decreased from 1.29% to 0.71%, S & A Expenses was decreased from 27.19% to 20.95%, Interest Paid was increased from 0.00% to 0.19%, Other Revenues was increased from 0.07% to 0.10%, Net Profit Margin was decreased from 1.05% to 0.44%.
Earning Per Shares
was increased from
2.73 baht per
share to 4.02
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
3.10 |
2.01 |
|
Quick-Assets Ratio |
1.43 |
0.78 |
Current Ratio was
increased from 2.01
to 3.10, show
Current Assets can cover Current
Liabilities, Liquidity Ratio
of the company
was good, Quick-Assets
Ratio was increased
from 0.78 to
1.43, capacity to
pay Short Term
Loan was good
too, because Current
Assets without Inventory
can cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.54 |
1.53 |
|
Times Interest Earned |
3.76 |
0.00 |
D/E Ratio was
increased from 1.53
to 1.54, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
0.00 to 3.76,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
17.91 |
4.05 |
|
Total Assets Turnover |
3.37 |
1.00 |
|
Return on Assets |
1.48 |
1.05 |
|
Return on Equity |
3.77 |
2.65 |
|
Day's Payable |
6.24 |
111.81 |
|
Day’s Inventories |
46.31 |
160.61 |
|
Day’s Receivables |
18.39 |
89.63 |
Fixed Assets Turnover
was increased from
4.05 times to
17.91 times, Total
Assets Turnover was
increased from 1.00
times to 3.37
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
1.05 to 1.48,
Return on Equity
was increased from
2.65 to 3.77,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 112
days to 7
days, Day’s Inventories
was decreased from
161 days to
47 days, and
Day’s Receivables was
decreased from 90
days to 19
days.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
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%)