MIRA
INFORM REPORT
|
Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BERLIN PHARMACEUTICAL INDUSTRY CO., LTD. |
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Registered Office : |
359
New Road, Pomprab,
Pomprabsatrupai, Bangkok
10100, |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
0105527028430 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and marketing
various kinds of
medical and pharmaceutical products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
BERLIN PHARMACEUTICAL INDUSTRY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 359
NEW ROAD, POMPRAB,
POMPRABSATRUPAI,
BANGKOK 10100,
THAILAND
TELEPHONE : [66] 2225-4261-3
FAX : [66] 2225-4261
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION NO.
: 0105527028430 [Former: 2844/2527]
CAPITAL
REGISTERED : BHT.
10,000,000
CAPITAL
PAID-UP : BHT.
10,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MRS. WANIDA
CHAINUWAT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 269
LINES OF
BUSINESS : MEDICAL AND PHARMACEUTICAL PRODUCTS
MANUFACTURING AND
MARKETING
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on August 7, 1984
as a private limited company under the name BERLIN
PHARMACEUTICAL INDUSTRY CO., LTD.
by Thai groups,
in order to
manufacture and market medical
and pharmaceutical products
for domestic and overseas
markets. It currently
employs 269 staff.
On
July 12, 2002, the subject was changed its name to BERLIN PHARMA [THAILAND] CO., LTD. However, it
was re-named to
BERLIN PHARMACEUTICAL INDUSTRY
CO., LTD. again on
September 12, 2002.
The
subject’s registered address
is 359 New Rd., Pomprab,
Pomprabsatrupai, Bangkok 10100,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Sanguan Chainuwat |
|
Thai |
94 |
|
Mr. Termchai Chainuwat |
|
Thai |
68 |
|
Mr. Suebchai Chainuwat |
|
Thai |
64 |
|
Mrs. Wanida Chainuwat |
|
Thai |
67 |
|
Ms. Winda Chainuwat |
|
Thai |
42 |
|
Mrs. Lalana Satesuban |
|
Thai |
63 |
|
Ms. Choon Vatanyuta |
|
Thai |
78 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Wanida
Chainuwat is the Managing Director.
She is Thai nationality with
the age of
67 years old.
Mrs. Lalana
Satesuban is the Export Manager.
She is Thai nationality with
the age of
63 years old.
Mr. Suraphan
Uransakul is the Sales Manager.
He is Thai nationality.
Ms. Sasithorn
Udomchaiteerakul is the
Factory Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and marketing various
kinds of medical
and pharmaceutical products
including powder tablet,
capsule, liquid, ointment, cream and gastrology
drug and etc.
The products are produced
under the standard of
ISO and Foods and Drugs Organization.
PURCHASE
Raw materials are
purchased from suppliers
and agents both
local and overseas
countries such as
Germany, United States of America,
United Kingdom, France, Japan
and Republic of
China.
MAJOR SUPPLIER
BASF [Thai] Ltd. : Thailand
SALES
Most of its
products are sold
locally by wholesale
to dealers and end-users
both government and
private sector all
over the country.
EXPORT
Some of the
products is exported
to Singapore, India,
Laos, Myanmar, Vietnam,
Indonesia, Hong Kong and
Sri Lanka.
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
on negotiated term.
Exports are against
L/C at sight or T/T
on negotiated term.
BUSINESS TRANSACTION
The products are
sold both by
cash and credit
with the maximum
credit given at
30-60 days. There
is no problem on its
account receivable.
BANKING
Kasikornbank Public
Co., Ltd.
[Head Office : 1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok 10140]
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
Krung Thai
Bank Public Co.,
Ltd.
[Head Office : 35 Sukhumvit
Rd., Klongtoeynua, Wattana,
Bangkok 10110]
EMPLOYMENT
The
subject employs approximately 269 staff [office
staff and factory
workers].
LOCATION DETAILS
The
premise is rented
for administrative office at
the heading address.
Premise is located
in commercial area.
Factory & warehouse are located at
374 Romklao Rd., Klongsampraves, Ladkrabang,
Bangkok 10520, Tel : [66] 2360-8729.
Recently
the factory &
warehouse’s address has
been changed to
63 Moo 5, Romklao Rd.,
Klongsampraves, Ladkrabang, Bangkok 10520, Tel: [66] 2737-6717 Fax : [66]
2360-8729. [Only the
address number has
been changed, but
they are the
same location.]
REMARK
CREDIT
OF US$ 1,500,000 SHOULD BE
IN ORDER.
COMMENT
Since the subject has been established in Thailand more than 20 years, its products have been well accepted from local market and international markets with steady growth each year.
The
company’s productions are
properly run by
expertise. Though there
is a decrease in its
net profit in
2005 comparing to the previous
year, it is
still enjoying an
outstanding performance.
The
subject is doing
excellent business and
expanding steadily.
FINANCIAL INFORMATION
The
capital was initially registered at
Bht. 1,000,000 divided into
100,000 shares of Bht.
10 each.
The
capital was increased
later as following:
Bht. 5,000,000 on October 25,
1985
Bht. 10,000,000
on October 31,
1989
The
latest registered capital
was increased to Bht.
10,000,000 divided into
1,000,000 shares of
Bht. 10 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 30., 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Winda
Chainuwat Nationality: Thai Address : 458/1-3 Rama 1 Rd., Pathumwan, Bangkok 10330
|
240,000 |
24.00 |
|
Mr. Athisit
Chainuwat Nationality: Thai Address : 8/2 Sukhumvit
49 Rd., Prakanong, Bangkok 10110
|
190,000 |
19.00 |
|
Mr. Termchai
Chainuwat Nationality: Thai Address : 458/1-3
Rama 1 Rd., Pathumwan, Bangkok
10330 |
180,000 |
18.00 |
|
Ms. Maneechay
Chainuwat Nationality: Thai Address : 8/2 Sukhumvit
49 Rd., Prakanong, Bangkok 10110
|
125,000 |
12.50 |
|
Mr.
Nathachai Chainuwat Nationality: Thai Address : 8/2 Sukhumvit
49 Rd., Prakanong, Bangkok 10110
|
125,000 |
12.50 |
|
Ms. Sivaporn
Chainuwat Nationality: Thai Address : 458/1-3 Rama
1 Rd., Pathumwan, Bangkok
10330 |
80,000 |
8.00 |
|
Mr. Ekachai
Chainuwat Nationality: Thai Address : 458/1-3 Rama
1 Rd., Pathumwan, Bangkok
10330 |
30,000 |
3.00 |
|
Mrs. Wanida
Chainuwat Nationality: Thai Address : 458/1-3 Rama
1 Rd., Pathumwan, Bangkok
10330 |
10,000 |
1.00 |
|
Ms. Choon
Vatanyuta Nationality: Thai Address : 1764/1 Rama 6 Rd., Rd., Rongmuang,
Pathuman, Bangkok |
10,000 |
1.00 |
|
Mrs. Lalana
Satesuban Nationality: Thai Address : 56/3 Moo 2,
Klongchan, Bangkapi,
Bangkok |
10,000 |
1.00 |
Total Shareholders
10
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mr. Kasem Thoonkrisana No. 5643
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
39,617,701.58 |
5,207,902.18 |
|
Short Term Investment |
401,000.00 |
401,000.00 |
|
Trade Accts. Receivable |
331,216,644.71 |
261,195,606.62 |
|
Short-term Loan to
Person or Related Company |
311,054.49 |
20,000.00 |
|
Inventories |
100,243,759.65 |
99,973,831.90 |
|
Other Current Assets
|
39,639,910.27 |
30,664,031.67 |
|
|
|
|
|
Total Current
Assets |
511,430,070.70 |
397,462,372.37 |
|
Long Term Loan
to Person or
Related Company |
4,238,852.88 |
8,259,221.51 |
|
Investment in Related
Company |
3,343,363.44 |
3,343,363.44 |
|
Long Term Investment |
1,192,900.00 |
1,192,900.00 |
|
Fixed Assets |
168,099,930.53 |
138,959,534.11 |
|
Intangible Assets |
16,363,557.58 |
14,482,951.54 |
|
Other Assets |
5,318,641.47 |
4,368,891.65 |
|
Total Assets |
709,987,316.60 |
568,069,234.62 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft from
Financial Institution |
- |
19,592,969.20 |
|
Trade Accts. Payable |
147,961,788.18 |
92,593,113.73 |
|
Short Term Loan
from Financial Institution |
- |
15,000,000.00 |
|
Hire-Purchase Payable |
5,576,601.63 |
1,813,079.87 |
|
Other Current Liabilities |
196,755,764.87 |
125,986,292.05 |
|
|
|
|
|
Total Current
Liabilities |
350,294,154.68 |
254,985,454.85 |
|
Other Long Term
Loans |
10,465,259.25 |
8,711,475.11 |
|
Total Liabilities |
360,759,413.93 |
263,696,929.96 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10 par value
authorized, issued
and fully paid share
capital 1,000,000 shares |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Statutory Reserve |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
338,227,902.67 |
293,372,304.66 |
|
Total
Shareholders' Equity |
349,227,902.67 |
304,372,304.66 |
|
Total
Liabilities & Shareholders' Equity |
709,987,316.60 |
568,069,234.62 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
1,033,294,862.29 |
821,380,486.87 |
|
Gain on Exchange
Rate |
862,032.28 |
- |
|
Gain from Sale
of Assets |
245,240.01 |
408,811.95 |
|
Other Income |
1,171,365.17 |
1,112,800.00 |
|
Total Revenues
|
1,035,573,499.75 |
822,902,098.82 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
520,513,516.88 |
395,054,753.01 |
|
Selling & Administrative Expenses |
389,175,751.98 |
322,146,513.14 |
|
Loss from Exchange
Rate |
534,044.44 |
671,909.27 |
|
Total Expenses |
910,223,313.30 |
717,873,175.42 |
|
|
|
|
|
Profit / [Loss] from Operation |
125,350,186.45 |
105,028,923.40 |
|
Interest Expenses |
[872,567.86] |
[1,102,677.04] |
|
Income Tax |
[38,379,319.87] |
- |
|
Net Profit / [Loss] |
86,098,298.72 |
103,926,246.36 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
25.80 |
|
|
Operating Profit |
[5.33] |
|
|
Net Profit |
[17.15] |
|
|
Fixed Assets |
20.97 |
|
|
Total Assets |
24.98 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
50.37 |
48.10 |
|
Operating Profit Margin |
12.18 |
12.87 |
|
S & A
Expenses |
37.66 |
39.22 |
|
Interest Paid |
0.08 |
0.13 |
|
Other Revenues |
0.22 |
0.19 |
|
Net Profit Margin |
8.33 |
12.65 |
|
Earning Per Shares |
86.10 |
103.93 |
|
No. of Shares |
1,000,000 |
1,000,000 |
Net Sales was
increased by 25.80%,
Operating Profit was
decreased by 5.33%,
Net Profit was
decreased by 17.15%,
Fixed Assets was
increased by 20.97%,
Total Assets was
increased by 24.98%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 48.10%
to 50.37%, Operating
Profit Margin was
decreased from 12.87%
to 12.18%, S
& A Expenses
was decreased from
39.22% to 37.66%,
Interest Paid was decreased
from 0.13% to
0.08%, Other Revenues
was increased from
0.19% to 0.22%,
Net Profit Margin
was decreased from
12.65% to 8.33%.
Earning Per Shares
was decreased from
103.93 baht per
share to 86.10
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.46 |
1.56 |
|
Quick - assets
ratio |
1.06 |
1.05 |
Current Ratio was decreased from 1.56 to 1.46, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was so good, Quick - assets ratio was increased from 1.05 to 1.06, capacity to pay Short Term Loan was good too, because Current Assets without Inventory can cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.03 |
0.87 |
|
Times Interest Earned |
144.27 |
95.86 |
D/E Ratio was
increased from 0.87
to 1.03, 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
95.86 to 144.27,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
6.15 |
5.91 |
|
Total Assets Turnover |
1.46 |
1.45 |
|
Return on Assets |
12.13 |
18.29 |
|
Return on Equity |
24.65 |
34.14 |
|
Day's Payable |
52 |
41 |
|
Day’s Inventories |
35 |
44 |
|
Day’s Receivables |
116 |
115 |
Fixed Assets Turnover
was increased from
5.91 times to
6.15 times, Total
Assets Turnover was
increased from 1.45
times to 1.46
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
18.29 to 12.13,
Return on Equity
was decreased from
34.14 to 24.65,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
increased from 41
days to 52
days, while Day’s
Inventories was decreased
from 44 days
to 35 days, but Day’s
Receivables was increased
from 115 days
to 116 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%)