MIRA
INFORM REPORT
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Report Date : |
24.09.2007 |
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) : |
31.12.2006 |
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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
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
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Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
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65,839.55 |
159,688.70 |
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Trade Accts. Receivable |
149,077,489.83 |
54,447,371.72 |
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Inventories |
21,269,493.56 |
15,061,708.05 |
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Other Current Assets |
944,452.05 |
613,211.70 |
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Total Current Assets
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171,357,274.99 |
70,281,980.17 |
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Long Term Loan
to Related Person |
33,600,000.00 |
70,400,000.00 |
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Fixed Assets
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6,253,358.78 |
1,330,671.55 |
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Guarantee L/C |
2,736,718.11 |
2,736,718.11 |
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Other Non-Current Assets |
2,876,490.06 |
2,662,441.98 |
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Total Assets |
216,823,841.94 |
147,411,811.81 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current
Liabilities |
2006 |
2005 |
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Bank Overdraft |
34,776,198.49 |
27,931,087.24 |
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Trade Accts. Payable |
129,298,256.52 |
91,552,259.65 |
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Current Portion of Long
Term Loan |
1,976,628.00 |
500,400.00 |
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Accrued Expenses |
6,705,588.97 |
355,486.84 |
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Total Current Liabilities |
172,756,671.98 |
120,339,233.73 |
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Hire-Purchase Payable Net
of Current Portion |
3,220,374.00 |
458,700.00 |
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Total Liabilities |
175,977,045.98 |
120,797,933.73 |
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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 |
30,846,795.96 |
16,613,878.08 |
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Total Shareholders' Equity |
40,846,795.96 |
26,613,878.08 |
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Total Liabilities & Shareholders' Equity |
216,823,841.94 |
147,411,811.81 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
308,107,451.88 |
180,736,801.83 |
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Gain from Exchange
Rate |
5,982,503.30 |
2,572,161.64 |
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Interest Income |
2,496,698.64 |
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Total Revenues |
316,586,653.82 |
183,308,963.47 |
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Expenses |
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Cost of Goods
Sold |
288,550,407.34 |
175,259,050.45 |
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Selling & Administrative Expenses |
5,514,052.56 |
6,752,628.25 |
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Total Expenses |
294,064,459.90 |
182,011,678.70 |
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Profit / [Loss] Before Interest
Expenses |
22,522,193.92 |
1,297,284.77 |
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Interest Expenses |
[1,781,385.01] |
[1,106,443.64] |
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Income Tax |
[6,521,909.88] |
[256,443.64] |
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Net Profit / [Loss] |
14,218,899.03 |
[65,216.54] |
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%)