MIRA
INFORM REPORT
|
Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PHARMALAND
[1982] CO., LTD. |
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Registered Office : |
56
Pharmaland Building, Soi Supapong,
Srinakarin Road, Nongbon, Praves,
Bangkok 10250 |
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Country : |
Thailand |
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Financials (as on) : |
31.07.2007 |
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Date of Incorporation : |
10.08.1982 |
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Com. Reg. No.: |
0115525000465 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Pharmaceutical Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
PHARMALAND
[1982] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 56
PHARMALAND BUILDING,
SOI SUPAPONG,
SRINAKARIN ROAD,
NONGBON, PRAVES,
BANGKOK 10250
TELEPHONE : [66]
2338-8550, 2399-2200
FAX : [66] 2330-8552,
2396-1622, 2748-0355
E-MAIL ADDRESS : pharma@ksc.th.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1982
REGISTRATION NO.
: 0115525000465 [Former
: SOR POR 267]
CAPITAL REGISTERED
: BHT.
30,000,000
CAPITAL PAID-UP
: BHT.
30,000,000
FISCAL YEAR
CLOSING DATE : JULY 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SOMTOB BOONNIMITRA, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 120
LINES OF
BUSINESS : PHARMACEUTICAL PRODUCTS
IMPORTER AND
DISTRIBUTOR
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
10, 1982 as
a private limited
company under the name
style PHARMALAND [1982] CO., LTD
by Thai groups.
The subject initially started
its business since 1974,
under the name PHARMALAND
LP.
In 1982, the subject was registered its business as a
private limited company, in order to import and distribute pharmaceutical products to domestic market. It
currently employs approximately 120
staff.
The subject’s registered address was initially located at
15/56 Moo 1, Srinakarin
Rd., Nongbon, Praves,
Bangkok 10250.
On April 1,
2005, the registered business
address has been
changed by the
Praves District Office,
to 56 Srinakarin Rd., Nongbon,
Praves. However, they
are the same
location, and this
is the subject’s operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
|
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|
Mr. Kitti Junpraparp |
|
Thai |
66 |
|
Mr. Rak Hongvibulphol |
|
Thai |
65 |
|
Mr. Somtob Boonnimitra |
|
Thai |
66 |
|
Mrs. Wanida Boonnimitra |
|
Thai |
63 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Somtob Boonnimitra is the Managing
Director.
He is Thai nationality with
the age of
66 years old.
Mr. Rak Hongvibulphol is
the Sales Manager [Hospital-Local Products].
He is Thai nationality with
the age of
65 years old.
Mr. Kitti Junpraparp is the
Sales Manager
[Hospital-Overseas Products].
He is Thai nationality with
the age of
66 years old.
Mr. Buncha Siriwong
is the Sales Manager
[Drugstore].
He is Thai nationality.
Mrs. Wanida Boonnimitra is
the Personnel and
Administration Manager.
She is Thai nationality with
the age of
63 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing and
exclusive distributing of pharmaceutical
finished products and
pharmaceutical fine chemicals both from domestic [manufacture under the subject’s
license] and overseas
manufactures.
The products are
divided into 3
divisions as follows:
Division A : Local Products
Division B : Imported Products
Division C : OTC Products
PURCHASE
Its products are
purchased both from
local manufacturers and
overseas companies in United Kingdom, India,
France, Greece, Cuba,
Germany, Italy, Singapore
and Mexico.
MAJOR SUPPLIERS
- Adams Healthcare Ltd. :
United Kingdom
- Codila Pharmaceutical Ltd. :
India
- Celia S.A. :
France
- Emcure Pharmaceutical Ltd. : India
- Demo S.A. :
Greece
- Heber Biotec S.A. : Cuba
- Jenapharm GmbH : Germany
- Lemery :
Mexico
- Sun Pharmaceutical Industries Ltd. : India
- Treemill International Corporation :
United Kingdom
- Zydus Cadila Healthcare
Ltd. : India
SALES [LOCAL]
100% of its
products is sold
locally by wholesale
to dealers and
end-users such as
hospitals and drugstores
nationwide
RELATED/AFFILIATED COMPANY
Pharmadica Co., Ltd.
Business Type : Distributor
of pharmaceutical products.
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 30-60-90 days.
Imports are by
L/C at sight and T/T
on negotiated term.
BANKING
Kasikornbank Public Co.,
Ltd.
[Srinakarin Branch : 14/1-2 Srinakarin Rd., Phrakanong,
Praves, Bangkok 10260]
Krung Thai Bank Public
Co., Ltd.
[Srinakarin Branch : Srinakarin Rd.,
Phrakanong, Praves, Bangkok
10260]
Bangkok Bank Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Bank of Ayudhya Public
Co., Ltd.
[Head Office : 1222 Rama 3 Rd.,
Bangpongpang, Yannawa, Bangkok 10120]
EMPLOYMENT
The subject employs
approximately 120 staff.
LOCATION DETAILS
The premise is
owned for administrative office and warehouse
at the heading address. Premise
is located in
commercial/residential area.
REMARK
CREDIT OF US$ 500,000
D/A SHOULD BE
IN ORDER.
COMMENT
The subject is one of the leading importer and distributor of
pharmaceutical finished products. It
carries over 100 drugs both for hospital used and drug over counter. Its products have been used widely for
various type of sickness and symptoms of illness.
The subject has
maintained its solid
business growth.
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
follows:
Bht. 5,000,000
on January 6,
1984
Bht. 10,000,000
on July 17,
1992
Bht. 20,000,000
on June 2,
1998
Bht. 30,000,000
on June 5,
2003
The latest registered
capital was increased
to Bht. 30,000,000 divided
into 300,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at
November 28, 2007]
at Bht. 30
million of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Kitti Junpraparp Nationality: Thai Address : 8/11
Sukhapibal 2 Rd., Klongkum, Bangkapi, Bangkok
|
60,000 |
20.00 |
|
Mr. Surachet Praveenwongvudh Nationality: Thai Address : 59/134
Chaengwatana Rd., Pakkred, Nonthaburi
|
60,000 |
20.00 |
|
Mr. Somtob Boonnimitra Nationality: Thai Address :
929/4 Bangna-Trad Rd.,
Bangna,
Bangkok 10260 |
60,000 |
20.00 |
|
Mr. Rak Hongvibulphol Nationality: Thai Address : 413/26
Charoenkrung 107 Rd.,
Bangkorlaem, Bangkok 10120 |
60,000 |
20.00 |
|
Mr. Sermsak Suravetwongpas Nationality: Thai Address : 217
Naimuang, Muang,
Nakornratchasima 30000 |
30,000 |
10.00 |
|
Mrs. Vanida Boonnimitra Nationality: Thai Address : 15/56
Moo 1, Srinakarin Rd.,
Nongbon,
Praves, Bangkok 10250 |
18,000 |
6.00 |
|
Mr. Manoon Chintanadilokkul Nationality: Thai Address : 51/507-508 Ladprao 130 Rd., Klongchan,
Bangkapi, Bangkok |
12,000 |
4.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Supatra
Thanyasakulcheep No. 6687
BALANCE SHEET [BAHT]
The
latest financial figures
published for July
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
32,341,681.27 |
5,564,052.88 |
|
Trade Accts.
Receivable-Related Company |
26,774,848.89 |
18,512,997.88 |
|
Trade Accts. & Notes Receivable -Other Company |
77,118,106.29 |
77,323,546.10 |
|
Inventories |
50,168,465.93 |
43,221,745.72 |
|
Other Current Assets
|
539,902.72 |
222,309.59 |
|
Total Current Assets
|
186,943,005.10 |
144,844,652.17 |
|
Fixed Deposit |
5,148,933.44 |
3,941,839.94 |
|
Long-term Investment |
11,962,500.00 |
10,968,600.00 |
|
Fixed Assets |
39,925,602.05 |
34,622,599.78 |
|
Other Non-current Assets |
980,885.04 |
525,160.57 |
|
Total Assets |
244,960,925.63 |
194,902,852.46 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accts. Payable |
61,583,154.91 |
52,412,885.11 |
|
Current Portion of Long-term Loan from Financial Institution |
2,880,000.00 |
- |
|
Current Portion of Long-term Hire-Purchase Payable |
396,438.60 |
111,264.00 |
|
Accrued Expenses |
5,656,244.68 |
1,713,312.39 |
|
Accrued Income Tax |
5,282,641.21 |
3,732,345.95 |
|
Other Current Liabilities |
4,871,565.63 |
2,055,313.53 |
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Total Current Liabilities |
80,670,045.03 |
60,025,120.98 |
|
Long-term Loan from Financial |
3,560,000.00 |
- |
|
Hire-Purchase Payable Net
of Current Portion |
1,241,060.60 |
287,431.97 |
|
Total Liabilities |
85,471,105.63 |
60,312,552.95 |
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Shareholders' Equity |
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 300,000 shares |
30,000,000.00 |
30,000,000.00 |
|
Capital Paid |
30,000,000.00 |
30,000,000.00 |
|
Premium on Share Capital |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
124,489,820.00 |
99,590,299.51 |
|
Total Shareholders' Equity |
159,489,820.00 |
134,590,299.51 |
|
Total Liabilities & Shareholders' Equity |
244,960,925.63 |
194,902,852.46 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
328,460,563.05 |
318,605,302.41 |
|
Services |
6,064,107.40 |
5,926,709.59 |
|
Gain on Exchange
Rate |
2,090,418.42 |
2,021,146.96 |
|
Other Income |
5,703,394.28 |
4,181,636.95 |
|
Total Revenues |
342,318,483.15 |
330,734,795.91 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
197,804,322.99 |
208,160,433.13 |
|
Selling & Administrative Expenses |
108,871,324.11 |
94,576,931.93 |
|
Total Expenses |
306,675,647.10 |
302,737,365.05 |
|
Profit / [Loss] from Operating |
35,642,836.05 |
27,997,430.85 |
|
Income Tax |
[4,570.79] |
[1,533.19] |
|
Extraordinary Item |
[10,738,744.77] |
[8,372,143.64] |
|
Net Profit / [Loss] |
24,899,520.49 |
19,623,754.02 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
3.08 |
|
|
Operating Profit |
23.50 |
|
|
Net Profit |
26.88 |
|
|
Fixed Assets |
15.32 |
|
|
Total Assets |
25.68 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
59.13 |
64.14 |
|
Operating Profit Margin |
10.65 |
8.63 |
|
S & A
Expenses |
32.55 |
29.14 |
|
Other Revenues |
2.33 |
1.91 |
|
Net Profit Margin |
7.44 |
6.05 |
|
Earning Per Shares |
83.00 |
65.41 |
|
No. of Shares |
300,000 |
300,000 |
Net Sales was
increased by 3.08%,
Operating Profit was
increased by 23.50%,
Net Profit was
increased by 26.88%,
Fixed Assets was
increased by 15.32%,
Total Assets was
increased by 25.68%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 64.14%
to 59.13%, Operating
Profit Margin was
increased from 8.63%
to 10.65%, S
& A Expenses
was increased from
29.14% to 32.55%,
Other Revenues was
increased from 1.91%
to 2.33%, Net
Profit Margin was
increased from 6.05%
to 7.44%.
Earning Per Shares
was increased from
65.41 baht per
share to 83.00
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
2.32 |
2.41 |
|
Quick-Assets Ratio |
1.69 |
1.69 |
Current Ratio was
decreased from 2.41
to 2.32, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.69 to 1.69,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.54 |
0.45 |
D/E Ratio was
increased from 0.45
to 0.54, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
8.38 |
9.37 |
|
Total Assets Turnover |
1.37 |
1.67 |
|
Return on Assets |
10.16 |
10.07 |
|
Return on Equity |
15.61 |
14.58 |
|
Day's Payable |
66.27 |
58.14 |
|
Day’s Inventories |
53.99 |
47.95 |
|
Day’s Receivables |
82.99 |
85.77 |
Fixed Assets Turnover
was decreased from
9.37 times to
8.38 times, Total
Assets Turnover was
decreased from 1.67
times to 1.37
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 10.07 to
10.16, Return on
Equity was increased
from 14.58 to
15.61, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 59
days to 67
days, and Day’s
Inventories was increased
from 48 days
to 54 days, while Day’s
Receivables was decreased
from 86 days
to 83 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
|
UK Pound |
1 |
Rs.73.03 |
|
Euro |
1 |
Rs.63.14 |
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. |
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%)