MIRA
INFORM REPORT
|
Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RANBAXY
UNICHEM CO., LTD. |
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Formerly ‘Known as : |
RANBAXY
[THAILAND] CO., LTD |
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Registered Office : |
3rd Floor, Phyathai Building, 31 Phyathai Road, Thanon
Phyathai, Rajthevee,
Bangkok 10400 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17.03. 1983 |
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Com. Reg. No.: |
0105526010863 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Pharmaceuticals |
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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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
RANBAXY
UNICHEM CO., LTD.
[FORMER : RANBAXY [THAILAND] CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 3rd FLOOR,
PHYATHAI BUILDING,
31 PHYATHAI
ROAD, THANON PHYATHAI,
RAJTHEVEE, BANGKOK
10400, THAILAND
TELEPHONE : [66] 2246-4728-31
FAX : [66] 2246-4727
E-MAIL
ADDRESS : mukund.shastry@ranbaxy.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1983
REGISTRATION NO. : 0105526010863
[former : 1088/2526]
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
MUKUND SHASTRY, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 70
LINES
OF BUSINESS : PHARMACEUTICALS
IMPORTER, DISTRIBUTOR & EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The subject was
established on March
17, 1983 as
a private limited
company by Thai
and Indian groups,
under the registered
name “Ranbaxy [Thailand] Co., Ltd.”, in order to
import and distribute
pharmaceutical products in
Thailand.
On January 23,
2001, the subject
has changed its
name to RANBAXY
UNICHEM CO., LTD.
The subject is
a joint venture
between Ranbaxy Laboratories Limited, India and Bounty
Holding Co., Ltd., Thailand.
The subject currently has over
3,400 customers including
hospitals, clinics and
drug stores. The
subject holds the 40th rank
for the leading
Thai pharmaceutical companies,
with total turnover
of around USD
5.5 million. It currently
employs approximately 70
staff.
The subject’s registered
address is 31
Phyathai Rd., Thanon
Phyathai, Rajthevee,
Bangkok 10400, and
this is the company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Mukund Shastry [x] |
Indian |
37 |
|
Mr. Harminder Singh
Sethi |
Thai |
67 |
|
Dr. Dawin Narula |
Thai |
60 |
|
Mr. Sukbir Singh Sethi |
Thai |
49 |
|
Mr. Sunil Kumar |
Indian |
52 |
|
Mr. Mahendra Bharadwaj |
Thai |
47 |
|
Mr. Narendra Mulhotra |
Thai |
45 |
|
Mr. Omes Setthi |
Indian |
47 |
|
Mr. Atul Zobati |
Indian |
54 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
or two of the rest
directors can jointly
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Mukund
Shastry is the Managing Director.
He is Indian nationality with
the age of
37 years old.
Mr. Chatri
Ratanavorachai is the
Marketing Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing of pharmaceutical products
comprising Antibiotics & Anti-infectives, Haematinics,
Cardiovascular, Nutritional, Cefactor, Enteric Coated Aspirin, Simvastalin
and etc.
MAJOR BRANDS
“SIMVOR”, “RANCIL”, “FBC”, “RANCLAV”, “VERCEF”, “ASPENT” and
etc.
List of
Products
|
Generic Name |
Therapeutic Segment |
|
Isosoribide Dinitrate |
Cardiovascular |
|
Asprin |
Cardiovascular |
|
Ibuprofen+Paracetamol |
Miscellaneous |
|
Calcium Carbonate+calcium
Gluconate |
Minerals &Vitamin Supplement |
|
Diltiazem |
Cardiovascular |
|
Ciprofloxacin |
Anti-infective : Fluoroquinolones |
|
Cloxacillin |
Anti-infective : Penicilins |
|
Ergotamine Tatrate +Caffeine |
Miscellaneous |
|
Vitamin E |
Minerals & Vitamin Supplement
|
|
Potassium Chloride |
Minerals & Vitamin Supplement |
|
Drops Ferrous fumarate |
Minerals & Vitamin Supplement |
|
Pentazocine |
Miscellaneous |
|
Simethicone/Pancreatin |
Gastrointestinal
System |
|
Ranitidine |
Gastrointestinal System |
|
& etc. |
|
PURCHASE
The products are
imported from India,
United States of America, United Kingdom & Netherlands and
the rest are
toll manufactured in
Thailand by Olic,
a subsidiary of
Diethelm, Switzerland.
MAJOR SUPPLIERS
|
- Ranbaxy [U.K] Ltd. |
: United Kingdom |
|
- Ranbaxy Laboratories Ltd. |
: India |
|
- Olic [Thailand] Ltd. |
: Thailand |
SALES [LOCAL]
Most of the
products are sold
locally to Thai
Government and private
hospitals, clinics and
drug stores.
EXPORT [COUNTRY]
Some of the
products are exported
to many countries
in Asia Pacific
Region, such as Malaysia, Vietnam, Singapore, Cambodia,
Myanmar, Sri Lanka, Indonesia
and etc.
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 or T/T.
Exports are against
L/C at sight.
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
Hong Kong and
Shanghai Banking Corporation
[Bangkok Branch : 968 Rama 4 Rd., Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 70 staff.
[office and sales
staff]
LOCATION DETAILS
The premise is
rented for operating
office at the
heading address. Premise
is located in
a prime commercial
area.
Warehouse is located
at 85/1-3 Moo
2, Chaengwatana Rd.,
Bangtalad, Nonthaburi 11120.
REMARK
CREDIT OF US$ 150,000
D/A SHOULD BE
IN ORDER.
COMMENT
Pharmaceuticals remain an
essential products for
local consumption, as
well as re-exported to neighboring
countries. Demand of
the products has also
drastically increased from
healthcare industry in
the country.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 8,000,000
on March 26,
1992
Bht. 12,000,000
on February 11,
1993
Bht. 25,000,000
on June 25,
1996
Bht. 50,000,000
on December 14,
1998
Bht. 100,000,000 on
June 20, 2003
The latest registered
capital was increased
to Bht. 100,000,000 divided
into 1,000,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 4,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ranbaxy [Netherlands] B.V. Nationality : Dutch Address : 34 Amsterdam, Netherlands |
678,955 |
67.90 |
|
Ranbaxy Laboratories Limited Nationality : Indian Address : 78
Newdelhi, India |
206,670 |
20.67 |
|
Mrs. Markwinder G. Narula Nationality : Thai Address : 37 Phyathai
Rd., Thanon Phyathai,
Rajthevee, Bangkok 10400 |
21,770 |
2.18 |
|
Dr. Dawin
Narula Nationality : Thai Address : 1411 Sukhumvit
Rd., Klongton,
Prakanong, Bangkok 10110 |
18,750 |
1.87 |
|
Mr. Tavilchan
Gogar Nationality : Thai Address : 185-187 Vanich 1 Rd., Chakrawad,
Samphantawong, Bangkok 10100 |
11,250 |
1.12 |
|
Mr. Harminder
Singh Sethi Nationality : Thai Address : 59/31 Sukhumvit
26 Rd., Klongton, Prakanong, Bangkok 10110 |
10,000 |
1.00 |
|
Mr. G. S.
Sethi Nationality : Thai Address : 59/31 Sukhumvit
26 Rd., Klongton,
Prakanong, Bangkok 10110 |
10,000 |
1.00 |
|
Mr. Sukbir
Singh Sethi Nationality : Thai Address : 59/31 Sukhumvit
26 Rd., Klongton,
Prakanong, Bangkok 10110 |
10,000 |
1.00 |
|
Others |
32,605 |
3.26 |
Total Shareholders : 20
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Kosol Yaemleemul
No. 4575
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
41,289,242 |
30,228,689 |
|
Trade Accts. Receivable |
|
|
|
- Other Company |
95,022,848 |
96,640,282 |
|
- Related Company |
629,041 |
1,005,611 |
|
Inventories |
55,772,587 |
38,254,554 |
|
Other Current Assets
|
1,848,942 |
3,540,039 |
|
Total Current
Assets |
194,562,660 |
169,669,175 |
|
Cash at Bank
under Commitment |
2,247,538 |
780,525 |
|
Investment |
306,442 |
367,500 |
|
Fixed Assets |
2,517,500 |
1,874,132 |
|
Intangible Assets |
3,800,000 |
4,750,000 |
|
Other Non-Current Assets |
630,080 |
537,542 |
|
Total Assets |
204,072,220 |
177,978,874 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
|
|
|
- Other Company |
10,511,317 |
9,154,020 |
|
- Related Company |
5,657,518 |
3,420,839 |
|
Accrued Income Tax |
7,196,762 |
8,094,926 |
|
Accrued Commission |
6,111,503 |
8,839,954 |
|
Accrued Expenses & Other Current Liabilities |
12,543,470 |
12,339,486 |
|
Total Current
Liabilities |
42,020,570 |
41,849,225 |
|
|
|
|
|
Other Liability |
121,860 |
288,000 |
|
Total Liabilities |
41,142,430 |
42,137,225 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000 |
100,000,000 |
|
Capital Paid |
100,000,000 |
100,000,000 |
|
Statutory Reserve |
2,492,258 |
726,500 |
|
Unappropriated |
59,437,532 |
35,115,149 |
|
Total
Shareholders' Equity |
161,929,790 |
135,841,649 |
|
Total
Liabilities & Shareholders' Equity |
204,072,220 |
177,978,874 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
349,050,688 |
314,002,137 |
|
Other Income |
2,479,418 |
1,645,681 |
|
Total Revenues
|
351,530,106 |
315,647,818 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
198,851,605 |
163,658,077 |
|
Selling & Administrative Expenses |
105,312,917 |
102,316,029 |
|
Total Expenses |
304,164,522 |
265,974,106 |
|
|
|
|
|
Profit Before Interest
Expenses & Income Tax |
47,365,584 |
49,673,712 |
|
Interest Expenses |
[58,863] |
[3,871] |
|
Income Tax |
[13,718,580] |
[14,726,798] |
|
Net Profit / [Loss] |
33,588,141 |
34,943,043 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
11.16 |
|
|
Operating Profit |
[14.22] |
|
|
Net Profit |
[3.88] |
|
|
Fixed Assets |
34.33 |
|
|
Total Assets |
14.66 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
56.97 |
52.12 |
|
Operating Profit Margin |
13.57 |
15.82 |
|
S & A
Expenses |
30.17 |
32.58 |
|
Interest Paid |
0.02 |
0.00 |
|
Other Revenues |
0.71 |
0.52 |
|
Net Profit Margin |
9.62 |
11.13 |
|
Earning Per Shares |
33.59 |
34.94 |
|
No. of Shares |
1,000,000 |
1,000,000 |
Net Sales was
increased by 11.16%,
Operating Profit was
decreased by 14.22%,
Net Profit was
decreased by 3.88%,
Fixed Assets was
increased by 34.33%,
Total Assets was
increased by 14.66%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 52.12%
to 56.97%, Operating
Profit Margin was
decreased from 15.82%
to 13.57%, S
& A Expenses
was decreased from
32.58% to 30.17%,
Interest Paid was increased
from 0.00% to
0.02%, Other Revenues
was increased from
0.52% to 0.71%,
Net Profit Margin
was decreased from
11.13% to 9.62%.
Earning Per Shares
was decreased from
34.94 baht per
share to 33.59
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
4.63 |
4.05 |
|
Quick-Assets Ratio |
3.26 |
3.06 |
Current Ratio was
increased from 4.05
to 4.63, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
3.06 to 3.26,
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 |
0.25 |
0.31 |
|
Times Interest Earned |
804.67 |
12,832.27 |
D/E Ratio was
decreased from 0.31
to 0.25, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
12,832.27 to 804.68,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
138.65 |
167.55 |
|
Total Assets Turnover |
1.71 |
1.76 |
|
Return on Assets |
16.46 |
19.63 |
|
Return on Equity |
20.62 |
25.72 |
|
Day's Payable |
10.84 |
10.49 |
|
Day’s Inventories |
57.52 |
43.86 |
|
Day’s Receivables |
98.00 |
110.80 |
Fixed Assets Turnover
was decreased from
167.55 times to
138.65 times, Total
Assets Turnover was
decreased from 1.76
times to 1.71
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 19.63 to
16.46, Return on
Equity was decreased
from 25.72 to
20.62, capacity to
use Assets to
make profit was
good.
Day's Payable was
stable at 11
days, while Day’s
Inventories was increased
from 44 days
to 58 days, but Day’s
Receivables was decreased
from 111 days
to 99 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. |
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%)