MIRA
INFORM REPORT
|
Report Date : |
21.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BETTER PHARMA
COMPANY LIMITED |
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|
|
Registered Office : |
8th Floor, Betagro Tower [North Park], 323 Moo 6,
Vibhavadee Rangsit Road, Thungsonghong, Laksi, Bangkok 10210 |
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Country : |
Thailand |
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|
|
Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
03.10. 1978 |
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Com. Reg. No.: |
0105521018041 |
|
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Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Manufacturer and Distributor
of Animal Feed and
Veterinary 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 |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
BETTER PHARMA
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 8th FLOOR,
BETAGRO TOWER [NORTH PARK],
323 MOO
6, VIBHAVADEE RANGSIT
ROAD,
THUNGSONGHONG, LAKSI,
BANGKOK 10210,
THAILAND
TELEPHONE : [66]
2955-0555, 2955-0313-8
FAX : [66] 2955-0312
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1978
REGISTRATION NO.
: 0105521018041 [Former : 1806/2521]
CAPITAL REGISTERED
: BHT. 151,000,000
CAPITAL PAID-UP
: BHT. 151,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
VANUS TAEPAISITHPONG, THAI
PRESIDENT
NO. OF
STAFF : 296
LINES OF
BUSINESS : ANIMAL FEED & VETERINARY
PRODUCTS MANUFACTURER &
DISTRIBUTOR
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 October
3, 1978 as
a private limited
company under the
name style BETTER
PHARMA COMPANY LIMITED,
by Thai groups. The
subject is one
of the leading companies in
veterinary products industry in
Thailand. It currently
employs 296 staff.
At present, the
subject is a
subsidiary of Betagro
Technology Co., Ltd.
It has been accredited under
ISO 9001:2000 certificate, as well as
GMP and HACCP
standards by Department of Livestock Development, Ministry of
Agriculture and Cooperatives.
The
subject’s registered address
is 8th Floor,
Betagro Tower [North Park],
323 Moo 6, Vibhavadee Rangsit Road, Thungsonghong, Laksi, Bangkok
10210, and this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chaiwat Taepaisithpong |
[x] |
Thai |
73 |
|
Mr. Suvit Taepaisithpong |
[x] |
Thai |
71 |
|
Mr. Vanus Taepaisithpong |
[x] |
Thai |
49 |
|
Ms. Thanomwong Taepaisithpong |
[x] |
Thai |
53 |
|
Mr. Vasit Taepaisithpong |
[x] |
Thai |
46 |
|
Mr. Varan Taepaisithpong |
[x] |
Thai |
48 |
|
Mrs. Somjai Vuthiputhanant |
[x] |
Thai |
58 |
|
Mr. Chayanon Krityachaveng |
|
Thai |
52 |
AUTHORIZED PERSON
Two of the mentioned directors
[x] can jointly
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Vanus Taepaisithpong is
the President.
He is Thai nationality with
the age of
49 years old.
Mr. Chayanon Krityachaveng is
the Senior Vice
President.
He is Thai nationality with
the age of
52 years old.
Dr. Chaivut Ukosakul is
the General Manager.
He is Thai nationality.
Dr. Songsak Treechathaveevanich is
the Marketing Director.
He is Thai nationality.
Mrs. Orawan Sirirungkamanong is
the Purchasing Manager.
She is Thai nationality.
Ms. Phanee Asawachatroj is
the Accounts and
Administration Manager.
She is Thai nationality.
Mr. Somkiat Ajaneekul
is the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity is a
manufacturer and importer of animal drugs and supplementary for animals, including vitamin premix, coccidostat, anti-microbial, growth promoter, supportive,
anti-helminth, disinfectant and
etc.
PRODUCTION
Approximately 600 tons/month.
IMPORT [COUNTRIES]
50% of its finished products
as well as
the raw materials for
production are imported
from Germany, Belgium, Austria,
Netherlands, United States of
America, Japan, France,
Taiwan, Republic of
China, Hong Kong,
Malaysia, India, Israel
and Spain.
MAJOR SUPPLIERS
|
Name |
Country |
Line of Business |
|
- Lah Pharmaceutical GmbH |
Germany |
Vaccine |
|
- Takeda Corporation |
Japan |
Vitamin |
|
- Biomin Pty. Ltd. |
Australia |
Pharmaceutical chemical |
|
- Novartis Co., Ltd. |
Thailand |
Pharmaceutical chemical |
|
- Troun Nutrition Inc. |
U.S.A. |
|
DISTRIBUTOR
There are 4
major groups of
products marketed by
the subject as
follows:
Group 1 : Veterinary Products i.e.
Medication, Vaccines,
Supplement Drugs &
Hormone, Germicides,
Instruments
& Equipment
Group 2 : Feed Additives
& Premix
Group 3 : Chemicals
Group 4 : Raw
Material such as Concentrated Protein
SALES
100% of products
is sold locally
by wholesales to dealers and end-users
nationwide.
Subject also plans
to expand its
market to other
Asian countries.
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.
SUBSIDIARIES &
AFFILIATED COMPANIES
The subject is a
member of Betagro Group of
Companies which consist of:
- Betagro Co., Ltd.
Business Type:
Manufacturer of veterinary
drug & animal
feed
- Betagro Hybrid Co., Ltd.
Business Type:
Manufacturer of agro
business
- Saha Thai Products
Trading Co., Ltd.
Business Type: Importer &
distributor of animal veterinary
- Betagro Farming Investment
Co., Ltd
Business Type: Investment company
- Taepaisithpong Co., Ltd.
Business Type: Import &
distributor of feed
chemical
- Better Foods Co.,
Ltd.
Business Type: Frozen broiler
meat processing plant
- Betagro Central Co., Ltd.
Business Type:
Distributor of animal
pharmaceutical
- B. Inter Co.,
Ltd.
Business Type: Trading company
- Betagro Pharma Co.,
Ltd.
Business Type: Trading company
- Betagro South Co., Ltd.
Business Type: Agro business
- Pattana Farm Co.,
Ltd.
Business Type: Agro business
- Chiengmai Betagro Farm
Co., Ltd.
Business Type: Agro business
- B & C Pulaski Co.,
Ltd.
Business Type:
manufacturer of corncob
products.
- & etc.
INVESTMENT IN
RELATED COMPANY
Life Informatics Co., Ltd.
Business Type: Consultant
for swine farm.
Investment :
The subject is
holding around 25%
of the total shares.
CREDIT
Sales are by
cash or on
the credits term
of 30-60-90 days.
Local bills are
paid by cash
or on the credits term
of 30-60-90 days.
Imports are by
L/C at sight & T/T.
BANKING
Bank of Tokyo - Mitsubishi Corporation
[Bangkok Office
: 62 Silom Rd.,
Silom, Bangrak, Bangkok 10500]
Bangkok Bank Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Kasikornbank Public Co., Ltd.
[Suapa Branch : Suapa Rd., Thepsirin,
Pomprab, Bangkok 10100]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Siam City Bank
Public Co., Ltd.
[Head Office : 1101
New Petchburi Rd.,
Makkasan, Rajthevee, Bangkok
10400]
EMPLOYMENT
The subject employs
approximately 296 staff.
[office, sales staff
and factory workers]
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address on
566 square meters of area.
Premise is located
in commercial/residential area.
The factory was
initially located at
41/3 Petchaheung Rd., Phrapradaeng, Samutprakarn province
10130.
In 2004, the
factory was relocated
to 216 Moo 1,
Saraburi-Lomsak Rd., T.
Chongsarika, A. Pattananikom, Lopburi 15220. Tel
: [66] 36 638-610-21
COMMENT
Over the past
30 years of its business
operation. The subject
has always adhered
to its operational determination under
the world quality.
Its plant has
become the first manufacturing plant of medical
supplies and supplementary food
products for animals
in Thailand that has
been accredited under
the good manufacturing practices (GMP) by
the Food and Drug
Administration, Ministry of
Public Health; and
has become the
first manufacturing plant
of medical supplies
for animals in
Thailand, which has
been totally accredited
under ISO 9001:2000.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,000,000 divided into
4,000 shares of
Bht. 1,000 each.
The capital was
increased later as
followings :
Bht. 10,000,000
on October 23,
1989
Bht. 30,000,000
on December 14,
1990
Bht. 40,000,000
on April 20,
1991
Bht. 151,000,000 on
December 16, 2004
The latest registered
capital was increased
to Bht. 151,000,000
divided into 15,100,000
shares of Bht.
10 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 29, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Betagro Agro Group
Co., Ltd. Nationality: Thai Address : 323
Moo 6, Tungsonghong, Laksi,
Donmuang, Bangkok 10120 |
15,099,000 |
99.99 |
|
Mr. Chaiwat Taepaisithpong Nationality: Thai Address : 1
Pichainarongsongkram Rd., Pakpriew,
Muang, Saraburi |
100 |
|
|
Ms. Thanomwong Taepaisithpong Nationality: Thai Address : 1
Pichainarongsongkram Rd., Pakpriew,
Muang, Saraburi |
100 |
|
|
Ms. Kanokrat Taepaisithpong Nationality: Thai Address : 1 Yukol 2 Rd., Thepsirin, Pomprab,
Bangkok 10100 |
100 |
|
|
Ms. Kittiwan Taepaisithpong Nationality: Thai Address : 43/2
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok 10110 |
100 |
|
|
Mr. Chakkrish Taepaisithpong Nationality: Thai Address : 43/2
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok 10110 |
100 |
=0.01 |
|
Ms. Raviwan Taepaisithpong Nationality: Thai Address : 43/2
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok 10110 |
100 |
|
|
Mr. Thavatchai Dilokkomol Nationality: Thai Address :
35/50 Moo 1, Tivanont
Rd.,
Taladkwan, Muang, Nonthaburi |
100 |
|
|
Mrs. Somjai Vuthiputhanant Nationality: Thai Address : 4/80
Moo 2, Sukhadpibal 2 Rd.,
Bangkae, Pasicharoen, Bangkok
10160 |
100 |
|
|
Ms. Sarinthip Taepaisithpong Nationality: Thai Address : 468/128
Petchburi Rd.,
Thanon Petchburi, Rajthewi,
Bangkok |
100 |
|
|
Ms. Chakrin Taepaisithpong Nationality: Thai Address : 468/128
Petchburi Rd., Thanon
Petchburi, Rajthewi, Bangkok |
100 |
|
Total Shareholders :
11
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Vinij Silamongkol No. 3378
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand
& at Bank |
101,000 |
180,000 |
|
Trade Accts. Receivable |
477,857,249 |
446,437,967 |
|
Other Receivable -
Related Company |
3,212,341 |
7,533,457 |
|
Short-term Loan to
& Deferred Interest
from Related Company |
291,139,178 |
467,458,322 |
|
Inventories |
238,247,661 |
198,718,529 |
|
Other Current Assets
|
10,735,425 |
11,684,211 |
|
|
|
|
|
Total Current Assets
|
1,021,292,854 |
1,132,012,486 |
|
Investment in Other Companies |
356,765 |
237,902 |
|
Investment in Mutual
Fund |
2,843,223 |
2,218,406 |
|
Fixed Assets |
630,618,762 |
570,148,187 |
|
Other Assets |
1,774,540 |
1,680,051 |
|
Total Assets |
1,656,886,144 |
1,706,297,032 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
520,504,523 |
677,214,111 |
|
Trade Accts. Payable |
279,372,004 |
215,357,685 |
|
Other Payable |
8,795,330 |
13,793,643 |
|
Current Portion of Long-term
Loan |
88,080,000 |
88,080,000 |
|
Short-tem Loan from
& Accrued Interest
to Related Company |
174,790,627 |
|
|
Other Current Liabilities |
17,246,635 |
27,584,967 |
|
|
|
|
|
Total Current Liabilities |
1,088,789,119 |
1,196,954,036 |
|
Long-term Loan from
Bank |
234,100,000 |
322,180,000 |
|
Total Liabilities |
1,322,889,119 |
15,19,134,036 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10 par value
authorized, issued
and fully paid share
capital 15,100,000 shares |
151,000,000 |
151,000,000 |
|
|
|
|
|
Capital Paid |
151,000,000 |
151,000,000 |
|
Surplus on Assets
Appraisal |
109,852,396 |
- |
|
Retained Earning Appropriated for
Statutory Reserve
|
4,000,000 |
4,000,000 |
|
Unappropriated |
69,144,629 |
32,162,996 |
|
Total Shareholders' Equity |
333,997,025 |
187,162,996 |
|
Total Liabilities & Shareholders' Equity |
1,656,886,144 |
1,706,297,032 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales & Service
Income |
1,609,884,533 |
1,705,134,486 |
|
Other Income |
33,357,243 |
53,705,898 |
|
Total Revenues |
1,643,241,776 |
1,758,840,384 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
1,458,741,717 |
1,582,463,963 |
|
Selling & Administrative Expenses |
80,310,519 |
112,927,142 |
|
Loss on Fixed
Assets Appraisal |
9,177,104 |
- |
|
Total Expenses |
1,548,229,340 |
1,695,391,105 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
95,012,436 |
63,449,279 |
|
Interest Expenses |
[61,062,075] |
[59,240,658] |
|
Income Tax |
2,667,762 |
[4,691,219] |
|
|
|
|
|
Net Profit / [Loss] |
36,618,123 |
[482,598] |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[5.59] |
|
|
Operating Profit |
73.92 |
|
|
Net Profit |
7,687.71 |
|
|
Fixed Assets |
10.61 |
|
|
Total Assets |
[2.90] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
90.61 |
92.81 |
|
Operating Profit Margin |
6.47 |
3.72 |
|
S & A
Expenses |
4.99 |
6.62 |
|
Interest Paid |
3.79 |
3.47 |
|
Other Revenues |
2.07 |
3.15 |
|
Net Profit Margin |
2.27 |
[0.03] |
|
Earning Per Shares |
2.43 |
[0.03] |
|
No. of Shares |
15,100,000 |
15,100,000 |
Net Sales was
decreased by 5.59%,
Operating Profit was
increased by 73.92%,
Net Profit was
increased by 7,687.71%,
Fixed Assets was
increased by 10.61%,
Total Assets was
decreased by 2.90%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 92.81%
to 90.61%, Operating
Profit Margin was
increased from 3.72%
to 6.47%, S
& A Expenses
was decreased from
6.62% to 4.99%,
Interest Paid was increased
from 3.47% to
3.79%, Other Revenues
was decreased from
3.15% to 2.07%,
Net Profit Margin
was increased from
-0.03% to 2.27%.
Earning Per Shares
was increased from
-0.03 baht per
share to 2.43
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.94 |
0.95 |
|
Quick-Assets Ratio |
0.71 |
0.77 |
Current Ratio was
decreased from 0.95
to 0.94, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.77 to 0.71,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
3.96 |
8.12 |
|
Times Interest Earned |
1.71 |
1.07 |
D/E Ratio was
decreased from 8.12
to 3.96, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was
increased from 1.07
to 1.71, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
2.55 |
2.99 |
|
Total Assets Turnover |
0.97 |
1.00 |
|
Return on Assets |
2.21 |
[0.03] |
|
Return on Equity |
10.96 |
[0.26] |
|
Day's Payable |
62.47 |
45.47 |
|
Day’s Inventories |
53.28 |
41.95 |
|
Day’s Receivables |
106.86 |
94.26 |
Fixed Assets Turnover
was decreased from
2.99 times to
2.55 times, Total
Assets Turnover was
decreased from 1.00
times to 0.97
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from -0.03 to
2.21, Return on
Equity was increased
from -0.26 to
10.96, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 46
days to 63
days, Day’s Inventories
was increased from
42 days to
54 days, and
Day’s Receivables was
increased from 95
days to 107
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
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%)