MIRA
INFORM REPORT
|
Report Date : |
29.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
RATTANASAK CHEMICALS
AND PHARMA PRODUCTS
CO., LTD. |
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|
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|
Formerly Known As : |
RATTANASAK ATTORNEY CO., LTD |
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Registered Office : |
16/92 Soi Kheha Klongtoey 3, Arjnarong Road, Klongtoey, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
17.03.2004 |
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Com. Reg. No.: |
0105547038643 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Pharmaceutical Chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
RATTANASAK
CHEMICALS AND PHARMA
PRODUCTS CO., LTD.
[FORMER
: RATTANASAK ATTORNEY
CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 16/92 SOI
KHEHA KLONGTOEY 3,
ARJNARONG ROAD,
KLONGTOEY,
BANGKOK 10110
TELEPHONE : [66] 2671-4658,
2672-2594
FAX :
[66] 2672-2593
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547038643 [Former : 0107554706006]
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SHIU KHUMAR
SINGH, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : PHARMACEUTICAL CHEMICALS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on March 17,
2004 as a
private limited company under
the originally registered
name Rattanasak Attorney
Co., Ltd., by
Thai groups, with the
business objective to
provide legal advisory
services. On March
18, 2005, subject’s
name was changed
to RATTANASAK CHEMICALS
AND PHARMA PRODUCTS
CO., LTD., and changed its business to
pharmaceutical trading. It
currently employs 4
staff.
The subject’s registered
address is 16/92 Soi
Kheha Klongtoey 3,
Arjnarong Rd., Klongtoey,
Bangkok 10110, and
this is the
current operation address.
THE BOARD
OF DIRECTOR
Mr. Shiu Khumar Singh
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Shiu Khumar Singh
is the Managing
Director.
He is Thai
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
industrial chemicals particularly
for pharmaceutical,
cosmetics and consumer
goods industries.
IMPORT
100% of the
products is imported
from France, Germany,
Republic of China,
India, Taiwan and
Singapore.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers, dealers
and
end-users.
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 terms
of 30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently
employs 4 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 100,000.
COMMENT
The subject’s operating performance remains healthy due to expansion of
pharmaceutical and cosmetic industries
in Thailand. Demand of chemical
products for industrial productions is getting strong from various leading
manufacturers. Thailand’s pharmaceutical
industry is growing rapidly as the leading producers have used the country as
their manufacturing base. Besides
increasing domestic consumption, the export markets also helped boosting their
sales.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at April
30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Shiu Khumar Singh Nationality: Thai Address : 16/92 Soi
Kheha Klongtoey 3, Arjnarong Rd.,
Klongtoey, Bangkok 10110 |
9,997 |
99.97 |
|
Mr. Apichart Singh Nationality: Thai Address : 16/92 Soi
Kheha Klongtoey 3, Arjnarong Rd.,
Klongtoey, Bangkok 10110 |
1 |
0.01 |
|
Mr. Dineskumar Zahi Nationality: Thai Address : 1
Siphya Rd., Mahaprutharam, Bangrak,
Bangkok |
1 |
0.01 |
|
Mr. Rammontri Yitmisir Nationality: Thai Address : 17/126
Soi Kheha Klongtoey
3, Arjnarong Rd., Klongtoey,
Bangkok 10110 |
1 |
0.01 |
Total Shareholders : 4
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Thanin Wuthinankul No.
7350
Note
The 2010 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank
|
3,729.17 |
19,616.85 |
|
Trade Account Receivable |
2,000,605.04 |
551,935.11 |
|
Inventories |
3,167,337.60 |
2,006.00 |
|
Short Term Loan
to Related Person |
2,175,000.00 |
2,300,000.00 |
|
Other Current Assets
|
310,831.76 |
482,059.28 |
|
Total Current Assets
|
7,657,503.57 |
3,355,617.24 |
|
Total Assets |
7,657,503.57 |
3,355,617.24 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Account Payable |
5,191,752.32 |
557,810.16 |
|
Other Current Liabilities |
866,623.66 |
866,436.47 |
|
Total Current Liabilities |
6,058,375.98 |
1,424,246.63 |
|
Total Liabilities |
6,058,375.98 |
1,424,246.63 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
599,127.59 |
931,370.61 |
|
Total Shareholders' Equity |
1,599,127.59 |
1,931,370.61 |
|
Total Liabilities & Shareholders' Equity |
7,657,503.57 |
3,355,617.24 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales |
18,817,043.08 |
9,287,612.64 |
|
Total Revenues |
18,817,043.08 |
9,287,612.64 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
18,718,972.54 |
8,850,503.80 |
|
Selling Expenses |
129,856.00 |
- |
|
Administrative Expenses |
344,651.14 |
222,570.30 |
|
Total Expenses |
19,193,479.68 |
9,073,074.10 |
|
Profit/[Loss] from Sales |
[376,436.60] |
214,538.54 |
|
Other Expenses |
44,194.83 |
52,930.78 |
|
Profit/[Loss] Before Income
Tax |
[332,241.77] |
267,469.32 |
|
Interest Expenses |
[1.25] |
- |
|
Income Tax |
- |
[17,620.40] |
|
Net Profit / [Loss] |
[332,243.02] |
249,848.92 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.26 |
2.36 |
|
QUICK RATIO |
TIMES |
0.33 |
0.40 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.46 |
2.77 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
61.76 |
0.08 |
|
INVENTORY TURNOVER |
TIMES |
5.91 |
4,412.02 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
38.81 |
21.69 |
|
RECEIVABLES TURNOVER |
TIMES |
9.41 |
16.83 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
101.23 |
23.00 |
|
CASH CONVERSION CYCLE |
DAYS |
(0.67) |
(1.23) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
99.48 |
95.29 |
|
SELLING & ADMINISTRATION |
% |
2.52 |
2.40 |
|
INTEREST |
% |
0.00 |
- |
|
GROSS PROFIT MARGIN |
% |
0.52 |
4.71 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(2.00) |
2.31 |
|
NET PROFIT MARGIN |
% |
(1.77) |
2.69 |
|
RETURN ON EQUITY |
% |
(20.78) |
12.94 |
|
RETURN ON ASSET |
% |
(4.34) |
7.45 |
|
EARNING PER SHARE |
BAHT |
(33.22) |
24.98 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.79 |
0.42 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.79 |
0.74 |
|
TIME INTEREST EARNED |
TIMES |
(301,149.28) |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
102.60 |
|
|
OPERATING PROFIT |
% |
(275.46) |
|
|
NET PROFIT |
% |
(232.98) |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
128.20 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
0.52 |
Deteriorated |
Industrial Average |
10.07 |
|
Net Profit Margin |
(1.77) |
Deteriorated |
Industrial Average |
1.37 |
|
Return on Assets |
(4.34) |
Deteriorated |
Industrial Average |
3.50 |
|
Return on Equity |
(20.78) |
Deteriorated |
Industrial Average |
10.32 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 0.52%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is -1.77%. When
compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is -4.34%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is -20.78%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.26 |
Satisfactory |
Industrial Average |
1.41 |
|
Quick Ratio |
0.33 |
|
|
|
|
Cash Conversion Cycle |
(0.67) |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.26 times in 2009, decrease from 2.36 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.33 times in 2009,
decrease from 0.4 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for -1 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.79 |
Impressive |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
3.79 |
Risky |
Industrial
Average |
1.74 |
|
Times Interest Earned |
(301,149.28) |
Risky |
Industrial
Average |
2.23 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -301149.29 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.79 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
10.31 |
|
Total Assets Turnover |
2.46 |
Satisfactory |
Industrial Average |
2.56 |
|
Inventory Conversion Period |
61.76 |
|
|
|
|
Inventory Turnover |
5.91 |
Satisfactory |
Industrial Average |
7.30 |
|
Receivables Conversion Period |
38.81 |
|
|
|
|
Receivables Turnover |
9.41 |
Impressive |
Industrial Average |
4.60 |
|
Payables Conversion Period |
101.23 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.05 |
|
|
1 |
Rs.75.19 |
|
Euro |
1 |
Rs.66.47 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.