MIRA INFORM REPORT
|
Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
C.A.T.
PHARMACEUTICAL LIMITED PARTNERSHIP
|
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
23.03.1971 |
|
|
|
|
Com. Reg. No.: |
0103514004721 |
|
|
|
|
Legal Form : |
Limited
Partnership |
|
|
|
|
Line of Business : |
Importer and Distributor of Pharmaceutical Chemicals |
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 |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company 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@loxinfo.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 : 15
LINES
OF BUSINESS : PHARMACEUTICAL CHEMICALS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on March 23,
1971 as a
limited partnership under
the name style
C.A.T. PHARMACEUTICAL LIMITED
PARTNERSHIP by Thai
partners, Chatsakulwong family.
Its business objective
is an importer
and distributor of pharmaceutical chemicals
for human and
animal healthcare industry.
It currently employs
15 staff.
The subject’s registered
address is 405-407
Nakornsawan Rd., Watsomanus,
Pomprab, Bangkok 10100, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Mr. Sukiat Chatsakulwong
Mr. Pichit Chatsakulwong
One of the
above partners can
sign on behalf
of the subject
with seal affixed.
Both partners bear
full financial responsibility by
law.
MANAGEMENT
Mr. Sukiat Chatsakulwong is the Managing
Partner.
He is Thai
nationality with the
age of 72
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 with the
age of 47
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of pharmaceutical chemicals,
the raw material
of human and
animal heath products,
as well as
pharmaceutical and veterinary
products.
PURCHASE
80% of the
products is imported
from Republic of
China, Hong Kong, Japan,
Taiwan, Singapore, India,
Italy, Germany, Spain,
France, Switzerland, United Kingdom and
United States of
America, the remaining
20% is purchased
from local suppliers
and agents.
MAJOR SUPPLIERS
Shanghai International Trading Ltd. :
Republic of
Sinto Farm Spa. :
Ranbaxy Laboratories Limited :
Aldamex :
SALES
[LOCAL]
100% of the
products is sold
locally by wholesale
to manufacturers, end-users,
and animal farms, as
well as Thai
Government.
MAJOR CUSTOMER
The Government Pharmaceutical Organization
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.
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 15 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.
REMARK
CREDIT OF US$
125,000 AGAINST D/A
TERM SHOULD BE IN ORDER.
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.
Subject reported slowdown
its sales in 2008-2009
compared to the previous
year due to the
industrial downturn caused
by economic uncertainty. However,
demand of pharmaceutical chemicals
has gradually increased.
FINANCIAL INFORMATION
The capital was
registered at Bht.
10,000,000 which was
carried by 3
persons as followed:
Name Age Amount
Mr. Sukiat Chatsakulwong 72 Bht.
5,000,000 [Unlimited Partner]
Mrs.
Mr. Pichit Chatsakulwong 47 Bht.
4,000,000 [Unlimited Partner]
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Manop Thongpakdee
No. 6012
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
573,233.84 |
275,972.85 |
|
Trade Accts. & Notes
Receivable |
206,516,327.27 |
195,486,436.76 |
|
Inventories |
18,343,050.75 |
20,840,924.08 |
|
Other Current Assets |
866,040.14 |
238,894.78 |
|
Total Current Assets
|
226,298,652.00 |
216,842,228.47 |
|
Long Term Loan
to Related Person |
3,122,600.00 |
3,650,000.00 |
|
Fixed Assets
|
4,027,595.12 |
6,063,010.89 |
|
Guarantee L/C |
2,736,718.11 |
2,736,718.11 |
|
Total Assets |
236,185,565.23 |
229,291,957.47 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft from
Financial |
30,213,053.19 |
27,642,551.18 |
|
Trade Accts. & Notes
Payable |
133,000,482.59 |
134,711,250.18 |
|
Current Portion of Long
Term Loan |
1,072,416.00 |
1,781,228.50 |
|
Accrued Expenses |
2,724,461.67 |
1,292,303.57 |
|
Total Current Liabilities |
167,010,413.45 |
165,427,333.43 |
|
Hire-Purchase Payable Net
of Current Portion |
662,310.33 |
1,735,051.08 |
|
Total Liabilities |
167,672,723.78 |
167,162,384.51 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
58,512,841.45 |
52,129,572.96 |
|
Total Shareholders' Equity |
68,512,841.45 |
62,129,572.96 |
|
Total Liabilities & Shareholders' Equity |
236,185,565.23 |
229,291,957.47 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
333,647,793.56 |
332,646,461.63 |
|
Gain from Exchange
Rate |
4,790,543.53 |
3,165,987.69 |
|
Interest Income |
248,017.59 |
20,768.44 |
|
Total Sales |
338,686,354.68 |
335,833,217.76 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
318,556,947.03 |
307,178,155.55 |
|
Selling Expenses |
620,050.59 |
721,898.96 |
|
Administrative Expenses |
7,108,189.17 |
7,694,825.29 |
|
Other Expenses |
1,295,668.20 |
12,581,654.97 |
|
Total Expenses |
327,580,854.99 |
328,176,534.77 |
|
Profit / [Loss] Before Interest
Expenses |
11,105,499.69 |
7,656,682.99 |
|
Interest Expenses |
[1,307,794.71] |
[1,677,479.10] |
|
Profit / [Loss] Before Income
Tax |
9,797,704.98 |
5,979,203.89 |
|
Income Tax |
[3,414,436.49] |
[2,447,438.59] |
|
Net Profit / [Loss] |
6,383,268.49 |
3,531,765.30 |
|
Retained Earning,
Beginning of Year |
52,129,572.96 |
48,597,807.66 |
|
Retained Earning, End of
Year |
58,512,841.45 |
52,129,572.96 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.35 |
1.31 |
|
QUICK RATIO |
TIMES |
1.24 |
1.18 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
82.84 |
54.86 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.41 |
1.45 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
21.02 |
24.76 |
|
INVENTORY TURNOVER |
TIMES |
17.37 |
14.74 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
225.92 |
214.50 |
|
RECEIVABLES TURNOVER |
TIMES |
1.62 |
1.70 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
152.39 |
160.07 |
|
CASH CONVERSION CYCLE |
DAYS |
94.55 |
79.19 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
95.48 |
92.34 |
|
SELLING & ADMINISTRATION |
% |
2.32 |
2.53 |
|
INTEREST |
% |
0.39 |
0.50 |
|
GROSS PROFIT MARGIN |
% |
6.03 |
8.61 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.33 |
2.30 |
|
NET PROFIT MARGIN |
% |
1.91 |
1.06 |
|
RETURN ON EQUITY |
% |
9.32 |
5.68 |
|
RETURN ON ASSET |
% |
2.70 |
1.54 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.71 |
0.73 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.45 |
2.69 |
|
TIME INTEREST EARNED |
TIMES |
8.49 |
4.56 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
0.30 |
|
|
OPERATING PROFIT |
% |
45.04 |
|
|
NET PROFIT |
% |
80.74 |
|
|
FIXED ASSETS |
% |
(33.57) |
|
|
TOTAL ASSETS |
% |
3.01 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
6.03 |
Deteriorated |
Industrial Average |
21.91 |
|
Net Profit Margin |
1.91 |
Acceptable |
Industrial Average |
2.72 |
|
Return on Assets |
2.70 |
Acceptable |
Industrial Average |
5.02 |
|
Return on Equity |
9.32 |
Satisfactory |
Industrial Average |
11.92 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 6.03%. 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 1.91%.
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 2.7%.
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 9.32%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.35 |
Acceptable |
Industrial Average |
1.81 |
|
Quick Ratio |
1.24 |
|
|
|
|
Cash Conversion Cycle |
94.55 |
|
|
|
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 1.35 times in 2009, increase from 1.31 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 1.24 times in 2009,
increase from 1.18 times, although excluding inventory so the company still
have good short-term financial strength.
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 95 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Impressive |
Industrial Average |
0.52 |
|
Debt to Equity Ratio |
2.45 |
Risky |
Industrial Average |
1.12 |
|
Times Interest Earned |
8.49 |
Impressive |
Industrial Average |
2.89 |
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 8.5 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.71 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 |
82.84 |
Impressive |
Industrial Average |
8.64 |
|
Total Assets Turnover |
1.41 |
Satisfactory |
Industrial Average |
1.85 |
|
Inventory Conversion Period |
21.02 |
|
|
|
|
Inventory Turnover |
17.37 |
Impressive |
Industrial Average |
4.05 |
|
Receivables Conversion Period |
225.92 |
|
|
|
|
Receivables Turnover |
1.62 |
Acceptable |
Industrial Average |
2.44 |
|
Payables Conversion Period |
152.39 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.11 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.61.70 |
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 |
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.