MIRA
INFORM REPORT
|
Report Date : |
24.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
BERLIN PHARMACEUTICAL INDUSTRY
CO., LTD |
|
|
|
|
Registered Office : |
359
New Road, Pomprab,
Pomprabsatrupai, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
07.08.1984 |
|
|
|
|
Com. Reg. No.: |
0105527028430 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and
marketing of medical
and pharmaceutical 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 |
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
BERLIN
PHARMACEUTICAL INDUSTRY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 359
NEW ROAD, POMPRAB,
POMPRABSATRUPAI,
TELEPHONE : [66] 2225-4261-3
FAX :
[66] 2225-4260,
2223-1011
E-MAIL
ADDRESS : marketing@berlinpharm.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1984
REGISTRATION
NO. : 0105527028430
[Former: 2844/2527]
CAPITAL REGISTERED : BHT. 19,607,840
CAPITAL PAID-UP : BHT.
19,607,840
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. AMAL K.
NAJ, INDIAN
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 450
LINES
OF BUSINESS : MEDICAL AND PHARMACEUTICAL PRODUCTS
MANUFACTURING AND
MARKETING
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on August 7, 1984
as a private
limited company under the
name BERLIN PHARMACEUTICAL INDUSTRY CO., LTD. by
Thai groups, in
order to manufacture and market
medical and pharmaceutical products
for domestic and overseas markets.
It currently employs
450 staff.
On July 12, 2002, the
subject’s name was
changed to
The
subject’s registered address
is 359 New
Rd., Pomprab, Pomprabsatrupai, Bangkok 10100, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Termchai Chainuwat |
[x] |
Thai |
71 |
|
Mr. Suebchai Chainuwat |
|
Thai |
67 |
|
Mrs. Wanida Chainuwat |
[x] |
Thai |
70 |
|
Ms. Winda Chainuwat |
|
Thai |
45 |
|
Mrs. Lalana Satesuban |
|
Thai |
66 |
|
Ms. Choon Vatanyuta |
|
Thai |
81 |
AUTHORIZED PERSON
One of the
above directors [x]
can sign or
two of the
rest directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Amal K. Naj is
the Chief Executive
Officer.
He is Indian
nationality.
Mrs. Lalana Satesuban
is the Export
Manager.
She is Thai
nationality with the
age of 66 years
old.
Mr. Suraphan Uransakul
is the Sales Manager.
He is Thai
nationality.
Ms. Sasithorn Udomchaiteerakul is
the Factory Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and marketing various
kinds of medical
and pharmaceutical products
including powder tablet,
capsule, liquid, ointment,
cream and gastrology
drug and etc. The
products are produced
under the standard
ISO and Foods and Drugs
Organization.
PURCHASE
Raw materials are purchased
from suppliers and
agents both local
and overseas countries
such as Germany, United States of
America, United Kingdom,
France, Japan, India
and Republic of
China.
MAJOR SUPPLIER
BASF [Thai] Ltd. :
SALES
60% of the products are sold
locally by wholesale to dealers
and end-users both government
and private sector
nationwide.
EXPORT
40% of the products are exported
to Singapore, India, Laos, Myanmar, Vietnam, Indonesia,
Hong Kong, Philippines,
Malaysia, Taiwan, South
Africa and Sri
Lanka.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
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 days.
Imports are by
L/C at sight
or T/T on
negotiated term.
Exports are against
T/T on negotiated
term.
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
Kasikornbank Public Co., Ltd.
[Head Office :
Bangkok Bank Public
Co., Ltd.
[Head Office :
Krung
Thai Bank Public
Co., Ltd.
[Head Office :
EMPLOYMENT
The
subject employs approximately
450 staff [office
staff and factory
workers].
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial
area.
Factory & warehouse was located at
Recently
the factory &
warehouse’s address has
been changed to
63 Moo 5, Romklao Rd.,
Klongsampraves, Ladkrabang, Bangkok 10520, Tel:
[66] 2737-6717 Fax : [66] 2360-8729.
[Only the address
number has been
changed, but they
are the same
location.]
REMARK
CREDIT
OF US$ 125,000
AGAINST DA TERMS
SHOULD BE IN
ORDER.
COMMENT
Since the subject has been
established in Thailand more
than 20 years,
its products have been well accepted
from both local
and international markets
with steady growth each year. The company’s
productions are properly run by expertise
with an outstanding performance.
The
subject has been
enjoying its excellent
business and expanding
steadily.
FINANCIAL INFORMATION
The
capital was initially registered at
Bht. 1,000,000 divided into 100,000 shares of
Bht. 10 each.
The
capital was increased
later as following:
Bht. 5,000,000
on October 25,
1985
Bht. 10,000,000
on October 31,
1989
Bht 19,607,840
on December 29,
2008
The
latest registered capital
was increased to Bht. 19,607,840 divided into 1,960,784 shares
of Bht. 10
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at
October 11, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Green Stem Limited Nationality: Address : 41st Flr., Bank
of
Central, |
910,785 |
46.45 |
|
Ms. Winda Chainuwat Nationality: Thai Address : 458/1-3
Rama 1 Rd., Pathumwan, |
180,000 |
9.18 |
|
Mr. Athisit Chainuwat Nationality: Thai Address : 8/2
Sukhumvit 49 Rd., Prakanong, |
100,000 |
5.10 |
|
Mr. Suebchai Chainuwat Nationality: Thai Address : 18 Sukhumvit 35
Rd., Klongton,
Prakanong, |
100,000 |
5.10 |
|
Mr. Termchai Chainuwat Nationality: Thai Address : 458/1-3
Rama 1 Rd., Pathumwan, |
100,000 |
5.10 |
|
|
|
|
|
Ms. Wanida Chainuwat Nationality: Thai Address : 458/1-3
Rama 1 Rd., Pathumwan, |
99,999 |
5.10 |
|
Mr. Nathachai Chainuwat Nationality: Thai Address : 8/2
Sukhumvit 49 Rd., Prakanong, |
80,000 |
4.08 |
|
Ms. Maneechay Chainuwat Nationality: Thai Address : 8/2
Sukhumvit 49 Rd., Prakanong, |
80,000 |
4.08 |
|
Ms. Sivaporn Chainuwat Nationality: Thai Address : 458/1-3
Rama 1 Rd., Pathumwan, |
80,000 |
4.08 |
|
Mr. Ekachai Chainuwat Nationality: Thai Address : 458/1-3
Rama 1 Rd., Pathumwan, |
80,000 |
4.08 |
|
Mrs. Thiparat Chainuwat Nationality: Thai Address : 18 Sukhumvit 35 Rd.,
Klongton, Prakanong, |
80,000 |
4.08 |
|
Mr. Amal K. Naj Nationality: Indian Address : 56/3
Moo 2, Klongchan,
Bangkapi, |
50,000 |
2.55 |
|
Ms. Lalana Setasuwan Nationality: Thai Address : 56/3
Moo 2, Klongchan,
Bangkapi, |
10,000 |
0.51 |
|
Ms. Choon Vatanyuta Nationality: Thai Address : 1764/1
Rama 6 Rd., Rongmuang,
Pathuman, |
10,000 |
0.51 |
Total Shareholders : 14
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Kasem Thoonkrisana No. 5643
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash
Equivalents |
270,293,343.81 |
180,554,743.43 |
|
Short Term Investment |
69,483,334.11 |
69,463,732.56 |
|
Trade Accts. Receivable |
463,999,577.39 |
426,915,405.92 |
|
Short-term Loan to
Person or Related Company |
- |
17,166.20 |
|
Inventories |
146,052,536.15 |
147,811,442.31 |
|
Other Current Assets
|
59,615,974.06 |
59,147,011.62 |
|
|
|
|
|
Total Current Assets
|
1,009,444,765.52 |
883,909,502.04 |
|
Long Term Loan
to Person or
Related Company |
16,655,969.06 |
5,039,015.44 |
|
Investment in Related
Company |
3,490,024.00 |
3,490,024.00 |
|
Long Term Investment |
18,289,686.00 |
18,289,686.00 |
|
Fixed Assets |
308,717,308.17 |
253,694,551.02 |
|
Intangible Assets |
1,149,521.01 |
2,808,522.33 |
|
Other Assets |
12,084,078.91 |
32,344,091.98 |
|
Total Assets |
1,369,831,352.67 |
1,199,575,392.81 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accts. Payable |
126,908,180.30 |
127,520,599.90 |
|
Hire-Purchase Payable |
10,297,383.00 |
9,285,257.00 |
|
Other Current Liabilities |
298,025,752.14 |
280,967,893.94 |
|
|
|
|
|
Total Current Liabilities |
435,231,315.44 |
417,773,750.84 |
|
|
|
|
|
Other Long Term
Loans |
- |
893,379.86 |
|
Total Liabilities |
435,231,315.44 |
418,667,130.70 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 1,960,784 shares |
19,607,840.00 |
19,607,840.00 |
|
|
|
|
|
Capital Paid |
19,607,840.00 |
19,607,840.00 |
|
Statutory Reserve |
2,000,000.00 |
1,000,000.00 |
|
Loss from Change
Value of Investment |
[194,214.00] |
[194,214.00] |
|
Retained Earning -
Unappropriated |
913,186,411.23 |
760,494,636.11 |
|
Total Shareholders' Equity |
934,600,037.23 |
780,908,262.11 |
|
Total Liabilities & Shareholders' Equity |
1,369,831,352.67 |
1,199,575,392.81 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales |
1,531,182,739.86 |
1,466,310,137.88 |
|
Gain on Exchange
Rate |
3,597,750.00 |
- |
|
Gain from |
2,416,272.46 |
1,118,058.00 |
|
Other Income |
6,018,127.52 |
9,833,325.30 |
|
Total Revenues |
1,543,214,889.84 |
1,477,261,521.18 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
681,294,429.65 |
689,177,629.79 |
|
Selling & Administrative Expenses |
393,925,381.33 |
392,598,057.42 |
|
Loss from Exchange
Rate |
208,581,264.97 |
174,766,209.62 |
|
Loss on Exchange Rate |
- |
223,071.35 |
|
Total Expenses |
1,283,801,075.95 |
1,256,764,968.18 |
|
|
|
|
|
Profit / [Loss] from Operation |
259,413,813.89 |
220,496,553.00 |
|
Interest Expenses |
[643,091.11] |
[891,625.91] |
|
Profit/[Loss] before Income Tax |
258,770,722.78 |
219,604,927.09 |
|
Income Tax |
[34,059,347.66] |
[31,542,036.48] |
|
Net Profit / [Loss] |
224,711,375.12 |
188,062,890.61 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.32 |
2.12 |
|
QUICK RATIO |
TIMES |
1.85 |
1.62 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.96 |
5.78 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.12 |
1.22 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
78.25 |
78.28 |
|
INVENTORY TURNOVER |
TIMES |
4.66 |
4.66 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
110.61 |
106.27 |
|
RECEIVABLES TURNOVER |
TIMES |
3.30 |
3.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
67.99 |
67.54 |
|
CASH CONVERSION CYCLE |
DAYS |
120.86 |
117.02 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
44.49 |
47.00 |
|
SELLING & ADMINISTRATION |
% |
25.73 |
26.77 |
|
INTEREST |
% |
0.04 |
0.06 |
|
GROSS PROFIT MARGIN |
% |
56.29 |
53.75 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
16.94 |
15.04 |
|
NET PROFIT MARGIN |
% |
14.68 |
12.83 |
|
RETURN ON EQUITY |
% |
24.04 |
24.08 |
|
RETURN ON ASSET |
% |
16.40 |
15.68 |
|
EARNING PER SHARE |
BAHT |
114.60 |
95.91 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.32 |
0.35 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.47 |
0.54 |
|
TIME INTEREST EARNED |
TIMES |
403.39 |
247.30 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
4.42 |
|
|
OPERATING PROFIT |
% |
17.65 |
|
|
NET PROFIT |
% |
19.49 |
|
|
FIXED ASSETS |
% |
21.69 |
|
|
TOTAL ASSETS |
% |
14.19 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
56.29 |
Impressive |
Industrial Average |
33.03 |
|
Net Profit Margin |
14.68 |
Impressive |
Industrial Average |
(22.69) |
|
Return on Assets |
16.40 |
Impressive |
Industrial Average |
(3.40) |
|
Return on Equity |
24.04 |
Impressive |
Industrial Average |
2.71 |
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. Gross Profit Margin is 56.29%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
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. Net Profit Margin is 14.68%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator in a dominant position within its
industry.
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. Return on Assets is 16.4%, higher figure when compared with
those of its average competitors in the same industry, indicated that business
was an efficient profit in a dominant position within its industry.
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. Return on Equity is
24.04%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant
position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.32 |
Deteriorated |
Industrial Average |
38.80 |
|
Quick Ratio |
1.85 |
|
|
|
|
Cash Conversion Cycle |
120.86 |
|
|
|
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 2.32 times in 2009, increase from 2.12 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 1.85 times in 2009,
increase from 1.62 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 121 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.32 |
Impressive |
Industrial Average |
0.73 |
|
Debt to Equity Ratio |
0.47 |
Impressive |
Industrial Average |
1.57 |
|
Times Interest Earned |
403.39 |
Impressive |
Industrial Average |
304.70 |
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 stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 403.39 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 0.32 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.96 |
Deteriorated |
Industrial Average |
432.48 |
|
Total Assets Turnover |
1.12 |
Impressive |
Industrial Average |
1.11 |
|
Inventory Conversion Period |
78.25 |
|
|
|
|
Inventory Turnover |
4.66 |
Acceptable |
Industrial Average |
6.94 |
|
Receivables Conversion Period |
110.61 |
|
|
|
|
Receivables Turnover |
3.30 |
Deteriorated |
Industrial Average |
11.87 |
|
Payables Conversion Period |
67.99 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.96 |
|
|
1 |
Rs.73.56 |
|
Euro |
1 |
Rs.63.68 |
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.