MIRA
INFORM REPORT
|
Report Date : |
10.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASIA DRUG
& CHEMICAL LIMITED
PARTNERSHIP |
|
|
|
|
Registered Office : |
422 Sukhumvit 42 Road, Prakanong, Klongtoey, Bangkok 10110 |
|
|
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|
Country : |
Thailand |
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|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.10.1966 |
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|
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Com. Reg. No.: |
0103509011821 |
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Legal Form : |
Limited Partnership |
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|
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Line of Business : |
Importer and Distributor of Pharmaceutical Products and Chemical |
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 – 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 and address
ASIA
DRUG & CHEMICAL
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 422
SUKHUMVIT 42 ROAD,
PRAKANONG,
KLONGTOEY, BANGKOK
10110
TELEPHONE : [66] 2391-4085-9,
2712-3332, 2712-3399
FAX :
[66] 2392-3388
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1966
REGISTRATION
NO. : 0103509011821 [Former : 1208/2509]
CAPITAL REGISTERED : BHT. 3,400,000
CAPITAL PAID-UP : BHT.
3,400,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR.
TANAN PUNWATANAWIT, THAI
MANAGING PARTNER
NO.
OF STAFF : 32
LINES
OF BUSINESS : PHARMACEUTICAL PRODUCTS AND CHEMICAL
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on October 18,
1966 as a
limited partnership under the
name style ASIA DRUG & CHEMICAL LIMITED PARTNERSHIP by Mr. Tanan Punwatanawit,
who is the Managing Partner and
bears the full
financial responsibility by
law. The subject is engaged in
importing and distributing
various kinds of pharmaceutical chemicals
to local market.
It currently employs
32 staff.
The subject’s registered
address is 422
Sukhumvit 42 Rd., Prakanong,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mr. Tanan Punwatanawit
can sign on
behalf of the
subject with seal
affixed and also
bears the full
financial responsibility by
law.
MANAGEMENT
Mr. Tanan Punwatanawit is
the Managing Partner.
He is Thai
nationality with the
age of 76
years old.
Mr. Panya Punwatanawit is
the Assistant Manager
& Marketing Manager.
He is Thai
nationality with the
age of 47
years old.
Mrs. Suthida Punwatanawit is
the Sales Manager.
She is Thai
nationality with the age of
44 years old.
BUSINESS OPERATIONS
The subject’s activities are importer and distributor various kinds of
pharmaceutical chemicals and
pharmaceutical products.
IMPORT [COUNTRIES]
80% of the
products is imported
from Germany, Japan,
Italy, Finland, Spain,
United States of America,
Hungary, Republic of
China, India, Taiwan
and Singapore.
PURCHASE
20% of the
products is also
purchased from local
suppliers.
MAJOR SUPPLIERS
|
Name |
Country |
|
Dr. Paul Lohmann
GmbH |
Germany |
|
Kyowa Chemical Industry
Ltd. |
Japan |
|
Dr. Reconti Ltd. |
Italy |
|
Farmos Group |
Finland |
|
Medipex |
Hungary |
|
China National Chemical
Import & Export
Corporation |
Republic of China |
|
Sinochem Corporation |
Republic of China |
SALES [LOCAL]
100% of the
products is sold
locally to manufacturers, wholesalers,
end-users and Thai
Government.
MAJOR CUSTOMERS
Thai Nakorn Patana
Ltd.
Osotspa Co., Ltd.
The Government Pharmaceutical Organization
RELATED AND
AFFILIATED COMPANIES
P.V.V. Development Co.,
Ltd.
Business Type :
Property and land
developer.
Asia Drug Co.,
Ltd.
Business Type :
Importer and distributor
of pharmaceutical chemicals
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.
BANKING
TMB Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd., Bangrak,
Bangkok 10500]
Krung Thai Bank
Public Co., Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok
10500]
EMPLOYMENT
The subject employs
32 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
owned for administrative office
and warehouse in
4 storey building
of 3 row
shop houses at the heading
address. Premise is
located in commercial
area.
Branch Office :
- 28/3-4 Charasmung Rd.,
Rongmuang, Pathumwan, Bangkok
10330
- 40, 40/1 Sukhumvit 42 Rd.,
Prakanong, Klongtoey, Bangkok
10110
REMARK
CREDIT OF US$
150,000 AGAINST D/A
TERM SHOULD BE
IN ORDER.
COMMENT
The subject’s operating performance remains healthy due to expansion of
pharmaceutical industry in Thailand.
Demand of chemical products for pharmaceutical productions is getting
strong from various leading manufacturers.
Some industries have
expanded well due
to exports but
other industries remain
low except pharmaceutical. Trend
of pharmaceutical industry
remains bright this
year.
FINANCIAL INFORMATION
The capital was initially registered
at Bht. 1 million. Later it was decreased to
Bht. 600,000, which
was held by
3 partners as
follows:
Mr. Tanan Punwatanawit Bht. 250,000
[Unlimited Partner]
Mrs. Siem-eng Saelee Bht. 250,000
Mr. Mana Panichpreecha Bht. 100,000
In 1996, the
capital was increased
to Bht. 3,400,000
which was carried
by 7 persons
as follows:
Mr. Mana Panichpreecha Bht. 250,000
Mrs. Siem-eng Saelee Bht. 650,000
Mr. Tanan Punwatanawit Bht. 600,000
[Unlimited Partner]
Mr. Panya Punwatanawit Bht. 600,000
Ms. Suthida Punwatanawit Bht. 600,000
Mr. Vithayaporn Punwatanawit Bht. 600,000
Mr. Surakij Panichpreecha Bht. 100,000
On April 21,
1999 the capital
of Bht. 3,400,000
was carried by
5 persons as followed:
Name Age Amount
Mr. Tanan Punwatanawit [76] Bht.
600,000 [Unlimited Partner]
Mrs. Saowapa Punwatanawit [67] Bht.
650,000
Mr. Panya Punwatanawit [47] Bht.
750,000
Ms. Suthida Punwatanawit [44] Bht. 700,000
Mr. Vithayaporn Punwatanawit [41] Bht.
700,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Kasem Toonkrisana
No. 5643
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
22,753,054.00 |
25,432,559.73 |
|
Trade Accounts & Notes
Receivable |
155,217,187.00 |
98,467,298.28 |
|
Inventories |
42,871,950.00 |
43,126,587.00 |
|
Other Current Assets
|
6,591,161.92 |
6,467,756.80 |
|
Total Current Assets
|
227,433,352.92 |
173,494,201.81 |
|
|
|
|
|
Fixed Assets |
7,050,093.53 |
5,036,978.19 |
|
Intangible Assets |
21,714.99 |
26,691.61 |
|
Other Assets |
9,195,545.48 |
9,195,545.48 |
|
Total Assets |
243,700,706.92 |
187,753,417.09 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
73,814,557.80 |
33,421,468.52 |
|
Other Current Liabilities |
10,339,271.16 |
8,470,503.36 |
|
Total Current Liabilities |
84,153,828.96 |
41,891,971.88 |
|
Long Term Loan |
40,000,000.00 |
40,000,000.00 |
|
Total Liabilities |
124,153,828.96 |
81,891,971.88 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Capital Paid |
3,400,000.00 |
3,400,000.00 |
|
Retained Earning -
Unappropriated |
116,146,877.96 |
102,461,445.21 |
|
Total Shareholders' Equity |
119,546,877.96 |
105,861,445.21 |
|
Total Liabilities & Shareholders' Equity |
243,700,706.92 |
187,753,417.09 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
505,399,847.83 |
487,685,992.21 |
|
Other Income |
4,130,550.00 |
475.08 |
|
Total Revenues |
509,530397.83 |
487,686,467.29 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
458,242,687.91 |
436,294,614.63 |
|
Selling & Administrative Expenses |
12,787,695.47 |
13,168,203.23 |
|
Loss on Exchange Rate |
12,735,468.05 |
12,215,883.08 |
|
Financial Expenses |
1,408,454.17 |
1,475,322.19 |
|
Loss on Exchange Rate |
337,616.88 |
3,772,881.79 |
|
Total Expenses |
485,511,922.48 |
466,926,904.92 |
|
Profit/[Loss] Before Income Tax |
24,018,475.35 |
20,759,562.37 |
|
Income Tax |
[6,933,042.60] |
[6,051,166.47] |
|
Net Profit / [Loss] |
17,085,432.75 |
14,708,395.90 |
|
Retained Earning, beginning
of year |
102,461,445.21 |
87,753,049.31 |
|
Less: Dividend |
[3,400,000.00] |
- |
|
Retained Earning, end
of year |
116,146,877.96 |
102,461,445.21 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.70 |
4.14 |
|
QUICK RATIO |
TIMES |
2.11 |
2.96 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
71.69 |
96.82 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.07 |
2.60 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
34.15 |
36.08 |
|
INVENTORY TURNOVER |
TIMES |
10.69 |
10.12 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
112.10 |
73.70 |
|
RECEIVABLES TURNOVER |
TIMES |
3.26 |
4.95 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
58.79 |
27.96 |
|
CASH CONVERSION CYCLE |
DAYS |
87.45 |
81.82 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.67 |
89.46 |
|
SELLING & ADMINISTRATION |
% |
2.53 |
2.70 |
|
INTEREST |
% |
0.28 |
0.30 |
|
GROSS PROFIT MARGIN |
% |
10.15 |
10.54 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.75 |
4.26 |
|
NET PROFIT MARGIN |
% |
3.38 |
3.02 |
|
RETURN ON EQUITY |
% |
14.29 |
13.89 |
|
RETURN ON ASSET |
% |
7.01 |
7.83 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.51 |
0.44 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.04 |
0.77 |
|
TIME INTEREST EARNED |
TIMES |
17.05 |
14.07 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
3.63 |
|
|
OPERATING PROFIT |
% |
15.70 |
|
|
NET PROFIT |
% |
16.16 |
|
|
FIXED ASSETS |
% |
39.97 |
|
|
TOTAL ASSETS |
% |
29.80 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.15 |
Deteriorated |
Industrial Average |
23.64 |
|
Net Profit Margin |
3.38 |
Impressive |
Industrial Average |
(2.40) |
|
Return on Assets |
7.01 |
Impressive |
Industrial Average |
1.92 |
|
Return on Equity |
14.29 |
Impressive |
Industrial Average |
9.45 |
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 10.15%. 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. Net Profit Margin ratio is 3.38%
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 ratio is
7.01%, 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 ratio
is 14.29%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
2.70 |
Deteriorated |
Industrial Average |
25.49 |
|
Quick Ratio |
2.11 |
|
|
|
|
Cash Conversion Cycle |
87.45 |
|
|
|
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 2.7 times in 2010, decrease from 4.14 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 2.11 times in 2010,
decrease from 2.96 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 88 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.51 |
Impressive |
Industrial Average |
0.81 |
|
Debt to Equity Ratio |
1.04 |
Satisfactory |
Industrial Average |
1.57 |
|
Times Interest Earned |
17.05 |
Deteriorated |
Industrial Average |
394.43 |
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 17.06 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 0.51 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
71.69 |
Deteriorated |
Industrial Average |
3,626.51 |
|
Total Assets Turnover |
2.07 |
Satisfactory |
Industrial Average |
2.26 |
|
Inventory Conversion Period |
34.15 |
|
|
|
|
Inventory Turnover |
10.69 |
Deteriorated |
Industrial Average |
35.34 |
|
Receivables Conversion Period |
112.10 |
|
|
|
|
Receivables Turnover |
3.26 |
Deteriorated |
Industrial Average |
10.42 |
|
Payables Conversion Period |
58.79 |
|
|
|
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.49.14 |
|
|
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
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.