MIRA INFORM REPORT
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Report Date : |
03.04.2012 |
IDENTIFICATION DETAILS
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Name : |
RECKITT BENCKISER HEALTHCARE MANUFACTURING [ |
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Formerly Known As : |
THE BOOTS MANUFACTURING CO. [THAILAND] LTD. |
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Registered Office : |
65 Moo 12, Ladkrabang-Bangplee Road, T. Bangpleeyai, A. Bangplee, Samutprakarn 10540 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.12.1977 |
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Com. Reg. No.: |
0105520018811 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer & distributor of medical, pharmaceutical and household products |
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No. of Employees
: |
230 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b2 |
b2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
RECKITT BENCKISER HEALTHCARE MANUFACTURING [THAILAND] LTD.
[FORMER : THE BOOTS MANUFACTURING
CO. [THAILAND] LTD.]
SUMMARY
BUSINESS
ADDRESS : 65
MOO 12, LADKRABANG-BANGPLEE ROAD,
T.
BANGPLEEYAI,
A. BANGPLEE,
SAMUTPRAKARN
10540, THAILAND
TELEPHONE : [66] 2337-3620-8
FAX :
[66] 2337-3629-30
E-MAIL
ADDRESS : suthep.veerawatananan@bhint.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1977
REGISTRATION
NO. : 0105520018811 [Former : 1881/2520]
CAPITAL REGISTERED : BHT. 58,000,000
CAPITAL PAID-UP : BHT.
58,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ATAUR RASHID SAFDAR,
INDIAN
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 230
LINES
OF BUSINESS : MEDICAL, PHARMACEUTICAL AND HOUSEHOLD
PRODUCTS
MANUFACTURER & 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
December 21, 1977 as
a private limited
company, under the
originally registered name “The
Boots Manufacturing Co.
[Thailand] Ltd.” by a
joint venture between
Thai and British
groups, in order
to manufacture, import
and distribute medical
and pharmaceutical and household
products to domestic and international markets.
The
subject was initially an
affiliated of The
Boots PLC, United
Kingdom, which is
a member of
The Boots Group,
holding around 49.00%
of the subject’s shares.
In
May 2002, Boots Holding [BHI]
Limited, United Kingdom, has
taken the subject’s
shares, then became
the major shareholder
of the subject.
In
February 2006, the
subject has been
taken over by
Reckitt Benckiser PLC.,
then its name was changed
to RECKITT BENCKISER
HEALTHCARE MANUFACTURING [THAILAND] LTD., on October 17, 2006.
Its business became
to manufacture and
distribute pharmaceutical and
healthcare products to
both domestic and international
markets. Its production
has been achieved
the quality standard
for the production
by MHRA, Australian
TGA, Thai FDA
and Tanzania FDA.
Presently, the subject is a wholly
owned subsidiary of Reckitt Benckiser
Holding [Thailand] Ltd. It currently employs approximate
230 staff.
The
subject’s registered address
is 65 Moo 12, Ladkrabang-Bangplee Rd.,
Bangpleeyai, Bangplee, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Dimokratis Tsakiris |
|
Greek |
48 |
|
Mr. Ataur Rashid
Safdar |
|
Indian |
43 |
|
Ms. Ashish Gupta |
|
Indian |
35 |
|
Ms. Sumitra Meesuwan |
|
Thai |
49 |
|
Mrs. Kesinee Valeeitthikul |
|
Thai |
51 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Ataur Rashid
Safdar is the Chief Executive
Officer.
He is Indian
nationality with the
age of 43
years old.
Mr. Apichid Kanokpongphaibul is
the Production Manager.
He is Thai
nationality.
Mr. Santi Kaewpradit
is the Account
& Finance Manager.
He is Thai
nationality.
Ms. Ratchaneekorn Sangkanaporn is
the Human Resources
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s core business
is engaged in
manufacturing and distributing
antiseptic lozenge for
the relief of
mouth and throat
infections with added
vitamin C under
brand name “STREPSILS”,
as well as
various forms of
pharmaceutical & healthcare
and household products.
BRAND NAMES
“STREPSILS”, “NUROFEN”, “BURNOL”,
“TUSSILE”, “STREPTUSS AX”,
“DETTOL”, “AIR WICK”, “VANISH”
and etc.
IMPORT
Raw
materials & chemicals are
purchased from supplier
both in domestic and
overseas, mainly in
United Kingdom, Germany, New
Zealand, Japan and
France.
MAJOR
SUPPLIER
Reckitt
Benckiser Healthcare Ltd. : U.K.
SALES
[LOCAL]
100% of its
products is sold
locally by wholesale
to Reckitt Benckiser [Thailand] Ltd.
PARENT
COMPANY
Reckitt Benckiser Holding [Thailand] Ltd.
Address: 14th
Floor, K Tower, 209 Sukhumvit
21 Rd., Klongtoey Nua,
Wattana,
Bangkok.
RELATED/ASSOCIATED COMPANIES
Reckitt Benckiser Healthcare
[Thailand] Ltd.
Business Type: Importer &
distributor of pharmaceutical & healthcare products
Reckitt Benckiser [Thailand] Ltd.
Business Type: Distributor of
pharmaceutical and
healthcare products
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.
BUSINESS
TRANSACTION
The
products are sold
both by cash
and credit with
given at 30-60
days. The subject
is not found
to have problem on
its account receivable.
BANKING
Bangkok
Bank Public Co., Ltd.
[Bangplee Branch :
Bangna-Trad Rd., Km 15,
Bangplee, Samutprakarn 10540]
Kasikornbank
Public Co., Ltd.
[Bangplee Branch : 68/11-13 Moo 1,
Bangna-Trad Rd., Bangplee,
Samutprakarn 10540]
EMPLOYMENT
The
subject employs approximately
230 staff [office
staff and factory
workers].
LOCATION
DETAILS
The premise is rented for administrative office, factory and
warehouse at the heading
address. Premise is
located in industrial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
5,000,000.
COMMENT
The
company delivered another
strong year, exceeding
both its net sale
target and net income
in an increasingly
tough environment. Growth
was driven in particular by
excellent growth in emerging
markets, and growth in
Powerbrands. Personal care was
driven by the
continued to deliver
an encourage result.
Its
manufacturing facility in
Thailand primarily manufactures Strepsils.
It drives growth across
the household, personal and health care sectors, with several recent new
product launches, including Air Wick.
Key brands also include Dettol, and it has enjoyed real success with
Powerbrands like Vanish. The company
has recently increased
net sales in Thailand
market.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 100,000
divided into 1,000
shares of Bht.
100 each.
The
capital was increased
later as follows:
Bht. 3,000,000
on July 23,
1997
Bht. 4,000,000
on May 26,
2005
Bht. 8,000,000
on December 19,
2006
Bht. 58,000,000
on November 8,
2011
The
latest registered capital
was increased to
Bht. 58,000,000 divided
into 580,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as
at October 21,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Reckitt Benckiser Holding
[Thailand] Ltd. Nationality: Thai Address : 14th
Floor, K Tower, 209 Sukhumvit 21 Rd., Klongton
Nua, Wattana, Bangkok |
579,993 |
100.00 |
|
R & C Nominees One Ltd. Nationality: British Address : 103-105 Bath
Rode Slought, Berkshire, SL 1 3 UH, England |
2 |
- |
|
R & C Nominees Two Ltd. Nationality: British Address : 103-105 Bath
Rode Slought, Berkshire, SL 1 3 UH, England |
2 |
- |
|
Mr. Veerasak Inchanteuk Nationality: Thai Address : 41 Sukhumvit 101/11, Bangchak, Prakanong, Bangkok |
1 |
- |
|
Mr. Pairach Harurawee Nationality: Thai Address : 42/5-6, Soi
Ngamduplee, Tungmahamek, Sathorn, Bangkok
|
1 |
- |
|
Mrs. Wanpen Harnrawee Nationality: Thai Address : 42/5-6, Soi
Ngamduplee, Tungmahamek, Sathorn, Bangkok
|
1 |
- |
Total Shareholders : 6
Share Structure [as
at October 21,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
579,996 |
100.00 |
|
British |
2 |
4 |
- |
|
Total |
6 |
580,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kajornkiat Aroonpairojkul No.
3445
Note
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
41,179,760 |
48,327,677 |
|
Accts. Receivable from
Related Company |
134,653,565 |
98,046,382 |
|
Short-term Investment |
8,736,014 |
1,656,319 |
|
Inventories |
20,746,360 |
21,429,574 |
|
Other Current Assets
|
18,437,352 |
8,834,671 |
|
|
|
|
|
Total Current Assets
|
223,753,051 |
178,294,623 |
|
Fixed Assets |
260,066,073 |
170,427,505 |
|
Total Assets |
483,819,124 |
348,722,128 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accts. Payable |
89,936,892 |
39,107,583 |
|
Other Payable |
46,435,144 |
50,494,632 |
|
Related Companies Payable |
17,829,547 |
15,500,343 |
|
Accrued Income Tax |
39,645,364 |
17,837,063 |
|
Accrued Expenses |
21,173,755 |
22,638,129 |
|
Other Current Liabilities |
3,889,032 |
3,650,223 |
|
|
|
|
|
Total Current Liabilities |
218,909,734 |
149,227,973 |
|
Estimated Liabilities for
Employees’ Benefits |
37,182,960 |
24,937,995 |
|
Total Liabilities |
256,092,694 |
174,165,968 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid
share capital 80,000
shares |
8,000,000 |
8,000,000 |
|
|
|
|
|
Capital Paid |
8,000,000 |
8,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
800,000 |
800,000 |
|
Unappropriated |
218,926,430 |
165,756,160 |
|
Total Shareholders' Equity |
227,726,430 |
174,556,160 |
|
Total Liabilities &
Shareholders' Equity |
483,819,124 |
348,722,128 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
742,203,405 |
530,143,463 |
|
Gain on Exchange Rate |
2,804,940 |
469,021 |
|
Other Income |
2,603,481 |
7,153,554 |
|
Total Sales |
747,611,826 |
537,766,038 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
564,148,327 |
426,051,542 |
|
Administrative Expenses |
23,069,003 |
29,533,000 |
|
Total Expenses |
587,217,330 |
455,584,542 |
|
|
|
|
|
Profit / [Loss] before
Income Tax |
160,394,496 |
82,181,496 |
|
Income Tax |
[55,379,426] |
[30,420,665] |
|
|
|
|
|
Net Profit / [Loss] |
105,015,070 |
51,760,831 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.02 |
1.19 |
|
QUICK RATIO |
TIMES |
0.84 |
0.99 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.85 |
3.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.53 |
1.52 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
13.42 |
18.36 |
|
INVENTORY TURNOVER |
TIMES |
27.19 |
19.88 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
58.19 |
33.50 |
|
CASH CONVERSION CYCLE |
DAYS |
(44.77) |
(15.14) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
76.01 |
80.37 |
|
SELLING & ADMINISTRATION |
% |
3.11 |
5.57 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
24.72 |
21.07 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
21.61 |
15.50 |
|
NET PROFIT MARGIN |
% |
14.15 |
9.76 |
|
RETURN ON EQUITY |
% |
46.11 |
29.65 |
|
RETURN ON ASSET |
% |
21.71 |
14.84 |
|
EARNING PER SHARE |
BAHT |
1,312.69 |
647.01 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.53 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.12 |
1.00 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
40.00 |
|
|
OPERATING PROFIT |
% |
95.17 |
|
|
NET PROFIT |
% |
102.89 |
|
|
FIXED ASSETS |
% |
52.60 |
|
|
TOTAL ASSETS |
% |
38.74 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
24.72 |
Impressive |
Industrial
Average |
21.96 |
|
Net Profit Margin |
14.15 |
Impressive |
Industrial
Average |
5.14 |
|
Return on Assets |
21.71 |
Impressive |
Industrial
Average |
7.32 |
|
Return on Equity |
46.11 |
Impressive |
Industrial
Average |
15.30 |
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 24.72%. When
compared with the industry average, the ratio of the company was higher, this
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. The company’s figure is 14.15% 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
21.71%, 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 46.11%, 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 |
1.02 |
Acceptable |
Industrial
Average |
1.58 |
|
Quick Ratio |
0.84 |
|
|
|
|
Cash Conversion Cycle |
(44.77) |
|
|
|
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 1.02 times in 2010, decreased from 1.19 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 0.84 times in 2010,
decreased from 0.99 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 -45 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.53 |
Acceptable |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
1.12 |
Risky |
Industrial
Average |
0.95 |
|
Times Interest Earned |
- |
|
Industrial
Average |
5.40 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.53 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 |
2.85 |
Satisfactory |
Industrial
Average |
3.01 |
|
Total Assets Turnover |
1.53 |
Impressive |
Industrial
Average |
1.42 |
|
Inventory Conversion Period |
13.42 |
|
|
|
|
Inventory Turnover |
27.19 |
Impressive |
Industrial
Average |
3.66 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
2.77 |
|
Payables Conversion Period |
58.19 |
|
|
|
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.51.16 |
|
UK Pound |
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.68.34 |
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.