MIRA
INFORM REPORT
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Report Date : |
14.04.2012 |
IDENTIFICATION DETAILS
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Name : |
GIS PHARMA LIMITED PARTNERSHIP |
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Registered Office : |
1st Floor,
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.10.2002 |
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Com. Reg. No.: |
0103545032387 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and Distributor of Pharmaceuticals and
Medical Instruments |
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No. of Employees : |
22 |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
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
GIS PHARMA LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 1st FLOOR,
THAIRONG TOWER,
1350/714 PATTANAKARN
ROAD, SUANLUANG,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2717-5202-3
FAX
:
[66] 2717-5220
E-MAIL
ADDRESS : gis@gispharma.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0103545032387 [Former
: 20454500466]
CAPITAL REGISTERED : BHT.
4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
PARTNERS
PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MS.
KUPACHAKA ARTPRASIT, THAI
MANAGING PARTNER
NO.
OF STAFF : 22
LINES
OF BUSINESS : PHARMACEUTICALS AND
MEDICAL INSTRUMENTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on October 14,
2002 as a
limited partnership under
the name style GIS
PHARMA LIMITED PARTNERSHIP
by Thai - Indian partners, with the
business objective to
import and distribute
wide range of
pharmaceuticals and medical
instruments to domestic
market. Subject currently
employs 22 staff.
The subjects registered address is 1st
Flr., Thairong Tower,
1350/714 Pattanakarn Rd., Suanluang, Bangkok
10250, and this
is the subjects
current operation address.
AUTHORIZED PERSON
Ms. Kupachaka
Artprasit
can sign on
behalf of the
subject with seal
affixed. She also
bears full financial
responsibility by law.
MANAGEMENT
Ms. Kupachaka
Artprasit
is the Managing
Partner.
She is Thai
nationality with the
age of 38
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of pharmaceuticals and
medical instruments.
IMPORT
Most of the
products are imported
from India, Taiwan,
U.S.A. and Germany.
MAJOR SUPPLIER
Unique Pharmaceutical Laboratories
Ltd. : India
SALES
The
products are sold
locally by wholesale
to dealers and
end-users, mainly hospital
and drug store.
MAJOR
CUSTOMERS
Maharat Nakhon Ratchasima Hospital
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.
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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 22
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branches:
-
8th Flr., Thairong Tower, 1350/94-96
Pattanakarn
Rd., Suanluang, Bangkok
10250.
-
1st Flr., Thairong Tower,
1350/710 Pattanakarn Rd., Suanluang,
Bangkok 10250.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 200,000.
COMMENT
The
subject is an
importer and distributor of pharmaceutical and
medical instruments. The
products are reputable
among specialists in
disease treatment. Subject reported
moderate business in 2010.
The products have
been served to
Government Pharmaceutical Organization
as well as
expanding into private
hospitals.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
which was carried
by 3 persons
as followed:
Name Amount
Ms. Kupachaka Artprasit Bht. 660,000 [Unlimited
Partner]
Ms. Zeeta
Budtiya Bht. 660,000
Mr. Gopalarrishnan Vallikkattu Mangalath Valapil Bht. 680,000
On July 8,
2011, the capital
was increased to Bht. 4,000,000,
which was carried
by 3 persons
as followed:
Name Age Amount
Ms. Kupachaka Artprasit 38 Bht. 1,330,000
[Unlimited Partner]
Ms. Zeeta
Budtiya 38 Bht. 1,330,000
Mr. Gopalarrishnan Vallikkattu Mangalath Valapil 65 Bht. 1,340,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Pairoj
Chanthai No. 2823
Note:
The 2011 financial
statement has not
been submitted to
the Commercial Registration
Department during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
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Cash and Cash Equivalents |
2,534,319.86 |
1,868,064.37 |
|
Short-term Investment |
3,546,031.79 |
3,529,200.90 |
|
Trade Accounts Receivable
|
13,868,245.13 |
8,587,306.31 |
|
Inventories |
8,377,992.07 |
8,529,148.45 |
|
Other Current Assets
|
258,447.56 |
543,927.23 |
|
Total Current Assets
|
28,585,036.41 |
23,057,647.26 |
|
|
|
|
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Fixed Assets |
534,673.68 |
977,629.94 |
|
Other Assets |
359,666.00 |
257,171.00 |
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Total Assets |
29,479,376.09 |
24,292,448.20 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
15,369,606.51 |
11,542,328.10 |
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Trade Accounts Payable |
10,017,013.12 |
7,039,467.27 |
|
Current Portion of
Long-term Loans |
1,285,216.77 |
1,183,318.01 |
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Other Current Liabilities |
1,079,454.51 |
1,014,408.39 |
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Total Current Liabilities |
27,751,290.91 |
20,779,521.77 |
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Long-term Loan from Person or Related Company |
1,200,522.16 |
160,000.00 |
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Other Long-term Loan |
- |
1,625,878.14 |
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Total Liabilities |
28,951,813.07 |
22,565,399.91 |
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Shareholders' Equity |
|
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
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Retained Earning - Unappropriated
|
[1,472,436.98] |
[272,951.71] |
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Total Shareholders' Equity |
527,563.02 |
1,727,048.29 |
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Total Liabilities &
Shareholders' Equity |
29,479,376.09 |
24,292,448.20 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
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|
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Sales Income |
35,958,759.47 |
34,586,176.50 |
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Gain on Exchange Rate |
801,362.70 |
977,137.77 |
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Other Income |
1,043,413.21 |
936,209.17 |
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Total Revenues |
37,803,535.38 |
36,499,523.44 |
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Expenses |
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Cost of Goods
Sold |
26,673,235.58 |
30,105,072.31 |
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Selling Expenses |
3,402,464.13 |
2,181,777.31 |
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Administrative Expenses |
7,594,883.87 |
7,594,883.87 |
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Total Expenses |
37,670,583.58 |
39,881,733.49 |
|
Profit / [Loss] before Financial Cost & Income Tax |
511,162.59 |
[3,382,210.05] |
|
Financial Cost |
[1,710,647.86] |
[1,152,248.76] |
|
Income Tax |
- |
- |
|
Net Profit / [Loss] |
[1,199,485.27] |
[4,534,458.81] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
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LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.03 |
1.11 |
|
QUICK RATIO |
TIMES |
0.72 |
0.67 |
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ACTIVITY RATIO |
|
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|
|
FIXED ASSETS TURNOVER |
TIMES |
67.25 |
35.38 |
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TOTAL ASSETS TURNOVER |
TIMES |
1.22 |
1.42 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
114.65 |
103.41 |
|
INVENTORY TURNOVER |
TIMES |
3.18 |
3.53 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
140.77 |
90.62 |
|
RECEIVABLES TURNOVER |
TIMES |
2.59 |
4.03 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
137.07 |
85.35 |
|
CASH CONVERSION CYCLE |
DAYS |
118.34 |
108.69 |
|
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PROFITABILITY
RATIO |
|
|
|
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COST OF GOODS SOLD |
% |
74.18 |
87.04 |
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SELLING & ADMINISTRATION |
% |
30.58 |
28.27 |
|
INTEREST |
% |
4.76 |
3.33 |
|
GROSS PROFIT MARGIN |
% |
30.95 |
18.49 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.37 |
(9.78) |
|
NET PROFIT MARGIN |
% |
(3.34) |
(13.11) |
|
RETURN ON EQUITY |
% |
(227.36) |
(262.56) |
|
RETURN ON ASSET |
% |
(4.07) |
(18.67) |
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|
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LEVERAGE RATIO |
|
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DEBT RATIO |
TIMES |
0.98 |
0.93 |
|
DEBT TO EQUITY RATIO |
TIMES |
54.88 |
13.07 |
|
TIME INTEREST EARNED |
TIMES |
0.08 |
(2.94) |
|
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ANNUAL GROWTH |
|
|
|
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SALES GROWTH |
% |
3.97 |
|
|
OPERATING PROFIT |
% |
(103.93) |
|
|
NET PROFIT |
% |
73.55 |
|
|
FIXED ASSETS |
% |
(45.31) |
|
|
TOTAL ASSETS |
% |
21.35 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.95 |
Impressive |
Industrial
Average |
22.82 |
|
Net Profit Margin |
(3.34) |
Deteriorated |
Industrial
Average |
2.01 |
|
Return on Assets |
(4.07) |
Deteriorated |
Industrial
Average |
3.81 |
|
Return on Equity |
(227.36) |
Deteriorated |
Industrial Average |
10.23 |
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 companys figure is 30.95%. 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 -3.34%.
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 -4.07%.
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 -227.36%.
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 |
1.03 |
Acceptable |
Industrial
Average |
1.60 |
|
Quick Ratio |
0.72 |
|
|
|
|
Cash Conversion Cycle |
118.34 |
|
|
|
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 1.03 times in 2010, decreased from 1.11 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 0.72 times in 2010,
increased from 0.67 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 119 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.98 |
Acceptable |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
54.88 |
Risky |
Industrial
Average |
1.55 |
|
Times Interest Earned |
0.08 |
Risky |
Industrial
Average |
3.80 |
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 0.08 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 0.98 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 |
67.25 |
Impressive |
Industrial
Average |
8.53 |
|
Total Assets Turnover |
1.22 |
Acceptable |
Industrial
Average |
1.90 |
|
Inventory Conversion Period |
114.65 |
|
|
|
|
Inventory Turnover |
3.18 |
Satisfactory |
Industrial
Average |
3.93 |
|
Receivables Conversion Period |
140.77 |
|
|
|
|
Receivables Turnover |
2.59 |
Satisfactory |
Industrial
Average |
2.79 |
|
Payables Conversion Period |
137.07 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.42 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
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 SCs 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.