MIRA
INFORM REPORT
|
Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
IPHARMA CO., LTD. |
|
|
|
|
Registered Office : |
51/20 MOO 4, Rama II Road,
Thakam, Bangkhunthien, Bangkok
10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
18.11.2009 |
|
|
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Com. Reg. No.: |
0105552125346 |
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|
|
Legal Form : |
Private Limited Company |
|
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|
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line of business
: |
Importing and Distributing of based chemical for pharmaceutical |
|
|
|
|
No. of Employees : |
7 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source
: CIA |
Company Name
IPHARMA CO., LTD.
SUMMARY
BUSINESS ADDRESS : 51/20 MOO 4, RAMA II ROAD, THAKAM,
BANGKHUNTHIEN,
BANGKOK 10150
TELEPHONE : [66] 2459-1786-9
FAX : [66] 2459-1788
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 2009
REGISTRATION NO. : 0105552125346
TAX ID NO. : 3033697155
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. NIWAT SOMPHOTPISUTH, THAI
MANAGING
DIRECTOR
NO. OF STAFF : 7
LINES OF BUSINESS : PHARMACEUTICAL CHEMICALS
IMPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR WITH NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The subject was
established on November
18, 2009 as
a private limited
company under the registered
name IPHARMA CO.,
LTD., by Thai groups, with the
business objective to
distribute chemicals for
pharmaceutical industry. It currently employs 7 staff.
The subject’s registered address
is 51/20 Moo
4, Rama II
Rd., Thakam,
Bangkhunthien,
Bangkok 10150, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Niwat
Somphotpisuth |
|
Thai |
43 |
|
Mrs. Nitaya
Machan |
|
Thai |
41 |
AUTHORIZED PERSON
Both of the
above directors jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Niwat
Somphotpisuth
is the Managing
Director.
He is Thai
nationality with the
age of 43
years old.
Mrs. Nitaya
Machan
is the Assistant
Managing Director.
She is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
based chemical for
pharmaceutical industry.
PURCHASE
60% of the
products is purchased
from local suppliers,
the remaining 40%
is imported from
Republic of China,
Germany, India and
Spain.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or 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 T/T.
BANKING
Bangkok Bank Public Co., Ltd.
EMPLOYMENT
The subject currently employs 7 staff.
LOCATION DETAILS
The premise is rented for administrative office at the heading
address. Premise is located in
commercial/residential area.
COMMENT
The subject is an
importer and distributor of
chemicals especially for
pharmaceutical industry. In
2011, the subject
encountered a slightly
decrease in sales, but
the situation started
picking up in
the first quarter
of 2012 with
rising demand from
industrial users. The subject’s business is growing steadily.
FINANCIAL INFORMATION
The capital was registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Nitaya
Machan Nationality: Thai Address : 51/2
Moo 4, Thakam, Bangkhunthien, Bangkok |
4,999 |
49.99 |
|
Mr. Niwat
Somphotpisuth Nationality: Thai Address : 543
Moo 8, Bangpakok, Rajburana,
Bangkok |
4,999 |
49.99 |
|
Mrs. Wanpen
Booncharoen Nationality: Thai Address : 49/283
Moo 10, Klongkum, Buengkum, Bangkok |
2 |
0.02 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Narathorn
Srifah
No. 9821
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
1,302,723.10 |
188,445.37 |
|
Trade Accounts Receivable
|
15,906,801.42 |
20,547,072.62 |
|
Inventories |
3,065,098.40 |
1,332,398.64 |
|
Other Current Assets
|
|
|
|
Advance for
Goods |
- |
342,343.30 |
|
Others |
68,364.92 |
1,430.07 |
|
|
|
|
|
Total Current Assets
|
20,342,987.84 |
22,411,690.00 |
|
|
|
|
|
Fixed Assets |
181,160.67 |
151,783.55 |
|
Total Assets |
20,524,148.51 |
22,563,473.55 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
17,033,802.18 |
19,604,285.13 |
|
Short-term Loan |
900,000.00 |
1,157,054.00 |
|
Accrued Income Tax |
77,062.66 |
39,833.04 |
|
Other Current Liabilities |
|
|
|
Accrued Withholding
Income Tax |
24,639.96 |
16,130.00 |
|
Revenue Department
Payable |
- |
73,419.07 |
|
Deferred Securities
Social |
606.00 |
550.00 |
|
|
|
|
|
Total Current Liabilities |
18,036,110.80 |
20,891,271.24 |
|
Total Liabilities |
18,036,110.80 |
20,891,271.24 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated |
1,488,037.71 |
672,202.31 |
|
Total Shareholders' Equity |
2,488,037.71 |
1,672,202.31 |
|
Total Liabilities & Shareholders' Equity |
20,524,148.51 |
22,563,473.55 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
44,899,935.58 |
54,662,167.02 |
|
Services Income |
- |
80,057.42 |
|
Interest Income |
6,517.20 |
1,422.51 |
|
Total Revenues |
44,906,452.78 |
54,743,646.95 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
40,984,837.11 |
51,283,511.26 |
|
Cost of Services |
- |
64,045.71 |
|
Selling Expenses |
939,561.85 |
1,056,042.52 |
|
Administrative Expenses |
1,993,583.52 |
1,520,626.43 |
|
Total Expenses |
43,917,982.48 |
53,924,225.92 |
|
|
|
|
|
Profit before Financial Costs &
Income Tax |
988,470.30 |
819,421.03 |
|
Financial Costs |
[54,907.07] |
- |
|
|
|
|
|
Profit / [Loss] before Income Tax |
933,563.23 |
819,421.03 |
|
Income Tax |
[117,727.83] |
[92,347.26] |
|
Net Profit / [Loss] |
815,835.40 |
727,073.77 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.13 |
1.07 |
|
QUICK RATIO |
TIMES |
0.95 |
0.99 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
247.85 |
360.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.19 |
2.43 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
27.30 |
9.47 |
|
INVENTORY TURNOVER |
TIMES |
13.37 |
38.54 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
129.31 |
137.00 |
|
RECEIVABLES TURNOVER |
TIMES |
2.82 |
2.66 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
151.70 |
139.36 |
|
CASH CONVERSION CYCLE |
DAYS |
4.91 |
7.12 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.28 |
93.80 |
|
SELLING & ADMINISTRATION |
% |
6.53 |
4.71 |
|
INTEREST |
% |
0.12 |
- |
|
GROSS PROFIT MARGIN |
% |
8.73 |
6.20 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.20 |
1.50 |
|
NET PROFIT MARGIN |
% |
1.82 |
1.33 |
|
RETURN ON EQUITY |
% |
32.79 |
43.48 |
|
RETURN ON ASSET |
% |
3.98 |
3.22 |
|
EARNING PER SHARE |
BAHT |
81.58 |
72.71 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.88 |
0.93 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.25 |
12.49 |
|
TIME INTEREST EARNED |
TIMES |
18.00 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(17.98) |
|
|
OPERATING PROFIT |
% |
20.63 |
|
|
NET PROFIT |
% |
12.21 |
|
|
FIXED ASSETS |
% |
19.35 |
|
|
TOTAL ASSETS |
% |
(9.04) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.73 |
Deteriorated |
Industrial Average |
23.49 |
|
Net Profit Margin |
1.82 |
Satisfactory |
Industrial Average |
2.23 |
|
Return on Assets |
3.98 |
Satisfactory |
Industrial Average |
4.38 |
|
Return on Equity |
32.79 |
Impressive |
Industrial Average |
11.28 |
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 8.73%. When compared with
the industry average, the ratio of the company was lower, 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 1.82%.
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 3.98%.
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 32.79%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.13 |
Acceptable |
Industrial Average |
1.66 |
|
Quick Ratio |
0.95 |
|
|
|
|
Cash Conversion Cycle |
4.91 |
|
|
|
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 1.13 times in 2011, increased from 1.07 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 0.95 times in 2011,
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 5 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.88 |
Acceptable |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
7.25 |
Risky |
Industrial Average |
1.40 |
|
Times Interest Earned |
18.00 |
Impressive |
Industrial Average |
4.39 |
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 18.01 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 0.88 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 |
247.85 |
Impressive |
Industrial Average |
9.02 |
|
Total Assets Turnover |
2.19 |
Impressive |
Industrial Average |
1.94 |
|
Inventory Conversion Period |
27.30 |
|
|
|
|
Inventory Turnover |
13.37 |
Impressive |
Industrial Average |
3.98 |
|
Receivables Conversion Period |
129.31 |
|
|
|
|
Receivables Turnover |
2.82 |
Satisfactory |
Industrial Average |
2.86 |
|
Payables Conversion Period |
151.70 |
|
|
|
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.55.65 |
|
UK Pound |
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.