MIRA INFORM REPORT
|
Report Date : |
10.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
INTER
PHARMAPLUS CO., LTD. |
|
|
|
|
Registered Office : |
9
Soi Serithai 81/2,
Serithai Road, Kannayao, Bangkok
10230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.04.2011 |
|
|
|
|
Date of Incorporation : |
11.05.2004 |
|
|
|
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Com. Reg. No.: |
0105547063800 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor
of hard gelatin capsules |
|
|
|
|
No. of Employees
: |
12 |
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 |
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|
|
|
Payment
Behaviour : |
No Complaints |
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|
|
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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 |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
INTER PHARMAPLUS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 9 SOI SERITHAI
81/2, SERITHAI ROAD,
KANNAYAO, BANGKOK
10230, THAILAND
TELEPHONE : [66] 2919-9429-30,
2919-8303, 089 202-9512
FAX : [66] 2906-0244
E-MAIL ADDRESS : pharma@inter-pharmaplus.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0105547063800 [Former
: 0108554706931]
CAPITAL REGISTERED : BHT.
10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : APRIL 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. NATTHANAREE DAENGVICHIT,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 12
LINES OF BUSINESS : HARD
GELATIN CAPSULES
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on May 11,
2004 as a
private limited company
under the name
style INTER PHARMAPLUS CO.,
LTD., by
Thai group, Trangkanont
family, in order
to import and
distribute hard gelatin
capsule products. It
currently employs 12
staff.
The subject’s registered
address was initially at 170/4 Moo 3, Soi Serithai
1, Serithai Rd., Kannayao, Bangkok 10230.
On
November 3, 2006,
the registered address
was changed from “170/4 Moo 3, Soi Serithai
1” to “9 Soi
Serithai 81/2” by
the Government district office, actually both
are the same
location. This is
also the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Natthanaree Daengvichit |
|
Thai |
38 |
|
Ms. Lakhana Trangkanont |
|
Thai |
43 |
AUTHORIZED PERSON
One of the
above directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Ms. Natthanaree Daengvichit is
the Managing Director.
She is Thai
nationality with the
age of 38
years old.
BUSINESS OPERATIONS
The subject is engaged in importing and distributing hard gelatin
capsules for pharmaceutical, herbal
and additive food
production industries.
IMPORT
Most
of the products
are imported from
India.
MAJOR
SUPPLIER
Healthcaps
India Ltd. : India
SALES
100% of the
products is sold
locally by wholesale
to dealers and
manufacturers.
MAJOR
CUSTOMER
The
Government Pharmaceutical Organization
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
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Klongchan Branch :
Serithai Rd., Klongchan,
Bangkapi, Bangkok]
EMPLOYMENT
The
subject employs 12
staff. [office and
sales staff]
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
Despite Thai
manufactures can produce
hard gelatin capsule,
but it is
not enough for
strong demand of
pharmaceutical, herb
medicine and supplement
products industries.
The products
which has been
imported and distributed
by subject has
strongly grown in
line with demand
from local industries.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The
capital was increased
later as follows:
Bht. 3,000,000
on May 26,
2005
Bht. 10,000,000
on July 13,
2009
The
latest registered capital
was increased to Bht. 10,000,000 divided
into 100,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
August 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Natthanaree Daengvichit Nationality: Thai Address : 405/1
Moo 12, Serithai
Rd., Kannayao, Bangkok |
82,999 |
83.00 |
|
Ms. Lakhana Trangkanont Nationality: Thai Address : 144
Suansayam Rd., Kannayao,
Bangkok |
17,000 |
17.00 |
|
Ms. Amphan Trangkanont Nationality: Thai Address : 261
Moo 5, Thakham, Palian,
Trang |
1 |
- |
Total Shareholders : 3
Share
Structure [as
at August 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
100,000 |
100.00 |
NAME OF AUDIOTOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Vimol Pinthupeerakovit No. 6009
BALANCE SHEET [BAHT]
The latest financial figures published as at April 30, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
16,043,680.16 |
12,222,046.20 |
|
Trade Accounts Receivable
|
28,014,524.03 |
20,095,999.54 |
|
Inventories |
8,088,019.56 |
15,356,034.31 |
|
Other Current Assets
|
2,372,150.27 |
1,717,388.15 |
|
|
|
|
|
Total Current Assets
|
54,518,374.02 |
49,391,468.20 |
|
Long-term Loan to Related Person |
- |
- |
|
Fixed Assets |
2,168,694.08 |
3,134,658.96 |
|
Cash at Bank Pledged as
a Collateral |
2,117,247.88 |
2,098,722.67 |
|
Total Assets |
58,804,315.98 |
54,624,849.83 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft from Financial Institutions |
1,614,256.59 |
1,045,497.81 |
|
Trade Accounts Payable
|
36,039,865.21 |
28,767,331.56 |
|
Current Portion of
Long-term Hire-purchase Contract Liabilities |
625,559.55 |
809,763.34 |
|
Current Portion of
Long-term Loans from Financial Institutions |
3,285,479.90 |
3,701,626.26 |
|
Other Current Liabilities |
363,065.65 |
116,571.58 |
|
|
|
|
|
Total Current Liabilities |
41,928,226.90 |
34,440,790.55 |
|
Long-term Hire-purchase Contract Liabilities, net |
154,117.70 |
721,238.45 |
|
Long-term Loan from Financial
Institutions |
2,776,322.12 |
6,044,923.96 |
|
Total Liabilities |
44,858,666.72 |
41,206,952.96 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 100,000 shares
|
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning-Unappropriated
|
3,945,649.26 |
3,417,896.87 |
|
Total Shareholders' Equity |
13,945,649.26 |
13,417,896.87 |
|
Total Liabilities &
Shareholders' Equity |
58,804,315.98 |
54,624,849.83 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
144,322,545.72 |
130,986,333.27 |
|
Gain on Exchange Rate |
- |
- |
|
Other Income |
4,495,130.04 |
2,688,593.57 |
|
Total Revenues |
148,817,675.76 |
133,674,926.84 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
139,346,240.73 |
125,187,596.90 |
|
Selling Expenses |
639,077.93 |
479,702.50 |
|
Administrative Expenses |
6,656,376.51 |
5,699,866.07 |
|
Total Expenses |
146,641,695.17 |
131,367,165.47 |
|
|
|
|
|
Profit before Financial Cost &
Income Tax |
2,175,980.59 |
2,307,761.37 |
|
Financial Costs |
[1,384,035.62] |
[1,366,956.12] |
|
Profit before Income Tax |
791,944.97 |
940,805.25 |
|
Income Tax |
[264,192.58] |
[292,201.75] |
|
|
|
|
|
Net Profit / [Loss] |
527,752.39 |
648,603.50 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.30 |
1.43 |
|
QUICK RATIO |
TIMES |
1.05 |
0.94 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
66.55 |
41.79 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.45 |
2.40 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
21.19 |
44.77 |
|
INVENTORY TURNOVER |
TIMES |
17.23 |
8.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
70.85 |
56.00 |
|
RECEIVABLES TURNOVER |
TIMES |
5.15 |
6.52 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
94.40 |
83.87 |
|
CASH CONVERSION CYCLE |
DAYS |
(2.37) |
16.90 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.55 |
95.57 |
|
SELLING & ADMINISTRATION |
% |
5.05 |
4.72 |
|
INTEREST |
% |
0.96 |
1.04 |
|
GROSS PROFIT MARGIN |
% |
6.56 |
6.48 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.51 |
1.76 |
|
NET PROFIT MARGIN |
% |
0.37 |
0.50 |
|
RETURN ON EQUITY |
% |
3.78 |
4.83 |
|
RETURN ON ASSET |
% |
0.90 |
1.19 |
|
EARNING PER SHARE |
BAHT |
5.28 |
6.49 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.22 |
3.07 |
|
TIME INTEREST EARNED |
TIMES |
1.57 |
1.69 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
10.18 |
|
|
OPERATING PROFIT |
% |
(5.71) |
|
|
NET PROFIT |
% |
(18.63) |
|
|
FIXED ASSETS |
% |
(30.82) |
|
|
TOTAL ASSETS |
% |
7.65 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
6.56 |
Deteriorated |
Industrial
Average |
31.85 |
|
Net Profit Margin |
0.37 |
Impressive |
Industrial Average |
(8.20) |
|
Return on Assets |
0.90 |
Impressive |
Industrial
Average |
(0.68) |
|
Return on Equity |
3.78 |
Acceptable |
Industrial
Average |
6.86 |
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 6.56%. 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 0.37%,
higher figure when 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
0.9%, 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. When compared with the
industry average, it was lower, the company's figure is 3.78%.
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 |
1.30 |
Deteriorated |
Industrial
Average |
23.11 |
|
Quick Ratio |
1.05 |
|
|
|
|
Cash Conversion Cycle |
(2.37) |
|
|
|
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 1.3 times in 2011, decrease from 1.43 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 1.05 times in 2011,
increase from 0.94 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 -3 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Impressive |
Industrial
Average |
1.03 |
|
Debt to Equity Ratio |
3.22 |
Risky |
Industrial
Average |
1.27 |
|
Times Interest Earned |
1.57 |
Deteriorated |
Industrial
Average |
219.42 |
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 1.58 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 0.76 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 |
66.55 |
Deteriorated |
Industrial
Average |
9,574.74 |
|
Total Assets Turnover |
2.45 |
Impressive |
Industrial
Average |
1.77 |
|
Inventory Conversion Period |
21.19 |
|
|
|
|
Inventory Turnover |
17.23 |
Impressive |
Industrial
Average |
12.28 |
|
Receivables Conversion Period |
70.85 |
|
|
|
|
Receivables Turnover |
5.15 |
Deteriorated |
Industrial
Average |
13.02 |
|
Payables Conversion Period |
94.40 |
|
|
|
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.52.73 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.67.01 |
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.