MIRA
INFORM REPORT
|
Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
KENYAKU [ |
|
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Registered Office : |
90 Soi Ladprao 91 [Kesorn], Ladprao Road, Khlongchaokhunsing, Wangthonglang Bangkok 10310 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.04.1979 |
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Com. Reg. No.: |
0105522008660 |
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|
Legal Form : |
Private Limited Company |
|
|
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|
Line of Business : |
Manufacturer, Importer and Distributor of Pharmaceutical & Nutrition Food Products |
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|
No. of Employees : |
89 |
RATING & COMMENTS
|
MIRAs 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, 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 |
Company name
KENYAKU
[THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 90
SOI LADPRAO 91
[KESORN], LADPRAO ROAD,
KHLONGCHAOKHUNSING, WANGTHONGLANG,
BANGKOK 10310,
THAILAND
TELEPHONE : [66] 2542-1277
FAX :
[66] 2542-1285
E-MAIL
ADDRESS : od@kenyaku-thailand.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1979
REGISTRATION
NO. : 0105522008660
TAX
ID NO. : 3101126686
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
SHAREHOLDERS PROPORTION : THAI :
91.33%
JAPANESE :
8.67%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. TOON HANKRAIPONG,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 89
LINES
OF BUSINESS : PHARMACEUTICAL &
NUTRITION FOOD
PRODUCTS
MANUFACTURER, 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 April 27, 1979 as
a private limited
company under the registered
name KENYAKU [THAILAND]
LTD., by Thai and
Japanese groups, with the
business objective to manufacture, import and distribute wide range of pharmaceutical and
nutrition food products
to domestic market.
It currently employs
89 staff.
The subjects
registered address is 90 Soi Ladprao
91 [Kesorn], Ladprao Rd., Khlongchaokhunsing, Wangthonglang, Bangkok 10310, and
this is the
subjects current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Toon Hankraipong |
[x] |
Thai |
77 |
|
Mr. Peerapop Hankraipong |
[x] |
Thai |
28 |
|
Mr. Puraphat Hankraipong |
[x] |
Thai |
25 |
|
Ms. Vipha Tengming |
|
Thai |
32 |
|
Ms. Vatchareewan Seehapanya |
|
Thai |
28 |
|
Mr. Seishi Mitsumaki |
|
Japanese |
67 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can jointly sign
with anyone of
the rest directors
on behalf of
the subject with
companys affixed.
MANAGEMENT
Mr. Toon Hankraipong is the Managing
Director.
He is Thai
nationality with the
age of 77
years old.
Mr. Seishi Mitsumaki is
the Deputy Managing
Director.
He is Japanese
nationality with the
age of 67
years old.
Mr. Puraphat Hankraipong is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 25
years old.
Ms. Vipha Tengming is
the General Manager.
She is Thai
nationality with the
age of 32
years old.
Ms. Vatchareewan Seehapanya
is the Marketing
and Sales Manager.
She is Thai
nationality with the
age of 28
years old.
BUSINESS OPERATIONS
The subjects
core business is
engaged in manufacturing
and distributing wide
range of human pharmaceuticals products, such as
Antihistamine, Anti-tussive, Anti-inflammatory, Antibiotics,
Antacids, Vitamins and etc.,
as well as
nutrition foods.
The subject
also imports, re-packs
and distributes of
pharmaceutical products under
various brands.
PURCHASE
Raw
materials for the production are
purchased from local
supplier, while the
finished pharmaceutical products
are imported from
Japan, Germany, Republic
of China, France,
India, Spain and
Australia.
SALES
100% of the products is
sold locally to
wholesalers and end-users,
mainly hospital and
health centers both
private and government
sectors.
RELATED AND
AFFILIATED COMPANY
Schumit 1967 Co.,
Ltd.
Business Type :
Importer and distributor of
medical equipment.
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.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 89
office staff, pharmacists
and factory workers.
LOCATION DETAILS
The
premise is owned for administrative office and
factory at the
heading address. Premise
is located in
commercial/residential area.
COMMENT
The subject has a
moderate retail market as
well as a strong
core of mid-end consumers. Improving
economic conditions would
encourage consumer to spend
more on health
and pharmaceutical products
and this would
result in better
sales for the
subject.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 8,000,000 divided into 80,000 shares of
Bht. 100 each with fully
paid.
The
capital was increased
and decreased later
as follows:
Bht. 20,000,000
on June 14,
1985
Bht. 30,000,000
on January 30,
1991
Bht. 40,000,000
on June 26,
1996
Bht. 20,000,000 on
October 3, 2008
[decreased]
Bht. 30,000,000
on February 6,
2012
The
latest registered capital
was increased to
Bht. 30,000,000 divided into
600,000 shares of
Bht. 50 each with
fully paid.
MAIN
SHAREHOLDERS : [as
at February 2,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Toon Hankraipong Nationality: Thai Address : 578
Sukhumvit 56 Rd.,
Prakanongnua,
Wattana, Bangkok |
151,665 |
25.27 |
|
Schumit 1967 Co., Ltd. Nationality: Thai Address : 13
Ladprao 91 Rd.,
Wangthonglang, Bangkok |
144,000 |
24.00 |
|
Ms. Dusadee Hankraipong Nationality: Thai Address : 578
Sukhumvit 56 Rd., Prakanongnua,
Wattana, Bangkok |
30,000 |
5.00 |
|
Mr. Pisanu Sukonthamarn Nationality: Thai Address : 23/35
Salaya, Budhamonthon,
Nakornpathom |
20,250 |
3.38 |
|
Mr. Takkapong Hanpitakyart Nationality: Thai Address : 275
Ramkhamhaeng 64 Rd.,
Huamark,
Bangkapi, Bangkok |
20,000 |
3.33 |
|
Astem Co., Ltd. Nationality: Japanese Address : Oita,
Japan |
20,000 |
3.33 |
|
Mr. Sitthipong Hanpitakyart Nationality: Thai Address : 93
Ramkhamhaeng 64 Rd.,
Huamark,
Bangkapi, Bangkok |
15,001 |
2.50 |
|
Mr. Pinij Sukonthamarn Nationality: Thai Address : 2
Rimmaenam Maeklong Rd.,
Ampawa,
Samutsongkram |
14,800 |
2.47 |
|
Others |
184,284 |
30.72 |
Total Shareholders : 39
Share Structure [as
at February 2,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
35 |
548,000 |
91.33 |
|
Foreign - Japanese |
4 |
52,000 |
8.67 |
|
Total |
39 |
600000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Prawit Tangkhunsombat No.
0789
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 |
|
|
|
|
|
Cash in Hand
& at Bank |
2,198,424.68 |
859,130.13 |
|
Trade Accounts Receivable |
32,659,362.64 |
22,031,948.49 |
|
Short-term Loan to
Person or Related Company |
261,620.84 |
447,482.71 |
|
Inventories Finished Goods |
4,656,323.91 |
4,328,280.51 |
|
Raw Material
|
9,440,615.35 |
4,005,120.48 |
|
Packaging Material |
3,094,863.38 |
2,307,178.98 |
|
Work in
Progress |
2,436,239.38 |
1,377,115.26 |
|
Withholding Income Tax |
- |
57,471.14 |
|
Other Assets |
377,664.71 |
281,618.52 |
|
|
|
|
|
Total Current Assets
|
55,125,114.89 |
35,695,346.22 |
|
Fixed Assets |
16,499,361.03 |
15,123,825.91 |
|
Intangible Assets |
2,447,317.89 |
- |
|
Total Assets |
74,071,793.81 |
50,819,172.13 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
11,092,469.45 |
11,186,204.62 |
|
Trade Accounts Payable |
13,258,486.53 |
7,104,522.46 |
|
Current Portion of Long-term
Loan |
3,216,017.40 |
1,402,400.31 |
|
Custom Tax Payable |
440,754.66 |
277,679.22 |
|
Accrued Income Tax |
358,410.33 |
- |
|
Other Current Liabilities |
3,901,588.34 |
272,211.16 |
|
|
|
|
|
Total Current Liabilities |
32,267,726.71 |
20,243,017.77 |
|
Long-term Loan from
Person or Related Company |
17,165,371.10 |
8,416,292.21 |
|
Other Liabilities |
3,050,000.00 |
2,106,559.71 |
|
Total Liabilities |
52,483,097.81 |
30,765,869.69 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 50
par value authorized, issued
and fully paid share
capital 400,000 shares |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning -
Unappropriated |
1,588,696.00 |
53,302.44 |
|
Total Shareholders' Equity |
21,588,696.00 |
20,053,502.44 |
|
Total Liabilities & Shareholders' Equity |
74,071,793.81 |
50,819,172.13 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
80,510,251.51 |
44,030,480.36 |
|
Product Research &
Development Income |
- |
1,700,000.00 |
|
Packaging Income |
- |
7,230.00 |
|
Gain on Exchange
Rate |
150,945.83 |
26,197.74 |
|
Gain on Disposal
of Assets |
- |
14,018.69 |
|
Interest Income |
181.54 |
187.04 |
|
Other Income |
1,751,173.82 |
460,159.54 |
|
Total Revenues |
82,412,552.70 |
46,238,273.37 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
50,840,425.17 |
36,133,155.53 |
|
Selling Expenses |
13,593,250.35 |
1,179,720.00 |
|
Administrative Expenses |
13,789,317.61 |
6,583,728.31 |
|
Loss on Exchange
Rate |
41,008.32 |
28,999.39 |
|
Loss on Disposal
of Assets |
- |
2,762.90 |
|
Total Expenses |
78,264,001.45 |
43,928,366.13 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
4,148,551.25 |
2,309,907.24 |
|
Financial Cost |
[2,145,207.62] |
[1,643,279.97] |
|
Income Tax |
[467,950.07] |
- |
|
|
|
|
|
Net Profit / [Loss] |
1,535,393.56 |
666,627.27 |
|
Retained Earning,
beginning of year |
53,302.44 |
[613,324.83] |
|
Retained Earning, end of
year |
1,588,696.00 |
53,302.44 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.71 |
1.76 |
|
QUICK RATIO |
TIMES |
1.09 |
1.15 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.88 |
2.91 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.09 |
0.87 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
140.92 |
121.40 |
|
INVENTORY TURNOVER |
TIMES |
2.59 |
3.01 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
148.06 |
182.64 |
|
RECEIVABLES TURNOVER |
TIMES |
2.47 |
2.00 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
95.19 |
71.77 |
|
CASH CONVERSION CYCLE |
DAYS |
193.79 |
232.27 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
63.15 |
82.06 |
|
SELLING & ADMINISTRATION |
% |
34.01 |
17.63 |
|
INTEREST |
% |
2.66 |
3.73 |
|
GROSS PROFIT MARGIN |
% |
39.22 |
22.95 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.15 |
5.25 |
|
NET PROFIT MARGIN |
% |
1.91 |
1.51 |
|
RETURN ON EQUITY |
% |
7.11 |
3.32 |
|
RETURN ON ASSET |
% |
2.07 |
1.31 |
|
EARNING PER SHARE |
BAHT |
3.84 |
1.67 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.71 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.43 |
1.53 |
|
TIME INTEREST EARNED |
TIMES |
1.93 |
1.41 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
82.85 |
|
|
OPERATING PROFIT |
% |
79.60 |
|
|
NET PROFIT |
% |
130.32 |
|
|
FIXED ASSETS |
% |
9.10 |
|
|
TOTAL ASSETS |
% |
45.76 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
39.22 |
Impressive |
Industrial
Average |
21.96 |
|
Net Profit Margin |
1.91 |
Deteriorated |
Industrial
Average |
5.14 |
|
Return on Assets |
2.07 |
Deteriorated |
Industrial
Average |
7.32 |
|
Return on Equity |
7.11 |
Deteriorated |
Industrial
Average |
15.30 |
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 39.22%. 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 1.91%.
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 2.07%.
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 7.11%.
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 |
1.71 |
Impressive |
Industrial
Average |
1.58 |
|
Quick Ratio |
1.09 |
|
|
|
|
Cash Conversion Cycle |
193.79 |
|
|
|
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 1.71 times in 2010, decreased from 1.76 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.09 times in 2010,
decreased from 1.15 times, although excluding inventory, 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 194 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Acceptable |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
2.43 |
Risky |
Industrial
Average |
0.95 |
|
Times Interest Earned |
1.93 |
Deteriorated |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.94 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 0.71 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 |
4.88 |
Impressive |
Industrial
Average |
3.01 |
|
Total Assets Turnover |
1.09 |
Satisfactory |
Industrial
Average |
1.42 |
|
Inventory Conversion Period |
140.92 |
|
|
|
|
Inventory Turnover |
2.59 |
Acceptable |
Industrial
Average |
3.66 |
|
Receivables Conversion Period |
148.06 |
|
|
|
|
Receivables Turnover |
2.47 |
Satisfactory |
Industrial
Average |
2.77 |
|
Payables Conversion Period |
95.19 |
|
|
|
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.54.88 |
|
|
1 |
Rs.86.84 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.