MIRA
INFORM REPORT
|
Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
NAVAKIJ
INTERNATIONAL CHEMICALS CO.,
LTD. |
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Registered Office : |
111/38 Moo 5, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.01.1991 |
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Com. Reg. No.: |
0105534003579 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Pharmaceutical Chemicals |
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No. of Employees : |
09 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
NAVAKIJ INTERNATIONAL CHEMICALS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 111/38 MOO
5, TERDPRAKIAT ROAD,
T. WATCHALOR,
A. BANGKRUAY,
NONTHABURI 11130,
THAILAND
TELEPHONE : [66] 2883-8401-4
FAX :
[66] 2447-6185
E-MAIL
ADDRESS : navakij95@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534003579
TAX
ID NO. : 3101924428
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
SUPA LERTVILAIVITTHAYA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : PHARMACEUTICAL CHEMICALS
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 January
11, 1991 as
a private limited
company under the
name style NAVAKIJ INTERNATIONAL CHEMICALS
CO., LTD. by Thai
groups, with the
business objective to
import and distribute
pharmaceutical chemicals to
local market. It
currently employs 9
staff.
The subject’s registered
address is 111/38
Moo 5, Terdprakiat
Rd., T. Watchalor,
A. Bangkruay, Nonthaburi 11130,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Supatra Panthong |
|
Thai |
57 |
|
Mrs. Supa Lertvilaivitthaya |
|
Thai |
44 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Supa Lertvilaivitthaya is
the Managing Director.
She is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject’s activities are importer and distributor various kinds of pharmaceutical chemicals.
Its products are imported under
customer’s requirements.
PURCHASE
90% of the products
is imported from
Switzerland, Germany, United
States of America,
United Kingdom, Taiwan, Republic
of China and
India, the remaining 10%
is purchased from
local suppliers and
agents.
MAJOR SUPPLIERS
Aldamex AG. : Switzerland
Dallian : Republic
of China
Ven Chemie :
India
Celeo Shanghai : Republic
of China
SALES
100% of its
products is sold by wholesale directly to over
50 local pharmaceutical manufacturers.
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.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
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 and purchased
by cash and
credit, with the maximum credit term of 30-60 days.
The subject is not found to have
problem on its
account receivable and
payable.
BANKING
Kasikornbank Public Co.,
Ltd.
[Suapa Branch:
306 Suapa Rd.,
Thepsirin, Pomprab, Bangkok
10100]
EMPLOYMENT
The subject employs
9 staff. [office staff
and sales staff]
LOCATION DETAILS
The premise is
owned for administrative office
in a 2
storey building of
1 row shop house
at the heading
address. Premise is
located on the
outskirts of Bangkok.
COMMENT
The subject’s operating performance remains healthy due to expansion of
pharmaceutical industry in Thailand. Demand of chemical products for
pharmaceutical productions is getting strong from various leading
manufacturers. Thailand’s pharmaceutical industry is growing rapidly as the
leading producers have used the country as their manufacturing base. Besides
increasing domestic consumption, the export markets also helped boosting their
sales.
The subject is
optimistic for a
good business outlook
in 2012 from
effective market expansion
in the past
year and regular
demand of the
products from local
pharmaceutical manufacturers.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 5,000,000 divided into 50,000
shares of Bht. 100
each.
On November 2, 1994 the 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 April 30,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Supa Lertvilaivitthaya Nationality: Thai Address : 111/38 Moo 5,
Terdprakiat Rd., Watchalor,
Bangkruay, Nonthaburi |
52,000 |
52.00 |
|
Mr. Pongtawach Lertvilaivitthaya Nationality: Thai Address : 111/38 Moo 5,
Terdprakiat Rd., Watchalor,
Bangkruay, Nonthaburi |
15,500 |
15.50 |
|
Ms. Jitjaree Lertvilaivitthaya Nationality: Thai Address : 111/38 Moo 5,
Terdprakiat Rd., Watchalor,
Bangkruay, Nonthaburi |
15,500 |
15.50 |
|
Mrs. Supatra Panthong Nationality: Thai Address : 10/59 Prachachuen
Rd., Bangsue,
Bangsue, Bangkok |
15,000 |
15.00 |
|
Ms. Pasika Kitkamol Nationality: Thai Address : 27/24 Charansanitwong 45
Rd., Arunamarin,
Bangkoknoi, Bangkok 10700 |
2,000 |
2.00 |
Total Shareholders : 5
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Kamalawan Tubtimthong No.
7540
Note:
The 2011 financial
statement was not
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 and Cash Equivalents
|
222,567.18 |
170,708.38 |
|
Trade Accounts Receivable |
19,485,102.64 |
16,923,806.29 |
|
Inventories |
8,428,260.98 |
5,999,123.10 |
|
Other Current Assets
|
195,897.81 |
1,027,106.35 |
|
Total Current Assets
|
28,331,828.61 |
24,120,744.12 |
|
|
|
|
|
Fixed Assets |
770,951.96 |
823,252.95 |
|
Total Assets |
29,102,780.57 |
24,943,997.07 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
2,636,132.15 |
852,233.08 |
|
Trade Accounts Payable |
3,187,069.82 |
2,858,883.07 |
|
Short-term Loan from
Related Person |
1,350,000.00 |
- |
|
Other Current Liabilities |
927,319.75 |
1,077,998.29 |
|
Total Current Liabilities |
8,100,521.72 |
4,789,114.44 |
|
Total Liabilities |
8,100,521.72 |
4,789,114.44 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
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 |
11,002,258.85 |
10,154,882.63 |
|
Total Shareholders' Equity |
21,002,258.85 |
20,154,882.63 |
|
Total Liabilities &
Shareholders' Equity |
29,102,780.57 |
24,943,997.07 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
43,214,671.85 |
39,069,915.33 |
|
Gain on Disposal of Assets |
- |
205,606.48 |
|
Other Income |
196,325.81 |
16,426.03 |
|
Total Sales |
43,410,997.66 |
39,291,947.84 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold
|
37,362,244.02 |
33,074,383.14 |
|
Selling & Administrative Expenses |
4,790,170.02 |
4,803,952.84 |
|
Total Expenses |
42,152,414.04 |
37,878,335.98 |
|
Profit before Financial
Costs & Income
Tax |
1,258,583.62 |
1,413,611.86 |
|
Financial Costs |
[46,389.31] |
[55,303.73] |
|
Profit before Income Tax |
1,212,194.31 |
1,358,308.13 |
|
Income Tax |
[364,818.09] |
[479,589.56] |
|
Net Profit / [Loss] |
847,376.22 |
878,718.57 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.50 |
5.04 |
|
QUICK RATIO |
TIMES |
2.43 |
3.57 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
56.05 |
47.46 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.48 |
1.57 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
82.34 |
66.20 |
|
INVENTORY TURNOVER |
TIMES |
4.43 |
5.51 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
164.58 |
158.11 |
|
RECEIVABLES TURNOVER |
TIMES |
2.22 |
2.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
31.14 |
31.55 |
|
CASH CONVERSION CYCLE |
DAYS |
215.78 |
192.76 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.46 |
84.65 |
|
SELLING & ADMINISTRATION |
% |
11.08 |
12.30 |
|
INTEREST |
% |
0.11 |
0.14 |
|
GROSS PROFIT MARGIN |
% |
14.00 |
15.91 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.91 |
3.62 |
|
NET PROFIT MARGIN |
% |
1.96 |
2.25 |
|
RETURN ON EQUITY |
% |
4.03 |
4.36 |
|
RETURN ON ASSET |
% |
2.91 |
3.52 |
|
EARNING PER SHARE |
BAHT |
8.47 |
8.79 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.28 |
0.19 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.39 |
0.24 |
|
TIME INTEREST EARNED |
TIMES |
27.13 |
25.56 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
10.61 |
|
|
OPERATING PROFIT |
% |
(10.97) |
|
|
NET PROFIT |
% |
(3.57) |
|
|
FIXED ASSETS |
% |
(6.35) |
|
|
TOTAL ASSETS |
% |
16.67 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.00 |
Impressive |
Industrial Average |
11.76 |
|
Net Profit Margin |
1.96 |
Impressive |
Industrial
Average |
1.93 |
|
Return on Assets |
2.91 |
Acceptable |
Industrial
Average |
4.69 |
|
Return on Equity |
4.03 |
Deteriorated |
Industrial
Average |
13.38 |
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. Gross Profit Margin is 14%. 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. Net Profit Margin ratio is 1.96%,
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. When compared with the
industry average, it was lower, the company's figure is 2.91%.
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 4.03%.
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 |
3.50 |
Impressive |
Industrial
Average |
1.47 |
|
Quick Ratio |
2.43 |
|
|
|
|
Cash Conversion Cycle |
215.78 |
|
|
|
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 3.5 times in 2010, decrease from 5.04 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 2.43 times in 2010,
decrease from 3.57 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 216 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.28 |
Impressive |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
0.39 |
Impressive |
Industrial
Average |
1.70 |
|
Times Interest Earned |
27.13 |
Impressive |
Industrial
Average |
3.51 |
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 27.14 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 0.28 less than 0.5, most of the company's
assets are financed through equity.
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 |
56.05 |
Impressive |
Industrial
Average |
10.60 |
|
Total Assets Turnover |
1.48 |
Acceptable |
Industrial
Average |
2.43 |
|
Inventory Conversion Period |
82.34 |
|
|
|
|
Inventory Turnover |
4.43 |
Acceptable |
Industrial
Average |
7.33 |
|
Receivables Conversion Period |
164.58 |
|
|
|
|
Receivables Turnover |
2.22 |
Acceptable |
Industrial
Average |
4.40 |
|
Payables Conversion Period |
31.14 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.93 |
|
UK Pound |
1 |
Rs.88.15. |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.