MIRA
INFORM REPORT
|
Report Date : |
02.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
PINNACLE CHEMMED CO., LTD. |
|
|
|
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Registered Office : |
31/56 Soi Ladplakao 72, Yaek 1, Ladplakao Road, Anusawaree, Bangkhen, Bangkok 10220 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
02.10.2009 |
|
|
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Com. Reg. No.: |
0135552009281 |
|
|
|
|
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 : |
9 |
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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
PINNACLE
CHEMMED CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 31/56
SOI LADPLAKAO 72,
YAEK 1,
LADPLAKAO ROAD,
ANUSAWAREE,
BANGKHEN, BANGKOK
10220
TELEPHONE : [66] 2986-3980-2
FAX
: [66] 2986-3983
E-MAIL
ADDRESS : chemmedline@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0135552009281
TAX
ID NO. : 3033713190
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. CHAINARONG RUNGROJKITTIKUL, 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 : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 2, 2009 as
a private limited
company under the
originally registered name “Core Pharmaceutical Co.,
Ltd.” by Thai groups.
On July 5,
2010, its name was
changed to PINNACLE
CHEMMED CO., LTD. The
business’s objective is
to import and
distribute pharmaceutical and
chemicals for pharmaceutical industry.
It currently employs
9 staff.
The
subject’s registered address
is 31/56 Soi Ladplakao 72,
Yaek 1, Ladplakao
Rd., Anusawaree, Bangkhen, Bangkok 10220, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chainarong Rungrojkittikul |
|
Thai |
52 |
|
Mrs. Armorn Rungrojkittikul |
|
Thai |
44 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chainarong
Rungrojkittikul is the
Managing Director.
He is Thai
nationality with the
age of 52 years
old.
BUSINESS OPERATIONS
The subject’s
core business is
engaged in importing
and distributing various
kinds of chemicals
for pharmaceutical industry.
Range of pharmaceutical chemicals
are included Phenyl
Salicylate, Co-enzyme, Chloramphenicol Sodium
Succinate Lyophilised, Sterilized,
Trazodone HCL, Tranexamic
acid, Phenyl Salicylate,
Norethisterone, Tramadol HCL,
Cefaclor, Mianserin HCL,
Tranexamic acid, Bisacodyl,
Loratadine, Nimesulide, etc.,
as well as
pharmaceutical products.
PURCHASE
The products are purchased
from suppliers both domestic and
overseas, mainly India,
Germany, U.S.A., United
Kindom and Republic
of China.
MAJOR
SUPPLIERS
Haihang
Industry Co., Ltd. : Republic
of China
Jinan
Great Chemical Industry
Co., Ltd. : Republic of
China
Santa
Cruz Biotechnology Inc. : U.S.A.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
RELATED AND
AFFILIATED COMPANIES
Chemmed Line Co.,
Ltd.
Business Type :
Importer and distributor
of pharmaceutical chemicals.
Generic Vet Chem
Co., Ltd.
Business Type :
Importer and distributor
of veterinary products.
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
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 9 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branch/Warehouse :
111/14
Phrayasurane Rd., Samwa
Tawan-tok, Klongsamwa, Bangkok
10510.
REMARK
MAXIMUM
CREDIT SHOULD BE GRANTED
AT US$ 120,000.
COMMENT
The
subject is an importer
and distributor of
pharmaceutical and chemical
for pharmaceutical industry.
Its business in
2011 was outstanding,
as well as
remaining
upbeat
as its products
have been widely
used in pharmaceutical industry.
Domestic
consumption
also maintains a
good level. Its
business trend is
expanding 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 |
% |
|
|
|
|
|
Mr. Chainarong Rungrojkittikul Nationality: Thai Address : 138/76
Moo 1, Banklang,
Muang, Pathumthani
|
5,000 |
50.00 |
|
Mrs. Armorn Rungrojkittikul Nationality: Thai Address : 138/76
Moo 1, Banklang,
Muang, Pathumthani |
4,000 |
40.00 |
|
Ms. Sopa Tawachdam Nationality: Thai Address : 31/56
Ladplakao 72 Rd.,
Anusawaree,
Bangkhen, Bangkok |
230 |
2.30 |
|
Ms. Muthita Longchantuek Nationality: Thai Address : 14/251
Soi Ramindra 17, Anusawaree, Bangkhen,
Bangkok |
225 |
2.25 |
|
Ms. Amorn Tuaykaew Nationality: Thai Address : 9
Moo 6, Jarakaemark, Prakonechai, Buriram |
195 |
1.95 |
|
Mrs. Patcharee Suwansri Nationality: Thai Address : 308/368
Moo 3, Taladbangkhen, Laksi,
Bangkok |
180 |
1.80 |
|
Mrs. Vilai Dokmaichan Nationality: Thai Address : 33/3
Moo 5, Anusawaree,
Bangkhen, Bangkok |
170 |
1.70 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Dolawat Aptwattanaporn No.
8488
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were :
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
6,895,063.04 |
910,371.99 |
|
Trade Account & Notes Receivable |
72,647,501.77 |
3,137,851.51 |
|
Inventories |
23,371,117.19 |
2,264,209.53 |
|
Other Current Liabilities |
133,052.88 |
1,856.64 |
|
|
|
|
|
Total Current Assets
|
103,046,734.88 |
6,314,289.67 |
|
|
|
|
|
Fixed Assets |
3,293,259.56 |
4,118,363.83 |
|
Long-term Lending to Person or Related Company |
1,500,000.00 |
- |
|
Guarantee and Deposit |
2,500.00 |
2,500.00 |
|
Total Assets |
107,842,494.44 |
10,435,153.50 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Accrued Expenses |
73,993,384.12 |
4,702,095.67 |
|
Current Portion of Lease
Contract Payable |
524,750.04 |
481,020.87 |
|
Other Current Liabilities |
549,869.17 |
- |
|
|
|
|
|
Total Current Liabilities |
75,068,003.33 |
5,183,116.54 |
|
Long-term Loan from Person or Related Company |
27,847,427.83 |
2,540,000.00 |
|
Lease Contract Payable, net |
1,093,229.09 |
1,617,979.13 |
|
Total Liabilities |
104,008,660.25 |
9,341,095.67 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par 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 |
2,833,834.19 |
94,057.83 |
|
Total Shareholders' Equity |
3,833,834.19 |
1,094,057.83 |
|
Total Liabilities & Shareholders' Equity |
107,842,494.44 |
10,435,153.50 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
140,239,720.30 |
2,823,000.71 |
|
Total Revenues |
140,239,720.30 |
2,823,000.71 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold |
125,217,115.52 |
2,469,512.57 |
|
Selling Expenses |
4,000,300.00 |
23,115.00 |
|
Administrative Expenses |
3,521,041.25 |
191,552.10 |
|
Other Expenses |
2,619,123.30 |
27,712.11 |
|
Total Expenses |
135,357,580.07 |
2,711,891.78 |
|
|
|
|
|
Profit/[Loss] before Financial Cost
& Income Tax |
4,882,140.23 |
111,108.93 |
|
Financial Cost |
[1,089,994.70] |
[3,331.10] |
|
Profit before Income Tax |
3,792,145.53 |
107,777.83 |
|
Income Tax |
[1,052,369.17] |
- |
|
|
|
|
|
Net Profit / [Loss] |
2,739,776.36 |
107,777.83 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.37 |
1.22 |
|
QUICK RATIO |
TIMES |
1.06 |
0.78 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
42.58 |
0.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.30 |
0.27 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
68.13 |
334.66 |
|
INVENTORY TURNOVER |
TIMES |
5.36 |
1.09 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
189.08 |
405.71 |
|
RECEIVABLES TURNOVER |
TIMES |
1.93 |
0.90 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
257.20 |
740.36 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.29 |
87.48 |
|
SELLING & ADMINISTRATION |
% |
5.36 |
7.60 |
|
INTEREST |
% |
0.78 |
0.12 |
|
GROSS PROFIT MARGIN |
% |
10.71 |
12.52 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.48 |
3.94 |
|
NET PROFIT MARGIN |
% |
1.95 |
3.82 |
|
RETURN ON EQUITY |
% |
71.46 |
9.85 |
|
RETURN ON ASSET |
% |
2.54 |
1.03 |
|
EARNING PER SHARE |
BAHT |
273.98 |
10.78 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.96 |
0.90 |
|
DEBT TO EQUITY RATIO |
TIMES |
27.13 |
8.54 |
|
TIME INTEREST EARNED |
TIMES |
4.48 |
33.36 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
4,867.75 |
|
|
OPERATING PROFIT |
% |
4,294.01 |
|
|
NET PROFIT |
% |
2,442.06 |
|
|
FIXED ASSETS |
% |
(20.03) |
|
|
TOTAL ASSETS |
% |
933.45 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.71 |
Deteriorated |
Industrial
Average |
23.49 |
|
Net Profit Margin |
1.95 |
Satisfactory |
Industrial
Average |
2.23 |
|
Return on Assets |
2.54 |
Acceptable |
Industrial
Average |
4.38 |
|
Return on Equity |
71.46 |
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 10.71%. 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 1.95%.
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 2.54%.
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 71.46%, 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 |
1.37 |
Satisfactory |
Industrial
Average |
1.66 |
|
Quick Ratio |
1.06 |
|
|
|
|
Cash Conversion Cycle |
257.20 |
|
|
|
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 1.37 times in 2011, increased from 1.22 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 1.06 times in 2011,
increased from 0.78 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 258 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.96 |
Acceptable |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
27.13 |
Risky |
Industrial
Average |
1.40 |
|
Times Interest Earned |
4.48 |
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 4.48 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 0.96 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 |
42.58 |
Impressive |
Industrial
Average |
9.02 |
|
Total Assets Turnover |
1.30 |
Acceptable |
Industrial
Average |
1.94 |
|
Inventory Conversion Period |
68.13 |
|
|
|
|
Inventory Turnover |
5.36 |
Impressive |
Industrial
Average |
3.98 |
|
Receivables Conversion Period |
189.08 |
|
|
|
|
Receivables Turnover |
1.93 |
Acceptable |
Industrial
Average |
2.86 |
|
Payables Conversion Period |
- |
|
|
|
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.54.83 |
|
|
1 |
Rs.89.22 |
|
Euro |
1 |
Rs.72.48 |
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 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.