MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTER PHARMAPLUS CO., LTD. |
|
|
|
|
Registered Office : |
9 Soi Serithai
81/2, Serithai Road,
Kannayao, Bangkok 10230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.04.2012 |
|
|
|
|
Date of Incorporation : |
11.05.2004 |
|
|
|
|
Com. Reg. No.: |
0105547063800 [Former :
0108554706931] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Empty Hard
Gelatin Capsules |
|
|
|
|
No. of Employees : |
17 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
achieved steady growth due largely to industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. Thailand is trying to maintain growth by encouraging domestic
consumption and public investment to offset weak exports in 2012. Unemployment,
at less than 1% of the labor force, stands as one of the lowest levels in the
world, which puts upward pressure on wages in some industries. Thailand also
attracts nearly 2.5 million migrant workers from neighboring countries. The
Thai government is implementing a nation-wide 300 baht ($10) per day minimum
wage policy and deploying new tax reforms designed to lower rates on middle-income
earners. The Thai economy has weathered internal and external economic shocks
in recent years. The global economic severely cut Thailand's exports, with most
sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%.
However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since
1995, as exports rebounded. In late 2011 growth was interrupted by historic
flooding in the industrial areas in Bangkok and its five surrounding provinces,
crippling the manufacturing sector. Industry recovered from the second quarter
of 2012 onward with GDP growth at 5.5% in 2012. The government has approved
flood mitigation projects worth $11.7 billion, which were started in 2012, to
prevent similar economic damage, and an additional $75 billion for
infrastructure over the next seven years with a plan to start in 2013.
|
Source
: CIA |
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]
TAX ID NO. : 3031363878
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 : 17
LINES OF BUSINESS : EMPTY
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 empty hard gelatin
capsule products. It
currently employs 17
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 |
39 |
|
Ms. Lakhana Trangkanont |
Thai |
44 |
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 39
years old.
BUSINESS OPERATIONS
The subject is engaged in importing and distributing empty 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
17 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.
Warehouse is located
at 81/6 Moo
3, Suwintawong Rd.,
Saensaeb, Minburi,
Bangkok 10510.
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. Strong domestic
consumption has contributed to
significantly improve the
subject’s business.
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, 2012]
|
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, 2012]
|
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, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
8,149,766.42 |
16,043,680.16 |
12,222,046.20 |
|
Trade Accounts Receivable
|
38,827,968.48 |
28,014,524.03 |
20,095,999.54 |
|
Inventories |
6,400,112.53 |
8,088,019.56 |
15,356,034.31 |
|
Other Current Assets
|
972,805.84 |
2,372,150.27 |
1,717,388.15 |
|
|
|
|
|
|
Total Current Assets
|
54,350,653.27 |
54,518,374.02 |
49,391,468.20 |
|
|
|
|
|
|
Fixed Assets |
3,860,264.18 |
2,168,694.08 |
3,134,658.96 |
|
Cash at Bank Pledged as
a Collateral |
3,157,711.12 |
2,117,247.88 |
2,098,722.67 |
|
Total Assets |
61,368,628.57 |
58,804,315.98 |
54,624,849.83 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
1,813,075.04 |
1,614,256.59 |
1,045,497.81 |
|
Trade Accounts Payable
|
39,497,977.04 |
36,039,865.21 |
28,767,331.56 |
|
Current Portion of
Long-term Hire-purchase Contract Liabilities |
521,142.00 |
625,559.55 |
809,763.34 |
|
Current Portion of
Long-term Loans from Financial Institutions |
2,116,802.88 |
3,285,479.90 |
3,701,626.26 |
|
Accrued Income Tax |
76,066.80 |
59,732.23 |
|
|
Other Current Liabilities |
378,430.52 |
303,333.42 |
116,571.58 |
|
|
|
|
|
|
Total Current Liabilities |
44,403,494.28 |
41,928,226.90 |
34,440,790.55 |
|
Long-term Hire-purchase Contract Liabilities, net |
1,330,803.70 |
154,117.70 |
721,238.45 |
|
Long-term Loan from Financial Institutions |
905,383.12 |
2,776,322.12 |
6,044,923.96 |
|
Total Liabilities |
46,639,681.10 |
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 |
10,000,000.00 |
|
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning-Unappropriated
|
4,728,947.47 |
3,945,649.26 |
3,417,896.87 |
|
Total Shareholders' Equity |
14,728,947.47 |
13,945,649.26 |
13,417,896.87 |
|
Total Liabilities & Shareholders' Equity |
61,368,628.57 |
58,804,315.98 |
54,624,849.83 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
168,557,348.12 |
144,322,545.72 |
130,986,333.27 |
|
Other Income |
842,642.97 |
4,495,130.04 |
2,688,593.57 |
|
Total Revenues |
169,399,991.09 |
148,817,675.76 |
133,674,926.84 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
158,122,270.66 |
139,346,240.73 |
125,187,596.90 |
|
Selling Expenses |
470,737.20 |
639,077.93 |
479,702.50 |
|
Administrative Expenses |
8,312,461.53 |
6,656,376.51 |
5,699,866.07 |
|
Total Expenses |
166,905,469.39 |
146,641,695.17 |
131,367,165.47 |
|
|
|
|
|
|
Profit before Financial Cost & Income Tax |
2,494,521.70 |
2,175,980.59 |
2,307,761.37 |
|
Financial Costs |
[1,341,773.69] |
[1,384,035.62] |
[1,366,956.12] |
|
Profit before Income Tax |
1,152,748.01 |
791,944.97 |
940,805.25 |
|
Income Tax |
[369,449.80] |
[264,192.58] |
[292,201.75] |
|
|
|
|
|
|
Net Profit / [Loss] |
783,298.21 |
527,752.39 |
648,603.50 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.22 |
1.30 |
1.43 |
|
QUICK RATIO |
TIMES |
1.06 |
1.05 |
0.94 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
43.66 |
66.55 |
41.79 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.75 |
2.45 |
2.40 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
14.77 |
21.19 |
44.77 |
|
INVENTORY TURNOVER |
TIMES |
24.71 |
17.23 |
8.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
84.08 |
70.85 |
56.00 |
|
RECEIVABLES TURNOVER |
TIMES |
4.34 |
5.15 |
6.52 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
91.17 |
94.40 |
83.87 |
|
CASH CONVERSION CYCLE |
DAYS |
7.68 |
(2.37) |
16.90 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
93.81 |
96.55 |
95.57 |
|
SELLING & ADMINISTRATION |
% |
5.21 |
5.05 |
4.72 |
|
INTEREST |
% |
0.80 |
0.96 |
1.04 |
|
GROSS PROFIT MARGIN |
% |
6.69 |
6.56 |
6.48 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.48 |
1.51 |
1.76 |
|
NET PROFIT MARGIN |
% |
0.46 |
0.37 |
0.50 |
|
RETURN ON EQUITY |
% |
5.32 |
3.78 |
4.83 |
|
RETURN ON ASSET |
% |
1.28 |
0.90 |
1.19 |
|
EARNING PER SHARE |
BAHT |
7.83 |
5.28 |
6.49 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.76 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.17 |
3.22 |
3.07 |
|
TIME INTEREST EARNED |
TIMES |
1.86 |
1.57 |
1.69 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
16.79 |
10.18 |
|
|
OPERATING PROFIT |
% |
14.64 |
(5.71) |
|
|
NET PROFIT |
% |
48.42 |
(18.63) |
|
|
FIXED ASSETS |
% |
78.00 |
(30.82) |
|
|
TOTAL ASSETS |
% |
4.36 |
7.65 |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 16.79%. Turnover has increased from THB
144,322,545.72 in 2011 to THB 168,557,348.12 in 2012. While net profit has increased
from THB 527,752.39 in 2011 to THB 783,298.21 in 2012. And total assets has
increased from THB 58,804,315.98 in 2011 to THB 61,368,628.57 in 2012.
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
6.69 |
Deteriorated |
Industrial Average |
83.94 |
|
Net Profit Margin |
0.46 |
Deteriorated |
Industrial Average |
3.29 |
|
Return on Assets |
1.28 |
Deteriorated |
Industrial Average |
5.76 |
|
Return on Equity |
5.32 |
Deteriorated |
Industrial Average |
14.05 |
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 6.69%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have 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 0.46%.
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 1.28%.
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 5.32%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.22 |
Satisfactory |
Industrial Average |
1.62 |
|
Quick Ratio |
1.06 |
|
|
|
|
Cash Conversion Cycle |
7.68 |
|
|
|
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 1.22 times in 2012, decreased from 1.3 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 2012,
increased from 1.05 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 8 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Acceptable |
Industrial Average |
0.57 |
|
Debt to Equity Ratio |
3.17 |
Risky |
Industrial Average |
1.33 |
|
Times Interest Earned |
1.86 |
Impressive |
Industrial Average |
0.39 |
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 1.86 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
43.66 |
Impressive |
Industrial Average |
0.98 |
|
Total Assets Turnover |
2.75 |
Impressive |
Industrial Average |
1.73 |
|
Inventory Conversion Period |
14.77 |
|
|
|
|
Inventory Turnover |
24.71 |
Impressive |
Industrial Average |
4.35 |
|
Receivables Conversion Period |
84.08 |
|
|
|
|
Receivables Turnover |
4.34 |
Impressive |
Industrial Average |
2.82 |
|
Payables Conversion Period |
91.17 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.34 and 5.15 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2012
decreased from 2011. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 21 days at the
end of 2011 to 15 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 17.23 times in year 2011 to 24.71
times in year 2012.
The company's Total Asset Turnover is calculated as 2.75 times and 2.45
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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.59.70 |
|
|
1 |
Rs.91.14 |
|
Euro |
1 |
Rs.77.97 |
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.