MIRA
INFORM REPORT
|
Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ALFA PHARMA CO., LTD. |
|
|
|
|
Registered Office : |
141 Soi Ladprao
87, Ladprao Road, Wangthonglang, Bangkok
10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
20.05.1999 |
|
|
|
|
Com. Reg. No.: |
0105542035981 [Former : [4] 525/2542] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Industrial Chemical |
|
|
|
|
No. of Employees : |
5 |
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 : |
Small Company |
|
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 crisis 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
ALFA PHARMA CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 141 SOI LADPRAO
87, LADPRAO ROAD,
WANGTHONGLANG, BANGKOK
10310
TELEPHONE : [66] 2932-3403,
081 814-1844
FAX : [66] 2932-3402
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0105542035981 [Former
: [4] 525/2542]
TAX ID NO. : 3021013325
CAPITAL REGISTERED : BHT.
3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VEERASAK POJ-ANANT, THAI
MANAGING DIRECTOR
NO. OF STAFF : 5
LINES OF BUSINESS : INDUSTRIAL CHEMICAL
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 May
20, 1999 as
a private limited
company under the name
style ALFA PHARMA CO., LTD., by
Thai groups, in
order to distribute
based and specialty
chemicals for pharmaceutical industry.
It currently employs 5
staff.
The subject’s registered
address is 141
Soi Ladprao 87,
Ladprao Rd., Wangthonglang, Bangkok
10310, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Veerasak Poj-anant |
|
Thai |
55 |
|
Mr. Sarawuth Kaewvichien |
|
Thai |
44 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Veerasak Poj-anant is
the Managing Director.
He is Thai
nationality with the
age of 55
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing based
and specialty chemicals
for pharmaceutical industry.
The products are
imported under customer’s
order.
PURCHASE
60% of the
products is purchased
from local supplier,
the remaining 40%
is imported from
Republic of China,
India and Singapore.
MAJOR SUPPLIERS
CLEO [Singapore] Pte.
Ltd. : Singapore
CLEO [Shanghai] Ltd. : Republic
of China
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
RELATED AND
AFFILIATED COMPANY
Syntax Trading Co.,
Ltd.
Business Type :
Trading company
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
United Overseas Bank
[Thai] Public Co.,
Ltd.
[Imperial Ladprao Branch,
2539 Soi Ladprao
81-83, Wangthonglang, Bangkok
10310]
EMPLOYMENT
The subject employs
5 staff. [office
staff and sales]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject has
slow business in
the past few
years. Sales were
contracted and business growth is
pessimistic.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into
10,000 shares of
Bht. 100
each.
The capital was
increased later as
following:
Bht. 2,000,000
on September 2,
2002
Bht. 3,000,000
on July 23,
2004
The latest registered
capital was increased
to Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at March
28, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Veerasak Poj-anant Nationality: Thai Address : 253
Praditmanutham Rd., Klongchan,
Bangkapi, Bangkok |
14,000 |
46.67 |
|
Ms. Lilanee Poj-anant Nationality: Thai Address : 141 Ladprao
87 Rd., Wangthonglang, Bangkok |
10,000 |
33.33 |
|
Mr. Kittipol Poj-anant Nationality: Thai Address : 238 Ladprao
87 Rd., Wangthonglang, Bangkok |
2,000 |
6.67 |
|
Mr. Sarawuth Kaewvichien Nationality: Thai Address : 184/9 Ladprao 87
Rd., Wangthonglang, Bangkok |
1,500 |
5.00 |
|
Mr. Bamrung Saetang Nationality: Thai Address : 95/728
Soi Boriomratchonnee 15, Arun Amarin,
Bangkoknoi, , Bangkok |
1,000 |
3.33 |
|
Mrs. Prangporn Areerat Nationality: Thai Address : 44/28
Moo 4 Ram-indra Rd.,
Jarakaebua,
Ladprao, Bangkok |
1,000 |
3.33 |
|
Mr. Ayuth Poj-anant Nationality: Thai Address : 253
Praditmanutham Rd., Klongchan,
Bangkapi, Bangkok |
500 |
1.67 |
Total Shareholders : 7
Share Structure
[as at March
28, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
30,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Sriwong Pojprink
No. 0975
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,224,251.27 |
3,745,995.32 |
395,218.21 |
|
Trade Accounts Receivable
|
2,397,602.50 |
652,432.50 |
3,095,777.50 |
|
Short-term Lending to Related Person
|
1,223,000.00 |
1,223,000.00 |
1,697,500.00 |
|
Inventories |
833,875.59 |
63,043.46 |
98,739.71 |
|
Other Current Assets
|
53,201.37 |
9,052.49 |
8,991.67 |
|
|
|
|
|
|
Total Current Assets
|
6,731,930.73 |
5,693,523.77 |
5,296,227.09 |
|
|
|
|
|
|
Fixed Assets |
7,109.58 |
13,601.57 |
16,924.89 |
|
Total Assets |
6,739,040.31 |
5,707,125.34 |
5,313,151.98 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable
|
576,254.05 |
- |
93,502.83 |
|
Other Current Liabilities |
46,283.30 |
37,036.21 |
57,013.76 |
|
|
|
|
|
|
Total Current Liabilities |
622,537.35 |
37,036.21 |
150,516.59 |
|
Total Liabilities |
622,537.35 |
37,036.21 |
150,516.59 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
3,116,502.96 |
2,670,089.13 |
2,162,635.39 |
|
Total Shareholders' Equity |
6,116,502.96 |
5,670,089.13 |
5,162,635.39 |
|
Total Liabilities & Shareholders' Equity |
6,739,040.31 |
5,707,125.34 |
5,313,151.98 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
4,486,500.00 |
6,688,250.00 |
5,104,100.00 |
|
Other Income |
655,471.33 |
59,553.58 |
507,925.99 |
|
Total Revenues |
5,141,971.33 |
6,747,803.58 |
5,612,025.99 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,999,433.48 |
5,568,129.72 |
4,494,227.45 |
|
Selling Expenses |
12,200.00 |
19,881.00 |
29,711.00 |
|
Administrative Expenses |
631,615.70 |
587,485.03 |
498,917.66 |
|
Total Expenses |
4,643,249.18 |
6,175,495.75 |
5,022,856.11 |
|
Profit / [Loss] before Income Tax |
498,722.15 |
572,307.83 |
589,169.88 |
|
Income Tax |
[52,308.32] |
[64,854.09] |
[65,875.79] |
|
|
|
|
|
|
Net Profit / [Loss] |
446,413.83 |
507,453.74 |
523,294.09 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
10.81 |
153.73 |
35.19 |
|
QUICK RATIO |
TIMES |
9.39 |
151.78 |
34.47 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
631.05 |
491.73 |
301.57 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.67 |
1.17 |
0.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
76.10 |
4.13 |
8.02 |
|
INVENTORY TURNOVER |
TIMES |
4.80 |
88.32 |
45.52 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
195.06 |
35.61 |
221.38 |
|
RECEIVABLES TURNOVER |
TIMES |
1.87 |
10.25 |
1.65 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
52.59 |
- |
7.59 |
|
CASH CONVERSION CYCLE |
DAYS |
218.57 |
39.74 |
221.81 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.14 |
83.25 |
88.05 |
|
SELLING & ADMINISTRATION |
% |
14.35 |
9.08 |
10.36 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
25.47 |
17.64 |
21.90 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.12 |
8.56 |
11.54 |
|
NET PROFIT MARGIN |
% |
9.95 |
7.59 |
10.25 |
|
RETURN ON EQUITY |
% |
7.30 |
8.95 |
10.14 |
|
RETURN ON ASSET |
% |
6.62 |
8.89 |
9.85 |
|
EARNING PER SHARE |
BAHT |
14.88 |
16.92 |
17.44 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.09 |
0.01 |
0.03 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.10 |
0.01 |
0.03 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(32.92) |
31.04 |
|
|
OPERATING PROFIT |
% |
(12.86) |
(2.86) |
|
|
NET PROFIT |
% |
(12.03) |
(3.03) |
|
|
FIXED ASSETS |
% |
(47.73) |
(19.64) |
|
|
TOTAL ASSETS |
% |
18.08 |
7.42 |
|
ANNUAL GROWTH : RISKY
An annual sales growth is -32.92%. Turnover has decreased from THB
6,688,250.00 in 2011 to THB 4,486,500.00 in 2012. While net profit has
decreased from THB 507,453.74 in 2011 to THB 446,413.83 in 2012. And total
assets has increased from THB 5,707,125.34 in 2011 to THB 6,739,040.31 in 2012.
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
25.47 |
Satisfactory |
Industrial Average |
27.90 |
|
Net Profit Margin |
9.95 |
Impressive |
Industrial Average |
2.46 |
|
Return on Assets |
6.62 |
Impressive |
Industrial Average |
4.64 |
|
Return on Equity |
7.30 |
Satisfactory |
Industrial Average |
9.65 |
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 25.47%. 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 9.95%, 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 6.62%, 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 7.3%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
10.81 |
Impressive |
Industrial Average |
1.37 |
|
Quick Ratio |
9.39 |
|
|
|
|
Cash Conversion Cycle |
218.57 |
|
|
|
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 10.81 times in 2012, decreased from 153.73 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 9.39 times in 2012,
decreased from 151.78 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 219 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.09 |
Impressive |
Industrial Average |
0.50 |
|
Debt to Equity Ratio |
0.10 |
Impressive |
Industrial Average |
0.94 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.20 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.09 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 Downtrend
ACTIVITY : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
631.05 |
Impressive |
Industrial Average |
1.55 |
|
Total Assets Turnover |
0.67 |
Deteriorated |
Industrial Average |
1.83 |
|
Inventory Conversion Period |
76.10 |
|
|
|
|
Inventory Turnover |
4.80 |
Acceptable |
Industrial Average |
8.85 |
|
Receivables Conversion Period |
195.06 |
|
|
|
|
Receivables Turnover |
1.87 |
Deteriorated |
Industrial Average |
3.74 |
|
Payables Conversion Period |
52.59 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.87 and 10.25
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 increased from 4 days at the end
of 2011 to 76 days at the end of 2012. This represents a negative trend. And
Inventory turnover has decreased from 88.32 times in year 2011 to 4.8 times in
year 2012.
The company's Total Asset Turnover is calculated as 0.67 times and 1.17
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 Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.40 |
|
|
1 |
Rs.99.28 |
|
Euro |
1 |
Rs.83.68 |
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.