MIRA
INFORM REPORT
|
Report Date : |
07.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
NOVA PHARMA CO.,
LTD. |
|
|
|
|
Registered Office : |
114 Moo 2, T. Bangluang, A. Muang, Pathumthani 12000,
|
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.06.2007 |
|
|
|
|
Com. Reg. No.: |
0105550068094 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is
engaged in importing
and distributing various
kinds of human
pharmaceuticals
and raw chemicals
for pharmaceutical industry |
|
|
|
|
No. of Employees : |
19 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 and address
NOVA PHARMA
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 114
MOO 2, T. BANGLUANG,
A. MUANG,
PATHUMTHANI 12000,
THAILAND
TELEPHONE : [66] 2581-1892-3
FAX :
[66] 2581-1894
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0105550068094
TAX ID NO. : 3032689335
CAPITAL REGISTERED : BHT. 27,000,000
CAPITAL PAID-UP : BHT.
27,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PACHARA POKAVIPANUN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 19
LINES
OF BUSINESS : HUMAN
PHARMACEUTICALS AND CHEMICALS
IMPORTER AND
DISTRUIBUTOR
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 June 29,
2007 as a
private limited company
under the registered
name NOVA PHARMA
CO., LTD., by Thai
groups, with the
business objective to
import and distribute
various kinds of
human pharmaceuticals and
chemicals to domestic
market. It currently
employs 19 staff.
The
subject’s registered address
is 114 Moo 2,
T. Bangluang, A. Muang, Pathumthani
12000, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pachara Pokavipanun |
|
Thai |
61 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pachara Pokavipanun is
the Managing Director.
He is Thai nationality with
the age of 61 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
human pharmaceuticals and
raw chemicals for
pharmaceutical industry.
PURCHASE
90%
of the products
is imported from
Republic of China,
India, Italy and
Germany, the remaining
10% is purchased
from local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to traders, manufacturers
and
end-users both private
company and government
sector.
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
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
19 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in provincial, on the
outskirts of Bangkok.
COMMENT
Pharmaceutical consumption in domestic
market remains strong,
Subject was formed
in 2007 as an importer and distributor
of human pharmaceuticals and
chemicals. Sales were
moderate in the
past several years,
while current business
remains healthy.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into 10,000
shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 11,500,000
on February 22,
2008
Bht. 27,000,000
on September 5, 2008
The
latest registered capital
was increased to
Bht. 27,000,000 divided into
270,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pachara Pokavipanun Nationality: Thai Address : The
Paradise Village, 48/25
Moo 1,
Thungsonghong, Laksi, Bangkok
|
62,480 |
23.14 |
|
Mrs. Warunee Mangmool Nationality: Thai Address : 102/7
Moo 6, T. Bangkuwat, A. Muang, Pathumthani
|
55,500 |
20.56 |
|
Mr. Thanakorn Pokavipanun Nationality: Thai Address : 102/7
Moo 6, T. Bangkuwat, A. Muang, Pathumthani |
54,760 |
20.28 |
|
Mr. Schwin Pokavipanun Nationality: Thai Address : 102/7
Moo 6, T. Bangkuwat, A. Muang, Pathumthani |
50,500 |
18.70 |
|
Mr. Charoonpong Kiattiwong Nationality: Thai Address : 776/2-4 Ratchadapisek [Thaphra-Taksin] Rd.,
Daokanong, Thonburi,
Bangkok |
33,250 |
12.31 |
|
Ms. Rungnapa Taesukhawat Nationality: Thai Address : 37/19
Moo 1, Thungkru,
Bangkok |
13,500 |
5.00 |
|
Ms. Worawan Chansawang Nationality: Thai Address : 48/25
Moo 1, Thungsonghong, Laksi, Bangkok |
10 |
0.01 |
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
270,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
270,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Thanont Chaitawut No.
6082
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 |
7,513,400.37 |
8,345,949.51 |
15,903,552.76 |
|
Trade Accounts Receivable
|
34,329,862.43 |
33,771,872.27 |
33,980,110.86 |
|
Inventories |
15,904,412.27 |
12,108,832.76 |
16,945,827.34 |
|
Other Current Assets
|
419,824.08 |
1,292,150.02 |
975,578.01 |
|
|
|
|
|
|
Total Current Assets
|
58,167,499.15 |
55,518,804.56 |
67,805,068.97 |
|
|
|
|
|
|
Cash at Bank pledged as a Collateral |
7,641,510.26 |
7,390,626.98 |
7,382,396.39 |
|
Fixed Assets |
20,793,524.98 |
10,339,831.14 |
4,102,910.22 |
|
Other Non-current Assets |
279,030.00 |
117,000.00 |
117,000.00 |
|
Total Assets |
86,881,564.39 |
73,366,262.68 |
79,407,375.58 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
11,164,175.76 |
4,940,237.49 |
5,054,404.10 |
|
Trade Accounts Payable
|
5,584,760.45 |
7,810,774.59 |
22,709,952.74 |
|
Current Portion of
Lease Contract Liabilities |
826,966.68 |
204,735.10 |
1,263,545.40 |
|
Current Portion of
Long-term Loans |
1,500,000.00 |
- |
- |
|
Short-term Loan from Related
Person |
7,625,169.66 |
6,582,862.46 |
353,976.52 |
|
Accrued Expenses |
2,129,100.49 |
2,434,717.02 |
1,352,085.93 |
|
Other Current Liabilities |
323,184.91 |
216,477.10 |
170,124.02 |
|
|
|
|
|
|
Total Current Liabilities |
29,153,357.95 |
22,189,803.76 |
30,904,088.71 |
|
Lease Contract Liabilities, Net |
1,057,019.36 |
- |
82,651.75 |
|
Long-term Loan, Net |
2,611,484.36 |
- |
- |
|
Total Liabilities |
32,821,861.67 |
22,189,803.76 |
30,986,740.46 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 270,000 shares |
27,000,000.00 |
27,000,000.00 |
27,000,000.00 |
|
|
|
|
|
|
Capital Paid |
27,000,000.00 |
27,000,000.00 |
27,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
27,059,702.72 |
24,176,458.92 |
21,420,635.12 |
|
Total Shareholders' Equity |
54,059,702.72 |
51,176,458.92 |
48,420,635.12 |
|
Total Liabilities & Shareholders' Equity |
86,881,564.39 |
73,366,262.68 |
79,407,375.58 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
89,185,388.27 |
92,764,385.97 |
93,396,868.15 |
|
Other Income |
1,267,525.30 |
895,772.63 |
1,977,309.44 |
|
Total Revenues |
90,452,913.57 |
93,660,158.60 |
95,374,177.59 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
72,473,275.36 |
76,654,961.59 |
79,921,628.90 |
|
Selling Expenses |
3,818,160.55 |
3,803,961.23 |
4,042,401.02 |
|
Administrative Expenses |
9,685,223.30 |
8,821,774.44 |
9,057,191.45 |
|
Total Expenses |
85,976,659.21 |
89,280,697.26 |
93,021,221.37 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
4,476,254.36 |
4,379,461.34 |
2,352,956.22 |
|
Financial Cost |
[548,351.44] |
[379,717.73] |
[274,532.42] |
|
Profit before Income Tax |
3,927,902.92 |
3,999,743.61 |
2,078,423.80 |
|
Income Tax |
[1,044,659.12] |
[1,243,919.81] |
[881,824.87] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,883,243.80 |
2,755,823.80 |
1,196,598.93 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.00 |
2.50 |
2.19 |
|
QUICK RATIO |
TIMES |
1.44 |
1.90 |
1.61 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.29 |
8.97 |
22.76 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
1.26 |
1.18 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
80.10 |
57.66 |
77.39 |
|
INVENTORY TURNOVER |
TIMES |
4.56 |
6.33 |
4.72 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
140.50 |
132.88 |
132.80 |
|
RECEIVABLES TURNOVER |
TIMES |
2.60 |
2.75 |
2.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
28.13 |
37.19 |
103.72 |
|
CASH CONVERSION CYCLE |
DAYS |
192.47 |
153.35 |
106.47 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.26 |
82.63 |
85.57 |
|
SELLING & ADMINISTRATION |
% |
15.14 |
13.61 |
14.03 |
|
INTEREST |
% |
0.61 |
0.41 |
0.29 |
|
GROSS PROFIT MARGIN |
% |
20.16 |
18.33 |
16.55 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.02 |
4.72 |
2.52 |
|
NET PROFIT MARGIN |
% |
3.23 |
2.97 |
1.28 |
|
RETURN ON EQUITY |
% |
5.33 |
5.38 |
2.47 |
|
RETURN ON ASSET |
% |
3.32 |
3.76 |
1.51 |
|
EARNING PER SHARE |
BAHT |
10.68 |
10.21 |
4.43 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.30 |
0.39 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.61 |
0.43 |
0.64 |
|
TIME INTEREST EARNED |
TIMES |
8.16 |
11.53 |
8.57 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(3.86) |
(0.68) |
|
|
OPERATING PROFIT |
% |
2.21 |
86.13 |
|
|
NET PROFIT |
% |
4.62 |
130.30 |
|
|
FIXED ASSETS |
% |
101.10 |
152.01 |
|
|
TOTAL ASSETS |
% |
18.42 |
(7.61) |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is -3.86%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.16 |
Deteriorated |
Industrial Average |
107.80 |
|
Net Profit Margin |
3.23 |
Satisfactory |
Industrial
Average |
4.22 |
|
Return on Assets |
3.32 |
Deteriorated |
Industrial
Average |
6.89 |
|
Return on Equity |
5.33 |
Deteriorated |
Industrial
Average |
16.07 |
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 20.16%. 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 3.23%.
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 3.32%.
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 5.33%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.00 |
Impressive |
Industrial
Average |
1.63 |
|
Quick Ratio |
1.44 |
|
|
|
|
Cash Conversion Cycle |
192.47 |
|
|
|
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 2.0 times in 2012, decreased from 2.5 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 1.44 times in 2012,
decreased from 1.9 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 193 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.38 |
Impressive |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
0.61 |
Impressive |
Industrial
Average |
1.33 |
|
Times Interest Earned |
8.16 |
Impressive |
Industrial
Average |
- |
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 8.17 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 0.38 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 Uptrend
Times Interest Earned Stable
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.29 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.03 |
Acceptable |
Industrial
Average |
1.63 |
|
Inventory Conversion Period |
80.10 |
|
|
|
|
Inventory Turnover |
4.56 |
Impressive |
Industrial
Average |
3.69 |
|
Receivables Conversion Period |
140.50 |
|
|
|
|
Receivables Turnover |
2.60 |
Impressive |
Industrial
Average |
2.43 |
|
Payables Conversion Period |
28.13 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.60 and
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 58 days at the
end of 2011 to 80 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 6.33 times in year 2011 to 4.56 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.03 times and 1.26
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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.50 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.