MIRA INFORM REPORT
|
Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
INTER PHARMAPLUS CO., LTD. |
|
|
|
|
Registered Office : |
9 Soi
Serithai 81/2, Serithai Road, Kannayao, Bangkok 10230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.04.2014 |
|
|
|
|
Date of Incorporation : |
11.05.2004 |
|
|
|
|
Com. Reg. No.: |
0105547063800 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Imports and
Distributor of Empty Hard Gelatin Capsules. |
|
|
|
|
No. of Employees : |
20 |
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 : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 in 2013
implemented a nation-wide 300 baht ($10) per day minimum wage policy and
deployed 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 recession severely cut Thailand's exports, with most
sectors experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
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 following seven years. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require
re-approval once a new government is seated.
|
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. NATNAREE DAENGVICHIT,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 20
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, in order
to import and
distribute empty hard
gelatin capsule products.
It currently employs
approximately 20 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. Lakhana Trangkanont |
Thai |
45 |
|
Ms. Natnaree Daengvichit |
Thai |
40 |
AUTHORIZED
PERSON
One
of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Ms. Natnaree Daengvichit
is the Managing
Director.
She
is Thai nationality
with the age
of 40 years old.
BUSINESS
OPERATIONS
The subject is engaged in importing and
distributing empty hard gelatin capsules for
pharmaceutical, herbal and
additive food production
industries.
PURCHASE
Most of
the products are
imported from India,
the remaining is
purchased from local
suppliers.
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
RELATED AND
AFFILIATED COMPANY
Innova Intertrade
Co., Ltd.
Business
Type : Distributor
of packaging supplies
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 according
to 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 approximately 20
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. Demand
of hard gelatin
capsules has significantly
improved from expansion
in healthcare industries.
Subject’s business
performance remains healthy,
despite slow consumption
of related products,
but it is
estimated that it would
be on a
short period.
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, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms.
Natnaree 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, 2014]
|
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
Pintupeerakovit No. 6009
BALANCE
SHEET [BAHT]
The
latest financial figures published
as at April
30, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash
and Cash Equivalents |
2,579,210.01 |
6,580,520.60 |
8,149,766.42 |
|
Trade
Accounts Receivable |
46,530,461.32 |
43,635,837.29 |
38,827,968.48 |
|
Inventories |
9,923,006.84 |
2,119,300.04 |
6,400,112.53 |
|
Other
Current Assets |
545,841.21 |
98,325.51 |
972,805.84 |
|
|
|
|
|
|
Total Current
Assets |
59,578,519.38 |
52,433,983.44 |
54,350,653.27 |
|
|
|
|
|
|
Fixed Assets |
1,808,619.62 |
2,477,757.96 |
3,860,264.18 |
|
Cash
at Bank Pledged as a
Collateral |
6,396,243.11 |
6,265,950.32 |
3,157,711.12 |
|
Total Assets
|
67,783,382.11 |
61,177,691.72 |
61,368,628.57 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft from
Financial Institutions |
3,956,937.96 |
3,699,534.67 |
1,813,075.04 |
|
Trade
Accounts Payable |
45,647,879.54 |
38,676,024.47 |
39,497,977.04 |
|
Current
Portion of Long-term
Financial
Lease Liabilities |
478,518.67 |
524,168.68 |
521,142.00 |
|
Current
Portion of Long-term Loans
from Financial Institutions |
- |
819,209.44 |
2,116,802.88 |
|
Accrued Income Tax |
86,724.63 |
173,305.13 |
76,066.80 |
|
Other
Current Liabilities |
152,504.14 |
268,011.97 |
378,430.52 |
|
|
|
|
|
|
Total Current
Liabilities |
50,322,564.94 |
44,160,254.36 |
44,403,494.28 |
|
Long-term Financial Lease Liabilities, Net |
327,348.98 |
806,635.02 |
1,330,803.70 |
|
Long-term Loan from
Financial Institutions |
- |
112,474.75 |
905,383.12 |
|
Total Liabilities |
50,649,913.92 |
45,079,364.13 |
46,639,681.10 |
|
|
|
|
|
|
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 |
7,133,468.19 |
6,098,327.59 |
4,728,947.47 |
|
Total Shareholders' Equity |
17,133,468.19 |
16,098,327.59 |
14,728,947.47 |
|
Total Liabilities & Shareholders' Equity |
67,783,382.11 |
61,177,691.72 |
61,368,628.57 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales
Income |
202,179,651.53 |
211,481,575.39 |
168,557,348.12 |
|
Other
Income |
162,583.13 |
3,290,908.36 |
842,642.97 |
|
Total Revenues
|
202,342,234.66 |
214,772,483.75 |
169,399,991.09 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
|
185,616,146.60 |
202,188,577.18 |
158,122,270.60 |
|
Selling
Expenses |
708,478.00 |
1,074,790.61 |
470,737.20 |
|
Administrative Expenses |
13,685,231.18 |
8,465,725.12 |
8,312,461.53 |
|
Total Expenses |
200,009,855.78 |
211,729,092.91 |
166,905,469.39 |
|
|
|
|
|
|
Profit
before Financial Cost &
Income Tax |
2,332,378.88 |
3,043,390.84 |
2,494,521.70 |
|
Financial Costs |
[1,105,958.10] |
[1,249,402.07] |
[1,341,773.69] |
|
Profit
before Income Tax |
1,316,420.78 |
1,793,988.77 |
1,152,748.01 |
|
Income Tax |
[281,280.18] |
[424,608.65] |
[369,449.80] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,035,140.60 |
1,369,380.12 |
783,298.21 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.18 |
1.19 |
1.22 |
|
QUICK RATIO |
TIMES |
0.98 |
1.14 |
1.06 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
111.79 |
85.35 |
43.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.98 |
3.46 |
2.75 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
19.51 |
3.83 |
14.77 |
|
INVENTORY TURNOVER |
TIMES |
18.71 |
95.40 |
24.71 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
84.00 |
75.31 |
84.08 |
|
RECEIVABLES TURNOVER |
TIMES |
4.35 |
4.85 |
4.34 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
89.76 |
69.82 |
91.17 |
|
CASH CONVERSION CYCLE |
DAYS |
13.75 |
9.32 |
7.68 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.81 |
95.61 |
93.81 |
|
SELLING & ADMINISTRATION |
% |
7.12 |
4.51 |
5.21 |
|
INTEREST |
% |
0.55 |
0.59 |
0.80 |
|
GROSS PROFIT MARGIN |
% |
8.27 |
5.95 |
6.69 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.15 |
1.44 |
1.48 |
|
NET PROFIT MARGIN |
% |
0.51 |
0.65 |
0.46 |
|
RETURN ON EQUITY |
% |
6.04 |
8.51 |
5.32 |
|
RETURN ON ASSET |
% |
1.53 |
2.24 |
1.28 |
|
EARNING PER SHARE |
BAHT |
10.35 |
13.69 |
7.83 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.74 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.96 |
2.80 |
3.17 |
|
TIME INTEREST EARNED |
TIMES |
2.11 |
2.44 |
1.86 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(4.40) |
25.47 |
|
|
OPERATING PROFIT |
% |
(23.36) |
22.00 |
|
|
NET PROFIT |
% |
(24.41) |
74.82 |
|
|
FIXED ASSETS |
% |
(27.01) |
(35.81) |
|
|
TOTAL ASSETS |
% |
10.80 |
(0.31) |
|
ANNUAL
GROWTH: RISKY
An annual sales growth is -4.4%. Turnover has decreased from THB 211,481,575.39
in 2013 to THB 202,179,651.53 in 2014. While net profit has decreased from THB
1,369,380.12 in 2013 to THB 1,035,140.60 in 2014. And total assets has
increased from THB 61,177,691.72 in 2013 to THB 67,783,382.11 in 2014.
PROFITABILITY
: RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.27 |
Deteriorated |
Industrial Average |
153.10 |
|
Net Profit Margin |
0.51 |
Deteriorated |
Industrial Average |
6.37 |
|
Return on Assets |
1.53 |
Deteriorated |
Industrial Average |
10.80 |
|
Return on Equity |
6.04 |
Deteriorated |
Industrial Average |
25.94 |
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
8.27%. 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 0.51%. 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 1.53%.
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
6.04%.
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 |
1.18 |
Acceptable |
Industrial Average |
2.35 |
|
Quick Ratio |
0.98 |
|
|
|
|
Cash Conversion Cycle |
13.75 |
|
|
|
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 1.18 times in 2014, decreased from 1.19 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 0.98 times in 2014, decreased from 1.14 times, by excluding
inventory, the company may have problems meeting current liabilities.
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 14
days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: SATISFACTORY
LEVERAGE
RATIO
|
Debt Ratio |
0.75 |
Impressive |
Industrial Average |
0.87 |
|
Debt to Equity Ratio |
2.96 |
Risky |
Industrial Average |
2.09 |
|
Times Interest Earned |
2.11 |
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 higher the percentage means that the
company is using less equity and has stronger leverage position.
Times Interest Earned measuring a company's
ability to meet its debt obligations. Ratio is 2.11 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 0.75
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 Uptrend
Times Interest Earned Stable
ACTIVITY
: EXCELLENT
ACTIVITY
RATIO
|
Fixed Assets Turnover |
111.79 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.98 |
Impressive |
Industrial Average |
2.54 |
|
Inventory Conversion Period |
19.51 |
|
|
|
|
Inventory Turnover |
18.71 |
Impressive |
Industrial Average |
5.78 |
|
Receivables Conversion Period |
84.00 |
|
|
|
|
Receivables Turnover |
4.35 |
Impressive |
Industrial Average |
3.70 |
|
Payables Conversion Period |
89.76 |
|
|
|
The company's Account Receivable Ratio is calculated
as 4.35 and 4.85 in 2014 and 2013 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 2014 decreased from 2013. 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 2013 to 20 days at the end of 2014. This represents a negative
trend. And Inventory turnover has decreased from 95.4 times in year 2013 to
18.71 times in year 2014.
The company's Total Asset Turnover is
calculated as 2.98 times and 3.46 times in 2014 and 2013 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.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIT |
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.