|
|
|
MIRA INFORM REPORT
|
Report No. : |
493532 |
|
Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
INTER PHARMAPLUS
CO., LTD. |
|
|
|
|
Registered Office : |
9 Soi Serithai
81/2, Serithai Road, Kannayao, Bangkok 10230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.04.2017 |
|
|
|
|
Date of Incorporation : |
11.05.2004 |
|
|
|
|
Com. Reg. No.: |
0105547063800
[Former: 0108554706931] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in importing
and distributing empty
hard gelatin capsules
for pharmaceutical, herbal
and additive food
production industries. |
|
|
|
|
No. of Employees : |
40 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy,
and generally pro-investment policies, Thailand is highly dependent on
international trade, with exports accounting for about two-thirds of GDP.
Thailand’s exports include electronics, agricultural commodities, automobiles
and parts, and processed foods. The industry and service sectors produce about
90% of GDP. The agricultural sector, comprised mostly of small-scale farms,
contributes only 10% of GDP but employs about one-third of the labor force.
Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly
from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially.
In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10)
per day minimum wage policy and deployed new tax reforms designed to lower
rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since
the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation,
low unemployment, and reasonable public and external debt levels. Tourism and
government spending - mostly on infrastructure and short-term stimulus measures
– have helped to boost the economy, and The Bank of Thailand has been
supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and
an aging population pose risks to growth.
|
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.
12,000,000
CAPITAL PAID-UP : BHT.
12,000,000
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 : 40
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
register name INTER
PHARMAPLUS CO., LTD., by
Thai group, in
order to import
and distribute empty
hard gelatin capsules.
It currently employs
approximately 40 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 |
49 |
|
Ms. Natnaree Daengvichit |
|
Thai |
44 |
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 44
years old.
Ms. Lakhana Trangkanont is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 49
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
80% of the products is imported from India,
Malaysia, Republic of
China, Belgium and Germany,
the remaining 20%
is purchased from
local suppliers.
MAJOR SUPPLIERS
Healthcaps India Ltd. : India
Capsugel (Thailand) Co.,
Ltd. : Thailand
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
Company Limited
[Klongchan Branch :
Serithai Road, Klongchan,
Bangkapi, Bangkok]
EMPLOYMENT
The subject employs
approximately 40 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 81/8 Moo
3, Suwintawong Rd.,
Saensaeb, Minburi,
Bangkok 10510.
Bangkok office is
located at 11
Soi Serithai 81/2,
Serithai Rd., Kannayao,
Bangkok 10230.
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 had
significantly improved from
expansion in healthcare
industries.
The subject’s operating
performance as of
April 30, 2017
was satisfactory with
an increase in
both sales or
service income and net
profit comparing to the
previous year. The
increase in sales figures
was generated from
an increase in
domestic consumption of
empty hard gelatin
capsules from healthcare
industry in the
past year. Its
business is promising
and growing steadily.
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
Bht. 12,000,000
on December 16,
2015
The latest registered
capital was increased to
Bht. 12,000,000 divided into
120,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at August 30,
2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Natnaree Daengvichit Nationality: Thai Address : 405/1
Moo 12, Serithai
Rd., Kannayao, Bangkok |
102,999 |
85.83 |
|
Ms. Lakhana Trangkanont Nationality: Thai Address : 144
Soi Suansayam 24 Yaek 10,
Kannayao, Bangkok |
17,000 |
14.17 |
|
Ms. Amphan Trangkanont Nationality: Thai Address : 261 Moo 5,
T. Thakham, A. Palian, Trang |
1 |
- |
Total Shareholders : 3
Share Structure [as
at August 30,
2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
120,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
120,000 |
100.00 |
NAME OF AUDIOTOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Vimol Pintuperakovit No.
6009
BALANCE SHEET [BAHT]
The latest financial figures published
as at April
30, 2017, 2016
and 2015 were:
ASSETS
|
Current Assets |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Cash and Cash Equivalents |
8,726,637.83 |
5,887,430.67 |
5,440,945.89 |
|
Trade Accounts and
Other Receivable |
100,967,678.34 |
57,553,110.19 |
43,806,334.97 |
|
Inventories |
1,611,563.23 |
14,180,083.99 |
17,617,750.37 |
|
Other Current Assets
|
604,122.58 |
470,650.27 |
1,454,122.51 |
|
|
|
|
|
|
Total Current Assets
|
111,910,001.98 |
78,091,275.12 |
68,319,153.74 |
|
|
|
|
|
|
Property, Plant and Equipment |
2,070,969.12 |
3,020,305.15 |
3,483,507.86 |
|
Other Non-current Assets |
5,409,914.09 |
5,356,606.45 |
6,507,551.73 |
|
Total Assets |
119,390,885.19 |
86,468,186.72 |
78,310,213.33 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Bank Overdraft and Short-term
Loan from Financial Institutions |
17,594,250.04 |
19,075,978.00 |
3,273,148.15 |
|
Trade Accounts and
Other Payable |
57,833,075.95 |
38,894,371.16 |
54,064,971.80 |
|
Current Portion of
Long-term Liabilities |
1,927,620.03 |
1,755,762.15 |
801,014.37 |
|
Accrued Income Tax |
171,625.28 |
145,023.30 |
127,728.74 |
|
Other Current Liabilities |
15,224,639.69 |
172,752.56 |
131,784.40 |
|
|
|
|
|
|
Total Current Liabilities |
92,751,210.99 |
60,043,887.17 |
58,398,647.46 |
|
|
|
|
|
|
Other Non-current Liabilities |
3,161,166.92 |
4,802,653.54 |
1,445,838.86 |
|
Total Liabilities |
95,912,377.91 |
64,846,540.71 |
59,844,486.32 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, and
issued share capital 120,000 shares
in 2017 &
2016 |
12,000,000.00 |
12,000,000.00 |
|
|
100,000 shares
in 2015 |
|
|
10,000,000.00 |
|
|
|
|
|
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
10,000,000.00 |
|
Retained Earning-Unappropriated
|
11,478,507.28 |
9,621,646.01 |
8,465,727.01 |
|
Total Shareholders' Equity |
23,478,507.28 |
21,621,646.01 |
18,465,727.01 |
|
Total Liabilities and
Shareholders' Equity |
119,390,885.19 |
86,468,186.72 |
78,310,213.33 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Sales or Services Income |
195,754,465.35 |
154,423,163.27 |
183,814,642.34 |
|
Other Income |
2,596,979.13 |
1,092,848.69 |
933,319.96 |
|
Total Revenues |
198,351,444.48 |
155,516,011.96 |
184,747,962.30 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
167,077,092.24 |
139,040,134.79 |
170,743,652.54 |
|
Selling Expenses |
16,879,292.79 |
1,322,134.83 |
769,523.88 |
|
Administrative Expenses |
9,956,911.36 |
11,394,071.42 |
10,104,766.46 |
|
Total Expenses |
193,913,296.39 |
151,756,341.04 |
181,617,942.88 |
|
|
|
|
|
|
Profit /[Loss] before Financial Cost & Income Tax |
4,438,148.09 |
3,759,670.92 |
3,130,019.42 |
|
Financial Costs |
[2,072,656.52] |
[2,222,932.95] |
[1,435,795.96] |
|
Profit /[Loss] before
Income Tax |
2,365,491.57 |
1,536,737.97 |
1,694,223.46 |
|
Income Tax |
[508,630.30] |
[380,818.97] |
[361,964.64] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,856,861.27 |
1,155,919.00 |
1,332,258.82 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2017 |
2016 |
2015 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.21 |
1.30 |
1.17 |
|
QUICK RATIO |
TIMES |
1.18 |
1.06 |
0.84 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
94.52 |
51.13 |
52.77 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.64 |
1.79 |
2.35 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
3.52 |
37.22 |
37.66 |
|
INVENTORY TURNOVER |
TIMES |
103.67 |
9.81 |
9.69 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
188.26 |
136.03 |
86.99 |
|
RECEIVABLES TURNOVER |
TIMES |
1.94 |
2.68 |
4.20 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
126.34 |
102.10 |
115.58 |
|
CASH CONVERSION CYCLE |
DAYS |
65.44 |
71.16 |
9.07 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
85.35 |
90.04 |
92.89 |
|
SELLING & ADMINISTRATION |
% |
13.71 |
8.23 |
5.92 |
|
INTEREST |
% |
1.06 |
1.44 |
0.78 |
|
GROSS PROFIT MARGIN |
% |
15.98 |
10.67 |
7.62 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.27 |
2.43 |
1.70 |
|
NET PROFIT MARGIN |
% |
0.95 |
0.75 |
0.72 |
|
RETURN ON EQUITY |
% |
7.91 |
5.35 |
7.21 |
|
RETURN ON ASSET |
% |
1.56 |
1.34 |
1.70 |
|
EARNING PER SHARE |
BAHT |
15.47 |
9.63 |
13.32 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.80 |
0.75 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.09 |
3.00 |
3.24 |
|
TIME INTEREST EARNED |
TIMES |
2.14 |
1.69 |
2.18 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
26.76 |
(15.99) |
|
|
OPERATING PROFIT |
% |
18.05 |
20.12 |
|
|
NET PROFIT |
% |
60.64 |
(13.24) |
|
|
FIXED ASSETS |
% |
(31.43) |
(13.30) |
|
|
TOTAL ASSETS |
% |
38.07 |
10.42 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 26.76%.
Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.98 |
Impressive |
Industrial Average |
4.94 |
|
Net Profit Margin |
0.95 |
Acceptable |
Industrial Average |
2.83 |
|
Return on Assets |
1.56 |
Acceptable |
Industrial Average |
3.74 |
|
Return on Equity |
7.91 |
Satisfactory |
Industrial Average |
8.97 |
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. Gross Profit Margin is 15.98%. When compared with
the industry average, the ratio of the company was higher, indicated that
company was more profitable than the same industry.
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 0.95%.
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 1.56%.
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 7.91%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.21 |
Satisfactory |
Industrial Average |
1.91 |
|
Quick Ratio |
1.18 |
|
|
|
|
Cash Conversion Cycle |
65.44 |
|
|
|
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 1.21 times in 2017, decrease 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 1.18 times in 2017,
increase from 1.06 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 66 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.80 |
Acceptable |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
4.09 |
Risky |
Industrial Average |
1.37 |
|
Times Interest Earned |
2.14 |
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 2.15 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 0.8 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 Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
94.52 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.64 |
Impressive |
Industrial Average |
1.32 |
|
Inventory Conversion Period |
3.52 |
|
|
|
|
Inventory Turnover |
103.67 |
Impressive |
Industrial Average |
3.34 |
|
Receivables Conversion Period |
188.26 |
|
|
|
|
Receivables Turnover |
1.94 |
Satisfactory |
Industrial Average |
2.73 |
|
Payables Conversion Period |
126.34 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.94 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 decreased from 37 days at the end of 2016 to
4 days at the end of 2017. This represents a positive trend. And Inventory
turnover has increased from 9.81 times in year 2016 to 103.67 times in year
2017.
The company's Total Asset Turnover is calculated as 1.64 times and 1.79
times in 2017 and 2016 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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.65 |
|
Euro |
1 |
INR 79.94 |
|
Thai Baht |
1 |
INR 2.06 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.