MIRA
INFORM REPORT
|
Report Date : |
8th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
BANG TRADING 1992 COMPANY LIMITED |
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Registered Office : |
999/99 Rama 9 Road., Suanluang, Bangkok 10250, Thailand |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
4181/2535 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor and supplier of wide range of industrial products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
NAME
BANG
TRADING 1992 COMPANY
LIMITED
SUMMARY
|
BUSINESS
ADDRESS |
999/99 RAMA 9 ROAD., SUANLUANG, BANGKOK 10250, THAILAND |
|
TELEPHONE |
[66] 2718-3333 |
|
FAX |
[66] 2718-3577, 2718-3962 |
|
E-MAIL
ADDRESS |
info@bangtrading.com |
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REGISTRATION
ADDRESS |
SAME AS
BUSINESS ADDRESS |
|
ESTABLISHED |
1992 |
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REGISTRATION
NO. |
4181/2535 |
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CAPITAL REGISTERED |
BHT. 1,000,000 |
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CAPITAL PAID-UP |
BHT. 1,000,000 |
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FISCAL YEAR CLOSING DATE |
DECEMBER 31 |
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LEGAL STATUS |
PRIVATE LIMITED COMPANY |
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EXECUTIVE |
MR. THAWATCHAI TANTIPOJ, THAI |
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|
MANAGING DIRECTOR |
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NO. OF STAFF |
90 |
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LINES
OF BUSINESS |
PHARMACEUTICAL, MEDICAL AND INDUSTRIAL PRODUCTS IMPORTER & DISTRIBUTOR |
CORPORATE PROFILE
|
OPERATING
TREND |
STABLE |
|
PRESENT
SITUATION |
OPERATING NORMALLY |
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REPUTATION |
GOOD WITH
NORMAL BUSINESS ENGAGEMENT |
|
MANAGEMENT
STANDARD |
MANAGEMENT WITH
FAIR PERFORMANCE |
HISTORY
The subject was established on March 9, 1992 as a private limited company under the registered name BANG TRADING [1992] COMPANY LIMITED by Thai groups, to provide products and services for medical, pharmaceutical, laboratory and scientific businesses. It currently employs approximately 90 staff.
It is a member of Bang Trading Group, the Thailand’s leading suppliers wide range of products for laboratory, medical & healthcare and other industries.
The subject’s registered address is 999/99 Rama 9 Rd., Suanluang, Bangkok 10250, and this is the subject’s current operation address.
THE BOARD OF DIRECTORS
Name Nationality
Age
Mr. Atipong Arkliphand Thai 68
Mr. Thawatchai Tantipoj Thai 61
Mrs. Somchit Vanapamornphan Thai 51
Mrs. Vilaiporn Laohakosol Thai 52
Mr. Nathadej Arkliphand Thai 34
Mrs. Laksanawadee Kiattanakorn Thai 30
Mr. Pithan tantipoj Thai 27
Mr. Thammasak Lortanavanit Thai 35
Ms. Sunee Jaidee Thai 45
AUTHORIZED PERSON
Two of the above directors can jointly sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Thawatchai Tantipoj is the Managing Director.
He is Thai nationality with the age of 61 years old.
Mr. Nathadej Arkliphand, is the Sales Manger of BP Division
He is Thai nationality with the age of 34 years old.
Mr. Pithan Tantipoj is the Sales Manager of LCA Division.
He is Thai nationality with the age of 27 years old.
Mrs. Saowalak Akaramanopaisal is the Sales Manager of SIS Division.
She is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities are distributor and supplier wide range of industrial products, which can be divided into 3 main divisions as follows:
British
Pharmaceutical [ BP Division]
The subject focuses on supplying pharmaceutical raw material to pharmaceutical industry. It also provides stock planning and procurement services tailored to the customer requirement. The products included Allimentary system, Cardiovascular & Hematopoietic system, Respiratory system, Neuro-Muscular system, Homones, Antibiotics, and Other Chemotherapeutics, etc.
Laboratory Chemicals and Apparatus [ LCA Division]
LCA supplies a wide range of laboratory chemicals and apparatus to production lines, government, laboratories, privately-owned companies, hospitals, universities, research organizations, clinics and various industries.
MAJOR SUPPLIERS
- Whatman : United Kingdom
- Nalgene : United States of America
- Hellma : Germany
- Laboratory : Republic of China
- Etc.
Scientific Instruments and Supplies [ SIS Division]
SIS is the
distributor of scientific
instruments and supplies
from countries worldwide.
The product includes
water purification system,
conductivity meter, laminar
airflow cabinet, freezers,
furnaces, autoclaves, oven,
incubator, water bath,
gas generator, filtration,
mercury analyzer, capillary
rotary
vicometer,
& etc.
MAJOR SUPPLIERS
Biochrom : United kingdom
Faster : Italy
Froilabo : France
Nuve : Turkey
Parker : U.S.A.
PSA : United Kingdom
Etc.
The subject also provides maintenance services of scientific instrument.
IMPORT [COUNTRIES]
Most of its products are imported from United Kingdom, Germany, Republic of China, United States of America, Belgium, Italy, France, Turkey and etc.
SALES [LOCAL]
100% of its products is sold locally to Thai Government, manufacturers, wholesalers and end-users.
MAJOR CUSTOMERS
Government
and private hospitals
and universities.
AFFILIATED COMPANY
|
Name |
Country |
Business Type |
|
Inter Medical Co., Ltd. |
Thailand |
Distributor of medical instrument |
|
Affintech Co., Ltd. |
Thailand |
Importer of hospital lab supplies, industrial gas, air and water purification system, as well as designing and construction |
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 30-90 days.
Imports are by L/C at sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[New Petchburi Branch : 1975 New Petchburi Rd., Bangkapi, Huaykwang, Bangkok]
Kasikornbank Public
Co., Ltd.
[New Petchburi Branch : 2416 New Petchburi Rd., Bangkapi, Huaykwang, Bangkok]
Siam Commercial
Bank Public Co., Ltd.
[Head Office : 9 Ratchadapisek Rd., Ladyao, Jatujak, Bangkok]
EMPLOYMENT
The subject employs approximately 90 staff. [office & sales staff]
LOCATION DETAILS
The premise is owned for administrative office and showroom at the heading address in commercial/residential area.
COMMENT
The company’s business hinges on public acceptance which it was well accepted from its customers of products prices and quality.
At the present the outlook of its business environment is positive, it is expected steadily growth throughout this year
FINANCIAL INFORMATION
The capital was registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each with fully paid.
MAIN SHAREHOLDERS : [as at
April 30, 2004]
|
NAME |
HOLDING |
% |
|
Mr. Jirachai
Tantipoj Nationality: Thai Address : 244-248 Werng Nakornkasem, Samphantawong, Bangkok |
3,894 |
38.94 |
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Mr. Kajornphan Tantipoj Nationality: Thai Address : 244-248 Werng Nakornkasem, Samphantawong, Bangkok |
1,800 |
18.00 |
|
Mr. Atipong
Arkliphand Nationality: Thai Address : 36 Ekamai Rd., Klongton, Klongtoey, Bangkok |
1,459 |
14.59 |
|
Mr. Chanin
Daengprasert Nationality: Thai Address : 23 Sukhumvit 71 Rd., Prakanongnua, Klongtoey, Bangkok |
747 |
7.47 |
|
Mr. Nathadej
Arkliphand Nationality: Thai Address : 36 Ekamai Rd., Klongton, Klongtoey, Bangkok |
700 |
7.00 |
|
Ms. Chittiya
Arkliphand Nationality: Thai Address : 36 Ekamai Rd., Klongton, Klongtoey, Bangkok |
700 |
7.00 |
|
Mr. Chamaphat
Sitthi-amnuay Nationality: Thai Address : 36 Ekamai Rd., Klongton, Klongtoey, Bangkok |
700 |
7.00 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Rangsarit Duangnetr No. 1418
BALANCE SHEET [BAHT]
Financial statement for 2004 has not yet available during this current investigation.
The latest financial figures published for December 31, 2003 & 2002 were:
ASSETS
|
Current Assets |
2003 |
2002 |
|
|
|
|
|
Cash in Hand & at Bank [note 1] |
6,466,917.29 |
1,100,371.85 |
|
Trade Accts. Receivable [note 2] |
48,631,373.08 |
29,586,897.30 |
|
Inventories |
25,891,785.76 |
25,170,916.54 |
|
Other Current Assets [note 3] |
3,254,387.77 |
888,338.55 |
|
Total Current Assets |
84,244,463.90 |
56,746,524.24 |
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|
|
|
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Fixed Assets [note 4] |
4,770,641.93 |
4,441,994.83 |
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Other Assets |
407,192.52 |
151,505.02 |
|
Total Assets |
89,422,298.35 |
61,340,024.09 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2003 |
2002 |
|
|
|
|
|
Bank Overdraft & Short Term Loan |
- |
511,643.93 |
|
Trade Accts. Payable |
36,091,426.70 |
17,998,686.53 |
|
Other Current Liabilities |
5,931,526.07 |
6,063,921.70 |
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Total Current Liabilities |
42,022,952.77 |
24,574,252.16 |
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Total Liabilities |
42,022,952.77 |
24,574,252.16 |
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Shareholders' Equity |
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Share capital : Baht 100 par value authorized, issued and fully paid share capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated |
46,399,345.58 |
35,765,771.93 |
|
Total Shareholders' Equity |
47,399,345.58 |
36,765,771.93 |
|
Total
Liabilities & Shareholders' Equity |
89,422,298.35 |
61,340,024.09 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2003 |
2002 |
|
|
|
|
|
Sales |
183,184,077.07 |
183,047,428.34 |
|
Other Income |
1,275,974.84 |
844,548.05 |
|
Total Revenues |
184,460,051.91 |
183,891,976.39 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods Sold |
136,570,812.03 |
141,152,471.77 |
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Selling & Administrative Expenses |
32,688,154.77 |
29,913,137.65 |
|
Total Expenses |
169,258,966.80 |
171,065,609.42 |
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Profit / [Loss] from Operation |
15,201,085.11 |
12,826,366.97 |
|
Interest Expenses |
[108,930.85] |
[43,398.73] |
|
Income Tax |
[4,458,580.61] |
[3,716,787.47] |
|
Net Profit / [Loss] |
10,633,573.65 |
9,066,180.77 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at Bank
|
|
2003 |
2002 |
|
|
|
|
|
Cash in hand |
23,648.00 |
76,659.50 |
|
Cash at bank |
6,443,269.29 |
1,023,712.35 |
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Total |
6,466,917.29 |
1,100,371.85 |
NOTE 2
Trade Accts. Receivable
|
|
2003 |
2002 |
|
|
|
|
|
Trade Accts. Receivable |
38,843,106.48 |
20,835,623.06 |
|
Notes Receivable |
9,788,266.60 |
8,751,274.24 |
|
Total |
48,631,373.08 |
29,586,897.30 |
NOTE 3 Other Current Assets
|
|
2003 |
2002 |
|
|
|
|
|
Advanced Paid |
871,094.27 |
686,378.09 |
|
Deferred Income |
47,821.02 |
22,541.23 |
|
Prepaid Withholding Income Tax |
- |
1,155.00 |
|
Prepaid Insurance Premium |
- |
11,781.45 |
|
Prepaid Goods |
906,590.00 |
85,318.27 |
|
Other Prepaid Expenses |
7,665.77 |
22,520.00 |
|
Deferred Compensation |
1,009,411.46 |
22,270.18 |
|
Refundable Business Tax |
22,826.91 |
12,312.95 |
|
Receivable-Revenue Department |
380,161.45 |
- |
|
Other Receivable |
8,816.89 |
24,061.38 |
|
Total |
3,254,387.77 |
888,338.55 |
NOTE 4
Fixed Assets
|
|
2003 |
2002 |
|
|
|
|
|
Hand Tool & Equipment |
221,237.53 |
221,237.53 |
|
Office Automation |
5,822,203.51 |
4,924,659.25 |
|
Office Furniture |
500,317.75 |
466,574.81 |
|
Vehicle |
4,496,100.00 |
4,098,100.00 |
|
Total |
11,039,858.79 |
9,710,571.59 |
|
Less: Depreciation |
[6,269,216.86] |
[5,268,576.76] |
|
Total |
4,770,641.93 |
4,441,994.83 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2003 |
2002 |
|
Sales |
0.07 |
|
|
Operating |
1.29 |
|
|
Net Profit |
17.29 |
|
|
Fixed Assets |
7.40 |
|
|
Total Assets |
45.78 |
|
|
Profitability |
|
|
|
Cost of Goods Sold |
74.55 |
77.11 |
|
Operating Profit Margin |
25.45 |
22.89 |
|
S&A expenses |
17.84 |
16.34 |
|
Interest |
0.06 |
0.02 |
|
Other Revenues |
0.70 |
0.46 |
|
Net Profit Margin |
5.80 |
4.95 |
|
Earning Per Shares |
1,063.36 |
906.62 |
|
No. of Shares |
10,000 |
10,000 |
Net
Sales was increased
by 0.07%, Operating
Profit was increased
by 1.29%, Net
Profit was increased
by 17.29%, Fixed
Assets was increased
by 7.40%, Total
Assets was increased
by 45.78%.
Compare
each cost with
sales, Cost of
Goods Sold was
decreased from 77.11%
to 74.55%, Operating
Profit Margin was
increased from 22.89%
to 25.45%, S
& A Expenses
were increased from
16.34% to 17.84%,
Interest Paid was
increased from 0.02%
to 0.06%, Other
Revenues was increased
from 0.46% to
0.70%, Net Profit
Margin was increased
from 4.95% to
5.80%.
Earning Per Shares was increased from 906.62 baht per share to 1,063.36 baht per share.
Liquidity
|
Liquidity |
2003 |
2002 |
|
Current Ratio |
2.00 |
2.31 |
|
Quick - assets ratio |
1.31 |
1.25 |
Current Ratio was decreased from 2.31 to 2.00, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 1.25 to 1.31, capacity to pay Short Term Loan was good too, because Current Assets without Inventory can cover Current Liabilities.
Leverage
|
Leverage |
2003 |
2002 |
|
D/E Ratio |
0.89 |
0.67 |
|
Times Interest Earned |
127.83 |
276.09 |
D/E
Ratio was increased
from 0.67 to
0.89, show the
company had fund
from Equity more
than fund from
Loan, investment risked
of the company is low
and Times Interest
Earned was decreased
from 276.09 to
127.83, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2003 |
2002 |
|
Fixed Assets Turnover |
38.40 |
41.21 |
|
Total Assets Turnover |
2.05 |
2.98 |
|
Return on Assets |
11.89 |
14.78 |
|
Return on Equity |
22.43 |
24.66 |
|
Day’s Payable |
96.46 |
46.54 |
|
Day’s Inventories |
69.20 |
65.09 |
|
Days’ Receivables |
96.90 |
59.00 |
Fixed
Assets Turnover was
increased from 41.21
times to 38.40
times, Total Assets
Turnover was decreased
from 2.98 times
to 2.05 times,
show the company
could use Fixed
Assets so efficiently, and Return on
Assets was decreased
from 14.78 to
11.89, Return on
Equity was decreased
from 24.66 to
22.43, capacity to
use Assets to
make profit was
not good.
Day’s Payable was increased from 47 days to 97 days, Day’s Inventories was increased from 66 days to 70 days, and Day’s Receivables was increased from 59 days to 97 days.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |