MIRA
INFORM REPORT
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Report Date : |
29-08-2007 |
IDENTIFICATION DETAILS
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Name : |
EUROCHIN COMPANY LIMITED |
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Registered Office : |
173 / 3 Soi, Santhiphap, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
0105546027834 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing
and distributing variety
of based chemicals
for pharmaceutical industry,
such as methyldopa,
amitriptyline and etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
EUROCHIN CO., LTD.
SUMMARY
BUSINESS ADDRESS : 173/3
SOI SANTHIPHAP,
BANGRAK,
TELEPHONE : [66] 2233-0200,
081-425-5991
FAX : [66] 2631-5296
E-MAIL ADDRESS : eurochin@eurochin.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO. : 0105546027834 [former : 10654600315]
CAPITAL
REGISTERED : BHT.
1,000,000
CAPITAL
PAID-UP : BHT.
1,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRAYAD TANGTRAKARN, THAI
MANAGING DIRECTOR
NO. OF STAFF
: 9
LINES OF
BUSINESS : PHARMACEUTICAL CHEMICALS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established on March
4, 2003 as
a private limited
company under the name
style EUROCHIN CO., LTD.,
by Thai groups,
in order to
distribute variety of
pharmaceutical chemicals to local pharmaceutical industry.
It currently employs
9 staff.
The
subject’s registered address
is 173/3 Soi
Santiphap, Nares Rd.,
Siphya, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Prayad Tangtrakarn
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Prayad
Tangtrakarn is the
Managing Director.
He is Thai
nationality with the
age of 43
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing variety
of based chemicals
for pharmaceutical industry,
such as methyldopa,
amitriptyline and etc.
IMPORT
100% of its
products is imported
from India, Republic
of China, Germany,
U.K., Italy, Spain,
Norway and etc.
SALES [LOCAL]
Its
products are sold
locally by wholesale
to manufacturers.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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
30-90 days.
Imports
are by L/C
at sight or
T/T on negotiated
term.
BUSINESS TRANSACTION
The
products are sold
by cash or
credit, with the maximum credit
given at
30-90 days. The subject
is not found to have problem on
its account receivable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
Krung
Thai Bank Public
Co., Ltd.
[Siphya Branch :
EMPLOYMENT
The
subject employs 9
staff [office and sales staff].
LOCATION DETAILS
The premise is rented
for administrative office in a 3
storey building of
1 row shop house
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Growth of
pharmaceutical industry remains
strong for both
domestic consumption and
exports. As well
as demand from
local consumption has
gradually increased every
year.
The subject’s business is expected
to have bullish growth in
long term prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
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Mr. Prayad
Tangtrakarn Nationality: Thai Address : Yannawa, |
9,994 |
99.94 |
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Mr. Rasikaj
Tangtrakarn Nationality: Thai Address : |
1 |
0.01 |
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Mr. Wanchai
Tangtrakarn Nationality: Thai Address : |
1 |
0.01 |
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Ms. Supetch
Tangtrakarn Nationality: Thai Address : |
1 |
0.01 |
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Mrs. Duangdee
Tangtrakarn Nationality: Thai Address : |
1 |
0.01 |
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Ms. Vipada
Tangtrakarn Nationality: Thai Address : |
1 |
0.01 |
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Mr. Komol
Tangtrakarn Nationality: Thai Address : 1771/9 Moo 2, Muang, Samutprakarn |
1 |
0.01 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mr. Yongyuth Chinphumvasana No.
1717
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
|
1,422,517.86 |
1,183,520.88 |
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Postdated Cheque |
3,658,865.00 |
5,257,435.00 |
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Receivable-Revenue Department |
- |
8,046.21 |
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Trade Accts. Receivable |
7,667,299.00 |
1,082,705.18 |
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Inventories |
537,187.00 |
717,394.90 |
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Prepaid Expenses |
233,280.00 |
2,545.59 |
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Undue Business Tax |
29,974.07 |
- |
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Total Current
Assets |
13,549,122.93 |
8,251,647.76 |
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Fixed Assets |
793,052.15 |
225,773.91 |
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Total Assets
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14,342,175.08 |
8,477,421.67 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2006 |
2005 |
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Postdated Cheque |
16,435.20 |
299,250.00 |
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Payable-Revenue Department |
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- Withholding Income Tax |
18,475.76 |
31,406.80 |
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- Value Added
Tax |
105,297.60 |
- |
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- Income
Tax |
511,854.16 |
98,822.46 |
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Trade Accts. Payable |
2,487,268.45 |
2,048,896.75 |
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Payable-Loan from Person
or Related Company |
3,277,993.00 |
1,202,510.00 |
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Accrued Social Securities |
6,000.00 |
4,500.00 |
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Accrued Expenses |
3,339,793.06 |
2,412,360.28 |
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Total Current
Liabilities |
9,763,117.23 |
6,097,746.29 |
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Total Liabilities |
9,763,117.23 |
6,097,746.29 |
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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 |
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
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Retained Earning -
Unappropriated |
3,579,057.85 |
1,379,675.38 |
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Total
Shareholders' Equity |
4,579,057.85 |
2,379,675.38 |
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Total
Liabilities & Shareholders' Equity |
14,342,175.08 |
8,477,421.67 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
31,912,978.00 |
21,840,784.00 |
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Less: Refundable Goods & Discount Paid |
[0.80] |
[31,680.00] |
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31,912,977.20 |
21,809,104.00 |
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Gain on Exchange
Rate |
180,867.12 |
- |
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Interest Income |
2,109.93 |
1,643.41 |
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Other Income |
0.12 |
- |
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Total Revenues
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32,095,954.37 |
21,810,747.41 |
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Expenses |
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Cost of Sales
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23,206,176.99 |
16,567,765.66 |
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Selling & Administrative Expenses |
6,021,167.24 |
4,233,082.34 |
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Loss on Exchange
Rate |
- |
33,954.13 |
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Interest Expense |
65,867.40 |
4,527.39 |
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Total Expenses |
29,293,211.63 |
20,839,329.52 |
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Profit Before Income
Tax |
2,802,742.74 |
971,417.89 |
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Income Tax |
[603,360.27] |
[147,297.90] |
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Net Profit / [Loss] |
2,199,382.47 |
824,119.99 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2006 |
2005 |
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Net Sales |
46.12 |
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Operating Profit |
94.40 |
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Net Profit |
166.88 |
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Fixed Assets |
251.26 |
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Total Assets |
69.18 |
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Profitability |
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Cost of Good
Sold |
72.72 |
75.86 |
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Operating Profit Margin |
8.99 |
4.62 |
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S & A
Expenses |
18.87 |
19.38 |
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Other Revenues |
0.57 |
[0.14] |
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Net Profit Margin |
6.89 |
3.77 |
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Earning Per Shares |
219.94 |
82.41 |
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No. of Shares |
10,000 |
10,000 |
Net Sales was
increased by 46.12%,
Operating Profit was
increased by 94.40%,
Net Profit was
increased by 166.88%,
Fixed Assets was
increased by 251.26%,
Total Assets was
increased by 69.18%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 75.86%
to 72.72%, Operating
Profit Margin was
increased from 4.62%
to 8.99%, S
& A Expenses
was decreased from
19.38% to 18.87%,
Other Revenues was
increased from -0.14%
to 0.57%, Net
Profit Margin was
increased from 3.77%
to 6.89%.
Earning Per Shares
was increased from
82.41 baht per
share to 219.94
baht per share.
Liquidity
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Liquidity |
2006 |
2005 |
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Current Ratio |
1.39 |
1.35 |
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Quick-Assets Ratio |
1.31 |
1.24 |
Current Ratio was
increased from 1.35
to 1.39, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.24 to 1.31,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
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Leverage |
2006 |
2005 |
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D/E Ratio |
2.13 |
2.56 |
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|
0.00 |
0.00 |
D/E Ratio was
decreased from 2.56
to 2.13, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
40.24 |
96.74 |
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Total Assets Turnover |
2.23 |
2.58 |
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Return on Assets |
15.34 |
9.72 |
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Return on Equity |
48.03 |
34.63 |
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Day's Payable |
28.06 |
33.77 |
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Day’s Inventories |
6.06 |
11.82 |
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Day’s Receivables |
86.49 |
17.85 |
Fixed Assets Turnover
was decreased from
96.74 times to
40.24 times, Total
Assets Turnover was
decreased from 2.58
times to 2.23
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 9.72 to
15.34, Return on Equity
was increased from
34.63 to 48.03,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 34
days to 29
days, and Day’s
Inventories was decreased
from 12 days
to 7 days,
while Day’s Receivables
was increased from
18 days to
87 days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)