MIRA
INFORM REPORT
|
Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BUSICOM CO., LTD. |
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Registered Office : |
23
Soi Sukhumvit 62 [Tad
Pring] Sukhumvit Road,
Bangchak, Prakanong,
Bangkok 10250 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1982 |
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Com. Reg. No.: |
0105525011327 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor wide range of pharmaceutical
chemicals |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
BUSICOM CO., LTD.
SUMMARY
BUSINESS ADDRESS : 23
SOI SUKHUMVIT 62 [TAD
PRING]
SUKHUMVIT ROAD,
BANGCHAK,
PRAKANONG, BANGKOK
10250, THAILAND
TELEPHONE : [66] 2332-8290-6
FAX : [66] 2332-5588
E-MAIL ADDRESS : busicom@ji-net.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1982
REGISTRATION NO.
: 0105525011327 [Former
: 1132/2525]
CAPITAL
REGISTERED : BHT.
25,000,000
CAPITAL
PAID-UP : BHT.
25,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS
: PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SUTHINAI THANESVORAKUL, THAI
PRESIDENT
NO. OF
STAFF : 25
LINES OF
BUSINESS : PHARMACEUTICAL CHEMICAL
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The subject was
established on March
29, 1982 as
a private limited
company under the name
style BUSICOM CO.,
LTD., by Thai
group, Thanesvorakul family, in order to distribute chemical
for pharmaceutical industry
in Thailand. It
currently employs 25 staff.
The subject’s registered
address is 23 Soi
Sukhumvit 62, Sukhumvit Rd., Bangchak, Prakanong, Bangkok
10260, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
Name Nationality Age
Mr. Suthinai Thanesvorakul Thai 57
Mrs. Karnda Thanesvorakul Thai 54
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Suthinai
Thanesvorakul is the President.
He is Thai nationality with
the age of
57 years old.
Mr. Somwang
Kittikathakul is the
Sales Manager.
He is Thai nationality.
Mrs. Karnda
Thanesvorakul is the
Finances & Accounts
Manager.
She is Thai nationality with
the age of
54 years old.
BUSINESS OPERATIONS
The subject’s activities
are importer and distributor wide range of pharmaceutical
chemicals, under customer’s
order.
PURCHASE
Its products are
purchased from local
and overseas suppliers
in Singapore, Republic
of China, Japan, United Kingdom, Italy, Denmark, United
States of America, Germany,
Taiwan, India, Hong Kong
and Malaysia.
SALES [LOCAL]
100%
of its products is sold
by wholesale to
local pharmaceutical manufacturers [80%] and dealers
[20%].
RELATED & AFFILIATED
COMPANIES
- Busicom Engineering
Co., Ltd.
Business Type :
Importer of Telephone Unit
- Busicom Computer
Co., Ltd.
Business Type : Importer & distributor of
computer products
- Busicom Communication Co., Ltd.
Business Type: Communication Services
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
L/C at sight or T/T
& D/A.
BUSINESS TRANSACTION
The products are
sold to customers
mainly by credit,
with maximum credit given at 30-60
days. The subject is not found
to have any problem on
its account receivable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Bankthai Public
Co., Ltd.
[Head Office : 444 North
Sathorn Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
25 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
owned for administrative office in a
3 storey building
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Chemicals for pharmaceutical industry were the key element for
production processes. The country’s pharmaceutical industry is poised for
growth benefiting players such as manufacturers, exporter and
chemical suppliers.
The subject’s sales
revenues in 2006
has grown well,
and trend is
expanding steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
125,000 divided into
5,000 shares of
Bht. 25 each
with fully paid.
Bht. 4
million in June,
1989
Bht. 5
million on March
13, 1991
Bht. 25
million on December
30, 1998
The latest registered
capital was increased
to Bht. 25
million divided into 250,000 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LIST WERE :
[as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
Mr. Suthinai
Thanesvorakul Nationality: Thai Address : 12/14
Ramkhamhaeng Rd., Sapansung, Bangkok |
117,025 |
46.81 |
|
Mrs. Karnda
Thanesvorakul Nationality: Thai Address : 12/14
Ramkhamhaeng Rd., Sapansung, Bangkok |
117,000 |
46.80 |
|
Ms. Netrthip
Thanesvorakul Nationality: Thai Address : 12/14
Ramkhamhaeng Rd., Sapansung, Bangkok |
5,000 |
2.00 |
|
Ms. Tarnthip
Thanesvorakul Nationality: Thai Address : 12/14
Ramkhamhaeng Rd., Sapansung, Bangkok |
5,000 |
2.00 |
|
Ms. Hataithip
Thanesvorakul Nationality: Thai Address : 12/14
Ramkhamhaeng Rd., Sapansung, Bangkok |
3,125 |
1.25 |
|
Mr. Anol
Thanesvorakul Nationality: Thai Address : 12/14
Ramkhamhaeng Rd., Sapansung, Bangkok |
2,849 |
1.14 |
|
Mrs. Amporn
Tosphahol Nationality: Thai Address : 21/3/5
Ramkhamhaeng Rd., Sapansung, Bangkok |
1 |
- |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Suracha Suparatsubwong No. 4446
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
30,000.00 |
30,000.00 |
|
Trade Accts. Receivable [note 2] |
65,119,006.16 |
39,378,255.55 |
|
Short Term Loan
to Person &
Related Company |
33,550,971.99 |
24,481,864.12 |
|
Inventories |
19,759,450.30 |
18,573,565.78 |
|
Other Current Assets
|
10,142,468.02 |
3,058,413.38 |
|
Total Current
Assets |
128,601,896.47 |
85,522,098.83 |
|
|
|
|
|
Other Long Term
Investment |
46,898,300.00 |
46,898,300.00 |
|
Fixed Assets
[note 3] |
8,143,629.79 |
4,333,816.85 |
|
Other Assets |
32,305,971.27 |
32,796,473.75 |
|
Total Assets |
215,949,797.53 |
169,550,689.43 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loans
from Financial Institution |
25,174,141.93 |
95,082,264.27 |
|
Trade Accts. Payable |
88,996,913.40 |
50,686,652.81 |
|
Current Portion of
Long Term Loans |
3,000,000.00 |
- |
|
Short Term Loans
from Related Company |
13,500,000.00 |
5,500,000.00 |
|
Other Current Liabilities |
11,886,445.81 |
4,155,302.85 |
|
Total Current
Liabilities |
142,557,501.14 |
155,424,219.93 |
|
Other Long Term
Loans |
46,766,924.68 |
- |
|
Other Liabilities |
11,955,844.81 |
10,020,585.79 |
|
Total Liabilities |
201,280,270.63 |
165,444,805.72 |
|
|
|
|
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Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 value authorized, issued
and fully paid share
capital 250,000 shares |
25,000,000.00 |
25,000,000.00 |
|
Capital Paid |
25,000,000.00 |
25,000,000.00 |
|
Retained Earning -
Unappropriated |
[10,330,473.10] |
[20,894,116.29] |
|
Total
Shareholders' Equity |
14,669,526.90 |
4,105,883.71 |
|
Total
Liabilities & Shareholders' Equity |
215,949,797.53 |
169,550,689.43 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
250,793,306.26 |
148,874,669.10 |
|
Other Income |
6,555,207.04 |
2,183,631.79 |
|
Total Revenues
|
257,348,513.30 |
151,058,300.89 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
226,331,812.73 |
133,733,216.81 |
|
Selling & Administrative Expenses |
18,600,485.25 |
13,706,520.73 |
|
Total Expenses |
244,932,297.98 |
147,439,737.54 |
|
Profit / [Loss] from Interest
Expenses & Income Tax |
12,416,215.32 |
3,618,563.35 |
|
Interest Expenses |
[6,004,190.97] |
[3,079,647.76] |
|
Income Tax |
[2,059,183.53] |
[298,495.07] |
|
Extraordinary Items |
6,210,802.37 |
- |
|
Net Profit / [Loss] |
10,563,643.19 |
240,420.52 |
FINANCIAL NOTE
NOTE 1
Trade Accts. Receivable
|
|
2006 |
2005 |
|
|
|
|
|
Trade Accts. Receivable |
47,720,219.62 |
34,801,502.86 |
|
Notes Receivable |
18,252,113.00 |
5,527,079.15 |
|
Total |
65,972,332.62 |
40,328,582.01 |
|
Less : Allowance Doubtful
Account |
[853,326.46] |
[950,326.46] |
|
Total |
65,119,006.16 |
39,378,255.55 |
NOTE 2
Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Land |
4,065,157.00 |
4,065,157.00 |
|
Office Automation |
2,689,205.67 |
2,675,310.67 |
|
Decorator |
307,116.66 |
307,116.66 |
|
Vehicle |
5,618,147.64 |
1,586,590.88 |
|
Total |
12,679,626.97 |
8,634,175.21 |
|
Less: Depreciation |
[4,535,997.18] |
[4,300,358.36] |
|
Total |
8,143,629.79 |
4,333,816.85 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
68.46 |
|
|
Operating Profit |
103.68 |
|
|
Net Profit |
4,293.82 |
|
|
Fixed Assets |
87.91 |
|
|
Total Assets |
27.37 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
90.25 |
89.83 |
|
Operating Profit Margin |
4.95 |
2.43 |
|
S & A
Expenses |
7.42 |
9.21 |
|
Interest Paid |
2.39 |
2.07 |
|
Other Revenues |
2.61 |
1.47 |
|
Net Profit Margin |
4.21 |
0.16 |
|
Earning Per Shares |
42.25 |
0.96 |
|
No. of Shares |
250,000 |
250,000 |
Net Sales was increased by 68.46%, Operating Profit was increased by 103.68%, Net Profit was increased by 4,293.82%, Fixed Assets was increased by 87.91%, Total Assets was increased by 27.37%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 89.83%
to 90.25%, Operating
Profit Margin was
increased from 2.43%
to 4.95%, S
& A Expenses
was decreased from
9.21% to 7.42%,
Interest Paid was increased
from 2.07% to
2.39%, Other Revenues
was increased from
1.47% to 2.61%,
Net Profit Margin
was increased from
0.16% to 4.21%.
Earning Per Shares
was increased from
0.96 baht per
share to 42.25
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.90 |
0.55 |
|
Quick-Assets Ratio |
0.69 |
0.41 |
Current Ratio was
increased from 0.55
to 0.90, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.41 to 0.69,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
13.72 |
40.29 |
|
Times Interest Earned |
2.07 |
1.17 |
D/E Ratio was
decreased from 40.29
to 13.72, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
1.17 to 2.07,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
30.80 |
34.35 |
|
Total Assets Turnover |
1.16 |
0.88 |
|
Return on Assets |
4.89 |
0.14 |
|
Return on Equity |
72.01 |
5.86 |
|
Day's Payable |
127.75 |
122.57 |
|
Day’s Inventories |
28.36 |
44.91 |
|
Day’s Receivables |
93.47 |
95.22 |
Fixed Assets Turnover
was decreased from
34.35 times to
30.80 times, Total
Assets Turnover was
increased from 0.88
times to 1.16
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.14 to 4.89,
Return on Equity
was increased from
5.86 to 72.01,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 123
days to 128
days, while Day’s
Inventories was decreased
from 45 days
to 29 days, and Day’s
Receivables was decreased
from 96 days
to 94 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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)