MIRA
INFORM REPORT
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Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL MEDICAL SOLUTIONS
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Registered Office : |
1201/81, 1st Floor,
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
0105538043508 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing, distributing and
servicing of pharmaceutical and
medical solutions related
to Radiopharmacy and
Brachytherapy products. |
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
GLOBAL MEDICAL SOLUTIONS
[
FORMER
SYNCOR
INTERNATIONAL [
SUMMARY
BUSINESS ADDRESS : 1201/81, 1st FLOOR,
LADPRAO 94
[PANJAMIT] ROAD, WANGTHONGLANG,
TELEPHONE : [66] 2559-2740-5
FAX : [66] 2530-7455
E-MAIL ADDRESS : synbkk@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0105538043508
CAPITAL
REGISTERED : BHT.
3,000,000
CAPITAL
PAID-UP : BHT.
3,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRATUENG KAREKOS,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 24
LINES OF
BUSINESS : MEDICAL AND
PHARMACEUTICAL PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on April 4,
1995 as a
private limited company under
the registered name
“Syncor International [Thailand]
Co., Ltd.” by American
groups, with the
business objective to
provide product and
service of medical
solutions in Thailand.
On
September 29, 2003,
subject was changed
its name to
be GLOBAL MEDICAL
SOLUTIONS [THAILAND] CO.,
LTD. It currently
employs 24 staff.
Subject
is a wholly
owned subsidiary of
HSB Holding Corporation
of U.S.A.
The
subject’s registered address
is 1201/81 Ladprao
94 Rd., Wangthonglang, Bangkok
10310, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mrs. Pratueng Karekos |
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Thai |
52 |
|
Mr. Haig |
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American |
51 |
|
Mr. Jay Richard Simon |
|
American |
48 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Pratueng Karekos
is the Managing
Director.
She is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and servicing
of pharmaceutical and
medical solutions related
to Radiopharmacy and
Brachytherapy products. The
main products and
services are as
follows:
- Nuclear Medicine
Products and Services
- Brachytherapy Products
and Services
- PET Imaging
Products and Services
- Other Products
and Services
IMPORT
100%
of the products
is imported from
United States of
America, Australia, Taiwan,
Republic of China,
Brazil, New Zealand
and Hong Kong.
MAJOR SUPPLIERS
Global
Medical Solution Pty,
Ltd. :
Global
Medical Solution Corporation. :
Global
Medical Solution [H.K.]
Ltd. :
Global
Medical Solution Taiwan
Ltd. :
Redpharm
Scientific Pty. Ltd. :
SALES
100% of the
products is sold
locally by wholesale
to dealers and
end-users.
MAJOR CUSTOMERS
Nuclear
Medicine and Radiology
Department
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
according to IRICO’S
DATABASE for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 24
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Market of medical and pharmaceutical has continued
expanded by local consumption. The significant growth of healthcare
business conditions in Thailand showed potential for the
country to become healthcare
and medical business
base in the
region.
The subject
still maintains its
good business.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
2,000,000 divided into
20,000 shares of
Bht. 100 each.
On
January 31, 2006,
the capital was
increased to Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
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HSB Holding
Corporation Nationality: American Address : |
29,993 |
100.00 |
|
Mrs.
Pratueng Karekos Nationality: Thai Address : 188/195
Ladprao 84 Rd.,
Wangthonglang, |
1 |
- |
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Mr. Haig Nationality: American Address : |
1 |
- |
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Mrs. Esnif Bagerdjiam Nationality: American Address : |
1 |
- |
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Mr. Avedis S.
Bagerdjiam Nationality: American Address : |
1 |
- |
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Ms. Marrold T.
Bagerdjiam Nationality: American Address : |
1 |
- |
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Mr. Zae A.
Bagerdjiam Nationality: American Address : |
1 |
- |
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Ms. Airpine Bagerdjiam Nationality: American Address : |
1 |
- |
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Itthichote Rabuetham No.
5706
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
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Cash in hand &
at Bank [note
1] |
3,566,527.83 |
1,745,396.73 |
|
Trade Accts. &
Notes Receivable [note 2] |
11,882,254.20 |
10,890,938.06 |
|
Inventories |
985,349.25 |
420,486.03 |
|
Advance to Employees |
830,260.00 |
467,488.50 |
|
Goods Guarantee |
- |
156,619.00 |
|
Other Current Assets
|
55,110.54 |
281,147.42 |
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Total Current
Assets |
17,319,501.82 |
14,962,075.74 |
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Fixed Assets [note 3] |
5,270,253.75 |
6,122,971.66 |
|
Prepaid Income Tax |
138,265.89 |
138,265.89 |
|
Other Assets |
23,833.74 |
248,243.74 |
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Total Assets
|
22,751,855.20 |
20,471,557.03 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
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|
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Trade Accts. Payable |
7,703,890.40 |
7,756,691.00 |
|
Accrued Income Tax |
946,600.75 |
- |
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Other Current Liabilities |
736,353.02 |
466,504.89 |
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Total Current
Liabilities |
9,386,844.17 |
8,223,195.89 |
|
Long-term Loan from
Related Company |
12,665,466.46 |
13,291,931.46 |
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Total Liabilities |
22,052,310.63 |
21,515,127.35 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Unappropriated [Deficit] |
[1,300,455.43] |
[3,043,570.32] |
|
Total
Shareholders' Equity [Deficit] |
699,544.57 |
[1,043,570.32] |
|
Total
Liabilities & Shareholders' Equity |
22,751,855.20 |
20,471,557.03 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
34,353,731.40 |
32,596,562.62 |
|
Interest Income |
1,098,765.86 |
92,324.53 |
|
Total Revenues
|
35,452,497.26 |
32,688,887.15 |
|
Expenses |
|
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Cost of Goods
Sold |
20,282,634.70 |
19,144,173.75 |
|
Selling & Administrative Expenses |
11,769,954.94 |
11,945,858.32 |
|
Loss on Exchange
Rate |
471,336.08 |
- |
|
Total Expenses |
32,523,925.72 |
31,090,032.07 |
|
|
|
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Profit / [Loss] before
Interest Expenses & Income Tax |
2,928,571.54 |
1,598,855.08 |
|
Interest Expenses |
- |
[138.51] |
|
Income Tax |
[1,185,456.65 |
- |
|
Net Profit / [Loss] |
1,743,114.89 |
1,598,716.57 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
|
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Cash in hand |
34,594.82 |
38,180.61 |
|
Cash at bank |
3,531,933.01 |
1,707,216.12 |
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Total
|
3,566,527.83 |
1,745,396.73 |
NOTE 2
Trade Accts. Receivable
|
|
2005 |
2004 |
|
|
|
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Trade Accts.
Receivable-Related company |
2,640,799.00 |
2,161,822.56 |
|
Trade Accts.
Receivable-Other company |
9,241,455.20 |
8,729,115.50 |
|
Total |
11,882,254.20 |
10,890,938.06 |
NOTE 3
: Fixed Assets
|
|
2005 |
2004 |
|
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|
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|
Building Improvement |
4,511,730.35 |
4,474,730.35 |
|
Hand Tools &
Equipment |
5,712,471.94 |
5,712,471.94 |
|
Office Appliances |
3,366,930.83 |
3,177,566.67 |
|
Furniture & Decoration |
1,011,165.25 |
980,221.32 |
|
Vehicles |
3,091,124.77 |
3,119,024.77 |
|
Total |
17,693,423.14 |
17,464,015.05 |
|
Less: Accumulated
Depreciation |
[12,423,169.39] |
[11,341,043.39] |
|
Total
|
5,270,253.75 |
6,122,971.66 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
5.39 |
|
|
Operating Profit |
101.77 |
|
|
Net Profit |
9.03 |
|
|
Fixed Assets |
[13.93] |
|
|
Total Assets |
11.14 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
59.04 |
58.73 |
|
Operating Profit Margin |
9.90 |
4.90 |
|
S & A
Expenses |
34.26 |
36.65 |
|
Interest Paid |
0.00 |
0.00 |
|
Other Revenues |
3.20 |
0.28 |
|
Net Profit Margin |
5.07 |
4.90 |
|
Earning Per Shares |
87.16 |
79.94 |
|
No. of Shares |
20,000 |
20,000 |
Net Sales was
increased by 5.39%,
Operating Profit was
increased by 101.77%,
Net Profit was
increased by 9.03%,
Fixed Assets was
decreased by 13.93%,
Total Assets was
increased by 11.14%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 58.73%
to 59.04%, Operating
Profit Margin was
increased from 4.90%
to 9.90%, S
& A Expenses
was decreased from
36.65% to 34.26%,
Interest Paid was decreased
from 0.00% to
0.00%, Other Revenues
was increased from
0.28% to 3.20%,
Net Profit Margin
was increased from
4.90% to 5.07%.
Earning Per Shares
was increased from
79.94 baht per
share to 87.16
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.85 |
1.82 |
|
Quick-Assets Ratio |
1.65 |
1.66 |
Current Ratio was
increased from 1.82
to 1.85, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.66 to 1.65,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
31.52 |
[20.62] |
|
Times Interest Earned |
0.00 |
11,543.25 |
D/E Ratio was
increased from -20.62
to 31.52, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
11,543.25 to 0.00,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
6.52 |
5.32 |
|
Total Assets Turnover |
1.51 |
1.59 |
|
Return on Assets |
7.66 |
7.81 |
|
Return on Equity |
249.18 |
153.20 |
|
Day's Payable |
80.73 |
85.67 |
|
Day’s Inventories |
10.33 |
4.64 |
|
Day’s Receivables |
124.52 |
120.28 |
Fixed Assets Turnover
was increased from
5.32 times to
6.52 times, Total
Assets Turnover was
decreased from 1.59
times to 1.51
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased from
7.81 to 7.66,
Return on Equity
was increased from
153.20 to 249.18,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 86
days to 81
days, while Day’s
Inventories was increased
from 5 days
to 11 days,
and Day’s Receivables
was increased from
121 days to
125 days.
RATING EXPLANATIONS
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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 |
|
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%)