MIRA
INFORM REPORT
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Report Date : |
21.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ACME MEDICAL CO., LTD. |
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Registered Office : |
27/26-27
Soi 45, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0105547100772 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing various
kinds of pharmaceutical products
and pharmaceutical chemicals. |
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
ACME MEDICAL CO., LTD.
SUMMARY
BUSINESS ADDRESS : 27/26-27 SOI
45,
T.
ARUNAMARIN, A. BANGKOKNOI,
TELEPHONE : [66] 2882-5737
FAX : [66] 2882-5738
E-MAIL ADDRESS : acmemedical@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0105547100772
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 : MS. THIPASIRI JATURONGSAMRIT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 7
LINES OF
BUSINESS : PHRAMACEURICAL AND
CHEMICAL PRODUCTS
IMPORTER AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on July 26,
2004 as a
private limited company under
the name style ACME
MEDICAL CO., LTD.,
by Thai groups, in
order to import
and distribute pharmaceutical and
chemical to domestic
market. It currently
employs 7 staff.
The
subject’s registered address
is 27/26-27 Soi
45, Charansanitwong Rd.,
Arunamarin, Bangkoknoi, Bangkok
10700, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mrs. Supatra Panthong |
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Thai |
53 |
|
Ms. Thipasiri Jaturongsamrit |
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Thai |
30 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Thipasiri Jaturongsamrit is
the Managing Director.
She is Thai
nationality with the
age of 30
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of pharmaceutical products
and pharmaceutical chemicals.
IMPORT
100%
of the products
is imported from
India and Republic
of China.
SALES
100% of the
products is sold
locally by wholesale
to dealers, manufacturers
and end-users.
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 30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 7
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT
OF US$ 15,000
AGAINST D/A SHOULD
BE IN ORDER.
COMMENT
Market
of pharmaceutical products
and pharmaceutical chemical
is promising due
to strong consumption
of various drugs
as well as new
pharmaceutical products have
widely used in
order to substitute with
primitive drugs, which
have been consumed
for a long
time.
The
subject is doing
good business and
expanding steadily.
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 4, 2006]
|
NAME |
HOLDING |
% |
|
|
|
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Mrs.
Supatra Panthong Nationality: Thai Address : |
8,800 |
88.00 |
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Mr.
Thongchai Panthong Nationality: Thai Address : |
200 |
2.00 |
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Ms.
Sopaporn Lertvilaiwithaya Nationality: Thai Address :
Bangkoknoi, |
200 |
2.00 |
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Mr.
Jitrakorn Lertvilaiwithaya Nationality: Thai Address :
Bangkoknoi, |
200 |
2.0-0 |
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Mrs.
Patcharee Lertvilaiwithaya Nationality: Thai Address : 103
Bangchak, Prakanong, |
200 |
2.00 |
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Ms. Supanee Lertvilaiwithaya Nationality: Thai Address :
Bangkoknoi, |
200 |
2.00 |
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Ms.
Thipasiri Jaturongsamrit Nationality: Thai Address :
Bangkoknoi, |
200 |
2.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Ms. Rungthip Charoendamrongkiat No.
5788
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
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Cash in hand
& at Bank
[note 1] |
4,736,758.23 |
20,000.00 |
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Trade Accts. Receivable |
37,846,407.52 |
- |
|
Inventories |
5,881,750.00 |
- |
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Other Current Assets
[note 2]
|
4,616,248.57 |
54,539.68 |
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Total Current
Assets |
53,081,164.32 |
74,539.68 |
|
Long-term Loan to
Person or Related Company |
117,390.18 |
676,997.01 |
|
Fixed Assets [note 3] |
2,503,936.19 |
1,030,977.56 |
|
Other Assets |
229,386.37 |
67,984.32 |
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Total Assets
|
55,931,877.06 |
1,850,498.57 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
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Trade Accts. Payable |
51,148,250.86 |
- |
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Current Portion of Hire-purchase Payable |
608,280.00 |
129,480.00 |
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Other Current Liabilities [note 4] |
741,538.69 |
441,194.64 |
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Total Current
Liabilities |
52,498,069.55 |
570,674.64 |
|
Other Long Term Loan |
1,445,170.00 |
377,650.00 |
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Total Liabilities |
53,943,239.55 |
948,324.64 |
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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 |
988,637.50 |
[97,826.07] |
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Total
Shareholders' Equity |
1,988,637.50 |
902,173.93 |
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Total
Liabilities & Shareholders' Equity |
55,931,877.06 |
1,850,498.57 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
July 26,
2004-Dec. 31, 2004 |
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|
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Sales -Foreign |
79,363,572.84 |
- |
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Interest Income |
13,564.04 |
5,898.22 |
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Profit/[Loss] from Exchange
Rate |
1,227,821.29 |
- |
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Total Revenues
|
80,604,958.17 |
5,898.22 |
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Expenses |
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Cost of Goods
Sold |
77,512,088.70 |
- |
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Selling & Administrative Expenses |
1,726,227.12 |
102,362.92 |
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Interest Expenses |
37,448.19 |
1,361.37 |
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Total Expenses |
79,275,764.01 |
103,724.29 |
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Profit / [Loss] Before Income
Tax |
1,329,194.16 |
[97,826.07] |
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Income Tax |
[242,730.58] |
- |
|
Net Profit / [Loss] |
1,086,463.57 |
[97,826.07] |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
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Cash at bank -Saving account |
11,975.55 |
10,000.00 |
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-Current account |
3,224,782.68 |
10,000.00 |
|
-Fixed account |
1,500,000.00 |
- |
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Total
|
4,736,758.23 |
20,000.00 |
NOTE 2
Other Current Assets
|
|
2005 |
2004 |
|
|
|
|
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Prepaid Expenses |
52,807.08 |
15,464.63 |
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Deferred Interest |
19,438.16 |
5,898.22 |
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Undue Business Tax |
134,457.92 |
33,176.83 |
|
Revenue Department Receivable |
4,409,545.41 |
- |
|
Total
|
4,616,248.57 |
54,539.68 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building Furniture |
437,369.16 |
400,000.00 |
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Office Automation |
166,155.41 |
105,585.30 |
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Vehicle |
2,128,932.91 |
531,775.70 |
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Total |
2,732,457.48 |
1,037,361.00 |
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Less: Depreciation |
[228,521.29] |
[6,383.44] |
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Total
|
2,503,936.19 |
1,030,977.56 |
NOTE 4
Other Current Liabilities
|
|
2005 |
2004 |
|
|
|
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Accrued Income Tax |
218,669.68 |
- |
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Accrued Tax |
641.46 |
194.64 |
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Accrued Expenses |
520,000.00 |
441,000.00 |
|
Accrued Social Securities |
1,550.00 |
- |
|
Accrued Withholding Tax |
677.55 |
- |
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Total
|
741,538.69 |
441,194.64 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Profit |
1,210.61 |
|
|
Fixed Assets |
142.87 |
|
|
Total Assets |
2,922.53 |
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Profitability |
|
|
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Cost of Good
Sold |
97.67 |
0.00 |
|
Operating Profit Margin |
1.72 |
0.00 |
|
S & A
Expenses |
2.18 |
0.00 |
|
Interest Paid |
0.05 |
0.00 |
|
Other Revenues |
1.56 |
0.00 |
|
Net Profit Margin |
1.37 |
0.00 |
|
Earning Per Shares |
108.65 |
[9.78] |
|
No. of Shares |
10,000 |
10,000 |
Net Profit was increased
by 1,210.61%, Fixed
Assets was increased
by 142.87%, Total
Assets was increased
by 2,922.53%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 0.00%
to 97.67%, Operating Profit
Margin was increased
from 0.00% to
1.72%, S &
A Expenses was
increased from 0.00%
to 2.18%, Interest Paid
was increased from
0.00% to 0.05%,
Other Revenues was
increased from 0.00%
to 1.56%, Net
Profit Margin was
increased from 0.00%
to 1.37%.
Earning Per Shares
was increased from
-9.78 baht per
share to 108.65
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.01 |
0.13 |
|
Quick-Assets Ratio |
0.81 |
0.04 |
Current Ratio was
increased from 0.13
to 1.01, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.04 to 0.81, capacity to
pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
27.13 |
1.05 |
|
Times Interest Earned |
36.49 |
[70.86] |
D/E Ratio was
increased from 1.05
to 27.13, 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 -70.86 to
36.49, capacity to pay interest
paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
31.70 |
0.00 |
|
Total Assets Turnover |
1.42 |
0.00 |
|
Return on Assets |
1.94 |
[5.29] |
|
Return on Equity |
54.63 |
[10.84] |
|
Day's Payable |
232.01 |
0.00 |
|
Day’s Inventories |
26.68 |
0.00 |
|
Day’s Receivables |
171.67 |
0.00 |
Fixed Assets Turnover
was increased from
0.00 times to
31.70 times, Total
Assets Turnover was
increased from 0.00
times to 1.42
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
-5.29 to 1.94,
Return on Equity
was increased from
-10.84 to 54.63,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 0
days to 233
days, Day’s Inventories
was increased from
0 days to
27 days, and
Day’s Receivables was
increased from 0 days to
172 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 |
|
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%)