MIRA
INFORM REPORT
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Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
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Name : |
BIC CHEMICAL CO., LTD. |
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Registered Office : |
333/12-13 Moo 9, Bangbuathong-Suphanburi Road, T. Laharn, A.
Bangbuathong, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
0125541000121 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor of veterinary
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
BIC CHEMICAL CO., LTD.
SUMMARY
BUSINESS ADDRESS : 333/12-13 MOO
9, BANGBUATHONG-SUPHANBURI
ROAD, T. LAHARN,
A. BANGBUATHONG,
TELEPHONE : [66] 2964-4912-4
FAX : [66] 2964-4915
E-MAIL ADDRESS : bic@bicchemical.com
REGISTRATION
ADDRESS : 29/61
MOO 11, TALINGCHAN-SUPHANBURI
ROAD, BANGMUANG,
BANGYAI,
NONTHABURI 11140
ESTABLISHED : 1998
REGISTRATION NO. : 0125541000121 [Former : NOR. BOR.
7070]
CAPITAL
REGISTERED : BHT.
100,000,000
CAPITAL
PAID-UP : BHT. 40,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TAVEELARP JAMSAI, THAI
MANAGING DIRECTOR
NO. OF STAFF
: 36
LINES OF
BUSINESS : VETERINARY PRODUCTS
IMPORTER &
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
January 9, 1998
as a private
limited company under the
name style BIC
CHEMICAL CO., LTD., by
Thai groups, in order to
import and distribute
veterinary products for
local market. It
currently employs 36
staff.
The subject’s registered address is
29/61 Moo 11, Talingchan-Suphanburi Rd.,
Bangmuang, Bangyai, Nonthaburi
11140, while the
current operation address
is located at
333/12-13 Moo 9,
Bnagbuathong-Suphanburi Rd., Laharn,
Bangbuathong, Nonthaburi 11140.
THE BOARD
OF DIRECTOR
Mr. Taveelarp Jamsai
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Taveelarp
Jamsai is the
Managing Director.
He is Thai
nationality with the
age of 38
years old.
Mr. Supat
Jamsai is the
General Manager.
He is Thai
nationality.
Mr. Sakchai Narkprayont
is the Sales & Marketing Manager.
He is Thai
nationality.
Mr. Kevin Hawes
is the International
Director.
He is British
nationality.
Ms. Supawadee Saengruji
is the Technical & Development Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
are importer and
distributor of veterinary products,
including animal drug,
vaccine and chemical,
as well as
vitamin and others human
health products.
PURCHASE
80% of its
products is imported
from India, Republic
of China, Germany, United
Kingdom, Italy, France
& Bulgaria, the
remaining 20% is
purchased from local
suppliers and agents.
MAJOR SUPPLIERS
-
- AD Biotech Co.,
Ltd. :
- Weifang Sunwin Chemicals
Co., Ltd. : Republic of
- Cipla Ltd. :
SALES [LOCAL]
100% of its
products is sold
locally by wholesale
to dealers and end-users specialize in livestock
business, such as
Nanthawan Farm, Feed
Solution Co., Ltd.
and etc..
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.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or on negotiated
term & T/T.
BUSINESS TRANSACTION
The products are
sold to customer
both cash and
credit, with the maximum credit
given at
30-60 days. Occasionally,
late payment is
found, but it can be
accepted within 7 days.
BANKING
Bangkok Bank
Public Co., Ltd.
[Ratanathibeth Branch: 25/74
Moo 8,
EMPLOYMENT
The subject employs
36 staff. [office and
sales staff]
LOCATION DETAILS
The premise is owned for
administrative office at
the heading address.
Premise is located
in residential area.
The subject was
relocated its business
office from 29/61
Moo 11, Talingchan-Suphanburi Rd.,
Bangmuang, Bangyai, Nonthaburi
to the
current address in
March 2007.
Warehouses are located
at
-
41/87 Moo
4,
Tel. : [66] 2922-7914, Fax. ; [66] 2922-7912.
-
31 Moo 1,
Moo 1, Klongna,
Muang, Chachoengsao 24000.
Tel. : [66]
38 824-107.
REMARK
CREDIT OF US$
15,000,000 AGAINST D/A
TERMS SHOULD BE IN
ORDER.
COMMENT
The percentage growth in livestock industry also mirrors a rising demand
of veterinary products, animal feeds,
pharmaceuticals and chemicals
used in the
industry.
This prognosis is based on increasing of domestic consumption and sustainable exports. The subject’s
business remain healthy growth.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased later as
followed
Bht. 30,000,000 on
August 8, 2005
Bht. 40,000,000 on
September 15, 2005
Bht. 74,049,700 in
2006
Bht.
100,000,000 on June
2, 2006
The latest registered
capital was increased
to Bht. 100
million, divided into
1,000,000 shares of
Bht. 100 each.
THE SHAREHOLDERS
LISTED WERE : [as at
May 31,
2006 at Bht.
40,000,000 of
capitalization]
|
NAME |
HOLDING |
% |
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Mr. Taveelarp
Jamsai Nationality: Thai Address : 29/61 Moo 1,
Bangyai, Nonthaburi |
204,000 |
51.00 |
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Ms. Anchalee
Dulyapreecha Nationality: Thai Address : 29/61 Moo 1,
Bangyai, Nonthaburi |
160,000 |
40.00 |
|
Mr. Suthee
Dulyapreecha Nationality: Thai Address : 31 Moo 1,
Klongna, Muang, Chachoengsao |
8,000 |
2.00 |
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Mr. Suphat
Jamsai Nationality: Thai Address :
Bangbuathong, Nonthaburi |
8,000 |
2.00 |
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Mr. Taveeporn
Jamsai Nationality: Thai Address : Muang, Trang |
8,000 |
2.00 |
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Mr. Sakchai
Nakpayong Nationality: Thai Address : |
8,000 |
2.00 |
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Mrs. Huead
Jamsai Nationality: Thai Address : |
4,000 |
1.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Suvich Termpornlert No.
3625
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
|
8,134,068.70 |
4,397,549.80 |
|
Trade Accts. & Notes
Receivable |
56,126,963.66 |
27,921,763.54 |
|
Inventories |
47,717,643.60 |
52,457,612.22 |
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Other Current Assets
|
8,956,665.76 |
785,001.38 |
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Total Current
Assets |
120,935,341.72 |
85,561,926.94 |
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Fixed Assets |
23,810,027.86 |
8,972,308.05 |
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Total Assets
|
146,005,789.58 |
95,290,319.91 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Bank Overdraft & Loan from
Bank |
30,030,798.04 |
24,857,761.72 |
|
Trade Accts. Payable |
29,125,407.10 |
27,031,764.70 |
|
Other Current Liabilities |
2,289,331.60 |
1,149,825.96 |
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Total Current
Liabilities |
61,445,536.74 |
53,039,352.38 |
|
Payable Loan from Director |
- |
270,000.00 |
|
Long Term Loan
from Financial Institute |
9,000,000.00 |
1,191,136.00 |
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Total Liabilities |
70,445,536.74 |
54,500,488.38 |
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Shareholders'
Equity |
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Share capital : Baht 100 value
authorized, issued
and fully paid share
capital 740,497 &
400,000 shares in 2006 & 2005 |
74,049,700.00 |
40,000,000.00 |
|
Capital Paid |
74,049,700.00 |
40,000,000.00 |
|
Retained Earning -
Unappropriated |
1,510,552.84 |
789,831.53 |
|
Total
Shareholders' Equity |
75,560,252.84 |
40,789,831.53 |
|
Total
Liabilities & Shareholders' Equity |
146,005,789.58 |
95,290,319.91 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales |
290,915,976.27 |
169,259,724.81 |
|
Other Income |
137,211.17 |
20,818.02 |
|
Interest Income |
1,960.02 |
- |
|
Profit/[Loss] on Sales of
Assets |
321,251.90 |
- |
|
Profit/[Loss] on Exchange
Rate |
1,440,907.65 |
- |
|
Total Revenues
|
292,817,307.01 |
169,280,542.83 |
|
Expenses |
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Cost of Goods
Sold |
267,817,510.71 |
146,738,443.53 |
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Selling & Administrative Expenses |
20,781,275.64 |
21,000,031.86 |
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Total Expenses |
288,598,786.35 |
167,738,475.39 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
4,218,520.66 |
1,542,067.44 |
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Interest Expenses |
[2,909,254.66] |
[1,144,142.53] |
|
Income Tax |
[588,544.69] |
[439,803.58] |
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Net Profit / [Loss] |
720,721.31 |
[41,878.67] |
|
Retained Earning,
beginning of year |
787,283.54 |
829,162.21 |
|
Retained Earning,
end of year |
1,508,004.85 |
787,283.54 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
71.88 |
|
|
Operating Profit |
59.16 |
|
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Net Profit |
1,820.97 |
|
|
Fixed Assets |
165.37 |
|
|
Total Assets |
53.22 |
|
|
Profitability |
|
|
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Cost of Good
Sold |
92.06 |
86.69 |
|
Operating Profit Margin |
1.45 |
0.91 |
|
S & A
Expenses |
7.14 |
12.41 |
|
Interest Paid |
1.00 |
0.68 |
|
Other Revenues |
0.65 |
0.01 |
|
Net Profit Margin |
0.25 |
[0.02] |
|
Earning Per Shares |
0.97 |
[0.10] |
|
No. of Shares |
740,497 |
400,000 |
Net Sales was
increased by 71.88%,
Operating Profit was
increased by 59.16%,
Net Profit was
increased by 1,820.98%,
Fixed Assets was
increased by 165.37%,
Total Assets was
increased by 53.22%.
Compare each cost with sales, Cost
of Good Sold
was increased from
86.69% to 92.06%,
Operating Profit Margin
was increased from
0.91% to 1.45%,
S & A
Expenses was decreased
from 12.41% to
7.14%, Interest Paid was
increased from 0.68%
to 1.00%, Other
Revenues was increased
from 0.01% to
0.65%, Net Profit
Margin was increased
from -0.02% to
0.25%.
Earning Per Shares
was increased from
-0.10 baht per
share to 0.97
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.97 |
1.61 |
|
Quick-Assets Ratio |
1.05 |
0.61 |
Current Ratio was
increased from 1.61
to 1.97, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.61 to 1.05,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.93 |
1.34 |
|
Times Interest Earned |
1.45 |
1.35 |
D/E Ratio was
decreased from 1.34
to 0.93, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
1.35 to 1.45,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
12.22 |
18.86 |
|
Total Assets Turnover |
1.99 |
1.78 |
|
Return on Assets |
0.49 |
[0.04] |
|
Return on Equity |
0.95 |
[0.10] |
|
Day's Payable |
36.04 |
57.49 |
|
Day’s Inventories |
59.05 |
111.57 |
|
Day’s Receivables |
69.46 |
59.39 |
Fixed Assets Turnover
was decreased from
18.86 times to
12.22 times, Total
Assets Turnover was
increased from 1.78
times to 1.99
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
-0.04 to 0.49,
Return on Equity
was increased from
-0.10 to 0.95,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 58
days to 37
days, and Day’s
Inventories was decreased
from 112 days
to 60 days,
while Day’s Receivables
was increased from
60 days to
70 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%)