MIRA
INFORM REPORT
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Report Date : |
26.10.2007 |
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) : |
31.12.2006 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0105547100772 |
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Legal Form : |
Private Limited |
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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 |
|
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 |
COMPANY 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 |
|
Ms. Sopaporn Lertvilaiwithaya Nationality: Thai Address :
Bangkoknoi, |
200 |
2.00 |
|
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, 2006
& 2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
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Cash in hand
& at Bank
|
174,653.09 |
4,736,758.23 |
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Trade Accts. Receivable |
15,895,385.75 |
37,846,407.52 |
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Inventories |
2,689,411.24 |
5,881,750.00 |
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Other Current Assets
|
6,006,842.99 |
4,616,248.57 |
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Total Current Assets
|
24,766,293.07 |
53,081,164.32 |
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Long-term Loan to
Person or Related Company |
- |
117,390.18 |
|
Fixed Assets |
2,050,410.66 |
2,503,936.19 |
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Other Assets |
162,381.73 |
229,386.37 |
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Total Assets |
26,979,085.46 |
55,931,877.06 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
3,318,300.30 |
- |
|
Trade Accts. Payable |
21,337,530.88 |
51,148,250.86 |
|
Current Portion of Hire-purchase Payable |
1,178,751.05 |
608,280.00 |
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Other Current Liabilities |
36,581.07 |
741,538.69 |
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Total Current Liabilities |
25,871,163.30 |
52,498,069.55 |
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Other Long Term Loan |
2,819,125.65 |
1,445,170.00 |
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Total Liabilities |
28,690,288.95 |
53,943,239.55 |
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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 |
[2,711,203.49] |
988,637.50 |
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Total Shareholders' Equity |
[1,711,203.49] |
1,988,637.50 |
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Total Liabilities & Shareholders' Equity |
26,979,085.46 |
55,931,877.06 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales -Foreign |
56,318,107.93 |
79,363,572.84 |
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Interest Income |
16,814.47 |
13,564.04 |
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Profit/[Loss] from Exchange
Rate |
- |
1,227,821.29 |
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Total Revenues |
56,334,922.40 |
80,604,958.17 |
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Expenses |
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Cost of Goods
Sold |
54,424,619.23 |
77,512,088.70 |
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Selling & Administrative Expenses |
1,874,768.82 |
1,726,227.12 |
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Other Expenses |
3,284,520.65 |
- |
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Total Expenses |
59,583,908.70 |
79,238,315.82 |
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Profit / [Loss] Before Income
Tax |
[3,248,986.30] |
1,366,642.35 |
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Interest Expenses |
[450,854.70] |
[37,448.19] |
|
Income Tax |
- |
[242,730.58] |
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Net Profit / [Loss] |
[3,699,841.00] |
1,086,463.58 |
FINANCIAL NOTE
NOTE 1 Cash
in Hand & at Bank
|
|
2005 |
2004 |
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|
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Cash at bank -Saving account |
11,975.55 |
10,000.00 |
|
-Current account |
3,224,782.68 |
10,000.00 |
|
-Fixed account |
1,500,000.00 |
- |
|
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 |
|
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 |
|
|
|
|
|
Accrued Income Tax |
218,669.68 |
- |
|
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 |
|
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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. |
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%)