MIRA
INFORM REPORT
|
Report Date : |
09.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
COSMIC CONCORD CORP. LTD |
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Registered Office : |
729/87
Ratchadapisek Road, Bangpongpang,Yannawa, Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.10.2006 |
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Date of Incorporation : |
11.11.1980 |
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Com. Reg. No.: |
0105523020582 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Industrial Chemicals
Importer And Distributor |
RATING &
COMMENTS
|
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
COSMIC CONCORD
CORP. LTD.
SUMMARY
BUSINESS
ADDRESS : 729/87 RATCHADAPISEK ROAD, BANGPONGPANG,
YANNAWA, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2294-0651
FAX : [66] 2295-0439
E-MAIL
ADDRESS : concord@cosmic-3c.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1980
REGISTRATION NO. : 0105523020582 [Former
: 2058/2523]
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT. 40,000,000
FISCAL YEAR CLOSING DATE : OCTOBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MRS. NIRAMOL SONGPORNPRASERT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS IMPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The
subject was established
on November 11,
1980 as a
private limited company under the name style COSMIC CONCORD CORP.
LTD., by Thai groups, with the business
objective to import
and supply wide
range of chemicals for
pharmaceutical, food supplement
and veterinary industries
to domestic market. It currently employs approximately 20 staff.
The
subject’s registered address
is 729/87 Ratchadapisek Rd., Bangpongpang, Yannawa,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
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|
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Mr. Suthep Songpornprasert |
[x] |
Thai |
55 |
|
Mrs. Niramol Songpornprasert |
[x] |
Thai |
58 |
|
Mr. Nathapol Songpornprasert |
|
Thai |
26 |
|
Ms. Nathakarn Songpornprasert |
|
Thai |
24 |
|
Mr. Natchanon Songpornprasert |
|
Thai |
24 |
AUTHORIZED PERSON
One of the mentioned
directors [x] can
sign or any
two of the rest directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Niramol Songpornprasert is the Managing
Director.
She is Thai nationality with
the age of
58 years old.
Mr. Nathapol Songpornprasert is
the Sales & Marketing Manager.
He is Thai nationality with
the age of
26 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of chemicals
for pharmaceutical, foods and
beverage, food supplement and veterinary industries. Range of
products are as
the followings:
·
Pharmaceutical: hormone/ steroid series, vitamin C,
injection and others.
·
Veterinary
products:
antibiotic, vitamin C,
joint support, lean support, reproductivity, growth promoter and
others.
·
Food &
Food Supplement:
weight loss raw
material, skin care
raw material, joint
support, detox raw
material, muscle building,
food industry and
others.
IMPORT
90%
of the products is imported
from U.S.A., France,
Japan, India, Republic
of China and
Switzerland.
MAJOR SUPPLIERS
- Nutriscience Innovations LLC : U.S.A.
- Diana
Naturals : France
- New
Chem S.P.A. : Italy
- Organic
Herb Inc. : Republic
of China
- Shenyang
Dongya Fine Chemical
Co., Ltd. :
Republic of China
- Jiangsu
Jiangshan Pharmaceutical Co.,
Ltd. : Republic
of China
- Jiangsu
Chia-Tai Tianging Pharmaceutical Co., Ltd. :
Republic of China
- Shijiazhuang Pharm Group : Republic
of China
- Yier
Weizhiyang Pharmaceutical Co.,
Ltd. : Republic
of China
- Weifang
Sunwin Chemical Co.,
Ltd. : Republic
of China
- Coach
Industries Inc. : Japan
SALES
100% of the
products is sold
by wholesale to
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.
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.
BANKING
United Overseas Bank
[Thai] Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 20 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
in a 3 storey building
of 1 row shop house at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Pharmaceutical, food, food supplement
and veterinary industries
remain strong growth
due to the products have
strong demand from
both domestic consumption
and export markets.
Chemicals which are
main raw materials
for such industries
also have active
growth.
The
subject has been
enjoying its steady
growth during these
few years, and
business trend is
bright.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 1,000
shares of Bht. 1,000 each.
The
capital was increased
and decreased later
as following:
Bht. 15,000,000 on January 2,
1997
Bht. 40,000,000 on April 22,
1998
Bht. 20,000,000 on October 30,
2003 [Decreased]
Bht. 40,000,000 on November 24,
2005
The
latest registered capital
was increased to
Bht. 40,000,000 divided into
4,000,000 shares of
Bht. 10 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at February 26,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Suthep Songpornprasert Nationality: Thai Address : 729/87
Ratchadapisek Rd., Bangpongpang,
Yannawa, Bangkok |
1,000,000 |
25.00 |
|
Mrs.
Niramol Songpornprasert Nationality: Thai Address : 729/87
Ratchadapisek Rd., Bangpongpang,
Yannawa, Bangkok |
750,000 |
18.75 |
|
Mr.
Nathapol Songpornprasert Nationality: Thai Address : 729/87
Ratchadapisek Rd., Bangpongpang,
Yannawa, Bangkok |
750,000 |
18.75 |
|
Mr.
Natchanon Songpornprasert Nationality: Thai Address : 729/87
Ratchadapisek Rd., Bangpongpang,
Yannawa, Bangkok |
750,000 |
18.75 |
|
Ms.
Nathakarn Songpornprasert Nationality: Thai Address : 729/87
Ratchadapisek Rd., Bangpongpang,
Yannawa, Bangkok |
742,000 |
18.55 |
|
Ms. Pathama Saengsiri-amporn Nationality: Thai Address : 27/24
Rama 4 Rd.,
Thungmahamek,
Sathorn, Bangkok |
4,000 |
0.10 |
|
Ms. Lakhana Sitsakonkul Nationality: Thai Address : 368
Charoenrath Rd., Klongtonsai,
Klongsan, Bangkok |
4,000 |
0.10 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Decha Thippawang No. 8483
BALANCE SHEET [BAHT]
The
latest financial figures
published for October
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
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Cash in hand
& at Bank
|
814,527.89 |
48,514.50 |
|
Short Term Investment |
2,011,328.16 |
- |
|
Trade Accts. Receivable |
29,702,283.82 |
22,236,921.75 |
|
Inventories |
6,030,689.96 |
3,539,393.20 |
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Other Current Assets
|
1,213,771.12 |
278,459.94 |
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Total Current
Assets |
39,772,600.95 |
26,103,289.39 |
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Non Current
Assets |
|
|
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Building & Equipment |
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Vehicle |
16,695,060.23 |
15,951,188.27 |
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Office Automation |
2,122,752.13 |
2,011,207.16 |
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Office Furniture |
511,817.12 |
510,917.12 |
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Computer |
574,342.38 |
428,296.12 |
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Total |
19,903,971.86 |
18,901,608.67 |
|
Less: Depreciation |
[8,646,268.04] |
[8,069,198.10] |
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Total Building
& Equipment - net |
11,257,703.82 |
10,832,410.57 |
|
Guarantee |
88,950.00 |
42,200.00 |
|
|
11,346,653.82 |
10,874,610.57 |
|
Total Assets |
51,119,254.77 |
36,977,899.96 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft |
- |
22,759.59 |
|
Current Portion of Long
Term Liabilities |
1,236,672.00 |
1,236,672.00 |
|
Trade Accts. Payable |
4,024,057.04 |
17,441,596.02 |
|
Income Tax & Other Tax |
1,826,880.50 |
912,306.02 |
|
Revenue Department Payable |
276,338.08 |
- |
|
Accrued Expenses |
2,055,045.61 |
243,259.13 |
|
Total Current
Liabilities |
9,418,993.23 |
19,856,592.76 |
|
Hire-purchase Payable |
186,987.51 |
1,323,531.89 |
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Total Liabilities |
9,605,980.74 |
21,180,124.65 |
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Shareholders'
Equity |
|
|
|
|
|
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Share capital : Baht 10 par value
authorized, issued and fully paid share
capital 4,000,000 shares |
40,000,000.00 |
40,000,000.00 |
|
Capital Paid |
40,000,000.00 |
20,000,000.00 |
|
Retained Earning -
Unappropriated |
1,513,274.03 |
[4,202,224.69] |
|
Total
Shareholders' Equity |
41,513,274.03 |
15,797,775.31 |
|
Total
Liabilities & Shareholders' Equity |
51,119,254.77 |
36,977,899.96 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
121,297,492.25 |
81,585,543.16 |
|
Other Income |
165,302.38 |
715,353.12 |
|
Total Revenues
|
121,462,794.63 |
82,300,896.28 |
|
Expenses |
|
|
|
|
|
|
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Cost of Services
|
91,318,631.08 |
63,637,913.65 |
|
Selling & Administrative Expenses |
22,150,522.87 |
14,912,077.16 |
|
Other Expenses |
- |
7,801.96 |
|
Total Expenses |
113,469,153.95 |
78,557,792.77 |
|
Profit / [Loss] Before Interest
Expenses, Extraordinary Item
& Income Tax |
7,993,640.68 |
3,743,103.51 |
|
Profit/[Loss] from Sales
of Assets |
99,996.00 |
- |
|
Profit/[Loss] from Exchange
Rate |
163,017.76 |
- |
|
Interest Expenses |
[102,006.27] |
[122,535.13] |
|
Income Tax |
[2,439,149.45] |
[1,172,006.60] |
|
Net Profit / [Loss] |
5,715,498.72 |
2,448,561.78 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
48.68 |
|
|
Operating Profit |
43.34 |
|
|
Net Profit |
133.42 |
|
|
Fixed Assets |
3.93 |
|
|
Total Assets |
38.24 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
75.28 |
78.00 |
|
Operating Profit Margin |
6.59 |
4.60 |
|
S & A
Expenses |
18.26 |
18.28 |
|
Interest Paid |
0.08 |
0.15 |
|
Other Revenues |
0.14 |
0.88 |
|
Net Profit Margin |
4.71 |
3.00 |
|
Earning Per Shares |
1.43 |
0.61 |
|
No. of Shares |
4,000,000 |
4,000,000 |
Net Sales was
increased by 48.68%,
Operating Profit was
increased by 43.34%,
Net Profit was
increased by 133.42%,
Fixed Assets was
increased by 3.93%,
Total Assets was
increased by 38.24%.
Compare each cost
with sales, Cost of
Good Sold was decreased from
78.00% to 75.28%,
Operating Profit Margin
was increased from
4.60% to 6.59%,
S & A
Expenses was decreased
from 18.28% to
18.26%, Interest Paid was
decreased from 0.15%
to 0.08%, Other
Revenues was decreased from 0.88% to
0.14%, Net Profit
Margin was increased
from 3.00% to
4.71%.
Earning Per Shares
was increased from
0.61 baht per
share to 1.43
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
4.22 |
1.31 |
|
Quick-Assets Ratio |
3.45 |
1.12 |
Current Ratio was
increased from 1.31
to 4.22, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.12 to 3.45,
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 |
0.23 |
1.34 |
|
Times Interest Earned |
78.36 |
30.61 |
D/E Ratio was
decreased from 1.34
to 0.23, 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
30.61 to 78.36,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
10.77 |
7.53 |
|
Total Assets Turnover |
2.37 |
2.21 |
|
Return on Assets |
11.18 |
6.62 |
|
Return on Equity |
13.77 |
15.50 |
|
Day's Payable |
11.94 |
76.96 |
|
Day’s Inventories |
17.90 |
15.62 |
|
Day’s Receivables |
88.15 |
98.12 |
Fixed Assets Turnover
was increased from
7.53 times to
10.77 times, Total
Assets Turnover was
increased from 2.21
times to 2.37
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
6.62 to 11.18,
Return on Equity
was decreased from
15.50 to 13.77,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 77
days to 12
days, while Day’s
Inventories was increased
from 16 days
to 18 days, but Day’s
Receivables was decreased
from 99 days
to 89 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%)