MIRA
INFORM REPORT
|
Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ATLANTIC LABORATORIES CORP. LTD. |
|
|
|
|
Registered Office : |
2038
Sukhumvit Road, Bangchak, Prakanong, Bangkok
10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
27.03.1989 |
|
|
|
|
Com. Reg. No.: |
0105532027764 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Pharmaceuticals and Raw Products
Importer, Distributor and
Exporter |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name of the company
ATLANTIC LABORATORIES CORP. LTD.
SUMMARY
BUSINESS
ADDRESS : 2038
SUKHUMVIT ROAD, BANGCHAK,
PRAKANONG, BANGKOK
10260
TELEPHONE : [66] 2311-0111,
2311-0104-9, 2311-0475-9
FAX : [66] 2331-5697,
2332-0907
E-MAIL
ADDRESS : atlantic@atlanticlab.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION NO. : 0105532027764
[Former : 2774/2532]
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT. 30,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. KULAWUTH VANASAWAT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : PHARMACEUTICALS AND
RAW PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on March 27,
1989 as a
private limited company under the name style
ATLANTIC LABORATORIES CORP.
LTD., by Thai
groups, with the
business objective to
engage in pharmaceutical trading business. It
currently employs 15
staff.
The
subject’s registered address
is 2038 Sukhumvit Rd.,
Bangchak, Prakanong, Bangkok
10260, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Busarin Vanasawat |
[x] |
Thai |
46 |
|
Mr. Kulawuth Vanasawat |
[x] |
Thai |
48 |
|
Mr. Boonsom Martin |
|
Thai |
83 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kulawuth Vanasawat is the Managing
Director.
He is Thai nationality with
the age of
48 years old.
Mr. Busarin Vanasawat
is the Deputy Managing Director.
He is Thai nationality with
the age of
46 years old.
Ms. Piyapha Deekarnchanakul is
the Export Sales
Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of pharmaceutical products, as well
as raw pharmaceuticals for production.
The subject also
exports local pharmaceutical products to overseas
markets.
The products are
as the followings:
Bacin - Co-trimoxazole (Trimethoprim/Sulfamethoxazole)
Cadramine V-lotion - Calamine, Zn oxide, Diphenhydramine HCI
Ditoin - Phenytoin sodium
Fluxetin - Fluoxetine HCI
Forzid - Ceftazidime
pentahydrate
Maril - Metoclopramide HCI
Oprazole - Omeprazole
Ratic - Ranitidine
Roxicin - Roxithromycin
Tripta - Amitriptyline HCI
etc.
PURCHASE
The Thai products
are purchased from
local suppliers.
IMPORT
The
international products are
imported from Germany,
New Zealand, Taiwan,
France and Africa.
MAJOR SUPPLIER
Atlantic
Pharmaceutical Co., Ltd. : Thailand
SALES
60% of the products is
sold to customers
in overseas, mainly
in Malaysia, Philippines, Taiwan, Sri Lanka,
Republic of China,
Hong Kong, Singapore,
New Zealand, Dubai,
Africa and Myanmar,
the remaining 40%
to local.
RELATED AND AFFILIATED COMPANY
Atlantic Pharmaceutical Co., Ltd.
Business Type :
Manufacturer of pharmaceutical products.
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
TMB
Public Co., Ltd.
EMPLOYMENT
The
subject employs 15
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
The
subject’s business has
strongly increased from
demand both local
and international markets.
At present, the
company exports to
more than 20
countries around the
world. Market of
pharmaceutical and related
products is promising
due to improvement and expansion
of domestic healthcare
industry.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000
shares of Bht. 100
each.
On
June 29, 1992,
the capital was
increased to Bht. 30,000,000 divided into 300,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 29,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Busarin Vanasawat Nationality: Thai Address : 381/7
Moo 10, Nongbon,
Praves, Bangkok |
149,750 |
49.92 |
|
Mr.
Kulawuth Vanasawat Nationality: Thai Address : 2038
Sukhumvit Rd., Bangchak,
Prakanong, Bangkok |
149,750 |
49.92 |
|
Mr. Boonsom Martin Nationality: Thai Address : 230/16
Tungwatdon, Yannawa, Bangkok |
100 |
|
|
Mr. Pichaya Vanasawat Nationality: Thai Address : 2038
Sukhumvit Rd., Bangchak,
Prakanong, Bangkok |
100 |
|
|
Mrs.
Arunwan Wattanasap Nationality: Thai Address : 135
Sukhumvit 103 Rd.,
Nongbon, Praves, Bangkok |
100 |
= 0.16 |
|
Mrs. Wannee Bunyasettha Nationality: Thai Address : 59/48
Moo 11, Sukhumvit
Rd., Bangna,
Prakanong, Bangkok |
100 |
|
|
Mr. Phansak Sathapornkul Nationality: Thai Address : 525/67
Sukhumvit Rd., Samrongnua, Muang, Samutprakarn |
100 |
|
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Sangvorn Sutthisanont No.
0097
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 & 2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
360,441.18 |
430,725.74 |
|
Short-term Investment |
737,431.62 |
502,206.00 |
|
Trade Accts. Receivable |
50,876,636.65 |
31,371,014.46 |
|
Short Term Loan
Related Company |
10,000,000.00 |
10,000,000.00 |
|
Inventories |
3,683.40 |
- |
|
Other Current Assets
|
3,551,330.37 |
7,522,638.69 |
|
Total Current
Assets |
65,529,523.22 |
49,826,584.89 |
|
|
|
|
|
Fixed Assets |
8,638,355.47 |
8,681,966.37 |
|
Other Assets |
149,069.45 |
24,000.00 |
|
Total Assets |
74,316,948.14 |
58,532,551.26 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Short-term Loan from
Financial Institute |
27,068,805.03 |
12,456,482.43 |
|
Trade Accts. Payable |
23,554,985.22 |
20,491,615.34 |
|
Other Current Liabilities |
1,618,358.96 |
418,661.75 |
|
Total Current
Liabilities |
52,242,149.21 |
33,366,759.52 |
|
Total Liabilities |
52,242,149.21 |
33,366,759.52 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 300,000 shares |
30,000,000.00 |
30,000,000.00 |
|
Capital Paid |
30,000,000.00 |
30,000,000.00 |
|
Retained Earning -
Unappropriated |
[7,925,201.07] |
[4,834,208.26] |
|
Total
Shareholders' Equity |
22,074,798.93 |
25,165,791.74 |
|
Total
Liabilities & Shareholders' Equity |
74,316,948.14 |
58,532,551.26 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Services |
88,648,881.56 |
35,383,272.68 |
|
Other Income |
165,962.34 |
165,821.03 |
|
Total Revenues
|
88,814,843.90 |
35,549,093.71 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
80,069,094.07 |
33,167,778.19 |
|
Selling & Administrative Expenses |
9,553,034.69 |
1,453,215.03 |
|
Total Expenses |
89,622,128.76 |
34,620,993.22 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
[807,284.86] |
928,100.49 |
|
Interest Expenses |
[2,283,707.95] |
[76,738.17] |
|
Income Tax |
- |
[174,540.27] |
|
Net Profit / [Loss] |
[3,090,992.81] |
676,822.05 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
150.54 |
|
|
Operating Profit |
[134.72] |
|
|
Net Profit |
[556.69] |
|
|
Fixed Assets |
[0.50] |
|
|
Total Assets |
26.97 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
90.32 |
93.74 |
|
Operating Profit Margin |
[0.91] |
2.62 |
|
S & A
Expenses |
10.78 |
4.11 |
|
Interest Paid |
2.58 |
0.22 |
|
Other Revenues |
0.19 |
0.47 |
|
Net Profit Margin |
[3.49] |
1.91 |
|
Earning Per Shares |
[10.30] |
2.26 |
|
No. of Shares |
300,000 |
300,000 |
Net Sales was
increased by 150.54%,
Operating Profit was
decreased by 134.72%,
Net Profit was
decreased by 556.69%,
Fixed Assets was
decreased by 0.50%,
Total Assets was
increased by 26.97%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 93.74%
to 90.32%, Operating
Profit Margin was
decreased from 2.62%
to -0.91%, S &
A Expenses was
increased from 4.11%
to 10.78%, Interest Paid was increased from
0.22% to 2.58%,
Other Revenues was
decreased from 0.47%
to 0.19%, Net
Profit Margin was
decreased from 1.91%
to -3.49%.
Earning Per Shares
was decreased from
2.26 baht per
share to -10.30
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.25 |
1.49 |
|
Quick-Assets Ratio |
1.19 |
1.27 |
Current Ratio was
decreased from 1.49
to 1.25, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.27 to 1.19,
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 |
2.37 |
1.33 |
|
Times Interest Earned |
[0.35] |
12.09 |
D/E Ratio was
increased from 1.33
to 2.37, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
12.09 to -0.35,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
10.26 |
4.08 |
|
Total Assets Turnover |
1.19 |
0.60 |
|
Return on Assets |
[4.16] |
1.16 |
|
Return on Equity |
[14.00] |
2.69 |
|
Day's Payable |
95.66 |
208.49 |
|
Day’s Inventories |
0.01 |
0.00 |
|
Day’s Receivables |
206.61 |
319.18 |
Fixed Assets Turnover
was increased from
4.08 times to
10.26 times, Total
Assets Turnover was
increased from 0.60
times to 1.19
times, show the company could
use Assets so
efficiently, Return on
Assets was decreased
from 1.16 to
-4.16, Return on
Equity was decreased
from 2.69 to
-14.00, capacity to
use Assets to
make profit was
not good.
Day's Payable was
decreased from 209
days to 96
days, while Day’s
Inventories was increased
from 0 days to 1
days, but Day’s
Receivables was decreased
from 320 days
to 207 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%)