MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BANG TRADING 1992
COMPANY LIMITED |
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Registered Office : |
4th Floor,
Bang Trading Group
Building, 999/99 Rama 9
Road., Suanluang, Bangkok 10250,
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
0105535041822 [Former :
4181/2535] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Pharmaceutical, Medical and Industrial Products |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
BANG TRADING 1992
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 4th FLOOR,
BANG TRADING GROUP
BUILDING,
999/99 RAMA 9
ROAD., SUANLUANG,
BANGKOK
10250, THAILAND
TELEPHONE :
[66] 2718-3333
FAX : [66] 2718-3577,
2718-3962
E-MAIL ADDRESS :
info@bangtrading.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1992
REGISTRATION NO. :
0105535041822 [Former : 4181/2535]
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 :
MR. THAWATCHAI TANTIPOJ, THAI
MANAGING
DIRECTOR
NO. OF STAFF :
100
LINES OF BUSINESS :
PHARMACEUTICAL, MEDICAL AND
INDUSTRIAL PRODUCTS
IMPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION :
GOOD WITH NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on March
9, 1992 as
a private limited
company under the registered
name BANG TRADING [1992]
COMPANY LIMITED by
Thai groups, to
provide products and
services for medical,
pharmaceutical, laboratory and
scientific businesses. It
currently employs approximately 100 staff.
It is a member of
Bang Trading Group,
the Thailand’s leading
suppliers wide range
of products for
laboratory, medical &
healthcare and other
industries.
The subject’s registered
address is 999/99
Rama 9 Rd., Suanluang, Bangkok
10250, and this
is the subject’s current operation
address.
THE BOARD
OF DIRECTORS
Name Nationality Age
Mr. Atipong Arkliphand Thai 71
Mr. Thawatchai Tantipoj Thai 64
Mrs. Somchit Vanapamornphan Thai 54
Mr. Nathadej Arkliphand Thai 37
Mrs. Laksanawadee Kiattanakorn Thai 33
Mr. Pithan tantipoj Thai 30
Mr. Thammasak Lortanavanit Thai 38
Ms. Wasunee Jaidee Thai 48
Mr. Surachai Teeravanichsant Thai -
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Thawatchai Tantipoj
is the Managing Director.
He is Thai nationality with
the age of
64 years old.
Mr. Nathadej Arkliphand,
is the Sales Manger of
BP Division
He is Thai nationality with
the age of
37 years old.
Mr. Pithan Tantipoj is
the Sales Manager
of LCA Division.
He is Thai nationality with
the age of
30 years old.
Mrs. Saowalak
Akaramanopaisal is the
Sales Manager of
SIS Division.
She is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are distributor and
supplier wide range
of industrial products,
which can be
divided into 3
main divisions as
follows:
British Pharmaceutical [ BP Division]
The subject focuses
on supplying pharmaceutical raw material to
pharmaceutical industry. It
also provides stock
planning and procurement
services tailored to
the customer requirement. The products included
Allimentary system, Cardiovascular & Hematopoietic system,
Respiratory system, Neuro-Muscular system,
Homones, Antibiotics, and
Other Chemotherapeutics, etc.
Laboratory Chemicals and
Apparatus [ LCA Division]
LCA supplies a
wide range of
laboratory chemicals and
apparatus to production
lines, government, laboratories, privately-owned
companies, hospitals, universities, research organizations, clinics
and various industries.
MAJOR SUPPLIERS
- Whatman : United
Kingdom
- Nalgene : United
States of America
- Hellma : Germany
- Laboratory : Republic
of China
- Etc.
Scientific Instruments and
Supplies [ SIS Division]
SIS is the distributor of
scientific instruments and
supplies from countries
worldwide. The product
includes water purification system, conductivity meter,
laminar airflow cabinet,
freezers, furnaces, autoclaves,
oven, incubator, water
bath, gas generator,
filtration, mercury analyzer,
capillary rotary vicometer,
& etc.
MAJOR SUPPLIERS
- MP Biomedicals LLC. : U.S.A.
- P S Analytical Ltd. : U.K.
- RS Biotech Laboratory
Equipment Ltd. :
U.K.
- Nabertherm GmbH. : Germany
- Kern & Sohn GmbH. : Germany
- & others, such
as Elga, Fasteo,
Kern, Kubota, Genbab,
Nabertherm
The subject also
provides maintenance services of
scientific instrument.
IMPORT [COUNTRIES]
Most of its
products are imported
from United Kingdom,
Germany, Republic of
China, United States
of America, Belgium,
Italy, France, Turkey
and etc.
SALES [LOCAL]
100% of its
products is sold
locally to Thai
Government, manufacturers, wholesalers
and end-users.
MAJOR CUSTOMERS
Government and private
hospitals and universities.
AFFILIATED COMPANY
Inter Medical Co.,
Ltd.
Business Type: Distributor
of medical instrument
Affintech Co., Ltd.
Business Type: Importer of
hospital lab supplies,
industrial gas, air
and water
purification system, as
well as designing
and construction
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 30-90 days.
Imports are by
L/C at sight or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[New Petchburi Branch :
1975 New Petchburi
Rd., Bangkapi, Huaykwang,
Bangkok]
Kasikornbank Public Co., Ltd.
[New Petchburi Branch :
2416 New Petchburi
Rd., Bangkapi, Huaykwang,
Bangkok]
Siam Commercial Bank
Public Co., Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok]
EMPLOYMENT
The subject employs
approximately 100 staff.
[office & sales staff]
LOCATION DETAILS
The premise is
owned for administrative office and showroom
at the heading address in
commercial/residential area.
COMMENT
The company’s business
hinges on public
acceptance which it
was well accepted
from its customers
of products prices
and quality.
The subject’s business
performance is considered satisfactory as there is an
increase in its
sales and net profit
in 2006 comparing
to the previous year. It
is expected a
steady growth throughout
this year as
well.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each
with fully paid.
MAIN SHAREHOLDERS :
[as at April 30, 2004]
|
NAME |
HOLDING |
% |
|
Mr. Jirachai Tantipoj Nationality: Thai Address : 244-248
Werng Nakornkasem,
Samphantawong, Bangkok |
3,894 |
38.94 |
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Mr. Kajornphan Tantipoj Nationality: Thai Address : 244-248
Werng Nakornkasem,
Samphantawong, Bangkok |
1,800 |
18.00 |
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Mr. Atipong Arkliphand Nationality: Thai Address : 36
Ekamai Rd., Klongton,
Klongtoey, Bangkok |
1,459 |
14.59 |
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Mr. Chanin Daengprasert Nationality: Thai Address : 23
Sukhumvit 71 Rd.,
Prakanongnua,
Klongtoey, Bangkok |
747 |
7.47 |
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Mr. Nathadej Arkliphand Nationality: Thai Address : 36
Ekamai Rd., Klongton,
Klongtoey, Bangkok |
700 |
7.00 |
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Ms. Chittiya Arkliphand Nationality: Thai Address : 36
Ekamai Rd., Klongton,
Klongtoey, Bangkok |
700 |
7.00 |
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Mr. Chamaphat Sitthi-amnuay Nationality: Thai Address : 36
Ekamai Rd., Klongton,
Klongtoey, Bangkok |
700 |
7.00 |
Total Shareholders :
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Thanhathai Supakasem No.
5394
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 |
9,911,484.82 |
16,137,722.69 |
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Trade Accts. Receivable |
101,229,592.10 |
100,612,618.35 |
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Inventories |
51,225,902.16 |
45,546,526.98 |
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Other Current Assets |
9,217,714.93 |
3,536,778.95 |
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Total Current Assets
|
171,584,694.01 |
165,833,646.97 |
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Fixed Assets |
5,708,348.23 |
6,893,008.84 |
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Other Assets |
338,900.17 |
1,160,586.23 |
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Total Assets |
177,631,942.41 |
173,887,242.04 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft & Short Term Loan from Financial institution |
- |
27,179,600.29 |
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Trade Accts. Payable |
27,659,824.07 |
26,219,661.83 |
|
Other Current Liabilities |
13,435,756.56 |
12,061,462.33 |
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Total Current Liabilities |
41,095,580.63 |
65,460,724.45 |
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Long Term Loan from Related Company |
44,000,000.00 |
32,000,000.00 |
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Total Liabilities |
85,095,580.63 |
97,460,724.45 |
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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 |
91,536,361.78 |
75,426,517.59 |
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Total Shareholders' Equity |
92,536,361.78 |
76,426,517.59 |
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Total Liabilities & Shareholders' Equity |
177,631,942.41 |
173,887,242.04 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
465,992,047.49 |
450,669,447.97 |
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Other Income |
3,809,100.03 |
63,558.71 |
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Total Revenues |
469,801,147.52 |
450,733,006.68 |
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Expenses |
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Cost of Goods
Sold |
393,992,142.15 |
376,719,713.85 |
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Selling & Administrative Expenses |
51,657,414.87 |
50,173,425.67 |
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Total Expenses |
445,649,557.02 |
426,893,139.52 |
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Profit / [Loss] from Interest
Expenses & Income Tax |
24,151,590.50 |
23,839,867.16 |
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Interest Expenses |
[1,371,374.65] |
[3,337,952.74] |
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Profit / [Loss] from Income
Tax |
22,780,215.85 |
20,501,914.42 |
|
Income Tax |
[6,670,371.66] |
[6,126,904.97] |
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Net Profit / [Loss] |
16,109,844.19 |
14,375,009.45 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
3.40 |
|
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Operating Profit |
[2.02] |
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Net Profit |
12.07 |
|
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Fixed Assets |
[17.19] |
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Total Assets |
2.15 |
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Profitability |
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Cost of Good
Sold |
84.55 |
83.59 |
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Operating Profit Margin |
5.18 |
5.29 |
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S & A
Expenses |
11.09 |
11.13 |
|
Interest Paid |
0.29 |
0.74 |
|
Other Revenues |
0.82 |
0.01 |
|
Net Profit Margin |
3.46 |
3.19 |
|
Earning Per Shares |
1,610.98 |
1,437.50 |
|
No. of Shares |
10,000 |
10,000 |
Net Sales was
increased by 3.40%,
Operating Profit was
decreased by 2.02%,
Net Profit was
increased by 12.07%,
Fixed Assets was
decreased by 17.19%,
Total Assets was
increased by 2.15%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 83.59%
to 84.55%, Operating
Profit Margin was
decreased from 5.29%
to 5.18%, S
& A Expenses
was decreased from
11.13% to 11.09%,
Interest Paid was decreased
from 0.74% to
0.29%, Other Revenues
was increased from
0.01% to 0.82%,
Net Profit Margin
was increased from
3.19% to 3.46%.
Earning Per Shares
was increased from
1,437.50 baht per
share to 1,610.98
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
4.18 |
2.53 |
|
Quick-Assets Ratio |
2.70 |
1.78 |
Current Ratio was
increased from 2.53
to 4.18, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.78 to 2.70,
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 |
0.92 |
1.28 |
|
Times Interest Earned |
17.61 |
7.14 |
D/E Ratio was
decreased from 1.28
to 0.92, 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 7.14
to 17.61, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
81.63 |
65.38 |
|
Total Assets Turnover |
2.62 |
2.59 |
|
Return on Assets |
9.07 |
8.27 |
|
Return on Equity |
17.41 |
18.81 |
|
Day's Payable |
21.37 |
20.94 |
|
Day’s Inventories |
39.57 |
36.38 |
|
Day’s Receivables |
78.20 |
80.37 |
Fixed Assets Turnover
was increased from
65.38 times to
81.63 times, Total
Assets Turnover was
increased from 2.59
times to 2.62
times, show the
company could use Assets so
efficiently, Return on
Assets was increased
from 8.27 to
9.07, Return on
Equity was decreased
from 18.81 to
17.41, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 21
days to 22
days, and Day’s
Inventories was increased
from 37 days
to 40 days, while Day’s
Receivables was decreased
from 81 days
to 79 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
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%)