MIRA
INFORM REPORT
|
Report Date : |
04.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AVALON
NUTRIMART COMPANY LIMITED |
|
|
|
|
Registered Office : |
119/318 Moo 3, Soi
Siam Thanee, Kubon Road, Tharaeng, Bangkok 10220 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
24.03.1999 |
|
|
|
|
Com. Reg. No.: |
0105542021327 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Pharmaceutical Material
and Medical Equipment |
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 |
|
Maximum Credit Limit : |
US$ 500,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name of the company
AVALON
NUTRIMART COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 7/3
SOI SAWANVITHI, SUTHISARN
ROAD,
HUAYKWANG, BANGKOK
10320
TELEPHONE : [66] 2274-7588,
2274-7768
FAX : [66] 2274-7591
E-MAIL
ADDRESS : arjnarongch@hotmail.com.
REGISTRATION ADDRESS : 119/318 MOO 3, SOI SIAM
THANEE,
KUBON ROAD, THARAENG, BANGKOK 10220
ESTABLISHED
: 1999
REGISTRATION NO. : 0105542021327
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.
ARJ-NARONG CHANTHRANUKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : PHARMACEUTICAL MATERIAL
&
MEDICAL EQUIPMENT
IMPORTER AND
DISTRIBUTOR
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 24,
1999 as a
private limited company under the name style
AVALON NUTRIMART COMPANY
LIMITED by Thai
groups, in order
to import and
distribute pharmaceutical
materials and medical
equipment to domestic market.
It currently employs
5 staff.
The
subject’s registered address
is 119/318 Moo 3,
Soi Siam Thanee,
Kubon Rd., Tharaeng,
Bangkok 10220, while
the subject’s current operation
address is located
at 7/3 Soi Sawanvithu, Suthisarn
Rd., Huaykwang, Bangkok
10320.
THE BOARD OF DIRECTOR
Mr. Arj-narong Chanthranukul
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Arj-narong
Chanthranukul is the
Managing Director.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
pharmaceutical materials and
medical equipment.
IMPORT
90%
of the products is imported
from United States
of America, India,
Taiwan and Republic
of China.
MAJOR SUPPLIER
Unimart
Remedies Ltd. :
India
SALES
100% of the
products is sold
locally by wholesale
to dealers and
manufacturers.
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
Bangkok Bank Public
Co., Ltd.
[Ratchada-Huaykwang Branch :
Ratchadapisek Rd., Huaykang,
Bangkok]
EMPLOYMENT
The
subject employs 5
staff [office and sales
staff]
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
REMARK
CREDIT
OF US$ 500,000 AGAINST D/A
TERMS SHOULD BE
ON SECURED BASIS.
COMMENT
The subject’s
sales performance was
good. Its business
has expanded steadily.
Growth is anticipated
for this year.
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 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Arj-narong Chanthranukul Nationality: Thai Address : 13
Soi 20 June
11, Yaek 15, Samsennok, Huaykwang, Bangkok |
9,994 |
99.94 |
|
Ms. Prim Uthitanont Nationality: Thai Address : 22/4
Rama 6 Rd., Samsennai, Phyathai, Bangkok |
1 |
0.01 |
|
Mr. Pahol Uthitanont Nationality: Thai Address : 22/4
Rama 6 Rd.,
Samsennai, Phyathai, Bangkok |
1 |
0.01 |
|
Mrs. Mettha Amartayakul Nationality: Thai Address : 44
Soi 20 June
11, Yaek 15, Samsennok,
Huaykwang, Bangkok |
1 |
0.01 |
|
Mr. Prasertsak Jaruvichit Nationality: Thai Address : 13
Soi 20 June
11, Yaek 15, Samsennok,
Huaykwang, Bangkok |
1 |
0.01 |
|
Mr. Sawong Jaruvichit Nationality: Thai Address : 13
Soi 20 June
11, Yaek 15, Samsennok, Huaykwang, Bangkok |
1 |
0.01 |
|
Mr. Palin Suwakon Nationality: Thai Address : 22/4
Rama 6 Rd., Samsennai, Phyathai, Bangkok |
1 |
0.01 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Yuwamon Malai No.
8426
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
1,607,191.56 |
1,161,320.25 |
|
Trade Accts. Receivable |
16,491,327.38 |
2,551,708.96 |
|
Inventories |
5,366,579.11 |
2,253,240.00 |
|
Guarantee Factoring |
1,019,508.50 |
- |
|
Other Current Assets
|
20,483.76 |
40,532.48 |
|
Total Current Assets
|
24,505,090.31 |
6,006,801.69 |
|
|
|
|
|
Investment |
- |
210,000.00 |
|
Fixed Assets |
83,029.23 |
88,298.45 |
|
Other Assets |
1,322.46 |
- |
|
Total Assets |
24,589,442.00 |
6,305,100.14 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft & Short
Term Loan from Finance Institute |
5,437,336.66 |
2,764,224.24 |
|
Trade Accts. Payable |
16,692,517.81 |
949,039.47 |
|
Accrued Income Tax |
21,541.60 |
- |
|
Other Current Liabilities |
162,642.59 |
225,463.06 |
|
Total Current Liabilities |
22,314,038.66 |
3,938,726.77 |
|
Long Term Loan
from Related Person |
1,050,580.57 |
1,261,115.43 |
|
Total Liabilities |
23,364,619.23 |
5,199,842.20 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
224,822.77 |
105,257.94 |
|
Total Shareholders' Equity |
1,224,822.77 |
1,105,257.94 |
|
Total Liabilities & Shareholders' Equity |
24,589,442.00 |
6,305,100.14 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales Income |
47,873,660.57 |
11,631,692.93 |
|
Other Income |
163,484.70 |
1,194,600.85 |
|
Total Revenues |
48,037,145.27 |
12,826,293.78 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Sold |
45,790,926.70 |
11,738,704.77 |
|
Selling & Administrative Expenses |
1,661,944.38 |
818,672.56 |
|
Total Expenses |
47,452,871.08 |
12,557,377.33 |
|
Profit/[Loss] Before Interest
Expenses & Income Tax |
584,274.19 |
268,916.45 |
|
Interest Expenses |
[424,616.16] |
[196,175.33] |
|
Income Tax |
[40,093.20] |
[10,911.17] |
|
Net Profit / [Loss] |
119,564.83 |
61,829.95 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
311.58 |
|
|
Operating Profit |
[47.21] |
|
|
Net Profit |
93.38 |
|
|
Fixed Assets |
[5.97] |
|
|
Total Assets |
289.99 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
95.65 |
100.92 |
|
Operating Profit Margin |
1.22 |
2.31 |
|
S & A
Expenses |
3.47 |
7.04 |
|
Interest Paid |
0.89 |
1.69 |
|
Other Revenues |
0.34 |
10.27 |
|
Net Profit Margin |
0.25 |
0.53 |
|
Earning Per Shares |
11.96 |
6.18 |
|
No. of Shares |
10,000 |
10,000 |
Net Sales was
increased by 311.58%,
Operating Profit was
decreased by 47.21%,
Net Profit was
increased by 93.38%,
Fixed Assets was
decreased by 5.97%,
Total Assets was
increased by 289.99%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 100.92%
to 95.65%, Operating
Profit Margin was
decreased from 2.31%
to 1.22%, S
& A Expenses
was decreased from
7.04% to 3.47%,
Interest Paid was decreased
from 1.69% to
0.89%, Other Revenues
was decreased from
10.27% to 0.34%,
Net Profit Margin
was decreased from
0.53% to 0.25%.
Earning Per Shares
was increased from
6.18 baht per
share to 11.96
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.10 |
1.53 |
|
Quick-Assets Ratio |
0.81 |
0.94 |
Current Ratio was
decreased from 1.53
to 1.10, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.94 to 0.81,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
19.08 |
4.70 |
|
Times Interest Earned |
1.38 |
1.37 |
D/E Ratio was
increased from 4.70
to 19.08, 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
1.37 to 1.38,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
576.59 |
131.73 |
|
Total Assets Turnover |
1.95 |
1.84 |
|
Return on Assets |
0.49 |
0.98 |
|
Return on Equity |
9.76 |
5.59 |
|
Day's Payable |
125.52 |
29.37 |
|
Day’s Inventories |
40.36 |
69.74 |
|
Day’s Receivables |
124.01 |
78.98 |
Fixed Assets Turnover
was increased from
131.73 times to
576.59 times, Total
Assets Turnover was
increased from 1.84
times to 1.95
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
0.98 to 0.49,
Return on Equity
was increased from
5.59 to 9.76, capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 30
days to 126
days, while Day’s
Inventories was decreased
from 70 days
to 41 days, but Day’s
Receivables was increased
from 79 days
to 125 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%)