MIRA INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
BIOTECHNICAL
COMPANY LIMITED |
|
|
|
|
Registered Office : |
1895/24-25
Thaipipat Centre, Phaholyothin Road, Ladyao, Jatujak,
Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
13.12.1978 |
|
|
|
|
Com. Reg. No.: |
0105521023142 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer & distributor of clinic laboratory equipments & instruments |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
BIOTECHNICAL
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 1895/24-25
THAIPIPAT CENTRE, PHAHOLYOTHIN
ROAD,
LADYAO, JATUJAK,
BANGKOK 10900, THAILAND
TELEPHONE : [66] 2579-5490,
2579-7599, 2579-1467, 2579-1570
FAX :
[66] 2561-1761
E-MAIL
ADDRESS : biotech@bkk.loxinfo.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1978
REGISTRATION
NO. : 0105521023142 [Former
: 2316/2521]
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
PICHIT YUANGYAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : CLINIC
LABOLATORY EQUIPMENTS &
INSTRUMENTS
IMPORTER &
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
December 13, 1978
as a private
limited company under
the name style
“BIOTECHNICAL COMPANY LIMITED”
by Thai Groups,
in order to supply the variety
of medical instrument
specialized in laboratory used to local market.
The subject currently employs approximately
30 staff.
The subject’s registered
address was initially
located at 1895/25 Phaholyothin Rd.,
Ladyao, Bangkhen, Bangkok
10900.
In
2009, its registered
address was changed
from “1895/25 Phaholyothin
Rd., Ladyao, Bangkhen”
to “1895/24-25, Phaholyothin
Rd., Ladyao, Jatujak”
by the Government
district office, actually
both are the
same location. This
is also the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suthee Kritalak |
|
Thai |
60 |
|
Mr. Pongmitr Sareevichayasawas |
|
Thai |
64 |
|
Mr. Pichit Yuangyai |
|
Thai |
69 |
|
Ms. Jariya Sindermsuk |
|
Thai |
64 |
|
Mr. Narong Arunathit |
|
Thai |
68 |
AUTHORIZED
PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s affixed.
MANAGEMENT
Mr. Pichit Yuangyai is
the Managing Director.
He is Thai
nationality with the
age of 69
years old.
Mr. Sunthorn Makrathok
is the Service
Manager.
He is Thai
nationality.
Ms. Pichanisa Wangsanuchpakorn is
the Marketing Manager.
She is Thai
nationality.
Mrs. Sirinpha Yuangyai
is the Purchasing
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities
are importer and distributor of
medical instruments for laboratory
used such as
autoclave, mixer - rotator - shaker, centrifuge, pipette,
incubator & oven, saccharimeter, spectrophotometer, water
bath, clinic diagnostic
reagent and etc. It
also provides after
sales service for
maintenance and repair.
MAJOR BRANDS
“SA SCIENTIFIC”, “MERCK”,
“SEROTEST”
PURCHASE
80% of the products
is imported from
United Kingdom, Italy, France, Germany, Taiwan,
United States of America, Japan, Singapore,
Republic of China and Malaysia,
the remaining 20% is
purchased from local
suppliers.
MAJOR SUPPLIERS
|
Company |
Country |
|
Amano Ltd. |
: Japan |
|
Hycel Groupe Lisabio S.A. |
: France |
|
HA Scientific Inc. |
: United States of
America |
|
Secomam S.A. |
: France |
|
Gemmy Industrial Corporation |
: Taiwan |
|
Biotech Reagent R.O.P. |
: Thailand |
|
Biozyme Ltd. |
: United Kingdom |
|
LP Italiana SPA |
: Italy |
SALES
[LOCAL]
100% of its
products is sold
locally by wholesale
to end-users both
government and private
enterprises.
MAJOR CUSTOMERS
Hospitals & Clinics
AFFILIATED COMPANY
Biotech Reagent R.O.P.
Business Type: Manufacturer of
Diagnostic Reagent
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 negotiated
term.
Imports are by L/C at
sight and T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Head
Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok
10140]
[Ladprao
25 Branch : Ladprao
Rd., Ladyao, Jatujak,
Bangkok ]
Bangkok Bank
Public Co., Ltd.
[Rajthevee
Branch: 128/17-18 Phyathai
Rd., Rajthevee, Bangkok
10400]
Krung Thai
Bank Public Co., Ltd.
[Samyaekkaset Branch : 1905/5 Phaholyothin
Rd., Bangkhen, Bangkok
10900]
EMPLOYMENT
The subject employs approximately 30 staff. [office and sales staff]
LOCATION DETIALS
The premise is
owned for administrative office
and warehouse in
a 4 storey
building of 2 row shop houses
at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT OF US$
20,000 AGAINST DA
TERMS SHOULD BE
IN ORDER.
COMMENT
The company’s sales were
generated from its regular customers who have royalty to the
subject for over thirty years. The subject provides not only the quality products
but also services. It contained quality and wide product range, reliability
equipped with expert knowledge of applications that can be suited to the
customer needs. The subject
reports an increase
in its sales
sale for the
first half of
2011 from expansion
of its customer
base with more
new and existing
customers of both
private and public
sectors. Its business
is promising.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased later as
followings :
Bht. 1,500,000 on
June 18, 1986
Bht. 3,000,000 on
January 5, 1994
The latest registered
capital was increased
to Bht. 3,000,000 dividend
into 30,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as of
April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pichit Yuangyai Nationality: Thai Address : 100/50 Moo 11,
Praves, Bangkok 10250 |
13,200 |
44.00 |
|
Mr. Suwat Bangtrakulnont Nationality: Thai Address : 17/26 Moo 10,
Ladprao, Bangkok |
4,000 |
13.34 |
|
Mr. Manoch Pattharamarut Nationality: Thai Address : 228/2 Yomaraj
Rd., Naimuang, Muang,
Nakornratchasima |
3,600 |
12.00 |
|
Mr. Kiat Panthong Nationality: Thai Address : 54/146 Moo 13,
Klongkum, Buengkum, Bangkok |
2,500 |
8.33 |
|
Mr. Suthee Kritalak Nationality: Thai Address : 605/6 Ladprao
67 Rd.,
Wangthonglang, Bangkapi, Bangkok |
2,200 |
7.33 |
|
Ms. Jariya Sindermsuk Nationality: Thai Address : 45/13 Petchkasem
69 Rd., Klongkwang, Laksong,
Bangkok |
1,300 |
4.33 |
|
Mr. Pongmitr Sareevichayasawas Nationality: Thai Address : 283-285 Tanaosri
Rd., Saochingcha,
Phranakorn, Bangkok |
1,000 |
3.33 |
|
Mr. Manit Tantrabandit Nationality: Thai Address : 7/12 Chuanchuen
Rd., Naimuang, Muang, Khonkaen |
1,000 |
3.33 |
|
Mr. Narong Arunathit Nationality: Thai Address : 119/19 Vuthakas
Rd., Taladplu,
Thonburi, Bangkok |
600 |
2.00 |
|
Mr. Samphant Tantiveerarut Nationality: Thai Address : 24/107 Sukhapibal
1 Rd., Klongkum,
Buengkum, Bangkok |
400 |
1.34 |
|
Mr. Chanchai Srisam-ang Nationality: Thai Address : 20 Moo 2,
Saensuk, Muang, Cholburi |
200 |
0.67 |
Total Shareholders : 11
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kijja
Sammakarawa No. 2561
BALANCE SHEET
The latest financial figures published as of December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
20,889 |
280,546 |
|
Trade Accts. Receivable |
17,500,875 |
16,883,503 |
|
Inventories |
8,515,628 |
8,008,613 |
|
Other Current Assets
|
1,041,107 |
858,041 |
|
|
|
|
|
Total Current Assets |
27,078,499 |
26,030,703 |
|
Pledged Deposit with
Financial Institution |
381,687 |
373,092 |
|
Investment in Shares |
500,000 |
500,000 |
|
Fixed Assets |
9,638,932 |
11,471,770 |
|
Other Assets |
360,947 |
327,447 |
|
|
|
|
|
Total Assets |
37,960,065 |
38,703,012 |
LIABILITIES &
SHAREHOLDERS’ EQUITY
|
Current Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft from Financial Institution |
2,726,756 |
3,030,960 |
|
Trade Account Payable |
6,384,449 |
7,578,269 |
|
Short-term Loan from Related Person |
5,409,100 |
6,421,084 |
|
Accrued Income Tax |
35,318 |
496,340 |
|
Accrued Expenses |
3,879,457 |
1,389,095 |
|
Other Current Liabilities |
214,439 |
337,988 |
|
|
|
|
|
Total Current Liabilities |
18,649,519 |
19,253,736 |
|
|
|
|
|
Total Liabilities |
18,649,519 |
19,253,736 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
Share Capital : Baht.
100 par value
authorized, issued
and fully paid
share capital
30,000 shares |
3,000,000 |
3,000,000 |
|
|
|
|
|
Capital Paid |
3,000,000 |
3,000,000 |
|
Statutory Reserve |
300,000 |
300,000 |
|
Unappropriated |
16,010,546 |
16,149,276 |
|
|
|
|
|
Total Shareholders’ Equity |
19,310,546 |
19,449,276 |
|
|
|
|
|
Total Liabilities &
Shareholders’ Equity |
37,960,065 |
38,703,012 |
PROFIT & LOSS ACCOUNT
|
Sale s |
2009 |
2008 |
|
|
|
|
|
Sales |
40,991,778 |
43,110,606 |
|
Other Sale s |
1,204,286 |
315,835 |
|
|
|
|
|
Total Sale s |
42,196,064 |
43,426,441 |
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
17,503,840 |
15,626,777 |
|
Selling Expenses |
12,586,680 |
11,709,813 |
|
Administrative Expenses |
11,319,241 |
11,573,607 |
|
|
|
|
|
Total Expenses |
41,409,761 |
38,910,197 |
|
Profit Before Finance Costs & Income Tax |
786,303 |
4,516,244 |
|
Finance Costs |
[177,719] |
[150,756] |
|
Profit Before Income
Tax |
608,584 |
4,365,488 |
|
Income Tax |
[597,314] |
[1,045,744] |
|
Net Profit / [Loss] for
the Year |
11,270 |
3,319,744 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.45 |
1.35 |
|
QUICK RATIO |
TIMES |
0.94 |
0.89 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.25 |
3.76 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.08 |
1.11 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
177.57 |
187.06 |
|
INVENTORY TURNOVER |
TIMES |
2.06 |
1.95 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
155.83 |
142.95 |
|
RECEIVABLES TURNOVER |
TIMES |
2.34 |
2.55 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
133.13 |
177.01 |
|
CASH CONVERSION CYCLE |
DAYS |
200.27 |
153.00 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
42.70 |
36.25 |
|
SELLING & ADMINISTRATION |
% |
58.32 |
54.01 |
|
INTEREST |
% |
0.43 |
0.35 |
|
GROSS PROFIT MARGIN |
% |
60.24 |
64.48 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.92 |
10.48 |
|
NET PROFIT MARGIN |
% |
0.03 |
7.70 |
|
RETURN ON EQUITY |
% |
0.06 |
17.07 |
|
RETURN ON ASSET |
% |
0.03 |
8.58 |
|
EARNING PER SHARE |
BAHT |
0.38 |
110.66 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.49 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.97 |
0.99 |
|
TIME INTEREST EARNED |
TIMES |
4.42 |
29.96 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(4.91) |
|
|
OPERATING PROFIT |
% |
(82.59) |
|
|
NET PROFIT |
% |
(99.66) |
|
|
FIXED ASSETS |
% |
(15.98) |
|
|
TOTAL ASSETS |
% |
(1.92) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
60.24 |
Impressive |
Industrial Average |
23.13 |
|
Net Profit Margin |
0.03 |
Deteriorated |
Industrial Average |
3.51 |
|
Return on Assets |
0.03 |
Deteriorated |
Industrial Average |
7.70 |
|
Return on Equity |
0.06 |
Deteriorated |
Industrial Average |
19.41 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sale s after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. Gross Profit Margin is
60.24%. When compared with the industry average, the ratio of the
company was higher, indicated that company was more profitable than the same
industry.
Net Profit Margin is the indicator of the company's efficiency in that net
profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.03%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 0.03%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 0.06%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.45 |
Satisfactory |
Industrial Average |
1.75 |
|
Quick Ratio |
0.94 |
|
|
|
|
Cash Conversion Cycle |
200.27 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.45 times in 2009, increase from 1.35 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.94 times in 2009,
increase from 0.89 times, by excluding inventory, the company may have problems
meeting current liabilities.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 201 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.49 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
0.97 |
Impressive |
Industrial Average |
1.25 |
|
Times Interest Earned |
4.42 |
Acceptable |
Industrial Average |
7.31 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 4.43 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.49 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.25 |
Deteriorated |
Industrial Average |
9.62 |
|
Total Assets Turnover |
1.08 |
Deteriorated |
Industrial Average |
2.20 |
|
Inventory Conversion Period |
177.57 |
|
|
|
|
Inventory Turnover |
2.06 |
Deteriorated |
Industrial Average |
4.29 |
|
Receivables Conversion Period |
155.83 |
|
|
|
|
Receivables Turnover |
2.34 |
Satisfactory |
Industrial Average |
3.06 |
|
Payables Conversion Period |
133.13 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
UK Pound |
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.