MIRA INFORM
REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ACME
MEDICAL CO., LTD.
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Registered Office : |
27/26-27 Soi 45, Charansanitwong Road, T. Arunamarin, A. Bangkoknoi, Bangkok 10700 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.07.2004 |
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Com. Reg. No.: |
0105547100772 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of pharmaceutical products and chemical |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 |
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Restricted |
C2 |
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Off-credit |
D |
Company naME
ACME MEDICAL CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 27/26-27 SOI
45, CHARANSANITWONG ROAD,
T. ARUNAMARIN,
A. BANGKOKNOI,
BANGKOK 10700,
THAILAND
TELEPHONE : [66] 2882-5737
FAX :
[66] 2882-5738
E-MAIL
ADDRESS : acmemedical@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547100772
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. THIPASIRI JATURONGSAMRIT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : PHArMACEUTICAL PRODUCTS
AND CHEMICAL
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 July 26, 2004
as a private
limited company under
the name style
ACME MEDICAL CO., LTD.,
by Thai groups, in
order to import
and distribute pharmaceutical products
and chemical to
domestic market. It
currently employs 12
staff.
The
subject’s registered address
is 27/26-27 Soi
45, Charansanitwong Rd.,
T. Arunamarin, A. Bangkoknoi,
Bangkok 10700, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Supatra Panthong |
|
Thai |
57 |
|
Ms. Thipasiri Jaturongsamrit |
|
Thai |
34 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Thipasiri Jaturongsamrit is
the Managing Director.
She is Thai
nationality with the
age of 34 years old.
BUSINESS OPERATIONS
The subject is engaged in importing and distributing various kinds
of pharmaceutical products and
pharmaceutical chemicals.
IMPORT
100% of
the products is imported
from India, Hungary, Italy, Austria,
Switzerland, Spain and
Republic of China.
SALES
100% of the
products is sold
locally by wholesale
to dealers, 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.
Imports are by
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 12
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT
OF US$ 125,000
AGAINST DA TERMS
SHOULD BE IN
ORDER.
COMMENT
Domestic
consumption of pharmaceutical products
and pharmaceutical chemical
remains strong, as well as
pharmaceutical industrial is
vibrant.
Subject
has good business performance and
remains stable.
FINANCIAL INFORMATION
The
capital was registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each
with fully paid.
Later
the registered capital
was increased as
following:
Bht. 4,000,000
on June 22,
2007
Bht. 6,000,000
on July 23,
2007
The
latest registered capital
was divided into
60,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Thipasiri Jaturongsamrit Nationality: Thai Address : 27/27
Charansanitwong Rd., Arunamarin,
Bangkoknoi, Bangkok |
40,200 |
80.40 |
|
Mrs. Supatra Panthong Nationality: Thai Address : 10/59
Prachachuen Rd., Bangsue,
Bangkok |
8,800 |
17.60 |
|
Mr. Thongchai Panthong Nationality: Thai Address : 196/46
Krungthep-Nonthaburi Rd.,
Bangsue, Bangkok |
200 |
0.40 |
|
Ms. Sopaporn Lertvilaiwithaya Nationality: Thai Address : 27/24
Charansanitwong Rd., Arunamarin,
Bangkoknoi, Bangkok |
200 |
0.40 |
|
Mr. Jitrakorn Lertvilaiwithaya Nationality: Thai Address : 27/24
Charansanitwong Rd., Arunamarin,
Bangkoknoi, Bangkok |
200 |
0.40 |
|
Mrs. Patcharee Lertvilaiwithaya Nationality: Thai Address : 103
Bangchak, Prakanong, Bangkok |
200 |
0.40 |
|
Ms. Supanee Lertvilaiwithaya Nationality: Thai Address : 27/24
Charansanitwong Rd., Arunamarin,
Bangkoknoi, Bangkok |
200 |
0.40 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Rungthip Charoendamrongkiat No.
5788
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
25,053.00 |
250,383.39 |
|
Trade Accts. Receivable |
38,307,626.00 |
50,728,194.98 |
|
Inventories |
11,947,982.03 |
21,975,141.87 |
|
Other Current Assets
|
983,119.88 |
1,187,832.08 |
|
|
|
|
|
Total Current Assets
|
51,263,780.91 |
74,141,552.32 |
|
Other Long-term Investment |
6,430,894.08 |
6,372,523.58 |
|
Fixed Assets |
1,450,051.75 |
2,005,692.51 |
|
Other Assets |
9,600.00 |
9,600.00 |
|
Total Assets |
59,154,326.74 |
82,529,368.41 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
33,955,777.95 |
8,341,287.51 |
|
Trade Accts. Payable |
2,117,500.79 |
48,006,546.34 |
|
Current Portion of Hire-purchase payable |
314,608.08 |
314,608.08 |
|
Current Portion of Long-term
Liabilities |
43,885.63 |
705,528.37 |
|
Other Current Liabilities |
6,658,334.68 |
3,579,120.29 |
|
|
|
|
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Total Current Liabilities |
43,090,107.13 |
60,947,090.59 |
|
Long-term Loan from Person
or Related Company |
6,723,192.00 |
13,747,480.00 |
|
Other Long-term Loan |
315,177.54 |
629,052.54 |
|
Total Liabilities |
50,128,476.67 |
75,323,623.13 |
|
|
|
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Shareholders' Equity |
|
|
|
|
|
|
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Share capital : Baht 100
par value authorized, issued
and fully paid
share capital 50,000
shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
4,025,850.07 |
2,205,745.28 |
|
Total Shareholders' Equity |
9,025,850.07 |
7,205,745.28 |
|
Total Liabilities & Shareholders' Equity |
59,154,326.74 |
82,529,368.41 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
122,962,749.72 |
137,097,161.05 |
|
Other Income |
1,991,081.16 |
1,861,224.66 |
|
Total Sales |
124,953,830.88 |
138,958,385.71 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
110,289,753.20 |
127,675,125.78 |
|
Selling & Administrative Expenses |
4,717,133.91 |
2,322,714.24 |
|
Other Expenses |
4,910,247.17 |
4,751,631.04 |
|
Total Expenses |
119,917,134.28 |
134,749,471.06 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
5,036,696.60 |
4,208,914.65 |
|
Interest Expenses |
[2,671,820.26] |
[2,102,138.93] |
|
Income Tax |
[544,771.55] |
[488,273.02] |
|
|
|
|
|
Net Profit / [Loss] |
1,820,104.79 |
1,618,502.70 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.19 |
1.22 |
|
QUICK RATIO |
TIMES |
0.89 |
0.84 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
84.80 |
68.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.08 |
1.66 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
39.54 |
62.82 |
|
INVENTORY TURNOVER |
TIMES |
9.23 |
5.81 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
113.71 |
135.06 |
|
RECEIVABLES TURNOVER |
TIMES |
3.21 |
2.70 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
7.01 |
137.24 |
|
CASH CONVERSION CYCLE |
DAYS |
146.25 |
60.64 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.69 |
93.13 |
|
SELLING & ADMINISTRATION |
% |
3.84 |
1.69 |
|
INTEREST |
% |
2.17 |
1.53 |
|
GROSS PROFIT MARGIN |
% |
11.93 |
8.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.10 |
3.07 |
|
NET PROFIT MARGIN |
% |
1.48 |
1.18 |
|
RETURN ON EQUITY |
% |
20.17 |
22.46 |
|
RETURN ON ASSET |
% |
3.08 |
1.96 |
|
EARNING PER SHARE |
BAHT |
36.40 |
32.37 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
0.91 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.55 |
10.45 |
|
TIME INTEREST EARNED |
TIMES |
1.89 |
2.00 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(10.31) |
|
|
OPERATING PROFIT |
% |
19.67 |
|
|
NET PROFIT |
% |
12.46 |
|
|
FIXED ASSETS |
% |
(27.70) |
|
|
TOTAL ASSETS |
% |
(28.32) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.93 |
Impressive |
Industrial Average |
10.07 |
|
Net Profit Margin |
1.48 |
Impressive |
Industrial Average |
1.40 |
|
Return on Assets |
3.08 |
Satisfactory |
Industrial Average |
3.65 |
|
Return on Equity |
20.17 |
Impressive |
Industrial Average |
10.59 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 11.93%. When
compared with the industry average, the ratio of the company was higher. This
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 1.48% compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
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 3.08%.
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. Return on Equity ratio
is 20.17%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.19 |
Satisfactory |
Industrial Average |
1.43 |
|
Quick Ratio |
0.89 |
|
|
|
|
Cash Conversion Cycle |
146.25 |
|
|
|
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 1.19 times in 2010, decrease from 1.22 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 0.89 times in 2010,
increase from 0.84 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 147 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.85 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
5.55 |
Risky |
Industrial Average |
1.69 |
|
Times Interest Earned |
1.89 |
Satisfactory |
Industrial Average |
2.08 |
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 1.89 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 0.85 greater than 0.5, most of the
company's assets are financed through debt.
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 |
84.80 |
Impressive |
Industrial Average |
10.80 |
|
Total Assets Turnover |
2.08 |
Satisfactory |
Industrial Average |
2.62 |
|
Inventory Conversion Period |
39.54 |
|
|
|
|
Inventory Turnover |
9.23 |
Impressive |
Industrial Average |
7.53 |
|
Receivables Conversion Period |
113.71 |
|
|
|
|
Receivables Turnover |
3.21 |
Acceptable |
Industrial Average |
4.81 |
|
Payables Conversion Period |
7.01 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.64.21 |
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.