MIRA INFORM REPORT
|
Report Date : |
31.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
ATLANTIC
LABORATORIES CORP. LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
27.03.1989 |
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Com. Reg. No.: |
0105532027764 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer,
Distributor and Exporter of pharmaceuticals and
raw products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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 : |
Unknown |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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|
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
ATLANTIC
LABORATORIES CORP. LTD.
SUMMARY
BUSINESS
ADDRESS :
PRAKANONG,
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 : 18
LINES
OF BUSINESS : PHARMACEUTICALS AND RAW PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
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 18 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 |
49 |
|
Mr. Kulawuth Vanasawat |
[x] |
Thai |
51 |
|
Mr. Boonsom Martin |
|
Thai |
86 |
|
Mr. Pitchaya Vanasawat |
|
Thai |
51 |
|
Mrs. Arunwan Wattanasap |
|
Thai |
59 |
AUTHORIZED PERSON
One of the mentioned
directors [x] can
sign or any
two of the
rest directors can
jointly 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 51
years old.
Mr. Busarin Vanasawat is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 49
years old.
Mrs. Piyapha Sathapornkul [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
chemicals for pharmaceutical
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,
India, Republic of
China and Africa.
MAJOR SUPPLIER
Atlantic
Pharmaceutical Co., Ltd. :
SALES
The products are
sold to customers both
local and overseas,
mainly in Malaysia,
Philippines, Taiwan, Sri
Lanka, Republic of China, Hong
Kong, Singapore, New
Zealand, U.A.E, Germany,
Canada, Africa
and Myanmar.
MAJOR CUSTOMERS
Atlantic Laboratories GmbH. :
Atlantic Laboratories [Yangoon]
Co., Ltd. :
Atlantic Laboratories [HN]
Inc. : Republic
of
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 18
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$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
The subject was formed in
1989 as an
importer, distributor and exporter
of pharmaceuticals and
related products. With more
than twenty year
expertise in this business,
it has complete
confidence that its
products meet the
top quality standards
of the world. Subject has
strong customer base
in international markets,
therefore it is
able to maintain
its good business.
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
28, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Busarin Vanasawat Nationality: Thai Address : 381/7
Moo 10, Nongbon,
Praves, |
149,750 |
49.92 |
|
Mr. Kulawuth Vanasawat Nationality: Thai Address : |
149,750 |
49.92 |
|
Mr. Boonsom Martin Nationality: Thai Address : 230/16
Tungwatdon, Yannawa, |
100 |
|
|
Mr. Pitchaya Vanasawat Nationality: Thai Address : |
100 |
|
|
Mrs. Arunwan Wattanasap Nationality: Thai Address : 135
Sukhumvit 103 Rd.,
Nongbon, Praves, |
100 |
= 0.16 |
|
Mrs. Wannee Bunyasettha Nationality: Thai Address : 59/48
Moo 11,
Prakanong, |
100 |
|
|
Mr. Phansak Sathapornkul Nationality: Thai Address : 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, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash
Equivalents |
301,672.68 |
577,313.72 |
|
Short-term Investment |
791,960.10 |
781,790.55 |
|
Trade Accts. Receivable |
79,795,845.78 |
69,711,412.54 |
|
Other Current Assets
|
3,771,556.23 |
3,347,159.26 |
|
Total Current Assets
|
84,661,034.79 |
74,417,676.07 |
|
|
|
|
|
Fixed Assets |
8,549,947.06 |
8,600,610.21 |
|
Other Assets |
200,300.53 |
200,300.53 |
|
Total Assets |
93,411,282.38 |
83,218,586.81 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2009 |
2008 |
|
|
|
|
|
Short-term Loan from
Financial Institute |
30,506,847.59 |
26,890,557.21 |
|
Trade Accts. Payable |
34,150,472.58 |
27,072,850.07 |
|
Other Current Liabilities |
887,436.47 |
2,760,497.65 |
|
Total Current Liabilities |
65,544,756.64 |
56,723,904.93 |
|
Total Liabilities |
65,544,756.64 |
56,723,904.93 |
|
|
|
|
|
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 |
[2,133,474.26] |
[3,505,318.12] |
|
Total Shareholders' Equity |
27,866,525.74 |
26,494,681.88 |
|
Total Liabilities & Shareholders' Equity |
93,411,282.38 |
83,218,586.81 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales & Services |
112,338,233.41 |
106,704,376.62 |
|
Other Income |
2,542,520.86 |
2,304,128.79 |
|
Total Revenues |
114,880,754.27 |
109,008,505.41 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
103,003,144.57 |
95,700,351.43 |
|
Selling Expenses |
4,953,092.18 |
2,834,982.86 |
|
Administrative Expenses |
3,320,672.41 |
4,773,662.02 |
|
Total Expenses |
111,276,909.16 |
103,308,996.31 |
|
Profit Before Interest
Expenses |
3,603,845.11 |
5,699,509.10 |
|
Interest Expenses |
[2,011,693.55] |
[2,039,845.21] |
|
|
|
|
|
Profit Before Income
Tax |
1,592,151.56 |
3,659,663.89 |
|
Income Tax |
[220,307.70] |
[272,734.60] |
|
Net Profit / [Loss] |
1,371,843.86 |
3,386,929.29 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.29 |
1.31 |
|
QUICK RATIO |
TIMES |
1.23 |
1.25 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
13.14 |
12.41 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.20 |
1.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
259.27 |
238.46 |
|
RECEIVABLES TURNOVER |
TIMES |
1.41 |
1.53 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
121.01 |
103.26 |
|
CASH CONVERSION CYCLE |
DAYS |
138.25 |
135.20 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.69 |
89.69 |
|
SELLING & ADMINISTRATION |
% |
7.37 |
7.13 |
|
INTEREST |
% |
1.79 |
1.91 |
|
GROSS PROFIT MARGIN |
% |
10.57 |
12.47 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.21 |
5.34 |
|
NET PROFIT MARGIN |
% |
1.22 |
3.17 |
|
RETURN ON EQUITY |
% |
4.92 |
12.78 |
|
RETURN ON ASSET |
% |
1.47 |
4.07 |
|
EARNING PER SHARE |
BAHT |
4.57 |
11.29 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.35 |
2.14 |
|
TIME INTEREST EARNED |
TIMES |
1.79 |
2.79 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
5.28 |
|
|
OPERATING PROFIT |
% |
(36.77) |
|
|
NET PROFIT |
% |
(59.50) |
|
|
FIXED ASSETS |
% |
(0.59) |
|
|
TOTAL ASSETS |
% |
12.25 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
10.57 |
Deteriorated |
Industrial Average |
33.03 |
|
Net Profit Margin |
1.22 |
Impressive |
Industrial Average |
(22.69) |
|
Return on Assets |
1.47 |
Impressive |
Industrial Average |
(3.40) |
|
Return on Equity |
4.92 |
Impressive |
Industrial Average |
2.71 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues 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 10.57%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
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 1.22%
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. Return on Assets is 1.47%,
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.
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 is
4.92%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.29 |
Deteriorated |
Industrial Average |
38.80 |
|
Quick Ratio |
1.23 |
|
|
|
|
Cash Conversion Cycle |
138.25 |
|
|
|
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 1.29 times in 2009, decrease from 1.31 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 1.23 times in 2009,
decrease from 1.25 times, although excluding inventory so the company still
have good short-term financial strength.
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 139 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Impressive |
Industrial Average |
0.73 |
|
Debt to Equity Ratio |
2.35 |
Risky |
Industrial Average |
1.57 |
|
Times Interest Earned |
1.79 |
Deteriorated |
Industrial Average |
304.70 |
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 company is using
less leverage and has stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.8 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 0.7 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
13.14 |
Deteriorated |
Industrial Average |
432.48 |
|
Total Assets Turnover |
1.20 |
Impressive |
Industrial Average |
1.11 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
6.94 |
|
Receivables Conversion Period |
259.27 |
|
|
|
|
Receivables Turnover |
1.41 |
Deteriorated |
Industrial Average |
11.87 |
|
Payables Conversion Period |
121.01 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.77 |
|
|
1 |
Rs.71.69 |
|
Euro |
1 |
Rs.63.02 |
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 |
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.