MIRA INFORM REPORT
|
Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHEMMED
LINE CO., LTD. |
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Registered Office : |
31/56 Soi Ladplakhao 72, Yaek 1, Ladplakhao Road, Anusaowaree, Bangkhen, Bangkok 10220 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.10.2007 |
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Com. Reg. No.: |
0105550103736 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
importer and distributor and chemical and material supplies for pharmaceutical and veterinary production |
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No. of Employees
: |
20 |
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 |
|
Status : |
Satisfactory |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
CHEMMED LINE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 31/56
SOI LADPLAKHAO 72,
YAEK 1,
LADPLAKHAO ROAD,
ANUSAOWAREE,
BANGKHEN, BANGKOK
10220
TELEPHONE : [66] 2986-3980-2
FAX :
[66] 2986-3983
E-MAIL
ADDRESS : chemmedline@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0105550103736
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHAINARONG RUNGROJKITTIKUL, THAI
MANAGING DIRECTOR
AND SALES &
MARKETING MANAGER
NO.
OF STAFF : 20
LINES
OF BUSINESS : CHEMICAL AND
MATERIAL SUPPLIES FOR
PHARMACEUTICAL AND
VETERINARY PRODUCTION
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 October 2,
2007 as a
private limited company under
the name style
CHEMMED LINE CO.,
LTD., by Thai
groups, in order to
distribute wide range of chemicals
and raw materials for veterinary and human pharmaceutical productions.
It currently employs
20 staff.
The
subject’s registered address
was initially located
at 31/56 Moo
5, Soi Ladplakhao 72, Ladplakhao
Rd., Anusaowaree, Bangkhen,
Bangkok 10220.
In
2011, its registered
address was changed
from “31/56 Moo 5, Soi Ladplakhao 72” to
“31/56 Soi Ladplakhao 72, Yaek 1,”
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. Chainarong Rungrojkittikul |
|
Thai |
52 |
|
Mrs. Armorn Rungrojkittikul |
|
Thai |
44 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chainarong Rungrojkittikul is
the Managing Director
and Sales &
Marketing Manager.
He is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject’s core
business is engaged
in importing and
distributing wide range
of raw chemicals
for human pharmaceutical production, as well
as vitamin, vaccine, additive
feed and other
raw materials for
veterinary productions.
PURCHASE
80%
of the products
is imported from
Republic of China,
Taiwan, Italy, Spain,
India, Malaysia, Hong
Kong, Singapore, France
and Japan, the
remaining 20% is
purchased from local
suppliers.
SALES
100% of the
products is sold
and supplied by
wholesale to manufacturers
both private and
government sectors.
MAJOR CUSTOMER
The Government Pharmaceutical Organization
RELATED AND AFFILIATED
COMPANY
Generic Vet Chem
Co., Ltd.
Business Type :
Importer and distributor
of veterinary 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
T/T.
BANKING
Kasikornbank Public Co.,
Ltd,.
[Silom Branch
: 142 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The
subject employs 20
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Warehouse
is located at
111/14 Phrayasurane Rd.,
Samwatawantok, Klongsamwa, Bangkok
10510.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
800,000.
COMMENT
Subject
was formed in
2007 as an
importer and distributor of chemicals
for veterinary and pharmaceutical productions. Demand
of chemicals in
domestic market remains
strong from veterinary
and human pharmaceutical industries.
Its products are
mainly supplied to domestic
industries which overall
business outlook remains promising.
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
September 16, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chainarong Rungrojkittikul Nationality: Thai Address : 138/76
Moo 1, T.
Bangklang, A. Muang,
Pathumthani |
6,000 |
60.00 |
|
Mrs. Armorn Rungrojkittikul Nationality: Thai Address : 138/76
Moo 1, T.
Bangklang, A. Muang,
Pathumthani |
2,000 |
20.00 |
|
Mrs. Sopa Thavornkij Nationality: Thai Address : 34/48
Soi Ladprao 23,
Chankasem, Jatujak, Bangkok |
1,500 |
15.00 |
|
Ms. Amorn Sukakul Nationality: Thai Address : 64/242
Rama 6 Rd.,
T. Tubtieng, A.
Muang, Trang |
498 |
4.98 |
|
Ms. Sopa Thawatkham Nationality: Thai Address : 10/323
Moo 6, Klongkum,
Buengkum, Bangkok |
1 |
0.01 |
|
Ms. Amorn Tuaykaew Nationality: Thai Address : 9
Moo 6, T. Jorakaemak, A.
Prakonechai, Burirum |
1 |
0.01 |
Total Shareholders : 6
Share Structure [as
at September 16,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Siriboonyong Wongsuwat No.
10016
Note
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 & 2009
were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
433,162.50 |
294,189.50 |
|
Trade Account & Notes
Receivable |
67,326,712.92 |
48,546,776.30 |
|
Inventories |
32,194,299.81 |
21,226,221.15 |
|
Other Current Assets
|
828,595.96 |
304,380.23 |
|
|
|
|
|
Total Current Assets
|
91,782,771.19 |
70,371,567.18 |
|
Fixed Assets |
3,770,704.94 |
3,806,885.92 |
|
Other Assets |
89,000.00 |
88,000.00 |
|
Total Assets |
95,642,476.13 |
74,266,453.10 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
133,913.74 |
1,170,830.00 |
|
Trade Account & Notes Payable |
47,198,803.51 |
33,776,916.19 |
|
Current Portion of Hire-purchase Contract Payable |
772,042.44 |
615,937.56 |
|
Short-term Loan from Person
& Related Company |
326,250.57 |
171,085.57 |
|
Other Current Liabilities |
4,241,007.31 |
991,972.26 |
|
|
|
|
|
Total Current Liabilities |
52,672,017.57 |
36,726,741.58 |
|
Hire-purchase Contract Payable,
net |
1,275,614.11 |
1,488,281.06 |
|
Loan to Directors |
26,870,492.70 |
25,043,535.13 |
|
Long-term Loan from
Related Person |
5,148,555.43 |
5,188,500.00 |
|
Total Liabilities |
85,966,679.81 |
68,447,057.77 |
|
|
|
|
|
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 |
8,675,796.32 |
4,819,395.33 |
|
Total Shareholders' Equity |
9,675,796.32 |
5,819,395.33 |
|
Total Liabilities & Shareholders' Equity |
95,642,476.13 |
74,266,453.10 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
158,362,593.64 |
113,080,268.92 |
|
Rental Income |
180,000.00 |
90,000.00 |
|
Other Income |
9,095.23 |
2,783.44 |
|
Gain on Exchange Rate |
1,003,828.00 |
371,911.86 |
|
Total Revenues |
159,555,516.87 |
113,544,964.22 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
143,992,290.68 |
105,136,158.85 |
|
Selling Expenses |
3,961,192.69 |
1,385,815.76 |
|
Administrative Expenses |
5,388,933.73 |
3,931,135.45 |
|
Loss on Exchange Rate |
120,561.70 |
- |
|
Total Expenses |
153,462,978.80 |
110,453,110.06 |
|
|
|
|
|
Profit /[Loss] before Financial Cost & Income
Tax |
6,092,538.07 |
3,091,854.16 |
|
Financial Cost |
[796,240.01] |
[489,791.06] |
|
Profit /[Loss] before Income
Tax |
5,296,298.06 |
2,602,063.10 |
|
Income Tax |
[1,439,897.07] |
[596,869.92] |
|
|
|
|
|
Net Profit / [Loss] |
3,856,400.99 |
2,005,193.18 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.74 |
1.92 |
|
QUICK RATIO |
TIMES |
1.12 |
1.33 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
42.05 |
29.73 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.66 |
1.52 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
81.61 |
73.69 |
|
INVENTORY TURNOVER |
TIMES |
4.47 |
4.95 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
155.00 |
156.57 |
|
RECEIVABLES TURNOVER |
TIMES |
2.35 |
2.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
119.64 |
117.26 |
|
CASH CONVERSION CYCLE |
DAYS |
116.97 |
113.00 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.82 |
92.90 |
|
SELLING & ADMINISTRATION |
% |
5.90 |
4.70 |
|
INTEREST |
% |
0.50 |
0.43 |
|
GROSS PROFIT MARGIN |
% |
9.82 |
7.43 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.84 |
2.73 |
|
NET PROFIT MARGIN |
% |
2.43 |
1.77 |
|
RETURN ON EQUITY |
% |
39.86 |
34.46 |
|
RETURN ON ASSET |
% |
4.03 |
2.70 |
|
EARNING PER SHARE |
BAHT |
385.64 |
200.52 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.90 |
0.92 |
|
DEBT TO EQUITY RATIO |
TIMES |
8.88 |
11.76 |
|
TIME INTEREST EARNED |
TIMES |
7.65 |
6.31 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
40.09 |
|
|
OPERATING PROFIT |
% |
97.05 |
|
|
NET PROFIT |
% |
92.32 |
|
|
FIXED ASSETS |
% |
(0.95) |
|
|
TOTAL ASSETS |
% |
28.78 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.82 |
Deteriorated |
Industrial
Average |
21.96 |
|
Net Profit Margin |
2.43 |
Deteriorated |
Industrial
Average |
5.14 |
|
Return on Assets |
4.03 |
Acceptable |
Industrial
Average |
7.32 |
|
Return on Equity |
39.86 |
Impressive |
Industrial
Average |
15.30 |
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 9.82%. When
compared with the industry average, the ratio of the company was lower,
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 2.43%.
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 4.03%.
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. Return on Equity ratio
is 39.86%, 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.74 |
Impressive |
Industrial
Average |
1.58 |
|
Quick Ratio |
1.12 |
|
|
|
|
Cash Conversion Cycle |
116.97 |
|
|
|
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 1.74 times in 2010, decreased from 1.92 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.12 times in 2010,
decreased from 1.33 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 117 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.90 |
Acceptable |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
8.88 |
Risky |
Industrial
Average |
0.95 |
|
Times Interest Earned |
7.65 |
Impressive |
Industrial
Average |
5.40 |
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 7.66 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 0.9 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 |
42.05 |
Impressive |
Industrial
Average |
3.01 |
|
Total Assets Turnover |
1.66 |
Impressive |
Industrial
Average |
1.42 |
|
Inventory Conversion Period |
81.61 |
|
|
|
|
Inventory Turnover |
4.47 |
Impressive |
Industrial
Average |
3.66 |
|
Receivables Conversion Period |
155.00 |
|
|
|
|
Receivables Turnover |
2.35 |
Satisfactory |
Industrial
Average |
2.77 |
|
Payables Conversion Period |
119.64 |
|
|
|
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.52.79 |
|
UK Pound |
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.69.53 |
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.