MIRA
INFORM REPORT
|
Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
GIBTHAI
CO., LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
22.07.1985 |
|
|
|
|
Com. Reg. No.: |
0105528025574 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer
and distributor of scientific
products |
|
|
|
|
No. of Employees : |
100 |
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 |
|
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, 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
GIBTHAI CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 44/6
SUTHISARNVINITCHAI ROAD, SAMSENNOK,
HUAYKWANG, BANGKOK
10320
TELEPHONE : [66] 2274-8331
FAX :
[66] 2274-8580
E-MAIL
ADDRESS : info@gibthai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0105528025574
TAX
ID NO. : 3101351712
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NIVEST PRAYOONTHIEN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 100
LINES
OF BUSINESS : SCIENTIFIC PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on July 22,
1985 as a private
limited company under
the registered name
GIBTHAI CO., LTD.,
by Thai groups, with
the business objective
to import and
supply various kinds of scientific
products for various industries in
domestic market. It
currently employs approximate
100 staff.
The
subject’s registered address
is 44/6 Suthisarnvinitchai Rd.,
Samsennok, Huaykwang, Bangkok
10320, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nivest Prayoonthien |
|
Thai |
63 |
|
Mrs. Orathai Prayoonthien |
|
Thai |
62 |
|
Mr. Nonthasak Prayoonthien |
|
Thai |
31 |
|
Mr. Nonthapol Prayoonthien |
|
Thai |
29 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nivest Prayoonthien is
the Managing Director.
He is Thai
nationality with the
age of 63
years old.
Mr. Nonthasak Prayoonthien is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 31
years old.
Mr. Nonthapol Prayoonthien is
the Sales & Marketing Director.
He is Thai
nationality with the
age of 29
years old.
Mrs. Anchalee Sukkapatthee is
the Account and
Finance Manager.
She is Thai
nationality.
Mrs. Nittaya Sarikkhakul is
the Administration Manager.
She is Thai
nationality.
Ms. Pathanaporn Prakobvanichakul is
the Marketing and
Customer Services Manager.
She is Thai
nationality.
Mr. Weerapong Dangprasert is
the Laboratory Products
Manager.
He is Thai
nationality.
Ms. Manatsawat Taweechurn is
the Life Science
Products Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds of
scientific products, including
scientific and laboratory
equipments, reagents and
chemicals in the
field of biotechnology
and life sciences
research and development,
used in university,
hospital, pharmaceutical, agricultural,
electronics, food & beverage
industries and others.
Range of products
are mixer products,
chemicals and solutions,
material supplies, liquid
handling, molecular biology
solutions and etc.
Its products are
divided into 3
categories as follows:
1. Laboratory Products
- Biological Safety
Cabinet & Fume Hood
- Laboratory
Filtration
- Refrigerator &
Freezer
- Incubator, Oven
- Centrifuge
- Sterilizer
- etc.
2. Life Science Products
- Genomic &
Proteomic Reagent & Kit
- Cell Culture &
Cell Biology Reagent
- Imaging System
- Thermal Cycler
- Liquid Handling
- Plasticware
- etc.
3. Health & Hygiene Products
- Air Purifier
- Sous-vide Culinary
Machine
MAJOR BRANDS
“LAB TECH”, “NIKKO”,
“TODAY’S’, “RBC”, “AMRESCO”,
“BIOHIT”, “BIOSAN”, “BRADY”,
“ESCO” and etc.
PURCHASE
Most of the
products are imported
from United States of
America, Netherlands, Singapore,
Japan, Germany, Korea,
Taiwan, U.K., Switzerland, Luxembourg,
Finland, Denmark, Republic
of China, and
the remaining is
purchased from local
suppliers.
MAJOR
SUPPLIERS
Amresco
Inc. : U.S.A.
Integra
Bioscience AG. : Switzerland
Micronic
BV. : Netherlands
Esco Micro Pte.
Ltd. : Singapore
Amerex
Instruments Inc. : U.S.A.
Julabo
Laboratechnik GmbH. : Germany
Precision
System Science Co.,
Ltd. : Japan
Operon
Co., Ltd. :
Korea
SALES
100% of the
products is sold
locally by wholesale
to dealers and
end-users, both private
company and government
enterprise.
RELATED AND AFFILIATED
COMPANIES
Pipette Doctor [Thailand] Co., Ltd.
Business Type :
Distributor of Scientific
apparatus and instruments
3 N Holding Co.,
Ltd.
Business Type :
Scientific instrument repairing
service provider
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
Bank of Ayudhya
Public Co., Ltd.
[Samyod Branch,
Mahachai Branch, Burapa Branch, Phranakorn
Branch]
EMPLOYMENT
The
subject employs approximately
100 office, sales
and service staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Branches:
- Hillside 3
Nimmanhamin Rd., T.
Suthep, A. Muang, Chiangmai 50200.
Tel.:
[66] 53 219-818,
Fax: [66] 53
219-866.
- 43/54
Punnakam Rd., T. Koh
Hong, A. Hatyai, Songkla
90110.
Tel.:
[66] 74 201-934-6,
Fax: [66] 74
201-364.
COMMENT
The
company operates as
an importer and
supplier of scientific,
laboratory instrument and
bio-chemical products to
local customers. Most
of the products
are supplied to
industrial sector, hospital,
scientific lab, university
and etc. Its products
are related to
market outlook which
is strengthen from
economic improvement. Subject’s
business performance 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 following:
Bht. 2,000,000
on August 29,
2000
Bht. 5,000,000
on February 19,
2004
The
latest registered capital
was increased to
Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nivest Prayoonthien Nationality: Thai Address : 80
Suthisarnvinitchai Rd., Samsennok,
Huaykwang,
Bangkok |
25,000 |
50.00 |
|
Mrs. Orathai Priyoonthien Nationality: Thai Address : 80
Suthisarnvinitchai Rd., Samsennok,
Huaykwang, Bangkok |
10,000 |
20.00 |
|
Mr. Nonthasak Prayoonthien Nationality: Thai Address : 80
Suthisarnvinitchai Rd., Samsennok,
Huaykwang, Bangkok |
7,485 |
14.97 |
|
Mr. Nonthapol Prayoonthien Nationality: Thai Address : 80
Suthisarnvinitchai Rd., Samsennok,
Huaykwang, Bangkok |
7,485 |
14.97 |
|
Ms. Kanchana Kummanont Nationality: Thai Address : 30
Pradipat Rd., Samsennai,
Phyathai, Bangkok |
10 |
0.02 |
|
Ms. Laksana Kummanont Nationality: Thai Address : 30
Pradipat Rd., Samsennai,
Phyathai, Bangkok |
10 |
0.02 |
|
Ms. Kanittha Kummanont Nationality: Thai Address : 30
Pradipat Rd., Samsennai,
Phyathai, Bangkok |
10 |
0.02 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
|
|
|
|
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Narong Padungsutararak No.
0903
BALANCE SHEET [BAHT]
The 2011 financial statement
has not been
submitted to the Commercial Registration
Department.
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
283,359.48 |
32,277.92 |
|
Short-term Investment |
8,844,995.51 |
8,749,591.53 |
|
Trade Accounts & Notes
Receivable |
91,457,088.04 |
82,627,327.88 |
|
Inventories |
100,122,571.70 |
100,537,109.32 |
|
Other Current Assets
|
1,174,876.16 |
1,359,993.47 |
|
|
|
|
|
Total Current Assets
|
201,882,890.89 |
193,306,300.12 |
|
|
|
|
|
Fixed Assets |
140,982,266.07 |
125,892,133.41 |
|
Deferred Computer System |
1,160,950.03 |
1,743,150.03 |
|
Other Assets |
203,200.60 |
1,196,099.95 |
|
Total Assets |
344,229,307.59 |
322,137,683.51 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft from Financial Institutions |
53,109,728.72 |
55,082,092.33 |
|
Notes Payable |
58,000,000.00 |
49,000,000.00 |
|
Trust Receipt & Letter of
Credit Payable |
54,281,254.95 |
56,534,053.82 |
|
Trade Accounts Payable |
35,628,598.53 |
26,320,248.71 |
|
Sale Department Payable |
478,063.65 |
364,925.78 |
|
Other Short-term Loan |
9,500,000.00 |
13,000,000.00 |
|
Other Current Liabilities |
10,315,598.04 |
11,894,955.59 |
|
|
|
|
|
Total Current Liabilities |
221,313,243.89 |
212,196,276.23 |
|
Loan from Financial Institutions |
17,486,963.97 |
23,357,050.58 |
|
Advance to Director
|
44,496,238.24 |
37,896,238.24 |
|
Total Liabilities |
283,296,446.10 |
273,449,565.05 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
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 Appropriated for Statutory
Reserve |
500,000.00 |
500,000.00 |
|
Unappropriated |
55,432,861.49 |
43,188,118.46 |
|
Total Shareholders' Equity |
60,932,861.49 |
48,688,118.46 |
|
Total Liabilities & Shareholders' Equity |
344,229,307.59 |
322,137,683.51 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
319,966,391.83 |
303,110,175.82 |
|
Interest Income |
95,403.98 |
245,796.31 |
|
Gain on Exchange Rate |
5,925,294.64 |
4,103,056.45 |
|
Other Income |
60,534.86 |
120,382.00 |
|
Total Sales |
326,047,625.31 |
307,579,410.58 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
193,302,109.94 |
187,931,956.53 |
|
Selling and Administrative
Expenses |
100,966,237.66 |
92,992,452.00 |
|
Total Expenses |
294,268,347.60 |
280,924,408.53 |
|
|
|
|
|
Profit before Financial Costs & Income Tax |
31,779,277.71 |
26,655,002.05 |
|
Financial Costs |
[13,198,394.97] |
[13,274,529.25] |
|
|
|
|
|
Profit before Income Tax |
18,580,882.74 |
13,380,472.80 |
|
Income Tax |
[6,336,139.71] |
[4,987,468.10] |
|
Net Profit / [Loss] |
12,244,743.03 |
8,393,004.70 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.91 |
0.91 |
|
QUICK RATIO |
TIMES |
0.45 |
0.43 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.27 |
2.41 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.93 |
0.94 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
189.06 |
195.26 |
|
INVENTORY TURNOVER |
TIMES |
1.93 |
1.87 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
104.33 |
99.50 |
|
RECEIVABLES TURNOVER |
TIMES |
3.50 |
3.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
67.28 |
51.12 |
|
CASH CONVERSION CYCLE |
DAYS |
226.11 |
243.64 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
60.41 |
62.00 |
|
SELLING & ADMINISTRATION |
% |
31.56 |
30.68 |
|
INTEREST |
% |
4.12 |
4.38 |
|
GROSS PROFIT MARGIN |
% |
41.49 |
39.47 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.93 |
8.79 |
|
NET PROFIT MARGIN |
% |
3.83 |
2.77 |
|
RETURN ON EQUITY |
% |
20.10 |
17.24 |
|
RETURN ON ASSET |
% |
3.56 |
2.61 |
|
EARNING PER SHARE |
BAHT |
244.89 |
167.86 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.85 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.65 |
5.62 |
|
TIME INTEREST EARNED |
TIMES |
2.41 |
2.01 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
5.56 |
|
|
OPERATING PROFIT |
% |
19.22 |
|
|
NET PROFIT |
% |
45.89 |
|
|
FIXED ASSETS |
% |
11.99 |
|
|
TOTAL ASSETS |
% |
6.86 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
41.49 |
Impressive |
Industrial
Average |
15.43 |
|
Net Profit Margin |
3.83 |
Impressive |
Industrial
Average |
1.82 |
|
Return on Assets |
3.56 |
Satisfactory |
Industrial
Average |
3.57 |
|
Return on Equity |
20.10 |
Impressive |
Industrial
Average |
9.66 |
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 41.49%. 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 3.83%, higher figure when 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 3.56%.
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 20.1%, 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 |
0.91 |
Risky |
Industrial
Average |
1.59 |
|
Quick Ratio |
0.45 |
|
|
|
|
Cash Conversion Cycle |
226.11 |
|
|
|
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 0.91 times in 2010, equivalent to
the year 2009, then the company
may have problems meeting its short-term obligations. 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 0.45 times in 2010,
increased from 0.43 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 227 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Acceptable |
Industrial
Average |
0.62 |
|
Debt to Equity Ratio |
4.65 |
Risky |
Industrial
Average |
1.66 |
|
Times Interest Earned |
2.41 |
Satisfactory |
Industrial
Average |
3.17 |
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 2.41 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 0.82 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 |
2.27 |
Deteriorated |
Industrial
Average |
8.14 |
|
Total Assets Turnover |
0.93 |
Deteriorated |
Industrial
Average |
1.96 |
|
Inventory Conversion Period |
189.06 |
|
|
|
|
Inventory Turnover |
1.93 |
Deteriorated |
Industrial
Average |
4.37 |
|
Receivables Conversion Period |
104.33 |
|
|
|
|
Receivables Turnover |
3.50 |
Acceptable |
Industrial
Average |
4.86 |
|
Payables Conversion Period |
67.28 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
UK Pound |
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.