MIRA
INFORM REPORT
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Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
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Name : |
BESINS HEALTHCARE [ |
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Formerly Known As : |
BESINS HEALTHCARE CO., LTD |
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Registered Office : |
18th Floor, Home Place Office Building, 283/92 Sukhumvit 55 Road, Klongton Nua, Wattana, Bangkok 10110 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.10.2008 |
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Com. Reg. No.: |
0105551118583 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Pharmaceutical Products |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Recently Commenced Business |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Thailand |
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
BESINS HEALTHCARE [THAILAND] CO., LTD.
[FORMER :
BESINS HEALTHCARE CO.,
LTD.]
SUMMARY
BUSINESS
ADDRESS : 18th FLOOR,
HOME PLACE OFFICE
BUILDING,
283/92 SUKHUMVIT
55 ROAD, KLONGTON
NUA,
WATTANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2712-5407-8
FAX :
[66] 2712-5409
E-MAIL
ADDRESS : info@besins-healthcare.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551118583
TAX
ID NO. : 3033258882
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 51.00%
BELGIAN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. DAOWRUANG TABTIM,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : PHARMACEUTICAL PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT STANDARD : -
HISTORY
The
subject was established
on October 20,
2008 as a
private limited company under
the originally registered
name “Besins Healthcare
Co., Ltd.” by a
joint venture between
Thai and Besins
Healthcare S.A., from
Belgium, with the business
objective to import
and distribute pharmaceutical products
particularly innovative drugs and
food supplements to local
market. On October
13, 2009, its
registered name was
changed to BESINS
HEALTHCARE [THAILAND] CO., LTD.
It currently employs
4 staff.
The
subject is a
member of Besins
Healthcare Group, in which
the headquarters is
located in Brussels, Belgium, to distribute healthcare products in
more than 90 countries, via subsidiary
companies and their
business partners network.
The
subject’s registered address
is 18th Floor,
Home Place Office
Building, 283/92 Sukhumvit 55 Rd., Klongton Nua, Wattana,
Bangkok 10110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
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Name |
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Nationality |
Age |
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Mr. Renaat Jozef Janssen |
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Belgian |
43 |
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Ms. Daowruang Tabtim |
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Thai |
52 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Daowruang Tabtim is
the Managing Director.
She is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
of pharmaceutical products
as follows:
·
“ANDROGEL” men’s
health products for
Hypogonadism
·
“UTROGESTAN” women’s
health products for
Infertility
·
“OESTROGEL” women’s
health products for
Menopause
·
“UTROGESTAN” women’s
health products for
Menstrual Irregularities
·
“PROGESTOGEL” women’s
health products for
Mastodynia
The subject has
started the commercial
activities in 2011.
IMPORT
100% of the
products is imported
from France and
Belgium.
MAJOR
SUPPLIER
Laboratories Besins International
S.A.S. : France
Besins Manufacturing S.A. : Belgium
Besins Healthcare S.A. : Belgium
SALES
100% of the
products is sold
locally by wholesale
through representative agent,
and directly to
hospital and healthcare
center nationwide.
NAME OF REPRESENTATIVE AGENT
Zuellig Pharma Ltd. : Thailand
Etc.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or 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
T/T.
BANKING
Bangkok
Bank Public Co., Ltd.
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Though
the subject was
established in 2008,
its commercial business
activities has actually been
commenced in 2011.
Therefore, it is
considered as a
new player in the Thailand
pharmaceutical industry. However,
with strong support from
its business partner,
Besins Healthcare S.A., from
Belgium, the subject’s
business has potential
in Thailand pharmaceutical industry.
As
there is no
subject’s 2011 financial
information available, any
credit amount should
be treated on as secured
basis.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided into 10,000 shares of
Bht. 500 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
February 10, 2012]
|
NAME |
HOLDING |
% |
|
|
|
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Ms. Daowruang Tabtim Nationality: Thai Address : 200/4
Nawamin Rd., Nawamin,
Buengkum, Bangkok |
4,900 |
49.00 |
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Besins Healthcare S.A. Nationality: Belgian Address : Brussels,
Belgium |
4,900 |
49.00 |
|
Mrs. Suda Sawartsuta Nationality: Thai Address : 58
Soi Ladprao 110,
Pubpla,
Wangthonglang, Bangkok |
200 |
2.00 |
Total Shareholders : 3
Share Structure [as
at February 10, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
2 |
5,100 |
51.00 |
|
Foreign - Belgian |
1 |
4,900 |
49.00 |
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Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Mrs. Visa Charoenkiatkul No.
3372
Note:
The 2011 financial statement
has not been
submitted to the Commercial Registration
Department during the
investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
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Cash and Cash Equivalents |
2,049,548.26 |
3,708,270.40 |
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Other Current Assets
|
632.10 |
1,794.28 |
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Total Current Assets
|
2,050,180.36 |
3,710,064.68 |
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Fixed Assets |
10,332.71 |
22,727.39 |
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Total Assets |
2,060,513.07 |
3,732,792.07 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
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Other Current Liabilities |
81,500.00 |
24,500.00 |
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Total Current Liabilities |
81,500.00 |
24,500.00 |
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Total Liabilities |
81,500.00 |
24,500.00 |
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Shareholders' Equity |
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Share capital : Baht 500
value authorized, issued
and fully paid share
capital 10,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
[3,020,986.93] |
[1,291,767.93] |
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Total Shareholders' Equity |
1,979,013.07 |
3,708,232.07 |
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Total Liabilities & Shareholders' Equity |
2,060,513.07 |
3,732,792.07 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
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Interest Income |
6,982.71 |
7,925.46 |
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Total Revenues |
6,982.71 |
7,925.46 |
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Expenses |
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Administrative Expenses |
1,736,201.71 |
1,225,062.80 |
|
Total Expenses |
1,736,201.71 |
1,225,062.80 |
|
Net Profit / [Loss] |
[1,729,219.00] |
[1,217,137.34] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
25.16 |
151.43 |
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QUICK RATIO |
TIMES |
25.15 |
151.36 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
- |
- |
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TOTAL ASSETS TURNOVER |
TIMES |
- |
- |
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INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
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INVENTORY TURNOVER |
TIMES |
- |
- |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
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RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
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CASH CONVERSION CYCLE |
DAYS |
- |
- |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
- |
- |
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SELLING & ADMINISTRATION |
% |
- |
- |
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INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
- |
- |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
- |
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NET PROFIT MARGIN |
% |
- |
- |
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RETURN ON EQUITY |
% |
(87.38) |
(32.82) |
|
RETURN ON ASSET |
% |
(83.92) |
(32.61) |
|
EARNING PER SHARE |
BAHT |
(34.58) |
(24.34) |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.04 |
0.01 |
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DEBT TO EQUITY RATIO |
TIMES |
0.04 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
|
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SALES GROWTH |
% |
- |
|
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OPERATING PROFIT |
% |
42.07 |
|
|
NET PROFIT |
% |
(42.07) |
|
|
FIXED ASSETS |
% |
(54.54) |
|
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TOTAL ASSETS |
% |
(44.80) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial Average |
34.25 |
|
Net Profit Margin |
- |
|
Industrial Average |
(5.17) |
|
Return on Assets |
(83.92) |
Deteriorated |
Industrial Average |
1.82 |
|
Return on Equity |
(87.38) |
Deteriorated |
Industrial Average |
7.55 |
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 -83.92%.
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 -87.38%.
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 |
25.16 |
Acceptable |
Industrial Average |
39.05 |
|
Quick Ratio |
25.15 |
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Cash Conversion Cycle |
- |
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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 25.16 times in 2010, decrease from 151.43 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 25.15 times in 2010,
decrease from 151.36 times, although excluding inventory so the company still
have good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.04 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
0.04 |
Impressive |
Industrial Average |
1.17 |
|
Times Interest Earned |
- |
|
Industrial Average |
2,185.48 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.04 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 |
- |
|
Industrial Average |
4,552.11 |
|
Total Assets Turnover |
- |
|
Industrial Average |
1.56 |
|
Inventory Conversion Period |
- |
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Inventory Turnover |
- |
|
Industrial Average |
13.73 |
|
Receivables Conversion Period |
- |
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|
Receivables Turnover |
- |
|
Industrial Average |
17.42 |
|
Payables Conversion Period |
- |
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|
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.56.31 |
|
|
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.